From the mainstream economics research frontier towards critical institutional political economy

Abstract

The attack of the traditions of political economy upon the orthodox economics is directed at the pillars supporting its political philosophy and at the core of its deductive and individualist methodology. This criticism challenges the current mainstream economics research frontier, which includes the notions of ‘new’ institutional economics, among others. Recalling the tradition known as the ‘Other Canon’, this article criticises these theories and reclaims the principal arguments of a real critical institutional political economy agenda, based on the significant role of history in economic and social analysis, the inductive methodology and the emphasis on power relationships and interest conflicts.