Do Nonlinear Dynamics in Economics Amount to a Kuhnian Paradigm Shift?
| Abstract | Much empirical analysis and econometric work recognizes that there are nonlinearities, regime shifts or structural breaks, asymmetric adjustment costs, irreversibilities and lagged dependencies. Hence, empirical work has already transcended neoclassical economics. Some progress has also been made in modeling endogenously generated cyclical growth and fluctuations. All this is inconsistent with neoclassical general equilibrium. Hence there is growing evidence of Kuhnian anomalies. It therefore follows that there is a Kuhnian crisis in economics and further research in nonlinear dynamics and complexity can only increase the Kuhnian anomalies. This crisis can only deepen. However, there is an ideological commitment to general equilibrium that justifies “free enterprise” with only minimal state intervention that may still sustain neoclassical economics despite the growing evidence of Kuhnian anomalies. Thus, orthodox textbook theory continues to ignore this fact and static neoclassical theory remains a dogma with no apparent reformulation to replace it | |||||||||
| Keywords | No keywords specified (fix it) | |||||||||
| Categories | ||||||||||
| Options |
|
|||||||||
Download options| PhilPapers Archive |
Upload a copy of this paper Check publisher's policy on self-archival Papers currently archived: 5,664 |
| External links |
  Try with proxy. |
| Through your library | Only published papers are available at libraries |
Similar books and articlesR. E. Hendrick & Anthony Murphy (1981). Atomism and the Illusion of Crisis: The Danger of Applying Kuhnian Categories to Current Particle Physics. Philosophy of Science 48 (3):454-468.
B. Pourciau (2000). Intuitionism as a (Failed) Kuhnian Revolution in Mathematics. Studies in History and Philosophy of Science Part A 31 (2):297-329.
Milan Zafirovski (2000). The Rational Choice Generalization of Neoclassical Economics Reconsidered: Any Theoretical Legitimation for Economic Imperialism? Sociological Theory 18 (3):448-471.
George C. Davis (2005). Clarifying the 'Puzzle' Between the Textbook and LSE Approaches to Econometrics: A Comment on Cook's Kuhnian Perspective on Econometric Modelling. Journal of Economic Methodology 12 (1):93-115.
Dennis C. Mueller (2004). Models of Man: Neoclassical, Behavioural, and Evolutionary. Politics, Philosophy and Economics 3 (1):59-76.
Lawrence A. Boland (1998). Situational Analysis Beyond Neoclassical Economists. Philosophy of the Social Sciences 28 (4):515-521.
Mohammed H. I. Dore (1996). The Problem of Valuation in Neoclassical Environmental Economics. Environmental Ethics 18 (1):65-70.
Mohammed H. I. Dore (1996). The Problem of Valuation in Neoclassical Environmental Economics. Environmental Ethics 18 (1):65-70.
Charles Efferson & Peter J. Richerson (2007). A Prolegomenon to Nonlinear Empiricism in the Human Behavioral Sciences. Biology and Philosophy 22 (1):1-33.
Steven Cook (2003). A Kuhnian Perspective on Econometric Methodology. Journal of Economic Methodology 10 (1):59-78.
Analytics
Monthly downloads |
Added to index2010-12-22Total downloads10 ( #106,196 of 549,017 )Recent downloads (6 months)1 ( #63,261 of 549,017 )How can I increase my downloads? |
My notes
Discussion
