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Induced Socio-economic Behavior in Long Waves : the Recurrence of Normal and Revolutionary Economic Science

Author

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  • Orley M. Amos Jr.

    (Oklahoma State University)

  • Edward O. Price III

    (Oklahoma State University)

Abstract

This research empirically examines the relationship between economic development and the progression of economic thought. It is based on three propositions: 1) economic development progresses by long waves, 2) long waves induce a cyclical pattern of general entrepreneurial and managerial socio-economic behavior, and 3) economists pursue alternating periods of revolutionary and normal economic science as part of the general socio-economic pattern of behavior. The general hypothesis of this study is that prosperity periods induce economic thought concerned with maintaining the status quo (Kuhnian normal science) and depressionary periods induce the development of new theories (Kuhnian revolutionary science). The specific hypothesis is that long waves generate a cyclical pattern in the average age of journal article citations. This hypothesis is supported when tested with a random sampling of articles published in the American Economic Review from 1911 to 1987.

Suggested Citation

  • Orley M. Amos Jr. & Edward O. Price III, 1991. "Induced Socio-economic Behavior in Long Waves : the Recurrence of Normal and Revolutionary Economic Science," Discussion Papers (REL - Recherches Economiques de Louvain) 1991014, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    • Handle: RePEc:ctl:louvre:1991014
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