A Review of Kuhnian and Lakatosian “Explanations” in Economics

economic thought tried to fit the Kuhnian approach to the development of economics.
However, the first example of the systematic application of Kuhn’s views to economic
thought can be found in Coats (1969). Coats applied Kuhn’s methodological tools to the
history of economic thought. His main conclusion was that there has been only one
paradigm: equilibrium theory based on the idea of market mechanism. Some years later,
Loasby (1971) argued that there exists the profit-maximization paradigm in economics, while
an emerging paradigm could be the behavioural theory of the firm.

The next systematic application of Kuhnian views was provided by B. Ward (1972).
He adopts some of Kuhn’s criteria in order to examine if economics can be characterised
as a mature science much like physics. His reference is the orthodox neoclassical theory.
In his view, the existence of an “invisible college” of neoclassical economists with
common method and agreement concerning what are the important problems of the field,
indicate the maturity of neoclassical economics. Furthermore, he continues to find puzzle-
solving behaviour giving as a prime example of the classical versus the marginalist theory
of value. Apart from the Neoclassical school, Ward examines the development of Marxian
economics. He discerns some puzzle-solving behaviour especially with regard to the issue
of values and prices. However, he believes that it fits less to the Kuhnian framework since
he is unable to find examples of crises and scientific revolutions. As he writes “[Marxism]
passes most of the tests necessary for a Marxist economic science to exist in the Kuhnian
test, but in practice it has failed because of the virtual absence of an integrated social
system of scientists oriented toward the systematic development of the science through
study of problems of detail” (1972, p. 70).

Dow (1981) claimed that general equilibrium analysis must rather be considered as a
Kuhnian paradigm. A few years later and in more general terms, Dow (1985) uses Kuhnian

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