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Heterodox economics is any economic thought or theory that contrasts with orthodox
schools of economic thought In the history of economic thought, a school of economic thought is a group of economics, economic thinkers who share or shared a common perspective on the way economy, economies work. While economists do not always fit into particular schools, pa ...
, or that may be beyond neoclassical economics.Frederic S. Lee, 2008. "heterodox economics," '' The New Palgrave Dictionary of Economics'', 2nd Edition, v. 4, pp. 2–65
Abstract.
These include institutional, evolutionary,
feminist Feminism is a range of socio-political movements and ideologies that aim to define and establish the political, economic, personal, and social equality of the sexes. Feminism incorporates the position that society prioritizes the male po ...
, social, post-Keynesian (not to be confused with New Keynesian), ecological,
Austrian Austrian may refer to: * Austrians, someone from Austria or of Austrian descent ** Someone who is considered an Austrian citizen, see Austrian nationality law * Austrian German dialect * Something associated with the country Austria, for example: ...
,
complexity Complexity characterises the behaviour of a system or model whose components interaction, interact in multiple ways and follow local rules, leading to nonlinearity, randomness, collective dynamics, hierarchy, and emergence. The term is generall ...
, Marxian, socialist, and
anarchist Anarchism is a political philosophy and movement that is skeptical of all justifications for authority and seeks to abolish the institutions it claims maintain unnecessary coercion and hierarchy, typically including, though not neces ...
economics. Economics may be called ''
orthodox Orthodox, Orthodoxy, or Orthodoxism may refer to: Religion * Orthodoxy, adherence to accepted norms, more specifically adherence to creeds, especially within Christianity and Judaism, but also less commonly in non-Abrahamic religions like Neo-pag ...
'' or ''conventional'' economics by its critics.C. Barry, 1998. ''Political-economy: A comparative approach''. Westport, CT: Praeger. Alternatively, mainstream economics deals with the "rationality–individualism–equilibrium nexus" and heterodox economics is more "radical" in dealing with the "institutions–history–social structure nexus". A 2008 review documented several prominent groups of heterodox economists since at least the 1990s as working together with a resulting increase in coherence across different constituents. Along these lines, the International Confederation of Associations for Pluralism in Economics (ICAPE) does not define "heterodox economics" and has avoided defining its scope. ICAPE defines its mission as "promoting pluralism in economics." In defining a common ground in the "critical commentary", one writer described fellow heterodox economists as trying to do three things: (1) identify shared ideas that generate a pattern of heterodox critique across topics and chapters of introductory macro texts; (2) give special attention to ideas that link methodological differences to policy differences; and (3) characterize the common ground in ways that permit distinct paradigms to develop common differences with textbook economics in different ways. One study suggests four key factors as important to the study of economics by self-identified heterodox economists: history, natural systems, uncertainty, and power.


