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New Millennium Economics: How Did It Get This Way, and What Way Is It?


  • David Colander


This paper is a discussion of the changes in the economics profession that occurred (or at least are suggested will occur) between 2000 and 2050. Structural changes include the growth of virtual universities, the movement of the center of economics out of the U.S. and the shrinking of traditional graduate economics programs as we know them today, and their replacement by public policy and specialty programs. Changes in content include an increase in simulation work, experimental work, and the replacement of a neoclassical vision with a New Millennium vision based on a complexity foundation in which patterns develop spontaneously.

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  • David Colander, 2000. "New Millennium Economics: How Did It Get This Way, and What Way Is It?," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 121-132, Winter.
  • Handle: RePEc:aea:jecper:v:14:y:2000:i:1:p:121-132 Note: DOI: 10.1257/jep.14.1.121

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    References listed on IDEAS

    1. Thomas Mayer, 2001. "Data mining: a reconsideration," Journal of Economic Methodology, Taylor & Francis Journals, vol. 7(2), pages 183-194.
    2. Deirdre N. McCloskey & Stephen T. Ziliak, 1996. "The Standard Error of Regressions," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 97-114, March.
    3. Dewald, William G & Thursby, Jerry G & Anderson, Richard G, 1986. "Replication in Empirical Economics: The Journal of Money, Credit and Banking Project," American Economic Review, American Economic Association, vol. 76(4), pages 587-603, September.
    4. Leamer, Edward E, 1983. "Let's Take the Con Out of Econometrics," American Economic Review, American Economic Association, vol. 73(1), pages 31-43, March.
    5. Colander, David, 2000. "The Death of Neoclassical Economics," Journal of the History of Economic Thought, Cambridge University Press, vol. 22(02), pages 127-143, June.
    6. David Colander, 2009. "Complexity and the History of Economic Thought," Chapters,in: Handbook of Research on Complexity, chapter 16 Edward Elgar Publishing.
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    Cited by:

    1. Gérard Charreaux, 2008. "La recherche en finance d’entreprise:quel positionnement méthodologique ?," Revue Finance Contrôle Stratégie,, vol. 11(Special), pages 237-290, June.
    2. Syrquin, Moshe, 2010. "Kuznets and Pasinetti on the study of structural transformation: Never the Twain shall meet?," Structural Change and Economic Dynamics, Elsevier, vol. 21(4), pages 248-257, November.
    3. Javier Gómez Pineda, 2008. "El crecimiento económico y la supervivencia: el caso de las matemáticas y la economía"," BORRADORES DE ECONOMIA 004579, BANCO DE LA REPÚBLICA.
    4. Ziliak, Stephen T. & McCloskey, Deirdre N., 2004. "Size matters: the standard error of regressions in the American Economic Review," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 33(5), pages 527-546, November.
    5. Happe, Kathrin & Balmann, Alfons, 2008. "Doing Policy In The Lab! Options For The Future Use Of Model-Based Policy Analysis For Complex Decision-Making," 107th Seminar, January 30-February 1, 2008, Sevilla, Spain 6588, European Association of Agricultural Economists.
    6. Godwin Chukwudum Nwaobi, 2002. "The Economics Profession in the 21st. Century: Theory Practice and Prospects," Brazilian Electronic Journal of Economics, Department of Economics, Universidade Federal de Pernambuco, vol. 5(1), May.
    7. David Colander, 2004. "What We Teach and What We Do," Middlebury College Working Paper Series 0426, Middlebury College, Department of Economics.
    8. Sandye Gloria-Palermo, 2013. "In Search of the Right Tool: From Formalism to Constructivist Modelling," GREDEG Working Papers 2013-33, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), University of Nice Sophia Antipolis.
    9. Dilip Nachane, 2017. "Dynamic Stochastic General Equilibrium (DSGE) Modelling :Theory And Practice," Working Papers id:11699, eSocialSciences.

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    JEL classification:

    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists


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