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TERRA ECONOMICUS

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  • 2024
  • No 4
  • Overcoming orthodoxy in Economics: Theoretical and methodological aspects

Overcoming orthodoxy in Economics: Theoretical and methodological aspects


TERRA ECONOMICUS, , Vol. 22 (no. 4),

The aim of this study is to understand the origins and the key elements of orthodoxy in economic science. We will look back on the history and assess how certain ideas and beliefs have affected the development of economic knowledge over time. The paper also explores the negative impact these concepts and doctrines have on the development of modern economics. We focus on several historical periods, which are qualitatively different from each other. Firstly, we consider the key elements of economic orthodoxy, which emerged during the development of economic thought. In particular, the article examines the characteristics of orthodoxy in the views of proponents of mercantilist economic ideology, who overstated the principles of protectionism and empiricism, and the views of the classics of political economy, who emphasized the freedom of entrepreneurial activity (economic liberalism), as well as the causal approach in economic research. Then, we analyze the trends of economic thought that emerged after classical political economy: economic romanticism, utopian socialism, neoclassic theory, the German historical school, institutionalism, Keynesianism, and neoliberalism. These currents of economic thought are associated with the periods when orthodoxy in economics was being overcome. The novelty of this study is threefold. (1) We summarize and systematize the theoretical, methodological, and socially oriented reformist propositions that shaped propositions alternative to the orthodox ones. (2) We show that the key components of orthodoxy today hinder the development of economic science and economic education. (3) The article substantiates that only by overcoming orthodoxy will the modern scientific, economic, and educational community be able to avoid perceiving economic theories as suitable for all societies and all times, as well as from distinguishing them into “Western” and “non-Western”, “bourgeois” and “non-bourgeois” ones.
Citation: Yadgarov Y.S., Orlova D.R. (2024). Overcoming orthodoxy in Economics: Theoretical and methodological aspects. Terra Economicus 22(4), 50–61 (in Russian). DOI: 10.18522/2073-66062024-22-4-50-61


Keywords: economic orthodoxy; research paradigm; protectionism; economic liberalism; economic laws; cost theory of value; formational approach

JEL codes: B59, B41, A10

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Publisher: Southern Federal University
Founder: Southern Federal University
ISSN: 2073-6606