Heterodox economics is a broad, relative term referring to schools of economic thought which are not commonly perceived as belonging to

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 ...

. There is no absolute definition of what constitutes heterodox economic thought, as it is defined in contrast to the most prominent, influential or popular schools of thought in a given time and place.Dequench, David (2007) "Neoclassical, mainstream, orthodox, and heterodox economics", ''Journal of Post Keynesian Economics'', 30 (2), 279-30

/ref> Groups typically classed as heterodox in current discourse include the Austrian school of economics, Austrian,

ecological Ecology () is the natural science of the relationships among living organisms and their environment. Ecology considers organisms at the individual, population, community, ecosystem, and biosphere levels. Ecology overlaps with the closely re ...

Marxist Marxism is a political philosophy and method of socioeconomic analysis. It uses a dialectical and materialist interpretation of historical development, better known as historical materialism, to analyse class relations, social conflic ...

historical History is the systematic study of the past, focusing primarily on the human past. As an academic discipline, it analyses and interprets evidence to construct narratives about what happened and explain why it happened. Some theorists categ ...

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 ...

, and modern monetary approaches.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 Dictio ...

'', 2nd Edition, v. 4, pp. 2–65
Abstract.
Four frames of analysis have been highlighted for their importance to heterodox thought: history, natural systems, uncertainty, and power.

History

In the mid-19th century, such thinkers as

Auguste Comte Isidore Auguste Marie François Xavier Comte (; ; 19 January 1798 – 5 September 1857) was a French philosopher, mathematician and writer who formulated the doctrine of positivism. He is often regarded as the first philosopher of science in the ...

Thomas Carlyle Thomas Carlyle (4 December 17955 February 1881) was a Scottish essayist, historian, and philosopher. Known as the "Sage writing, sage of Chelsea, London, Chelsea", his writings strongly influenced the intellectual and artistic culture of the V ...

John Ruskin John Ruskin (8 February 1819 20 January 1900) was an English polymath a writer, lecturer, art historian, art critic, draughtsman and philanthropist of the Victorian era. He wrote on subjects as varied as art, architecture, Critique of politic ...

and

Karl Marx Karl Marx (; 5 May 1818 – 14 March 1883) was a German philosopher, political theorist, economist, journalist, and revolutionary socialist. He is best-known for the 1848 pamphlet '' The Communist Manifesto'' (written with Friedrich Engels) ...

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

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 go ...

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 a economic nationalism, nationalist economic policy that is designed to maximize the exports and minimize the imports of an economy. It seeks to maximize the accumulation of resources within the country and use those resources ...

, 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 bri ...

such as the historical school, and advocates of unorthodox monetary theories such as

social credit Social credit is a distributive philosophy of political economy developed in the 1920s and 1930s by C. H. Douglas. Douglas attributed economic downturns to discrepancies between the cost of goods and the compensation of the workers who made t ...

. 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 physicist and inventor 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 ...

, an American physicist and first secretary of the

Smithsonian Institution The Smithsonian Institution ( ), or simply the Smithsonian, is a group of museums, Education center, education and Research institute, research centers, created by the Federal government of the United States, U.S. government "for the increase a ...

, 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 an 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 macroeconomics, macroeconomic theories and Economic model, models of how aggregate demand (total spending in the economy) strongl ...

, which appeared to provide a more coherent policy response to

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

than unorthodox monetary or trade policies, contributed to the decline of interest in these schools. After 1945, the

neoclassical synthesis The neoclassical synthesis (NCS), or neoclassical–Keynesian synthesis Mankiw, N. Gregory. "The Macroeconomist as Scientist and Engineer". '' The Journal of Economic Perspectives''. Vol. 20, No. 4 (Fall, 2006), p. 35. is an academic movement a ...

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.Paul Krugman and Robin Wells Krugman, Robin Wells (2006 ...

