On Heterodox Economics

  • B Pradeep Kumar Assistant Professor of Economics, Govt. Arts & Science College Ambalapuzha, Kerala, India Research Supervisor, University of Kerala, Kerala, India https://orcid.org/0000-0003-4232-9640
Keywords: Neo-Classical Economics, Keynesian economics, Margin concepts, Mainstream economics, Phillips Curve, Rationality assumption, Economic policy, Orthodox Economics, Marxian Economics, Behavioral Economics

Abstract

In the literature of Economics itself, branches have evolved thanks to different positions held by economists on different economic issues, and most importantly, on the efficacy and desirability of economic policies to address such economic issues. The so-called Classical and Keynesian poles apart positions have stood as the firm foundation for the germination of a couple of developments in economics. But, it may be reiterated that these positions have been premised upon several assumptions which often go diametrically opposite to real-world circumstances. The growing concern of the disconnect of the mainstream economics from the conditions of the real world has made a vacuum. The attention that heterodox economics has been receiving should be regarded as a response to this fill this vacuum. Google searching deliberations on the Covid-19 pandemic would find economics being discussed elsewhere and everywhere as if the economics of the Virus matters a lot rather than its biological side. Heterodox economics has grown to occupy an important place in modern economic thinking, and in the years to come, in the field of teaching as well, the elements discussed in heterodox economic will have an indisputable place. In the field of policy making, too, the principles of heterodox have been used. Nevertheless, mainstream economics does not seem to have been shaken by the claims of heterodox economics. For economics to continue as rigorous social science, much celebrated neo-classical tools and its ideas are still more important.

Published
2020-10-01
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How to Cite
Pradeep Kumar, B. (2020). On Heterodox Economics. Shanlax International Journal of Arts, Science and Humanities, 8(2), 65-69. https://doi.org/10.34293/sijash.v8i2.3433
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Articles