IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

Possibilities for a Non-Quantitative-Dependent Economics:The Plurality of Methods facing the Dominance of Econometrics

Listed author(s):

Economics lives a moment where the dominant paradigm, based in neoclassical and rational choice ideas, seems very limited to comprehend the complexity of the reality. Economists and Economics are being severely criticized by their exaggerated use of mathematical formalization. It is important to stress that today, on the mainstream point of view, there is no other Economics (as a scientific field) unless the one which develops models with a strong emphasis on quantitative analysis to understand the economic mechanisms. Summing to this more theoretical debate a central practical question emerges: Economics is the science that is today being accused of supporting and legitimating free-market policies that have conducted to current global crisis, in particular with the deregulation of financial markets. Today econometrics, seen as dominant in terms of applicability, accuracy and efficiency, is widely used – other methods have been reduced to marginal contributions. But criticisms to econometrics are becoming extremely loud and consistent. Econometricians behave as if their techniques were universal when in fact they are not. If alternative methods are accepted, one can largely eliminate the restrictions and distance to the reality of econometrics. The current article debates the pathways for a Satisfactory Economics in a context where theoretical and methodological pluralism is entering even in mainstream ideas. It is presented the historical construction of econometrics as the main method in Economics and the limitations and possibilities of this tool are explored. Finally the need of pluralism is underlined. It is especially important when the techniques are very different and address different angles to a complex research problem. The working table of the applied economist should be prepared to benefit from all the complementarities of the various methods

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
File Function: Full text
Download Restriction: no

Paper provided by CIEO-Research Centre for Spatial and Organizational Dynamics, University of Algarve in its series Spatial and Organizational Dynamics Discussion Papers with number 2009-4.

in new window

Length: 14 pages
Date of creation: 30 Sep 2009
Handle: RePEc:ris:cieodp:2009_004
Contact details of provider: Postal:
University of Algarve, Faculty of Economics, Campus de Gambelas, 8005-139 Faro, Portugal, email of President of the Centre:

Phone: +351 289 244 406
Fax: 351-289-818303
Web page:

More information through EDIRC

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:ris:cieodp:2009_004. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Silvia Fernandes)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.