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Crisis and methodology: some heterodox misunderstandings

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  • Kakarot-Handtke, Egmont

Abstract

Whether justified by the concrete circumstances or not, an economic crisis is, by simple association, taken as an implicit refutation of the invisible hand vision and the underlying theory. The fundamental heterodox critique locates the source of apparent theoretical difficulties at the level of methodology. Although acceptable in principle, this belief involves some actual misunderstandings with regard to the respective roles of deterministic laws and deductive reasoning. In order to clarify these, the present paper revisits some key episodes in the history of economic methodology.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 43260.

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Date of creation: 13 Jun 2012
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Handle: RePEc:pra:mprapa:43260

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Keywords: financial crisis; intellectual crisis; power of ideas; material consistency; logical consistency; determinism; deductive method; failure of reason; common sense; domain of economics; Cournot’s Unfitness Proposition;

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  1. Sheila C. Dow, 2005. "Axioms and Babylonian thought: a reply," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 27(3), pages 385-391, April.
  2. Laidler,David, 1999. "Fabricating the Keynesian Revolution," Cambridge Books, Cambridge University Press, number 9780521645966, October.
  3. Joseph Stiglitz, 2011. "The Failure of Macroeconomics in America," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 19(5), pages 17-30, 09.
  4. Roger E. Backhouse & Steven G. Medema, 2009. "Retrospectives: On the Definition of Economics," Journal of Economic Perspectives, American Economic Association, vol. 23(1), pages 221-33, Winter.
  5. Weintraub, E. Roy, 1985. "Appraising General Equilibrium Analysis," Economics and Philosophy, Cambridge University Press, vol. 1(01), pages 23-37, April.
  6. Tomasson, Gunnar & Bezemer, Dirk J, 2010. "What is the Source of Profit and Interest? A Classical Conundrum Reconsidered," MPRA Paper 20320, University Library of Munich, Germany.
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Cited by:
  1. Kakarot-Handtke, Egmont, 2013. "Toolism! A Critique of Econophysics," MPRA Paper 46630, University Library of Munich, Germany.
  2. Kakarot-Handtke, Egmont, 2013. "Understanding Profit and the Markets: The Canonical Model," MPRA Paper 48691, University Library of Munich, Germany.
  3. Kakarot-Handtke, Egmont, 2003. "How to Get Rid of Demand–Supply–Equilibrium for Good," MPRA Paper 46917, University Library of Munich, Germany.

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