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Pluralist Economics: A Multi-paradigmatic Look

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Abstract

Any explanation of an economic phenomenon is based on a worldview. The premise of this book is that any worldview can be associated with one of the four broad paradigms: functionalist, interpretive, radical humanist, and radical structuralist. This chapter takes the major extant schools of thought in economics—Neo-Classical Economics, New Institutional Economics, Behavioral Economics, Austrian Economics, Post-Keynesian Economics, Institutional Economics, Radical Economics, and Marxist Economics—and locates each of them on the map of the four paradigms, as in Exhibit 12.1. It emphasizes, as pluralist economics does, that these schools of thought in economics are equally scientific and informative; they look at economic phenomena from their certain paradigmatic viewpoint; and together they provide a more balanced understanding of the economic phenomenon under consideration. In this chapter, Sects. 1 through 8 present eight major extant schools of thought in economics, and Sect. 9 concludes the chapter.

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Notes

  1. 1.

    For this literature see Ansperger and Varoufakis (2006), Arrow and Debreu (1954), Blaug (1980), Boland (1991), Brown (1981), Davis (1989), Davis et al. (2004), Dowling and Chin-Fang (2007), Dugger (1979), Emmet (2010), Friedman (1953), Fulton (1984), Gee (1991), Hahn (1981), Heijdra and Lowenberg (1988), Hetzel (2007), Mirowski (1987), Reder (1982), Robbins (1937), Sherman et al. (2008), Stilwell (2012), Tollison (1989), Van Horn and Mirowski (2009), Van Overtveldt (2007), Walsh and Gram (1980), Weintraub (1985a, 1985b, 2008), and Wolff and Resnick (2012). This section is based on Lavoie (1992a, 1992b) and Ricketts (1988).

  2. 2.

    For this literature see Acemoglu (2003), Alchian and Demsetz (1972), Alston et al. (1996), Brousseau and Glachant (2008), Coase (1937, 1960, 1988, 1998), Coeurderoy and Quelin (1997), Crocker and Masten (1996), Davis and North (1971), Drobak and Nye (1997), Dugger (1990), Forbes and Lederman (2009, 2010), Furubotn and Richter (1991a, 1991b, 1998, 2008), Geyskens et al. (2006), Gibbons (2010), Groenewegen et al. (2010), Hodgson (1989a, 1989b), Hutchinson (1984), Joskow (1988, 2008), Klein (1999), Libecap and Smith (1999), Macher and Richman (2008), Medema (1998), Menard and Shirley (2005), North (1986, 1990, 1991, 1994), Ostrom (2005), Pratten (2004), Richter (2005), Rutherford (1994), Rutherford (2001), Shelanski and Klein (1995), Vannoni (2002), Vromen (1995), and Williamson (1975, 1985a, 1985b, 1996, 2000, 2010). This section is based on Furubotn and Richter (1991a).

  3. 3.

    For this literature see Altman (2006), Ariely (2008), Baddeley (2013), Baker and Nofsinger (2010), Barberis and Thaler (2003), Bardsley et al. (2010), Binmore (2008), Bruni and Sugden (2007), Camerer (2003, 2006), Camerer et al. (2004), Cartwright (2011), Cassar and Friedman (2004), Conlisk (1996), Della Vigna (2009), Diamond and Vartiainen (2007), Dowling and Chin-Fang (2007), Earl (1988), Earl (1990), Forbes (2009), Frey and Benz (2004), Fudenberg (2006), Gilad and Kaish (1986), Kahneman and Tversky (1979), List (2004), Maital (2007), Mullainathan and Thaler (2000), Pesendorfer (2006), Pompian (2012), Rabin (1998), Ricciardi and Simon (2000), Roth (1995), Schmidt et al. (2008), Sent (2004), Shefrin (2002), Shiller (2003), Shiv and Fedorikhin (1999), Simon (1955, 1998), Thaler (2005, 2008a, 2008b), Tomer (2007), Tversky and Kahneman (1974, 1981), Van Raaij (1991), and Velupillai and Chen (2012). This section is based on Camerer et al. (2004).

