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Varieties of Heterodox Economics – An Overview
D. Allen Dalton ECON 325 – Radical Economics Boise State University Fall 2012
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Orthodox Economics Formal, mathematical models
Comparative Static – Purely Competitive Market Ideal Econometric testing and statistical significance Marginalization of philosophical, historical and sociological concerns
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Varieties of Heterodoxy
Austrian Economics Post-Keynesian Economics Institutional Economics Social Economics Marxian Economics “Radical” Political Economics Feminist Economics
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Austrian Economics Methodological Individualism Subjectivism
Middle Ground on Equilibrium Competition as Discovery Process Market process equilibrating? Time in Production Macroeconomics – Money Laissez-faire?
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Post-Keynesian Economics
Reject Methodological Individualism Money central in world of uncertainty and error Income v. Price Effects Investment Distribution and Growth Incomes Policies
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Institutional Economics
Methodological Holism Central role of Power structures Evolution of Institutions and interaction of institutions and technology Policy pragmatism
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Social Economics United by social-political purpose
Different theoretical foundations Importance of institutions and relation to distributional and humanist concerns
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Marxian Economics Orthodox v. Critical Marxism Critical Marxism
Order v. disorder Critical Marxism Disorder of modern capitalism and socialist central planning Participatory Socialism and Market Socialism
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“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?
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Feminist Economics Central concern is gender justice
Critique of “homo economicus” foundations of economics Policy orientation is reduction of gender inequality
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