What Is Neoclassical Economics

* Article: What Is Neoclassical Economics? By Christian Arnsperger and Yanis Varoufakis. Panoeconomicus 53(1):5-18, January 2006

URL = http://www.paecon.net/PAEReview/issue38/ArnspergerVaroufakis38.htm [1]

Abstract

"This paper offers a precise definition of neoclassical economics based on three axioms which lie at the latters foundations. This definition is all inclusive in that it applies as much to the neoclassical economic models of the late 19th century as it does to todays more flexible and inclusive models.

The paper argues that these axioms, simultaneously,

(a) provide the foundation for neoclassicisms discursive success within the social sciences and

(b) are the deep cause of its theoretical failure.

Moreover, (a) and (b) reinforce one another as neoclassicisms discursive power (which is largely due to the hidden nature of its three foundational axioms) makes it even less likely that it will con-duct an open, pluralist debate on its theoretical foundations (i.e. the three axioms which underpin it)."

Summary

From the reading notes of Michel Bauwens, 2006: