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Institutional approach in economics and to economics. Part I

Institutional approach in economics and to economics. Part I

Journal of Institutional studies, , Vol. 7 (no. 3),

The paper attempts to justify an alternative to conventional methodology of economics, as well as make a corresponding revision of the history of this discipline. It explains why the discipline in its orthodox version, and for the most unorthodox directions, is cognitively sterile and socio-economico-politically very harmful. The article can be seen as a manifesto which calls for a radical change in the discipline. As a manifesto, it probably could be called "Economics: from repentance and resurrection", that is, I suggest to economists to repent of the harm that this discipline has brought and on the basis of this reflection to revive it in a different methodological framework that is able to make economics socially useful. The first part of the article published in this issue, consists of three sections. The first section justifies the claim that economics is stuck in metaphysical-abstract state with its abstract-a priori approach, and that its orthodox part is theology plays the role of a theology of the secular market religion. The second section summarizes the methodology, the use of which would make "economic science" truly scientific. The third section shows how this can be implemented.


Keywords: abstract-a priori approach; economic disciplines as theology of market religion; constructivist methodology of science; constructivist institutional economics.

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