The Crisis of Vision in Modern Economic Thought [Hardcover]

The authors present the current confused state of economic theory and suggest the direction in which economic thinking must move in order to regain the relevance it now lacks.A deep and widespread crisis affects modern economic theory derived from the absence of a vision or set of shared preconceptions. This analysis attempts to suggest the direction in which economic thinking must move if it is to regain the relevance and remedial power it now pointedly lacks.A deep and widespread crisis affects modern economic theory derived from the absence of a vision or set of shared preconceptions. This analysis attempts to suggest the direction in which economic thinking must move if it is to regain the relevance and remedial power it now pointedly lacks.A deep and widespread crisis affects modern economic theory, a crisis that derives from the absence of a vision --a set of widely shared political and social preconceptions--on which all economics ultimately depends. This absence, in turn, reflects the collapse of the Keynesian view that provided such a foundation from 1940 through the early 1970s, comparable to earlier visions provided by Smith, Ricardo, Mill, and Marshall. The unraveling of Keynesianism has been followed by a division into discordant and ineffective camps whose common denominator seems to be their shared analytical refinement and lack of practical applicability. This provocative analysis attempts both to describe this state of affairs, and to suggest the direction in which economic thinking must move if it is to regain the relevance and remedial power it now pointedly lacks.1. What is at stake; 2. Classical situations; 3. The Keynesian consensus; 4. The great unraveling; 5. The crisis of vision; 6. The nature of society; 7. The science of capitalism. The Crisis of Vision in Modern Economic Thought is essential reading if one wants to understand the dynamics of why economists have moved from one system of theoretical constructs to another. Everyonel"