Meta-theory as a uniting framework for economics and global political economy

ABSTRACT

This paper discusses the differences between orthodox and heterodox economics as well as between American and British Global Political Economy (GPE). It is found that the main differences within both disciplines are related to meta-theoretical premises. However, meta-theory turns out to be also a uniting factor between disciplines. Orthodox economics and American GPE mostly share positivist meta-theory, while heterodox economics and British GPE are largely based on critical realist meta-theory. Instead of building bridges within disciplines, it is suggested that it would be more feasible to combine some parts of orthodox economics with American GPE and some parts of heterodox economics with British GPE. This paper also discusses the role of mathematics in economics, critically assessing Tony Lawson’s claim that there is no place for mathematical modelling in heterodox economics.

KEYWORDS:

• Critical realism
• positivism
• orthodox economics
• heterodox economics
• American GPE
• British GPE

Disclosure statement

No potential conflict of interest was reported by the author.

Notes on contributor

Patrizio Lainà is a researcher at the University of Helsinki currently working on a monetary and banking reform called full-reserve banking.

ORCID

Patrizio Lainà http://orcid.org/0000-0001-6002-0087

Additional information

Funding

This work was supported by Finnish Cultural Foundation; Palkansaajasäätiö.