IDEAS home Printed from https://ideas.repec.org/a/mes/ijpoec/v43y2014i3p70-93.html
   My bibliography  Save this article

The Future of Economics in a Lakatos–Bourdieu Framework

Author

Listed:
  • Arne Heise

Abstract

The global financial crisis has clearly been a matter of great consternation for the business-as-usual faction of mainstream economics. Will the World Financial Crisis turn out to be that experimentum crucis that triggered a scientific revolution? In this article, we seek to assess the likelihood of a paradigm shift toward heterodox approaches and a more pluralist setting in economics emerging from the academic establishment in the United States—that is, from the dominant center of knowledge production in the economic discipline. This will be done by building the analysis on a combined Lakatosian framework of “battle of research programs” and a Bourdieuian framework of “power struggle” within the academic field and highlighting the likelihood of two main proponents of the mainstream elite to become the promulgator of change.

Suggested Citation

  • Arne Heise, 2014. "The Future of Economics in a Lakatos–Bourdieu Framework," International Journal of Political Economy, Taylor & Francis Journals, vol. 43(3), pages 70-93, July.
    • Handle: RePEc:mes:ijpoec:v:43:y:2014:i:3:p:70-93
    DOI: 10.1080/08911916.2015.1001691
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/08911916.2015.1001691
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/08911916.2015.1001691?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Davis, John B., 2006. "The turn in economics: neoclassical dominance to mainstream pluralism?," Journal of Institutional Economics, Cambridge University Press, vol. 2(1), pages 1-20, April.
    2. Alan Kirman, 2010. "The Economic Crisis is a Crisis for Economic Theory ," CESifo Economic Studies, CESifo Group, vol. 56(4), pages 498-535, December.
    3. Nigel F.B. Allington & John S.L. McCombie & Maureen Pike, 2011. "The failure of the new macroeconomic consensus: from non-ergodicity to the efficient markets hypothesis and back again," International Journal of Public Policy, Inderscience Enterprises Ltd, vol. 7(1/2/3), pages 4-21.
    4. Cross, Rodney, 1982. "The Duhem-Quine Thesis, Lakatos and the Appraisal of Theories in Macroeconomics," Economic Journal, Royal Economic Society, vol. 92(366), pages 320-340, June.
    5. Hayek, F. A., 2012. "Hayek on Hayek," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226321202 edited by Kresge, Stephen & Wenar, Leif, December.
    6. Ricardo J. Caballero, 2010. "Macroeconomics after the Crisis: Time to Deal with the Pretense-of-Knowledge Syndrome," Journal of Economic Perspectives, American Economic Association, vol. 24(4), pages 85-102, Fall.
    7. Tony Lawson, 2006. "The nature of heterodox economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 30(4), pages 483-505, July.
    8. George A. Akerlof & Olivier Blanchard & David Romer & Joseph E. Stiglitz (ed.), 2014. "What Have We Learned? Macroeconomic Policy After the Crisis," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262027348, December.
    9. Colander, David, 2003. "The Aging of an Economist," Journal of the History of Economic Thought, Cambridge University Press, vol. 25(2), pages 157-176, June.
    10. Roger Koppl & William Luther, 2012. "Hayek, Keynes, and modern macroeconomics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 25(3), pages 223-241, September.
    11. Gauti B. Eggertsson & Paul Krugman, 2012. "Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minsky-Koo Approach," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 127(3), pages 1469-1513.
    12. Andrew Mearman, 2012. "‘Heterodox economics’ and the problems of classification," Journal of Economic Methodology, Taylor & Francis Journals, vol. 19(4), pages 407-424, December.
    13. John H. Cochrane, 2011. "HOW DID PAUL KRUGMAN GET IT SO WRONG?-super-1," Economic Affairs, Wiley Blackwell, vol. 31(2), pages 36-40, June.
