Varieties of Heterodox Economics – An Overview D. Allen Dalton ECON 325 – Radical Economics Boise State University Fall 2011.

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Presentation transcript:

Varieties of Heterodox Economics – An Overview D. Allen Dalton ECON 325 – Radical Economics Boise State University Fall 2011

Orthodox Economics Formal, mathematical models Comparative Static – Purely Competitive Market Ideal Econometric testing and statistical significance Marginalization of philosophical, historical and sociological concerns

Varieties of Heterodoxy Austrian Economics Post-Keynesian Economics Institutional Economics Social Economics Marxian Economics “Radical” Political Economics Feminist Economics

Austrian Economics Methodological Individualism Subjectivism Middle Ground on Equilibrium Competition as Discovery Process –Market process equilibrating? Time in Production Macroeconomics – Money Laissez-faire?

Post-Keynesian Economics Reject Methodological Individualism Money central in world of uncertainty and error Income v. Price Effects Investment –Distribution and Growth Incomes Policies

Institutional Economics Methodological Holism Central role of Power structures Evolution of Institutions and interaction of institutions and technology Policy pragmatism

Social Economics United by social-political purpose Different theoretical foundations Importance of institutions and relation to distributional and humanist concerns

Marxian Economics Orthodox v. Critical Marxism –Order v. disorder Critical Marxism –Disorder of modern capitalism and socialist central planning –Participatory Socialism and Market Socialism

“Radical” Political Economics Marx, Veblen, Keynes, Kalecki, Sraffa, Robinson Methodological holism Evolution and Institutions What separates Kaleckian-Sraffan Radical Economics from Post-Keynesians or Critical Marxists?

Feminist Economics Central concern is gender justice Critique of “homo economicus” foundations of economics Policy orientation is reduction of gender inequality