This article attempts to provide an institutionalist analysis and diagnosis of the current crisis of orthodox economics. We shall, first, characterise the predominant opinion in economicsthe neoclassical synthesis. Next, we examine the anomalies which are currently vexing orthodox opinion and their power to provoke a period of crisis and extraordinary science. In the final section, we diagnose the source of the anomalies of the neoclassical synthesis.
International Journal of Social Economics – Emerald Publishing
Published: Jan 1, 1979