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Palgrave Macmillan

A Critique of Orthodox Economics

An Alternative Model

  • Book
  • © 1998

Overview

Authors:
  1. Harold Lydall
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Table of contents (11 chapters)

  1. Front Matter

    Pages i-xii
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  2. The Causes of Economic Growth

    • Harold Lydall
    Pages 1-11

  3. Neoclassical Theory

    • Harold Lydall
    Pages 13-29

  4. Technology

    • Harold Lydall
    Pages 31-49

  5. The Entrepreneur

    • Harold Lydall
    Pages 51-63

  6. The Innovating Firm

    • Harold Lydall
    Pages 65-83

  7. Product Differentiation

    • Harold Lydall
    Pages 85-100

  8. Aggregate Analysis

    • Harold Lydall
    Pages 101-127

  9. The Employment Limit

    • Harold Lydall
    Pages 129-142

  10. Economic Development

    • Harold Lydall
    Pages 143-154

  11. The Role of Government

    • Harold Lydall
    Pages 155-164

  12. Summary: The Case for a New Approach

    • Harold Lydall
    Pages 165-184

  13. Back Matter

    Pages 185-190
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Keywords

About this book

Modern neoclassical economics is a theory of general equilibrium. It is based on highly unrealistic assumptions and yields a number of false predictions. The alternative model, presented in this book, uses a wider definition of technology, and emphasises the role of the entrepreneur as the primary agent of change. Because it takes time for firms to improve their technology, and to acquire the necessary finance for expansion, there are wide differences in firm sizes, and in their profitability. The competitive struggle to develop better technology raises the level of productivity of the whole economy, and leads to higher real incomes.

About the author

Harold Lydall is Research Associate at NILS at Flinders University.

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