History

In the mid-19th century, such thinkers as
Auguste Comte Isidore Marie Auguste François Xavier Comte (; 19 January 1798 – 5 September 1857) was a French philosopher and writer who formulated the doctrine of positivism. He is often regarded as the first philosopher of science in the modern sense ...
, Thomas Carlyle, John Ruskin and Karl Marx made early critiques of orthodox economy. A number of heterodox schools of economic thought challenged the dominance of neoclassical economics after the neoclassical revolution of the 1870s. In addition to socialist critics of capitalism, heterodox schools in this period included advocates of various forms of
mercantilism Mercantilism is an economic policy that is designed to maximize the exports and minimize the imports for an economy. It promotes imperialism, colonialism, tariffs and subsidies on traded goods to achieve that goal. The policy aims to reduce a ...
, such as the
American School American School may refer to: Schools * American School (economics) * American School (Panama) * American School (Yemen) * American School of Correspondence * American School of Bombay * American School in Japan * American Schools and Hospitals A ...
dissenters from neoclassical methodology such as the historical school, and advocates of unorthodox monetary theories such as Social credit. Other heterodox schools active before and during the
Great Depression The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...
included Technocracy and Georgism. Physical scientists and biologists were the first individuals to use energy flows to explain social and economic development.
Joseph Henry Joseph Henry (December 17, 1797– May 13, 1878) was an American scientist who served as the first Secretary of the Smithsonian Institution. He was the secretary for the National Institute for the Promotion of Science, a precursor of the Smith ...
, an American physicist and first secretary of the Smithsonian Institution, remarked that the "fundamental principle of political economy is that the physical labor of man can only be ameliorated by… the transformation of matter from a crude state to a artificial condition...by expending what is called power or energy." The rise, and absorption into the mainstream of Keynesian economics, which appeared to provide a more coherent policy response to unemployment than unorthodox monetary or trade policies contributed to the decline of interest in these schools. After 1945, the
neoclassical synthesis The neoclassical synthesis (NCS), neoclassical–Keynesian synthesis, or just neo-Keynesianism was a neoclassical economics academic movement and paradigm in economics that worked towards reconciling the macroeconomic thought of John Maynard Key ...
of Keynesian and neoclassical economics resulted in a clearly defined mainstream position based on a division of the field into microeconomics (generally neoclassical but with a newly developed theory of market failure) and macroeconomics (divided between Keynesian and monetarist views on such issues as the role of monetary policy). Austrians and post-Keynesians who dissented from this synthesis emerged as clearly defined heterodox schools. In addition, the Marxist and institutionalist schools remained active but with limited acceptance or credibility. Up to 1980 the most notable themes of heterodox economics in its various forms included: # rejection of the atomistic individual conception in favor of a socially embedded individual conception; # emphasis on time as an irreversible historical process; # reasoning in terms of mutual influences between individuals and social structures. From approximately 1980
mainstream economics Mainstream economics is the body of knowledge, theories, and models of economics, as taught by universities worldwide, that are generally accepted by economists as a basis for discussion. Also known as orthodox economics, it can be contrasted to h ...
has been significantly influenced by a number of new research programs, including
behavioral economics Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals or institutions, such as how those decisions vary from those implied by classical economic theory. ...
,
complexity economics Complexity economics is the application of complexity science to the problems of economics. It sees the economy not as a system in equilibrium, but as one in motion, perpetually constructing itself anew.Beinhocker, Eric D. The Origin of Wealth: Ev ...
, evolutionary economics, experimental economics, and neuroeconomics. One key development has been an epistemic turn away from theory towards an empirically driven approach focused centrally on questions of causal inference. As a consequence, some heterodox economists, such as John B. Davis, proposed that the definition of heterodox economics has to be adapted to this new, more complex reality: ::...heterodox economics post-1980 is a complex structure, being composed out of two broadly different kinds of heterodox work, each internally differentiated with a number of research programs having different historical origins and orientations: the traditional left heterodoxy familiar to most and the 'new heterodoxy' resulting from other science imports.


Rejection of neoclassical economics

There is no single "heterodox economic theory"; there are many different "heterodox theories" in existence. What they all share, however, is a rejection of the neoclassical orthodoxy as representing the appropriate tool for understanding the workings of economic and social life. The reasons for this rejection may vary. Some of the elements commonly found in heterodox critiques are listed below.


Criticism of the neoclassical model of individual behavior

One of the most broadly accepted principles of neoclassical economics is the assumption of the "rationality of economic agents". Indeed, for a number of economists, the notion of rational maximizing behavior is taken to be synonymous with economic behavior (Hirshleifer 1984). When some economists' studies do not embrace the rationality assumption, they are seen as placing the analyses outside the boundaries of the Neoclassical economics discipline (Landsberg 1989, 596). Neoclassical economics begins with the '' a priori'' assumptions that agents are rational and that they seek to maximize their
individual An individual is that which exists as a distinct entity. Individuality (or self-hood) is the state or quality of being an individual; particularly (in the case of humans) of being a person unique from other people and possessing one's own Maslow ...
utility (or profits) subject to environmental constraints. These assumptions provide the backbone for
rational choice theory Rational choice theory refers to a set of guidelines that help understand economic and social behaviour. The theory originated in the eighteenth century and can be traced back to political economist and philosopher, Adam Smith. The theory postula ...
. Many heterodox schools are critical of the homo economicus model of human behavior used in standard neoclassical model. A typical version of the critique is that of Satya Gabriel:Satya J. Gabriel 2003. "Introduction to Heterodox Economic Theory." (blog), June 4