) 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

has been significantly influenced by a number of new research programs, including

behavioral economics Behavioral economics is the study of the psychological (e.g. cognitive, behavioral, affective, social) factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economi ...

complexity economics Complexity economics is the application of complex system, complexity science to the problems of economics. It relaxes several common assumptions in economics, including general equilibrium theory. While it does not reject the existence of an equ ...

evolutionary economics Evolutionary economics is a school of economic thought that is inspired by evolutionary biology. Although not defined by a strict set of principles and uniting various approaches, it treats economic development as a process rather than an equil ...

, experimental economics, and

neuroeconomics Neuroeconomics is an Interdisciplinarity, 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 u ...

. One key development has been an epistemic turn away from theory towards an empirically driven approach focused centrally on questions of

causal inference Causal inference is the process of determining the independent, actual effect of a particular phenomenon that is a component of a larger system. The main difference between causal inference and inference of association is that causal inference an ...

. 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

Heterodox economics is not a school of thought in its own right, but rather an umbrella term for a set of various, diverse schools of economic thought. Despite their diversity, heterodox schools often consider

to be a flawed or invalid approach to understanding economics. The reasons behind 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 (epistemology), justification, or argument by their reliance on experience. knowledge is independent from any ...

'' assumptions that agents are

rational Rationality is the quality of being guided by or based on reason. 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 ...

and that they seek to maximize their

individual An individual is one that exists as a distinct entity. Individuality (or self-hood) is the state or quality of living as an individual; particularly (in the case of humans) as a person unique from other people and possessing one's own needs or g ...

utility In economics, utility is a measure of a certain person's satisfaction from a certain state of the world. Over time, the term has been used with at least two meanings. * In a normative context, utility refers to a goal or objective that we wish ...

(or profits) subject to environmental constraints. These assumptions provide the backbone for

rational choice theory Rational choice modeling refers to the use of decision theory (the theory of rational choice) as a set of guidelines to help understand economic and social behavior. The theory tries to approximate, predict, or mathematically model human behav ...

. 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 wordplay on ''Homo sapiens'', u ...

model of human behavior used in the 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 a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interac ...

Mount Holyoke College Mount Holyoke College is a Private college, private Women's colleges in the United States, women's Liberal arts colleges in the United States, liberal arts college in South Hadley, Massachusetts, United States. It is the oldest member of the h ...

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 it is therefore impossible for them to attain maximal utility point. They instead behave as if there are repertoires of many ready-made rules, one of which they choose according to the 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#Applications, holding all else equal, the unit price for a particular Good (economics), good ...

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, ensuring that there is neither a surplus nor a shortage. The new ...

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 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 "h ...

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 Feminism is a range of socio-political movements and ideology, ideologies that aim to define and establish the political, economic, personal, and social gender equality, equality of the sexes. Feminism holds the position that modern soci ...

, 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

, 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 thermodynamics, laws of statistical mechanics to economic theory. Thermoeconomics can be thought of as the statistical physic ...

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 (metaphysics), universal empirical observation concerning heat and Energy transformation, energy interconversions. A simple statement of the law is that heat always flows spont ...

. The posited relationship between economic theory,

energy Energy () is the physical quantity, quantitative physical property, property that is transferred to a physical body, body or to a physical system, recognizable in the performance of Work (thermodynamics), work and in the form of heat and l ...

and

entropy Entropy is a scientific concept, most commonly associated with states of disorder, randomness, or uncertainty. The term and the concept are used in diverse fields, from classical thermodynamics, where it was first recognized, to the micros ...

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

biological evolution Evolution is the change in the heritable characteristics of biological populations over successive generations. It occurs when evolutionary processes such as natural selection and genetic drift act on genetic variation, resulting in certai ...

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 proce ...

efficiency Efficiency is the often measurable ability to avoid making mistakes or wasting materials, energy, efforts, money, and time while performing a task. In a more general sense, it is the ability to do things well, successfully, and without waste. ...

