1. Behaviourists at the gates.
- Subjects
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NEOCLASSICAL school of economics , *SOCIOECONOMICS , *CLASSICAL school of economics , *BEHAVIORISM (Psychology) , *ECONOMISTS , *ECONOMICS - Abstract
Anyone who has read even a bit of economics knows how it can be. Pages filled with squiggly equations describe a world occupied not by fallible, generous people like you, your family or your friends, but by "agents" and "actors", all as rational as Star Trek's Spock. Yet most economists rather like the dryness of the dominant, neoclassical strain of their discipline. Its lack of detail about how people behave in the real world, much bemoaned by its critics, is actually a strength. It gives economic theory great flexibility, especially when mathematical techniques are brought to bear. Neoclassical economics tends often, though not always, to conclude, much like this newspaper, that the best policies tend to be liberal ones: free trade, a limited role for governments, lower taxes. The flexibility of neoclassical economics has also allowed its techniques and prescriptions to infiltrate other social sciences, such as sociology, political science and anthropology.
- Published
- 2003