Defects and shortcomings of the mainstream approach in economics and the need to deal with institutional economics

Defects and shortcomings of the mainstream approach in economics and the need to deal with institutional economics. In economics, there are different approaches and currents of thought, but the main approach that is customary in academic and scientific societies is the mainstream approach. But it should be noted that the mainstream approach has been criticized and damaged by different approaches and currents of thought due to its flaws and shortcomings over time, and as a result, some of its flaws and shortcomings have been removed. The most important approach that was formed in opposition to the mainstream approach and its defects and shortcomings are criticized and violated the contract of the institutional approach. From the beginning, the institutional approach was formed in opposition to the mainstream approach, but over time, it was directed in line with the development of its weaknesses and inadequacies. Of course, it should be noted that the nature of the method used in the mainstream economy has been accompanied by weaknesses and shortcomings, and has caused this approach to be criticized by different approaches and streams of thought. Therefore, the question that arises is, what are the defects and shortcomings that the mainstream approach in economics is facing? It seems that the mainstream approach in the field of methodology and epistemology is faced with weaknesses and shortcomings, the most important of which in the field of methodology is excessive access to mathematics and mathematical techniques, and this shortcoming causes the theories presented by Distanced reality cannot cover all aspects of objective reality. Another of its basic weaknesses