Classical economics must not become history

Ion Pohoaţă (), Delia-Elena Diaconașu () and Vladimir-Mihai Crupenschi ()
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Ion Pohoaţă: Faculty of Economics and Business Administration, Alexandru Ioan Cuza University of Iași
Delia-Elena Diaconașu: Faculty of Economics and Business Administration, Alexandru Ioan Cuza University of Iași
Vladimir-Mihai Crupenschi: Doctoral School of Economics and Business Administration, Alexandru Ioan Cuza University of Iași
Authors registered in the RePEc Author Service: Delia Elena Diaconaşu

The Journal of Philosophical Economics, 2018, vol. 12, issue 1, 65-88

Abstract: This paper is meant as a clear statement that things can no longer continue the way they have gone so far. If analyzed critically, the classical heritage, enshrined in fundamental rules and theories, the result of a massive abstraction effort, has not always been consolidated and developed properly in modern times. Therefore, compared to other sciences, economics has been losing ground, exactly where it should have been reinforced by those who serve it –, the economists. Its main core, the classical heritage, has been enriched, but the additions, knowingly or not, have in fact weakened and transformed it into a loose collection of feeble causalities and verbosity. It is imperative that such deviations be stopped. We suggest a two-step solution: a) an inventory of the elements that define the hard core of Economics; b) a review of the circumstances that show what happened with said hard core. The conclusions point to a necessary return to classical ideas.

Keywords: economic laws; hard core; classical legacy; scientism; objectivity; Say’s law (search for similar items in EconPapers)
JEL-codes: B12 (search for similar items in EconPapers)
Date: 2018
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