nep-sog 2012-10-13 papers

on Sociology of Economics

Issue of 2012‒10‒13
one paper chosen by
Jonas Holmström
Swedish School of Economics and Business Administration

Mainstream Economics in the Early 21st Century: What, How and How Far By Hernán Vallejo

Mainstream Economics in the Early 21st Century: What, How and How Far

By:	Hernán Vallejo
Abstract:	This essay defines economics as a social science characterized by a particular and evolving way of thinking, and explores its scope and limitations. It is argued that economics has a strong normative nature and that it is ideological by construction. Thus, economics is better suited to improve our understanding of economic phenomena, contribute to solve better current problems and generate a sufficiently large and lasting consensus, than to prove anything for sure. Some reasons for persistent differences among economists are trade-offs, problems measuring economic variables and deficient definitions for key concepts. Thus, economics education should seek constructing explicitly the economics way of thinking and maintaining focus on optimal policy intervention, while its practice should aim at clarity, transparency, tractability, consistency, replicability, applicability, relevance and responsibility.
Date:	2012–08–02
URL:	http://d.repec.org/n?u=RePEc:col:000089:010013&r=sog

This nep-sog issue is ©2012 by Jonas Holmström. It is provided as is without any express or implied warranty. It may be freely redistributed in whole or in part for any purpose. If distributed in part, please include this notice.

General information on the NEP project can be found at http://nep.repec.org. For comments please write to the director of NEP, Marco Novarese at <director@nep.repec.org>. Put “NEP” in the subject, otherwise your mail may be rejected.

NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.