Paradigm Change or Assimilation? The Case of Behavioral Economics. (March 2021)

• Record Type: Journal Article
• Authors: Tzotzes, Sergios; Milonakis, Dimitris
• Is Part Of: Review of radical political economics. Volume 53:Number 1(2021)
• Page Start: 173
• Page End: 192
• Publication Date: 2021-03
• Subjects: paradigm change -- behavioral economics -- scientific community -- mainstream paradigm -- radical economics; A14 -- B0 -- B4 -- B5; Economics -- Periodicals; United States -- Economic policy -- Periodicals; United States -- Economic conditions -- Periodicals; 330
• DOI: 10.1177/0486613420906901
• Languages: English
• ISSNs: 0486-6134

Abstract

In light of Thomas Kuhn's view that paradigm change requires the existence of an alternative paradigm, this inquiry examines whether behavioral economics provides a foundation for change in economics. Drawing on Kuhn's account of normal science that integrates science as a social system and a system of ideas, it critically examines the institutional and conceptual standing of behavioral economics relative to the mainstream paradigm and the alternative proposed by radical political economics with a view to assess the extent and the quality of change behavioral economics can impart to the dominant tradition of normal science in economics.