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1 – 10 of 697Ekrem Yilmaz, Güler Deymencioğlu, Mehmet Atas and Fatma Sensoy
This study aims to present the perspectives of heterodox economics and Islamic economics on environmental economics, as an alternative to mainstream economics, which takes…
Abstract
Purpose
This study aims to present the perspectives of heterodox economics and Islamic economics on environmental economics, as an alternative to mainstream economics, which takes economic growth as its main objective and argues that environmental problems will largely disappear when economic growth is achieved.
Design/methodology/approach
In this study, there was no intention to conduct a detailed analysis of heterodox economic models and Islamic economics. Instead, the approaches to the “environment,” which can be considered as an urgent need of the planet, were evaluated, and the inadequate proposals of the mainstream economics’ environmental approach were theoretically criticized and heterodox economics and Islamic economics were proposed as an alternative model.
Findings
Heterodox and Islamic economics offer alternative models of development prioritizing social and ecological justice to address environmental problems, which is in contrast to mainstream economics’ narrow focus on market mechanisms and individual rationality. Thus, engaging in more dialogue in the context of the environment is inevitable for both schools, considering the vast geography inhabited by Muslims and the proposed heterodox economic policies, and moreover, these approaches are modeled for the first time.
Originality/value
This article presents a synthesis of Islamic economics and heterodox thinking in contrast to mainstream economic policy, highlighting their similarities and differences and providing a more comprehensive understanding of the complexities and potential solutions of environmental problems. To the best of the authors’ knowledge, this approach has not been previously explored, making it an original contribution to the literature.
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This paper seeks to evaluate how some of the core general principles of heterodox political economy (HPE) can be applied to the issue of how HPE has managed to undergo resurgence…
Abstract
Purpose
This paper seeks to evaluate how some of the core general principles of heterodox political economy (HPE) can be applied to the issue of how HPE has managed to undergo resurgence and development over recent decades.
Design/methodology/approach
Four major principles of heterodoxy are applied successively to this issue: historical specificity; contradiction; heterogeneous agents and groups; and circular and cumulative causation.
Findings
These principles assist in comprehending how HPE is able to develop its own concepts, networks, publications, academic departments, teaching and policy‐relevant material.
Research limitations/implications
HPE has had considerable success in developing a conceptual apparatus, which helps to explain the emergence of much of its edifice being developed in academic and policy circles. The performance of HPE has been impressive.
Practical implications
The conceptual apparatus of heterodoxy can be applied to real world situations; specifically a component of world history over especially the past 40 years.
Originality/value
This is the first time such a theme has been explored in the literature.
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This paper aims to review the undergraduate curricular structure of 36 self‐identified heterodox economic programs in the USA, Australia, UK and Canada.
Abstract
Purpose
This paper aims to review the undergraduate curricular structure of 36 self‐identified heterodox economic programs in the USA, Australia, UK and Canada.
Design/methodology/approach
The author gathers, summarizes, compares and contrasts the structure of 36 undergraduate heterodox departments. Departments are classified into traditional, plausibly pluralistic, and demonstrably heterodox programs. Specific examples illustrate each classification.
Findings
With notable exceptions described here, most heterodox economics programs are structured as traditional mainstream departments with a few pluralist or political economy electives available. However, 20 departments exist that require at least one heterodox course; eight require two or more.
Practical implications
A few programs have created imitable curricular structures that one would expect to significantly influence the depth and breadth of heterodox perspectives presented in the undergraduate economics major.
Originality/value
This is the first published analysis of undergraduate heterodox economics curricula. It highlights the creative structures characterizing some of the English‐speaking world's best programs and demonstrates that the curricula in most programs lack required courses in heterodox economics. The paper also provides examples of intentionally heterodox programs that may serve as models for others to emulate.
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This study aims to investigate the viewpoints of heterodox economic thoughts and Islamic economic thought concerning the concept of waste. Additionally, it explores the shared…
Abstract
Purpose
This study aims to investigate the viewpoints of heterodox economic thoughts and Islamic economic thought concerning the concept of waste. Additionally, it explores the shared criticisms that both perspectives hold against mainstream economic thought in relation to waste.
