For citation:
Tolstoguzov, O. V. (2026). The Market and the Firm at the Cognitive Crossroads of Orthodox and Heterodox Paradigms. AlterEconomics, 23(3), 548–573. https://doi.org/10.31063/AlterEconomics/2026.23-3.2
Abstract:
The study outlines the foundational categories of “firm” and “market” within the paradigmatic frameworks of economic science. Recognizing the interconnectedness and overlap of different theories and concepts, it does not adopt a radical position at this theoretical crossroads. Instead, the findings lead to three approaches for developing a research agenda and understanding the interaction of research programs. These approaches address evolving firm and market structures and their environments, with each economic phenomenon examined within an appropriate theoretical framework: orthodox, post-orthodox, or heterodox. The fragmentation of economic knowledge is reframed as a problem of selecting formalized descriptions and mathematical templates that correspond to the interaction of different research programs. The development of mesoeconomics provides a methodological bridge between micro- and macroeconomics through the use of synergetic mathematical formalism to model the self-organization of dissipative systems. This approach explains the transition from micro-order, emerging from the interaction of individual system elements, to macro-order, which governs collective behavior. It also provides a framework for understanding how macro-level patterns emerge from numerous micro-level interactions and how procedural problems, such as opportunism and contract enforceability, are addressed in the process of coordinating mutually beneficial transactions. The mesoeconomic approach is illustrated by a conceptual model of an economic system based on synergetic principles and drawing an analogy with turbulent flow.
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