Foundations for New Economic Thinking

1. Front Matter

   Pages i-xi

   PDF

2. What Kind of New Theory in Light of the Crisis? A Focus on Theoretical Approach

   • Sheila C. Dow

   Pages 1-14

3. Schools of Thought in Macroeconomics: The Method Is the Message

   • Sheila C. Dow

   Pages 15-32

4. Animal Spirits and Rationality

   • Sheila C. Dow, Alexander Dow

   Pages 33-51

5. Beyond Dualism

   • Sheila C. Dow

   Pages 52-71

6. Uncertainty about Uncertainty

   • Sheila C. Dow

   Pages 72-82

7. The Appeal of Mainstream Economics

   • Sheila C. Dow

   Pages 83-104

8. Mainstream Economic Methodology

   • Sheila C. Dow

   Pages 105-128

9. Methodological Pluralism and Pluralism of Method

   • Sheila C. Dow

   Pages 129-139

10. The Non-neutrality of Formalism

    • Sheila C. Dow

    Pages 140-161

11. Structured Pluralism

    • Sheila C. Dow

    Pages 162-177

12. The Meaning of Open Systems

    • Sheila C. Dow, Victoria Chick

    Pages 178-196

13. The Issue of Uncertainty in Economics

    • Sheila C. Dow

    Pages 197-209

14. Variety of Methodological Approach in Economics

    • Sheila C. Dow

    Pages 210-230

15. Afterword

    • Sheila C. Dow

    Pages 231-235

16. Back Matter

    Pages 236-263

    PDF

New economic thinking is in demand in the light of the recent economic crisis. This book equips the reader with a better understanding of current ways of thinking as well as an awareness of other possibilities, providing the foundations for debate in theory and methodology alongside practical implications for policy.

• economics
• foundation
• macroeconomics

'For many years Sheila Dow has wisely guided our thinking through her deep discussions of methodology and its implications for teaching, research and policy, and by a wide range of analytical writings, especially on monetary matters and the workings of monetary production economies in general. Her collection of essays could not have come at a more appropriate time. For her guidance is needed more than ever as we rethink and revise our analysis of how our world works, at the moment, very badly, and what may be done about it.' - G. C. Harcourt, Professor Emeritus, University of New South Wales, Australia

'Sheila Dow has been toiling in the fields of economic methodology for a number of decades, and this book gathers the fruits of her efforts. The range of topics covered is impressive, from the non-neutrality of formalism, to how best to handle open systems, pervasive uncertainty, animal spirits, and other problems that economists must face. Throughout the volume, the vital importance of an open attitude to alternative approaches - in a phrase, methodological pluralism - is stressed. It is a fine collection.' - Bruce Caldwell, Professor of Economics, Duke University, USA

'Sheila Dow understands that the failures of economics in the financial crisis are the product of the ways in which economists think about their subject. This book explains the problem and the pluralism needed to put it right.' - John Kay, Author and Economist

• University of Stirling, UK

  Sheila C. Dow

SHEILA C. DOW is emeritus professor of Economics at the University of Stirling, UK. She has also been employed by the Bank of England and the Manitoba Government, been Director of the Stirling Centre for Economic Methodology and Chair of the International Network for Economic Methodology and author of Economic Methodology: An Inquiry.

Policies and ethics