THE ECONOMIC FOUNDATIONS OF NEW PUBLIC MANAGEMENT PARADIGM

Abstract

The word ‘New’ has been a misnomer in economics where modified versions of older ideas are referred to as ‘New’. The ‘Neo-Classical Economics’, ‘New Keynesian Economics’, ‘New Institutional Economics’ and others seem to be only partially revised versions of older doctrines. In a world where extremes have a tendency to fail, averages have become a norm. Many of these economic doctrines seem nothing more than the weighted averages of the alternatives they once rebuked.