A NEW HETERODOX APPROACH: WACKONOMICS

Year 2018, Volume: 5 Issue: 12, 101 - 107, 30.12.2018

Selçuk Balı İbrahim Özmen

Abstract

The neo-classical economics approach, which implies
that markets are effective, has begun to be discussed frequently with the
participation of various disciplines within the theory of economics. One of the
critical approaches that emerged with these discussions is criticized as
wackonomics. This approach is basically opposed to the assumptions of
neo-classical economics as well as the methodological and empirical basis. This
approach, which was able to go until 50 years ago, but became active in the
theoretical level after the second half of the 90's, especially after
Kahneman's Nobel Prize in Economics in 2002, has not been taken into
consideration in our country or in developing countries. Within the scope of
the study, various sub-approaches that can be evaluated under the wackonomics
are discussed. It should be noted that this approach will probably contribute
to the further development of economics in terms of its scientific basis.

Keywords

Wackonomics, Economics of Sports, Economics of Religious, Economics of Health, Economics of Law

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