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Fruitful and Barren Developments in Economics

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  • Bruno S. Frey
Abstract
The development of research in economics proceeds in five phases: (1) novel ideas and great insights appear; (2) the number of contributions explodes and the marginal returns of insights gained decrease; (3) the original idea is revitalized; (4) decreasing marginal returns to insights set in again; and (5) new directions of research emerge. These stylized phases are illustrated by Growth Theory, Constitutional Economics, Political Business Cycles and Laboratory Experiments. -- The terms “fruitful” and “barren” are related to particular phases in the development of economic research. The barren periods are due to the specific institutional conditions under which scholars have to operate: the dominant need to publish and to get cited. These goals are defined by internal scholarly standards and requirements not devised to create new insights. It is high time to seriously reconsider the institutional foundations on which economic science is taking place. Some suggestions are made. / Die Entwicklung der wirtschaftswissenschaftlichen Forschung vollzieht sich in fünf Phasen: (1) Neue Ideen und Einsichten entstehen; (2) Die Zahl der Beiträge explodiert und der Grenznutzen zusätzlicher Einsichten schwindet; (3) Die ursprüngliche Idee wird wiederbelebt; (4) Es treten wieder abnehmende Grenzerträge auf; Und (5) neue Forschungsrichtungen entstehen. Diese stilisierten Phasen werden anhand der Wachstumstheorie, der Konstitutionellen Ökonomik, den Politischen Konjunkturzyklen und der Laborexperimente illustriert. -- Die Begriffe „öde“ und „fruchtbar“ beziehen sich auf diese Phasen der Entwicklung der Wirtschaftswissenschaft. Die öden Perioden entstehen durch die spezifischen institutionellen Bedingungen, denen Forschende unterworfen sind: Der Zwang zu publizieren und zitiert zu werden. Die Ziele werden durch die internen wissenschaftlichen Standards definiert und fördern nicht kreative neue Einsichten. Die institutionellen Forschungsbedingungen in der Wirtschaftswissenschaft sollten dringend revidiert werden, wozu einige Vorschläge gemacht werden.

Suggested Citation

  • Bruno S. Frey, 2015. "Fruitful and Barren Developments in Economics," Schmollers Jahrbuch : Journal of Applied Social Science Studies / Zeitschrift für Wirtschafts- und Sozialwissenschaften, Duncker & Humblot, Berlin, vol. 135(2), pages 143-154.
    • Handle: RePEc:dah:aeqsjb:v135_y2015_i2_q2_p143-154
    DOI: 10.3790/schm.135.2.143
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    More about this item

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General

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