Scientific communities, recent crisis and change in economics: a Kuhnian perspective

Sergios Tzotzes and Dimitris Milonakis

Journal of Economic Methodology, 2023, vol. 30, issue 1, 34-48

Abstract: Considering Kuhn’s emphasis on the community structure of science, this paper focuses on the scientific community to inquire whether the recent global financial crisis ushered paradigm change in economics. To appraise the nature and the extent of post-crisis change, we examine the methodological constitution of the dominant paradigm identified as New Consensus Macroeconomics, methodological commitments binding paradigm and scientific community, and assess the practice of the community, particularly the treatment of anomalies. Subsequently, an attempt is made to illuminate whether/how sociological and institutional parameters in the community structure of the discipline bear upon prospects of change. Empirically, this research investigates, categorizes and evaluates post-crisis responses and perceptions of the scientific community. The overarching aim is to determine whether economics responded to a major anomaly with critical self-reflection on the adequacy of its methodological toolbox, leading to theory change, and to shed light on institutional aspects influence this process.

Date: 2023
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DOI: 10.1080/1350178X.2022.2147980

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