ON THE SCOPE OF ECONOMICS: WACKONOMICS APPROACH

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The neo-classical approach has traditionally assumed that individuals are homoeconomicus, firms and consumers have perfect information and are rational beings who make optimizing decisions. These assumptions imply that markets are allocatively efficient and perfectly self-correcting. Neo-classical analyses are based on positivist epistemology, and are therefore formally logical. The impacts of developments in other disciplines on economic theory have created debates on the assumptions of neo-classical economic theory. These assumptions and methodology have been also criticized by Wackonomists. Wackonomics presents an alternative economic theory which challenges neo-classical economic assumptions, and also its methodological and empirical basis. In the last years, there is a large body of theoretical literature on the Wackonomics’ study areas, but this literature has been usually ignored in developing countries and Turkey. This paper deals with this literature and the study areas of Wackonomics approach. The study reaches the conclusion that economics will become more scientific as economists study Wackonomics’ interest fields.

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Neo , Classical Economic Theory , Wackonomics , Wackonomics’ Interest Fields

Erciyes University Journal Of Economics an‎d Administrative Sciences

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Erciyes University Journal Of Economics an‎d Administrative Sciences