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Mainstream Economics in the Early 21st Century: What, How and How Far

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  • Hern√°n Vallejo

Abstract

This essay defines economics as a social science characterized by a particular and evolving way of thinking, and explores its scope and limitations. It is argued that economics has a strong normative nature and that it is ideological by construction. Thus, economics is better suited to improve our understanding of economic phenomena, contribute to solve better current problems and generate a sufficiently large and lasting consensus, than to prove anything for sure. Some reasons for persistent differences among economists are trade-offs, problems measuring economic variables and deficient definitions for key concepts. Thus, economics education should seek constructing explicitly the economics way of thinking and maintaining focus on optimal policy intervention, while its practice should aim at clarity, transparency, tractability, consistency, replicability, applicability, relevance and responsibility.

Suggested Citation

  • Hern√°n Vallejo, 2012. "Mainstream Economics in the Early 21st Century: What, How and How Far," Documentos CEDE 10013, Universidad de los Andes, Facultad de Economía, CEDE.
    • Handle: RePEc:col:000089:010013
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    References listed on IDEAS

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    1. François Facchini & Mickaël Melki, 2011. "Optimal Government Size and Economic Growth in France (1871-2008): An explanation by the State and Market Failures," Documents de travail du Centre d'Economie de la Sorbonne 11077, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    2. Friedman, Milton, 1966. "Essays in Positive Economics," University of Chicago Press Economics Books, University of Chicago Press, number 9780226264035, September.
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    Keywords

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    JEL classification:

    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General

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