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"Why is Economics not an Evolutionary Science?" New Answers to Veblen's Old Question

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  • Leonhard Dobusch
  • Jakob Kapeller
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    Abstract

    Addressing the question why Economics as a discipline is not subject to evolutive processes itself, we explain the paradigmatical dominance of neoclassical theories in Economics as a path dependent process. Recognizing economics as "locked into neoclassical thinking," we first identify three positive feedback mechanisms leading to strong barriers to paradigmatic change: coordination, complementarity, and learning mechanisms. In a second step, we show how actors strategically enforce these mechanisms via distinct "amplifiers." We then try to use this theoretical perspective to cursorily describe potentially path-breaking strategies.

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    Bibliographic Info

    Article provided by M.E. Sharpe, Inc. in its journal Journal of Economic Issues.

    Volume (Year): 43 (2009)
    Issue (Month): 4 (December)
    Pages: 867-898

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    Handle: RePEc:mes:jeciss:v:43:y:2009:i:4:p:867-898

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    Web page: http://www.mesharpe.com/mall/results1.asp?acr=jei

    Related research

    Keywords: path dependency; paradigmatic dominance; pluralism;

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    Cited by:
    1. J. E. King, 2012. "Post Keynesians and Others," Review of Political Economy, Taylor & Francis Journals, vol. 24(2), pages 305-319, April.
    2. Jakob Kapeller & Bernhard Sch├╝tz, 2012. "Conspicuous consumption, inequality and debt: The nature of consumption-driven profit-led regimes," Economics working papers 2012-13, Department of Economics, Johannes Kepler University Linz, Austria.

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