Оригинална статия History of Economic Thought, Methodology, and Heterodox Approaches

THE METHODOLOGY OF NEOCLASSICAL ECONOMICS: A CONTEMPORARY DISCOURSE

Vasil Todorov - Economic Research Institute аt BAS
Received: 17 Jun 2022
Revised:
Published:
Downloads: 0
Citations: 0
Issue 1/2022
JEL H41 B41
DOI https://doi.org/10.56497/etj2267101

Abstract

Abstract: The article presents a summarized characteristics of neoclassical economics methodology, its components, and expressed views. The identified core features of economic methodology are: apriorism; deductivism, a priori deductivism; axiomatic/postulate method; axiomatic-deductive theory building; mathematical formalization; the concept of true theory, typical for neo-classics; instrumentality; theory testing through predictions of its effect, automation, reduction and methodological individualism; ignoring the community and natural environment. Conclusions are made that (1) the leading impact factor for neoclassical economics growth is a priori and axiomatic deductivism in particular (and not methodological individualism, as commonly accepted) and (2) the primary reasons for the development of neoclassical economics in the second half of the 20th century till now, as an instrumental and not an explanatory theory, and its discrepancy with reality, are mainly due to the methodology. A question is raised: what kind of theory – instrumental or explanatory – should be taught in universities and dominate in the expert, macro-management and public space?

How to cite this article

Todorov, V. (2022). Metodologiyata na neoklasicheskia ikonomiks: savremenen diskurs [The Methodology of Neoclassical Economics: A Contemporary Discourse]. Economic Thought Journal, 67(1), pp. 7-27 (in Bulgarian).  https://doi.org/10.56497/etj2267101 

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