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The Crisis in Economic Theory: A Review Essay

Kevin D. Hoover

Department of Economics, Department of Philosophy, Duke University.

Journal of Economic Literature 2016 open access

The Great Recession and the financial crisis of 2007–09 prompted calls for fundamental reforms of economic theory. The role of theory in economics and in recent economic events is considered in light of two recent books: the sociologist Richard Swedberg's The Art of Social Theory and the economist André Orléan's The Empire of Value: A New Foundation for Economics. (JEL A11, B40, Z13)

DOI
10.1257/jel.20151338
Volume
54 (4)
Pages
1350-1361
Language
en
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