ABSTRACT
When Thomas Kuhn published The Structure of Scientific Revolutions (University of Chicago Press, 1962), he introduced into the popular lexicon the term ‘paradigm shift’. Its original meaning dealt with the gradual shift in the adoption of a given, newly-introduced theory as it displaces commonly-held ideas that fail to adequately explain observed data or phenomena. In the realms of the hard sciences this idea displacement is easily observed and documented, as competing theories can be empirically tested for their validity. This is not so in the so-called management sciences, since the number of parameters involved in testing any theoretical approach within a macroeconomic environment is prohibitively expansive – it’s simply impossible to isolate the contributing elements affecting macroeconomic transactions to the extent necessary to validate a given approach.
