Economics as a polymorphic discursive construct: heterodoxy and pluralism
TL;DR: In this article, the authors show that convergence between language for specific purposes and economics is possible, so as to single out the genesis and the emergence of critical economic discourse, which requires the acknowledgement of pl...
Abstract: Purpose – What do economists talk about? This seemingly innocent interrogation conceals a broader and innovative research programme, with the potential to renew the reflection on heterodox economics in a post‐crisis scenario. The aim of this paper is to show that convergence between language for specific purposes and economics is possible, so as to single out the genesis and the emergence of critical economic discourse.Design/methodology/approach – After underlining the necessary collaboration between language and subject‐matter specialists, the paper addresses the question of the problematic use of economics textbooks in English‐speaking countries. Then, it deals with the fascinating question of the multiplicity of specialized meanings in economics. After pointing out the shortcomings of orthodoxy characterized by hyper‐formalization and its inevitable corollary, the mathematical nature of the discipline, it investigates the genesis of critical economic discourse, which requires the acknowledgement of pl...
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20 citations
TL;DR: In this paper, a broad discourse analytic approach is drawn upon to understand the role the language of mainstream economics plays in our discussions of the economy, to trace the keyword "entrepreneur" as it has been and is used in economics and more general conversations about the economy and to use a keyword approach to create a transdisciplinary understanding of the way the economy is discussed.
Abstract: Purpose – The purpose of this article is to provide a method of gaining transdisciplinary insight by focusing on keywords in the language we use. The language of economics dominates discourse about the economy. Analyzing this discourse from a great variety of perspectives has blossomed but promises much more. The study of the keyword “entrepreneur” illustrates the strengths and weaknesses of this diversity of perspectives, and also points to some possible opportunities for enhancing the quality of their interaction. Design/methodology/approach – A broad discourse analytic approach is drawn upon to understand the role the language of mainstream economics plays in our discussions of the economy, to trace the keyword “entrepreneur” as it has been and is used in economics and more general conversations about the economy and to use a keyword approach to create a transdisciplinary understanding of the way the economy is discussed. Findings – Economics in the sense of the mainstream approach that adopts the rati...
9 citations
Cites background from "Economics as a polymorphic discursi..."
...Difficulties with economics when learning English for economics or when discussing economics in a foreign language show how culturally specific, and dominant, the language of economics is (Llopis and Sánchez-Lafuente, 2009; Pilkington, 2012)....
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...The specific characteristics of economics as a language have been detailed in the literature for at least some of its forms (Goldschmidt and Szmrecsanyi, 2007; Pilkington, 2012)....
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26 Jan 2018
TL;DR: In this article, the authors present a framework underlying Colander's methodology and introduce Colander´s methodology for economic policy within that framework, as well as his view on the methodology for microeconomics and macroeconomics.
Abstract: David Colander has been writing about economic methodology for over 30 years, but he goes out of his way to emphasize that he does not see himself as a methodologist. His pragmatic methodology is applicable to what economists are doing and attempts to answer questions that all economists face as they go about their work. The articles collected in this volume are divided, with the first part providing a framework underlying Colander’s methodology and introducing Colander’s methodology for economic policy within that framework. Part two presents Colander’s view on the methodology for microeconomics, while part three looks at Colander’s methodology for macroeconomics. The book closes with discussions of broader issues.
5 citations
23 Mar 2021
TL;DR: The authors argue that the methodological underpinnings of the NMC account for its paradigmatic failure to predict the GFC, and be a reliable source of inspiration for post-crisis policies.
Abstract: In this paper, we critically address the New Monetary Consensus (NMC) from a methodological standpoint, in order to assess its relevance. Although the mantras of the consensus are hardly questionable in their own right, we argue that the methodological underpinnings of the NMC account for its paradigmatic failure to predict the GFC, and be a reliable source of inspiration for post-crisis policies. We particularly emphasize the problematic nature of pre-crisis models. We conclude that the New Monetary Consensus has ceased to be relevant more than ten years after the beginning of the global crisis.JEL Codes: A11, B23, C18, C52, C65, E12, E27, E58.
2 citations
References
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Book•
01 Jan 1936
TL;DR: In this article, a general theory of the rate of interest was proposed, and the subjective and objective factors of the propensity to consume and the multiplier were considered, as well as the psychological and business incentives to invest.
