Neoclassical Economics Dethroned: New Paradigm Emerges, Reshaping Society's Future
This article discusses changes in economics over the past fifty years. It compares traditional neoclassical economics to newer ideas like behavioral economics, experimental economics, and others. The author suggests that a mix of these new economic theories will likely replace neoclassical economics in the mainstream soon. Some universities are already teaching these newer ideas. However, until more effective tools for economic analysis are developed, neoclassical economics will remain dominant.