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Economic Science in the Future


  • James M. Buchanan

    (George Mason University)


Economics in the future should embody "the welfare economics of markets" in a dynamic, nonequilibrium, evolutionary framework. This economics will include a "return to increasing returns" as a central research program. And, relatedly, the intersection between economics and ethics will necessarily assume more significance.

Suggested Citation

  • James M. Buchanan, 1992. "Economic Science in the Future," Eastern Economic Journal, Eastern Economic Association, vol. 18(4), pages 401-403, Fall.
  • Handle: RePEc:eej:eeconj:v:18:y:1992:i:4:p:401-403

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    References listed on IDEAS

    1. Buchanan, James M. & Vanberg, Viktor J., 1991. "The Market as a Creative Process," Economics and Philosophy, Cambridge University Press, vol. 7(02), pages 167-186, October.
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    Cited by:

    1. Daniel Arce M. & L. Gunn, 2005. "Working Well with Others: The Evolution of Teamwork and Ethics," Public Choice, Springer, vol. 123(1), pages 115-131, April.
    2. vranceanu, radu, 2007. "The moral layer of contemporary economics: A virtue-ethics perspective," ESSEC Working Papers DR 07006, ESSEC Research Center, ESSEC Business School.

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    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists


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