This Study aims to provide a critique overview of the body of knowledge on the Palestinian economy. In doing so, it discusses different paradigmatic approaches and the way they deal with the colonial reality. Among these approaches, “dualism” and “economism” are part of a single approach that reduces economic relations to the limits of the market only and ignores the conflicts and forces that arise within the economy itself. However, other works by economists, historians, sociologists, and anthropologists offer alternative approaches and valuable material thar give way to a different way of thinking. This study discusses the epistemic foundations on which economic studies are based, as well as its practical location within ongoing power relations, thus making economics a part of the overall thinking about renewing the theoretical and methodological tools to capture the Palestinian reality.