Is or has economics ever been the imperial social science? Could
or should it ever be so? These are the central concerns of this
book. It involves a critical reflection on the process of how
economics became the way it is, in terms of a narrow and intolerant
orthodoxy, that has, nonetheless, increasingly directed its
attention to appropriating the subject matter of other social
sciences through the process termed "economics imperialism." In
other words, the book addresses the shifting boundaries between
economics and the other social sciences as seen from the confines
of the dismal science, with some reflection on the responses to the
economic imperialists by other disciplines.
Significantly, an old economics imperialism is identified of the
"as if market" style most closely associated with Gary Becker, the
public choice theory of Buchanan and Tullock and cliometrics. But
this has given way to a more "revolutionary" form of economics
imperialism associated with the information-theoretic economics of
Akerlof and Stiglitz, and the new institutional economics of Coase,
Wiliamson and North. Embracing one "new" field after another,
economics imperialism reaches its most extreme version in the form
of "freakonomics," the economic theory of everything on the basis
of the most shallow principles.
By way of contrast and as a guiding critical thread, a thorough
review is offered of the appropriate principles underpinning
political economy and its relationship to social science, and how
these have been and continue to be deployed. The case is made for
political economy with an interdisciplinary character, able to
bridge the gap between economics and other social sciences, and
draw upon and interrogate the nature of contemporary
capitalism.
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