Wednesday, January 26, 2011

No Crisis In Mainstream Economics...

...Instead, the situation is chronic. The long-festering situation of economics is seen in the constant literature on the "crisis" in economics, going back for maybe half a century.

The book The Crisis in Economic Theory (1981) is a timely example. It was edited by Daniel Bell and Irving Kristol, and Daniel Bell's obituary was published in the New York Times today. (See also this Crooked Timber post.) The editors wrote the introduction, and each wrote a chapter. Other contributions include Frank Hahn on general equilibrium theory, Israel Kirzner on the Austrian school, Paul Davidson on Post Keynesianism, and Edward Nell on a Sraffa-influenced interpretation of Marxist economics.

1 comment:

Samuel Wonacott said...

And it's SO cheap used on Amazon! It seems so rare that a good, academic book on economics is less than $60.

Thanks for the suggestion! Looks like a great book.