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This study sought to reinterpret the Keynesians and Neoclassical growth models in the Zimbabwe context. The study adopted an Error Correction Model for estimating annual time series data for the period 1990 to 2020. Out of the five growth models examined, the results of the study confirmed a positive relationship between real GDP and the Harrod-Domar, Solow, Schumpeter and Nurkse growth models, with Lewis growth model exhibiting an inverse relationship, contrary to the positive relationship that underpins the model. The study, recommend the need for the government of Zimbabwe to come up with policies that enhances the attraction of Foreign Direct Investment which could enhance the growth of fixed capital formation. There is also need for revitalization of the industrial sector given that it is operating below capacity as suggested by the study results. The government of Zimbabwe should continue supporting the agricultural sector through its Command agricultural and Pfumvudza initiatives as this would spur agricultural exports, which are key for growth. The government of Zimbabwe should also come up with initiates that enhances innovation, through making budgets for research and development, and enacting laws that govern patents. [ABSTRACT FROM AUTHOR]

He was highly critical of the ideological structure behind capitalism with liberalism putting property over people (Losurdo [35]; Henry [27]) and neoclassical economics being one, among other, frauds used to justify the capitalist socio-economic order (Henry [12]). I Erik Olsen i Recollections of John F. Henry I first encountered John in an Economics of Racism class at California State University-Sacramento in the summer of 1976. If one bases their analysis on social foundations, John argues, an ensuing theory cannot be natural, normal, and universal (which are the characteristics of neoclassical economics that John considered the "illusion" of our epoch). A festschrift in Dr. Henry's honor, I Marx, Veblen, and the Foundations of Heterodox Economics: Essays in Honor of John F. Henry i , was published in 2015 (Jo and Lee [31]). In particular, I'm thinking of John's essay on Keynes as a Neoliberal (Henry [30]) and a piece on Frank Knight, "Ethics and Economic Theory" (Henry, unpublished manuscript). [Extracted from the article]

These growth rates in turn are estimated by measuring their respective Gross Domestic Product (GDP). Published by the Princeton University Press in 2014, this book ' GDP: A Brief but Affectionate History' written by Diane Coyle is a seminal work that helps understand how GDP has played a pivotal role throughout the last century in reorganizing the global economic and political relations. The book gains its authenticity not only by providing a consciousness on the discursive power of GDP, but also through historicising the GDP with its subjective and context dependent nature against universalising GDP as the ultimate measure of social welfare. [Extracted from the article]

Nicholas Georgescu-Roegen is one of the most famous Romanian economists. From the point of view of the schools of economic thought, his writings are not part of the orthodox typology. An original and unconventional spirit, Nicholas Georgescu-Roegen is at the same time an important representative of the mathematics economics and "a profoundly humane and wise philosopher" as Paul Samuelson described him. His work is so atypical especially given the way he analyses economic phenomena and processes seen in connection with the processes taking place in the immediate environment. The economic and philosophic concept of entropy, based upon the second law of thermodynamics, is indissolubly linked to Georgescu-Roegen's name, him thus becoming a paradigm creator. In his turn, the term of bio-economics rests upon Georgescu-Roegen's idea that there is an analogy between the biological and the economical worlds. [ABSTRACT FROM AUTHOR]

Since he won the Nobel Prize and joined the World Bank as Chief Economist, most of us see Stiglitz as a policy-oriented economist clearly aligned with the political left. To those with preconceived ideas about Stiglitz's world-view, it may come as a surprise that Stiglitz argues strongly in favour of competition - very much in line with what we teach in first-year economics classes. I feel that in large parts, and as sometimes quite explicitly stated by Stiglitz, Australia is an example of the policies Stiglitz advocates. [Extracted from the article]

The article focuses on an increasing importance of economic history as a part of general methodology used by economists in their efforts to understand a more and more instable global economy. It shortly reviews both the evolution of economy and economic history as disciplines with their own identities and then looks at different theoretical approaches to methodological debate between supporters of cliometrics or „New Economic History” and advocates of more traditional schools of economy and, it also attempts to identify a few errors of neoclassical economics. The discussion starts from the idea that economists require, at least, a basic knowledge of economic history as it contributes to a better understanding of the context under which the contemporary economic transformations and events take place. The economic history shows that models of the "one-size-fits-all" type almost never apply, while neoclassical economic models can be successfully applied in certain but not all institutional and technological contexts. [ABSTRACT FROM AUTHOR]

The article looks at the birth of the South African nation and how it intersects with the emergence of evolutionary economics as a major academic paradigm. Topics include addressing the shortcomings of neoclassical economics, establishment of evolutionary economics citing perspectives from economic history and theory, and role of technological change in promoting economic growth and development.

The article presents an analysis on the factors that caused the 2008 global financial crisis in the U.S. It discusses various explanations of the crisis and the solutions offered by economists from the four schools of thought which include Neoclassicals, Keynesians, Institutionalists and Marxists. It also provides useful insight and view from the different schools of thought regarding the government's response to address the problem and the economic imbalances of the nation. Furthermore, it explores the Marxists' concept on the systemic causes of the crisis and its suggestion on the need for the government to initiate investigations and interventions.

