The State,Public Policy and Heterodox Economics: An Introduction

While most heterodox economists endorse some amount of policy activism, there is no unified conception of the state and public policy in heterodox economics. To help clarify the similarities and differences within heterodoxy – and between heterodox and mainstream economics – a panel addressing this subject was convened in 2007 at the Annual Meeting of the Association for Institutional Thought. This article introduces the essays prepared for that symposium. They include an examination of the position of Marx and Engels, a clarification of the institutionalist views of Veblen and Commons, an outline of the perspective of Post Keynesian Institutionalism, and an account of some essential contributions of Classical Pragmatism (a major school of thought within the philosophy of science). The collection advances what Robert Heilbroner called “the worldly philosophy” by seeking to understand the role of the state in a world where institutions, defined broadly as social habits, adjust to other institutions.

Samuel R. PavelEmail:

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Clifford Poirot   is associate professor of economics in the Department of Social Sciences at Shawnee State University, Portsmouth Ohio. In addition to the philosophy of economics, his research interests focus on cultural ecology and the problems of transitional economies. He teaches principles of economics, cultural anthropology, comparative systems and international political economy. Samuel R. Pavel   is assistant professor of business at Purdue University North Central. He is an economic development specialist for the northwest Indiana/southeast Michigan region. His research interests include Institutional Economic theory and applications that focus primarily on labor and financial markets.