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Orthodox Economics and Economists: Strengths and Weaknesses

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  • Yew-Kwang Ng

    (Monash University, Australia)

Abstract

Economics is a very powerful discipline that focuses on some important aspects of our life, in particular, constrained maximization equilibrium in resource allocation. However, orthodox economics based on simplified models and many economists much captured by such models have too narrow a focus, ignoring many important factors including the importance of competition for relative standing, environmental disruption, and behaviour patterns inconsistent with the narrow concept of rationality. Economics has also become excessively formalistic, sacrificing relevance for technical sophistication. Extensions of economics to overcome these weaknesses have been and are being made. The incorporation of these advances will make economics more useful. But more time and resources may be needed to train economists properly.

Suggested Citation

  • Yew-Kwang Ng, 2003. "Orthodox Economics and Economists: Strengths and Weaknesses," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 48(01), pages 81-94.
    • Handle: RePEc:wsi:serxxx:v:48:y:2003:i:01:n:s021759080300061x
    DOI: 10.1142/S021759080300061X
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    References listed on IDEAS

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