Economic theory has gone through four major transformations since the 1600s in response to social and biophysical forces. We may be witnessing the beginnings of a fifth transformation as mainstream economics, committed to market efficiency and economic growth, may not be able to successfully address the dilemma of financial fragility and looming recession in the context of the reductions of material production and consumption needed to achieve a sustainable economy on a finite and non-growing planet.
Kent A. Klitgaard. "A Time for a Change in Economic Theory?." Proceedings of the New York State Economics Association. vol. 1, October 2008, p. 54-63
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