Today’s Problems: In The Minds of The Great Economists

Obregon, Carlos (2021): Today’s Problems: In The Minds of The Great Economists. Published in:

Abstract

This book presents the history of economic thought as it relates to today’s most pressing problems, and it emphasizes the critical connection that exists between what may seem cold, unrealistic mathematical economic models, and the quality of everyday life of any citizen of the planet earth. It shows how contemporary developments in neoclassical theoretical models in Welfare Economics, General Equilibrium Theory, Information Economics and Game Theory have created the necessity to integrate the neoclassical theory of free markets and the insti-tutional theory. It argues that while the main goal of economics is to improve human wellbeing in a broad sense, the quality of human life; we should also take into account its second goal, which is to improve the microeconomic efficiency of the system. We should not lose sight of the fundamental contributions of the free markets, and of neoclassical economics which have seriously influenced the digital and financial revolutions that have allowed the ICT Revolution to happen. Individual freedom and creativity are critical for the success of capitalism. But they do not happen in a vacuum, institutions are required. It argues that the future of economic theory and policy will be defined by contributions in three fronts: pure theoretical models of free markets, institutional models, and models capable to integrate the interaction between free markets and institutions in the final determination of the actual economic equilibrium.

• Item Type: MPRA Paper
• Language: English
• Keywords: history, economic, Carlos Obregon, problems, mathematical economic, citizen, neoclassical, theoretical models, Welfare Economics, General Equilibrium, markets, Carlos Obregón, microeconomic, ICT Revolution, capitalism, institutions, equilibrium
• Subjects: A - General Economics and Teaching > A1 - General Economics; A - General Economics and Teaching > A1 - General Economics > A10 - General; A - General Economics and Teaching > A1 - General Economics > A11 - Role of Economics ; Role of Economists ; Market for Economists; A - General Economics and Teaching > A1 - General Economics > A12 - Relation of Economics to Other Disciplines; A - General Economics and Teaching > A1 - General Economics > A13 - Relation of Economics to Social Values; A - General Economics and Teaching > A1 - General Economics > A14 - Sociology of Economics; A - General Economics and Teaching > A1 - General Economics > A19 - Other; A - General Economics and Teaching > A2 - Economic Education and Teaching of Economics; A - General Economics and Teaching > A2 - Economic Education and Teaching of Economics > A20 - General; B - History of Economic Thought, Methodology, and Heterodox Approaches > B0 - General; B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School); B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B14 - Socialist ; Marxist; B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B15 - Historical ; Institutional ; Evolutionary; B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B16 - Quantitative and Mathematical; B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B19 - Other; B - History of Economic Thought, Methodology, and Heterodox Approaches > B2 - History of Economic Thought since 1925 > B20 - General; B - History of Economic Thought, Methodology, and Heterodox Approaches > B2 - History of Economic Thought since 1925 > B21 - Microeconomics; B - History of Economic Thought, Methodology, and Heterodox Approaches > B2 - History of Economic Thought since 1925 > B23 - Econometrics ; Quantitative and Mathematical Studies; B - History of Economic Thought, Methodology, and Heterodox Approaches > B2 - History of Economic Thought since 1925 > B24 - Socialist ; Marxist ; Sraffian; B - History of Economic Thought, Methodology, and Heterodox Approaches > B2 - History of Economic Thought since 1925 > B25 - Historical ; Institutional ; Evolutionary ; Austrian; B - History of Economic Thought, Methodology, and Heterodox Approaches > B2 - History of Economic Thought since 1925 > B26 - Financial Economics; B - History of Economic Thought, Methodology, and Heterodox Approaches > B2 - History of Economic Thought since 1925 > B29 - Other; B - History of Economic Thought, Methodology, and Heterodox Approaches > B3 - History of Economic Thought: Individuals > B30 - General; B - History of Economic Thought, Methodology, and Heterodox Approaches > B3 - History of Economic Thought: Individuals > B31 - Individuals; B - History of Economic Thought, Methodology, and Heterodox Approaches > B4 - Economic Methodology > B40 - General; B - History of Economic Thought, Methodology, and Heterodox Approaches > B4 - Economic Methodology > B41 - Economic Methodology; B - History of Economic Thought, Methodology, and Heterodox Approaches > B4 - Economic Methodology > B49 - Other; C - Mathematical and Quantitative Methods > C0 - General > C00 - General; C - Mathematical and Quantitative Methods > C0 - General > C01 - Econometrics; C - Mathematical and Quantitative Methods > C0 - General > C02 - Mathematical Methods; C - Mathematical and Quantitative Methods > C6 - Mathematical Methods ; Programming Models ; Mathematical and Simulation Modeling > C60 - General; C - Mathematical and Quantitative Methods > C6 - Mathematical Methods ; Programming Models ; Mathematical and Simulation Modeling > C69 - Other; D - Microeconomics > D0 - General > D00 - General; D - Microeconomics > D0 - General > D01 - Microeconomic Behavior: Underlying Principles; D - Microeconomics > D0 - General > D02 - Institutions: Design, Formation, Operations, and Impact; D - Microeconomics > D0 - General > D04 - Microeconomic Policy: Formulation, Implementation, and Evaluation; E - Macroeconomics and Monetary Economics > E0 - General > E00 - General; E - Macroeconomics and Monetary Economics > E0 - General > E02 - Institutions and the Macroeconomy; F - International Economics > F0 - General > F00 - General; G - Financial Economics > G0 - General > G00 - General

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