Heliocentric Economics: A Middle Ground Between Neoclassical Monism and Heterodox Pluralism

Most economists argue that economics should be more pluralistic and often criticize the monistic nature of neoclassical economics (NE). My paper runs against the grain. I propose ‘heliocentric economics’ to show that NE’s dominance has advantages over pluralistic heterodox approaches. Heliocentric economics contributes to two discussions on pluralism in economics. The first discussion (descriptive) concerns whether economics is pluralistic. Heliocentric economics depicts economics as a patchwork of approaches (pluralism) but with the dominance of NE (monism). I demonstrate how NE’s axiomatic assumptions (optimization, methodological individualism and equilibrium) have defined the mainstream paradigm in economics till now. The second discussion (normative) concerns how pluralism should function. Heliocentric economics combines the advantages of monism and pluralism. First, NE’s dominant paradigm serves as a benchmark that enables communication. Second, if critical dialogue exists thanks to pluralistic heterodox approaches, NE’s dominance can benefit economics.