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It has systematically eroded pluralism
- Starting from a Foucauldian and Marxist inspired analysis, it analyses neoclassical economics as a form of power/knowledge which constitutes a dominant ‘regime of truth’. As such it has systematically eroded pluralism within thinking about the economy.
academic.oup.com/book/2057/chapter/141965295
Nov 23, 2021 · This review of Yahya Madra’s Late Neoclassical Economics centers on a claim made by mainstream economics to have surpassed the narrow horizon of neoclassical economics, understood as general equilibrium or Walrasian economics, having differentiated into a pluralist field.
Sep 29, 2014 · Colander et al. (Citation 2004) argue that the mainstream is changing, moving away from neoclassical economics (in the sense of using the concepts of ‘rationality’ and equilibrium), and reveals a great deal of heterogeneity. As examples of the diversity of approaches within the mainstream, however, they refer to a number of dimensions (such ...
- Amitava Krishna Dutt
- 2014
Oct 18, 2013 · The presence of research programs (on evolutionary game theory, neuroeconomics, complexity agent-based economics, and experimental economics) that make considerable departures from the neoclassical tradition can be taken as evidence of a shift toward pluralism (Davis 2008: 349–50).
- Magda Fontana
- magda.fontana@unito.it
- 2014
- CORE Elements
- Terminology, Analysis and Conception of The Economy
- Ontology
- Epistemology
- Methodology
- Ideology and Political Goals
- Current Debates and Analyses
- Delineation: Sub-Schools, Other Economic Paradigms, and Other Disciplines
- Delineation of Neoclassical Economics from Classical Economics
- Institutions
The term ‘neoclassical economics’ is imprecise and is used in different ways. Most mainstream economists do not identify themselves as members of the neoclassical school. The term ‘neo-classical’ was already coined by Thorstein Veblen in 1900. It describes the synthesis of the subjective and objective theory of value in a diagram of supply and dema...
According to neoclassical economics, the central economic problem is the limited nature of social resources. Due to this scarcity, economics as science should study the organization of an economy in order to establish welfare by the optimal allocation of resources. Simply put, the economy can be understood as an exchange economy in which rational a...
As already mentioned above, there is no single definition of neoclassical economics since it became increasingly diverse and since other approaches were integrated into the perspective. Nevertheless, according to neoclassical understanding, the central economic problem remains the scarcity of resources. According to Arnsperger and Varoufakis (2006)...
Neoclassical economics cannot be unambiguously assigned to realism or to instrumentalism. On the one hand, neoclassical economics claims to generate ‘optimal knowledge’ about the object under scrutiny in terms of the criteria plausibility, simplicity and empirical adequacy. This claim implies that there exists an observable external world as well a...
As explained in the preceding section, neoclassical economics builds mathematical formal models in order to describe economic relations. The latter are assumed to follow regularities which can be formalized in models. Often, the use of mathematical explanation is considered a strength when compared with other social sciences, since the findings of ...
According to the neoclassical perspective, ethical questions are not an object of fundamental economic analyses but only come into play when explicitly normative issues are considered. For Quaas and Quaas (2010), the increase of wealth is the primary goal of mainstream economics. This self-conception explains the neoclassical macroeconomic focus on...
Generally speaking, the dynamic, New Keynesian DSGE models can be considered the current standard of macroeconomic analyses of economic growth and business cycles (cf. Heer and Maussner 2005). Yet, macroeconomic research partially changed in particular since the financial crisis. One could highlight the integration of financial markets that evolved...
A large number of economic theories are related to neoclassical economics. It needs to be differentiated between theories that apply the neoclassical methodology to new fields (e.g. environmental economics, health economics) and theories that further develop neoclassical methods (e.g. behavioural economics, information economics). This section aims...
Neoclassical theory can be considered a paradigm since it is a (more or less) closed, extensive perspective which researches and interprets economic interactions (Heine and Herr 2013, 5). It can also be perceived as the economic perspective which was able to take over from classical economics and establish itself as today's mainstream. Even if some...
Founders:
Alfred Marshall, William Stanley Jevons, Léon Walras, Carl Menger
Journals:
American Economic Review, Econometrica, Quarterly Journal of Economics, Journal of Finance, Journal of Financial Economics, Journal of Monetary Economics, Journal of Political Economy
Associations and organisations
Verein für Sozialpolitik (germanspeaking) American Economic Association (international)
Apr 18, 2006 · This paper investigates whether since the 1980s neoclassical economics has been in the process of being supplanted as the dominant research programme in economics by a collection of competing research approaches which share relatively little in common with each other or with neoclassical economics. A shortlist of the new approaches in recent ...
- John B. Davis
- 2006
Nov 10, 2018 · This paper looks at two hubs of pluralist research, complexity economics and heterodox economics, to evaluate the possibilities for an integration. Complexity economics constitutes an ontological broadening of neoclassicism, but is based on an implicit and incomplete social ontology.
People also ask
Is neoclassical economics a Pluralist Economics?
Is neoclassical economics the dominant research programme in economics?
Does heterodox Neoclassicism have a pluralism?
What is neoclassical economics?
Are complex economics and heterodox economics a hub of pluralist research?
Is neoclassical economics realism or instrumentalism?
Apr 1, 2006 · The five theoretical foundations address the neoclassical economics curriculum and the importance of pluralism, argue for the need to rethink teaching beyond the dominant approach of “chalk...
