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 economic thinkers who share or shared a common perspective on the way economies work. While economists do not always fit into particular schools, particularly in modern ...

, or that may be beyond

neoclassical economics Neoclassical economics is an approach to economics in which the production, consumption and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good ...

.Frederic S. Lee, 2008. "heterodox economics," ''

The New Palgrave Dictionary of Economics ''The New Palgrave Dictionary of Economics'' (2018), 3rd ed., is a twenty-volume reference work on economics published by Palgrave Macmillan. It contains around 3,000 entries, including many classic essays from the original Inglis Palgrave Diction ...

'', 2nd Edition, v. 4, pp. 2–65
Abstract.
These include

institutional Institutions are humanly devised structures of rules and norms that shape and constrain individual behavior. All definitions of institutions generally entail that there is a level of persistence and continuity. Laws, rules, social conventions a ...

evolutionary Evolution is change in the heritable characteristics of biological populations over successive generations. These characteristics are the expressions of genes, which are passed on from parent to offspring during reproduction. Variation ...

, feminist,

social Social organisms, including human(s), live collectively in interacting populations. This interaction is considered social whether they are aware of it or not, and whether the exchange is voluntary or not. Etymology The word "social" derives from ...

post-Keynesian Post-Keynesian economics is a school of economic thought with its origins in '' The General Theory'' of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney ...

(not to be confused with

New Keynesian New Keynesian economics is a school of macroeconomics that strives to provide microeconomic foundations for Keynesian economics. It developed partly as a response to criticisms of Keynesian macroeconomics by adherents of new classical macroec ...

ecological Ecology () is the study of the relationships between living organisms, including humans, and their physical environment. Ecology considers organisms at the individual, population, community, ecosystem, and biosphere level. Ecology overlaps wi ...

, Austrian, complexity, Marxian,

socialist Socialism is a left-wing economic philosophy and movement encompassing a range of economic systems characterized by the dominance of social ownership of the means of production as opposed to private ownership. As a term, it describes the ...

, and anarchist economics. Economics may be called '' orthodox'' 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 The pluralism in economics movement is a campaign to change the teaching and research in economics towards more openness in its approaches, topics and standpoints it considers. The goal of the movement is to "reinvigorate the discipline ... nd b ...

." 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,

Thomas Carlyle Thomas Carlyle (4 December 17955 February 1881) was a Scottish essayist, historian and philosopher. A leading writer of the Victorian era, he exerted a profound influence on 19th-century art, literature and philosophy. Born in Ecclefechan, Dum ...

John Ruskin John Ruskin (8 February 1819 20 January 1900) was an English writer, philosopher, art critic and polymath of the Victorian era. He wrote on subjects as varied as geology, architecture, myth, ornithology, literature, education, botany and pol ...

and

Karl Marx Karl Heinrich Marx (; 5 May 1818 – 14 March 1883) was a German philosopher, economist, historian, sociologist, political theorist, journalist, critic of political economy, and socialist revolutionary. His best-known titles are the 1848 ...

made early critiques of orthodox economy. A number of heterodox schools of economic thought challenged the dominance of

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, such as the American School dissenters from neoclassical

methodology In its most common sense, methodology is the study of research methods. However, the term can also refer to the methods themselves or to the philosophical discussion of associated background assumptions. A method is a structured procedure for br ...

such as the

historical school Historiography is the study of the methods of historians in developing history as an academic discipline, and by extension is any body of historical work on a particular subject. The historiography of a specific topic covers how historians hav ...

, and advocates of unorthodox monetary theories such as

Social credit Social credit is a distributive philosophy of political economy developed by C. H. Douglas. Douglas attributed economic downturns to discrepancies between the cost of goods and the compensation of the workers who made them. To combat what he ...

