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Economic ideology

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lightbulbAbout this topic
Economic ideology refers to a set of beliefs and values that shape an individual's or group's understanding of economic systems, policies, and practices. It encompasses perspectives on issues such as capitalism, socialism, and welfare, influencing how economic resources are allocated and how economic justice is perceived.
lightbulbAbout this topic
Economic ideology refers to a set of beliefs and values that shape an individual's or group's understanding of economic systems, policies, and practices. It encompasses perspectives on issues such as capitalism, socialism, and welfare, influencing how economic resources are allocated and how economic justice is perceived.

Key research themes

1. How does economic ideology influence the formation of economic theory and academic economics?

This research area focuses on the interplay between economic ideology and the development, acceptance, and teaching of economic theories. It investigates the ideological underpinnings within economics as an academic discipline, the marginalization of heterodox perspectives, and the tensions between scientific ideals and ideological influences embedded in economic thought. Understanding this dynamic is essential as it shapes the boundaries of economic knowledge production, pedagogy, and the perceived neutrality or bias of economics in institutional contexts.

Key finding: The paper identifies a paradox in economics academia: while mainstream economists have largely marginalized the history of economic thought—often due to positivist and vocational considerations—there is a rise in heterodox... Read more
Key finding: Colander critically assesses heterodox claims of neoclassical economics' ideological bias and finds them largely unconvincing, emphasizing the institutional realities and imperfections of economic science. He notes that... Read more
Key finding: This work argues that ideology in economics is often embedded not in the economic theories themselves but in how these theories are taught and presented, particularly through textbooks and pedagogy. It shows that the... Read more
Key finding: The paper philosophically refutes claims that economics is irredeemably ideological and thus unscientific. It shows that while ideological critiques may highlight tensions in economics, the best scientific economics actively... Read more
Key finding: Analyzing Joseph Schumpeter’s epistemological framework, this paper elucidates the mutual interdependence of ideology and science in economics. Schumpeter conceptualizes 'ideology' as the theorist’s pre-analytic vision... Read more

2. How do economic ideologies influence attitudes towards economic policy and institutions, particularly in political-economic contexts?

Research under this theme examines how individuals' economic ideology shapes their support or opposition to economic policies and institutional arrangements, especially in relation to broader political-economic contexts such as EU integration or state ownership. This theme addresses the conditional effects of ideology depending on economic conditions, providing critical insights on ideology's role in policy preferences and political economy.

Key finding: Empirical evidence shows that individuals’ economic left-right ideology influences their support for EU integration depending on contextual national factors: those on the left in high-inequality, low state-ownership countries... Read more
Key finding: The persistence of Soviet-era socialist/communist ideologies continues to influence political and economic attitudes in post-Soviet states, affecting institutional development and economic decision-making. This study... Read more
Key finding: This study theorizes and reviews empirical findings on the youth wage subsidy policy in South Africa, noting that economic ideology influences acceptance and critique of such interventions. While subsidies lower unemployment... Read more
Key finding: The paper argues that orthodox economic ideology, particularly in dominant theory, contributed to the failure to identify and respond effectively to the causes of economic crises. It stresses that political and ideological... Read more
Key finding: Vernon Smith addresses critics of economic theory, acknowledging social problems but emphasizing the necessity of scientific rigor and objectivity in economics. He argues that ideological pressures seeking quick policy fixes... Read more

3. How do economic ideologies historically relate to the evolution of economic thought and capitalist development?

This theme explores the historical co-evolution of economic ideologies and theories alongside societal and economic transformations, including capitalism’s development. It examines how ideological conceptions of markets, capital, and social order have shaped fundamental economic ideas, and conversely how shifts in ideology reflect and impact economic history and crises.

Key finding: Kurz provides a comprehensive overview showing how economic ideas have evolved historically in response to changing economic realities, tracing the shift from classical to neoclassical economics and incorporating pluralist... Read more
Key finding: This historical analysis reveals how early capitalist ideology intertwined with proto-scientific alchemical ideas, portraying entrepreneurs (‘projectors’) as creative agents transforming ideas into wealth. It provides insight... Read more
Key finding: The thesis situates neoclassical economics historically within capitalist society and argues that its explanatory concepts—equilibrium, market, and rational self-interest—serve apologetic ideological functions by naturalizing... Read more
Key finding: The paper revisits Marxist analyses of credit, capital turnover, and financial instability to interpret contemporary capitalist crises. It highlights how ideological perspectives embedded in classical and Marxian economic... Read more
Key finding: Smith critiques pre-1960s microeconomic theory by exposing its unrealistic assumptions (e.g., infinite or zero information costs), which reflect ideological simplifications of market processes. He argues that economic... Read more

All papers in Economic ideology

Liberals experience more distress than conservatives. Why? We offer a novel explanation, the social support hypothesis. Maintaining social support and avoiding exclusion are basic human motivations, but people differ in their sensitivity... more
There is a theoretical and empirical need to distinguish between static support for the EU as it now is and dynamic support for further integration. Although most Europeans endorse the EU as a good thing today, the European Election Study... more
There is a theoretical and empirical need to distinguish between static support for the EU as it now is and dynamic support for further integration. Although most Europeans endorse the EU as a good thing today, the European Election Study... more
Research has proven that labour market of South Africa has serious grievous unemployment charge for the youth and great disparity in age groups, races, and genders. The extensive goal of this find out about is to observe the perhaps... more
Considerando que a democracia representativa tem assegurado, nos nossos dias, uma estratificacao, exponenciada pela economia como ideologia, que mantem dominadores e dominados nos seus lugares proprios, procura-se evidenciar neste texto,... more
This article investigates the extent to which economic ideology affects people's support for European Union integration and how this is conditioned by economic context. We argue that people on the economic left who live in a country... more
A quarter of the labour force in South Africa is currently unemployed with the majority of the unemployed being unskilled youth. One of the major causes seems to be the commanding power of trades union resulting in a high minimum wage for... more
In late seventeenth-century England, the term projector obvi- ously had nothing to do with psychoanalysis or the machine that shows films, since neither thing had been invented, although it was associated with controversial science and... more
The purpose of this discourse is to highlight the potential merits and demerits of the implementation of a youth wage subsidy in South Africa. Due to the colossus rates of unemployment, particularly among young people, the government has... more
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