Munich Personal RePEc Archive

The Future of Economics in a Lakatos–Bourdieu Framework.

Heise, Arne (2014): The Future of Economics in a Lakatos–Bourdieu Framework. Published in: International Journal of Political Economy , Vol. 43, No. 3 (2014): pp. 70-93.

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The global financial crisis has clearly been a matter of great consternation for the business-as-usual faction of mainstream economics. Will the World Financial Crisis turn out to be that experimentum crucis that triggered a scientific revolution? In this article, we seek to assess the likelihood of a paradigm shift toward heterodox approaches and a more pluralist setting in economics emerging from the academic establishment in the United States—that is, from the dominant center of knowledge production in the economic discipline. This will be done by building the analysis on a combined Lakatosian framework of “battle of research programs” and a Bourdieuian framework of “power struggle” within the academic field and highlighting the likelihood of two main proponents of the mainstream elite to become the promulgator of change.

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