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Institutional Approach in Economics and to Economics. Part II

Institutional Approach in Economics and to Economics. Part II

Journal of Institutional studies, , Vol. 7 (no. 4),

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 paper 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 the different methodological framework that is able to make economics socially useful. The second part of the paper, which is published in this issue, consists of two sections. In the first one (section number 4) economics is regarded as an institution and discusses its origin and evolution, as well as its current operation. On the basis of the analysis made in this section we can conclude that this institution has a very high degree of stability and because of that it cannot be reformed without an active external intervention. The fifth section of the paper is devoted to the link of the social role of economics with its methodology. It argues that the social function of economic science is the study of reality as it is, and underlines that economic education must be oriented in this direction.


Keywords: economic mainstream and the theological tradition of Anglo-Saxon universities; the birth of institutionalism and the tradition of German research universities; economic science as an institution; types of academic economists according to their values; methodological classification of academic economists; the social function of economics; modern model of scientific research; constructivist view of scientific research; autistic economic science and education; socio-economic reforms and the reform of economic science and education

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