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Hodgson’s bibliometric report and the reconstruction plan of economics

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  • Yuji Aruka

    (Chuo University)

Abstract

This article was originally designed to comment an unprecedented bibliometric study of evolutionary economics by Hodgson and Lamberg (Evol Inst Econ Rev 15, 2016). However, Hodgson only reported the historical trajectory and the current situations of evolutionary economics initiated by Nelson and Winter (An evolutionary theory of economic change. Belknap Press of Harvard University Press, Cambridge, 1982). He gave an insightful consideration about the raison d’être of evolutionary economics. According to his opinion, evolutionary economics is still failing to equip the core theories. We naturally agree with his remarks on the current situations around evolutionary economics. We take this opportunity to squarely address the subject about how to insert the core theories into evolutionary economics. We argue that the alternative candidates to be replaced with the main stream core theories are in the following ordering: (1) the theory of production to invalidate myopic optimization, (2) the theory of preference to invalidate myopic optimization, (3) the SMD Theorem to invalidate invisible hand, and (4) the market mechanism to invalidate the efficiency market hypothesis. Needless to say, the alternative theories shown in these arguments imply the reconstruction of economics. Finally, we address the current analysis of bibliometrics.

Suggested Citation

  • Yuji Aruka, 2018. "Hodgson’s bibliometric report and the reconstruction plan of economics," Evolutionary and Institutional Economics Review, Springer, vol. 15(1), pages 189-202, June.
    • Handle: RePEc:spr:eaiere:v:15:y:2018:i:1:d:10.1007_s40844-018-0094-9
    DOI: 10.1007/s40844-018-0094-9
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    References listed on IDEAS

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    1. Mantel, Rolf R., 1974. "On the characterization of aggregate excess demand," Journal of Economic Theory, Elsevier, vol. 7(3), pages 348-353, March.
    2. Hildenbrand, Werner, 1981. "Short-Run Production Functions Based on Microdata," Econometrica, Econometric Society, vol. 49(5), pages 1095-1125, September.
    3. Yuji Aruka, 2017. "Some new perspectives on the inter-country analysis of the world production system," Evolutionary and Institutional Economics Review, Springer, vol. 14(2), pages 467-498, December.
    4. Giovanni Dosi & Marco Grazzi & Luigi Marengo & Simona Settepanella, 2016. "Production Theory: Accounting for Firm Heterogeneity and Technical Change," Journal of Industrial Economics, Wiley Blackwell, vol. 64(4), pages 875-907, December.
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    7. Yuji Aruka, 2017. "Special feature: preliminaries towards ontological reconstruction of economics—theories and simulations," Evolutionary and Institutional Economics Review, Springer, vol. 14(2), pages 409-414, December.
    8. Sonnenschein, Hugo, 1973. "Do Walras' identity and continuity characterize the class of community excess demand functions?," Journal of Economic Theory, Elsevier, vol. 6(4), pages 345-354, August.
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    More about this item

    Keywords

    Reconstruction of economics; Zonotope; Imperfect identification; AI market; Class 4; Bibliometrics;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • D10 - Microeconomics - - Household Behavior - - - General
    • D20 - Microeconomics - - Production and Organizations - - - General
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General

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