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State and future of the ‘citadel’ and of the heterodoxies in economics: challenges and dangers, convergences and cooperation

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  • Wolfram Elsner

    (University of Bremen)

Abstract

This keynote reflects on the phased-out original neoclassical research program and the dominance of originally heterodox issues and questions, all beyond the ‘optimality and equilibrium of the market economy’, in modern cutting-edge economic research. This provides opportunities for heterodoxies and a number of severe internal consistency problems in the current mainstream – between their serious research in terms of complexity, dynamics, evolution, institutions and political economy, which they share with the different heterodoxies, and the ideological mantras they keep sticking to in mass teaching, textbooks, commercial research, policy advice and media statements. The severe financial and comprehensive crises have not only left the mainstream largely unswayed, but have rendered economics an even more contested area. The ideological function of the mainstream for the existing economic system seems to have become even more pronounced. On top of that, there is a comprehensive and fatal counterattack against a potential pluralism of ideas and theories and paradigmatic competition, put forward against the heterodoxies and for ideological cleansing of the discipline, spurred on in the disguise of ranking games. The conception and methodologies of the evaluation and ranking procedures have been proved to be fundamentally mistaken and flawed, but are nevertheless implemented against heterodox thinking worldwide. Examples are given throughout the note. Against this background, this keynote reflects about the status of the heterodoxies and current opportunities and ways to establish a relevant, real-world and useful economic discipline through cooperation and proactive pluralism.

Suggested Citation

  • Wolfram Elsner, 2013. "State and future of the ‘citadel’ and of the heterodoxies in economics: challenges and dangers, convergences and cooperation," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(3), pages 286—298-2, December.
    • Handle: RePEc:elg:ejeepi:v:10:y:2013:i:3:p286-298
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    Cited by:

    1. Cedrini, Mario & Fontana, Magda, 2015. "Mainstreaming. Reflections on the Origins and Fate of Mainstream Pluralism," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201510, University of Turin.
    2. Mario Cedrini & Magda Fontana, 2018. "Just another niche in the wall? How specialization is changing the face of mainstream economics [Multidisciplinarity, interdisciplinarity, transdisciplinarity, and the sciences]," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 42(2), pages 427-451.
    3. Heinrich, Torsten, 2015. "Evolution-Based Approaches in Economics and Evolutionary Loss of Information," MPRA Paper 68384, University Library of Munich, Germany.
    4. Elsner, Wolfram, 2016. "Why economics textbooks must, and how they can, be changed into a real-world and pluralist economics. The example of a fundamentally new complexity-economics micro-textbook," MPRA Paper 73097, University Library of Munich, Germany.
    5. Paolo Ramazzotti, 2015. "Theory, Power and the Project of a Neoliberal Society: An Introduction to the Special Issue," Forum for Social Economics, Taylor & Francis Journals, vol. 44(2), pages 109-114, August.
    6. Heinrich, Torsten, 2016. "The Narrow and the Broad Approach to Evolutionary Modeling in Economics," MPRA Paper 75797, University Library of Munich, Germany.
    7. Elsner, Wolfram, 2016. "The Dichotomy, Inconsistency, and Peculiar Outmodedness of the „Mainstream“ Textbook. The Example of Institutions," MPRA Paper 70471, University Library of Munich, Germany.

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    More about this item

    Keywords

    neoclassical economics; GET; evolutionary economics; institutional economics; post-Keynesian economics; complexity economics; real-world economics; heterodox economics; economic paradigms; economic teaching; pluralism; microfoundations of macro; macrofoundations of micro;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • A2 - General Economics and Teaching - - Economic Education and Teaching of Economics
    • B0 - Schools of Economic Thought and Methodology - - General
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • C0 - Mathematical and Quantitative Methods - - General

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