Economics and Business Review

ISSN 2392-1641
e-ISSN 2450-0097

Poznań University of Economics - Poland

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Volume 3 (17) Number 3 pp. 32-51

László Csaba

Member of the Hungarian Academy of Sciences, Central European University, Department of International Relations

Comparative economics and the mainstream

Abstract:

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 microfounded macroeconomics, whose epistemological features are distinct from that of the neoclassical synthesis.
 

pub/2017_3_32.pdf Full text available in in Adobe Acrobat format:
http://www.ebr.edu.pl/volume17/issue3/2017_3_32.pdf
Keywords: system paradigm, neoclassical synthesis, institutional economics, socialist economy

DOI: 10.18559/ebr.2017.3.3

For citation:

MLA Csaba, László. "Comparative economics and the mainstream ." Economics and Business Review EBR 17.3 (2017): 32-51. DOI: 10.18559/ebr.2017.3.3
APA Csaba, L. (2017). Comparative economics and the mainstream . Economics and Business Review EBR 17(3), 32-51 DOI: 10.18559/ebr.2017.3.3
ISO 690 CSABA, László. Comparative economics and the mainstream . Economics and Business Review EBR, 2017, 17.3: 32-51. DOI: 10.18559/ebr.2017.3.3