Satya J. Gabriel is a Professor of Economics at
Mount Holyoke College Mount Holyoke College is a private liberal arts women's college in South Hadley, Massachusetts. It is the oldest member of the historic Seven Sisters colleges, a group of elite historically women's colleges in the Northeastern United States. ...
Neoclassical economic theory is grounded in a particular conception of human psychology, agency or decision-making. It is assumed that all human beings make economic decisions so as to maximize pleasure or utility. Some heterodox theories reject this basic assumption of neoclassical theory, arguing for alternative understandings of how economic decisions are made and/or how human psychology works. It is possible to accept the notion that humans are pleasure seeking machines, yet reject the idea that economic decisions are governed by such pleasure seeking. Human beings may, for example, be unable to make choices consistent with pleasure maximization due to social constraints and/or coercion. Humans may also be unable to correctly assess the choice points that are most likely to lead to maximum pleasure, even if they are unconstrained (except in budgetary terms) in making such choices. And it is also possible that the notion of pleasure seeking is itself a meaningless assumption because it is either impossible to test or too general to refute. Economic theories that reject the basic assumption of economic decisions as the outcome of pleasure maximization are heterodox.
Shiozawa emphasizes that economic agents act in a complex world and therefore impossible for them to attain maximal utility point. They instead behave as if there are a repertories of many ready made rules, one of which they chose according to relevant situation.


Criticism of the neoclassical model of market equilibrium

In microeconomic theory, cost-minimization by consumers and by firms implies the existence of
supply and demand In microeconomics, supply and demand is an economic model of price determination in a Market (economics), market. It postulates that, Ceteris paribus, holding all else equal, in a perfect competition, competitive market, the unit price for a ...
correspondences for which market clearing equilibrium prices exist, if there are large numbers of consumers and producers. Under convexity assumptions or under some marginal-cost pricing rules, each equilibrium will be Pareto efficient: In large economies, non-convexity also leads to quasi-equilibria that are nearly efficient. However, the concept of market equilibrium has been criticized by Austrians, post-Keynesians and others, who object to applications of microeconomic theory to real-world markets, when such markets are not usefully approximated by microeconomic models. Heterodox economists assert that micro-economic models rarely capture reality. Mainstream microeconomics may be defined in terms of optimization and equilibrium, following the approaches of Paul Samuelson and Hal Varian. On the other hand, heterodox economics may be labeled as falling into the nexus of institutions, history, and social structure.


Most recent developments

Over the past two decades, the intellectual agendas of heterodox economists have taken a decidedly pluralist turn. Leading heterodox thinkers have moved beyond the established paradigms of Austrian, Feminist, Institutional-Evolutionary, Marxian, Post Keynesian, Radical, Social, and Sraffian economics—opening up new lines of analysis, criticism, and dialogue among dissenting schools of thought. This cross-fertilization of ideas is creating a new generation of scholarship in which novel combinations of heterodox ideas are being brought to bear on important contemporary and historical problems, such as socially grounded reconstructions of the individual in economic theory; the goals and tools of economic measurement and professional ethics; the complexities of policymaking in today's global political economy; and innovative connections among formerly separate theoretical traditions (Marxian, Austrian, feminist, ecological, Sraffian, institutionalist, and post-Keynesian) (for a review of post-Keynesian economics, see Lavoie (1992); Rochon (1999)).
David Colander David Charles Colander (born November 16, 1947) is an American economist, and the Christian A. Johnson Distinguished Professor of Economics at Middlebury College. He is known for his study of the economics profession itself and socioeconomics. Hi ...
, an advocate of
complexity economics Complexity economics is the application of complexity science to the problems of economics. It sees the economy not as a system in equilibrium, but as one in motion, perpetually constructing itself anew.Beinhocker, Eric D. The Origin of Wealth: Ev ...
, argues that the ideas of heterodox economists are now being discussed in the mainstream without mention of the heterodox economists, because the tools to analyze institutions, uncertainty, and other factors have now been developed by the mainstream. He suggests that heterodox economists should embrace rigorous mathematics and attempt to work from within the mainstream, rather than treating it as an enemy. Some schools of heterodox economic thought have also taken a transdisciplinary approach. Thermoeconomics is based on the claim that human economic processes are governed by the second law of thermodynamics. The posited relationship between economic theory, energy and entropy, has been extended further by systems scientists to explain the role of energy in biological evolution in terms of such economic criteria as
productivity Productivity is the efficiency of production of goods or services expressed by some measure. Measurements of productivity are often expressed as a ratio of an aggregate output to a single input or an aggregate input used in a production proces ...
,
efficiency Efficiency is the often measurable ability to avoid wasting materials, energy, efforts, money, and time in doing something or in producing a desired result. In a more general sense, it is the ability to do things well, successfully, and without ...
, and especially the costs and benefits of the various mechanisms for capturing and utilizing available energy to build biomass and do work. Various student movements have emerged in response to the exclusion of heterodox economics in the curricula of most economics degrees. The
International Student Initiative for Pluralist Economics The International Student Initiative for Pluralist Economics (ISIPE) is an alliance of university student groups and societies from several countries campaigning for a reform of economics education and research. Founded in early 2014, the Initiati ...
was set up as an umbrella network for various smaller university groups such as Rethinking Economics to promote pluralism in economics, including more heterodox approaches.