    14. Thomas I. Palley, 2013. "Gattopardo economics: the crisis and the mainstream response of change that keeps things the same," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(2), pages 193-206.
    15. Frederic S. Lee, 2000. "The Organizational History of Post Keynesian Economics in America, 1971-1995," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 23(1), pages 141-162, September.
    16. Roger Middleton, 1998. "Charlatans or Saviours?," Books, Edward Elgar Publishing, number 1556.
    17. Frederic S. Lee, 2004. "History and Identity: The Case of Radical Economics and Radical Economists, 1945-70," Review of Radical Political Economics, Union for Radical Political Economics, vol. 36(2), pages 177-195, June.
    18. David Colander & Richard P. F. Holt & J. Barkley Rosser, 2010. "How to win friends and (possibly) influence mainstream economists," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 32(3), pages 397-408, April.
    19. Joseph E. Stiglitz, 2011. "Rethinking Macroeconomics: What Failed, And How To Repair It," Journal of the European Economic Association, European Economic Association, vol. 9(4), pages 591-645, August.
    20. Paul Davidson, 2005. "Responses to Lavoie, King, and Dow on what Post Keynesianism is and who is a Post Keynesian," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 27(3), pages 393-408.
    21. Krugman, Paul, 1998. "Two Cheers for Formalism," Economic Journal, Royal Economic Society, vol. 108(451), pages 1829-1836, November.
    22. David Colander & Hugo Nopo Key Words: Latin American economics, global economics, political economy, graduate training, Latin America, applied economics, 2007. "The Making of a Latin American Global Economist," Middlebury College Working Paper Series 0705, Middlebury College, Department of Economics.
    23. Joseph E. Stiglitz, 2002. "Information and the Change in the Paradigm in Economics," American Economic Review, American Economic Association, vol. 92(3), pages 460-501, June.
    24. Vernon L. Smith, 2003. "Constructivist and Ecological Rationality in Economics," American Economic Review, American Economic Association, vol. 93(3), pages 465-508, June.
    25. Matías Vernengo, 2010. "Conversation or monologue? on advising heterodox economists," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 32(3), pages 389-396, April.
    26. Hashem M. Pesaran & Ron P. Smith, 2011. "Beyond the DSGE Straitjacket," CESifo Working Paper Series 3447, CESifo.
    27. Bruce Cronin, 2010. "The Diffusion of Heterodox Economics," American Journal of Economics and Sociology, Wiley Blackwell, vol. 69(5), pages 1475-1494, November.
    28. J. Barkley Rosser Jr & Richard P.F. Holt & David Colander, 2010. "European Economics at a Crossroads," Books, Edward Elgar Publishing, number 13585.
    29. Peter M. Summers, 2005. "What caused the Great Moderation? : some cross-country evidence," Economic Review, Federal Reserve Bank of Kansas City, vol. 90(Q III), pages 5-32.
    30. Keynes, John Maynard, 1919. "The Economic Consequences of the Peace," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number keynes1919.
    31. Gerald E. Peabody, 1971. "Scientific Paradigms and Economics: an Introduction," Review of Radical Political Economics, Union for Radical Political Economics, vol. 3(2), pages 1-16, July.
    32. Paul Davidson, 1992. "Would Keynes Be a New Keynesian?," Eastern Economic Journal, Eastern Economic Association, vol. 18(4), pages 449-463, Fall.
    33. Diane Coyle, 2010. "The Soulful Science: What Economists Really Do and Why It Matters: Revised Edition," Economics Books, Princeton University Press, edition 1, number 9026.
    34. M. Hashem Pesaran & Ron P. Smith, 2011. "BEYOND THE DSGE STRAITJACKET-super-1," Manchester School, University of Manchester, vol. 79(s2), pages 5-16, September.
    35. Colander, David & Klamer, Arjo, 1987. "The Making of an Economist," Journal of Economic Perspectives, American Economic Association, vol. 1(2), pages 95-111, Fall.
    36. Patrick Minford, 2010. "The Banking Crisis as Dynamic Stochastic General Equilibrium," CESifo Economic Studies, CESifo Group, vol. 56(4), pages 554-574, December.
