From ontological orientation to axiomatic habitus? An historical reappraisal of contemporary political economy from a Marxian angle

Abstract

Abstract An accurate analysis of Marx’s early works reveals the pivotal role of ontology in defining his critical research project, which culminated with the publication of Capital. By re-assessing Marx’s critical project in such terms, a careful review of the ontological conceptions of contemporary heterodox economics becomes possible, revealing a paradoxical situation. By focussing exclusively on mainstream’s logical inconsistencies, a branch of heterodox economics converged towards the same ontological assumptions as mainstream economics. These economists fall into the ‘axiomatic habitus’ of mimicking, at times unconsciously, the same stances as mainstream economics. By contrast, segments of mainstream economics (new political economy and neo-institutionalist economics) are more aware of the nature of the social reality to be investigated, introducing an axiomatised history within their framework. A careful review of Karl Marx’s ontological rupture then becomes an inescapable reference in order to amend both heterodox and orthodox economics, challenging the increasing insularity of our discipline.