Heterodox Economics
Categories: Econ
Heterodox economics is unorthodox economics: the economic analyses that are outside the old-school, mainstream economics. The economic rebels of our time, trying to make sense of things when our current models just don’t seem to be capturing quiet what’s going on. Economics is a social science, after all, and people are complicated. And, of course, politics clouds truthiness.
Some examples of heterodox economics include Marxism, post-Keynesianism, anarchism, and ecological economics. Types of economics that fall under heterodox economics include studying institutions, social structures, power dynamics, systems, and history.
Heterodox economics has been making waves as more time goes by. Neoclassical economics (considered orthodox economics) is known for being irrational for assuming rationality in its models (which makes it not a very good predictor for real life). The International Confederation of Associations for Pluralism in Economics (ICAPE) avoids association with the words “heterodox” and “orthodox,” but they promote “pluralism in economics.”