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Reclaiming the University: transforming economics as a discipline

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  • Arne Heise

    (The Department of Socioeconomics, Hamburg University)

Abstract

Economics as a discipline is currently in disarray. In the aftermath of the global financial crisis, academic experts, students, commentators, practitioners and politicians all questioned the status of academic economics and many called for a ‘new economic thinking’. Nearly a decade later, however, there is little evidence of a transformation in research and teaching. The present study first clarifies what is meant by a transformation of economics as a discipline, since this remains an ill-defined term and may be interpreted in very different ways. It then establishes the conditions of a successful transformation of the discipline in terms of intra-disciplinary and extra-disciplinary factors. The paper argues that economics as a discipline cannot be expected to trigger this transformation by itself (i.e. via self-regulation), since the ‘market for economic ideas’ is prone to market failure. In addition, the influence of external factors and actors on the market may serve to distort the congruence between the individual researcher’s utility and societal welfare. External incentives are therefore required to establish constitutional guardrails that ensure fair competition between ideas.

Suggested Citation

  • Arne Heise, 2018. "Reclaiming the University: transforming economics as a discipline," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 11(2), pages 37-66, May.
  • Handle: RePEc:bus:jphile:v:11:y:2018:i:2:n:3
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    References listed on IDEAS

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    Cited by:

    1. Heise, Arne, 2018. "Postkeynesianismus: Ein heterodoxer Ansatz auf der Suche nach einer Fundierung," ZÖSS-Discussion Papers 69, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
    2. Rouven Reinke, 2021. "A critical note on the scientific conception of economics: claiming for a methodological pluralism," Post-Print hal-03374887, HAL.
    3. Reinke, Rouven, 2020. "Das Wissenschaftsverständnis der Volkswirtschaftslehre in der Kritik: Implikationen für die Vision einer pluralen Ökonomik," ZÖSS-Discussion Papers 79, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
    4. Heise, Arne, 2019. "Ideology and pluralism: A German view," ZÖSS-Discussion Papers 75, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
    5. Tiago Cardão-Pito, 2021. "Academic discipline of economics as hedonist philosophy," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 14(1-2), pages 199-207, November.
    6. Heise, Arne, 2019. "Post-Keynesian Economics - Challenging the Neo-Classical Mainstream," MPRA Paper 99280, University Library of Munich, Germany.

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    More about this item

    Keywords

    pluralism; transformation; mainstream economics; heterodox economics; regulation;
    All these keywords.

    JEL classification:

    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General

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