Notability of Substantive Elements of Economics: The Groundwork for Evolution of Economic Thought

The present study is an attempt to investigate the resurging evolution of economic thought, which is closely in direction with the eminence of substantive elements of economics. It presupposes that the substantive elements of economics produce a package which 1. Includes some epistemic doctrines, including rationality, efficiency, and equilibrium; 2. Has dynamic characteristics of economic theories; 3. Establishes an obvious interdisciplinary framework and systematic relationships with other social sciences; 4. Is compatible with mildness and moderation; 5. Entails institutional, social and ethical potentiality; 6. Has a pluralistic nature and potential for methodological reforms; and 7. Creates an outstanding analytical power through the application of the package in question. Considering the pluralistic nature of conventional economics, it constitutes mainstream and non-mainstream, and neoclassical and non-neoclassical paradigms. The Moreover, neoclassic paradigm includes both orthodox and non-orthodox approaches. The present study examines the efficacy of moderate and non-orthodox paradigms of conventional economics.