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A sociological case for pluralism in economics

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  • Hendrik Van Den Berg

Abstract

The ideas and concepts of Pierre Bourdieu provide insight into why the culture of economics led to the failure of economists to foresee financial instability and the Great Recession. The culture of the field of economics consists of a subjective habitus that includes smooth neoclassical functions and unrealistic rational expectations models, justified by doxa that reflects the neo-liberal belief in the moral superiority of free markets and individuals' 'freedom to choose'. This paper argues that for economists to avoid missing the next economic crisis, they must break out of the confines of the neoclassical culture. To escape the symbolic violence and gain their freedom, economists must embrace intellectual pluralism.

Suggested Citation

  • Hendrik Van Den Berg, 2011. "A sociological case for pluralism in economics," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 2(4), pages 345-354.
    • Handle: RePEc:ids:ijplur:v:2:y:2011:i:4:p:345-354
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    Cited by:

    1. Hendrik Van den Berg, 2012. "Complexity and the culture of economics: a sociological and inter-disciplinary analysis," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 5(2), pages 38-63, May.

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