What Is Neoclassical Economics? The three axioms responsible for its theoretical oeuvre, practical irrelevance and, thus, discursive power
AbstractThis paper offers a precise definition of neoclassical economics based on three axioms which lie at the latters foundations. This definition is all inclusive in that it applies as much to the neoclassical economic models of the late 19th century as it does to todays more flexible and inclusive models. The paper argues that these axioms, simultaneously, (a) provide the foundation for neoclassicisms discursive success within the social sciences and (b) are the deep cause of its theoretical failure. Moreover, (a) and (b) reinforce one another as neoclassicisms discursive power (which is largely due to the hidden nature of its three foundational axioms) makes it even less likely that it will con-duct an open, pluralist debate on its theoretical foundations (i.e. the three axioms which underpin it).
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Bibliographic InfoArticle provided by Savez ekonomista Vojvodine, Novi Sad, Serbia in its journal Panoeconomicus.
Volume (Year): 53 (2006)
Issue (Month): 1 (March)
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Web page: http://www.panoeconomicus.rs/
Neoclassical economics; Methodological individualism; Methodological instrumentalism; Methodological equilibration.;
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- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
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