Progress in Economic Thought: Neoclassical Economics Versus Sustainable Economics

All scientific disciplines are characterized by continuous development under a varying dynamic. This applies to the engineering sciences, the natural sciences, and the humanities, as well as to economics and other scientific disciplines. This is often referred to as scientific progress as observed in the context of the many sub-disciplines of the individual branches of science. A somewhat bold specification of progress in an economic sense allows scientific progress in general to be described as follows: If the younger researchers in a discipline could know and do all that the older generations have known and done plus just a bit more, scientific progress will result. This chapter focuses on the progressive thinking in neoclassical economics and the sustainable economy, which is characterized by controversy.