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Sheila Dow

Chapter 14 in Foundations for New Economic Thinking, 2012, pp 231-235 from Palgrave Macmillan

Abstract: Abstract The main theme running through this volume is an argument for economists becoming more aware of their own methodological approach. This is a precondition for methodological pluralism, that is, the willingness to consider a range of different approaches to economics when contemplating new economic thinking. When considering where economics should go next in the wake of the crisis, it seems unnecessarily restrictive to accept the limitations of the mainstream approach without examination and justification. Any approach has its limitations, but it is reasonable to think that economics would be more robust if it fostered diversity. What might suit one set of circumstances best might not suit another set of circumstances, and the argument in favour of any policy finding support from a range of approaches would thereby have higher weight. On the other hand, if different approaches come to very different opinions on policy, this should give policymakers pause for thought before leaping into action. (See further Dow, forthcoming, c).

Keywords: Central Bank; Moral Hazard; Economic Thinking; Financial Instability; Market Player (search for similar items in EconPapers)
Date: 2012
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DOI: 10.1057/9781137000729_14

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