, 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 to promote pluralism in economics, including more heterodox approaches.

Fields of heterodox economic thought

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 primarily from the motivations and actions of individuals along with thei ...

# * Binary economics * 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 ...

Complexity economics Complexity economics is the application of complex system, complexity science to the problems of economics. It relaxes several common assumptions in economics, including general equilibrium theory. While it does not reject the existence of an equ ...

Co-operative economics Cooperative (or co-operative) economics is a field of economics that incorporates co-operative studies, cooperative studies and political economy toward the study and management of cooperatives. History Cooperative economics developed as both a ...

Distributism 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 princi ...

Ecological economics Ecological economics, bioeconomics, ecolonomy, eco-economics, or ecol-econ is both a transdisciplinary and an interdisciplinary field of academic research addressing the interdependence and coevolution of human economy, economies and natural ec ...

§ *

Evolutionary economics Evolutionary economics is a school of economic thought that is inspired by evolutionary biology. Although not defined by a strict set of principles and uniting various approaches, it treats economic development as a process rather than an equil ...

# § (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 practitio ...

# § * *

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

* General Economy *

Gift Economy A gift economy or gift culture is a system of exchange where valuables are not sold, but rather given without an explicit agreement for immediate or future rewards. Social norms and customs govern giving a gift in a gift culture; although there ...

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 poli ...

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 Innovation economics is a growing field of economic theory and applied/ experimental economics that emphasizes innovation and entrepreneurship. It comprises both the application of any type of innovations, especially technological but not only, ...

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 Islamic economics () refers to the knowledge of economics or economic activities and processes in terms of Islamic principles and teachings. Islam has a set of specific moral norms and values about individual and social economic behavior. There ...

Marxian economics Marxian economics, or the Marxian school of economics, is a heterodox school of political economic thought. Its foundations can be traced back to Karl Marx's critique of political economy. However, unlike critics of political economy, Marxian ...

# *

Mutualism Mutualism may refer to: * Mutualism (biology), positive interactions between species * Mutualism (economic theory), associated with Pierre-Joseph Proudhon * Mutualism (movement), social movement promoting mutual organizations * Mutualism model o ...

Neuroeconomics Neuroeconomics is an Interdisciplinarity, 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 u ...

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 or comparative economy is a branch of political science and economics studying economic systems (e.g. Marketplace, markets and national economies) and their governance by political systems (e.g. law, institutions, and government). Wi ...

Post-Keynesian economics Post-Keynesian economics is a Schools of economic thought, school of economic thought with its origins in ''The General Theory of Employment, Interest and Money, The General Theory'' of John Maynard Keynes, with subsequent development influence ...

§ 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 the financial ass ...

and Circuitism * Post scarcity *

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 br ...

* 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 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 m ...

# *

Social economics Economics () is a behavioral 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 analyse ...

(partially heterodox usage) * Surplus Economics Theory * Sraffian economics # *

Technocracy Technocracy is a form of government in which decision-makers appoint knowledge experts in specific domains to provide them with advice and guidance in various areas of their policy-making responsibilities. Technocracy follows largely in the tra ...

(

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 sciences a ...

# 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 by Arthur Smithies in 1963 as the ''Journal of Econo ...

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 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 Searching may refer to: Music * " Searchin", a 1957 song originally performed by The Coasters * "Searching" (China Black song), a 1991 song by China Black * "Searchin" (CeCe Peniston song), a 1993 song by CeCe Peniston * " Searchin' (I Gott ...

(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 or comparative economy is a branch of political science and economics studying economic systems (e.g. Marketplace, markets and national economies) and their governance by political systems (e.g. law, institutions, and government). Wi ...

;

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, society, societies, and linguistics, in both the present and past, including archaic humans. Social anthropology studies patterns of behav ...

; 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. Eichn ...

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 Francisc ...

