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The Need for a New Theory of Production in Economics
Author(s) -
Eaton Jack
Publication year - 1993
Publication title -
labour
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.403
H-Index - 34
eISSN - 1467-9914
pISSN - 1121-7081
DOI - 10.1111/j.1467-9914.1993.tb00204.x
Subject(s) - premise , economics , production theory , extant taxon , production (economics) , neoclassical economics , positive economics , economic justice , set (abstract data type) , mathematical economics , microeconomics , epistemology , philosophy , computer science , evolutionary biology , biology , programming language
The article argues that there is a need for a new theory of production economics. The premise is that the only extant theory of production in orthodox discourse depends on the maximising model of human behaviour. Adam Smith's bifurcation of economic theory into the province of self‐interest and that of justice also blocked off the potential for germinating a theory of production that would draw on motives other than self‐interest. The foundations for such an approach have already been set out by Bray in a neglected study. He suggested that mathematical economics was held back, rather than advanced, by its bondage to static equilibrium analysis.