Redefining economics: Operational approach revolutionizes fundamental concepts.
The article discusses how Samuelson, Sraffa, and Leontief tried to improve economic theory by focusing on practical methods rather than abstract assumptions. They believed that by making economic concepts more concrete and based on real-world experiences, they could create more reliable theories. Despite their different approaches, they all aimed to ground economics in observable phenomena. Their efforts to redefine behavior, value, and equilibrium were influenced by the ideas of Pareto, but they also criticized traditional economic theories for being too theoretical. The article evaluates whether this operational approach is feasible and compatible with general equilibrium theory, drawing on insights from physics and epistemology.