European Economics at a Crossroads
Show Less

European Economics at a Crossroads

J. Barkley Rosser Jr, Richard P.F. Holt and David Colander

As Europe moves toward an integrated academic system, European economics is changing. This book discusses that change, along with the changes that are happening simultaneously within the economic profession. The authors argue that modern economics can no longer usefully be described as ‘neoclassical’, but is much better described as complexity economics. The complexity approach embraces rather than assumes away the complexities of social interaction.
Buy Book in Print
Show Summary Details
You do not have access to this content

Chapter 1: European Economics at a Crossroads

J. Barkley Rosser Jr, Richard P.F. Holt and David Colander


INTRODUCTION European economics is at a crossroads. Because of the Common European Educational Policy and the influence it is exerting, the institutions of European academia are changing. Funding and advancement criteria that in the past were considered almost unchangeable are now in play. The result is a jockeying for funds and power. Within this jockeying there is a push by some of the elite of the European economics profession to create a European economics that is both separate from American economics, but is also competitive with it. How the jockeying plays out will play a big role in guiding the future direction of the European economics profession, and more generally, we believe, the future direction of economics. What makes this all the more interesting is that European economics has arrived at its crossroads at the same time as the economics profession is itself changing; the neoclassical approach based on the holy trinity of rationality, greed and equilibrium is giving way to a less rigid trinity of bounded rationality, enlightened self-interest and sustainability. In a recent book (Colander et al., 2004a) we discussed these changes in economics, and argued that the interesting developments in the profession are occurring at the edge of the mainstream,1 where innovative cutting edge economists are breaking with old traditions, and are changing the face of economics. The changes that are occurring in the economics profession are being driven by changing analytic, computing and statistical technology, which allows economists to use much more sophisticated modeling techniques...

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.

Further information

or login to access all content.