Formal Economy, Substantive Economy, and Economism: A Critical Interpretation of Karl Polanyi’s Distinction

Polanyi analyzes the historical deployment of a “formal” economic science starting from the “market-scarcity-instrumental rationality triptych.” This triptych, and the knowledge associated with it, is shown to be more than merely a “substantial” economic science’s interest in the triptych “need-natu...

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Published in:Philosophy of the social sciences 2016-09, Vol.46 (5), p.473-497
Main Authors: Sobel, Richard, Postel, Nicolas
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Language:English
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description Polanyi analyzes the historical deployment of a “formal” economic science starting from the “market-scarcity-instrumental rationality triptych.” This triptych, and the knowledge associated with it, is shown to be more than merely a “substantial” economic science’s interest in the triptych “need-nature-institution.” While we must agree with Polanyi that economism is ill-suited to the first triptych, we hesitate to accept his suggested alternative, a heterogeneous mixture of naturalism and institutionalism, essentialism and historicism.
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