By M.A. van Meerhaeghe
The content material of this publication shaped a part of an advent to economics. Weidenfeld and Nicolson released an english translation in 1971: Econ- ics. A severe process. for the reason that numerous colleagues inspiration that the serious reviews on a variety of theories may discourage scholars, I divided this advent into components. have been because the first half offers with financial idea as such, the current booklet includes the subject material of the second one half, particularly the previous appraisal sections. the 1st variation benefited from remark by means of Professor P. Hennipman, who, even if I took his remark under consideration so far as attainable, didn't regularly percentage my perspectives. The appendix to the 1st variation (Economic Doctrines) has been passed over. i've got used short parts of it in a brand new bankruptcy, 'Economic doctrines and monetary policy'. i've got additional a bankruptcy entitled 'Economic conception and fiscal coverage' and taken modern the opposite chapters. This booklet has no purpose of teaching fellow economists. it truly is meant as a supplement to an introductory path on economics, which for the main half doesn't deal systematically with (or is even completely missing in) severe reviews. Many economists think about any feedback of financial thought to be a kind of lese-majeste. nonetheless, a severe strategy shouldn't be the monopoly of left-wing authors.
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Extra resources for Economic Theory: A Critic’s Companion
4 Notwithstanding the important role of the entrepreneur - and the (salaried) manager is in many cases not the owners - there is at the moment 'no established economic theory of the entrepreneur'. 6 Chapter 3 24 NOTES 1 J. Robinson, The economics of imperfect competition, 2nd ed. (London: MacMillan, 1969), p. 330. 2 Direct costs (which can be identified relatively easily with a specific unit of output) may be either fixed (the cost of a machine used to make a specific product) or variable (the cost of raw materials).
This is not the case. Economic growth, furthermore, is not dependent on capital only. As in the case of the multiplier, the pitfalls of macroeconomic data must be pointed out. A rise in investment can follow increased consumption in a given sector, while the general level of consumption can nevertheless remain the same. This investment could then erroneously be classified as autonomous. The accelerator, therefore, is not adequate for explaining changes in aggregate investment. Only under special circumstances and in the short term is there a proportional relationship between output and the stock of capital goods.
17 Cf. G. Lewellin, The ownership of capital (New York: Columbia University Press, 1971). E. Williamson, The modern corporation. Origins, evolution, attributes, The Journal of Economic Literature, Dec. 1981, p. 1543. 19 Since general equilibrium theory 'has no empirical content, it is difficult to justify the very term theory' says M. Blaug. Its most prominent defenders have labelled it framework or paradigm: (M. Blaug, The methodology of economics or how economists explain (Cambridge: Cambridge University Press, 1980), p.
Economic Theory: A Critic’s Companion by M.A. van Meerhaeghe