Nature, method and future of economics and political economy: a human Organisation and praxis-based synthesis and development

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We explore the way in which a focus on human organisation and praxis helps inform the nature, method, scope and ontology of economics and integrate apparently competing perspectives, notably classical political economy and the currently –mainstream, often referred to as ‘neoclassical’ economics. We assess critically extant views on the nature, method and ontology of economics, and propose an inclusive definition of economics based on the way in which human organisation and praxis interact with physical nature to acquire, create, distribute and allocate resources defined broadly to include organisations and institutions, customs and culture, ideally in a sustainable way. This informs a method based on realistic assumptions and serving as a general framework from which specific economic perspectives can be derived by imposing relevant and appropriate restrictions.