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Academic literature on the topic 'Neoclassical economic theory'

Author: Grafiati

Published: 23 September 2023

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Journal articles on the topic "Neoclassical economic theory"

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Samuels, W. "Thorstein Veblen as Economic Theorist." Voprosy Ekonomiki, no. 7 (July 20, 2007): 99–117. http://dx.doi.org/10.32609/0042-8736-2007-7-99-117.

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The article considers the Veblen’s legacy from the point of view of its theoretical status. In this connection the author investigates the nature of theory as such, analyzes neoclassical school as theory, compares Veblen’s ideas with neoclassical conceptions, in particular showing the influence of these ideas on F. Knight. The article displays and systematizes the main directions of Veblen’s research and shows that if a certain concept of the theory as such is adopted, then these lines of research should be treated as theories no less than the works of neoclassic economists.

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Gasanov, E. A., M. A. Gasanov, S. A. Zhironkin, and T. G. Krasota. "NEOCLASSICAL ECONOMIC THEORY: DOMINANT CONCEPTS." Vestnik of Khabarovsk State University of Economics and Law, no. 2(109) (November 28, 2022): 5–13. http://dx.doi.org/10.38161/2618-9526-2022-2-005-013.

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Neoclassical economic theory arose in the 70s of the XIX century, which proceeds from the principle of economic liberalism and the principle of free competition. In their research, neoclassicists study the behavior of an economic person and focus on the study of applied practical problems, use quantitative analysis and mathematics. Greater attention is paid to the problems of efficient use of limited economic resources at the microeconomic level. Neoclassical economic theory is characterized by several postulates common to many schools and trends. However, there is a wide range of neoclassical approaches to various problem areas of economic theory.

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Upravitelev, A. A. "Neoclassical roots of behavioral economics." Journal of the New Economic Association 58, no. 1 (2023): 110–40. http://dx.doi.org/10.31737/22212264_2023_1_110.

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Despite the fact that the names of a number of Nobel laureates are associated with behavioral economics, researchers regard this branch of science as an unorthodox, avant-garde research program. This article aims to fill this theoretical gap and link behavioral economics to mainstream of economic thought, as well as to divide behavioral economics into several directions — relative to the initial approaches or theories of neoclassics. In the first row of cases, we collected those approaches of neoclassical economics about economic behavior, in relation to which alternative concepts were proposed by behavioral economics. These neoclassical approaches are rationality, awareness, egoism of behavior. Another series is neoclassical theories, in dialogue with which theories of behavioral economics arose. These are theories of expected utility, game theory, exponential discounted utility, revealed preferences, rational expectations, efficient market. The sequence of development of behavioral economics we presented connects it, a once heterodox branch of science with the mainstream economic thought. The article can serve as a guide to the most important areas of research in behavioral economics. This study systematizes scientific knowledge and establishes methodological links within it.

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Adams, Erin C. "Economics and the civic mission of social studies education: Two critiques of neoclassicism." Citizenship, Social and Economics Education 18, no. 1 (April 2019): 16–32. http://dx.doi.org/10.1177/2047173419841915.

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This article examines the theoretical assumptions underlying K-12 economic curriculum and the consequences of this curriculum for citizenship education and democracy. Specifically, the article discusses scholarship related to the critique of neoclassic economic theory’s role in influencing the Voluntary National Content Standards in Economics and the trickle-down effects into state standards and textbooks. From the literature, the author uncovers two main critiques of neoclassicism: that neoclassic theory is unrealistic and impersonal. Neoclassic theory has enormous consequences for the civic mission of social studies. The author investigates the extent to which neoclassical theory makes for good citizenship and is desirable for a democratic society.

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Gasanov, E. A. "NEOCLASSICAL ECONOMIC THEORY: ESSENCE AND CHARACTERISTICS." Vestnik of Khabarovsk State University of Economics and Law, no. 3 (107) (December 29, 2021): 5–10. http://dx.doi.org/10.38161/2618-9526-2021-3-05-10.

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Неоклассическая экономическая теория – преобладающее в ХХ столетии направление экономи-ческой науки. Она вышла из классической политической экономии. Изучение механизма функционирова-ния рыночной экономики стало прерогативой неоклассической экономической теории. Сторонники этой теории обращают основное внимание на самостоятельную хозяйственную деятельность отдельных индивидов и выступают за ограничение государственного вмешательства в рыночную экономику. Для этой теории принципы рационального эгоизма и «невидимой руки» стали основой подлинного научного анализа.

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Styhre, Alexander. "Coping with irrationality in orthodox economic theory." International Journal of Organizational Analysis 24, no. 5 (November 7, 2016): 792–810. http://dx.doi.org/10.1108/ijoa-10-2015-0931.

