Heterodox economics: Difference between revisions

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

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:

Institutional economics (partly within mainstream economics)
Evolutionary economics (partly within mainstream economics)
Socialist economics
Marxian economics
Post-Keynesian economics
Feminist economics
Complexity economics
Bioeconomics
Cognitive economics
Green Economics

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.

External links

[1]

References

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

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-'''Heterodox economics''' refers to schools of economic thought which do not conform to the mainstream paradigm of [[neoclassical economics]].
+'''Heterodox economics''' refers to schools of economic thought which do not conform to the mainstream economics, which has largely developed from [[neoclassical economics]] in the late 19th century.
-[[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.
+[[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.
+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:
+*[[Institutional economics]] (partly within mainstream economics)
+*[[Evolutionary economics]] (partly within mainstream economics)
+*[[Socialist economics]]
+*[[Marxian economics]]
+*[[Post-Keynesian economics]]
+*[[Feminist economics]]
 *[[Complexity economics]]
-*[[Evolutionary economics]]
-* Cognitive economics
-*[[Institutional economics]] and [[New institutional economics]]
 *[[Bioeconomics]]
-*[[Socialist economics]]
+*Cognitive economics
 *Green Economics
-*[[Marxian economics]] or [[Temporal Single-System Interpretation]] of [[Marxism]]
-*[[Feminist economics]]
-*[[Post-Keynesian economics]]
 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 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.
+Also, other schools of social sciences aim to promote in economic science certain perspectives: 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.
 ==See also==