IDEAS home Printed from https://ideas.repec.org/a/wsi/serxxx/v48y2003i01ns021759080300061x.html
   My bibliography  Save this article

Orthodox Economics and Economists: Strengths and Weaknesses

Author

Listed:
  • Yew-Kwang Ng

    (Monash University, Australia)

Abstract

Economics is a very powerful discipline that focuses on some important aspects of our life, in particular, constrained maximization equilibrium in resource allocation. However, orthodox economics based on simplified models and many economists much captured by such models have too narrow a focus, ignoring many important factors including the importance of competition for relative standing, environmental disruption, and behaviour patterns inconsistent with the narrow concept of rationality. Economics has also become excessively formalistic, sacrificing relevance for technical sophistication. Extensions of economics to overcome these weaknesses have been and are being made. The incorporation of these advances will make economics more useful. But more time and resources may be needed to train economists properly.

Suggested Citation

  • Yew-Kwang Ng, 2003. "Orthodox Economics and Economists: Strengths and Weaknesses," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 48(01), pages 81-94.
    • Handle: RePEc:wsi:serxxx:v:48:y:2003:i:01:n:s021759080300061x
    DOI: 10.1142/S021759080300061X
    as

    Download full text from publisher

    File URL: http://www.worldscientific.com/doi/abs/10.1142/S021759080300061X
    Download Restriction: Access to full text is restricted to subscribers
    File URL: https://libkey.io/10.1142/S021759080300061X?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Daniel, K., 1991. "Does Marriage Make Men More Productive?," University of Chicago - Economics Research Center 92-2, Chicago - Economics Research Center.
    2. Daniel, W.F. & Yeo, R.A. & Coren, S., 1991. "Handedness and accident proneness [3]," American Journal of Public Health, American Public Health Association, vol. 81(10), pages 1346-1347.
    3. Daniel, Kent & Torous, Walter, 1991. "Common Stock Returns and the Business Cycle," University of California at Los Angeles, Anderson Graduate School of Management qt9xz8m81x, Anderson Graduate School of Management, UCLA.
    4. Kenneth J. Arrow & Yew-Kwang Ng & Xiaokai Yang (ed.), 1998. "Increasing Returns and Economic Analysis," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-26255-7.
    5. Yew-Kwang Ng, 2000. "Efficiency, Equality and Public Policy," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-333-99277-7.
    6. Yew-Kwang Ng & Siang Ng, 2000. "A Case for Higher Public Spending," Palgrave Macmillan Books, in: Efficiency, Equality and Public Policy, chapter 8, pages 105-123, Palgrave Macmillan.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Wenli Cheng & Dingsheng Zhang, 2021. "Optimal Environmental Tax-Subsidy Regime in the Presence of Increasing Returns," Annals of Economics and Finance, Society for AEF, vol. 22(2), pages 525-540, November.
    2. Yew-Kwang Ng, 2011. "Happiness Is Absolute, Universal, Ultimate, Unidimensional, Cardinally Measurable and Interpersonally Comparable: A Basis for the Environmentally Responsible Happy Nation Index," Monash Economics Working Papers 16-11, Monash University, Department of Economics.
    3. Yew-Kwang Ng, 2008. "Environmentally Responsible Happy Nation Index: Towards an Internationally Acceptable National Success Indicator," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 85(3), pages 425-446, February.
    4. Breitmoser, Yves & Tan, Jonathan H.W., 2020. "Why should majority voting be unfair?," Journal of Economic Behavior & Organization, Elsevier, vol. 175(C), pages 281-295.
    5. Dzhumashev, Ratbek, 2008. "Corruption and regulatory burden," MPRA Paper 2081, University Library of Munich, Germany.
    6. Djumashev, Ratbek, 2006. "Corrupt Bureaucracy and Growth," MPRA Paper 2082, University Library of Munich, Germany.
    7. Haiou Zhou, 2012. "A New Framework of Happiness Survey and Evaluation of National Wellbeing," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 108(3), pages 491-507, September.
    8. Ratbek Dzhumashev, 2006. "Public Goods, Corruption And Growth???," Monash Economics Working Papers 15/06, Monash University, Department of Economics.
    9. Nabanita Datta Gupta & Nina Smith & Leslie S. Stratton, 2007. "Is Marriage Poisonous? Are Relationships Taxing? An Analysis of the Male Marital Wage Differential in Denmark," Southern Economic Journal, John Wiley & Sons, vol. 74(2), pages 412-433, October.
    10. Rodgers III, William M. & Stratton, Leslie S., 2005. "The Male Marital Wage Differential: Race, Training, and Fixed Effects," IZA Discussion Papers 1745, Institute of Labor Economics (IZA).
    11. J. B. Engberg & T. Kim, "undated". "Person or Place? Parametric and semiparametric estimates of intrametropolitan earnings variation," Institute for Research on Poverty Discussion Papers 1089-96, University of Wisconsin Institute for Research on Poverty.
    12. Siang Ng & Yew-Kwang Ng, 2001. "Income disparities in the transition of China: reducing negative effects by dispelling misconceptions," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 9(1), pages 55-68.
    13. Jane Waldfogel & Susan E. Mayer, 1999. "Male-Female Differences in the Low-Wage Labor Market," Working Papers 9904, Harris School of Public Policy Studies, University of Chicago.
    14. Shiro Kuwahara & Akihisa Shibata, 2006. "The Role Of Expectations In A Specialization-Driven Growth Model With Endogenous Technology Choice," Division of Labor & Transaction Costs (DLTC), World Scientific Publishing Co. Pte. Ltd., vol. 2(01), pages 55-69.
    15. Omamo, S. W. & Lynam, J. K., 2003. "Agricultural science and technology policy in Africa," Research Policy, Elsevier, vol. 32(9), pages 1681-1694, October.
    16. Daniel S. Hamermesh, 2002. "12 Million Salaried Workers are Missing," ILR Review, Cornell University, ILR School, vol. 55(4), pages 649-666, July.
    17. repec:spo:wpecon:info:hdl:2441/b0ghejdpldro9c499h4ajc937 is not listed on IDEAS
    18. Haiwen Zhou, 2021. "Fixed Costs and the Division of Labor," Annals of Economics and Finance, Society for AEF, vol. 22(1), pages 63-81, May.
    19. Hellerstein, Judith K & Neumark, David & Troske, Kenneth R, 1999. "Wages, Productivity, and Worker Characteristics: Evidence from Plant-Level Production Functions and Wage Equations," Journal of Labor Economics, University of Chicago Press, vol. 17(3), pages 409-446, July.
    20. Ke Li, 2006. "Division Of Labour, Specialization, And Theft Behavior — A General Equilibrium Analysis Of "Hobbes' Jungle"," Division of Labor & Transaction Costs (DLTC), World Scientific Publishing Co. Pte. Ltd., vol. 1(02), pages 163-184.
    21. Guillaume Daudin, 2010. "Domestic Trade and Market Size in Late 18th century France," Sciences Po publications info:hdl:2441/b0ghejdpldr, Sciences Po.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wsi:serxxx:v:48:y:2003:i:01:n:s021759080300061x. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tai Tone Lim (email available below). General contact details of provider: http://www.worldscinet.com/ser/ser.shtml .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.