Fields of heterodox economic thought

* American Institutionalist School * Austrian economics # *
Binary economics Binary economics, also known as two-factor economics, is a theory of economics that endorses both private property and a free market but proposes significant reforms to the bank, banking system. According to theories first proposed by Louis Kelso ...
* Bioeconomics *
Buddhist economics Buddhist economics is a spiritual and philosophical approach to the study of economics. It examines the psychology of the human mind and the emotions that direct economic activity, in particular concepts such as anxiety, aspirations and self-ac ...
*
Complexity economics Complexity economics is the application of complexity science to the problems of economics. It sees the economy not as a system in equilibrium, but as one in motion, perpetually constructing itself anew.Beinhocker, Eric D. The Origin of Wealth: Ev ...
*
Distributivism Distributism is an economic theory asserting that the world's productive assets should be widely owned rather than concentrated. Developed in the late 19th and early 20th centuries, distributism was based upon Catholic social teaching princ ...
* Ecological economics § * Evolutionary economics # § (partly within mainstream economics) * Econophysics *
Feminist economics Feminist economics is the critical study of economics and economies, with a focus on gender-aware and inclusive economic inquiry and policy analysis. Feminist economic researchers include academics, activists, policy theorists, and practition ...
# § * Freiwirtschaft * Georgism * Gift-based economics * Green Economics * Humanistic economics *
Innovation Economics Innovation economics is new and growing field of economic theory and applied and experimental economics that emphasizes innovation and entrepreneurship. It comprises both the application of any type of innovations, especially technological, but ...
*
Institutional economics Institutional economics focuses on understanding the role of the Sociocultural evolution, evolutionary process and the role of institutions in shaping Economy, economic Human behavior, behavior. Its original focus lay in Thorstein Veblen's instin ...
# § * Islamic economics *
Marxian economics Marxian economics, or the Marxian school of economics, is a Heterodox economics, heterodox school of political economic thought. Its foundations can be traced back to Karl Marx, Karl Marx's Critique of political economy#Marx's critique of politic ...
# * Mutualism * Neuroeconomics * Participatory economics * Political Economy * Post-Keynesian economics § including
Modern Monetary Theory Modern Monetary Theory or Modern Money Theory (MMT) is a heterodox * * * * * * macroeconomic theory that describes currency as a public monopoly and unemployment as evidence that a currency monopolist is overly restricting the supply of t ...
and
Circuitism Monetary circuit theory is a heterodox theory of monetary economics, particularly money creation, often associated with the post-Keynesian school. It holds that money is created endogenously by the banking sector, rather than exogenously by cent ...
* Post scarcity * Pluralism in economics * Resource-based economics – not to be confused with a resource-based economy *
Real-world economics Real-world economics is a school of economics that uses an inductive method to understand economic processes. It approaches economics without making ''a priori'' assumptions about how ideal markets work, in contrast to what Nobel Prize-winning ec ...
* Sharing economics * Socialist economics # *
Social economics Socioeconomics (also known as social economics) is the social science that studies how economic activity affects and is shaped by social processes. In general it analyzes how modern societies progress, stagnate, or regress because of their local ...
(partially heterodox usage) * Sraffian economics # * Technocracy ( Energy Accounting) * Thermoeconomics * Mouvement Anti-Utilitariste dans les Sciences Sociales # Listed in Journal of Economic Literature codes scrolled to at JEL: B5 – Current Heterodox Approaches. § Listed in '' The New Palgrave Dictionary of Economics''2nd Edition, v. 8, Appendix IV, p. 856, searchable by clicking (the JEL classification codes JEL:)
radio button A radio button or option button is a graphical control element that allows the user to choose only one of a predefined set of mutually exclusive options. The singular property of a radio button makes it distinct from checkboxes, where the user ...
B5, B52, or B59, then the Search button (or Update Search Results button) at http://www.dictionaryofeconomics.com/search_results?edition=all&field=content&q=&topicid=B5 .
Some schools in the social sciences aim to promote certain perspectives: classical and modern political economy; economic sociology and anthropology; gender and racial issues in economics; and so on.


