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A Critique of Developments in Social Economics and the Alternative

A Critique of Developments in Social Economics and the Alternative The article makes a comprehensive study of the development ofsocial economic thought in the history of economic doctrines. Traces ofsocial economic development are dated back to the Physiocrats and moralphilosophers and reference is made to the early Arab works in thedevelopments of these social economic doctrines. The social economicthought in the classical school of economic theory is criticallystudied. It is shown that with the advancement of economic theory in thehands of the neoclassical school and its latterday developments socialeconomic doctrines receded from mainstream economics. The contemporarysocial economists in North America have fallen into the trap of theseneoclassical approaches applied to the study of social economicphenomena. The article also shows that similar neoclassical andethically neutral traces continue in the works of the mixed economytheorists, institutionalists, macroeconomists, monetarists, rationalexpectations hypothesists, public and social choice theorists of alltypes. Thus, the whole gamut of mainstream economics is shown to betrapped in an epistemological and methodological quandary as to howethical phenomena are to be treated rationally in the framework ofeconomic theory. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Social Economics Emerald Publishing

A Critique of Developments in Social Economics and the Alternative

International Journal of Social Economics , Volume 18 (11/12): 26 – Nov 1, 1991

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
0306-8293
DOI
10.1108/EUM0000000000475
Publisher site
See Article on Publisher Site

Abstract

The article makes a comprehensive study of the development ofsocial economic thought in the history of economic doctrines. Traces ofsocial economic development are dated back to the Physiocrats and moralphilosophers and reference is made to the early Arab works in thedevelopments of these social economic doctrines. The social economicthought in the classical school of economic theory is criticallystudied. It is shown that with the advancement of economic theory in thehands of the neoclassical school and its latterday developments socialeconomic doctrines receded from mainstream economics. The contemporarysocial economists in North America have fallen into the trap of theseneoclassical approaches applied to the study of social economicphenomena. The article also shows that similar neoclassical andethically neutral traces continue in the works of the mixed economytheorists, institutionalists, macroeconomists, monetarists, rationalexpectations hypothesists, public and social choice theorists of alltypes. Thus, the whole gamut of mainstream economics is shown to betrapped in an epistemological and methodological quandary as to howethical phenomena are to be treated rationally in the framework ofeconomic theory.

Journal

International Journal of Social EconomicsEmerald Publishing

Published: Nov 1, 1991

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