The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Heterodox Economics

  • Frederic S. Lee
Reference work entry


Although ‘heterodox economics’ is a widely used term, precisely what it means is debated. I argue that heterodox economics refers to a body of economic theories that holds an alternative position vis-à-vis mainstream economics; to a community of heterodox economists who identify themselves as such and embrace a pluralistic attitude towards heterodox theories without rejecting contestability and incommensurability among heterodox theories; and to the development of a coherent economic theory that draws upon various theoretical contributions by heterodox approaches which stand in contrast to mainstream theory.


Association for Heterodox Economics Austrian economics Capitalism Class Evolutionary economics Feminist economics Heterodox economics Institutional economics Interdependencies Marxian economics Post Keynesian economics Radical economics Scarcity Social economics Sraffian economics Pluralism Political economy Mainstream economics Social provisioning 

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Frederic S. Lee
    • 1
  1. 1.