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The appeal of neoclassical economics: some insights from Keynes's epistemology

Dow S (1995) The appeal of neoclassical economics: some insights from Keynes's epistemology, Cambridge Journal of Economics, 19 (6), pp. 715-733.

Neoclassical economics continues to hold a particularly strong appeal for economists, in spite of concerns about its internal logic and applicability to policy issues. This appeal can be understood in terms of Keynes's system of logic which established grounds for rational belief when knowledge is, in general, uncertain. Mainstream methodology limits economic theory to those elements of the economic process which can, in practice, be represented by a closed, formal system; a high degree of certainty can be achieved within those limits. Keynes's more general epistemology supports a methodology which can increase knowledge beyond those limits, and thus extend the applicability of economics. If this approach is to be pursued, economics education needs to be broadened.

AuthorsDow Sheila
Publication date12/1995
Date accepted by journal10/12/1993
PublisherOxford University Press
ISSN 0309-166X

Cambridge Journal of Economics: Volume 19, Issue 6

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