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A multidisciplinary-economic framework of analysis

Author

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  • Piet Keizer

    (Utrecht University School of Economics (the Netherlands))

Abstract

Human motivation offers energy, and circumstances offer possibilities. Only in combination, human motivation and circumstance yield action. Over time, desires and opportunities, to satisfy them closely, interact with one another. Orthodox economics analyzes economic motivation in interaction with scarce natural resources. It assumes that perfect rationality and non-sociality create a so-called economic world and analyzes the economic mechanism of allocation of scarce resources. Neoclassical economists use this world as a theoretical foundation for their empirical research. Heterodox economics rejects this strategy of isolating one motivation, a strategy that ignores the psychic and the social problem. However, the heterodox idea of human motivation, being variable and endogenous, is badly analyzed. This leads the author to construct a psychic and a social world that is completely comparable with the agent-structure model of the economic world. The three isolated worlds are integrated by analyzing the interactions between the three worlds. In the integrated world, the economic structure, the psychic structure and the social structure are one another’s foundations. This human world gives familiar economic concepts such as utility, efficiency, rationality, price, value, cost and benefit, a different meaning. Similarly, psychic concepts such as Self, willpower and personality and social concepts such as status, power, culture and morality, are given different meanings. To make the model more realistic, it should be made dynamic and historical and be placed in the context of the world as an open system.

Suggested Citation

  • Piet Keizer, 2017. "A multidisciplinary-economic framework of analysis," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 11(1), pages 103-132, November.
    • Handle: RePEc:bus:jphile:v:11:y:2017:i:1:n:5
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    References listed on IDEAS

    as
    1. Jesper Jespersen, 2009. "Macroeconomic Methodology," Books, Edward Elgar Publishing, number 4109.
    2. Piet Keizer, 2017. "A multidisciplinary-economic framework of analysis," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 11(1), pages 103-132, November.
    3. Eichner, Alfred S & Kregel, J A, 1975. "An Essay on Post-Keynesian Theory: A New Paradigm in Economics," Journal of Economic Literature, American Economic Association, vol. 13(4), pages 1293-1314, December.
    4. Axel Leijonhufvud, 2009. "Out of the corridor: Keynes and the crisis," Cambridge Journal of Economics, Oxford University Press, vol. 33(4), pages 741-757, July.
    5. G. Hodgson, 2007. "What Are Institutions?," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 8.
    6. Talcott Parsons, 1934. "Some Reflections on "The Nature and Significance of Economics"," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 48(3), pages 511-545.
    7. Keizer, Piet, 2015. "Multidisciplinary Economics: A Methodological Account," OUP Catalogue, Oxford University Press, number 9780199686490.
    8. Douglass C. North, 2005. "Introduction to Understanding the Process of Economic Change," Introductory Chapters, in: Understanding the Process of Economic Change, Princeton University Press.
    9. John B. Davis, 2008. "The Conception of the Socially Embedded Individual," Chapters, in: John B. Davis & Wilfred Dolfsma (ed.), The Elgar Companion to Social Economics, chapter 6, Edward Elgar Publishing.
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    Cited by:

    1. Piet Keizer, 2017. "A multidisciplinary-economic framework of analysis," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 11(1), pages 103-132, November.
    2. Anna Pereverzieva, 2019. "A Methodical Approach to the Assessment of Human Resources` Interactions," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 15(1), pages 171-204.
    3. Cheng Li, 2019. "Morality and value neutrality in economics: a dualist view," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 12(2), pages 97-118, May.

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    More about this item

    Keywords

    orthodox economics; status; self-respect; irrationality; immorality;
    All these keywords.

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General

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