A Review of Kuhnian and Lakatosian “Explanations” in Economics

analysis for macroeconomic schools of thought such as Mainstream, Post Keynesian,
Marxian and Neo-Austrian. Even more recently, G. Argyrous (1992) writes that with certain
modifications the concept of paradigm (or disciplinary matrices, Kuhn’s subsequently
substitute term) can explain to a great extent the historical development of the Neoclassical
consumption function. Dobson (1994, p. 76) argued that financial economic theory of the firm
shows a paradigm shift in a Kuhnian sense but he does not adequately analyses its specific
characteristics. A more recent application of Kuhnian approach is to be found in a study of
the philosophical foundations of transaction cost economics. Following Kuhnian
methodology, Miller (1993) believes that this field serves a puzzle-solving role for
neoclassical economics and thus it can not be considered as new-institutional economics but
part of the orthodox school. The above discussion is summarized in table 1a and table 1b:

Table 1a.

Table 1b

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