Structural Changes in Economics During the Last Fifty Years

32 Pages Posted: 18 Sep 2008

Date Written: September 17, 2008


This essay portrays the major currents in recent economic thinking against the orthodoxy and dogmatism of neoclassical economics. It places behavioral economics, experimental economics, evolutionary economics, ecological economics, new institutional economics, agent-based computational economics and post-autistic economics vis-a-vis the classical and the neoclassical economics. It concludes that we may expect a synthesis of all these strands of economic thinking in the near future that will replace neoclassical economics from the citadel of mainstream. Teaching of these strands of new economics has already begun in many universities, although in an un-integrated manner. However, until the neoclassical microeconomics and macroeconomics are replaced by their alternatives and necessary as well as convincing tools of economic analysis are developed, neoclassicism would not give way to modern economics.

Keywords: Behavioral, experimental, evolutionary, ecological, new institutional, agent-based computational, post-autistic, classical, neoclassical, economics, bounded rationality, heterodox, individualism, pluralism

JEL Classification: B20, B25, B29

Suggested Citation

Mishra, Sudhanshu K., Structural Changes in Economics During the Last Fifty Years (September 17, 2008). Available at SSRN: or

Sudhanshu K. Mishra (Contact Author)

North-Eastern Hill University (NEHU) ( email )

NEHU Campus
Shillong, 793022
03642550102 (Phone)


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