Second, Tania Murray Li uses a vocabulary directly derived from neoclassical economic theory
: risk-averse (p.
FAILURE OF NEOCLASSICAL ECONOMIC THEORY
Neoclassical Economic Theory
and Traditional Valuation Methods.
First, the neoclassical economic theory
on which they rely rests on several empirical assumptions that are at odds with the reality of contemporary labor markets.
As Michael Watson's paper points out, the critique of modern neoclassical economic theory
that I presented in Redeeming Economics (1) is illustrated primarily with what Nobel economic laureates Gary S.
Neoclassical economic theory
, dual labor market theory, the new economics of labor migration, and world systems theory try to explain the initiation of migration.
* first, as a gap filler, that is, to help explain "real world" evidence that neoclassical economic theory
Historians of economic thought such as Mirowski (16) maintain that the founders of neoclassical economic theory
imported the mono-utility approach from nineteenth century physics in an attempt to impose a "unity of analytical tools" (17) between the disciplines.
They re-examine traditional neoclassical economic theory
in light of the inner logic of economic models and the passion for social justice and fairness.
(17) While this critique has offered important corrections to the discipline of economics and has challenged and addressed some of the race, class and gender bias in neoclassical economic theory
, it does not go far enough in critiquing the ways in which neoclassical economic theory
is shaped by value claims.
Economic historians typically have explored how the corpus of neoclassical economic theory
in the mainstream of the discipline today developed historically.