The article discusses the difference between mainstream and heterodox economics in terms of their implications for a theory of economic policy. It characterizes these two strands of thought according to two criteria: how to assess economic performance and how to envisage economic coordination. They underlie the distinction between a price-centered approach of the mainstream and a heterodox institution-centered approach. The distinction is not only important for theoretical clarity. It also points to a major conclusion, that is, that if heterodox economists neglect the differences between these two approaches and rely on a commonly shared "playing field," the risk is that they may disregard the potential economic and societal change that a heterodox perspective warrants.
Heterodoxy, the Mainstream and Policy
Ramazzotti, Paolo
2022-01-01
Abstract
The article discusses the difference between mainstream and heterodox economics in terms of their implications for a theory of economic policy. It characterizes these two strands of thought according to two criteria: how to assess economic performance and how to envisage economic coordination. They underlie the distinction between a price-centered approach of the mainstream and a heterodox institution-centered approach. The distinction is not only important for theoretical clarity. It also points to a major conclusion, that is, that if heterodox economists neglect the differences between these two approaches and rely on a commonly shared "playing field," the risk is that they may disregard the potential economic and societal change that a heterodox perspective warrants.File | Dimensione | Formato | |
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