'Hodgson's masterful review of orthodoxies and heterodoxies focuses
on the absurdity of recommending planning, or scorning it, without
answering the empirical question asked in the 1930s by the
''socialist calculation debate.'' How well does planning or the
market work? Idealism assumes the answer without actually doing the
science. - Deirdre N. McCloskey, University of Illinois at Chicago,
US 'Every young heterodox scholar should read this book, as should
veteran heterodox economists who are puzzled about why important
heterodox contributions have not had the impact they deserved to
have. The book provides a compelling account of the challenges that
heterodox economists have faced, and continue to face, and it
leaves the reader with a strong sense that things could have been,
and could be, much better if more heterodox economists strove to
integrate compatible aspects of the many diverse approaches that
constitute heterodox economics.' - Peter E. Earl, University of
Queensland, Australia 'Is there a future for the alternatives to
mainstream economics? Dealing with this important question does not
only require a deep understanding of the current economic theories
and of the history of economic thought. It demands also a careful
analysis of the institutional mechanisms by which scientific
communities commit themselves to certain paradigms and change these
commitments. In this excellent book Hodgson deals with all the
dimensions of this complex issue.' - Ugo Pagano, University of
Siena, Italy 'Drawing a well-balanced picture of heterodox
economics with its many political shades and theoretical nuances is
no easy task. Professor Hodgson's mastery in solving the task sets
new standards. His compelling analysis of the state and the future
of the field is a ''must read'' for everyone in the heterodox camp
and an invaluable source of information for all scholars in the
history, philosophy, and sociology of economics.' - Ulrich Witt,
Max Planck Institute for the Science of Human History, Germany and
Griffith University, Australia Over the last 50 years, and
particularly since the financial crash in 2008, the community of
heterodox economists has expanded, and its publications have
proliferated. But its power in departments of economics has waned.
Addressing this paradox, Geoffrey M. Hodgson argues that heterodox
economists are defined more by a left ideology than by a shared
understanding of the nature of orthodox economics and of what
should replace it. Heterodox economists cannot agree on what
heterodoxy means. Employing insights from the sociology and
philosophy of science, the author explores the marginalization of
heterodox economics in the academic community and its exclusion
from positions of power. This perceptive book also shows how the
weaknesses of a particular version of heterodoxy stemming from the
Cambridge economics of the 1970s have been replicated globally in
much of contemporary heterodox economics. The author considers how
the field can adapt in order to improve and sustain its presence in
academia. Social scientists and economists will find this book both
enlightening and useful. In particular, it will be invaluable to
student networks and others critical of mainstream economics, and
to those teaching economics at undergraduate and postgraduate
level.
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