One-Handed Economists: Paradigms and Ideologies

Lester Hadsell ()
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Lester Hadsell: University at Albany, State University of New York, Department of Economics

Chapter 3 in Social Economies, 2026, pp 29-42 from Springer

Abstract: Abstract Part I of Social Economics examines how values affect views of economic systems. This chapter explains why economists disagree—regarding tariffs, minimum wage laws, government taxing and spending, and so on—just as experts in other disciplines disagree. I provide an overview of paradigms, or overarching ways of thinking, beginning with the dominant neo-classical. Beyond the neo-classical perspective, I examine a prominent alternative (Marxist) and less well-known approaches (Buddhist, Feminist, and Ecological economics). Particular attention in this chapter is given to the neo-classical paradigm—the current dominant school of thought among economists. Readers can use the Capitalism Index survey to measure where they fall on the ideological continuum within the neo-classical paradigm, from liberal to conservative. Results of nationwide responses to the survey are highlighted. Distribution across liberal- and conservative-leaning states shows that the difference is in the extremes. Satisfaction with life and voting behavior appear to be influenced by support for markets. Differences in support for markets are seen by gender, race, religious background—even whether you were raised in a single-parent household.

Keywords: Paradigms; Ideology; Neo-classical; Conservative; Liberal; Capitalism; Marxism; Socialism; Buddhist economics; Feminist economics; Ecological economics; Power; Coercion; Libertarian; Free markets (search for similar items in EconPapers)
Date: 2026
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DOI: 10.1007/978-3-032-21916-9_3

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