chapter  6
16 Pages

Breaking with neoclassicism or restoring theoretical humanism?

This chapter begins with a statement of three central theses that informs its reading of the late neoclassical condition: that it should be characterized as one of dispersion and unity; that it displays continuity with neoclassical economics; and that it is a response to a perceived crisis of Walrasian neoclassicism. Late neoclassical economics is constituted as a unified field, despite a significant degree of internal diversity, because it remains within the neoclassical problematic, even though it is a response to the purported crisis of Walrasian economics. The concept of good governance, a concept that is being promoted by the World Bank, is, in part, a product of this late neoclassical debate on government failures. The utopia of harmonious social reconciliation of individual interests is still articulated in key normative concepts of late neoclassical economics, such as economic growth, the performance of the economy, the efficiency of institutions, Nash equilibrium and evolutionary stability.