Philosophy of Economics: A Heterodox Introduction

Heterodox economics challenges the belief that economic phenomena can be understood in isolation from their relevant context, arguing that the economic actor is not isolated, market goods are only one kind of goods, production takes place within nature, and the whole economic process is not in equilibrium. This book demonstrates the vitality of these challenges from a philosophical point of view, formulating new hypotheses and challenging economic theory on a fundamental level.

\n Format: Paperback / softback
\n Length: 162 pages
\n Publication date: 28 October 2021
\n Publisher: Taylor & Francis Ltd
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The philosophy of economics is a multifaceted field that encompasses a range of approaches and schools of thought. Within this heterodox realm, there is a shared belief that economic phenomena cannot be fully understood or studied in isolation from their broader context. On the other hand, the prevailing neoclassical economic theory posits the existence of a unique form of economic rationality that can be treated as an independent entity, detached from other aspects of our world, including social and natural factors.

Heterodox approaches to economics challenge this notion by highlighting the interconnectedness of economic actors with society, the diverse nature of market goods, the ecological implications of production processes, and the non-equilibrium nature of the economic system. These challenges are approached from various angles, emphasizing the role of social structures, the interdependence of different goods, the physical laws governing production, and the long-term trends that connect the economy to the historical world.

One of the key insights offered by heterodox approaches is that the economic actor is not an isolated individual but is shaped by the social and cultural environment in which they operate. Markets, for example, are not merely abstract entities but are embedded within societies, with complex social relationships and power dynamics influencing their functioning. Production processes, too, occur within the natural environment, subject to physical laws and resulting in ecological challenges such as waste and pollution.

Furthermore, the economic process as a whole is not static or equilibrium-driven, but rather exhibits secular trends and is interconnected with the broader historical world. This means that economic phenomena cannot be understood solely in terms of short-term market fluctuations but must be viewed in the context of longer-term social, political, and technological developments.

This book serves as an invaluable introduction to the philosophy of economics through the lens of heterodoxy. It offers a comprehensive exploration of these challenges, formulating new hypotheses and proposing alternative methodologies for the investigation of economic phenomena. By challenging the dominant neoclassical paradigm, this book provides a critical perspective on economic theory and offers valuable insights for anyone seeking alternative or critical perspectives on the field.

In conclusion, the philosophy of economics is a dynamic and evolving field that encompasses a wide range of perspectives and approaches. Heterodox economics, in particular, offers a valuable alternative to the dominant neoclassical theory by emphasizing the interconnectedness of economic actors, the diverse nature of goods, and the ecological implications of production processes. This book provides an excellent introduction to the philosophy of economics through the lens of heterodoxy, offering critical insights and alternative perspectives for anyone interested in exploring the complexities of economic theory and its relationship to the broader world.

\n Weight: 284g\n
Dimension: 234 x 153 x 19 (mm)\n
ISBN-13: 9781032068336\n \n