Limitations of neoclassical economics

Limitations of neoclassical economics

Although everyone would want to emphasise positive new types of economic thought, there is presumably some reason why a more pluralist course is necessary. Graduates are going to have to defend their alternative theories in a community with some very entrenched views. Better get ready.


The idea could then also be seen as part of the ideas to (a) encourage critical reflection and (b) teach different schools of thought both of which I support. (pt 2/2)

I believe that its important to provide an understanding of the limitations of a GDP focus and the explicit understanding of the responsibility of demand. Essentially, we need to re-establish the connection between morality and economics; arguably the foundation of our discipline can be found in works like The Theory of Moral Sentiments.

I agree with Madhavi yes the importance of the treatment of 'externalities' and what is the point of having an economy at all? both need including. Economics is in many ways circumscribed by politics. One suggestion might be to imagine the graduate economist of this course embedded in a team. Who might they interact with and have to influence? Would it be good for them if they had at least some understanding of social-science, politics and the law. At the moment the discipline looks isolated.

Preparation for the real world.

Is your suggestion that pluralist economics teaching ought to make students reflect on the limitations/weaknesses of neoclassical economic analysis (presumably as well as the limitations of other schools of thought/paradigms/approaches to economics)? If so I think this is a good idea as this would enable them to defend the legitimacy of different schools of thought/approaches to economics; and to show where/how they can make useful contributions to economic analysis and which. (pt 1/2)

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