The Scientific Paradigm of Modern Economics and Its Potential in China
Modern mainstream economics focus on the positive questions of"what is"rather than the normative questions of"what ought to be".As an analytical tool,how does it make predictions about human social and economic life?What criticisms does it face?What are the possible responses?This paper first sketches the scientific paradigm of modern mainstream economics:through simple examples,we demonstrate how to adopt the paradigm to predict behaviors(choices),deduce regularities,and test hypothesis empirically;through comparisons with disciplines such as Newtonian Physics,we list some pertinent challenges to the paradigm and potential responses.In China,mainstream economics has great potentials in fostering theoretical developments and practical applications,and this paper promotes three fields of study:market design,behavioral and experimental economics,and structural econometrics.
modern economicsscientific paradigmmarket designbehavioral and experimental economicsstructural econometrics
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