Comparative economics and the mainstream

• Authors: Csaba László
• Languages of publication: EN

Abstracts

EN

This essay reviews the complex love-hate relationship between comparative economics, as represented by its most outstanding representative, János Kornai, and mainstream economics, based on rational expectations and general equilibrium theorizing, as represented by Kenneth Arrow and his disciples Paul Samuelson, Olivier Blanchard and the New Keynesian line adopted by the IMF under his reign. The ultimate question is why the interaction has not been more productive and direct over the decades? Why has the post-communist era not brought about a rapprochement? The essay reviews major milestones presented in academic volumes in the oeuvre of Kornai through the decades. It highlights a special form of micro-founded macroeconomics, whose epistemological features are distinct from that of the neoclassical synthesis.

Keywords

EN

system paradigm; neoclassical synthesis; institutional economics; socialist; economy

• Publisher: Uniwersytet Ekonomiczny w Poznaniu
• Journal: Economics and Business Review
• Year: 2017
• Volume: 3(17)
• Issue: 3
• Pages: 32-51

Dates

published

2017-09-30

Contributors

author

Csaba László

• Distinguished professor of political economy, Member of the Hungarian Academy of Sciences, Central European University, Department of International Relations, H-1051 Budapest, 9 Nador Str., Budapest, Hungary,

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Identifiers

DOI

10.18559/ebr.2017.3.3