Design/methodology/approach
First of all, the concept of waste is examined and the global effects of waste are investigated. Criticisms directed in the context of waste in mainstream economics in the context of heterodox school thoughts are examined. Likewise, criticisms directed in the context of waste in mainstream economics in the context of Islamic economic thoughts are examined. Finally, the common and different aspects of heterodox and Islamic economic thoughts were discussed, and the common criticisms of mainstream economic thought’s point of view toward waste were examined. This study is a theoretical, qualitative study.
Findings
Although both ideas have different aspects, heterodox and Islamic economic thoughts believe that the mainstream economy, which is based on capitalism and materialism, creates waste by ignoring the long-term social and environmental consequences of economic activity. They argue that the pursuit of profits and growth, without considering the impact on society and the environment, leads to an inefficient and unsustainable use of resources.
Originality/value
The best author’s knowledge, by emphasizing the common and different aspects of Islamic economics and heterodox thoughts, this study is the first to examine the concept of waste in the context of the common aspects of these ideas.
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Frederic S. Lee and Wolfram Elsner
The purpose of the “Introduction” is to provide the motivation and context for the articles of this special issue and an overview and summary of the contributions that follow.
Abstract
Purpose
The purpose of the “Introduction” is to provide the motivation and context for the articles of this special issue and an overview and summary of the contributions that follow.
Design/methodology/approach
The paper provides an overview and summary of the contributions in the special issue.
Findings
It is argued that heterodoxies had gained a considerable and growing influence on research orientations, methodologies, and critical reflections, also on the mainstream publishing practices, even in the mainstream. This has been widely acknowledged as “hip heterodoxy” recently. Thus, many heterodox economists have developed optimistic expectations for the future of the profession. However, that influence has left the main mechanisms of reproduction of the mainstream untouched. These are mass teaching, public advising, journal policies, and faculty recruitment. Above that, the last decade has seen something like a “counterattack” to safeguard these mainstream reproduction mechanisms. The means used for this seem to be journal (and publisher) rankings based on purely quantitative citation measures and “impact factors”. These have an obvious cumulative “economies‐of‐scale” effect which triggers a tendency towards reinforcement and collective monopolization of the dominating orientation. Department rankings and individual faculty evaluations are then based on journals rankings. As a result, there are observable tendencies towards the cleansing of economics departments in a number of countries.
Originality/value
The paper also discusses potential reasons and methods for alternative approaches to measure citation interrelations, networks, cooperation, and rankings among heterodoxies (journals and departments), and for alternatives of publishing and the future of heterodoxies in general. Finally, it draws the picture of the present situation and the foreseeable future of heterodoxies as it emerges from the 11 contributions of the special issue.
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This paper aims to describe cooperation between public and private market players from different legal and religious orders. The author argues that such public–private…
Abstract
Purpose
This paper aims to describe cooperation between public and private market players from different legal and religious orders. The author argues that such public–private partnerships (PPPs) enable the development of a possible convergence between selected areas of mainstream public finance and the Islamic moral economy (IME).
Design/methodology/approach
This paper explores the theory of both mainstream finance and the IME, and using deductive reasoning from axioms, develops the assumptions of a theoretical approach to heterodox PPP. The proposed method affects the ability to find common platforms between mainstream public finance and the IME, through the example of public–private investment projects.
Findings
This endeavour is subject to trade-offs between profit maximisation and social justice values on the basis of long-term PPP contracts. The author shows the assumptions under which this compromise would be beneficial to public entities, multicultural societies and conventional and Islamic investors. It is proposed to distribute profit to the owners up to a predetermined value, above which the PPPs would finance public services for persons otherwise excluded from them.
Originality/value
The success of this approach must depend on a compromise between profit maximisation as the sole investment objective and investment guided by social justice values. Private investors can achieve a capped level of profit on a long-term contract basis, and public partners can obtain long-term contracts for providing public goods. Both would undertake a project with a strong emphasis on corporate social responsibility, with particularly large opportunities in developing Islamic countries.
