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Limits to the Expansion of Neoclassical Economics

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  • Nicolaides, Phedon

Abstract

The expansion of neoclassical economics into traditionally noneconomic subjects has been largely defended on the grounds that it yields interesting insights and testable propositions. This paper examines that expansion in terms of a more general trend towards greater harmonization of the behavioral and institutional assumptions that provide the foundation of neoclassical models. Such harmonization is itself based on the assumption that the acquisition of knowledge is a fully rational process. This paper argues that there are inherent limits to that process and, by implication, to those attempts that seek to explain all of human behavior using a single model. Copyright 1988 by Oxford University Press.

Suggested Citation

  • Nicolaides, Phedon, 1988. "Limits to the Expansion of Neoclassical Economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 12(3), pages 313-328, September.
    • Handle: RePEc:oup:cambje:v:12:y:1988:i:3:p:313-28
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    Cited by:

    1. Mónica Guillén Royo, 2003. "Hacia una revisión crítica del análisis neoclásico del consumo: una alternativa basada en las necesidades," Revista de Economia Critica, Asociacion de Economia Critica, vol. 1, pages 95-111.
    2. Valentina Erasmo, 2022. "“Econosophy”: Venturing a Transdisciplinary Approach to Philosophy and Economics," Annals of the Fondazione Luigi Einaudi. An Interdisciplinary Journal of Economics, History and Political Science, Fondazione Luigi Einaudi, Torino (Italy), vol. 56(2), pages 127-144, December.
    3. Franck Bailly, 2022. "When mainstream economics does human resource management: a critique of personnel economics’ prescriptive ambition," Post-Print hal-03711945, HAL.
    4. Spencer, David A, 2000. "The Demise of Radical Political Economics? An Essay on the Evolution of a Theory of Capitalist Production," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 24(5), pages 543-564, September.
    5. Anton D. Lowenberg, 1990. "Neoclassical Economics as a Theory of Politics and Institutions," Cato Journal, Cato Journal, Cato Institute, vol. 9(3), pages 619-639, Winter.
    6. Jeroen C. J. M. van den Bergh & John M. Gowdy, 2003. "The microfoundations of macroeconomics: an evolutionary perspective," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 27(1), pages 65-84, January.
    7. Maximiliano, 2018. "Determinantes de la demanda por entradas a partidos de fútbol de primera división. El caso uruguayo para la década 2006 - 2016," Documentos de Investigación Estudiantil (students working papers) 18-04, Instituto de Economía - IECON.
    8. Frank Bailly, 2022. "When mainstream economics does human resource management: a critique of personnel economics' prescriptive ambition," PSL Quarterly Review, Economia civile, vol. 75(301), pages 103-117.

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