Social Sciences in China (Chinese Edition)

No.10, 2014

 

Evolution of the Paradigm Structure of Western Economics

(Abstract)

 

Ma Tao

 

In the paradigm structure of mainstream Western economics, basic conclusions about economic value concept occupy the core, while the methodologies and fundamental hypotheses reflecting the theoretical and logical space of economics occupy the periphery. Together, they constitute the “hard core” of the paradigm of economics, with the supplementary hypotheses outside the hard core making up a “protective belt.” The paradigm movement of Western economics generally takes five forms: adjusting the protective belt in order to maintain the hard core; partially adjusting the hard core; synthesizing the different schools within mainstream economics; having the research paradigm of different schools converge; and having mainstream economics open up to and intersect with other disciplines. The historical logic of its evolution represents the transformation of the paradigm through theoretical crises. Its power originates from the challenges major economic issues present to existing theories for each era of social practice.