Economics, Social Science and Pluralism: A Real-World Approach

Mainstream economics has shifted from theory embedded in application to abstract theory detached from real-world application. This book argues that economics is a social science that should define its issues and methodology based on a closer interaction with other social sciences and a more pluralist approach to economic education. It emphasizes the study of economic history and institutional environment to enable prospective economists to understand real-world economic phenomena and potential policy solutions.

Format: Paperback / softback
Length: 144 pages
Publication date: 29 January 2024
Publisher: Taylor & Francis Ltd

The work of most classical economists, including Smith and Keynes, often incorporated theory into application. However, from the second half of the last century onwards, mainstream economics adopted a purist approach, presenting theory in a highly abstract form, detached from any practical application. This book argues that economics is a social science whose primary objective is to explain and, when possible, predict phenomena of the real-world economy. To restore economics as a social science, the book suggests that the first step is to define the specific issues that economics should address. It emphasizes that the methodology should be chosen based on the research agenda, rather than the other way around.

In this regard, examples from other social sciences, as well as from natural sciences, are considered more appropriate models for economics than physics. Furthermore, the book advocates for a closer interaction with psychology, sociology, and other social sciences to bring economics back to its social science roots rather than functioning as a branch of applied mathematics. Additionally, the book advocates for a more pluralist approach to economic education, aiming to equip prospective economists with the knowledge and skills to understand real-world economic phenomena and potential policy solutions. A comprehensive economics education should therefore encompass the study of economic history and the institutional environment.

This book is a valuable resource for anyone who desires to see economics regain its social science identity and contribute to a more informed and effective understanding of the economic world.

Weight: 453g
Dimension: 234 x 156 (mm)
ISBN-13: 9781032212319