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This chapter provides a critical review of mainstream economic theory, challenging the adequacy of price as the primary determinant of demand and supply. It critiques neoclassical models for their reliance on simplified assumptions about consumer and firm behaviour, arguing that real economic processes are far more complex, involving psychological, social, and random factors. The chapter advocates for a more realistic approach to economic theory, incorporating technology, income, and the dynamics of supply and demand. It also explores the limitations of mathematical models in economics and calls for an integration of empirical and theoretical approaches to better understand economic outcomes.

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On Theory—An Appendix

  • 章节

  • 发表日期：

    2025年

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  • Geoff Crocker

摘要

This chapter provides a critical review of mainstream economic theory, challenging the adequacy of price as the primary determinant of demand and supply. It critiques neoclassical models for their reliance on simplified assumptions about consumer and firm behaviour, arguing that real economic processes are far more complex, involving psychological, social, and random factors. The chapter advocates for a more realistic approach to economic theory, incorporating technology, income, and the dynamics of supply and demand. It also explores the limitations of mathematical models in economics and calls for an integration of empirical and theoretical approaches to better understand economic outcomes.