Notable heterodox economists

*
Alfred Eichner Alfred S. Eichner (March 23, 1937February 10, 1988) was an American post-Keynesian economist who challenged the neoclassical price mechanism and asserted that prices are not set through supply and demand but rather through mark-up pricing. Eich ...
*
Alice Amsden Alice Hoffenberg Amsden (June 27, 1943 – March 14, 2012) was a political economist and scholar of state-led economic development. For the last two decades of her career, she was the Barton L. Weller Professor of Political Economy at the Massach ...
*
Aníbal Pinto Aníbal Pinto Garmendia (; March 15, 1825June 9, 1884) was a Chilean political figure. He served as the president of Chile between 1876 and 1881. Early life He was born in Santiago de Chile, the son of former Chilean president General Francisco ...
* Anwar Shaikh * Bernard Lonergan * Bill Mitchell * Carlota Perez * Celso Furtado *
Dani Rodrik Dani Rodrik (born August 14, 1957) is a Turkish economist and Ford Foundation Professor of International Political Economy at the John F. Kennedy School of Government at Harvard University. He was formerly the Albert O. Hirschman Professor of th ...
* David Harvey *
Duncan Foley Duncan K. Foley (born June 15, 1942) is an American economist. He is the Leo Model Professor of Economics at the New School for Social Research and an External Professor at the Santa Fe Institute. Previously, he was Associate Professor of Econom ...
*
E. F. Schumacher Ernst Friedrich Schumacher (16 August 1911 – 4 September 1977) was a German-British statistician and economist who is best known for his proposals for human-scale, decentralised and appropriate technologies.Biography on the inner dustjacket ...
*
Edward Nell Edward J. Nell (born July 16, 1935) is an American economist and a former professor at the New School for Social Research. Nell was a member of the New School faculty from 1969 to 2014. He achieved the rank of Malcolm B. Smith Professor of Econo ...
* F.A. Hayek * Frank Stilwell * Frederic S. Lee * Frederick Soddy *
G.L.S. Shackle George Lennox Sharman Shackle (14 July 1903 – 3 March 1992) was an English economist. He made a practical attempt to challenge classical rational choice theory and has been characterised as a "post-Keynesian", though he is influenced as well by ...
* Hans Singer *
Ha-Joon Chang Ha-Joon Chang (; ; born 7 October 1963) is a South Korean institutional economist, specialising in development economics. Chang is the author of several widely discussed policy books, most notably ''Kicking Away the Ladder: Development Strateg ...
* Heinz Kurz * Henry George *
Herman Daly Herman Edward Daly (July 21, 1938 – October 28, 2022) was an American ecological and Georgist economist and professor at the School of Public Policy of University of Maryland, College Park in the United States, best known for his time as a s ...
*
Hyman Minsky Hyman Philip Minsky (September 23, 1919 – October 24, 1996) was an American economist, a professor of economics at Washington University in St. Louis, and a distinguished scholar at the Levy Economics Institute of Bard College. His research att ...
*
Jack Amariglio Jack L. Amariglio (born April 6, 1951) is a North American heterodox economist. He is well known for his work on economic history, class analysis, and (with David F. Ruccio) on economic methodology and postmodernism in economics. Biography Ama ...
* Jeremy Rifkin * Joan Robinson * John Bellamy Foster *
John Komlos John Komlos (born 28 December 1944) is an American economic historian of Hungarian descent and former holder of the chair of economic history at the University of Munich. Personal life Komlos was born in 1944 in Budapest in Hungary during the ...
