Download or read book A Critique of Orthodox Economics written by H. Lydall and published by Springer. This book was released on 1998-02-09 with total page 195 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modern neoclassical economics is a theory of general equilibrium. It is based on highly unrealistic assumptions and yields a number of false predictions. The alternative model, presented in this book, uses a wider definition of technology, and emphasises the role of the entrepreneur as the primary agent of change. Because it takes time for firms to improve their technology, and to acquire the necessary finance for expansion, there are wide differences in firm sizes, and in their profitability. The competitive struggle to develop better technology raises the level of productivity of the whole economy, and leads to higher real incomes.