Heterodox Economics

Heterodox Economics is an umbrella term covering various strands of economic thought as well as a series of interdisciplinary research fields. While heterodox economics is internally highly diversified, most heterodox economists agree on certain conceptual definitions (e.g. doing economics is to study the process of social provisioning in a broad sense), theoretical foundations (e.g. the role of uncertainty in economic action or the importance of the principles of effective demand and endogenous money) and a common epistemological framework, that takes the form of pluralist engagement.

“Heterodox economics refers to economic theories and communities of economists that are in various ways an alternative to mainstream economics. It is a multi-level term that refers to a body of economic theories developed by economists who hold an irreverent position vis-à-vis mainstream economics and are typically rejected out of hand by the latter; to a community of heterodox economists whom identify themselves as such and embrace a pluralistic attitude towards heterodox theories without rejecting contestability and incommensurability among heterodox theories; and to the development of a coherent economic theory that draws upon various theoretical contributions by heterodox approaches which stand in contrast to mainstream theory.” (Frederic S. Lee, 2008. in The New Palgrave Dictionary of Economics) [1]

References

[1] Heterodox Economics Newsletter – https://www.hete rodoxnews.com/HEN/home.html