This book, set out over four volumes, provides a comprehensive history of economic thought in the 20th century. Special attention is given to the cultural and historical context behind the development of economic theories, to the leading or peripheral research communities and their interactions or controversies, and a critical appreciation and assessment of theories throughout these times. Volume IV explores economic theory in the age of globalization, between the years from the mid-1970s to the early 2000s. It focuses on efforts to establish a new neoclassical paradigm led by proponents of New Chicago economics, and traces the emergence of alternative research trajectories—including New Keynesians, Behavioral Economics, and Complexity Economics. The volume concludes with an examination of the debate on the financial and economic crisis of 2007-8. Key thinkers discussed include Robert Lucas, George Akerlof, Joseph Stiglitz, Daniel Kahneman and Brian Arthur.This work provides a significant and original contribution to the history of economic thought and gives insight to the thinking of some of the major international figures in economics. It will appeal to students and scholars wishing to further their understanding of the history of economics.
