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Heterodox economics

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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:

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

References

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