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Classical economics must not become history

Author

Listed:
  • Ion POHOAŢĂ

    (Faculty of Economics and Business Administration, Alexandru Ioan Cuza University of Iași)

  • Delia-Elena DIACONAȘU

    (Faculty of Economics and Business Administration, Alexandru Ioan Cuza University of Iași)

  • Vladimir-Mihai CRUPENSCHI

    (Doctoral School of Economics and Business Administration, Alexandru Ioan Cuza University of Iași)

Abstract

This paper is meant as a clear statement that things can no longer continue the way they have gone so far. If analyzed critically, the classical heritage, enshrined in fundamental rules and theories, the result of a massive abstraction effort, has not always been consolidated and developed properly in modern times. Therefore, compared to other sciences, economics has been losing ground, exactly where it should have been reinforced by those who serve it –, the economists. Its main core, the classical heritage, has been enriched, but the additions, knowingly or not, have in fact weakened and transformed it into a loose collection of feeble causalities and verbosity. It is imperative that such deviations be stopped. We suggest a two-step solution: a) an inventory of the elements that define the hard core of Economics; b) a review of the circumstances that show what happened with said hard core. The conclusions point to a necessary return to classical ideas.

Suggested Citation

  • Ion POHOAŢĂ & Delia-Elena DIACONAȘU & Vladimir-Mihai CRUPENSCHI, 2018. "Classical economics must not become history," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 12(1), pages 65-88, November.
    • Handle: RePEc:bus:jphile:v:12:y:2018:i:1:n:3
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    References listed on IDEAS

    as
    1. Armen A. Alchian, 1950. "Uncertainty, Evolution, and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 58, pages 211-211.
    2. Pareto, Vilfredo, 2014. "Manual of Political Economy: A Critical and Variorum Edition," OUP Catalogue, Oxford University Press, number 9780199607952 edited by Montesano, Aldo & Zanni, Alberto & Bruni, Luigino & Chipman, John S. & McLure, Michael.
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    More about this item

    Keywords

    economic laws; hard core; classical legacy; scientism; objectivity; Say’s law;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)

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