ABSTRACT
Social theory can usefully be conceived in terms of four key paradigms: functionalist, interpretive, radical humanist, and radical structuralist. The functionalist paradigm provides the framework for current mainstream economics, and accounts for the largest proportion of theory and research in its academic field. All theories of economics are based on a philosophy of science and a theory of society. Paradigm diversity is based on the idea that research is a creative process and that there are many ways of doing research. This approach leads to the development of knowledge in many different, and sometimes contradictory, directions such that new ways of knowing will emerge. Knowledge of economics is ultimately a product of the researcher's paradigmatic approach to this multifaceted phenomenon. Viewed from this angle, the pursuit of economics knowledge is seen as much an ethical, moral, ideological, and political activity, as a technical one.