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Purpose The purpose of this paper is to critically assess the assumptions regarding human behaviour in orthodox neoclassical economic theory. The orthodox neoclassical economic theory prescribes rational models of human behaviour, but the strictness of the criteria, developed to promote theoretical consistency and conceptual elegance, commonly fails to fully accommodate all of the empirical material. To save the core of the orthodox neoclassical economic theory research program and to neutralize and mute criticism regarding its predictive failures, its proponents engage in expedient theorizing, the expansion of the initial theoretical framework by adding ad hoc hypotheses and/or including additional explanatory factors; in many cases, dismissed as “unnecessary complications” (as in the case of morality and ethics – two conspicuously “non-economic” concepts) in the initial formulation of theoretical propositions of the core theories. Design/methodology/approach The paper reviews a body of heterogeneous literature to introduce and examine the use of expedient theorizing in economic thinking. Findings In the present case, the hyperrationalist axiom regarding the efficacy of calculative practices to maximize individual utility is accompanied by moralist concerns (and, by implication, corrective and disciplinary action) regarding the failure to adhere to such prescriptions. Expedient theorizing, thus, becomes a key mechanism in the political economy of truth that currently grants orthodox neoclassical economic theory significant authority to inform policy-making in substantial ways and considerable prestige. Originality/value The orthodox neoclassical economic theory constitutes the blueprint for policy-making and institutional change, and, therefore, the key economic ideas being the constitutive elements of the contemporary economy demand scholarly attention. The paper thus points at theoretical inconsistencies in the orthodox neoclassical economic theory and introduces the concept of expedient theorizing as its remedy.

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Gao, Yuan. "A Reflection on Postwar Neoclassical Economics: The Shift from General Equilibrium Theory to the New Microeconomic Theories." Modern China 48, no. 1 (November 20, 2021): 29–52. http://dx.doi.org/10.1177/00977004211054844.

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The theoretical focus of neoclassical economics experienced a significant change in the 1970s–1980s. General equilibrium theory lost its dominant position in theoretical economic studies, with its role of setting the research agenda taken over by what this article calls the “new microeconomic theories,” principally decision theory, game theory, and mechanism design. Mainstream economists, post-Keynesians, and historians of economic thought each give a different explanation of the hows and whys of that change, but all miss some critical methodological implications. That change, as this article discusses, shows that neoclassical economics has turned from “grand theory” toward “small models” with empirically delimited utility and that the ideology of marketism lacks a valid scientific foundation. This interpretation can help illuminate the deeper dynamics of the postwar development of neoclassical economics and provide insights for a new political economy that can come to grips with political-economic practices that cannot be fully grasped by the neoclassical tradition.

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Trputec, Zoran, and Nataša Šantić. "The Post-Covid-19 Reality and Economic Theory." Mednarodno inovativno poslovanje = Journal of Innovative Business and Management 12, no. 2 (November 3, 2020): 1–12. http://dx.doi.org/10.32015/jibm.2020.12.2.1.1-12.

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This paper examines interconnectedness between Covid-19 and six nested subsystems of our planet: people, economy, society, anthroposphere, biosphere and planetosphere. It argues the complexity inside of them and in their interactions. The main question is what paradigmatic shift related to sustainable development economics did Covid-19 initiate, and what are the changes in paradigmatic manifestations of a post Covid-19 sustainable economic theory. Through comparison between neoclassical economics together with neoclassical paradigm manifestations, and what should be changed to avoid business as usual and enhance environmental economy, the paper concludes that much of everyday economic intellectual constructs and activities, including dominant economic theory is the part of the present reality that is not sustainable and has to be changed.

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Hong, A.-Sung. "Performativity of Neoclassical Economic Theory : Economic Liberalization and Economic Growth." Society and Theory 24 (May 31, 2014): 95. http://dx.doi.org/10.17209/st.2014.05.24.95.

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Yaghmaian, Behzad, and Reza Ghorashi. "Export Performance and Economic Development: An Empirical Analysis." American Economist 39, no. 2 (October 1995): 37–45. http://dx.doi.org/10.1177/056943459503900204.

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This paper challenges the results of the empirical literature in support of the neoclassical theory of export-led growth and provides a theoretical and empirical alternative. Contrary to the neoclassical theory, we argue that both exports and economic growth are preceded by a long and complex process of structural change and economic development. A cross-section regression analysis is applied to test the neoclassical hypothesis that exports lead to superior economic performance (higher growth of output), and our alternative thesis. The regression results strongly confirm our alternative formulation of exports and economic growth while failing to support the neoclassical thesis.

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Dissertations / Theses on the topic "Neoclassical economic theory"

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Neugeboren, Robert Howard. "Rationality and the methodology of neoclassical economics." Thesis, University of Cambridge, 1989. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.317905.

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Togati, Teodoro Dario. "A critical assessment of the Neoclassical Synthesis." Thesis, University of Cambridge, 1989. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.333382.

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Shrestha, Munik K. "Behavioral growth theory a neoclassical approach /." Diss., Connect to the thesis, 2009. http://hdl.handle.net/10066/3644.

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Fingleton, Bernard, and Manfred M. Fischer. "Neoclassical theory versus new economic geography. Competing explanations of cross-regional variation in economic development." WU Vienna University of Economics and Business, 2008. http://epub.wu.ac.at/3955/1/SSRN%2Did1111590.pdf.

