This paper conjectures that economics has changed profoundly since the 1970s and that these changes involve a new … understanding of the nature of applied work and hence of economics itself. …

disturbing factor of a generally stable real economy (Wicksell, Hayek, Schumpeter, Fisher, and the early Keynes). Thereafter … Wicksellian cumulative process, however, overcoming the neoclassical dichotomy. The paper ends with some policy recommendations …