Emergence versus neoclassical reductions in economics

George Chorafakis

Journal of Economic Methodology, 2020, vol. 27, issue 3, 240-262

Abstract: Many epistemic anomalies of the neoclassical research programme originate from its ontologically reductionist meta-axioms, which predicate how economic macro-systems are constituted from their micro-entities and how the latter behave – namely atomistic aggregativity, normative equilibration and global instrumental rationality. This paper explores the metaphysical foundations of the premise of emergence and argues that it can be a remedy to the ills of neoclassical reductions, and a foundational epistemic principle in a progressive systemic research programme in economics, which would bridge existing streams of ‘heterodox’ economic theory.

Date: 2020
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DOI: 10.1080/1350178X.2020.1727549

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