Abstract: The prevailing economic orthodoxy of neoclassical economics is reviewed, its main propositions outlined and evidence for validity of its theories considered. Criticism is offered to the effect that it fails to accurately represent the behaviour of individuals in human society. The influence of neoclassical economics on neoliberalism and new public management is reviewed with reference mainly to the US and UK and the consequent trends in government policies. The GFC of recent years and factors which have contributed to it are reviewed. Alternative views derived from studies of behavioural economics are considered and shown to more accurately represent the behaviour of people. The ongoing failure of current economic practice to address some globally important issues is identified. The way in which notions of neoclassical economics and neoliberalism have impacted education policy in some countries is reviewed.
Publication Year: 2013
Publication Date: 2013-12-20
Language: en
Type: book-chapter
Indexed In: ['crossref']
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