Information and the Change in the Paradigm in Economics

摘要

In this article I have traced the replace- ment of one paradigm with another. The de- ficiencies of the neoclassical paradigm-the failed predication, the phenomena that were left unexplained-made it inevitable that it would be challenged. One might ask, though, how can we explain the persistence of this paradigm for so long? Despite it deficiencies, the competi- tive paradigm did provide insights into many economic phenomena. There are some mar- kets in which the issues which we have dis- cussed are not important -the market for wheat or corn-though even there, pervasive govern- ment interventions make the reigning com- petitive paradigm of limited relevance.