Abstract
“What went wrong with economics” asked The Economist (What went wrong with economics. http://www.economist.com/node/14031376, 2009) in view of the unfolding economic crisis and illustrated the presented evidence by a book that melts away like a block of ice and carries the title “Modern Economic Theory”. By echoing renowned voices of academia with similar concerns Carraro et al. (Greening economics: it is time. VOX, 26 April 2014, 2014) arrive at the conclusion that “It took the deepest economic and financial crisis since the Great Depression to provoke an open debate amongst macroeconomists as to whether the ‘economic model’ taught in economics programs is adequate.” Without wanting to pretend a full answer to these looming questions about the fading relevance of economics as it seems to be understood inside and outside of institutions ranging from top-rated universities to powerful central banks, we want to fathom at least some directions into which essential contents of the “economic model” could advance.
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Acknowledgements
I am deeply indebted to Karl Farmer with whom I have the privilege of being associated for more than three decades at the University of Graz. The considerations in this paper on new perspectives of economic reasoning reflect a journey that was decisively initiated by him and is still far from having arrived at a final destination.
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Schleicher, S.P. (2016). Deepening the Scope of the “Economic Model”: Functionalities, Structures, Mechanisms and Institutions. In: Bednar-Friedl, B., Kleinert, J. (eds) Dynamic Approaches to Global Economic Challenges. Springer, Cham. https://doi.org/10.1007/978-3-319-23324-6_9
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DOI: https://doi.org/10.1007/978-3-319-23324-6_9
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