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Whither modern economics? Subjective semi-sociological observations

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  • Rostislav Kapeliushnikov

    (Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences, Moscow, Russia
    National Research University Higher School of Economics, Moscow, Russia)

Abstract

The paper summarizes main recent sociological, epistemological, methodological and ideological trends in modern economics and tries to evaluate its current state and further perspectives. Special attention has been paid to a change in economists’ methodological ideal: economic science began with trying to become like physics but actually has become like medical statistics. The paper’s general conclusion is that what we are witnessing today in modern economics is simply an ordinary working state rather than a triumph or a crisis. However, that state is not very promising since the period of new large theoretical ideas seems to be over for economics, the new atheoretical tendency in it is becoming stronger and in the very near future, economics is most likely to become more and more interventionist.

Suggested Citation

  • Rostislav Kapeliushnikov, 2018. "Whither modern economics? Subjective semi-sociological observations," Russian Journal of Economics, ARPHA Platform, vol. 4(3), pages 285-304, October.
    • Handle: RePEc:arh:jrujec:v:4:y:2018:i:3:p:285-304
    DOI: 10.3897/j.ruje.4.30171
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    econometrics; epistemology; experiments; behavioral economics; methodology; ideology.;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • C9 - Mathematical and Quantitative Methods - - Design of Experiments

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