Heterodox economics: Difference between revisions

Content deleted Content added

Inline

Revision as of 14:50, 7 December 2005

Heterodox economics refers to schools of economic thought which do not conform to the mainstream paradigm of neoclassical economics.

Heterodox economists argue that most neoclassical economics take a narrow view on economic phenomena. Conventional economics are very narrowly reduced to what happens to factor-, product- or asset prices under specific conditions. More essentially, neoclassical economics only provide comparative statics, they don't actually explain the dynamics of an economy. Heterodox economic theories aim to explain more or less complex phenomena that can be described as economic, yet are not covered by neoclassical theories.

The most prevalent heterodox economic schools today are:

A great deal of 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, many schools of other social sciences besides economics aim to re-introduce into economic science perspectives which have been expelled or banned from it: 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.

External links

References

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

@@ Line 1: / Line 1: @@
-'''[[Heterodox]] economics''' refers to schools of economic thought which do not conform to the dominant paradigm of [[neoclassical economics]].
+'''[[Heterodox]] economics''' refers to schools of economic thought which do not conform to the mainstream paradigm of [[neoclassical economics]].
+Heterodox economists argue that most neoclassical economics take a narrow view on economic phenomena. Conventional economics are very narrowly reduced to what happens to factor-, [[Product (business)|product]]- or [[asset]] [[price]]s under specific conditions. More essentially, neoclassical economics only provide [[comparative statics]], they don't actually explain the [[dynamics]] of an economy. Heterodox economic theories aim to explain more or less complex phenomena that can be described as economic, yet are not covered by neoclassical theories.
-The main objection of heterodox economics against official or conventional economics is that its [[model (abstract)|models]] fail to explain the ''real world'' of economic life satisfactorily. Conventional economics, according to its critics, has a way of [[theory|theorising]], [[abstraction]] and [[idealisation]] which is to a large extent unreal.
+The most prevalent heterodox economic schools today are:
-Therefore, many heterodox economists argue, this economics cannot actually be ''used'' for anything much, it serves only as a mathematical [[ideology]] justifying [[market]]-functioning. Conventional economics is very narrowly reduced to what happens to factor-, [[Product (business)|product]]- or [[asset]] [[price]]s under specific conditions; in effect, economics has become identified with a "technology of commerce". If the models fail to work, this is often attributed to "extra-economic factors" influencing market relations. The result is at best an eclectic description of economic activity, which lacks much explanatory power, except in very limited cases.
+*[[Complexity economics]]
+*[[Evolutionary economics]]
+*[[New institutional economics]]
+*[[Bioeconomics]]
+*[[Socialist economics]], [[marxist economics]] or [[Temporal Single-System Interpreptation]] of marxism
+*[[Feminist economics]]
+A great deal of 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.
-Consequently, many schools of heterodox economics aim to re-introduce into economic science perspectives which have been expelled or banned from it: classical and modern [[political economy]]; [[economic history]]; [[Marxian economics]]; [[socialist economics]]; [[environmental economics]]; [[economic sociology]] and [[economic anthropology|anthropology]]; [[institutional economics]]; business law; gender and racial issues in economics; [[public finance]]; economic [[ethics]] and [[social justice]]; development studies; and so on.
+Also, many schools of other social sciences besides economics aim to re-introduce into economic science perspectives which have been expelled or banned from it: classical and modern [[political economy]]; [[economic history]]; [[economic sociology]] and [[economic anthropology|anthropology]]; gender and racial issues in economics; [[public finance]]; economic [[ethics]] and [[social justice]]; [[development studies]]; and so on.
 ==External links==