    37. Aslanbeigui, Nahid & Oakes, Guy, 2007. "The Editor as Scientific Revolutionary: Keynes, The Economic Journal, and the Pigou Affair, 1936–1938," Journal of the History of Economic Thought, Cambridge University Press, vol. 29(1), pages 15-48, March.
    38. Katzner, Donald W., 2011. "At the Edge of Camelot: Debating Economics in Turbulent Times," OUP Catalogue, Oxford University Press, number 9780199765355.
    39. Robert E. Lucas Jr., 2003. "Macroeconomic Priorities," American Economic Review, American Economic Association, vol. 93(1), pages 1-14, March.
    40. Charles Bean, 2010. "Joseph Schumpeter Lecture The Great Moderation, The Great Panic, and The Great Contraction," Journal of the European Economic Association, MIT Press, vol. 8(2-3), pages 289-325, 04-05.
    41. Charles L. Schultze, 1996. "The CEA: An Inside Voice for Mainstream Economics," Journal of Economic Perspectives, American Economic Association, vol. 10(3), pages 23-39, Summer.
    42. James Galbraith, 2013. "The Third Crisis in Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 47(2), pages 311-322.
    43. Paul Davidson, 1984. "Reviving Keynes’s Revolution," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 6(4), pages 561-575, July.
    44. David Colander, 2007. "Introduction to The Making of an Economist, Redux," Introductory Chapters, in: The Making of an Economist, Redux, Princeton University Press.
    45. Michael Reich, 1993. "Radical Economics in Historical Perspective," Review of Radical Political Economics, Union for Radical Political Economics, vol. 25(3), pages 43-50, September.
    46. Olivier Blanchard & Giovanni Dell'Ariccia & Paolo Mauro, 2010. "Rethinking Macroeconomic Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(s1), pages 199-215, September.
    47. Michael Woodford, 2010. "Financial Intermediation and Macroeconomic Analysis," Journal of Economic Perspectives, American Economic Association, vol. 24(4), pages 21-44, Fall.
    48. J. E. King, 2002. "A History of Post Keynesian Economics since 1936," Books, Edward Elgar Publishing, number 2135.
    49. Evan F. Koenig & Robert Leeson & George A. Kahn (ed.), 2012. "The Taylor Rule and the Transformation of Monetary Policy," Books, Hoover Institution, Stanford University, number 4.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Arne Heise, 2017. "Walras' Law in the Context of Pre-Analytic Visions," Economic Thought, World Economics Association, vol. 6(1), pages 83-96, March.
    2. Arne Heise, 2018. "Reclaiming the University: transforming economics as a discipline," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 11(2), pages 37-66, May.
    3. Arne HEISE, 2016. "‘Why has economics turned out this way?’ A socio-economic note on the explanation of monism in economics," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 10(1), pages 81-101, November.
    4. Reinke, Rouven, 2021. "Zur ungleichen Verteilung von Macht innerhalb der Volkswirtschaftslehre in Deutschland: Eine feld-und kapitaltheoretische Betrachtung," ZÖSS-Discussion Papers 91, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
    5. Rouven Reinke, 2021. "A critical note on the scientific conception of economics: claiming for a methodological pluralism," Post-Print hal-03374887, HAL.
    6. Reinke, Rouven, 2020. "Das Wissenschaftsverständnis der Volkswirtschaftslehre in der Kritik: Implikationen für die Vision einer pluralen Ökonomik," ZÖSS-Discussion Papers 79, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
    7. Reinke, Rouven, 2021. "Das Verhältnis von neuer Wirtschaftssoziologie und moderner Volkswirtschaftslehre: Möglichkeiten und Grenzen einer soziologischen Kritik am (neoklassischen) Mainstream," ZÖSS-Discussion Papers 83, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Heise, Arne & Thieme, Sebastian, 2016. "The Short Rise and Long Fall of heterodox Economics in germany After the 1970s: Explorations in a Scientific Field of Power and Struggle," MPRA Paper 80022, University Library of Munich, Germany.