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This paper uses data for 255 NUTS-2 European regions over the period 1995-2003 to test the relative explanatory performance of two important rival theories seeking to explain variations in the level of economic development across regions, namely the neoclassical model originating from the work of Solow (1956) and the so-called Wage Equation, which is one of a set of simultaneous equations consistent with the short-run equilibrium of new economic geography (NEG) theory, as described by Fujita, Krugman and Venables (1999). The rivals are non-nested, so that testing is accomplished both by fitting the reduced form models individually and by simply combining the two rivals to create a composite model in an attempt to identify the dominant theory. We use different estimators for the resulting panel data model to account variously for interregional heterogeneity, endogeneity, and temporal and spatial dependence, including maximum likelihood with and without fixed effects, two stage least squares and feasible generalised spatial two stage least squares plus GMM; also most of these models embody a spatial autoregressive error process. These show that the estimated NEG model parameters correspond to theoretical expectation, whereas the parameter estimates derived from the neoclassical model reduced form are sometimes insignificant or take on counterintuitive signs. This casts doubt on the appropriateness of neoclassical theory as a basis for explaining cross-regional variation in economic development in Europe, whereas NEG theory seems to hold in the face of competition from its rival. (authors' abstract)

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au, p. flatau@murdoch edu, and Paul Robert Flatau. "Essays in the Development, Methodology and Policy Prescriptions of Neoclassical Distribution Theory." Murdoch University, 2006. http://wwwlib.murdoch.edu.au/adt/browse/view/adt-MU20091123.135256.

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This thesis consists of revised versions of five published papers on the development of neoclassical distribution theory, in the English-speaking world together with an introduction and conclusion, which draw together the themes of the papers. The thesis covers the origins of neo-classical distribution theory in the English-speaking world in the work of Jevons and Marshall, through to the second generation of Wicksteed, Clark and Pigou, and finally on to the 1930s and the new perspectives of Hicks and Robinson. Drawing on archival sources and primary and secondary texts, these essays review the major statements on distribution theory made by key figures in the Jevonian and Marshallian marginalist traditions. The essays shed new light on the origins of neoclassical distribution theory and provide insights into the methodology of nascent neoclassical distribution theory. A drive towards a universal, all-embracing marginal productivity theory of the distribution of income characterises the work of Clark and Wicksteed, but not so Marshall. A formalist mode of analysis, which was to become the hallmark of neoclassical economics in the second half of the twentieth century, is also evident in key works of the period. However, the role of empirical evidence in theory generation and appraisal remains an undeveloped component of late nineteenth and early twentieth century neoclassical theoryMarshall again provides an exception to the general rule. There is a common adherence, among the key figures examined, to the joint proposition that competitive market wage outcomes are fair, but that low incomes (fair or not) are unjust when they fail to meet minimum needs standards. State remedial action (tax and expenditure policies) is required to remove such injustices. Robinsons theory of exploitation provided an important extension to the neoclassical normative framework. She highlighted the extent to which labour may be exploited due to imperfections in both product and labour markets.

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Duhamel, Marc. "Essays on second-best economic policymaking with price makers." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2000. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape3/PQDD_0017/NQ56535.pdf.

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Donzelli, Franco. "The concept of equilibrium in neoclassical economic theory : an inquiry into the evolution of general competitive analysis from Walras to the 'neo-Walrasian research programme'." Thesis, University of Cambridge, 1989. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.335711.

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Sardadvar, Sascha. "Regional Economic Growth and Steady States with Free Factor Movement: Theory and Evidence from Europe." WU Vienna University of Economics and Business, 2015. http://epub.wu.ac.at/4548/1/Sardadvar_ePub_1.pdf.

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This paper develops a spatial theoretical growth model in order to study the impact of physical and human capital relocations on the growth of open economies. Analytical and simulation results show how the respective neighbours determine an economy's development, why convergence and divergence may alternate in the medium-run, and that interregional migration as a consequence of wage inequalities causes disparities to prevail in the long-run. The empirical part applies spatial econometric specifications for European regions on the NUTS2 level for the observation period 2000-2010. The estimations underline the importance of human capital endowments and its relation with spatial location. (author's abstract)
Series: Working Papers in Regional Science

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Ngo, Ngoc Qui. "FDI and Economic Growth : An Empirical Study of Lower-middle Income Economies." Thesis, Högskolan i Jönköping, Internationella Handelshögskolan, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-44025.

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Within a panel data context with fixed effects method, using data on a sample of 40 lower- middle income economies, this paper investigates whether and to what extent FDI stimulates economic growth over the period 2007-2017. The main finding of this paper highlights the complementary effects between FDI and education, suggesting that a certain level of education must be reached in order for FDI to contribute positively on economic growth. Further, the level of education in this sample set is below the level that is considered as adequate in order to spur economic growth and thus this affects the absorptive capacity. This paper can only confirm that there is a certain association between FDI and economic growth and cannot confirm the widespread belief that FDI stimulates economic growth due to that the estimated models more often than not provided insignificant results.

