Orthodox Economics and Economists: Strengths and Weaknesses

Yew-Kwang Ng ()

The Singapore Economic Review (SER), 2003, vol. 48, issue 01, 81-94

Abstract: Economics is a very powerful discipline that focuses on some important aspects of our life, in particular, constrained maximization equilibrium in resource allocation. However, orthodox economics based on simplified models and many economists much captured by such models have too narrow a focus, ignoring many important factors including the importance of competition for relative standing, environmental disruption, and behaviour patterns inconsistent with the narrow concept of rationality. Economics has also become excessively formalistic, sacrificing relevance for technical sophistication. Extensions of economics to overcome these weaknesses have been and are being made. The incorporation of these advances will make economics more useful. But more time and resources may be needed to train economists properly.

Keywords: Economics; Economists; Scope; Relevance; Formalism (search for similar items in EconPapers)
Date: 2003
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DOI: 10.1142/S021759080300061X

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