The (Formal) Return to Openness: A Quantitative Contribution to the History of Economic Thought

J. Daniel Aromi

Journal of Applied Economics, 2013, vol. 16, issue 2, 203-222

Abstract: We develop a comprehensive quantitative account of changing practices in economics in the last 122 years. The analysis uses word detection algorithms to partially characterize prevailing practices. We document a shift toward isolation from other disciplines during most of the twentieth century. In sharp contrast, the most recent decades show a strong move towards a more connected discipline. Periods of more connectedness are associated with openness to a broader set of features of economic agents and the economic environment. In parallel, the 1960s and 1970s show a notable acceleration in the move towards a more mathematical approach. This development did not reverse. As a result, the current state of the discipline is characterized by an embrace of mathematical tools together with openness to a wider set of aspects and findings developed in other disciplines. Most of the reported variables show surprisingly high correlations across disciplines and across journals.

Date: 2013
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DOI: 10.1016/S1514-0326(13)60009-4

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