The Death of Neoclassical Economics

Colander, David

doi:10.4337/9781786435903.00013

Cited by 89 publications

(112 citation statements)

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“…2 Fourth, though it is reasonable to expect that a paper investigating issues of change in economics begin by defining 'neoclassical' and 'mainstream' economics, that task is not undertaken here on the assumption that a discussion of differences over what the former includes, as well as discussion of clear continuities between the former and the latter, do not affect broad differences between neoclassical economics and the recent new approaches. Colander (2000) makes a concise case to this effect; Mirowski (2002) makes a more extended historical argument for the same conclusion. However, it is also straightforward to note that attention to such things as strategic interaction (game theory), the psychological characteristics of human beings (behavioral economics), experimental practices, the arguments of evolutionary psychology, non-linear methods, etc., all constitute strategies of investigation that were largely absent in standard competitive marginalist thinking, which has been the mainstay of neoclassicism for many years.…”

Section: Introductionmentioning

confidence: 99%

The turn in economics: neoclassical dominance to mainstream pluralism?

Davis

2006

Journal of Institutional Economics

195

102

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This paper investigates whether since the 1980s neoclassical economics has been in the process of being supplanted as the dominant research programme in economics by a collection of competing research approaches which share relatively little in common with each other or with neoclassical economics. A shortlist of the new approaches in recent economics includes game theory, experimental economics, behavioral economics, evolutionary economics, neuroeconomics, and non-linear complexity theory. Two hypotheses are advanced -one regarding the relation between economics instruction and economics research and one regarding the nature of the economics research frontier -to describe social-institutional practices that contribute to the replication of economics as a field. Two further hypotheses are advanced -one regarding the boundaries of the field and one regarding how the field appraises itself -to create a historical-methodological framework for evaluating the question of change in economics and change in recent economics in particular. Finally, the paper distinguishes three leading explanations -the 'breakdown' view, the 'takeover' view, and the 'maturity' view -of why neoclassical economics no longer dominates a mainstream economics.

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Section: Introductionmentioning

confidence: 99%

The turn in economics: neoclassical dominance to mainstream pluralism?

Davis

2006

Journal of Institutional Economics

195

102

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“…This includes, inter alia, the micro-foundations of macroeconomics (Colander 2000;Wojtyna 2008) or the theories related to the efficiency of markets. Although a faster development of research mathematization can be seen in the mainstream economics, if compared to the incorporation of achievements of other sciences (especially social), there is a tendency to open economy to the achievements of other disciplines (Wilkin 2009a).…”

Section: Entropy and Its Connotations In Economicsmentioning

confidence: 99%

The problem of complexity in economics on the example of the agricultural sector

Grzelak¹

2015

AGR ECON-CZECH

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Th e main aim of the article is recognition of the issues of complexity in economics with the particular emphasis on agriculture, as well as indication of resulting implications for this sector. Complexity in economic theory is in general perceived from the perspective of external eff ects, while the problem may also have other connotations: as the so-called fallacy of composition, or the phenomenon of entropy. Th e problem of complexity indicates the need for further refl ection on the holistic perception of economic processes. Th is is particularly evident in the ca se of agriculture, when the evaluation based mainly on microeconomic approach from the perspective of the eff ect/cost relationship loses sight of the environmental, social, and cultural context. Focus should also be put on the entropy approach, which takes into account the openness of socio-economic systems and the limitations of resources, including the environment. Both the operating practice of agriculture together with the institutional surrounding, and agricultural economics are more advanced in the area of solving the problems of complexity on the practical and theoretical grounds, but there are still many issues that require solutions, particularly quantifi cation of externalities. Th e work is theoretical in nature and a heuristic approach was applied in the considerations.

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“…Under the impetus of the Santa Fe Institute and a growing community of scientists worldwide, the approach spread in the natural sciences, biology (Rosen, 1985(Rosen, , 1991, ecology (Levin, 1998(Levin, , 2000 economics (e.g. Colander, 2000), organization and management science (Schneider and Somers, 2006;Dooley, 1997;Choi et al, 2001), engineering and the social sciences (e.g. Lansing, 2003;Miller and Page, 2009).…”

Section: Complex Adaptive Systems: Reconsidering Systems Theorymentioning

confidence: 99%

Dossier : « À propos des relations natures/sociétés » − The shift toward social-ecological systems perspectives: insights into the human-nature relationship

2015

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-This study examines how social and natural scientists converged on a new ontological approach to science. Three distinguishing features comprise this new approach. They include: (1) an integration of the social and ecological into a fully coupled social-ecological systems perspective, (2) a holistic view of scientific phenomena requiring a transdisciplinary approach to its study, and (3) the refutation of a purely equilibrium-based understanding of systems. We explore this by first introducing complex adaptive systems science and reconsidering systems theory. We next look at the application of complex adaptive systems in institutional analyses conducted by political economists. Following this, we show how ecologists used the concept of resilience to apply a similar approach to the study of ecosystems. Finally, we show how a growing community of social and natural scientists have united to utilize a social-ecological systems framework to take a more holistic and transdisciplinary approach to science.Résumé -Pour une approche des relations homme-nature : évolution et perspectives de la notion des systèmes socioécologiques. Cette étude examine comment des chercheurs en sciences sociales et en sciences de la nature ont convergé vers une nouvelle ontologie scientifique. Trois éléments distincts composent cette nouvelle approche : (1) une intégration du social et de l'écologique dans la perspective d'un véritable couplage socioécologique des systèmes ; (2) une vue holistique des phénomènes scientifiques nécessitant une démarche transdisciplinaire ; et (3) la réfutation d'une vision des systèmes en équilibre stable. Nous explorons ces trois éléments en faisant appel à une science des systèmes complexes adaptatifs, et en reconsidérant la théorie des systèmes. Nous examinons ensuite l'application des systèmes complexes adaptatifs aux analyses institutionnelles conduites par les économistes politiques. Ce faisant, nous montrons comment des écologues utilisent le concept de résilience dans une approche similaire pour étudier les écosystèmes. Finalement, nous analysons comment une communauté croissante de chercheurs en sciences sociales et en sciences de la nature s'est fédérée pour utiliser le cadre conceptuel des systèmes socioécologiques pour mettre en place une démarche scientifique plus transdisciplinaire et holistique.

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The Death of Neoclassical Economics

Cited by 89 publications

References 0 publications

The turn in economics: neoclassical dominance to mainstream pluralism?

The turn in economics: neoclassical dominance to mainstream pluralism?

The problem of complexity in economics on the example of the agricultural sector

Dossier : « À propos des relations natures/sociétés » − The shift toward social-ecological systems perspectives: insights into the human-nature relationship

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