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The purpose of this paper is to explore how consensus decision making serves as a foundation for organizing an alternative economy while the agency of the economic project itself…
Abstract
Purpose
The purpose of this paper is to explore how consensus decision making serves as a foundation for organizing an alternative economy while the agency of the economic project itself organizes participants because it serves to distribute resources as people need them and foment a community of sharing based on the concept that as individuals we are lacking but as a community we have enough. The paper asserts that as activists looking to foment change, alternative economic projects in themselves are actors in organizing community building and resistance to capitalism.
Design/methodology/approach
El Cambalache (The Swap in English), located in San Cristobal de las Casas, Chiapas, Mexico, is an exchange-based money-less economy that trades unwanted items as well as knowledge, abilities and skills that one wants to share. The project receives anything; specifically used, broken and/or unwanted electronics as well as just about anything else that one might possess. In exchange people provide laptop maintenance classes, language exchange, land to be worked, rooms, gardening services, objects, stories, etc. The rules in this money-less non-capitalist economy organize participation through one exchange or many.
Findings
Consensus decision making is an effective method for engaging in non-hierarchical research projects.
Originality/value
This project contributes to research in heterodox economies by presenting an original project with a new suggestion for exchange value as an inclusive process of exchange among participants in the economy. It also provides evidence that consensus decision making can be a useful and productive method for research.
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The article seeks to identify and examine HPE concepts and ideas that help teach community economic development to college students.
Abstract
Purpose
The article seeks to identify and examine HPE concepts and ideas that help teach community economic development to college students.
Design/methodology/approach
The paper's discussion is situated within a descriptive account of the learning context, content and structure of a course on community economic development. Selected course readings are analyzed to identify heterodox concepts and to illustrate how they assist in helping students think critically about community economic development.
Findings
The course readings prove fruitful ground for the identification and examination of a range of heterodox concepts and ideas used to help students to think critically about community economic development issues.
Research limitations/implications
Although successful in examining the contributing roles of heterodoxy in teaching community economic development, the study relied on only one course syllabus.
Practical implications
The article offers a practical way to gauge the use of heterodoxy in the classroom. It provides a case study example of how courses could be adopted to teach heterodox economic concepts and ideas.
Originality/value
The article presents a case study of the use of heterodoxy to help students think creatively and critically, and as such, provides an exemplar for other professors to adopt a similar approach.
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Like the quixotic character that never knew that he was speaking all through his life in pure and simple prose, Gandhi never realized that what he was preaching and practicing…
Abstract
Like the quixotic character that never knew that he was speaking all through his life in pure and simple prose, Gandhi never realized that what he was preaching and practicing throughout his life was in fact the basic principles and theories that could be subsumed under the contemporary discipline of political economy (PE). Gandhian political economy (GPE) is replete with many of the characteristics of classical and Marxian political economy and these are mentioned at relevant places throughout this work. It also assimilates some of the major features of contemporary heterodox political economy, in particular, the class analysis of Neo‐Marxism; gender, ethnicity and class analysis of Feminist political economy; the analysis of justice, ethics and institutional trust of social political economy; the analysis of the significance of institutions and institutional change of the institutional‐evolutionary political economy; and the importance of the interdisciplinary focus on contemporary issues like development and international political economy.
The learning region has over the years become popular as a concept to portray and analyse subnational geographic entities heading for future growth and well-being. Claiming…
Abstract
Purpose
The learning region has over the years become popular as a concept to portray and analyse subnational geographic entities heading for future growth and well-being. Claiming analytic and political relevance, the concept nevertheless retains much unclarified ideological content.
Design/methodology/approach
This study traces its roots to varieties of heterodox economic thinking where it has gained a prominent place.
Findings
While being strong on the value of different kinds of knowledge to economic development, the concept has a much weaker grip on the cultural rationales for knowledge and learning.
Originality/value
Thus, the study concludes with a need for a cultural reorientation to take place if the concept is going to retain its significance in the future academically as politically.
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