Challenging Orthodoxy, Part II: Rigor vs. Neo-classical Economics
This excellent post questions many of the assumptions made in neoclassical economics, which I have trouble accepting. I know comparatively little about economics compared to these guys, but I think right now you could classify me as an ‘orthodox lefty’ because I still use the basic neoclassical economic framework (can’t blame me – it’s all I’ve learnt so far!).
I think even neoclassical economics is inexorably moving towards incorporating some heterodox beliefs (I hate these terms, it makes economics sound like a religion) – behavioral economics is especially exciting. But it will be a long time before anything other than the standard neoclassical models are taught in undergraduate economics. Darn it all.
