ABSTRACT
The approach to problems of political economy should be relational; never try to treat a problem in isolation. The basic neoclassical paradigm also leaves no room for power or conflict in its picture of the functioning of the political economy. When a political-economic process shows a discontinuity or qualitative jump, ask what continuous, incremental evolution led it to that point. A few political economists, who have rejected the empiricist view for the reasons, have gone to the opposite extreme. A more serious criticism is the fact that in economics or political economy there is no one “universally recognized” paradigm, but a continuous conflict between paradigms. The reason is that political-economic paradigms are fiercely supported, not only because of intellectual investment in them, but because changes threaten the interests and position of the political-economic ruling class.
