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The turn in economics: neoclassical dominance to mainstream pluralism?

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  • DAVIS, JOHN B.

Abstract

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 economics includes game theory, experimental economics, behavioral economics, evolutionary economics, neuroeconomics, and non-linear complexity theory. Two hypotheses are advanced one regarding the relation between economics instruction and economics research and one regarding the nature of the economics research frontier to describe social-institutional practices that contribute to the replication of economics as a field. Two further hypotheses are advanced one regarding the boundaries of the field and one regarding how the field appraises itself to create a historical methodological framework for evaluating the question of change in economics and change in recent economics in particular. Finally, the paper distinguishes three leading explanations the breakdown view, the takeover view, and the maturity view of why neoclassical economics no longer dominates a mainstream economics.

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Bibliographic Info

Article provided by Cambridge University Press in its journal Journal of Institutional Economics.

Volume (Year): 2 (2006)
Issue (Month): 01 (April)
Pages: 1-20

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Handle: RePEc:cup:jinsec:v:2:y:2006:i:01:p:1-20_00

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Cited by:
  1. Herrmann-Pillath, Carsten, 2008. "Neuroeconomics, naturalism and language," Frankfurt School - Working Paper Series 108, Frankfurt School of Finance and Management.
  2. Jennifer K Gippel, 2013. "A revolution in finance?," Australian Journal of Management, Australian School of Business, vol. 38(1), pages 125-146, April.
  3. Sophie Massin, 2011. "La notion d'addiction en économie : La théorie du choix rationnel à l'épreuve," Revue d'économie politique, Dalloz, vol. 121(5), pages 713-750.
  4. David Colander & Richard P.F. Holt & J. Barkley Rosser, Jr., 2007. "Live and Dead Issues in the Methodology of Economics," Middlebury College Working Paper Series 0704, Middlebury College, Department of Economics.
  5. Pinto, Hugo, 2009. "A Economia em Ebulição: Integrando o Plural e a Moral numa Ciência Económica Satisfatória
    [Economics in Turmoil: Integrating Moral and Plural in a Satisfactory Economic Science]
    ," MPRA Paper 18718, University Library of Munich, Germany.
  6. Pessali, Huascar & Berger, Bruno, 2010. "A teoria da perspectiva e as mudanças de preferência no mainstream: um prospecto lakatoseano
    [Prospect theory and preference change in the mainstream of economics: a Lakatosian prospect]
    ," MPRA Paper 26104, University Library of Munich, Germany.
  7. Pinto, Hugo, 2011. "The role of econometrics in economic science: An essay about the monopolization of economic methodology by econometric methods," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(4), pages 436-443, August.
  8. Klaus Mohn, 2010. "Autism in Economics? A Second Opinion," Forum for Social Economics, Springer, vol. 39(2), pages 191-208, July.
  9. Herrmann-Pillath, Carsten, 2008. "The naturalistic turn in economics: implications for the theory of finance," Frankfurt School - Working Paper Series 105, Frankfurt School of Finance and Management.
  10. Robert Garnett, 2011. "Pluralism, Academic Freedom, and Heterodox Economics," Working Papers 201107, Texas Christian University, Department of Economics.
  11. David Colander, 2007. "Pluralism and Heterodox Economics: Suggestions for an “Inside the Mainstream” Heterodoxy," Middlebury College Working Paper Series 0724, Middlebury College, Department of Economics.

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