. Other heterodox schools active before and during the Great Depression included

Technocracy Technocracy is a form of government in which the decision-maker or makers are selected based on their expertise in a given area of responsibility, particularly with regard to scientific or technical knowledge. This system explicitly contrasts wi ...

and

Georgism Georgism, also called in modern times Geoism, and known historically as the single tax movement, is an economic ideology holding that, although people should own the value they produce themselves, the economic rent derived from land—includi ...

. Physical scientists and biologists were the first individuals to use energy flows to explain social and economic development. Joseph Henry, 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 Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output a ...

, which appeared to provide a more coherent policy response to

unemployment Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is people above a specified age (usually 15) not being in paid employment or self-employment but currently available for work during the refere ...

than unorthodox monetary or trade policies contributed to the decline of interest in these schools. After 1945, the neoclassical synthesis 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 In neoclassical economics, market failure is a situation in which the allocation of goods and services by a free market is not Pareto efficient, often leading to a net loss of economic value. Market failures can be viewed as scenarios where indi ...

) 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 has been significantly influenced by a number of new research programs, including behavioral economics, complexity economics,

evolutionary economics Evolutionary economics is part of mainstream economics as well as a heterodox school of economic thought that is inspired by evolutionary biology. Much like mainstream economics, it stresses complex interdependencies, competition, growth, stru ...

experimental economics Experimental economics is the application of experimental methods to study economic questions. Data collected in experiments are used to estimate effect size, test the validity of economic theories, and illuminate market mechanisms. Economic expe ...

, and

neuroeconomics Neuroeconomics is an interdisciplinary field that seeks to explain human decision-making, the ability to process multiple alternatives and to follow through on a plan of action. It studies how economic behavior can shape our understanding of t ...

. 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 ("from the earlier") and ("from the later") are Latin phrases used in philosophy to distinguish types of knowledge, justification, or argument by their reliance on empirical evidence or experience. knowledge is independent from current ...

'' assumptions that agents are

rational Rationality is the quality of being guided by or based on reasons. In this regard, a person acts rationally if they have a good reason for what they do or a belief is rational if it is based on strong evidence. This quality can apply to an abi ...

and that they seek to maximize their individual

utility As a topic of economics, utility is used to model worth or value. Its usage has evolved significantly over time. The term was introduced initially as a measure of pleasure or happiness as part of the theory of utilitarianism by moral philosoph ...

(or profits) subject to environmental constraints. These assumptions provide the backbone for rational choice theory. Many heterodox schools are critical of the

homo economicus The term ''Homo economicus'', or economic man, is the portrayal of humans as agents who are consistently rational and narrowly self-interested, and who pursue their subjectively defined ends optimally. It is a word play on ''Homo sapiens'', u ...

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 Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes ...

at Mount Holyoke College

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 correspondences for which

market clearing In economics, market clearing is the process by which, in an economic market, the supply of whatever is traded is equated to the demand so that there is no excess supply or demand. The new classical economics assumes that in any given market, assu ...

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 Pareto efficiency or Pareto optimality is a situation where no action or allocation is available that makes one individual better off without making another worse off. The concept is named after Vilfredo Pareto (1848–1923), Italian civil engin ...

: 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 Paul Anthony Samuelson (May 15, 1915 – December 13, 2009) was an American economist who was the first American to win the Nobel Memorial Prize in Economic Sciences. When awarding the prize in 1970, the Swedish Royal Academies stated that he " ...

and

Hal Varian Hal Ronald Varian (born March 18, 1947 in Wooster, Ohio) is Chief Economist at Google and holds the title of emeritus professor at the University of California, Berkeley where he was founding dean of the School of Information. Varian is an eco ...

. On the other hand, heterodox economics may be labeled as falling into the

nexus NEXUS is a joint Canada Border Services Agency and U.S. Customs and Border Protection-operated Trusted Traveler and expedited border control program designed for pre-approved, low-risk travelers. Members of the program can avoid waits at border ...

