A NEW HETERODOX APPROACH: WACKONOMICS

The neo-classical economics approach, which implies that markets are effective, has begun to be discussed frequently with the participation of various disciplines within the theory of economics.One of the critical approaches that emerged with these discussions is criticized as wackonomics.This approach is basically opposed to the assumptions of neo-classical economics as well as the methodological and empirical basis.This approach, which was able to go until 50 years ago, but became active in the theoretical level after the second half of the 90's, especially after Kahneman's Nobel Prize in Economics in 2002, has not been taken into consideration in our country or in developing countries.Within the scope of the study, various sub-approaches that can be evaluated under the wackonomics are discussed.It should be noted that this approach will probably contribute to the further development of economics in terms of its scientific basis.