Understanding the evolution of economics as a discipline involves delving into the theories of scientific progress. Two prominent figures in this debate are Thomas Kuhn and Larry Laudan. Kuhn’s paradigm shifts and Laudan’s research traditions offer contrasting yet insightful frameworks for understanding how economic thought evolves. This blog explores these perspectives and their implications for the development of economic theories over time.

Thomas Kuhn: Paradigm Shifts in Economics

The Structure of Scientific Revolutions

Thomas Kuhn, in his seminal work “The Structure of Scientific Revolutions,” proposed that scientific progress is not a steady, cumulative process but rather occurs through a series of discontinuous leaps known as paradigm shifts. A paradigm encompasses the accepted theories, methods, and standards within a scientific community.

Normal Science and Paradigm Shifts

Normal Science: During periods of normal science, economists work within the prevailing paradigm, solving puzzles and refining theories. For example, the Keynesian paradigm dominated economics in the mid-20th century, focusing on government intervention to manage economic cycles. … Continue Reading Full Article