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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Editura ASE Bucuresti
2018
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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) |
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pluralism transformation mainstream economics heterodox economics regulation Economics as a science HB71-74 |
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pluralism transformation mainstream economics heterodox economics regulation Economics as a science HB71-74 Arne Heise Reclaiming the University: transforming economics as a discipline |
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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 |
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1718403118771732480 |