Discover how economists' assumptions shape economic models, affecting predictions about consumer behavior, resource ...

For more than a century, neoclassical theory dominated economic thinking. Neoclassical economics is a theory based on three key assumptions: individuals have rational preferences; individuals maximize ...

Why do we use words like “natural” in economics? Or what about the word “utility”? The answer can be traced all the way back ...

In a classic case of ‘they would say that, wouldn't they?’, economic textbook authors McTaggart, Findlay and Parkin have recently defended economics from the criticism that it failed in not predicting ...

While finance historians credit Harry Markowitz as the father of Modern Portfolio Theory, he enjoys pointing to Shakespeare as an early advocate of diversified portfolios. In “The Merchant of Venice,” ...

This thesis critiques neoclassical economic theory. In each chapter, with the exception of the last two, I will examine a different neoclassical theory and reveal its lack of realism, and how said ...

The 19th-century creators of neoclassical economics—the theory that now serves as the basis for coordinating activities in the global market system—are credited with transforming their field into a ...

I suppose it is also difficult to shed old habits of mind, as Keynes frequently did. It can be quite devastating for these people when they finally realize the gold standard is over…and all that may ...

Recently, through an e-mail exchange I was able to ask Richard Wolff a few questions about economics and alternatives to capitalism. Dr. Wolff is a Professor of Economics Emeritus at the University of ...