Interdisciplinary economics

Article Abstract:

A historicalanalysis is presented that discusses the growth of interdisciplinary research in economics. A number of economists such as Robbins, Hennipman, Becker and Lindenberg have focused much of their attention to the construction of a conceptual framework that interrelates economics and sociology. This relationship, appropriately termed as interdisciplinary economics, offers a 'more balanced framework of analysis' in understanding leegislation and regulation as compared to the present kind of law and economics in use.

Evaluation, Interdisciplinary approach to knowledge

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The reasoning of a great methodologist: Mark Blaug on the nature of Paretianwelfare economics

Article Abstract:

Mark Blaug has viewed Paretian welfare economics in his standard works as normative, even as he rejected the contention presented within the 'Archibald-Hennipman argument.' However, Blaughas not been able to defend his position that positive welfare economics cannotpossibly exist. Much of Blaug's defense is riddled with inconsistencies, drawbacks and ambiguities. Thus, the normative extension is considered an 'ambiguous hybrid' that must not be included in the understanding of welfare economics.

Analysis, Beliefs, opinions and attitudes, Economists, Welfare economics, Blaug, Mark

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Experimental economics from the vantage-point of behavioural economics

Article Abstract:

Behavioral economists (BEs) and experimental economists (EEs) complement each other, since both are based primarily on psychological foundations. BEs define their approach by psychological theories, while EEs apply experimentation for research. However, low external validity remains an issue with EE experiments, which reflects their inability to test market predictions of 'real world' conditions and economic activity.

Psychological aspects, Economic research, Social sciences

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