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The (Formal) Return to Openness: A Quantitative Contribution to the History of Economic Thought

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  • J. Daniel Aromi

Abstract

We develop a comprehensive quantitative account of changing practices in economics in the last 122 years. The analysis uses word detection algorithms to partially characterize prevailing practices. We document a shift toward isolation from other disciplines during most of the twentieth century. In sharp contrast, the most recent decades show a strong move towards a more connected discipline. Periods of more connectedness are associated with openness to a broader set of features of economic agents and the economic environment. In parallel, the 1960s and 1970s show a notable acceleration in the move towards a more mathematical approach. This development did not reverse. As a result, the current state of the discipline is characterized by an embrace of mathematical tools together with openness to a wider set of aspects and findings developed in other disciplines. Most of the reported variables show surprisingly high correlations across disciplines and across journals.

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  • J. Daniel Aromi, 2013. "The (Formal) Return to Openness: A Quantitative Contribution to the History of Economic Thought," Journal of Applied Economics, Taylor & Francis Journals, vol. 16(2), pages 203-222, November.
    • Handle: RePEc:taf:recsxx:v:16:y:2013:i:2:p:203-222
    DOI: 10.1016/S1514-0326(13)60009-4
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    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology

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