Abstract
The ruling Neoclassical paradigm with its focus on equilibrium analysis and autonomous human decision-making has distracted the discipline from understanding and addressing the most crucial issues facing modern society. Its behavioral and embedded but unacknowledged moral assumptions have helped to create an unrealistic understanding of human society and frequently fostered counterproductive policy prescriptions. Fortunately, a new generation of economists has emerged to challenge the Neoclassical paradigm and perhaps return the discipline to the broader social and philosophical roots of the discipline as epitomized by Adam Smith.
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Collier, Paul. 2007. The Bottom Billion: Why the Poorest Countries Are Failing and What Can Be Done About It. New York: Oxford University Press.
Fukuyama, Francis. 1992. End of History and the Last Man. New York: Free Press.
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Johnson, R.D. (2017). The Evolving Dialogue. In: Rediscovering Social Economics. Perspectives from Social Economics. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-51265-5_13
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DOI: https://doi.org/10.1007/978-3-319-51265-5_13
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