A Future for Economics

The replication crisis is hotly debated in all disciplines across the social sciences. Economics is not an exception. However, economics is different from the other social sciences, due to an exceptionally dominant paradigmatic core and an equally dominant methodological backbone, known as neoclassical economics and econometrics, respectively. In this book, we argue how this double strength can be a double weakness, too. We emphasize that any future for economics will benefit from a reduced dominance of neoclassical economics, with its population of econs and orgecs, in combination with a fundamental renewal of many of current methodological practices, moving away from the dominance of null hypothesis statistical testing toward the direct battle among competing hypotheses. This requires a collective effort, by all stakeholders involved in the science of economics. Given vested interests, this is anything but easy. But if the beautiful discipline of economics succeeds in doing so, it will enter into a bright future.

“It should be required reading for all economists.” - Campbell Harvey, Professor of International Business, Duke University / former President of the American Finance Association

“Here is a very expected and salutary book that economists may not ignore. We can only collectively benefit from it.” - Marcus Dejardin, Professor of Economics at the University of Namur and UCLouvain

“I highly recommend this book because it time and again shows how our discipline could move forward and become more scientific.” - Harry Garretsen, Professor of International Economics & Business, University of Groningen

Hugh van der Mandele is a retired consulting economist and research collaborator at Vrije Universiteit Amsterdam

Arjen van Witteloostuijn is Dean of the School of Business and Economics at Vrije Universiteit Amsterdam