Tag Archives: Heterodox Economics

INET has posted a piece by Eric Beinhocker on what he calls the “new economics” [sic]. That used to be Keynesian economics, back in the 1960s. Now it’s a mesh of New Institutionalism, Behavioral Economics, and Complexity Analysis. He argues that: “New economics does not accept the orthodox theory that has dominated economics for the past several decades that humans are perfectly rational, markets are perfectly efficient, institutions are optimally designed and economies are self-correcting...

I read recently this paper (subscription required) by Sandy Darity and Arden Kreeger in HOPE. in the paper they show how the 1970s efforts to attract more African-American PhD students were eventually abandoned, since faculty deemed the project a failure. They argue that the: "factor that shaped the MIT faculty’s conclusion that the experiment had failed was their impression that black graduate students—particularly when they entered the program in sufficiently large numbers to form a Black...

William K. Black February 29, 2016     Brooklyn, N.Y. A blogger has trolled all heterodox economists as believers in the “occult.”  More precisely, he is upset about “econ people” (who are likely not economists) and who tweet him or post comments on his blog site.  The blogger further complains that these commenters say that they believe in heterodox economics and “new methodologies [that] are poised to topple mainstream economics.”  He then goes on to say:  “My typical response is to ask...

I had discussed before the meaning of heterodox economics. I suggested a definition based on positive contributions (rather than as a critique of the mainstream) and based on concepts rather than schools of thought. In my view the two principles that were central for defining heterodoxy were the Principle of Effective Demand (PED), based on Keynes and Kalecki's ideas, and the idea that distribution is the result of class conflict, which in my view is best expressed in Sraffa's recovery of...

Nope not about index numbers. About Rankings. Below a list of several heterodox and mainstream journals as ranked by the Thomson-Reuters citation index (the Web of Science-Social Science Citation Index, SSCI) in the last citation report. As it can be seen heterodox journals have a considerably lower impact factor than mainstream journals. The leading heterodox journal in my list* (the Cambridge Journal of Economics) is comparable to a lower ranked mainstream journal (certainly not the bottom...