An Enquiry into the Scientific Activity in Economics

Paul, G.D. Bino and Ramanathan, A (2005) An Enquiry into the Scientific Activity in Economics. TAPMI, Manipal.

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Abstract

This paper, by conducting a review of literature, examines the salient features of the knowledge activity in economics. The investigation covers four aspects: Earl’s behavioural theory of economists’ behaviour (Earl, 1983), institutional concentration in journal publication, doctoral education in economics and state of scientific activity in economics. An economist’s behaviour as a knowledge producer is not significantly different from that of other professionals. They also, generally, yearn for the recognition, prestige and other rewards. They often make the choices that maximize their interests than the knowledge per se. In the provision of the publication opportunities, a few institutions have advantage over a large majority. This phenomenon is not an instantaneous one. In fact, it is a regular process, which has tended to span over the last five decades. As a result, the institutional arrangement in the economics research resembles the oligopolistic behaviour. The literature and data, related to the United States of America (USA), indicate that the Ph D curriculum is not up to the expectation of the labour market and academia. There are serious skill deficiencies. Moreover, there is a tendency for the geographic and institutional background of the persons increasing the likelihood of the achievement in the knowledge activity. There is crisis in the economic theory. Two reasons account for this trend: (i) excess use of mathematics (ii) hegemony of neoclassical economics. The situation calls for appropriate institutional changes. There are alternatives, which may improve the current state; there are signs of change too. For instance, the alternative methodologies (e.g. Evolutionary Economics) are gaining popularity among economists. Further, the desirable institutional change does not necessarily mean the radical change, but rather what is called for is the cooperation between the neoclassical theory and its alternatives.

Item Type:	TAPMI Working Papers
Uncontrolled Keywords:	Knowledge Activity, Institutional Concentration, Crisis in Economics JEL Code: A11, B40
Subjects:	Economics
Divisions:	General Management and Enterpreneurship
Depositing User:	Ms. Vanitha K
Date Deposited:	16 Nov 2018 07:09
Last Modified:	20 Nov 2018 08:57
URI:	http://tapmi.informaticsglobal.com/id/eprint/333

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