    2. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95.
    3. David Dequech, 2016. "Some Institutions (Social Norms And Conventions) Of Contemporary Mainstream Economics, Macroeconomics, And Financial Economics," Anais do XLIII Encontro Nacional de Economia [Proceedings of the 43rd Brazilian Economics Meeting] 006, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    4. Marchionatti, Roberto & Sella, Lisa, 2015. "Is Neo-Walrasian Macroeconomics a Dead End?," CESMEP Working Papers 201502, University of Turin.
    5. Stijn Claessens & M Ayhan Kose, 2017. "Asset prices and macroeconomic outcomes: a survey," BIS Working Papers 676, Bank for International Settlements.
    6. Giovanni Dosi & Andrea Roventini, 2019. "More is different ... and complex! the case for agent-based macroeconomics," Journal of Evolutionary Economics, Springer, vol. 29(1), pages 1-37, March.
    7. J. E. King, 2012. "Post Keynesians and Others," Review of Political Economy, Taylor & Francis Journals, vol. 24(2), pages 305-319, April.
    8. Hendrik P. van Dalen & Kène Henkens, 2012. "What is on a Demographer’s Mind?," Demographic Research, Max Planck Institute for Demographic Research, Rostock, Germany, vol. 26(16), pages 363-408.
    9. Eugenio Caverzasi & Alberto Russo, 2018. "Toward a new microfounded macroeconomics in the wake of the crisis," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 27(6), pages 999-1014.
    10. Giorgio Fagiolo & Andrea Roventini, 2017. "Macroeconomic Policy in DSGE and Agent-Based Models Redux: New Developments and Challenges Ahead," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 20(1), pages 1-1.
    11. Klaus Mohn, 2010. "Autism in Economics? A Second Opinion," Forum for Social Economics, Springer;The Association for Social Economics, vol. 39(2), pages 191-208, July.
    12. Eduardo Fernández-Huerga & Ana Pardo & Ana Salvador, 2023. "Compatibility and complementarity between institutional and post-Keynesian economics: a literature review with a particular focus on methodology," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 40(2), pages 413-443, July.
    13. repec:hal:spmain:info:hdl:2441/dcditnq6282sbu1u151qe5p7f is not listed on IDEAS
    14. repec:spo:wpmain:info:hdl:2441/dcditnq6282sbu1u151qe5p7f is not listed on IDEAS
    15. Giorgio Fagiolo & Andrea Roventini, 2016. "Macroeconomic Policy in DGSE and Agent-Based Models Redux," Working Papers hal-03459348, HAL.
    16. Bruno Frey, 2006. "How Influential is Economics?," De Economist, Springer, vol. 154(2), pages 295-311, June.
    17. Chand, Sheetal K., 2012. "The Relevance of Haavelmo’s Macroeconomic Theorizing for Contemporary Policy Making," Memorandum 06/2012, Oslo University, Department of Economics.
    18. Bruno S. Frey, 2000. "Was Bewirkt die Volkswirtschaftslehre?," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 1(1), pages 5-33, February.
    19. Wieland, Volker & Binder, Michael & Lieberknecht, Philipp & Quintana, Jorge, 2017. "Model Uncertainty in Macroeconomics: On the Implications of Financial Frictions," CEPR Discussion Papers 12013, C.E.P.R. Discussion Papers.
    20. repec:spo:wpecon:info:hdl:2441/53r60a8s3kup1vc9l5643ehjk is not listed on IDEAS
    21. Dosi, Giovanni & Fagiolo, Giorgio & Napoletano, Mauro & Roventini, Andrea & Treibich, Tania, 2015. "Fiscal and monetary policies in complex evolving economies," Journal of Economic Dynamics and Control, Elsevier, vol. 52(C), pages 166-189.
    22. David Colander & Jessica Holmes, 2007. "Gender and graduate economics education in the US," Feminist Economics, Taylor & Francis Journals, vol. 13(2), pages 93-116.
    23. Athreya, Kartik B., 2014. "Big Ideas in Macroeconomics: A Nontechnical View," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262019736, December.

    More about this item

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mes:ijpoec:v:43:y:2014:i:3:p:70-93. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/MIJP20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.