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Lucas, Michael Robert. "Pricing decisions and the neoclassical economic theory of the firm: management accounting practice in the context of a realist methodology and research strategy." Thesis, University of Buckingham, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.566278.

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Many accountants seem to have accepted the existence of a 'reality gap' between management accounting's conventional wisdom, based on the neoclassical economic theory of the firm and actual business practice. This conventional wisdom advocates a decision relevant approach to cost analysis for pricing and product mix decisions, whereas actual business practice is believed to be dominated by (full) cost plus pricing. In accepting the existence of a reality gap, however, accountants do not seem to have addressed the arguments of economists. These seriously undermine the research findings that have given rise to the belief by accountants in such a gap. On the other hand, the empirical evidence supporting neoclassical price theory is not robust and much of the research that generated it is methodologically flawed, with results in conflict. Previous research, therefore, has failed to establish whether a 'reality gap' exists between neoclassical price theory and actual business practice. However, while a reality gap is recognised and the neoclassical view regarded as flawed, accounting researchers have nevertheless failed to make significant impact with the arguments supporting their standpoint. It is argued here that this challenge has not been robustly prosecuted because of a lack of confidence in the research frameworks utilised to explore the so - called 'reality gap'. This thesis contributes a new research framework for identifying the existence and extent of any potential reality gap between the assumptions of neoclassical theory and management accounting practice. The framework constructed identifies all the significant issues that need to be resolved, to address the shortcomings of previous research, in order to make a meaningful evaluation of whether actual behaviour is in accordance with neoclassical assumptions, or is better explained by the institutional economics paradigm, as has been suggested by a number of recent contributions to the Management Accounting literature. Previous research has failed to do this. This new research framework employs a case study approach based on a realist methodology. This thesis also reports on the empirical findings from six case studies of commercial organisations, undertaken in order to demonstrate the practical applicability of the new framework in producing meaningful results concerning the existence of a reality gap between theory and practice. The insights obtained from the case studies are tentatively suggested as themes which future researchers may replicate or extend, in order to enhance knowledge and understanding of pricing and product mix decisions.

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Books on the topic "Neoclassical economic theory"

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1946-, Foldvary Fred E., ed. Beyond neoclassical economics: Heterodox approaches to economic theory. Cheltenham, UK: Edward Elgar, 1996.

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Hennings, Klaus, and Warren J. Samuels, eds. Neoclassical Economic Theory, 1870 to 1930. Dordrecht: Springer Netherlands, 1990. http://dx.doi.org/10.1007/978-94-009-2181-8.

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Klaus, Hennings, and Samuels Warren J. 1933-, eds. Neoclassical economic theory, 1870 to 1930. Boston: Kluwer Academic Publishers, 1990.

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List, John A. Neoclassical theory versus prospect theory: Evidence from the marketplace. Cambridge, Mass: National Bureau of Economic Research, 2003.

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The economics of nonprofit enterprise: A study in applied economic theory. Lanham, MD: University Press of America, 1986.

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1941-, Arestis Philip, and Skouras Thanos 1943-, eds. Post Keynesian economic theory: A challenge to neo-classical economics. Sussex: Wheatsheaf Books, 1985.

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Dopfer, Kurt. The general theory of economic evolution. London: Routledge, 2008.

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The Post-Keynesian approach to economics: An alternative analysis of economic theory and policy. Aldershot, England: E. Elgar, 1992.

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Knight, Malcolm. Testing the neoclassical theory of economic growth: A panel data approach. Washington: International Monetary Fund, Research Department, 1992.

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Knight, Malcolm D. Testing the neoclassical theory of economic growth: A panel data approach. [ ]: International Monetary Fund, 1992.

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Book chapters on the topic "Neoclassical economic theory"

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Hahn, F. H. "neoclassical growth theory." In Economic Growth, 172–92. London: Palgrave Macmillan UK, 2010. http://dx.doi.org/10.1057/9780230280823_24.

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Manuelli, Rodolfo E. "neoclassical growth theory (new perspectives)." In Economic Growth, 193–206. London: Palgrave Macmillan UK, 2010. http://dx.doi.org/10.1057/9780230280823_25.

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Tsoulfidis, Lefteris. "The Structure of the Neoclassical Theory." In Competing Schools of Economic Thought, 157–86. Berlin, Heidelberg: Springer Berlin Heidelberg, 2009. http://dx.doi.org/10.1007/978-3-540-92693-1_7.

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Mooya, Manya M. "Neoclassical Economic Theory and Traditional Valuation Methods." In Real Estate Valuation Theory, 43–63. Berlin, Heidelberg: Springer Berlin Heidelberg, 2016. http://dx.doi.org/10.1007/978-3-662-49164-5_3.

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Mooya, Manya M. "Neoclassical Economic Theory and Automated Valuation Models." In Real Estate Valuation Theory, 65–82. Berlin, Heidelberg: Springer Berlin Heidelberg, 2016. http://dx.doi.org/10.1007/978-3-662-49164-5_4.

