The Case Against Pluralism In Economics

There is a scientific consensus among economists on core principles and concepts. Economics professors teach practically the same principles (i.e. comparative advantage, opportunity cost, price elasticity) even though we disagree on some specific policy issues. Debates over policy issues do get a great deal of attention, but economists generally agree on a basic set of propositions, known as mainstream economics.  

There are, of course, some dissenters who object to or reject mainstream economics. Some contemporary professors and students advocate “pluralism” in teaching economics. Pluralism typically means including heterodox viewpoints in economics curricula and texts. Current heterodox theories come mainly from interpretations of Marx, Veblen, and Keynes. Mainstream economists reject Marx and Veblen and accept a diluted version of Keynes.

There is a case for considering alternative points of view. John Stuart Mill argued that debate over ideas leads to intellectual progress. Even defense against an “incorrect” theory prods defenders of correct theories to think carefully and critically about their own beliefs. Of course, debate always uses up time, and using time is costly. Would inclusion of heterodox perspectives in contemporary economics classes be worthwhile?

Advocates of pluralism need address the objections that economists have to heterodox theories.

Pluralism in Economics  

The most recent call for pluralism came at Tufts University. This call for pluralism is overtly political — its author explicitly calls for pluralism to prepare students to “navigate and confront this turbulent time” of the Trump Administration. There are several problems with this call for pluralism. First, economics is a social science, not an instrument of politics.  Would the heterodox crowd find mainstream economics more acceptable now if Clinton had won the electoral vote? No. As for economists, we rejected Marx and Veblen about a century ago, not because of political views, which were varied, but rather because their theories were seen as fatally flawed. Economists revised Keynes’ theory repeatedly due to debate, not politics. Advocates of pluralism need address the objections that economists have to heterodox theories rather than focusing on their objections to the current president.