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Putting Jurisprudence Back Into Economics

What is Really Wrong With Today's Neoclassical Theory

  • Book
  • © 2021

Overview

Authors:
  1. David Ellerman

    1. Faculty of Social Sciences, University of Ljubljana, Ljubljana, Slovenia

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  • Presents an integrated jurisprudential critique of neoclassical economic theory

  • Focusses on conceptual mistakes in the neoclassical microeconomic theory

  • Separates the science from the ideology

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Table of contents (10 chapters)

  1. Front Matter

    Pages i-xii
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  2. Introduction to the Jurisprudence of Property and Contract

    • David Ellerman
    Pages 1-25

  3. Mathematical Introduction to the Jurisprudence of Property and Contract

    • David Ellerman
    Pages 27-61

  4. The Property Fallacy in Capital Theory and Corporate Finance Theory

    • David Ellerman
    Pages 63-76

  5. The Arrow-Debreu Model

    • David Ellerman
    Pages 77-88

  6. Marginal Productivity Theory

    • David Ellerman
    Pages 89-118

  7. Marxism as the Ultimate ‘Capitalist Tool’

    • David Ellerman
    Pages 119-129

  8. The Logical Fallacy in Cost-Benefit Analysis and Law & Economics

    • David Ellerman
    Pages 131-140

  9. Jurisprudence and the Corporate Governance Debate

    • David Ellerman
    Pages 141-152

  10. Invalidity of Personhood Alienation Contracts

    • David Ellerman
    Pages 153-176

  11. Concluding Remarks About Jurisprudence and Neoclassical Economics

    • David Ellerman
    Pages 177-182

  12. Back Matter

    Pages 183-186
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Keywords

About this book

This book presents an integrated jurisprudential critique of neoclassical microeconomic theory. It explains what is ‘really wrong’ with the theory both descriptively, as well as normatively. The criticism presented is based on questions of jurisprudence, and on neoclassical theory’s sins of omission and commission concerning the underlying system of property and contract. On the positive side - while the presentation is almost entirely non-mathematical - the book contains the first mathematical treatment of the fundamental theorem about property and contract in jurisprudence that underlies a market economy.

The book follows the tradition of John Stuart Mill as the last major political economist who considered the study of property rights as an integral part of economic theory. The conceptual criticisms presented in this book focus on the descriptive and normative misconceptions about property and contracts that are deeply embedded ideology in neoclassical economics, not to mention in the broader society. The book recognizes that the idealized microeconomic theory is not descriptive of reality and focuses its criticism on conceptual mistakes in the theory, which are even clearer due to the idealized nature of the theory. 


Therefore, the book is a must-read for scholars, researchers, and students interested in a better understanding of jurisprudence in economics, neoclassical microeconomic theory, and political economy in general. 

Authors and Affiliations

  • Faculty of Social Sciences, University of Ljubljana, Ljubljana, Slovenia

    David Ellerman

About the author

​David Ellerman is an Associate Researcher at the Faculty of Social Science, University of Ljubljana, Slovenia. In 2003 he retired to academia after 10 years at the World Bank where he was the economic advisor and speech-writer for the Chief Economist Joseph Stiglitz.  In his prior university teaching, Ellerman taught over a twenty-year period in the Boston area in five disciplines: economics, mathematics, computer science, operations research, and accounting. He was educated at Massachusetts Institute of Technology (USA), and at Boston University where he has two masters degrees, one in philosophy and one in economics, and a doctorate in mathematics. Ellerman has published seven previous books and many articles in scholarly journals in economics, logic, mathematics, physics, philosophy, and law.

Bibliographic Information

  • Book Title: Putting Jurisprudence Back Into Economics

  • Book Subtitle: What is Really Wrong With Today's Neoclassical Theory

  • Authors: David Ellerman

  • DOI: https://doi.org/10.1007/978-3-030-76096-0

  • Publisher: Springer Cham

  • eBook Packages: Economics and Finance, Economics and Finance (R0)

  • Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2021

  • Hardcover ISBN: 978-3-030-76095-3Published: 25 June 2021

  • Softcover ISBN: 978-3-030-76098-4Published: 26 June 2022

  • eBook ISBN: 978-3-030-76096-0Published: 24 June 2021

  • Edition Number: 1

  • Number of Pages: XII, 186

  • Number of Illustrations: 39 b/w illustrations

  • Topics: Political Economy/Economic Systems, Law and Economics, Heterodox Economics, Political Theory, Microeconomics

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