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Paradigm Change or Assimilation? The Case of Behavioral Economics

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  • Sergios Tzotzes
  • Dimitris Milonakis

Abstract

In light of Thomas Kuhn’s view that paradigm change requires the existence of an alternative paradigm, this inquiry examines whether behavioral economics provides a foundation for change in economics. Drawing on Kuhn’s account of normal science that integrates science as a social system and a system of ideas, it critically examines the institutional and conceptual standing of behavioral economics relative to the mainstream paradigm and the alternative proposed by radical political economics with a view to assess the extent and the quality of change behavioral economics can impart to the dominant tradition of normal science in economics.

Suggested Citation

  • Sergios Tzotzes & Dimitris Milonakis, 2021. "Paradigm Change or Assimilation? The Case of Behavioral Economics," Review of Radical Political Economics, Union for Radical Political Economics, vol. 53(1), pages 173-192, March.
  • Handle: RePEc:sae:reorpe:v:53:y:2021:i:1:p:173-192
    DOI: 10.1177/0486613420906901
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    More about this item

    Keywords

    paradigm change; behavioral economics; scientific community; mainstream paradigm; radical economics;
    All these keywords.

    JEL classification:

    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
    • B0 - Schools of Economic Thought and Methodology - - General
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches

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