Value and Exchange (Shift Away from Hicks-Samuelson Economic Theory‪)‬

Economics is at a crucial juncture. The research program that has guided economic theory for some six decades is at an impasse, and a new and different research program is emerging. The new program grows out of a very different vision of the economic process. This vision suggests a very different type of economic theory offering a different explanation of how the economy works and different policy advice. The implications for the future of economic research and for the conduct of economic policy could not be greater. The purpose of this article is to explain this momentous change and to explore its likely consequences. The Impasse in Economic Theory