Economics Quote by Roger M. Keesing
““Neoclassical economics is precisely the theory one would expect a vastly complex system of international corporations, world markets, and interconnected currencies to create to sustain, justify, explain, and predict "itself." And classical economics, correspondingly, was a predictable expression of an earlier European capitalism.””
About This Quote
Source Book: Economic Theory and Globalization, 2020, academic text
Neoclassical economics treats the global corporate and financial system as a self‑regulating entity, mirroring earlier classical economics that explained European capitalism.
In simple terms: It views the world economy as a self‑organizing system, similar to older economic theories.
Key Takeaway
Question the assumptions of self‑regulation in complex economies.
Themes
economics
globalization
theory
history
systems
Mood
skeptical
inquisitive
thoughtful
Type
economic
theoretical
critical
When to use this quote
- policy analysis
- academic critique
- business strategy
- financial modeling
Key Concepts
self‑regulation
complexity
market dynamics
Questions to Reflect On
- Can a single theory capture the intricacies of global markets?
- What are the limits of self‑regulating assumptions?
A Different Perspective
The model may oversimplify real‑world unpredictability and power imbalances.
