TY  - JOUR
AB  - The article makes a comprehensive study of the development of
social economic thought in the history of economic doctrines. Traces of
social economic development are dated back to the Physiocrats and moral
philosophers and reference is made to the early Arab works in the
developments of these social economic doctrines. The social economic
thought in the classical school of economic theory is critically
studied. It is shown that with the advancement of economic theory in the
hands of the neoclassical school and its latter‐day developments social
economic doctrines receded from mainstream economics. The contemporary
social economists in North America have fallen into the trap of these
neoclassical approaches applied to the study of social economic
phenomena. The article also shows that similar neoclassical and
ethically neutral traces continue in the works of the mixed economy
theorists, institutionalists, macroeconomists, monetarists, rational
expectations hypothesists, public and social choice theorists of all
types. Thus, the whole gamut of mainstream economics is shown to be
trapped in an epistemological and methodological quandary as to how
ethical phenomena are to be treated rationally in the framework of
economic theory.
VL  - 18
IS  - 11/12
SN  - 0306-8293
DO  - 10.1108/EUM0000000000475
UR  - https://doi.org/10.1108/EUM0000000000475
AU  - Alam Choudhury Masudul
PY  - 1991
Y1  - 1991/01/01
TI  - A Critique of Developments in Social Economics and the Alternative
T2  - International Journal of Social Economics
PB  - MCB UP Ltd
SP  - 36
EP  - 61
Y2  - 2024/04/24
ER  -