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The methodology of neoclassical economics: a contemporary discourse

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  • Vasil Todorov

Abstract

The article presents a summarized characteristics of neoclassical economics methodology, its components, and expressed views. The identified core features of economic methodology are: apriorism; deductivism, a priori deductivism; axiomatic/postulate method; axiomatic-deductive theory building; mathematical formalization; the concept of true theory, typical for neo-classics; instrumentality; theory testing through predictions of its effect, automation, reduction and methodological individualism; ignoring the community and natural environment. Conclusions are made that (1) the leading impact factor for neoclassical economics growth is a priori and axiomatic deductivism in particular (and not methodological individualism, as commonly accepted) and (2) the primary reasons for the development of neoclassical economics in the second half of the 20th century till now, as an instrumental and not an explanatory theory, and its discrepancy with reality, are mainly due to the methodology. A question is raised: what kind of theory – instrumental or explanatory – should be taught in universities and dominate in the expert, macro-management and public space?

Suggested Citation

  • Vasil Todorov, 2022. "The methodology of neoclassical economics: a contemporary discourse," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 7-27.
    • Handle: RePEc:bas:econth:y:2022:i:1:p:7-27
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    References listed on IDEAS

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    1. Terence Hutchison, 1996. "On the relations between philosophy and economics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 3(2), pages 187-213.
    2. Kirova, Alla, 2008. "Особености На Методологичните Подходи В Икономическата Концепция На Макс Вебер [The Peculiarities of the Methodological Approaches in the Economic Concept of Max Weber]," MPRA Paper 73445, University Library of Munich, Germany.
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    More about this item

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • A10 - General Economics and Teaching - - General Economics - - - General

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