PIET KEIZER (MAY 2015), MULTIDISCIPLINARY ECONOMICS, A METHODOLOGICAL ACCOUNT, OXFORD: OXFORD UNIVERSITY PRESS
The most important misunderstanding in economics is the idea that orthodox economic theory, as we know from regular textbooks, offers an acceptable foundation for the study of real life economies. Orthodox economics, however, analyses the economic ASPECT, thereby – on purpose – ignoring the other two primary aspects of human life: the psychic and the social aspect.
This book discusses orthodox economic theory thoroughly, and compares it with a whole series of heterodox economic approaches. It draws the conclusion that heterodoxy does not offer a serious alternative. The book discusses a whole series of psychological and sociological approaches, to find out what these disciplines has on offer for economists. A lot! The book develops an analysis of the psychic and of the social aspect of human behaviour. These two aspects are integrated with the typical economic analysis. In this way, a paradigm and analysis is developed, which functions as a more realistic context for the meaning of familar concepts, such as rationality, morality, efficiency, technology and institutions.