Abstract
Any explanation of an economic phenomenon is based on a worldview. The premise of this book is that any worldview can be associated with one of the four broad paradigms: functionalist, interpretive, radical humanist, and radical structuralist. This chapter takes the major extant schools of thought in economics—Neo-Classical Economics, New Institutional Economics, Behavioral Economics, Austrian Economics, Post-Keynesian Economics, Institutional Economics, Radical Economics, and Marxist Economics—and locates each of them on the map of the four paradigms, as in Exhibit 12.1. It emphasizes, as pluralist economics does, that these schools of thought in economics are equally scientific and informative; they look at economic phenomena from their certain paradigmatic viewpoint; and together they provide a more balanced understanding of the economic phenomenon under consideration. In this chapter, Sects. 1 through 8 present eight major extant schools of thought in economics, and Sect. 9 concludes the chapter.
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