Economics at your fingertips  

Apparent micro-realism in mainstream orthodox economics

Joaquim Vergés-Jaime

Journal of Post Keynesian Economics, 2023, vol. 46, issue 1, 87-112

Abstract: As reiterated for a long, mainstream economics mainly relies upon a set of unrealistic axioms and deductive assumptions, which, nevertheless, are what underpins its core postulates. They are unnecessarily unrealistic assumptions, mainly because the empirical evidence for contrasting them is as overwhelming as old. Even the claim for (returning to) realism in economics is already old within part of the profession. However, most mainstream academics tend to consider that their research works have in fact empirical contents insofar as they usually start by considering simplified cases, situations, or descriptions that allude to some real economic facet; this, in the way of specificities to be introduced into the standard General Equilibrium model. This seeming paradox is discussed in this paper, and as a result, it is argued that there do is a predominance of a research programme in mainstream orthodox economics (modern neoclassical “economic theory,” plus “econometrics”) that is mainly characterized, more than by micro-empirical precisions, by a sort of abstract micro empiricism. It is also argued that the outcomes brought about by such a “mode of research production” (contributions) do not appear significantly relevant in terms of the quantum of knowledge provided about the functioning and problems of our economies.

Date: 2023
References: Add references at CitEc
Citations: Track citations by RSS feed

Downloads: (external link) (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from

DOI: 10.1080/01603477.2022.2099423

Access Statistics for this article

More articles in Journal of Post Keynesian Economics from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().

Page updated 2023-05-12
Handle: RePEc:mes:postke:v:46:y:2023:i:1:p:87-112