Political Economy as a Methodological Approach

The term 'political economy' has been, and still is, applied in a variety of ways. The case is made here for understanding it in terms of a common philosophical/methodological approach to economics. It can therefore encompass a range of bodies of theory that apply some form of open-system approach. The sociological dimension is also considered with respect to the relative power of different approaches within the discipline. The scope for enhancing the influence of the political economy approach is analysed in Kuhnian terms, requiring attention to the establishment of a credible alternative to the mainstream and to facilitating the transition to such an alternative, including the reform of economics education. This strategy reflects an application at a range of levels of the pluralism of the political economy approach.