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Economics is all over the map.

Don Ross1

  • 1School of Economics, University of Cape Town, Private bag, Rondebosch 7701, Cape Town, South Africa. don.ross@uct.ac.za http://uct.academia.edu/DonRoss.

The Behavioral and Brain Sciences
|February 28, 2014
PubMed
Summary

This study challenges the narrow view of economics as only individualistic and transparent choices. It highlights that leading economic journals increasingly feature diverse models, including those from less-explored areas.

Area of Science:

  • Behavioral economics
  • Economic modeling

Background:

  • Traditional economic models often focus on individual, transparent choices (northwest quadrant).
  • Behavioral economics seeks to expand economic models southward, but not necessarily eastward.
  • A common perception limits economics to specific quadrants of a conceptual map.

Purpose of the Study:

  • To analyze the scope and diversity of economic models published in leading journals.
  • To challenge the notion that economics is confined to a specific quadrant of theoretical space.
  • To examine the increasing prominence of economic work from the 'eastern zone'.

Main Methods:

  • Content analysis of leading economics journals.
  • Review of published economic models and their theoretical positioning.

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  • Examination of trends in economic research areas.

    • Main Results:

    • Leading economics journals publish models across all four quadrants of the conceptual map.
    • The prominence of economic work from the 'eastern zone' is demonstrably increasing.
    • The study refutes the idea that economics is solely the science of the northwest quadrant.

    Conclusions:

    • Economic research is more diverse than often perceived, encompassing various theoretical approaches.
    • The increasing publication of eastern-zone models indicates a broadening of the discipline.
    • The traditional, narrow definition of economics is becoming less representative of current research trends.