Abstract

The attack of the traditions of political economy upon the orthodox economics
is directed at the pillars supporting its political philosophy and at the core of its deductive
and individualist methodology. This criticism challenges the current mainstream economics
research frontier, which includes the notions of ‘new’ institutional economics, among others.
Recalling the tradition known as the ‘Other Canon’, this article criticises these theories and
reclaims the principal arguments of a real critical institutional political economy agenda,
based on the significant role of history in economic and social analysis, the inductive
methodology and the emphasis on power relationships and interest conflicts.

JEL Classifications: B14; B31; B52; L22.