* Joseph Schumpeter * Karl Marx * Kate Raworth * Lance Taylor *
Ludwig Lachmann Ludwig Maurits Lachmann (; ; 1 February 1906 – 17 December 1990) was a German economist who was a theorist and important contributor to the Austrian School of Economics. Lachmann himself, Israel Kirzner, and Murray Rothbard were the three primar ...
* Ludwig von Mises * Lyndon Larouche *
Maria da Conceição Tavares Maria da Conceição Tavares ( Anadia, April 24, 1930) is a Portuguese naturalized Brazilian economist. She is a full professor at the State University of Campinas (Unicamp) and professor emeritus of the Federal University of Rio de Janeiro (UFR ...
* Mariana Mazzucato *
Mason Gaffney Merrill Mason Gaffney (October 18, 1923 – July 16, 2020) was an American economist and a major critic of Neoclassical economics from a Georgist point of view. Gaffney first read Henry George's masterwork ''Progress and Poverty'' as a high schoo ...
* Michael Albert * Michael Hudson * Michael Perelman * Michał Kalecki * Murray Rothbard *
Mushtaq Khan Mushtaq Khan is an Indian film and television actor and comedian who has worked in several Hindi films in a career spanning three decades. He is best known for his roles in films like ''Hum Hain Rahi Pyar Ke'' (1993), '' Jodi No.1'' (2001) an ...
*
Nelson Barbosa Nelson Henrique Barbosa Filho is a Brazilian economist and professor of economics. From 21 December 2015 to 12 May 2016, he was Brazil's Minister of Finance. Barbosa holds a full professorship at the São Paulo School of Economics of the Getuli ...
* Nicholas Georgescu-Roegen * Nicolaus Tideman * Paul Baran * Paul Cockshott * Paul Sweezy *
Peter Navarro Peter Kent Navarro (born July 15, 1949) is an American political figure who served in the Trump administration as the Assistant to the President, Director of Trade and Manufacturing Policy, and the national Defense Production Act policy coordina ...
*
Piero Sraffa Piero Sraffa (5 August 1898 – 3 September 1983) was an influential Italian economist who served as lecturer of economics at the University of Cambridge. His book ''Production of Commodities by Means of Commodities'' is taken as founding the neo- ...
*
Rania Antonopoulos Ourania "Rania" Antonopoulou a.k.a. Rania Antonopoulos ( el, Ουρανία Αντωνοπούλου; born 17 December 1960) is a Greek heterodox economist and Syriza politician. After the January 2015 election, MP Alexis Tsipras named her as ...
* Raúl Prebisch *
Richard D. Wolff Richard David Wolff (born April 1, 1942) is an American Marxian economist known for his work on economic methodology and class analysis. He is professor emeritus of economics at the University of Massachusetts Amherst and a visiting professor ...
* Robin Hahnel *
Ruy Mauro Marini Ruy Mauro Marini (1932–1997) was a Brazilian people, Brazilian economist and sociologist. Marini is internationally known as one of the creators of dependency theory. He is the author of the work "Dialéctica de la Dependencia" (Dialectic of Dep ...
* Simon Zadek *
Stephanie Kelton Stephanie A Kelton (née Bell; born October 10, 1969) is an American heterodox economist and academic, and a leading proponent of Modern Monetary Theory. She is a professor at Stony Brook University and a Senior Fellow at the Schwartz Center for ...
* Stephen Resnick * Theotônio dos Santos * Thorstein Veblen *
Tony Lawson Tony Lawson is a British philosopher and economist. He is professor of economics and philosophy in the Faculty of Economics at the University of Cambridge. He is a co-editor of the ''Cambridge Journal of Economics'', a former director of the Univ ...
* Yanis Varoufakis