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, an advocate of complexity economics, 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 Thermoeconomics, also referred to as biophysical economics, is a school of heterodox economics that applies the laws of statistical mechanics to economic theory. Thermoeconomics can be thought of as the statistical physics of economic value an ...

is based on the claim that human economic processes are governed by the

second law of thermodynamics The second law of thermodynamics is a physical law based on universal experience concerning heat and energy interconversions. One simple statement of the law is that heat always moves from hotter objects to colder objects (or "downhill"), unles ...

. The posited relationship between economic theory,

energy In physics, energy (from Ancient Greek: ἐνέργεια, ''enérgeia'', “activity”) is the quantitative property that is transferred to a body or to a physical system, recognizable in the performance of work and in the form of hea ...

and

entropy Entropy is a scientific concept, as well as a measurable physical property, that is most commonly associated with a state of disorder, randomness, or uncertainty. The term and the concept are used in diverse fields, from classical thermodynam ...

, has been extended further by systems scientists to explain the role of

biological evolution Evolution is change in the heritable characteristics of biological populations over successive generations. These characteristics are the expressions of genes, which are passed on from parent to offspring during reproduction. Variation t ...

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, 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 was set up as an umbrella network for various smaller university groups such as

Rethinking Economics Rethinking Economics is a network of academic scholars and students in several countries that promotes pluralism in economics. It grew out of the broader International Student Initiative for Pluralist Economics and has groups in the United Kingdom, ...

to promote pluralism in economics, including more heterodox approaches.

Fields of heterodox economic thought

* American Institutionalist School *

Austrian economics The Austrian School is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result exclusively from the motivations and actions of individuals. Austrian school ...

# * Binary economics * Bioeconomics * Buddhist economics * Complexity economics * Distributivism * Ecological economics § *

Evolutionary economics Evolutionary economics is part of mainstream economics as well as a heterodox school of economic thought that is inspired by evolutionary biology. Much like mainstream economics, it stresses complex interdependencies, competition, growth, stru ...

# § (partly within mainstream economics) *

Econophysics Econophysics is a heterodox interdisciplinary research field, applying theories and methods originally developed by physicists in order to solve problems in economics, usually those including uncertainty or stochastic processes and nonlinear dynam ...

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 (German language, German for "free economy") is an economic idea founded by Silvio Gesell in 1916. He called it ' (natural economic order). In 1932, a group of Swiss businessmen used his ideas to found the WIR Bank (WIR). Structure Freiwirtschaft ...

* Gift-based economics *

Green Economics A green economy is an economy that aims at reducing environmental risks and ecological scarcities, and that aims for sustainable development without degrading the environment. It is closely related with ecological economics, but has a more politi ...

Humanistic economics Humanistic economics is a distinct pattern of economic thought with old historical roots that have been more recently invigorated by E. F. Schumacher's Small Is Beautiful: Economics as if People Mattered (1973). Proponents argue for "persons-fir ...

* Innovation Economics * Institutional economics # § *

Islamic economics Islamic economics ( ar, الاقتصاد الإسلامي) refers to the knowledge of economics or economic activities and processes in terms of Islamic principles and teachings. Islam has a set of special moral norms and values about individua ...

* Marxian economics # * Mutualism *

Neuroeconomics Neuroeconomics is an interdisciplinary field that seeks to explain human decision-making, the ability to process multiple alternatives and to follow through on a plan of action. It studies how economic behavior can shape our understanding of t ...

Participatory economics Participatory economics, often abbreviated Parecon, is an economic system based on participatory decision making as the primary economic mechanism for allocation in society. In the system, the say in decision-making is proportional to the impa ...

Political Economy Political economy is the study of how economic systems (e.g. markets and national economies) and political systems (e.g. law, institutions, government) are linked. Widely studied phenomena within the discipline are systems such as labour ...

Post-Keynesian economics Post-Keynesian economics is a school of economic thought with its origins in '' The General Theory'' of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney ...

