Heterodox economics

Heterodox economics refers to schools of economic thought which do not conform to mainstream economics, which has largely developed from neoclassical economics in the late 19th century.

Heterodox economists often argue that most neoclassical economists take a narrow view on economic phenomena. Heterodox economic theories claim to explain more or less complex phenomena that can be described as economic, yet are not covered by neoclassical theories. Sometimes heterodox theories make different grounding assumptions than the mainstream, such as that economics primarily deals with the exchange of value, and that labour (human effort) is the source of all value.

Typically, mainstream economists argue that the modern economic framework is flexible enough to analyze a very broad range of phenomena. However, mainstream economics has sometimes been influenced by heterodox ideas, in particular institutional economics.

The most prevalent heterodox economic schools today are:

• Austrian economics # (partly within mainstream economics)
• Evolutionary economics # (partly within mainstream economics)
• Institutional economics # (partly within mainstream economics)
• Post-Keynesian economics #
• Marxian economics #
• Socialist economics #
• Sraffian economics #
• Feminist economics
• Behavioral economics
• Bioeconomics
• Complexity economics
• Green economics
• Neuroeconomics
• Supply-side economics

# Listed in Journal of Economic Literature codes scrolled to at JEL: B5 - Current Heterodox Approaches.

Research is also being done in the multidisciplinary field of cognitive science on individual decision making, information as a general phenomena, distributed cognition and their implications on economic dynamicity.

Also, other schools of social sciences aim to promote in economic science certain perspectives: classical and modern political economy; economic history; economic sociology and anthropology; gender and racial issues in economics; public finance; economic ethics and social justice; development studies; and so on.

See also

• Real prices and ideal prices
• Economics

References

• Marc Linder, Anti-Samuelson.
• Francis Green & Petter Nore (eds.), Economics: An Anti-Text.

The following are entries for the above from The New Palgrave: A Dictionary of Economics (1987):

• "Austrian School of Eonomics"

"competition: Austrian conceptions"

• "behavioural economics"
• "bioeconomics"
• "evolution" (see "natural selection and evolution")
• "institutional economics"
• "post-Keynesian economics"
• "Marxist economics"
• "socialism"
• "socialist economies"
• "Sraffian economics"

External links

• Heterodox economics web
• Association for Heterodox Economics
• Post-autistic economics review
• Debunking Economics
• Dollars and Sense
• Union for Radical Political Economics

• [1]

• [2]
• Evolutionary Economics - john p birchall
• Conference of Socialist Economists