See also

*
Association for Evolutionary Economics The Association for Evolutionary Economics (AFEE) is an international organization of economists working in the institutionalist and evolutionary traditions of Thorstein Veblen, John R. Commons and Wesley Mitchell. It is part of the Allied Social ...
* Foundations of Real-World Economics *
EAEPE The European Association for Evolutionary Political Economy (EAEPE) is a Pluralism in economics, pluralist forum of social scientists that brings together Institutional economics, institutional and Evolutionary economics, evolutionary economists ...
* Humanistic economics *
Kinetic exchange models of markets Kinetic exchange models are multi-agent dynamic models inspired by the statistical physics of energy distribution, which try to explain the robust and universal features of income/wealth distributions. Understanding the distributions of income ...
* Pluralism in economics * Post-autistic economics *
Real-world economics Real-world economics is a school of economics that uses an inductive method to understand economic processes. It approaches economics without making ''a priori'' assumptions about how ideal markets work, in contrast to what Nobel Prize-winning ec ...
* Real-world economics review *
Degrowth Degrowth (french: décroissance) is a term used for both a political, economic, and social movement as well as a set of theories that critique the paradigm of economic growth. It can be described as an extensive framework that is based on crit ...


References


Further reading


Articles

* Bauer, Leonhard and Matis, Herbert 1988. "From moral to political economy: The Genesis of social sciences" History of European Ideas, 9(2): 125–43. * Dequech, David 2007. "Neoclassical, mainstream, orthodox, and heterodox economics," Journal of Post Keynesian Economics, 30(2): 279–302. * Flaherty, Diane, 1987. "radical political economy," '' The New Palgrave: A Dictionary of Economics'', v, 4. pp. 36–39. * _____, 2008. "radical economics," ''The New Palgrave Dictionary of Economics'', 2nd Editio
Abstract.
* Lee, Frederic. S. 2008. "heterodox economics", ''The New Palgrave Dictionary of Economics'', 2nd Edition
Abstract.


Books

* Jo, Tae-Hee, Chester, Lynne, and D'Ippoliti. eds. 2017
''The Routledge Handbook of Heterodox Economics''
London and New York: Routledge. . * * Gerber, Julien-Francois and Steppacher, Rolf, ed., 2012
Towards an Integrated Paradigm in Heterodox Economics: Alternative Approaches to the Current Eco-Social Crises
Palgrave Macmillan. * Lee, Frederic S. 2009
A History of Heterodox Economics Challenging the Mainstream in the Twentieth Century
London and New York: Routledge. 2009 * Harvey, John T. and Garnett Jr., Robert F., ed., 2007
''Future Directions for Heterodox Economics'', Series Advances in Heterodox Economics, The University of Michigan Press.

'' What Every Economics Student Needs to Know.''
Routledge 2014. * McDermott, John, 2003. ''Economics in Real Time: A Theoretical Reconstruction, Series Advances in Heterodox Economics'', The University of Michigan Press. * Rochon, Louis-Philippe and Rossi, Sergio, editors, 2003
'' Modern Theories of Money: The Nature and Role of Money in Capitalist Economies''. Edward Elgar Publishing.
* * * Stilwell, Frank., 2011. ''Political Economy: The Contest of Economic Ideas''. Oxford University Press. * Foundations of Real-World Economics: What Every Economics Student Needs to Know, 2nd edition, Abingdon-on-Thames, UK: Routledge: 2019.


Articles, conferences, papers

* Lavoie, Marc, 2006
''Do Heterodox Theories Have Anything in Common? A Post-Keynesian Point of View.''
* Lawson, Tony, 2006. "The Nature of Heterodox Economics," ''Cambridge Journal of Economics'', 30(4), pp. 483–505
Pre-publication copy.


Journals

*
''Evolutionary and Institutional Economics Review''
(Freely downloadable) * ''Journal of Institutional Economics'' *
''Cambridge Journal of Economics''
*
''Real-world economics review''
*
''International Journal of Pluralism and Economics Education''
*
''Review of Radical Political Economy''


External links


Association for Heterodox Economics

Heterodox Economics Newsletter

Heterodox Economics Directory (Graduate and Undergraduate Programs, Journals, Publishers and Book Series, Associations, Blogs, and Institutions and Other Web Sites)

Association for Evolutionary Economics (AFEE)

International Confederation of Associations for Pluralism in Economics (ICAPE)

Union for Radical Political Economics (URPE)

Association for Social Economics (ASE)

Post-Keynesian Economics Study Group (PKSG)
{{Authority control ^ ^ Political economy