Chapter

The Years of High Theory: II

Ernesto Screpanti and Stefano Zamagni

in An Outline of the History of Economic Thought

Second edition

Published in print May 2005 | ISBN: 9780199279142
Published online October 2005 | e-ISBN: 9780191602887 | DOI: http://dx.doi.org/10.1093/0199279144.003.0009
The Years of High Theory: II

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Deals with the reaction of the Neoclassical School to the criticism levied against it in the inter-war period. Emphasizes the developments of general equilibrium theory and the birth of the new welfare economics due to L. Robbins. Examines the debate on economic calculation under socialism and the birth of the institutional school due to T. Veblen.

Keywords: compensation tests; existence theorem; imperfect competition; input-output; IS-LM model; Von Neumann model

Chapter.  23760 words.  Illustrated.

Subjects: History of Economic Thought

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