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The Changing Face of Mainstream Economics

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  • David Colander

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  • Ric Holt
  • Barkley Rosser

Abstract

This article argues that economics is currently undergoing a fundamental shift in its method, away from neoclassical economics and into something new. Although that something new has not been fully developed, it is beginning to take form and is centered on dynamics, recursive methods and complexity theory. The foundation of this change is coming from economists who are doing cutting edge work and influencing mainstream economics. These economists are defining and laying the theoretical groundwork for the fundamental shift that is occurring in the economics profession.

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File URL: http://www.middlebury.edu/services/econ/repec/mdl/ancoec/0327.pdf
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Bibliographic Info

Paper provided by Middlebury College, Department of Economics in its series Middlebury College Working Paper Series with number 0327.

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Length: 14 pages
Date of creation: Nov 2003
Date of revision:
Handle: RePEc:mdl:mdlpap:0327

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  1. Colander, David & Klamer, Arjo, 1987. "The Making of an Economist," Journal of Economic Perspectives, American Economic Association, vol. 1(2), pages 95-111, Fall.
  2. David Colander, 2002. "The Death of Neoclassical Economics," Middlebury College Working Paper Series 0237, Middlebury College, Department of Economics.
  3. Aspromourgos, Tony, 1986. "On the Origins of the Term 'Neoclassical.'," Cambridge Journal of Economics, Oxford University Press, vol. 10(3), pages 265-70, September.
  4. Tesfatsion, Leigh & Judd, Kenneth L., 2006. "Handbook of Computational Economics, Vol. 2: Agent-Based Computational Economics," Staff General Research Papers 10368, Iowa State University, Department of Economics.
  5. Leigh Tesfatsion, 2002. "Agent-Based Computational Economics," Computational Economics 0203001, EconWPA, revised 15 Aug 2002.
  6. Smith, Vernon L, 1985. "Experimental Economics: Reply," American Economic Review, American Economic Association, vol. 75(1), pages 264-72, March.
  7. Stodder James, 1995. "The Evolution of Complexity in Primitive Exchange: Theory," Journal of Comparative Economics, Elsevier, vol. 20(1), pages 1-31, February.
  8. Veblen, Thorstein, 1899. "The Preconceptions of Economic Science II," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 13.
  9. Debreu, Gerard, 1991. "The Mathematization of Economic Theory," American Economic Review, American Economic Association, vol. 81(1), pages 1-7, March.
  10. J. Barkley Rosser, 1999. "On the Complexities of Complex Economic Dynamics," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 169-192, Fall.
  11. Veblen, Thorstein, 1899. "The Preconceptions of Economic Science I," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 13.
  12. Veblen, Thorstein, 1900. "The Preconceptions of Economic Science III," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 14.
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