Extending the Boundaries of Economics

Julia Köhn

Chapter Chapter 10 in Uncertainty in Economics, 2017, pp 157-176 from Springer

Abstract: Abstract The latest financial and economic crises have undermined the confidence in the economic science and its methods, fundamentally. Now, the discipline of economics is looking for a new methodological guiding principle. Neuroeconomics, or Imperfect Knowledge Economics, emerged from this search for a New Economic Paradigm. Both schools of economic thought are highly methodology driven and limited in scope. Therefore, they cannot be used as a blueprint for a new philosophy of economics, which is able to replace the Positivist Research Paradigm. Even worse, the analysis of this thesis and the economic turbulences of the last decade, have shown that pure positive economics is impossible. This, however, does not also imply that only normative economics is possible. Nor does it imply that economics is not a science. Rather it is the case that the methodology and particularly the aims and the expectations concerning the generality of economic conclusions have to be revised.

Date: 2017
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:conchp:978-3-319-55351-1_10

Ordering information: This item can be ordered from
http://www.springer.com/9783319553511

DOI: 10.1007/978-3-319-55351-1_10

Access Statistics for this chapter

More chapters in Contributions to Economics from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().