A Critique of Orthodox Economics

Released on by H. Lydall
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  • A Critique of Orthodox Economics Book Detail

  • Author : H. Lydall
  • Release Date : 1998-02-09
  • Publisher : Springer
  • Genre : Business & Economics
  • Pages : 195
  • ISBN 13 : 0230379877
  • File Size : 34,34 MB
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A Critique of Orthodox Economics by H. Lydall PDF Summary

Book Description: Modern neoclassical economics is a theory of general equilibrium. It is based on highly unrealistic assumptions and yields a number of false predictions. The alternative model, presented in this book, uses a wider definition of technology, and emphasises the role of the entrepreneur as the primary agent of change. Because it takes time for firms to improve their technology, and to acquire the necessary finance for expansion, there are wide differences in firm sizes, and in their profitability. The competitive struggle to develop better technology raises the level of productivity of the whole economy, and leads to higher real incomes.

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