Pluralism in economics
Encyclopedia
The pluralism in economics movement is a campaign to eliminate monism in economics. The movement's adherents have stated that substantive and methodological monism
currently dominates mainstream economics
.
In the past, economics had greater scientific pluralism, according to Dalen. The underlying methodology of economic studies is monist
, according to one statement. A confederation for pluralism has encouraged the inclusion of a wide variety of neoclassical
and heterodox
economic theories - including Austrian, feminist
, Marxian
, institutional
, social, and evolutionary economics
,
stating that "each tradition of thought adds something unique and valuable to economic scholarship."
The current movement for pluralism arose in the 1990s. In 1992, a petition was published as a paid advertisement in the American Economic Review
. This petition described itself as a "plea for a pluralistic and rigorous economics". Many critics of mainstream economics began to describe themselves as proponents of pluralism; they formed groups or organizations such as The International Confederation of Associations for Reform in Economics (ICARE). Later, French students announced a "post-autistic economics
" movement. A "rebellion" of students at the École Normale Supérieure
happened in 2000.
However, not all critics of mainstream economics favored pluralistic practice, often calling for "reform" instead-which prompted many pluralist organizations to distance themselves instead. For example, ICARE became ICAPE - replacing the R ("reform") with P ("pluralism") in their name, stating that "'reform' ... does not properly characterize the nature or purpose of our organization..."
Monism
Monism is any philosophical view which holds that there is unity in a given field of inquiry. Accordingly, some philosophers may hold that the universe is one rather than dualistic or pluralistic...
currently dominates mainstream economics
Mainstream economics
Mainstream economics is a loose term used to refer to widely-accepted economics as taught in prominent universities and in contrast to heterodox economics...
.
In the past, economics had greater scientific pluralism, according to Dalen. The underlying methodology of economic studies is monist
Monism
Monism is any philosophical view which holds that there is unity in a given field of inquiry. Accordingly, some philosophers may hold that the universe is one rather than dualistic or pluralistic...
, according to one statement. A confederation for pluralism has encouraged the inclusion of a wide variety of neoclassical
Neoclassical economics
Neoclassical economics is a term variously used for approaches to economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand, often mediated through a hypothesized maximization of utility by income-constrained individuals and of profits...
and heterodox
Heterodox economics
"Heterodox economics" refers to approaches or to schools of economic thought that are considered outside of "mainstream economics". Mainstream economists sometimes assert that it has little or no influence on the vast majority of academic economists in the English speaking world. "Mainstream...
economic theories - including Austrian, feminist
Feminist economics
Feminist economics broadly refers to a developing branch of economics that applies feminist lenses to economics. Research under this heading is often interdisciplinary or heterodox...
, Marxian
Marxian economics
Marxian economics refers to economic theories on the functioning of capitalism based on the works of Karl Marx. Adherents of Marxian economics, particularly in academia, distinguish it from Marxism as a political ideology and sociological theory, arguing that Marx's approach to understanding the...
, institutional
Institutional economics
Institutional economics focuses on understanding the role of the evolutionary process and the role of institutions in shaping economic behaviour. Its original focus lay in Thorstein Veblen's instinct-oriented dichotomy between technology on the one side and the "ceremonial" sphere of society on the...
, social, and evolutionary economics
Evolutionary economics
Evolutionary economics is part of mainstream economics as well as heterodox school of economic thought that is inspired by evolutionary biology...
,
stating that "each tradition of thought adds something unique and valuable to economic scholarship."
The current movement for pluralism arose in the 1990s. In 1992, a petition was published as a paid advertisement in the American Economic Review
American Economic Review
The American Economic Review is a peer-reviewed academic journal of economics publishing seven issues annually by the American Economic Association. First published in 1911, it is considered one of the most prestigious journals in the field. The current editor-in-chief is Penny Goldberg . The...
. This petition described itself as a "plea for a pluralistic and rigorous economics". Many critics of mainstream economics began to describe themselves as proponents of pluralism; they formed groups or organizations such as The International Confederation of Associations for Reform in Economics (ICARE). Later, French students announced a "post-autistic economics
Post-autistic economics
The movement for Post-Autistic Economics was born through the work of Sorbonne economist Bernard Guerrien. The movement is best seen as a forum of different groups critical of the current mainstream: from behavioral and heterodox to feminist, green economics and econo-physics...
" movement. A "rebellion" of students at the École Normale Supérieure
École Normale Supérieure
The École normale supérieure is one of the most prestigious French grandes écoles...
happened in 2000.
However, not all critics of mainstream economics favored pluralistic practice, often calling for "reform" instead-which prompted many pluralist organizations to distance themselves instead. For example, ICARE became ICAPE - replacing the R ("reform") with P ("pluralism") in their name, stating that "'reform' ... does not properly characterize the nature or purpose of our organization..."
External links to pluralist groups/journals
Some of the groups dedicated to the movement for pluralism in economics are:- The International Confederation of Associations for Pluralism in Economics - "ICAPE ... seeks to foster intellectual pluralism and a sense of collective purpose and strength among these heterodox organizations."
- The Association for Heterodox Economics - themes of its annual conferences include "Pluralism in Economics" (2005), "Economics, Pluralism, and the Social Sciences" (2006), and "Pluralism in Action" (2007).
- The Post-autistic Economics Network - publishing papers on pluralism.
- The Association for Integrity and Responsible Leadership in Economics and Associated Professions
- Foundation for European Economic Development