Foundations for New Economic Thinking

New economic thinking is in demand in the light of the recent economic crisis. This book equips the reader with a better understanding of current ways of thinking as well as an awareness of other possibilities, providing the foundations for debate in theory and methodology alongside practical implications for policy.

'For many years Sheila Dow has wisely guided our thinking through her deep discussions of methodology and its implications for teaching, research and policy, and by a wide range of analytical writings, especially on monetary matters and the workings of monetary production economies in general. Her collection of essays could not have come at a more appropriate time. For her guidance is needed more than ever as we rethink and revise our analysis of how our world works, at the moment, very badly, and what may be done about it.' - G. C. Harcourt, Professor Emeritus, University of New South Wales, Australia

'Sheila Dow has been toiling in the fields of economic methodology for a number of decades, and this book gathers the fruits of her efforts. The range of topics covered is impressive, from the non-neutrality of formalism, to how best to handle open systems, pervasive uncertainty, animal spirits, and other problems that economists must face. Throughout the volume, the vital importance of an open attitude to alternative approaches - in a phrase, methodological pluralism - is stressed. It is a fine collection.' - Bruce Caldwell, Professor of Economics, Duke University, USA

'Sheila Dow understands that the failures of economics in the financial crisis are the product of the ways in which economists think about their subject. This book explains the problem and the pluralism needed to put it right.' - John Kay, Author and Economist

Autorentext
SHEILA C. DOW is emeritus professor of Economics at the University of Stirling, UK. She has also been employed by the Bank of England and the Manitoba Government, been Director of the Stirling Centre for Economic Methodology and Chair of the International Network for Economic Methodology and author of Economic Methodology: An Inquiry.

Inhalt
What Kind of New Theory in Light of the Crisis? Schools of Thought in Macroeconomics Animal Spirits and Rationality Beyond Dualism Uncertainty about Uncertainty The Appeal of Mainstream Economics Mainstream Economic Methodology Methodological Pluralism and Pluralism of Method The Non-Neutrality of Formalism Structured Pluralism The Meaning of Open Systems The Issue of Uncertainty in Economics Variety of Methodological Approach in Economics