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The Future of Economics: Four Possible Scenarios

  • Lukáš Kovanda
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    Already during the financial crisis from 2007 through 2009, a growing number of scholars, laymen or media outlets blamed economics as such, at least partially, for the turmoil and subsequent economic malaise. Therefore, the debate concerning future long-term development of economics - or, more precisely, prevailing economic theory - has been intensifying. The following text outlines four possible scenarios - synthetic, evolutionary, reactionary, and revolutionary - of such a development. Each scenario is connected with a methodologist of economics or a methodologist of science, who represent it, for it is right the domain of methodology or/and philosophy of science wherein it is necessary to look for an ideological background belonging to different research traditions in economics as well as for an understanding of determining stances and worldviews of the traditions' proponents.

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    Article provided by University of Economics, Prague in its journal Politická ekonomie.

    Volume (Year): 2011 (2011)
    Issue (Month): 6 ()
    Pages: 743-758

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    Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:6:id:819:p:743-758
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    1. Bezemer, Dirk J, 2009. "“No One Saw This Coming”: Understanding Financial Crisis Through Accounting Models," MPRA Paper 15892, University Library of Munich, Germany.
    2. Beed, Clive & Beed, Cara, 2000. "The Status of Economics as a Naturalistic Social Science," Cambridge Journal of Economics, Oxford University Press, vol. 24(4), pages 417-35, July.
    3. Richard H. Thaler & Cass R. Sunstein, 2003. "Libertarian Paternalism," American Economic Review, American Economic Association, vol. 93(2), pages 175-179, May.
    4. Cass R. Sunstein & Richard H. Thaler, 2003. "Libertarian paternalism is not an oxymoron," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 48(Jun).
    5. Tony Lawson, 2006. "The nature of heterodox economics," Cambridge Journal of Economics, Oxford University Press, vol. 30(4), pages 483-505, July.
    6. Clive Beed, 2005. "Naturalised epistemology and economics," Cambridge Journal of Economics, Oxford University Press, vol. 29(1), pages 99-117, January.
    7. Daniel J. Benjamin & David I. Laibson, 2003. "Good policies for bad governments: behavioral political economy," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 48(Jun).
    8. Bezemer, Dirk, 2009. "No one saw this coming. Understanding financial crisis through accounting models," Research Report 09002, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
    9. repec:cup:cbooks:9780521797962 is not listed on IDEAS
    10. K. Vela Velupillai, 2005. "The unreasonable ineffectiveness of mathematics in economics," Cambridge Journal of Economics, Oxford University Press, vol. 29(6), pages 849-872, November.
    11. Luigi L. Pasinetti, 2005. "The Cambridge School of Keynesian Economics," Cambridge Journal of Economics, Oxford University Press, vol. 29(6), pages 837-848, November.
    12. Paul A. Samuelson, 1997. "Credo of a Lucky Textbook Author," Journal of Economic Perspectives, American Economic Association, vol. 11(2), pages 153-160, Spring.
    13. David Colander, 2005. "The future of economics: the appropriately educated in pursuit of the knowable," Cambridge Journal of Economics, Oxford University Press, vol. 29(6), pages 927-941, November.
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