Do nonlinear dynamics in economics amount to a Kuhnian paradigm shift?
Nonlinear Dynamics Psychol Life Sci
; 11(1): 119-47, 2007 Jan.
Article
em En
| MEDLINE
| ID: mdl-17173731
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.
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Coleções:
01-internacional
Base de dados:
MEDLINE
Tipo de estudo:
Health_economic_evaluation
Idioma:
En
Revista:
Nonlinear Dynamics Psychol Life Sci
Assunto da revista:
BIOLOGIA
/
PSICOLOGIA
Ano de publicação:
2007
Tipo de documento:
Article
País de afiliação:
Canadá