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Gintis, Herbert. "Implications of Behavioural Game Theory for Neoclassical Economic Theory." In Institutional Change and Economic Behaviour, 200–214. London: Palgrave Macmillan UK, 2008. http://dx.doi.org/10.1057/9780230583429_10.

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Sardadvar, Sascha. "Neoclassical Growth Theory and Standard Models." In Economic Growth in the Regions of Europe, 9–22. Heidelberg: Physica-Verlag HD, 2010. http://dx.doi.org/10.1007/978-3-7908-2637-1_2.

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Samuels, Warren J. "Introduction." In Neoclassical Economic Theory, 1870 to 1930, 1–12. Dordrecht: Springer Netherlands, 1990. http://dx.doi.org/10.1007/978-94-009-2181-8_1.

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Groenewegen, Peter. "Neoclassical Value and Distribution Theory: The English-Speaking Pioneers." In Neoclassical Economic Theory, 1870 to 1930, 13–58. Dordrecht: Springer Netherlands, 1990. http://dx.doi.org/10.1007/978-94-009-2181-8_2.

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Deutscher, Patrick. "Hawtrey and Robertson: Real and Monetary Roots of English Macroeconomics in the Twentieth Century." In Neoclassical Economic Theory, 1870 to 1930, 59–94. Dordrecht: Springer Netherlands, 1990. http://dx.doi.org/10.1007/978-94-009-2181-8_3.

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Conference papers on the topic "Neoclassical economic theory"

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Bistrova, Julija, and Natalja Lace. "EFFECT OF INNOVATION ON THE EU MEMBER-COUNTRIES ECONOMIC DEVELOPMENT." In Business and Management 2016. VGTU Technika, 2016. http://dx.doi.org/10.3846/bm.2016.56.

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Neoclassical economic theory states that the growth of the nation primarily is dependent on the innovation potential of the country. However, this theory is often being refuted by the recent empirical research, proving that the innovations are becoming more cost-extensive, late in generating return on invested capital and not as useful as they used to be. The present study researches the effect of innovation on the EU member-countries economic development, having selected R&D expenses, number of patents and number of researchers as innovation proxies. The results prove that there is a strong relationship between the R&D expenses and GDP growth as well as the labour productivity, but no evidence was found that the number of scientists or the number of patents significantly influence economic development of the country. The authors also ran a regression between the scientific productivity and impact and the GDP per capita to discover the strong relationship between the variables. However, the causality of the relationship should be studied further.

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Ganiev, Junus, Tezcan Abasız, and Damira Baigonushova. "Foreign Capital Inflows and Economic Growth in the Eurasian Economic Union Countries." In International Conference on Eurasian Economies. Eurasian Economists Association, 2022. http://dx.doi.org/10.36880/c14.02615.

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The theoretical foundation for foreign capital-led growth hypothesis could be traced back to the neoclassical and endogenous growth theories, which see capital as the main source of growth. Foreign capital inflows are important because they close the savings-investment gap in developing countries. After independence, the Eurasian Economic Union countries, which were faced with the problem of inadequacy of domestic resources for economic development, became highly dependent on foreign sources and gave great importance to foreign aid and foreign debt, as well as to foreign investments. When viewed proportionally, the share of foreign aid is naturally low, and infrastructure investments constantly increase the external debt burden of future generations. On the other hand, although foreign direct investments contribute to the country’s economy, they do not directly increase the country’s debt burden. Therefore, it is considered as a more preferred foreign source. In this study, the effects of foreign investments and total external debt on economic growth in the EAEU countries were investigated. The quarterly data of five countries for the period of 2010-2021 were analyzed by panel data analysis. According to the panel ARDL cointegration approach, it has been revealed that there is a cointegration relationship between external resources and GDP in the EAEU countries. It has been determined that only foreign direct investments and total foreign debt have a statistically significant effect on GDP in the long run. In accordance with the general literature and theory, both coefficients were positive.

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Mihailov, Penyu. "LAND RENT AS A SOCIO-ECONOMIC DETERMINATION." In SUSTAINABLE LAND MANAGEMENT - CURRENT PRACTICES AND SOLUTIONS 2019. University publishing house "Science and Economics", University of Economics - Varna, 2021. http://dx.doi.org/10.36997/slm2019.26.

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The issues of land rents are of particular importance today, the new times have brought them to the fore, now they are new dimensions. Previously in the works of Plato, Xenophon and others it was mentioned but not used as a term. With the entry of capitalism into agricultural politics - everyone talks about it. Agriculture became the main branch of social production, and rent became the object of study. Contribution to the development of the problem have: У. Petit, Fr. F. P?ti, F. Kenet, A. Smith, D. The work of Marx is indisputable. The neoclassical theory advocates a subjective treatment of the problem -opposed to Marx. The reasons are to be sought in the following circumstances: capitalism has undergone fundamental changes; it has entered a stage of global integration; the scientific-technical revolution has raised it to a greater height; new technologies have entered the economy; electronization, robotization, computerization, science has penetrated all spheres of life, has become an immediate productive force; it is rising to a higher level; production is being naturalized, it is becoming a field of application of science. History, however, follows its own logic. The immature economic forms of production do not submit to exact theoretical reflections; as they change, so do our ideas about them.

