Processes of theory choice and the formation of a canon in economics

Abstract

Objective: This article shall analyze the processes of theory choice, i.e., what causes a theory to be incorporated into the
mainstream, or ‘canon, of its discipline’. Such a process is important, as it signals the direction that resources for research
should take. The traditional view presupposes a process akin to the market, in which the most competent theories are
“chosen” by the scientific community, the Republic of Science, to become part of the mainstream in the discipline. Method:
This article uses the methods of bibliographical analysis of the main articles and books on the subject. Result: A majority
of the theory choice literature agrees that there are innumerous market failures in the process of theory choice, and that
the formation of a canon is a process that can lead to the hardening of the structure of scientific production. Other factors,
such as academic insider politics, may also be considered. Conclusions: Avoiding this hardening of structure while
promoting an established canon is a difficult process and demands balance, even if even if scientific progress happens
independent of these factors. The idea of interested pluralism can be a way to avoid this problem.