The reasons why we as scholars prefer one paradigm to another are not only scientific but also ideological. It is suggested that pluralism should be discussed at the levels of theory of science, paradigms in economics and ideological orientations. Neoclassical economics is closely connected with logical positivism as a theory of science and is close to Neo-liberalism as an ideological orientati...

This paper offers an organizational perspective on the firm in new economic geographies. It starts with the premise of the firm as a production function in neoclassical economics and a cost minimisation device in transaction cost economics. By pointing out the inadequacy in these mainstream economic perspectives on the firm, I draw upon recent behavioral and managerial theories to develop a rel...

This paper reviews developments in both environmental economics and ecological economics with respect to their progress towards environmental interdisciplinarity and towards providing solutions to environmental problems. The concepts, methods, theories and assumptions of each field of knowledge are reviewed and the extent to which they depart from the dominant neoclassical paradigm of economics...

Modern legal scholars frequently and increasingly base their analyses on the assumption, grounded largely in the extensive experimental literature, that individuals are subject to a number of systematic behavioral biases. Within the legal literature, behavioral economic analysis has been relied upon to generate a significant number of proposals for paternalistic regulation. These proposals are ...

Minsky also believed that economics provided no easy answers. As a careful student of both theory and history, he knew that neither provided strong evidence for relying on markets alone to produce prosperity and economic stability. Making Minsky's search for practical answers even more difficult was the fact that during his career the U.S. economics profession was dominated by neoclassical theo...

The U.S. national saving rate has been declining since the 1960s while the share of consumption in output has been increasing. We explore if a standard growth model can explain the secular movements observed in this time period. Our quantitative findings indicate that the standard neoclassical growth model is able to generate saving rates and consumption that are remarkably similar to the data ...

Econophysics is the transfer of methods from natural to socio-economic sciences. This concept has first been applied to finance, but it is now also used in various applications of economics and social sciences [2,3]. The present paper focuses on problems in macro economics and growth. 1. Neoclassical theory [4, 5] neglects the “ex post” property of income and growth. Income Y(K, L) is assumed t...

Models in the classical theory of games and in neoclassical economics normally assume rationality in the sense that agents have compete and transitive preferences. The paper labels this fundamental rationality and distinguishs two other sorts of rationality pertinent to the study of strategic interaction: individual economic rationality (IER) and effective rationality. IER is, we observe, chara...

What I am going to describe for you is a revolution in macroeconomics, a transformation in methodology that has reshaped how we conduct our science. Prior to the transformation, macroeconomics was largely separate from the rest of economics. Indeed, some considered the study of macroeconomics fundamentally different and thought there was no hope of integrating macroeconomics with the rest of ec...

This article is a criticism of the neoclassical economics infl uence on theories of management using the experience and lessons from the evolution of the debates in development studies. I argue that this infl uence has introduced values that are incompatible with the values of what could be a socially responsible society in a modern view of what is development. The article fi rstly examines the...