Industrial and post-industrial economies are characterized by a high degree of structural interdependence. Once an economy attains a level of economic development in which the technology enables a substantial portion of the population to enjoy a standard of living significantly above subsistence, 'the material needs' of the system become difficult to define because they are interconnected with the relations of production in complex ways. In particular, demand comes to play a key role in the subsequent development of the system. This article presents an intersectoral model that integrates Keynesian and Kaleckian elements onto the classical surplus approach. The aim of the model is to provide a non-neoclassical framework that can be used to analyze how demand, income distribution, and production are interconnected. [ABSTRACT FROM AUTHOR]

The article explains the neoclassical model of economics and the erosion of middle class values. It describes the sociopathic nature of person as taught in neoclassical economics and argues for the significance of middle class values of honesty, integrity and concern for community to a healthy society and efficient markets. It examines the advocacy of self-interest as approved behavior, the possibility to change students' moral structures by neoclassical preachments and the notion that neoclassical theory of person pervades the law school curriculum.

When used in those spheres of life where attaching a price tag or making an economic calculus is impossible or loses any meaning, markets usually under perform and disappoint. In addition to empirical shortcomings of markets, the unrealistic theoretical assumption and poor predictive and explanatory value of neoclassical equilibrium theory provides fertile ground for critics of the institution of markets. Complexity theory provides a theoretical framework that enables us to analyze the role of markets from a radically different perspective than that offered by neoclassical equilibrium theory and, therefore, to reach very different conclusions about the role of markets in industrialized economies. [ABSTRACT FROM AUTHOR]

Purpose - The purpose of this paper is to establish a historical context for the often maligned capital theory of Henry George within a North American frontier tradition that includes John Rae. Design/methodology/approach - Modern discussions of rapid technological and institutional change provide a framework for detailed re-examination of the capital theories of Rae and George, whose critics were largely constrained by a rigid neoclassical perspective. Findings - Both Rae and George presented capital theories, defined as explanations of the supply of and demand for capital resulting in a determinate capital stock. Both writers stress elements that were not emphasized in neoclassical capital theory, most notably that the capital stock can increase rapidly under certain conditions; increases in knowledge, inventions,, technical and technological changes, and scale are more important than mere accumulation of capital; high rates of return combined with rapid technical obsolescence and physical deterioration provide the opportunity for rapid changes in the form of the capital stock, and; the ephemeral nature, and hence potential mobility, of capital implies that security of property is essential for economic growth. Research limitations/implications - The focus On two writers leads to the question of how widespread their ideas were in nineteenth century North America. Practical implications - The rapidly changing technology and institutions that Rae and George observed place their theories closer to some modern trends in the study of economic development than to the literature of neoclassical capital theory. Originality/value - George's grasp of economic theory deserves greater respect than it has often received in the economics literature when his work is considered in its historical context. [ABSTRACT FROM AUTHOR]

Has neoclassical economics gone too far? This economist says yes. She provides some telling examples. [ABSTRACT FROM AUTHOR]

Macroeconomics is moving toward a New Neoclassical Synthesis, which like the synthesis of the 1960s melds classical with Keynesian ideas. This paper describes the key features of the new synthesis and its implications for the role of monetary policy. We find that the New Neoclassical Synthesis rationalizes an activist monetary policy, which is a simple system of inflation targets. Under this “neutral” monetary policy, real quantities evolve as suggested in the literature on real business cycles. Going beyond broad principles, we use the new synthesis to address several operational aspects of inflation targeting. These include its practicality, the response to oil shocks, the choice of price index, the design of a mandate, and the tactics of interest rate policy. [ABSTRACT FROM AUTHOR]

A significant drawback of the above models is the assumption of specific production functions (Cobb-Douglas) to describe technological possibilities. The present paper introduces a model of the dual economy which places only the usual neoclassical restrictions on productive relations and considers the implications of this generalization on purely agrarian growth, the emergence of industry, and both the finite and asymptotic properties of the relevant growth paths for two-sector growth. Section 2 presents the basic model, where, for tractability, the Jorgenson demand assumptions are retained. Section 3 studies existence, uniqueness and stability of balanced growth equilibria in an agrarian economy, with and without a positive rate of technical progress. Section 4 gives necessary and sufficient conditions for the possibility of the emergence of a viable industrial sector. Section 5 completely characterizes non-steady-state and steady-state behaviour of the relevant growth paths for two-sector growth. Section 6 contains some conclusions. [ABSTRACT FROM AUTHOR]

The article "It's Not Factor Accumulation: Stylized Facts and Growth Models," by William Easterly and Ross Levine moves away from the critical assumption in the neoclassical revival that the level of technology is the same in all countries. The article makes an implicit case for moving away from a narrow focus on testing models, and in its place, the authors challenge economists to understand what happens in the countries they study. At a substantive level they suggest that there is abundant evidence that the level of technology does vary across countries. At a methodological level, they attack business as usual in empirical growth theory. To avoid the threat that a wide variety of evidence would pose to the neoclassical revival, economists advocated a narrow methodology based on model testing.