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Refreshing Incoherence in Neoclassical Economic Theory Research (2010) shows that though there are a number of emerging trends against neoclassical economics, their work is mostly restricted to the critical evaluation of microeconomics and they largely fail to provide any rigorous alternative framework to analyze capitalist social order. Economics will continue to celebrate its triumph, thanks to missing alternatives. Appendix The following two tables give the structure of businesses in USA to show the market power enjoyed by the large corporations. Table 1 shows that though more than three quarters of all US firms are proprietorships-partnerships and only one fifth are corporations which capture 86% of total US revenue. Similarly, it is evident from Table 2 that almost all the US industries are dominated by a very few large corporations. Ignoring these numbers and assuming that actual capitalist markets behave as if they were perfectly competitive is in fact to make a mockery of capitalist realities. Table 1: Number of firms and their revenue shares in US economy 2001 Proprietorships & Corporations Partnerships Number of Firms 80% 20% Total Revenue 14% 86% Controlled by Source: US Bureau of the Census, Statistical Abstract of the US: 2001 Table 2: Revenue shares of firms in some US industries 2001 Pe rce ntage Re ve nu e C on trol le d by Indust ry P rop riet orship s Large C orp orations A gricult ure 50 50 Services 30 70 C onst ruction 20 80 R etail trade 17 83 M ining 19 81 T ransp ort 16 84 F inance 10 90 W holesale trade 6 94 M anufact uring 3 97 Source: US Bureau of the Census, Statistical Abstract of the US: 2001 PAKISTAN BUSINESS REVIEW JULY 2011 238
Research Refreshing Incoherence in Neoclassical Economic Theory References Akerlof (1982), “Labor contracts as partial gift Exchange,” Quarterly Journal ofEeconomics, Vol. XCVII, 543-69 Akerlof and Yellen (1985a) “A near rationality model of the business cycle, with wage and price inertia”, Quarterly Journal of Economics, supplement, 1985, 823-838 Akerlof and Yellen (1985b) “Can small deviations from rationality make significant difference to economic equilibrium?” American Economic Review, Sep 1985, 75, 708-20 Arrow K. J. (1963), “Social Choice and Individual Values”, 2 nd Ed., Wiley, New York Black Max (1983), “Why Should I be Rational”, in The Prevalence of Humbug and Other Essays, Cornwell University Press Blaug M. (1980), Methodology of Economics, Cambridge University Press, New York Boland A. Lawrence (1992), The Principles of Economics: some lies my teachers told me, Routledge, London and New York Carter A. (1988), Marx: A Radical Critique, Westview Press, Boulder, Colorado Chiang A. C. (1985), Mathematical Economics, 3 rd Ed., McGraw Hill Cole K, J. Cameron, and C. Edwards (1983), Why Economists Disagree, The political economy of economics, Longman Group Limited Conlisk J. (1996), “Why bounded rationality?”, Journal of Economic Literature, 1996, Vol. XXXIV, 669-700 Friedman Milton (1953), Essays in Positive Economics, Chicago University Press, Chicago 239 PAKISTAN BUSINESS REVIEW JULY 2011
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