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• W1419178265 abstract "Heterodox economics and International Political Economy (IPE) have each received increased attention in the wake of yet another round of criticism of mainstream economics. The recent global financial crisis, its uneven impact across economies and transmission into the real economy, has called into question dominant mainstream economic theories, such as the efficient market hypothesis and the analytical separation of the financial from the real productive sector. It has also led to calls for the curricula of economics courses to consider real-world topics, to include economic history and to cover heterodox schools of economic thought. On the other hand, the global financial crisis: laid bare some fundamental challenges for all contemporary IPE scholarship ... the depth and virulence of the crisis caught most scholars by surprise ... the majority of prominent international relations journals did not publish single article on the financial crisis in the years 2008-2011 (Johnson et. al 2013: 1012). IPE has also been criticised in recent years for not addressing the 'really big questions' of the contemporary era or the origins of capitalism, for being Eurocentric and for being too silent about the workings of capitalism (for example see, Cohen 2008, and the 2009 and 2013 special issues of the Review of International Political Economy). Both heterodox economics and IPE embrace wide spectrum of theoretical perspectives. Heterodox economics is generally considered as field within the discipline of economics without notable geographic concentration. On the other hand, 'geographic factions' of IPE scholars have been identified (Blyth 2009; Cohen 2014). Generally speaking there is recognised American group, British one, European IPE scholars and scattering of others in Latin America, Asia and Australia. The American and British groups dominate debates within IPE discourse. (1) Cohen (2014) also identifies varying disciplinary underpinnings of IPE, ranging from classical moral philosophy (British group) to political science (the Americans). The terms 'heterodox economics' and 'political economy' are often used interchangeably. Heterodox economics is generally acknowledged as group of different schools of economic who are united on two counts. First, they are united in their collective ontological opposition to mainstream economics. Second, they advocate for methodological pluralism. Nevertheless, the schools comprising heterodox economics are distinguishable from each other by their theoretical perspectives and different analytical concerns. The conceptualisation of political economy, on the other hand, has assumed polysemic nature. It's multiple ascribed meanings range from the concern of the classical political economists with the economic surplus to the research agenda of public choice theorists and the economic advice given to policymakers. It is through this polysemy that there has also occurred conflation of IPE with heterodox economics. This conflation can be directly traced to both the American and British IPE groups. The American group conceptualise IPE as a marriage of two disciplines [economics and politics] integrating market studies and political analysis into field of inquiry (Cohen 2011: 1). By this 'states and markets' approach, IPE seeks to explain how political power shapes economic outcomes and economic forces influence political actions (Paul and Amawi 2013: 2). Increasingly the American IPE scholars have adopted: ... neoclassical economic reasoning and liberal political philosophy at the expense of other economic and political thought ... In this way American IPE resembles quite closely the modern political economy approach ... [which] attempts to re-imagine it as aping the mainstream: thus the neoclassical and Austrian analytical tools are applied to issues of political interest. (Mearman 2014: 41-42). (2) Neoclassical economics is the antithesis of heterodox economics. …" @default.
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• W1419178265 date "2015-01-01" @default.
• W1419178265 modified "2023-09-24" @default.
• W1419178265 title "Conflation of IPE with heterodox economics? Intellectually negligent and damaging" @default.
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