§ including Modern Monetary Theory and Circuitism *

Post scarcity Post or POST commonly refers to: *Mail, the postal system, especially in Commonwealth of Nations countries **An Post, the Irish national postal service **Canada Post, Canadian postal service **Deutsche Post, German postal service **Iraqi Post, Ira ...

Pluralism in economics The pluralism in economics movement is a campaign to change the teaching and research in economics towards more openness in its approaches, topics and standpoints it considers. The goal of the movement is to "reinvigorate the discipline ... nd b ...

* Resource-based economics – not to be confused with a

resource-based economy A resource-based or natural-resource-based economy is that of a country whose gross national product or gross domestic product to a large extent comes from natural resources. Examples The economies of Gulf Cooperation Council (GCC) countries ...

* Real-world economics * Sharing economics *

Socialist economics Socialist economics comprises the economic theories, practices and norms of hypothetical and existing socialist economic systems. A socialist economic system is characterized by social ownership and operation of the means of production that may ...

# * Social economics (partially heterodox usage) * Sraffian economics # *

(

Energy Accounting Energy accounting is a system used to measure, analyze and report the energy consumption of different activities on a regular basis. This is done to improve energy efficiency, and to monitor the environment impact of energy consumption. Energy man ...

) *

Mouvement Anti-Utilitariste dans les Sciences Sociales The ''Mouvement anti-utilitariste dans les sciences sociales'' (Anti-utilitarian Movement in the Social Sciences) is a French intellectual movement. It is based around the ideology of "anti-utilitarianism", a critique of economism in social science ...

# Listed in

Journal of Economic Literature The ''Journal of Economic Literature'' is a peer-reviewed academic journal, published by the American Economic Association, that surveys the academic literature in economics. It was established in 1963 as the ''Journal of Economic Abstracts'',

codes scrolled to at JEL: B5 – Current Heterodox Approaches. § Listed in ''

''2nd Edition, v. 8, Appendix IV, p. 856, searchable by clicking (the

JEL classification codes Articles in economics journals are usually classified according to JEL classification codes, which derive from the ''Journal of Economic Literature''. The ''JEL'' is published quarterly by the American Economic Association (AEA) and contains surv ...

JEL:) radio button 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 Political economy is the study of how economic systems (e.g. markets and national economies) and political systems (e.g. law, institutions, government) are linked. Widely studied phenomena within the discipline are systems such as labour ...

;

economic sociology Economic sociology is the study of the social cause and effect of various economic phenomena. The field can be broadly divided into a classical period and a contemporary one, known as "new economic sociology". The classical period was concerned ...

and

anthropology Anthropology is the scientific study of humanity, concerned with human behavior, human biology, cultures, societies, and linguistics, in both the present and past, including past human species. Social anthropology studies patterns of be ...

; gender and racial issues in economics; and so on.

Notable heterodox economists

* Alfred Eichner * Alice Amsden * Aníbal Pinto * Anwar Shaikh *

Bernard Lonergan Bernard Joseph Francis Lonergan (17 December 1904 – 26 November 1984) was a Canadian Jesuit priest, philosopher, and theologian, regarded by many as one of the most important thinkers of the 20th century. Lonergan's works include ''Insight: A ...

* Bill Mitchell *

Carlota Perez Carlota Perez ( es, Carlota Pérez; born September 20, 1939, in Caracas) is a British-Venezuelan scholar specialized in technology and socio- economic development. She researches the concept of Techno-Economic Paradigm Shifts and the theory of ...

Celso Furtado Celso Monteiro Furtado (July 26, 1920 – November 20, 2004) was a Brazilian economist and one of the most distinguished intellectuals of his country during the 20th century. His work focuses on development and underdevelopment and on the persist ...

* Dani Rodrik *

David Harvey David W. Harvey (born 31 October 1935) is a British-born Marxist economic geographer, podcaster and Distinguished Professor of anthropology and geography at the Graduate Center of the City University of New York (CUNY). He received his P ...

