Intellectual Path Dependence in Economics: Why economists do not reject refuted theories

Book Details
• Book Name: Intellectual Path Dependence in Economics
• Language: English
• ISBN-13: 9781138495555
• Writer: Altug Yalcintas
• Book Edition: 1
• Publisher: Taylor & Francis Ltd
• Pages: 188
• Binding: Paperback
• Subject/Category: Economics, Intellectual History, Methodology

Description
Intellectual Path Dependence in Economics delves into the intriguing question: Is economics always self-corrective? The book argues that economic theories do not always correct themselves over time, even in the face of falsification or counter-evidence. Despite the critical and open-minded nature of the field, erroneous theorems often persist in the "market" of economic ideas, surviving intellectual challenges that would otherwise lead to their rejection.

A central focus of the book is why economists do not abandon theories once they have been refuted by evidence and philosophical reasoning. The author explores the concept of intellectual path dependence in economic thought, suggesting that the key reason lies in the epistemic costs associated with adopting new theories. These epistemic costs, particularly the scarcity of time and resources, shape the evolution of scientific research, as researchers allocate their time between replicable and non-replicable studies.

This thought-provoking book offers a deep dive into the methodology, philosophy, and history of economics, making it essential reading for anyone interested in the processes that guide the development and persistence of economic ideas, even when they may no longer be valid.