Introduction

Abstract

The essays contained in this volume represent the bulk of my thoughts on theory, crucially developed with Peter Kriesler. Before proceeding to synthesise them I would like to express a point of view regarding economic theorising in general. Theory cannot be practical, in other words, it cannot reproduce or justify the obvious. In my university life I found that practicality and reality is a much sought after argument by radical left-wingers. And yet if there was a person who would cherish abstract thinking above everything else, it was Marx himself. This attitude of the radical left-wingers has done serious damage, more than what we think. It has left most of the theoretical debates in economics in the hands of those who do not want any debate but just discussions about the properties of this or that model. Ask any of the most renowned mainstream critics of social injustices, unemployment, wealth inequalities, how should economics be taught. The likely reply will be that in the first instance you ought to start from supply and demand equilibrium, then you complicate things. Yet even the more complex framework will still depend upon its equilibrium premises. In this context Chapter 9 of this volume argues that it is supply and demand equilibrium theory that must be abandoned.