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Karakaya, Aykut, Seymur Ağazade, and Selçuk Perçin. "The Relationship between Performance, Innovation and Competition in Turkish Manufacturing Industry." In International Conference on Eurasian Economies. Eurasian Economists Association, 2015. http://dx.doi.org/10.36880/c06.01407.

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The relationship between performance and innovation is covered most extensively in neoclassical economic theory and Schumpeterian approach. These two approaches explain the relationship between innovation and performance in different ways. The neoclassical theory predicts that innovation emerges in competitive markets while Schumpeterian approach predicts it will emerge in imperfect competitive markets. Using data for the period 2008-2013, this study investigates the relationship between innovation and competition level in the Turkish Manufacturing Industry. Data analyzing method is Two-Step System Generalized Moments of Method. Performance variables of the study are net profit margin, return on assets and return on equity. R&D intensity is innovation indicator. Industrial competition level is measured by Herfindahl-Hirsckman Index. The results of Two-Step System Generalized Method of Moments analysis show that R&D intensity affects positively performance variables in contrast one lag of R&D effects negatively. Furthermore, competition intensity also improves performance. Positive coefficient of R&D variable supports the view of innovation has the characteristics of providing competitive advantage. The negative coefficient of R&D lag indicates the problems related to the protection of intellectual property right. This finding can be interpreted that innovation operations are imitated approximately after a period. The positive effect of competition intensity supports the prediction of Schumpeterian approach.

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Tekgül, Yelda, and Mehmet Fatih Cin. "The Rise and Fall of the Washington/Post Washington Consensus as a Neoclassical Paradigm and Alternative Recommendations of Post Keynesians Economics." In International Conference on Eurasian Economies. Eurasian Economists Association, 2014. http://dx.doi.org/10.36880/c05.01107.

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The Washington Consensus was accepted as common wisdom on policies for development and growth. The set of policies of the Washington Consensus was applied to structural crisis in Latin America and developing economies. Williamson identified 10 policy instruments whose proper deployment Washington could muster a reasonable degree of consensus. Williamson summarizes the content of the Washington Consensus as macroeconomic prudence, outward orientation, domestic liberalization, and free market policies consistent with neoclassical mainstream economic theory. The policy set was modified to the point that Williamson substituted the original name with a new label “Post Washington Consensus. The “Post Washington Consensus” designated a “new set of policy reforms” for Latin America and Developing Countries. The aim of this paper is to compare the two sets of controversial policies, the “Washington Consensus” and “Post Washington Consensus” and offer an alternative based on the Post Keynesian framework. The goal of Post Keynesian framework is the promotion of sensible prudent economic and social development that is equitable, stable and sustainable. The main purpose of the Post Keynesian policy framework proposed in this paper is to go beyond the Post Washington Consensus by emphasizing the importance of a possible new direction for economic policy for developing countries.

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SUKHAREV, Oleg, and Vladimir CHAPLYGIN. "ECONOMIC POLICY OF GROWTH: SELECTION OF INSTITUTES AND TECHNOLOGICAL MODELS OF DEVELOPMENT." In Contemporary Issues in Business, Management and Economics Engineering. Vilnius Gediminas Technical University, 2019. http://dx.doi.org/10.3846/cibmee.2019.006.

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Purpose – to study the possibilities of institutional theory to establish a modern theory of economic growth, including the factors of institutions and technologies changes. These factors are a set of rules with high coercive force to the agents’ action form a particular mode/model of their adaptation, together with other institutions. Research Methodology – the neoclassical models of economic growth, which may include institutional factors and to study their impact on the growth and change of the factors, into the business practice are applied. The key scientific problem is to choose the right market Institute for a proper way of technological development. The authors use the micro-level analysis of the agents and institutions’ interaction in the process of new technologies appearance. Morphological and taxonomic analysis in order to highlight the models of technological development and economic growth had been applied. Findings – the research results may enrich an economic theory and practice in the area of business models applicability. The findings may assist a business community to influence the general technological development within the national institutional systems. Research limitations – due to the fact that different institutions, structures and technologies act on the economic dynamics at the same time, separating their influence is an independent scientific problem that is not solved in all cases. However, the set of considered institutional factors forms and provides a kind of “manufacturability” of economic growth. Practical implications – the so-called institutional macroeconomics as a practical discipline (which has a very close connection with behavioural macroeconomics) may assist to explore the economic growth from the point of view of changing institutions (firms, business community), labour markets and information – technical and technological changes. Originality/Value – the value of the research consists in the systematization of institutional factors affecting the economic growth, conducting a morphological structural analysis of growth types, which allow identifying eight main growth trajectories in business activity.

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Doğan, Harun. "A Test of the McKinnon’s Complementarity Hypothesis between Money and Physical Capital in the Case of Kyrgyzstan." In International Conference on Eurasian Economies. Eurasian Economists Association, 2011. http://dx.doi.org/10.36880/c02.00330.

