BOOK
Pluralist Economics
Peter Earl | Jeroen van Bouwel | Yanis Varoufakis | J. E. King | Mohamed Aslam Haneef | Thomas Mayer | David Colander | Harry Landreth | Geoffrey Hodgson | Christian Arnsperger | Robert F. Garnett | Alan Freeman | Christian Arnsperger | Peter Soderbaum | Kyle Siler | Andrew Kliman | Edward Fullbrook
(2009)
Additional Information
Book Details
Abstract
This book is an authoritative and accessible guide to the pluralist movement threatening to revolutionise mainstream economics. Leading figures in the field explain why pluralism is a required virtue in economics, how it came to be blocked and what it means for the way we think about, research and teach economics.
The first part of the book looks at how neoclassical economics gained its stranglehold, particularly in the United States, and how the social and intellectual underpinnings of economics have enabled it to maintain this in the face of inconsistent evidence from the real world. This is then contrasted with different approaches to pluralism. Pluralist Economics then goes on to address the array of arguments for establishing pluralism, showing how economics came to function as a concealed ideology and not as a science, and how value-free economics is an illusion. Finally, it addresses the practical problems presented by this different way of doing economics.
'Edward Fullbrook's exceptional volume aims to challenge and counter the cavalier way mainstream economists dismiss theories and perspectives other than their own as "nonscience". Pluralism is long overdue in economics, and this is the best single introduction to what it means for the way we think about and use economics in the real world.'
David F. Ruccio, University of Notre Dame
'Edward Fullbrook has done it again, with an excellent and timely collection on an especially pertinent topic. This is an exceptionally insightful and thought-provoking book featuring work from significant contributors to modern heterodox economics.'
Tony Lawson, University of Cambridge
'Edward Fullbrook and his coauthors present the case for an eclectic, diverse, tolerant and relevant alternative. They show with special clarity how pluralism actually works in other disciplines, notably physics, and the value of metaphor and narrative in making arguments in social science persuasive.'
James K. Galbraith, University of Texas at Austin
Edward Fullbrook is the founder and editor of The Real World Economics Review (formerly the Post-Autistic Economics Review) and webmaster of www.paecon.net. He is a research fellow in the School of Economics at the University of the West of England. He is the author of Sex and Philosophy: Rethinking de Beauvoir and Sartre (2008).
Table of Contents
Section Title | Page | Action | Price |
---|---|---|---|
Notes on Contributors | vii | ||
Introduction | 1 | ||
Rebellion | 1 | ||
Pluralism and Philosophy | 3 | ||
Pluralism and Physics | 4 | ||
Pluralism and Economics | 6 | ||
This Book | 7 | ||
Note | 10 | ||
References | 10 | ||
PART I What Is Pluralism? | 11 | ||
1 Neoclassical Economics: Three Identifying Features | 13 | ||
The First Axiom of Neoclassical Economics: Methodological Individualism | 14 | ||
The Second Axiom of Neoclassical Economics: Methodological Instrumentalism | 16 | ||
The Third Axiom of Neoclassical Economics: Methodological Equilibration | 18 | ||
Three Axioms, One Neoclassical Economics | 19 | ||
Some Thoughts on Neoclassicism’s Discursive Power and its Aversion to Pluralism | 21 | ||
Epilogue | 24 | ||
Notes | 25 | ||
References | 25 | ||
2 Pluralism, Formalism and American Economics | 26 | ||
The Swinging Pendulum | 29 | ||
