Veblen's Evolutionary Methodology and Its Implications for Heterodox Economics in the Calculable Future

Tae-Hee Jo ()

MPRA Paper from University Library of Munich, Germany

Abstract: Critics have repeatedly claimed that heterodox economics has failed in that it has limited acceptance by the mainstream of the economics profession and little influence on other approaches and policies. They blame heterodox economists for their own failure. I subject this claim to critical examination from the perspective of Veblen’s evolutionary methodology. Veblen’s theory of the business enterprise will be used as an example, which exemplifies the case that a ‘blasphemous’ theory is ignored and marginalized even though it provides rich insights into economy and society. Heterodox economics has shown a similar path. It is also argued that social science does not follow the biological principle of natural selection. What survives does not necessarily mean the fittest in the social realm. The history of science is replete with paradoxical incidents that an incoherent, irrelevant, or even wrong theory becomes dominant and widely accepted because it is one that serves the vested interests in academia and society. Economics is no exception.

Keywords: Thorstein Veblen; Evolution; Business Enterprise; Heterodox Economics (search for similar items in EconPapers)
JEL-codes: B15 B25 B50 D21 (search for similar items in EconPapers)
Date: 2019-12-18
New Economics Papers: this item is included in nep-evo, nep-his, nep-hme, nep-hpe and nep-pke
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Related works:
Journal Article: Veblen’s evolutionary methodology and its implications for heterodox economics in the calculable future (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:97720

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