A Review of Kuhnian and Lakatosian “Explanations” in Economics

application of Kuhn’s scheme is Kunin and Weaver (1971) who believe that of all social
sciences, economics is more appropriate for the application of Kuhnian ideas. The strong
theoretical consensus that is observed in economics, is the main reason for this. However,
the authors caution that the level of generality at which a paradigm is defined is important for
its successful application. Furthermore, the concept of paradigm change is more complex
and subtle in economics, since not only our views concerning economic phenomena change
but also the phenomena themselves.

Historians of economics have applied the Kuhnian approach not only to mainstream,
but also to radical economics. The notion of Kuhnian paradigm as applied to radical
economics was the central theme of a special issue of the Review of Radical Economics in
1971. The main point was that the Kuhnian approach in a wide sense, is useful in
understanding the development of economic thought (e.g. Sweezy, 1971, Zweig,1971).
Similarly, Eichner and Kregel (1975) argued that Post-Keynesian theory constitutes a new
paradigm in the Kuhnian sense.

As was noted, the Kuhnian analysis of the nature of scientific process has two main
components: (a) regarding the nature and the rate of progress of the discipline itself, namely
if it is on a paradigmatic level; and (b) the existence of scientific revolutions in a specific
science. In the coming pages we will explore if these characteristics of the Kuhnian analysis
have found fruitful grounds in economics.

In regard to the paradigmatic level of economics, the historians of economics started
as early as in the mid 1960’s to investigate the presence of Kuhnian paradigms. Gordon’s
(1965) article was the first one to apply Kuhn’s paradigmatic process in economics. Gordon
(1965, pp. 123-4) argued that the ruling paradigm in economics is Smith’s postulate of the
maximizing individual in a free market environment. Since then, a number of historians of

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