Why This History Is Important | 29 | ||
The Players | 30 | ||
The Victory of the Coalition of Formalists and Marshallians over the Institutionalists | 31 | ||
The Institutional Cause of Institutionalists’ Demise | 33 | ||
The Victory of Formalists over Marshallians | 35 | ||
The Instability of Marshall’s Straddle | 37 | ||
Some Final Comments and Some Thoughts about the Future | 39 | ||
Notes | 41 | ||
References | 42 | ||
3 The Construction of Economics | 44 | ||
Mutual Dependence | 44 | ||
Economics and Task Uncertainty | 46 | ||
Concluding Thoughts | 49 | ||
Notes | 50 | ||
References | 50 | ||
4 Paradigms and Pluralism | 51 | ||
Introduction | 51 | ||
Radical Paradigmism | 52 | ||
The Pluralist Turn | 57 | ||
Emerging Objections to the Pluralist Turn | 59 | ||
Which Way Forward? | 61 | ||
Towards an Egalitarian Pluralist Economics | 62 | ||
Towards a Better (and More Heterodox) Economics | 70 | ||
Notes | 73 | ||
References | 75 | ||
PART II Arguments for Pluralism | 81 | ||
5 Narrative Pluralism | 83 | ||
Narrative Selection | 84 | ||
The Narrative Pluralism of Twentieth-century Physics | 97 | ||
Anti-knowledge | 101 | ||
Summing Up | 108 | ||
Note | 109 | ||
References | 109 | ||
6 Three Arguments for Pluralism | 111 | ||
Note | 115 | ||
References | 115 | ||
7 Economics as Ideology | 117 | ||
On the Meaning of Paradigm, Ideology, Pluralism and Democracy | 118 | ||
The Ideology of Neoclassical Economics | 121 | ||
Cost–benefit Analysis and Democracy as a Case | 123 | ||
Table 7.1 Categories of approaches to decision-making | 124 | ||
Conclusions and Recommendations for Education in Economics | 125 | ||
References | 127 | ||
8 Metaphor and Pluralism | 128 | ||
The Limits to Reductionism | 128 | ||
The Role of Metaphor | 134 | ||
In Conclusion: Theoretical Pluralism | 142 | ||
Notes | 146 | ||
References | 147 | ||
9 Explanatory Pluralism | 151 | ||
Tony Lawson’s Criticisms of Mainstream Economics | 151 | ||
Tony Lawson’s Alternative View on Ontology and Explanation | 154 | ||
Scrutinizing Lawson’s Proposals on Ontology and Explanation | 156 | ||
Are Lawson’s Proposals Pluralistic? | 164 | ||
Conclusion: Some Open Questions about Pluralism | 167 | ||
Notes | 168 | ||
References | 169 | ||
PART III Pluralist Practice in Economics | 171 | ||
10 Beyond Talking the Talk | 173 | ||
Critical Pluralism: An Introduction | 173 | ||
Monotheoretic Heterodoxy: An Inadequate Informal Norm | 175 | ||
Monotheoretic Practice and the Cult of the Economic Expert | 177 | ||
Material Roots: The Practice of Economic Research | 178 | ||
Ideological Roots: The Myth of the Evolutionary Selection of Ideas | 181 | ||
Can Economics Reform Itself? | 184 | ||
Notes | 191 | ||
References | 192 | ||
11 In the Economics Classroom | 193 | ||
Perry’s Scheme of Cognitive and Ethical Development | 195 | ||
Consequences of Mismatches between Students’ and Lecturers’ Expectations | 198 | ||
Phases of Development among Academic Economists, Too? | 202 | ||
Strategies for Assisting Progression Towards Committed Relativism and Beyond | 205 | ||
When and How to Bring Indeterminacy into the Economics Classroom | 208 | ||
Conclusion | 212 | ||
References | 213 | ||
12 Some Practical Aspects | 215 | ||
Policy | 217 | ||
Theory | 218 | ||
Methodology | 219 | ||
Value Judgements | 222 | ||
Individual or Collective Pluralism | 224 | ||
Conclusion | 225 | ||
Notes | 226 | ||
References | 226 | ||
13 Islamic Economics: A Case Study | 228 | ||
Background of Course ECON 1710: Foundations of Islamic Economics (FIE) | 229 | ||
Can There Be a Religion-based Economics? | 237 | ||
Conclusion | 240 | ||
Notes | 240 | ||
References | 241 | ||
Index | 242 |