* Duncan Foley * E. F. Schumacher * Edward Nell *

F.A. Hayek Friedrich August von Hayek ( , ; 8 May 189923 March 1992), often referred to by his initials F. A. Hayek, was an Austrian–British economist, Jurisprudence, legal theorist and philosopher who is best known for his defense of classical lib ...

Frank Stilwell Frank C. Stilwell (1856 – March 20, 1882) was an outlaw Cowboy who killed at least two men in Cochise County during 1877–82. Both killings were considered to have been self-defense. For four months he was a deputy sheriff in Tombstone, A ...

* Frederic S. Lee *

Frederick Soddy Frederick Soddy FRS (2 September 1877 – 22 September 1956) was an English radiochemist who explained, with Ernest Rutherford, that radioactivity is due to the transmutation of elements, now known to involve nuclear reactions. He also prov ...

* G.L.S. Shackle *

Hans Singer Sir Hans Wolfgang Singer (1910–2006) was a German-born British development economist best known for the Singer–Prebisch thesis, which states that the terms of trade move against producers of primary products. He is one of the primary figure ...

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 Heinz D. Kurz (born 29 March 1946) is professor of economics at the University of Graz. Selected publications * with Neri Salvadori as editor: ''The Elgar Companion to David Ricardo''. Edward Elgar, Cheltenham, England 2015, . * ''Geschichte de ...

Henry George Henry George (September 2, 1839 – October 29, 1897) was an American political economist and journalist. His writing was immensely popular in 19th-century America and sparked several reform movements of the Progressive Era. He inspired the eco ...

* Herman Daly *

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 at ...

* Jack Amariglio *

Jeremy Rifkin Jeremy Rifkin (born January 26, 1945) is an American economic and social theorist, writer, public speaker, political advisor, and activist. Rifkin is the author of 23 books about the impact of scientific and technological changes on the economy, ...

Joan Robinson Joan Violet Robinson (''née'' Maurice; 31 October 1903 – 5 August 1983) was a British economist well known for her wide-ranging contributions to economic theory. She was a central figure in what became known as post-Keynesian economics. B ...

John Bellamy Foster John Bellamy Foster (born August 15, 1953) is an American professor of sociology at the University of Oregon and editor of the '' Monthly Review''. He writes about political economy of capitalism and economic crisis, ecology and ecological crisis ...

* John Komlos *

Joseph Schumpeter Joseph Alois Schumpeter (; February 8, 1883 – January 8, 1950) was an Austrian-born political economist. He served briefly as Finance Minister of German-Austria in 1919. In 1932, he emigrated to the United States to become a professor at H ...

Kate Raworth Kate Raworth (born 13 December 1970) is an English economist known for " doughnut economics", which she understands as an economic model that balances between essential human needs and planetary boundaries. She is Senior Associate at Oxford Unive ...

* Lance Taylor * Ludwig Lachmann *

Ludwig von Mises Ludwig Heinrich Edler von Mises (; 29 September 1881 – 10 October 1973) was an Austrian School economist, historian, logician, and Sociology, sociologist. Mises wrote and lectured extensively on the societal contributions of classical liberali ...

Lyndon Larouche Lyndon Hermyle LaRouche Jr. (September 8, 1922 – February 12, 2019) was an American political activist who founded the LaRouche movement and its main organization the National Caucus of Labor Committees (NCLC). He was a prominent conspira ...

* Maria da Conceição Tavares *

Mariana Mazzucato Mariana Francesca Mazzucato (born June 16, 1968) is an economist with dual Italian–American citizenship. She is a professor in the Economics of Innovation and Public Value at University College London and founding director of the UCL Institute ...

* Mason Gaffney *

Michael Albert Michael Albert (born April 8, 1947) is an American economist, speaker, writer, and political critic. Since the late 1970s, he has published books, articles, and other contributions on a wide array of subjects. He has also set up his own media ...

