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Neoclassical Economics Summary

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Lawson, T. 2005. What is this ‘school’ called neoclassical economics? , Cambridge Journal of Economics 2013, 37, 947–983
Introduction:
The article, What is this ‘school’ called neoclassical economics?, by Lawson aims to address neoclassical economics and what it encompasses as a whole. The author uses analysis and evidence written by Thorstein Veblen to analyse and critical explain neoclassical economics and its major concerns. The author’s main point and purpose is to critically analyse the birth of neoclassical economics, its change throughout the years and the effects it’s had.
Statement of problem:
The research topic is neoclassical economics. The research problem is then answering the author’s questions regarding what exactly is neoclassical …show more content…

The author in this article focuses his research and analysis mainly on Veblen, who introduced the term neoclassical to economics. Neoclassical economics is defined as an approach to economics that relates demand and supply to someone’s rationality and the individual’s ability to capitalize on profit (Investopedia, 2018). Lawson argues that Veblen’s introduction of the term also is to distinguish a way of thought that is characterized by having a certain level of ontological awareness while preserving with a methodology inconsistent with the awareness (Lawson, p …show more content…

The author starts the article of with a number of relevant questions relating regarding neoclassical economics, he is specific in criticising the contributors to neoclassical economics and does not hold back on questioning their way of thinking. This enables the reader to understand the articles purposes from the introductory paragraph. At times one may get confused ad to the purpose of the article because of the deviation in argument involving numerous and sometimes irrelevant factors to neoclassical economics. The author can be said to be taking a rather aggressive approach towards the contributors of neoclassical economics, this is because of his over emphasis on how loosely it is used and it losing its original meaning. His way of thinking and apprehensive nature brings the article to life which makes it a good thing although it is overly exercised through his emphasis on the irrelevance or disregard of the

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