Key research themes
1. How has New Economic Criticism reshaped the analysis of economic thought's scope, sources, and methodologies?
New Economic Criticism expands the traditional boundaries of the history of economic thought (HET) by broadening its scope beyond classical figures and Eurocentric narratives to include diverse geographical locations, recent historical periods, and varied institutional contexts. It emphasizes novel sources such as institutional archives and noncanonical economic texts and encourages the application of interdisciplinary methods, including sociological and cultural analyses, to reinterpret economic ideas in their socio-political and cultural milieus. This broadening is crucial for understanding economics as a socially embedded discipline rather than an isolated set of abstract theories.
2. In what ways does New Economic Criticism challenge orthodox neoclassical economic assumptions related to rationality, market efficiency, and economic modeling?
New Economic Criticism critically interrogates neoclassical economics’ foundational assumptions such as rational agents, market optimality, and the predictive power of equilibrium models. It incorporates insights from Austrian economics, Post-Keynesian views, and economic sociology to contest the universality of homo economicus and questions the neglect of uncertainty, time, and money in classical models. This thematic strand advances alternative conceptualizations of economic behavior and markets that embrace bounded rationality, informational imperfections, and socio-institutional complexities.
3. How does New Economic Criticism integrate interdisciplinary cultural, literary, and socio-political perspectives to analyze economic ideas and practices?
Beyond critiques of economic theory, New Economic Criticism explores the interplay of economics with culture, literature, and social ideology. This involves examining economic metaphors in literary texts, analyzing the cultural production of economic value, and elucidating how economic concepts shape and are shaped by sociopolitical contexts. This theme foregrounds the co-constitutive relationships between economic discourse and cultural narratives, illustrating the richness of New Economic Criticism’s methodological pluralism.