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The aim is to investigate the limitations of economic methodology since the 1970s and the implications for predictive power.

February 26, 2026PanoeconomicusOpen Access

The pragmatism trap: Economics in crisis

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The aim is to investigate the limitations of economic methodology since the 1970s and the implications for predictive power.
Analyzed the paradigmatic crisis in economics over the past fifty years
Examined disciplinary imbalances and methodological limits
Discussed theoretical presuppositions and socio-institutional implications
Instrumental rationality has been prioritized over value rationality
Orthodox economics shows limited predictive power
A misreading of pragmatic epistemology perpetuates scientific hegemony

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Argues that the shift towards instrumental rationality limits predictive power of economics, suggesting a need for a holistic approach.

Sherman Xie (2026) studied this question.

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