Structural Changes in Economics During the Last Fifty Years
32 Pages Posted: 18 Sep 2008
Date Written: September 17, 2008
This essay portrays the major currents in recent economic thinking against the orthodoxy and dogmatism of neoclassical economics. It places behavioral economics, experimental economics, evolutionary economics, ecological economics, new institutional economics, agent-based computational economics and post-autistic economics vis-a-vis the classical and the neoclassical economics. It concludes that we may expect a synthesis of all these strands of economic thinking in the near future that will replace neoclassical economics from the citadel of mainstream. Teaching of these strands of new economics has already begun in many universities, although in an un-integrated manner. However, until the neoclassical microeconomics and macroeconomics are replaced by their alternatives and necessary as well as convincing tools of economic analysis are developed, neoclassicism would not give way to modern economics.
Keywords: Behavioral, experimental, evolutionary, ecological, new institutional, agent-based computational, post-autistic, classical, neoclassical, economics, bounded rationality, heterodox, individualism, pluralism
JEL Classification: B20, B25, B29
Suggested Citation: Suggested Citation