  4. 4.

    For this literature see Backhaus (2005), Barry (1991), Boettke (1989, 1994, 1996), Boettke and Prychitko (1994), Dolan (1976), Gloria-Palermo (1999), Grassl and Smith (1986), Hall and Martin (2011), Kirzner (1981, 1992, 2000), Koppl (2008), Koppl et al. (2010), Lachmann (1998), Lewis (2004), Littlechild (1990), Loasby (1991), Meijer (1995), von Mises (1962, 1966), Rima (2013a, 2013b), Menger (1981), Samuels (1989), Shand (1984, 1990), and Vaughn (1994). This section is based on Boettke (2010).

  5. 5.

    For this literature see Arestis (1990, 1996), Arestis et al. (1999), Arestis and Skouras (1985), Bohm (1989), Brown (1981), Crotty (1980), Davidson (1981), Dow (1988, 1990, 1991, 1996), Eichner (1979), Eichner and Kregel (1975), Hamouda and Harcourt (1988), Harcourt (1987, 2006), Hodgson (1989a, 1989b), Holt (2007), Holt and Pressman (2001, 2007), King (2003), Kregel (1975), Lavoie (1992a, 1992b), Lawson (1994, 1999), Lee (2002, 2009), Lee and Lavoie (2012), McKenna and Zannoni (1993), Palley (1996), Papadimitriou and Wray (2010), Pheby (1989), Rothem (1999), Sawyer (1988), Sawyer (1991), and Walters and Young (1997, 1999). This section is based on Arestis (1992).

  6. 6.

    For this literature see Ayers (1951), Boettke (1989), Bowles (1998), Commons (1931, 1934, 1936), Dugger (1990), Dugger and Sherman (1994), Gruchy (1957, 1969, 1972, 1987), Hodgson (1988, 1989a, 1989b, 1998, 2000, 2002, 2003, 2004a, 2004b), Hodgson et al. (1994), Hutchinson (1984), Kapp (1968, 1976, 2011), Lawson (2005), Miller (1978), Milonakis and Fine (2008), Mirowski (1987), Myrdal (1978), Nelson and Sampat (2001), O’Hara (2007), Peterson (1987), Rima (2013a, 2013b), Rutherford (1994), Rutherford (2001), Sackrey et al. (2008), Samuels (1988, 1989), Schlicht (1998), Stanfield (1999), Stilwell (2012), Tool (1981, 1988a, 1988b), Tool and Bush (2003), Wilber and Harrison (1978), Whalen (1996), and Witte (1954). This section is based on Miller (1978).

  7. 7.

    For this literature see Albert et al. (1986), Amariglio et al. (1996), Amariglio et al. (1993), Amariglio and Ruccio (1994), Arestis and Sawyer (1994), Baiman et al. (2000), Bowles and Edwards (1990), Cullenberg (1994), Dugger and Sherman (1994), Edwards and MacEwan (1970), Hahnel (2002), Kotz et al. (1994), Lippit (1996), Milberg (1991), Nell (1981), O’Connor (1984, 1994), Palermo (2007), Panitch and Leys (1999), Prychitko (1998), Resnick and Wolff (1987), Roberts and Feiner (1992), Sawyer (1989), Scott (1991), Sherman (1987), Ward (1977), and Wolff and Resnick (2012). This section is based on Wiesskopf (1992).

  8. 8.

    For this literature see Amin (1974, 1988), Baran and Sweezy (1966), Brewer (2001), Desai (1979), Fine (1980), Foster and McChesney (2004), Howard and King (1975, 1992), King (1990), Kotz (1991), Mandel (1968), McLellan (2000), Mermelstein (1970), Panitch and Leys (1999), Scott (1991), Singer (1999), Stilwell (2012), Sweezy (1942), Sweezy and Magdoff (1972), Wallerstein (1974), and Warren (1980). This section is based on Wiesskopf (1992).

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Ardalan, K. (2018). Pluralist Economics: A Multi-paradigmatic Look. In: Case Method and Pluralist Economics. Springer, Cham. https://doi.org/10.1007/978-3-319-72071-5_12

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