Economic Methodology and Nobel Laureates: Confirmation of a Methodological Paradigm Shift

Meir Kohn ( 2004 ) argues that two methodologies, the “value paradigm” and the “exchange paradigm,” dominate modern economics with the equilibrium‐focused value paradigm increasingly replaced by the more successful exchange paradigm. This article examines the question of modern economic methodologies and seeks to determine if the shift described by Kohn can be seen in the winners of the Nobel Prize in Economics (1969–2010). Trends in Nobel laureates suggest that Kohn's depiction of the two paradigms and their relationship appears accurate.