George Akerlof, 2002 Nobel Laureate in Economics argues that:
“Neoclassical theory suggests that poverty is the reflection of low initial endowments of human and nonhuman capital. The theory cannot account for persistent and extreme poverty coupled with high incidence of drug and alcohol abuse, out-of-wedlock births, single-headed households, high welfare dependency, and crime."
This book is designed to provide materials for faculty and students who want to explore the basic intellectual history of modern economics and its turn away from rigid rationality assumptions by including material that would be useful in courses and seminars taught in economics departments at all levels, law school courses and seminars. It looks beyond neoclassical theory to provide the following alternatives:
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