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  3. Journal of Economic Literature
  4. December 2016
  5. The Crisis in Economic Theory: A Review Essay

Journal of Economic Literature

ISSN 0022-0515 (Print) | ISSN 2328-8175 (Online)

The Crisis in Economic Theory: A Review Essay

  • Kevin D. Hoover
Journal of Economic Literature
vol. 54, no. 4, December 2016
(pp. 1350–61)
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Abstract

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.

Citation

Hoover, Kevin D. 2016. "The Crisis in Economic Theory: A Review Essay." Journal of Economic Literature, 54 (4): 1350–61. DOI: 10.1257/jel.20151338

Additional Materials

JEL Classification

  • A11 Role of Economics; Role of Economists; Market for Economists
  • B40 Economic Methodology: General
  • Z13 Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification