© 1998

A Critique of Orthodox Economics

An Alternative Model

  • Authors

Table of contents

  1. Front Matter
    Pages i-xii
  2. Harold Lydall
    Pages 1-11
  3. Harold Lydall
    Pages 13-29
  4. Harold Lydall
    Pages 31-49
  5. Harold Lydall
    Pages 51-63
  6. Harold Lydall
    Pages 65-83
  7. Harold Lydall
    Pages 85-100
  8. Harold Lydall
    Pages 101-127
  9. Harold Lydall
    Pages 129-142
  10. Harold Lydall
    Pages 143-154
  11. Harold Lydall
    Pages 155-164
  12. Harold Lydall
    Pages 165-184
  13. Back Matter
    Pages 185-190

About this book


Modern neoclassical economics is a theory of general equilibrium. It is based on highly unrealistic assumptions and yields a number of false predictions. The alternative model, presented in this book, uses a wider definition of technology, and emphasises the role of the entrepreneur as the primary agent of change. Because it takes time for firms to improve their technology, and to acquire the necessary finance for expansion, there are wide differences in firm sizes, and in their profitability. The competitive struggle to develop better technology raises the level of productivity of the whole economy, and leads to higher real incomes.


agents development Economic Development economic growth economics employment entrepreneur equilibrium general equilibrium productivity

About the authors

Harold Lydall is Research Associate at NILS at Flinders University.

Bibliographic information