Some institutions (social norms and conventions) of contemporary mainstream economics, macroeconomics and financial economics
用制度视角分析当代主流经济学,识别其整体及宏观经济学、金融经济学分支中的心智和行为规则,指出不遵守者受惩罚、遵守者得奖励,这些规则作为社会规范和惯例可能对学科产生负面影响。
This paper applies an institutional approach to contemporary mainstream economics. It identifies some mental and behavioral rules of mainstream economics as a whole and of the mainstream segment of two important subdisciplines, namely, macroeconomics and financial economics. There are social reasons behind the sharing of these rules. They are institutions. More specifically, academics who do not comply with these rules are subject to punishment, while conformists may be rewarded. At the same time, many supporters of mainstream economics have internalized these rules as legitimate, in part because of the prestige of their advocates. Social sanctions and internalization characterize social norms. These institutions are also conventions. Through various mechanisms, some academics follow these rules at least in part because others have done so; in addition, the prevailing rules are not necessarily superior to existing or conceivable alternatives. The combination of social norms and conventions may have negative consequences for the discipline.