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The main purpose of this study is to empirically investigate the validity of McKinnon’s complementarity hypothesis on economic growth of Kyrgyzstan for the period of 1996–2009. McKinnon’s (1973) central thesis argues poorly functioning financial systems in developing countries may effect investment quality and growth rate of the economy in negative direction. McKinnon’s (1973) complementary hypothesis predicts that money and investment are complementary, to the contrast neoclassical and Keynesian theory, due to a self-financed investment in developing economies. In other words, according to McKinnon, financial liberalization should generate positive impacts on growth as consequence of positive relation between money and physical capital in developing countries after financial liberalization. The empirical researches conducted on complementarity hypothesis have found mixed results on the link between money and physical capital. However, empirical analysis of Kyrgyzstan’s economy is very important because of its peculiarities, it has both a trancition and developing economy, which in case of the McKinnon’s complementarity hypothesis is very essential. Thus, Kyrgyzstan, as many developing countries, have undertaken financial liberalization programs during the past twenty years after collapse of Soviet Union. Therefore, the study analyzes long run and short run association among the real rate of interest on deposits, private investments, economic growth, and domestic savings behavior in Kyrgyzstan, using annual time series data for 1996-2009 with techniques of ARDL Cointegration Error Correction Model. The results does not support the McKinnon’s complementarity hypothesis between money and physical capital on the period for 1996-2009 in the Kyrgyzstan’s Economy.

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Şerban, Octavian. "From Endogenous Growth Theory to Knowledge Economy Pyramid - Comparative Analysis of Knowledge as an Endogenous Factor of Development." In International Conference Innovative Business Management & Global Entrepreneurship. LUMEN Publishing, 2020. http://dx.doi.org/10.18662/lumproc/ibmage2020/09.

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The transition from the neoclassical model with exogenous input of technological progress perspective toward R&D model with endogenous growth of knowledge perspective is not completed, but the premises of innovation, research, education, and entrepreneurship push the limits of labour-intensive economy to knowledge-intensive economy, where knowledge is a valuable resource for sustainable growth in the long-run and the role of Intellectual Capital is critical for increasing productivity and competitiveness. By introducing Intellectual Capital in the endogenous growth model, instead of Human Capital, we have the possibility to reflect better the difference between the market value of production and physical value. In the technological era, innovation and research are able to increase the market value comparing with the accounting value. In the 4th Industrial Revolution, this model is able to be changed dramatically if we take into account the possibility of machines to create knowledge through Artificial Intelligence, Internet of Things, new biotechnologies, new materials, and nanotechnology. For this reason, the more important action for the economic processes is to manage knowledge, starting with increased awareness, accurate measurement system, improved taxonomy, dedicated processes, and so on. In such conditions, the equation of growth theory has to be rewritten soon. The purpose of this research is not to provide a silver bullet of measurement Total Factor Productivity (TFP), but to understand better the part of productivity dedicated to the intangible and to validate this approach within the KEP model. Knowledge Economy Pyramid (KEP) is a valuable environment for incubating and accelerate knowledge in the process, as long as KEP model is creating a collaborative environment where the related stakeholders – universities, factories, technology providers, government, administration, local communities, clusters – are working together in order to achieve the objective of increasing productivity and competitiveness.

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MONTESI, Cristina. "THE ECONOMICS OF HAPPINESS IN ROBERT MICHELS BETWEEN BENTHAMIAN UTILITARIANISM AND CIVIL ECONOMY." In Happiness And Contemporary Society : Conference Proceedings Volume. SPOLOM, 2021. http://dx.doi.org/10.31108/7.2021.45.

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The paper thematizes the problematic relationship between economy and happiness covered by economist Robert Michels (1876-1936) in his book “The Economics of Happiness” written in 1918. In this book Michels, as a true frontier scholar, provides, well in advance of the acquisitions of the modern “science of happiness”, an interdisciplinary reading of the different determinants of happiness and of their interactions, courageously refuting the monistic and reductionist paradigm of neoclassical economy dominant in his epoch. The hedonistic conception of happiness conceived by Michels echoes that formulated by Jeremy Bentham, but Michels, unlike the Utilitarians of the eighteenth and nineteenth centuries, gives it an unexpected twist, by postulating heretically that happiness is the ultimate goal of economy and that wealth is only a means to achieve it. In establishing the primacy of happiness as the main purpose of economic activity, Michels follows in the footsteps of Neapolitan and Milanese Civil Economists of Enlightenment with whom he had other theoretical points of consonance which the paper highlights. However Michels’ conception of happiness differs from Civil Economists’ notion because it is primarily based on individual pleasure and not on relational goods, because it is disconnected from those components of gratuitousness which are immanent to sincere relational goods, because it is detached from the search for Common Good. Finally the paper illustrates the multidimensional and innovative public policies which Michels suggests for the achievement of happiness by invoking a wide range of integrated interventions to be carried out by the State and by the workers’ unions. Keywords: Happiness Economics, Benthamian Utilitarianism, Civil Economy

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Bal, Harun, Neşe Algan, and Mehmet Demiral. "Why do Developing Countries Fail to Attract Global Capital? Reinvestigation of the Lucas Paradox for the Balkan Countries." In International Conference on Eurasian Economies. Eurasian Economists Association, 2014. http://dx.doi.org/10.36880/c05.00937.

