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Emergence versus neoclassical reductions in economics

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  • George Chorafakis

Abstract

Many epistemic anomalies of the neoclassical research programme originate from its ontologically reductionist meta-axioms, which predicate how economic macro-systems are constituted from their micro-entities and how the latter behave – namely atomistic aggregativity, normative equilibration and global instrumental rationality. This paper explores the metaphysical foundations of the premise of emergence and argues that it can be a remedy to the ills of neoclassical reductions, and a foundational epistemic principle in a progressive systemic research programme in economics, which would bridge existing streams of ‘heterodox’ economic theory.

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  • George Chorafakis, 2020. "Emergence versus neoclassical reductions in economics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 27(3), pages 240-262, July.
    • Handle: RePEc:taf:jecmet:v:27:y:2020:i:3:p:240-262
    DOI: 10.1080/1350178X.2020.1727549
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    Cited by:

    1. Erez Buda & Dani Broitman & Daniel Czamanski, 2023. "Land value dynamics and the spatial evolution of cities following COVID 19 using big data analytics," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 70(2), pages 429-445, April.

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