The Making of Neoclassical Economics (Routledge Revivals)

Motivations to Contribute to Public Goods: Beyond rational choice economics

“…The second approach has been developed by economists in the context of the 'marginalist revolution' and of work on partial equilibrium and general equilibrium theory (Henry, 2012). The first has been developed primarily in game theory and deals with direct interaction between multiple agents.…”

“…It analyses the conditions under which independent subjects arrive at mutually acceptable situations in which nobody has an incentive to unilaterally change strategy: the Nash equilibrium. The second approach has been developed by economists in the context of the 'marginalist revolution' and of work on partial equilibrium and general equilibrium theory (Henry, 2012). It focuses on 'impersonal' market interactions, driven by price signals determined by supply and demand.…”

Saving Private Business Enterprises

“…That is, the well‐being, not to mention survival and reproduction, of workers and their households are not guaranteed by the market provisioning process as long as it is controlled by the business enterprises. In this regard, “[b]asically, one class—capitalists—organizes to restrict the economic well‐being of the community as a whole in order to advantage itself” (Henry : 178).…”

What If There Are No Conventional Price Mechanisms?

“…Thorstein Veblen and other institutionalists have taught me that the first principle of institutional economics is the worldview that everything changes (see, for example, Veblen 1898; see also Henry 1990; O'Hara 2014). As nothing is sacred, unchanging, and universal, a theory -be it developed by Veblen or Lee -should be questioned, refined, or rejected because an economic theory is a socially constructed, joint stock of knowledge that is subject to verification in a constantly changing cultural and historical context.…”