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The neoclassical theory predicts that capital should flow from developed (rich) to developing (poor) countries until the differences of investment returns are equalized. However, in his famous example, Lucas (1990) pointed out that, even the marginal product of capital in India was roughly calculated as 58 times that of the United States in 1988, such a capital flow did not occur in practice. This observation somewhat still exists in general. This study tries to find out some possible explanations to why Lucas Paradox is still seen in such an increasingly integrated world and demonstrate what foreign direct investments (FDIs) really pursue, focusing on selected nine Balkan countries. The study performs gravity model estimation using annual balanced panel data sets covering the period of 2000-2012. Overall results demonstrate that there is some evidence supporting Lucas paradox for the Balkan countries investigated. Main findings show that, regulations, country risk and China’s increasing attraction of global FDI tend to hinder Balkan countries’ performances, while improvements in human capital, infrastructures and logistic services can help these countries increase their global shares in FDI. Besides, increases in the research and development investments and progress in the path of the European Union membership processes seem to promote attracting global FDI.

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Reports on the topic "Neoclassical economic theory"

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Papadopoulos, Yannis. Ethics Lost: The severance of the entrenched relationship between ethics and economics by contemporary neoclassical mainstream economics. Mέta | Centre for Postcapitalist Civilisation, 2021. http://dx.doi.org/10.55405/mwp1en.

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In this paper we examine the evolution of the relation between ethics and economics. Mainly after the financial crisis of 2008, many economists, scholars, and students felt the need to find answers that were not given by the dominant school of thought in economics. Some of these answers have been provided, since the birth of economics as an independent field, from ethics and moral philosophy. Nevertheless, since the mathematisation of economics and the departure from the field of political economy, which once held together economics, philosophy, history and political science, ethics and moral philosophy have lost their role in the economics’ discussions. Three are the main theories of morality: utilitarianism, rule-based ethics and virtue ethics. The neoclassical economic model has indeed chosen one of the three to justify itself, yet it has forgotten —deliberately or not— to involve the other two. Utilitarianism has been translated to a cost benefit analysis that fits the “homo economicus” and selfish portrait of humankind and while contemporary capitalism recognizes Adam Smith as its father it does not seem to recognize or remember not only the rest of the Scottish Enlightenment’s great minds, but also Smith’s Theory of Moral Sentiments. In conclusion, if ethics is to play a role in the formation of a postcapitalist economic theory and help it escape the hopeless quest for a Wertfreiheit, then the one-dimensional selection and interpretation of ethics and morality by economists cannot lead to justified conclusions about the decision-making process.

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Lewis, Alain A. Some Aspects of Constructive Mathematics That Are Relevant to the Foundations of Neoclassical Mathematical Economics and the Theory of Games. Fort Belvoir, VA: Defense Technical Information Center, April 1988. http://dx.doi.org/10.21236/ada198446.

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Collington, Rosie, and William Lazonick. Pricing for Medicine Innovation: A Regulatory Approach to Support Drug Development and Patient Access. Institute for New Economic Thinking Working Paper Series, January 2022. http://dx.doi.org/10.36687/inetwp176.

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The United States represents the world’s largest market for pharmaceutical drugs. It is also the only advanced economy in the world that does not regulate drug prices. There is no upper threshold for the prices of medicines in the United States. List prices are instead set by manufacturers in negotiation with supply-chain intermediaries, though some federal programs have degrees of discretion in price determinations. In practice, this deregulated system means that drug prices in the United States are generally far higher than in other advanced economies, adversely affecting patient accessibility and system affordability. In this paper, we draw on the “theory of innovative enterprise” to develop a framework that provides both a critique of the existing pricing system in the United States and a foundation for developing a new model of pricing regulation to support safety and effectiveness through drug development as well as accessibility and affordability in the distribution of approved medicines to patients. We introduce a regulatory approach we term “Pricing for Medicine Innovation” (PMI), which departs dramatically from the market-equilibrium assumptions of conventional (neoclassical) economics. The PMI approach recognizes the centrality of collective investments by government agencies and business firms in the productive capabilities that underpin the drug development process. PMI specifies the conditions under which, at the firm level, drug pricing can support both sustained investment in these capabilities and improved patient access. PMI can advance both of these objectives simultaneously by regulating not just the level of corporate profit but also its allocation to reinvestment in the drug development process. PMI suggests that although price caps are likely to improve drug affordability, there remain two potential issues with this pricing approach. Firstly, in an innovation system where a company’s sales revenue is the source of its finance for further drug development, price caps may deprive a firm of the means to invest in innovation. Secondly, even with adequate profits available for investment in innovation, a firm that is run to maximize shareholder value will tend to use those profits to fund distributions to shareholders rather than for investment in drug innovation. We argue that, if implemented properly, PMI could both improve the affordability of medicines and enhance the innovative performance of pharmaceutical companies.

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