Publisher Description

Should we accept the principles of neoclassical economics? The Principles of Economics attempts to develop effective critiques of neoclassical economics and it is primarily directed towards the neoclassical economist. The focus of the critiques are the foundations of neoclassical theory, beginning with those Marshall identified as the Principles of Economics'. Paramount amongst these is the assumption of maximizing behaviour. This has proved a common target for criticism but a lot of this has been surprisingly unsuccessful. Lawrence Boland highlights the problems of effective model building without this assumption and argues that critics might be better rewarded if they concentrated on Marshall's other key principle, the Principle of Continuity'.

Back Cover

This book is about forming effective critiques of neoclassical economics. Its focus is on constructive criticism of the foundations neoclassical theory, beginning with what Alfred Marshall called the 'Principles of Economics'. It concludes that there is still much that can be done to make neoclassical economics more realistic.

Author Biography

Lawrence Boland

Table of Contents

Hypothesis 2. Marshall's `Principles' and the `Element of Time' 3. Marshall's `Principle of Continuity' 4. Axiomatic Analysis of Equilibrium States 5. Axiomatic Analysis of Disequilibrium States Part II: Some Neglected Elements 6. Knowledge in Neoclassical Economic Theory 7. A Naive Theory of Technology and Change 8. Knowledge and Institutions in Economic Theory Part III: Some Missing Elements 9. The Foundations of Keynes' Methodolgy 10. Individualism without Psychology 11. Methodology and the Individual Decision-maker Part IV: Some Technical Question 12. Lexicographic Orderings 13. Revealed Preference vs Ordinal Demand 14. Giffen Goods vs Market Determined Prices Epilogue: Learning Economic Theory through Criticism

Review

The book is a scholarly, incisive exploration into the foundational assumptions of economics that provides a welcome step in the continuing exposition of the world according to Boland... there is much insight and knowledge to be gained from Boland and his approach... - Journal of Economics Literature

Long Description

Should we accept the principles of neoclassical economics? "The Principles of Economics" develops effective critiques of neoclassical economics and focuses on the importance of criticism as a tool for enhancing understanding. The focus of the critiques is on the foundations of neoclassical theory, beginning with those that Alfred Marshall called the "Principles of Economics." Lawrence Boland highlights the problems of effective model building without drawing on the common assumption of maximizing behavior--a frequent target of criticism. Boland argues that critics should turn to Marshall's other key principle, the "Principle of Continuity," for best results. "The Principles of Economics" demonstrates that there is still much to be done to make neoclassical economics more realistic. The right place to begin is with an honest, yet constructive, criticism of the principles of economics.

Review Quote

"The book is a scholarly, incisive exploration into the foundational assumptions of economics that provides a welcome step in the continuing exposition of the world according to Boland. . . . there is much insight and knowledge to be gained from Boland and his approach . . .." -"Journal of Economic Literature, 9/93

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