* Michael Hudson * Michael Perelman *

Michał Kalecki Michał Kalecki (; 22 June 1899 – 18 April 1970) was a Polish Marxian economist. Over the course of his life, Kalecki worked at the London School of Economics, University of Cambridge, University of Oxford and Warsaw School of Economics ...

Murray Rothbard Murray Newton Rothbard (; March 2, 1926 – January 7, 1995) was an American economist of the Austrian School, economic historian, political theorist, and activist. Rothbard was a central figure in the 20th-century American libertarian ...

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 *

Nicholas Georgescu-Roegen Nicholas Georgescu-Roegen (born Nicolae Georgescu, 4 February 1906 – 30 October 1994) was a Romanian mathematician, statistician and economist. He is best known today for his 1971 ''The Entropy Law and the Economic Process'', in which he argu ...

Nicolaus Tideman Thorwald Nicolaus Tideman (, not ; born August 11, 1943 in Chicago, Illinois) is a Georgist economist and professor at Virginia Tech. He received his Bachelor of Arts in economics and mathematics from Reed College in 1965 and his PhD in economics ...

Paul Baran Paul Baran (born Pesach Baran ; April 29, 1926 – March 26, 2011) was a Polish-American engineer who was a pioneer in the development of computer networks. He was one of the two independent inventors of packet switching, which is today the dom ...

Paul Cockshott William Paul Cockshott (born 16 March 1952) is a Scottish computer scientist, Marxian economist and a reader at the University of Glasgow. Since 1993 he has authored multiple works in the tradition of scientific socialism, most notably '' Towar ...

Paul Sweezy Paul Marlor Sweezy (April 10, 1910 – February 27, 2004) was a Marxist economist, political activist, publisher, and founding editor of the long-running magazine ''Monthly Review''. He is best remembered for his contributions to economic theory ...

* Peter Navarro * Piero Sraffa * Rania Antonopoulos *

Raúl Prebisch Raúl Prebisch (April 17, 1901April 29, 1986) was an Argentine economist known for his contributions to structuralist economics such as the Prebisch–Singer hypothesis, which formed the basis of economic dependency theory. He became the executi ...

* Richard D. Wolff *

Robin Hahnel Robin Eric Hahnel (born March 25, 1946) is an American economist and professor emeritus of economics at American University. He was a professor at American University for many years and traveled extensively advising on economic matters all over t ...

* Ruy Mauro Marini * Simon Zadek * Stephanie Kelton *

Stephen Resnick Stephen Alvin Resnick (; October 24, 1938 – January 2, 2013) was an American heterodox economist. He was well known for his work (much of it written together with Richard D. Wolff) on Marxian economics, economic methodology, and class analysis ...

Theotônio dos Santos Theotônio dos Santos Junior ( Carangola, 11 November 1936 Rio de Janeiro, 27 February 2018) was a Brazilian economist. He was one of the formulators of the Dependency Theory and supported the World-System theory. Dos Santos had a bachelor's ...

Thorstein Veblen Thorstein Bunde Veblen (July 30, 1857 – August 3, 1929) was a Norwegian-American economist and sociologist who, during his lifetime, emerged as a well-known critic of capitalism. In his best-known book, ''The Theory of the Leisure Class'' ...

* Tony Lawson *

Yanis Varoufakis Ioannis "Yanis" Varoufakis ( el, Ιωάννης Γεωργίου "Γιάνης" Βαρουφάκης, Ioánnis Georgíou "Giánis" Varoufákis, ; born 24 March 1961) is a Greek economist and politician. A former academic, he served as the Gree ...

References

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

History

Rejection of neoclassical economics

Criticism of the neoclassical model of individual behavior

Criticism of the neoclassical model of market equilibrium

Most recent developments

Fields of heterodox economic thought

Notable heterodox economists

See also

References

Further reading

Articles

Books

Articles, conferences, papers

Journals

External links