What is Neoclassical Economics?

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What is Neoclassical Economics?

#1  Postby GT2211 » Jun 16, 2013 10:35 pm

Noah Smith is rightfully annoyed with the usage of the neoclassical label of people in order to dismiss ideas.

"Neoclassical" should not be synonymous with "mainstream". "Neoclassical" should be used to describe a certain set of economic methods and/or ideas. Instead, "neoclassical" seems often to be used to describe anything that does not fall within a small well-known set of "heterodox" paradigms. I think that is wrong. The net effect of that type of thinking will be to block people from thinking of new ideas, because it defines any really new approach as "neoclassical". So people who want to subvert or replace econ's dominant paradigm will be shepherded toward old alternatives such as Austrianism, Post-Keynesianism, etc.



http://noahpinionblog.blogspot.com/2013 ... omics.html
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Re: What is Neoclassical Economics?

#2  Postby FACT-MAN-2 » Jun 17, 2013 3:38 am

GT2211 wrote:Noah Smith is rightfully annoyed with the usage of the neoclassical label of people in order to dismiss ideas.

"Neoclassical" should not be synonymous with "mainstream". "Neoclassical" should be used to describe a certain set of economic methods and/or ideas. Instead, "neoclassical" seems often to be used to describe anything that does not fall within a small well-known set of "heterodox" paradigms. I think that is wrong. The net effect of that type of thinking will be to block people from thinking of new ideas, because it defines any really new approach as "neoclassical". So people who want to subvert or replace econ's dominant paradigm will be shepherded toward old alternatives such as Austrianism, Post-Keynesianism, etc.



http://noahpinionblog.blogspot.com/2013 ... omics.html

There's a pretty succinct rundown of what "neoclassical economics" is comprised of at

http://www.moehler.org/files/Neoclassic ... nomics.pdf

It's an 8-page PDF so not a hard or lengthy read.
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