3. Cases where traditional economics doesn’t work

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Title: 3. Cases where traditional economics doesn’t work
 
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Subject: Business
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Date: May 29, 2003
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Although the word is very old, the discipline of economics as we understand it today is a relatively recent development. Modern economic thought emerged in the 17th and 18th centuries as the western world began its transformation from an agrarian to an industrial society [ 1 ]...
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The function of economic theory, according to the neoclassic theorist Friedrich von Wieser, consists in "scientifically explicating and developing the content of common economic experience. The consciousness of every economically active human being provides him with a fund of experiences that are the common possession of all who practice economy...
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