Economics and Business Review

ISSN 2392-1641
e-ISSN 2450-0097

Poznań University of Economics - Poland

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Volume 3 (17) Number 3 pp. 112-134

Peter Galbács

Budapest Business School, Institute of Economics and Methodology, Budapest, Hungary

Methodology…?! Why? Some methodological aspects of the controversy between mainstream economics and institutionalism

Abstract:

Mainstream economics has been running the gauntlet of adverse criticism for decades. These critiques claim as a message of central importance that mainstream economics has lost its relevance for understanding reality. By making a brief comparison between the methodological strategies of the main stream and institutional economics I suggest that the firm demarcation between the streams stems from the difference between their methodologies. Its peculiar interest directed mainstream economics to take a unique methodological path and consequently the adherents have not been able to be on the lookout for certain facets of socio-economic reality. However, the chosen path, the axiomatic-deductive strategy proved to be an appropriate method for identifying economic laws. This claim is justified even by some recent efforts of new institutional economics. In order to support the conversation between the schools I highlight some causes that currently make it impossible to start a rational discourse.
 

pub/2017_3_112.pdf Full text available in in Adobe Acrobat format:
http://www.ebr.edu.pl/volume17/issue3/2017_3_112.pdf
Keywords: mainstream economics, institutional economics, methodology of economics, isolation, homo oeconomicus

DOI: 10.18559/ebr.2017.3.7

For citation:

MLA Galbács, Peter. "Methodology…?! Why? Some methodological aspects of the controversy between mainstream economics and institutionalism." Economics and Business Review EBR 17.3 (2017): 112-134. DOI: 10.18559/ebr.2017.3.7
APA Galbács, P. (2017). Methodology…?! Why? Some methodological aspects of the controversy between mainstream economics and institutionalism. Economics and Business Review EBR 17(3), 112-134 DOI: 10.18559/ebr.2017.3.7
ISO 690 GALBáCS, Peter. Methodology…?! Why? Some methodological aspects of the controversy between mainstream economics and institutionalism. Economics and Business Review EBR, 2017, 17.3: 112-134. DOI: 10.18559/ebr.2017.3.7