Plural Economics and the German Sonderweg

For several decades, the neoclassical school has been the theoretical core of a dominant economic theory doctrine in science and politics. In Germany in particular, the neoclassical perspective is regarded as an unchallengeable paradigm at universities. This also has an impact on policy advice, where academic neoclassicism is blended with sprinklings from the ordoliberal tradition and other theoretical approaches to form a specifically German mainstream.

In the financial crisis of 2008, policy advising economics could neither sufficiently identify nor satisfactorily explain its dynamics and causes. In the political arena, economics is increasingly less trusted to contribute to solving upcoming societal challenges - not least because the one-dimensional focus on a mainstream perspective persists despite the 2008 financial crisis.

International developments in economics, but especially in policy advice, are more pluralistic than is perceived in Germany. More and more researchers are turning to approaches in which historical, sociological and philosophical aspects are given more space; more and more international organizations such as the OECD or the IMF are coming to divergent economic policy conclusions. The development in Germany is increasingly seen as a German Sonderweg.