Economics is unique among the social sciences in having a single monolithic mainstream, which is either unaware of or actively hostile to alternative approaches.
In this lecture Professor John King of La Trobe University will present a case for pluralism in economics, derived from the complex and ceaselessly changing nature of the world in which we live.
He will concentrate on two arguments. First, economic reality is very complicated, so that the questions that economists ask are therefore inherently difficult, and it is unlikely that they have simple answers. Since no theory can consider all relevant factors in any particular economic context, this establishes a strong prima facie case for theoretical pluralism. Second, economic reality is fluid and subject to continuous change, so that the quest for a single, 'general' theory applicable to human behaviour in all societies, at all points in time, is a delusion.
To illustrate the case for pluralism Professor King will draw on the recent history of the global economy, the problems encountered in understanding it solely in terms of mainstream macroeconomics, and the dangerous policy implications that have been drawn from mainstream theory.
Presented: Tuesday 8 August 2012, State Library of Victoria, Melbourne