A sociological case for pluralism in economics
by Hendrik Van Den Berg
International Journal of Pluralism and Economics Education (IJPEE), Vol. 2, No. 4, 2011

Abstract: The ideas and concepts of Pierre Bourdieu provide insight into why the culture of economics led to the failure of economists to foresee financial instability and the Great Recession. The culture of the field of economics consists of a subjective habitus that includes smooth neoclassical functions and unrealistic rational expectations models, justified by doxa that reflects the neo-liberal belief in the moral superiority of free markets and individuals' 'freedom to choose'. This paper argues that for economists to avoid missing the next economic crisis, they must break out of the confines of the neoclassical culture. To escape the symbolic violence and gain their freedom, economists must embrace intellectual pluralism.

Online publication date: Thu, 29-Jan-2015

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