ABSTRACT
Hand in hand with the growing refinement and sophistication in the methods used in economic analysis there is an increasing uneasiness about the relevance and appropriateness of traditional economic theory. The criticisms come from different angles. There is, for instance, the warning that economics in its search for deterministic, closed models has taken the wrong roads of abstraction and can contribute little towards explaining the causes and courses of actual economic events.1 Another important criticism points out that traditional economic theory bypasses some of the most important socioeconomic issues, partly because of theoretical one-sidedness, partly because ideological blinkers narrow the view.2
