Why we need pluralist economics

30 Sep, 2019 at 11:52 | Posted in Economics | 1 Comment


The only economic analysis that mainstream economists accept is the one that takes place within the analytic-formalistic modeling strategy that makes up the core of mainstream economics. All models and theories that do not live up to the precepts of the mainstream methodological canon are pruned. straight-jacketYou’re free to take your models — not using (mathematical) models at all is considered totally unthinkable — and apply them to whatever you want — as long as you do it within the mainstream approach and its modeling strategy.

If you do not follow that particular mathematical-deductive analytical formalism you’re not even considered doing economics. ‘If it isn’t modeled, it isn’t economics.’

That isn’t pluralism.

That’s a methodological reductionist straightjacket.

1 Comment

  1. Alas, a strategy followed by the Church on its geocentric dogma for centuries, with considerable success! Wish that paradigm change actually took place through the accumulation of “contradictions” and “paradoxes”. Many of us have been working on providing alternate frameworks, not just modifications of neoclassical theory by introduction of various imperfections (remember epicycles)?

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