Limits to the Expansion of Neoclassical Economics

Phedon Nicolaides

Cambridge Journal of Economics, 1988, vol. 12, issue 3, 313-28

Abstract: The expansion of neoclassical economics into traditionally noneconomic subjects has been largely defended on the grounds that it yields interesting insights and testable propositions. This paper examines that expansion in terms of a more general trend towards greater harmonization of the behavioral and institutional assumptions that provide the foundation of neoclassical models. Such harmonization is itself based on the assumption that the acquisition of knowledge is a fully rational process. This paper argues that there are inherent limits to that process and, by implication, to those attempts that seek to explain all of human behavior using a single model. Copyright 1988 by Oxford University Press.

Date: 1988
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