Contrary to traditional economic theories, heterodox approaches recognize the multidimensional nature of economic phenomena and acknowledge the influence of historical, psychological, social, and political factors. They address issues such as heterodox economics, income and gender inequality, environmental sustainability, financial crises, and the role of authority in shaping economic outcomes and offer a broader perspective for understanding the complexity of economic systems and their impact on human well-being. The book aims to help economists and economics students who want to critically examine the hypothetical presuppositions of traditional economics and to understand the complexities of the economic world more deeply understand the basic principles of heterodox economics and offer a new perspective in the discipline of economics. In the book, 23 academics working in different disciplines came together and contributed to 16 chapters with different perspectives. Each chapter aims to provide a scientific and original contribution to the literature by addressing different aspects of heterodox economics within the framework of its discipline.

A comprehensive survey of the current state--and future direction--of heterodox economic thought

Economics is a broad and diverse discipline, but most economics textbooks only cover one way of thinking about the economy. This book provides an accessible introduction to nine different approaches to economics: from feminist to ecological and Marxist to behavioural. Each chapter is written by a leading expert in the field described and is intended to stand on its own as well as providing an ambitious survey that seeks to highlight the true diversity of economic thought. Students of economics around the world have begun to demand a more open economics education. This book represents a first step in creating the materials needed to introduce new and diverse ideas into the static world of undergraduate economics. This book will provide context for undergraduate students by placing the mainstream of economic thought side by side with more heterodox schools. This is in keeping with the Rethinking Economics campaign which argues that students are better served when they are presented with a spectrum of economic ideas rather than just the dominant paradigm. Rethinking Economics: An Introduction to Pluralist Economics is a great entry-level economics textbook for lecturers looking to introduce students to the broader range of ideas explored within the economics profession. It is also appropriate and accessible for people outside of academia who are interested in economics and economic theory.

Post-Keynesian and heterodox economics challenge the mainstream economics theories that dominate the teaching at universities and government economic policies. And it was these latter theories that helped to cause the great depression the United States and the rest of the world is in. However, most economists and the top 1% do not want mainstream theories challenged—for to do so would mean questioning why and how the 1% got where they are. Therefore, numerous efforts have been and are being made to discredit if not suppress Post-Keynesian and heterodox economics. These efforts have had some success; this book is a response to them. This book makes it clear that Post Keynesian/heterodox economics is, in spite of internal problems, a viable and important approach to economics and that it should resist the attempts of the critics to bury it. The reader will also find arguments that directly engage the critics and suggest that their views/criticisms are vacuous and wrong. As such, this will appeal to all who are interested in economic theory, economic history and who believe in challenging the orthodoxy.

Heterodox economics can provide a more complete and robust explanation of economic realities than orthodox (or mainstream) economics. Contemporary Issues in Heterodox Economics: Implications for Theory and Policy Action argues that this greater explanatory power gives heterodox economics the ability to illuminate appropriate policy for the major crises of our time, as well as proffer the basis for a more rounded, pluralist approach to economic theory. The chapters in this wide-ranging volume address some of the key issues facing the global economy, including the growing disparity of income/wealth between persons and economic areas, environmental degradation, issues associated with employment, and the regularity of economic/financial crises. The authors examine potential policy responses such as modern monetary theory, models of public ownership, and the need to move beyond standard concepts of growth. They also explore the deficiencies of orthodox economics, and contend that a more pluralist approach to economics is required in the public sphere, in academia, and in the classroom in order to help face the challenges of the twenty-first century. This book is invaluable reading for students and scholars across the social sciences who are interested in alternatives to mainstream economic thinking.

Since the beginning of the 21st century, there has been an unprecedented move towards ‘rethinking economics’. This book contributes to this worldwide discussion by providing readers at all levels with thoughtful contributions on a range of economic topics. The book includes chapters on rethinking fiscal and monetary policies, international trade, the role of the state, money, growth, the environment, development policies, energy, healthcare and more. Written by top experts in their respective fields, this book will be useful to students and faculty who want to not only rethink economics, but also to offer an alternative and coherent economic analysis to the orthodoxy.

The Routledge Handbook of Heterodox Economics presents a comprehensive overview of the latest work on economic theory and policy from a ‘pluralistic’ heterodox perspective. Contributions throughout the Handbook explore different theoretical perspectives including: Marxian-radical political economics; Post Keynesian-Sraffian economics; institutionalist-evolutionary economics; feminist economics; social economics; Régulation theory; the Social Structure of Accumulation approach; and ecological economics. They explain the structural properties and dynamics of capitalism, as well as propose economic and social policies for the benefit of the majority of the population. This book aims, firstly, to provide realistic and coherent theoretical frameworks to understand the capitalist economy in a constructive and forward-looking manner. Secondly, it delineates the future directions, as well as the current state, of heterodox economics, and then provides both ‘heat and light’ on controversial issues, drawing out the commonalities and differences among different heterodox economic approaches. The volume also envisions transformative economic and social policies for the majority of the population and explains why economics is, and should be treated as, a social science. This Handbook will be of compelling interest to those, including students, who wish to learn about alternative economic theories and policies that are rarely found in conventional economics textbooks or discussed in the mainstream media, and to critical economists and other social scientists who are concerned with analyzing pressing socio-economic issues.

Economics is a contested academic discipline between neoclassical economics and a collection of alternative approaches, such as Marxism-radical economics, Institutional economics, Post Keynesian economics, and others, that can collectively be called heterodox economics. Because of the dominance of neoclassical economics, the existence of the alternative approaches is generally not known. This book is concerned with the community history of heterodox economics, seen primarily through the eyes of Marxian-radical economics and Post Keynesian economics. Throughout the 20th century neoclassical economists in conjunction with state and university power have attacked heterodox economists and tried to cleanse them from the academy. Professor Lee, his groundbreaking new title discusses issues including the contested landscape of American economics in the 1970s, the emergence and establishment of Post Keynesian economics in the US and the development of heterodox economics in Britain from 1970 to 1996.

Since the Global Financial Crisis, economics has been under greater public scrutiny, revealing a crisis in the discipline. This represented a potential turning point on how economics should be thought and taught. Heterodox economics has played a prominent role in these discussions revolving around new economics thinking and pluralism in economics. Yet, its identity, aspirations, and pedagogy remain underexplored, contested, and somewhat opaque. This volume brings together sixteen interviews with leading economists to understand what heterodox economics is. How and why does an economist become heterodox? In which way do heterodox economists see themselves as ‘different’ from mainstream economics? The interviews shed light on what problems heterodox economists perceive in the mainstream; elucidate the different contexts under which they operate in higher education; and provide insights on their ontology and methodology. The reader will also find answers to the following questions about the nature and state of heterodox economics: Do heterodox economists have particular intellectual journeys, motives and aspirations? Is this reflected in their teaching practices and strategies to achieve social change? What is the relation between heterodox economics and the humanities and arts? Appealing to a diverse audience, including philosophers, sociologists and historians of economic thought, the book will be of great interest to anyone keen to find out more about the internal discussions in the economics discipline.