Philosophy of Economic Thought Essay Example | Topics and Well Written Essays - 3250 words

Philosophy of Economic Thought - Essay Example An examination of key contributions made by her research and related findings suggests that Dow has, additionally, played a pivotal role in the evolution of a new, more rigorous methodological approach to economics which dictates attention and respect for the emerging pluralistic notions which are omnipresent throughout the dual theories that comprise economic discourse and debate. Dow’s observations are, subsequently, as much descriptive as they are prescriptive toward the improvement and betterment of a study which maintains sociological relevance to the universal human condition. The following analysis shall highlight some of the key contributions made by Sheila Dow throughout the duration of the evolution of her thought on the topic of heterodox economics. Key Assumptions The evolution of Dow’s thoughts on economics begins with the formation and establishment of key assumptions concerning the human condition and its relation to the study of economics. As a heterodox economist, Dow is, first and foremost, very aware and interested in the orthodox theories which provide the foundation upon which newer, more innovative methodologies in the field of economics come to pass. However, Dow’s study of these theories has given rise to the formation of certain assumptions concerning the grander study of economics at large. First, it is shown that Dow understands all ontological theories to be ontological in nature, or, in layman’s terms, relating to the condition of one’s being or existence. This is, in part, because these theories all come from humans who maintain a certain awareness of their own existence and the relation that that condition plays to the outside world. Thus, Dow maintains that it is impossible for an economic theory to be objective because the very nature of a theory is value-based and therefore subjective (Dow, 2002). Dow states: â€Å"†¦ economics is dealing with human beings who function within a social sy stem† (p. 10). Therefore, it is difficult to presume that any single economic theory offers objectivity independent from the social system that gave birth to it. A second assumption which Dow comes to rely on in the formation of her further studies is that economics, as a study and, arguably (and at times) as a science, should be applied to real world scenarios. This assumption is built upon a general frustration with an economic ‘science’ whose diverging, pluralistic principles appear to adhere to an ‘anything goes’ methodology that starts with theory and ends with theory in a basic extrapolation of fantasy. She states: â€Å"We need to distinguish between a plurality of methodologies, or approaches, on the one hand and a methodology which advocates a plurality of methods on the other† (Dow, 2001a, p. 9). In this way Dow is advocating for a methodology which approaches the very real existence of pluralism within the field of economics with a m eticulous and ordered strategy of applying alleged theories to the real world. Dow’s second assumption is, admittedly and, perhaps, necessarily, mitigated by the first in that the overly-meticulous methodology which would hold a theory or concept to a mathematical benchmark might fail to entirely encompass the truth behind the