Reclaiming the University: transforming economics as a discipline

Economics as a discipline is currently in disarray. In the aftermath of the global financial crisis, academic experts, students, commentators, practitioners and politicians all questioned the status of academic economics and many called for a ‘new economic thinking’. Nearly a decade later, however,...

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Autor principal:	Arne Heise
Formato:	article
Lenguaje:	DE EN FR
Publicado:	Editura ASE Bucuresti 2018
Materias:	pluralism transformation mainstream economics heterodox economics regulation Economics as a science HB71-74
Acceso en línea:	https://doaj.org/article/0d9d9998dbb04b6290e6101d046682df
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id	oai:doaj.org-article:0d9d9998dbb04b6290e6101d046682df
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spelling	oai:doaj.org-article:0d9d9998dbb04b6290e6101d046682df2021-12-02T01:19:21ZReclaiming the University: transforming economics as a discipline1843-22981844-8208https://doaj.org/article/0d9d9998dbb04b6290e6101d046682df2018-05-01T00:00:00Z https://jpe.ro/pdf.php?id=8006 https://doaj.org/toc/1843-2298https://doaj.org/toc/1844-8208Economics as a discipline is currently in disarray. In the aftermath of the global financial crisis, academic experts, students, commentators, practitioners and politicians all questioned the status of academic economics and many called for a ‘new economic thinking’. Nearly a decade later, however, there is little evidence of a transformation in research and teaching. The present study first clarifies what is meant by a transformation of economics as a discipline, since this remains an ill-defined term and may be interpreted in very different ways. It then establishes the conditions of a successful transformation of the discipline in terms of intra-disciplinary and extra-disciplinary factors. The paper argues that economics as a discipline cannot be expected to trigger this transformation by itself (i.e. via self-regulation), since the ‘market for economic ideas’ is prone to market failure. In addition, the influence of external factors and actors on the market may serve to distort the congruence between the individual researcher’s utility and societal welfare. External incentives are therefore required to establish constitutional guardrails that ensure fair competition between ideas.Arne HeiseEditura ASE Bucurestiarticlepluralismtransformationmainstream economicsheterodox economicsregulationEconomics as a scienceHB71-74DEENFRJournal of Philosophical Economics, Vol XI, Iss 2, Pp 37-66 (2018)
institution	DOAJ
collection	DOAJ
language	DE EN FR
topic	pluralism transformation mainstream economics heterodox economics regulation Economics as a science HB71-74
spellingShingle	pluralism transformation mainstream economics heterodox economics regulation Economics as a science HB71-74 Arne Heise Reclaiming the University: transforming economics as a discipline
description	Economics as a discipline is currently in disarray. In the aftermath of the global financial crisis, academic experts, students, commentators, practitioners and politicians all questioned the status of academic economics and many called for a ‘new economic thinking’. Nearly a decade later, however, there is little evidence of a transformation in research and teaching. The present study first clarifies what is meant by a transformation of economics as a discipline, since this remains an ill-defined term and may be interpreted in very different ways. It then establishes the conditions of a successful transformation of the discipline in terms of intra-disciplinary and extra-disciplinary factors. The paper argues that economics as a discipline cannot be expected to trigger this transformation by itself (i.e. via self-regulation), since the ‘market for economic ideas’ is prone to market failure. In addition, the influence of external factors and actors on the market may serve to distort the congruence between the individual researcher’s utility and societal welfare. External incentives are therefore required to establish constitutional guardrails that ensure fair competition between ideas.
format	article
author	Arne Heise
author_facet	Arne Heise
author_sort	Arne Heise
title	Reclaiming the University: transforming economics as a discipline
title_short	Reclaiming the University: transforming economics as a discipline
title_full	Reclaiming the University: transforming economics as a discipline
title_fullStr	Reclaiming the University: transforming economics as a discipline
title_full_unstemmed	Reclaiming the University: transforming economics as a discipline
title_sort	reclaiming the university: transforming economics as a discipline
publisher	Editura ASE Bucuresti
publishDate	2018
url	https://doaj.org/article/0d9d9998dbb04b6290e6101d046682df
work_keys_str_mv	AT arneheise reclaimingtheuniversitytransformingeconomicsasadiscipline
_version_	1718403118771732480

Reclaiming the University: transforming economics as a discipline

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