* Anwar Shaikh *

Bernard Lonergan Bernard Joseph Francis Lonergan (17 December 1904 – 26 November 1984) was a Canadians, Canadian Jesuit priest, philosophy, philosopher, and theology, theologian, regarded by many as one of the most important thinkers of the 20th century. Lone ...

* Bill Mitchell *

Bryan Caplan Bryan Douglas Caplan (born April 8, 1971) is an American economist and author. He is a professor of economics at George Mason University, a senior research fellow at the Mercatus Center, an adjunct scholar at the Cato Institute, and a former c ...

Carlota Perez Carlota Perez (; 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 great surges, a furthe ...

* Carolina Alves *

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

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 ...

David Harvey David William Harvey (born 31 October 1935) is a British-American academic best known for Marxist analyses that focus on urban geography as well as the economy more broadly. He is a Distinguished Professor of anthropology and geography at t ...

* Duncan Foley *

E. F. Schumacher Ernst Friedrich Schumacher (16 August 1911 – 4 September 1977) was a German-born British statistician and economist who is best known for his proposals for human-scale, decentralised and appropriate technologies.Biography on the inner dust ...

* Edward Nell *

Esther Dweck Esther Dweck (born 23 May 1977) is a Brazilian economist, professor and writer. As of 2022, she is a professor at the Institute of Economics of the Federal University of Rio de Janeiro, Institute of Economics of the Federal University of Rio de ...

F.A. Hayek Friedrich August von Hayek (8 May 1899 – 23 March 1992) was an Austrian-born British academic and philosopher. He is known for his contributions to political economy, political philosophy and intellectual history. Hayek shared the 1974 Nobe ...

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, Ar ...

* Franklin Serrano * 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 pr ...

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 b ...

Hans Singer Sir Hans Wolfgang Singer (29 November 1910 – 26 February 2006) was a German-born British development economist best known for the Prebisch-Singer thesis, which states that the terms of trade move against producers of primary products. He is ...

Ha-Joon Chang Ha-Joon Chang (; ; born 7 October 1963) is a South Korean economist and academic. Chang specialises in institutional economics and development, and lectured in economics at the University of Cambridge from 1990–2021 before becoming pro ...

* Heinz Kurz *

Henry George Henry George (September 2, 1839 – October 29, 1897) was an American political economist, Social philosophy, social philosopher and journalist. His writing was immensely popular in 19th-century America and sparked several reform movements of ...

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 ...

Hyman Minsky Hyman Philip Minsky (September 23, 1919 – October 24, 1996) was an American economist and economy professor at Washington University in St. Louis. A distinguished scholar at the Levy Economics Institute of Bard College, his research was inten ...

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 A ...

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 influence of scientific and technological changes on the eco ...

Joan Robinson Joan Violet Robinson ( Maurice; 31 October 1903 – 5 August 1983) was a British economist known for her wide-ranging contributions to economic theory. One of the most prominent economists of the century, Robinson incarnated the "Cambridge Sc ...

John Bellamy Foster John Bellamy Foster (born August 19, 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 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 ...

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* Lance Taylor *

Ludwig Lachmann Ludwig Maurits Lachmann (; ; 1 February 1906 – 17 December 1990) was a German economist, economic theorist and important contributor to the Austrian School of Economics. Lachmann, Israel Kirzner, and Murray Rothbard were the three primary cataly ...

Ludwig von Mises Ludwig Heinrich Edler von Mises (; ; September 29, 1881 – October 10, 1973) was an Austrian-American political economist and philosopher of the Austrian school. Mises wrote and lectured extensively on the social contributions of classical l ...

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 conspiracy ...

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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 ...

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* Michael Hudson * Michael Perelman *

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* Nelson Barbosa *

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* Richard D. Wolff *

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* Stephanie Kelton * Stephen Resnick * Theotônio dos Santos *

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Notes

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

Notes

References

Further reading

Articles

Books

Articles, conferences, papers

Journals

External links