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From the mainstream economics research frontier towards critical institutional political economy

Author

Listed:
  • Fernando García-Quero
  • Fernando López Castellano

Abstract

The attack of the traditions of political economy upon the orthodox economicsis directed at the pillars supporting its political philosophy and at the core of its deductiveand individualist methodology. This criticism challenges the current mainstream economicsresearch frontier, which includes the notions of ‘new’ institutional economics, among others.Recalling the tradition known as the ‘Other Canon’, this article criticises these theories andreclaims the principal arguments of a real critical institutional political economy agenda,based on the significant role of history in economic and social analysis, the inductivemethodology and the emphasis on power relationships and interest conflicts. JEL Classifications: B14; B31; B52; L22.

Suggested Citation

  • Fernando García-Quero & Fernando López Castellano, 2022. "From the mainstream economics research frontier towards critical institutional political economy," Brazilian Journal of Political Economy, Center of Political Economy, vol. 42(3), pages 619-637.
    • Handle: RePEc:ekm:repojs:v:42:y:2022:i:3:p:619-637:id:2342
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/2342/2286
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    More about this item

    Keywords

    Other canon; post-capitalism; economic crises; deductivist methods; critical institutionalism;
    All these keywords.

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure

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