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2015•RePEc: Research Papers in EconomicsRequires access

Beyond the Neoclassical Paradigm: A Real World Economics Proposal

Chukwuemeka Onyimadu

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Abstract

The paper examines the case against the neoclassical school of thought by the Real World Economics movement with the aim of highlighting their key proposals and policy prescriptions. The paper was able to review the important messages of the Real world Economic Movement, by tracing their ideological origins from the strengths and weaknesses of neoclassical economics which stands for mainstream economics. Arguing for noble changes in the teaching and practice of economics, the paper was able to establish the core argument of the Real World Economist against neoclassical economics; a need for pluralism in the teaching and practice of economics.

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What this paper is about

The paper examines the case against the neoclassical school of thought by the Real World Economics movement with the aim of highlighting their key proposals and policy prescriptions. The paper was able to review the important messages of the Real world Economic Movement, by tracing their ideological origins from the strengths and weaknesses of neoclassical economics which stands for mainstream economics. Arguing for noble changes in the teaching and practice of economics, the paper was able to establish the core argument of the Real World Economist against neoclassical economics; a need for pluralism in the teaching and practice of economics.

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Available abstract

The paper examines the case against the neoclassical school of thought by the Real World Economics movement with the aim of highlighting their key proposals and policy prescriptions. The paper was able to review the important messages of the Real world Economic Movement, by tracing their ideological origins from the strengths and weaknesses of neoclassical economics which stands for mainstream economics. Arguing for noble changes in the teaching and practice of economics, the paper was able to establish the core argument of the Real World Economist against neoclassical economics; a need for pluralism in the teaching and practice of economics.

Key concepts: Mainstream economics, Heterodox economics, Schools of economic thought, Economics, Pluralism (philosophy), Applied economics, Positive economics, Neoclassical economics

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