Abstract: Part I. Introduction: 1. The general theory 2. The postulates of the classical economics 3. The principle of effective demand Part II. Definitions and Ideas: 4. The choice of units 5. Expectation as determining output and employment 6. The definition of income, saving and investment 7. The meaning of saving and investment further considered Part III. The Propensity to Consume: 8. The propensity to consume - i. The objective factors 9. The propensity to consume - ii. The subjective factors 10. The marginal propensity to consume and the multiplier Part IV. The Inducement to Invest: 11. The marginal efficiency of capital 12. The state of long-term expectation 13. The general theory of the rate of interest 14. The classical theory of the rate of interest 15. The psychological and business incentives to liquidity 16. Sundry observations on the nature of capital 17. The essential properties of interest and money 18. The general theory of employment re-stated Part V. Money-wages and Prices: 19. Changes in money-wages 20. The employment function 21. The theory of prices Part VI. Short Notes Suggested by the General Theory: 22. Notes on the trade cycle 23. Notes on mercantilism, the usury laws, stamped money and theories of under-consumption 24. Concluding notes on the social philosophy towards which the general theory might lead.
15,146 citations
13,200 citations
Book•
02 Jan 1997
TL;DR: Lawson as discussed by the authors argues that the root of economic irrelevance is in the failure of economists to find methods and tools which are appropriate for the social world it addresses and offers a provocative account of why economics has gone wrong and how it can be put back on track.
Abstract: 'No reality please. We're economists'. There is a wide spread belief that modern economics is irrelevant to the understanding of the real world. In a controversial and original study, Tony Lawson argues that the root of this irrelevance is in the failure of economists to find methods and tools which are appropriate for the social world it addresses. Supporting his argument with a wide range of examples, Tony Lawson offers a provocative account of why economics has gone wrong and how it can be put back on track.
1,604 citations
"Economics as a polymorphic discursi..." refers background in this paper
...This approach has far-reaching consequences for the ontological debate on the nature of economics (Lawson, 1997, 2006)....
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...Our perspective (mathematics viewed both as a discursive device and a human construct) constitutes a substantial deviation from Lawson (1997, 2006, 2009), who overemphasizes the non-suitability of mathematical models, on ontological grounds, rather than their critical linguistic evaluation as…...
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...Various authors have attempted to define heterodox economics with regard to its object (Potts, 2000; Lawson, 2009), its ontology (Lawson, 1997, 2006, 2009), or its complexity (Colander, 2009)....
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Book•
15 Sep 1998
TL;DR: In the new edition of the Financial Management: Theory and Practice, this paper, the authors have added material relevant to European, Middle Eastern and African students, such as a chapter on Islamic finance.
Abstract: Roland Fox joins Brigham and Ehrhardt in the new edition of Financial Management: Theory and Practice, written for students in Europe, the Middle East and Africa. This text combines Brigham and Ehrhardt’s balance of solid financial theory and practical applications with Fox’s expert knowledge of international financial management.
Maintaining all the content that makes this textbook so valuable to students from fundamental through to intermediate level and beyond, this new edition also adds in material relevant to European, Middle Eastern and African students, such as a chapter on Islamic Finance.
Financial Management: Theory and Practice is a must for any student who wants to understand financial management concepts and their real-world application.
1,535 citations
Book•
01 Jan 1989TL;DR: In the "Michigan Classics Edition of Content-Based Second Language Instruction," the authors provide updates on the field of CBI in second language acquisition since 1989, and new features discuss important CBI-related research and modifications to the pedagogy in the past many years.
Abstract: In the "Michigan Classics Edition of Content-Based Second Language Instruction," the authors provide updates on the field of CBI in second language acquisition since 1989.While the core of the book remains the same, new features discuss important CBI-related research and modifications to the pedagogy in the past many years."Content-Based Second Language Instruction, Michigan Classics Edition," now includes: a new preface a glossary of key terms an updated bibliography an epilogue highlighting the major developments in the field since 1989.
943 citations
"Economics as a polymorphic discursi..." refers background in this paper
...Hence, Brigham and Ehrhardt (2002) have published a finance textbook that clearly distinguishes between the financial meaning (sources of long-term funds) and the economic one (physical assets used for productive purposes)....
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