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Heterodox economics

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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:

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 anthropology; gender and racial issues in economics; public finance; economic ethics and social justice; development studies; and so on.

See also

References

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