Beyond the Neoclassical Paradigm: A Real World Economics Proposal

Onyimadu, Chukwuemeka (2015): Beyond the Neoclassical Paradigm: A Real World Economics Proposal. Published in: . Journal of Sustainable Agriculture and the Environment, , Vol. 16, No. 1 (2015)

Abstract

The paper examines the case against the neoclassical school of thought by the Real World Economics movement with the aim of highlighting their key proposals and policy prescriptions. The paper was able to review the important messages of the Real world Economic Movement, by tracing their ideological origins from the strengths and weaknesses of neoclassical economics which stands for mainstream economics. Arguing for noble changes in the teaching and practice of economics, the paper was able to establish the core argument of the Real World Economist against neoclassical economics; a need for pluralism in the teaching and practice of economics.

• Item Type: MPRA Paper
• Language: English
• Keywords: Economic Thought, Neoclassical Economics, Post Autistic Economics, Pluralism
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B2 - History of Economic Thought since 1925; B - History of Economic Thought, Methodology, and Heterodox Approaches > B4 - Economic Methodology

References

Barzilai,J. (2014) “Demand theory is founded on errors”, real-world economics review, issue no. 68, pp.62-65, http://www.paecon.net/PAEReview/issue68/Barzilai68.pdf

Buch-Hansen, H. (2014) “Dimensions of real-world competition – a critical realist perspective”, real-world economics review, issue no. 66, pp. 80-94, http://www.paecon.net/PAEReview/issue66/BuchHansen66.pdf

Camerer, C and Leowenstein, G. (2003) “Behavioural Economics: Past, Present, Future.” In Camerer, Leowenstein and Robin,M., eds., Advances in Behavioural Economics, Princeton: Princeton University Press,2003.

Davis, J. (2007) “Why is Economics Not Yet a Pluralist Science?” Post – Autistic Economics Review, Vol.43: 42 – 51.

Fullbrook, E (2013) “New paradigm economics”, real-world economics review, issue no. 65, pp. 129-131, http://www.paecon.net/PAEReview/issue65/Fullbrook65.pdf

Fullbrook,E. (2012) “To observe or not to observe: Complementary pluralism in physics and economics”, real-world economics review, issue no. 62, pp. 20-28, http://www.paecon.net/PAEReview/issue62/Fullbrook62.pdf

Fullbrook, E. (2001) “Real Science Is Pluralist”, post-autistic economics newsletter: issue no. 5, March, article 5. http://www.btinternet.com/~pae_news/review/issue5.htm

Fullbrook, E. (2004). A Guide to What’s Wrong with Economics, Anthem Press: London.

Fullbrook, E. (2005a) “Post-Autistic Economics”, Soundings, issue 29, pp. 96-109. To be republished as “PAE and the Rand Portcullis” in issue 32 of the post-autistic economics review.

Fullbrook, E. (2005b) “Competitive and Non-Competitive Narratives” http://www.btinternet.com/~pae_news/Fullbrooknarratives.htm

Galbraith, J.K. (2001) “ A Contribution on The State of Economics in France and the World”, Post – Austistic Economics Newsletter: issue no.4, January article 1.

Guerrien, B. (2002), “Is There Anything Worth Keeping in Standard Microeconomics”, post-autistic economics review, issue no. 12(1). http://www.btinternet.com/~pae_news/review/issue12.htm