Building an economics for a better world

Geoffrey M. Hodgson ()

Chapter 11 in From Marx to Markets, 2025, pp 266-286 from Edward Elgar Publishing

Abstract: Chapter 11 reflects on the future development of economics, considering what needs to change, and some barriers to advance. Distinguishing between the theoretical core of mainstream economics and the different ideologies that the theory may serve, 11 core problems with mainstream economics are listed. They include the excessive reliance on alleged ahistorical principles, the unfalsifiable dogma of utility maximization, an atomistic individualism where individual preferences are often taken as given, a downgrading of moral sentiments, an excessive focus on equilibrium, and inadequate treatments of money and finance. Institutional and evolutionary economics can provide an alternative core for economic theory. The chapter then turns to the issues of pluralism and interdisciplinarity. While more of both are needed, they have problems too. A possible way forward would be the development of multidisciplinary research institutes that focus on particular issues or problems, such as climate change or institutional analysis.

Keywords: Neoclassical economics; Utility maximization; Atomistic individualism; Institutional and evolutionary economics; Pluralism; Multidisciplinary research institutes (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035350094
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