Economics: A social science under pressure
In: Portuguese journal of social science, Band 11, Heft 1, S. 31-40
ISSN: 1758-9509
This article is a contribution towards an assessment of economic idea in Portugal during the past 30 years. Following its renewal in the post-war period, it was with democracy that a significant academic community was created. It is possible to establish at least two phases that distinguish
epistemological orientations and analytical interests. During the first phase a social science was constructed, the object of which was the economic system and its problems and dynamics. The interdisciplinary nature and substantive vocation of this were notable. In the second phase we witnessed
what could be described as a disciplinary regression, with the domination of formalistic analyses. Empirically, through the analysis of three peer-reviewed journals (two economic and one interdisciplinary) and of the projects approved by Portugal's Foundation for Science and Technology (FCT
– Fundação para a Ciência e a Tecnologia), we conclude there are several ways forward from the crossroads at which we now find ourselves. One of these is the insistence that economics is a 'science of the markets', which is legitimising and normative. Another values
it as an open science that is based on pluralism and which has a critical relationship with reality.