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Mainstream Approaches to Economics
2001Economic theories do not just appear in a void. They grow out of foundations laid in the past and reflect changing economic circumstances. Adam Smith, whom we met in Chapter 2 is often called the ‘father’ of economics. His great book The Wealth of Nations was written in 1776 at a time when Britain was experiencing the first industrial revolution ...
Brian Atkinson, Susan Johns
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Rationalism and mainstream economics
Journal of Economic Methodology, 2003It is generally agreed that mainstream economics follows John Stuart Mill's economic methodology. Since Mill's deductivist methodology was explicitly anti‐empirical, this raises the question of to what degree economics is an empirical science. To help answer this question, Gerald Holton's notion of themata is introduced.
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Domestic statistics and mainstream economics
POWER AND ADMINISTRATION IN THE EAST OF RUSSIA, 2022Theoretical statements of the classics of the «mainstream» of economy, presented in the form of econometric formulas, should be confirmed by empirical studies on the indicators of modern statistics. Domestic statistics, based on the traditions of planned economy, completes the transition to international data production standards.
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Is ‘new’ behavioral economics ‘mainstream’?
Journal of Economic Methodology, 2017AbstractWhen comparing ‘new’ and ‘old’ behavioral economics (BE), many argue that ‘new’ BE has close ties with what is often called ‘mainstream’ economics. The aim of this paper is to reframe the ‘old’ vs. ‘new’ BE debate and investigate the nature of the relationship between psychologists, behavioral economists, and ‘mainstream’ economists.
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Mainstream Economics' Flight from Complexity
Forum for Social Economics, 2015By the late 1800s, Walras' mathematical model of a market system and Marshall's detailed description of individual markets captured the thought processes of most economists, and since then the quest for mathematical precision and the emphasis on mechanics over realism have further narrowed the scope of economic analysis.
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Mainstream Economics and Energy
2016You readers, having got this far, may wonder why I did not include a section under this heading in Chap. 3, or (on the other hand) why I think that such a section is now relevant. The reason is, simply, that the laws of thermodynamics are central to everything that happens; whereas the core ideas of economic theory (up to now) have never included, or ...
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The Appeal of Mainstream Economics
2012Part of our knowledge we obtain direct; and part by argument. The Theory of Probability is concerned with that part which we obtain by argument, and it treats of the different degrees in which the results so obtained are conclusive or inconclusive.
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The Bankruptcy of Mainstream Economics
Monthly Review, 1992Review of The Age of Diminished Expectations: U.S. Economic Policy in the 1990s by Paul Krugman. This article can also be found at the Monthly Review website , where most recent articles are published in full. Click here to purchase a PDF version of this article at the Monthly Review website.
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A synthesis of behavioural and mainstream economics
Nature Human Behaviour, 2019Mainstream economic theory is based on the rationality assumption: that people act as best they can to promote their interests. In contrast, behavioural economics holds that people act by behavioural rules of thumb, often with poor results. We propose a synthesis according to which people indeed act by rules, which usually work well, but may work ...
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