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,...

Descripción completa

Guardado en:
Detalles Bibliográficos
Autor principal: Arne Heise
Formato: article
Lenguaje:DE
EN
FR
Publicado: Editura ASE Bucuresti 2018
Materias:
Acceso en línea:https://doaj.org/article/0d9d9998dbb04b6290e6101d046682df
Etiquetas: Agregar Etiqueta
Sin Etiquetas, Sea el primero en etiquetar este registro!
id oai:doaj.org-article:0d9d9998dbb04b6290e6101d046682df
record_format dspace
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