Some Principles Of Heterodox Economics

Since I like to pitch both 'hetererodox' and 'post-autisitic' economics perspective, I appreciated this from Robert Vienneau at Thoughts on Economics:

Some Principles Of Heterodox Economics

1. Methodology (rather than just method) is important to understanding economics.
2. Human actors are social and less than perfectly rational, driven by habits, routines, culture and tradition
3. Economic systems are complex, evolving and unpredictable - and consequently equilibrium models should be viewed sceptically.
4. While theories of the individual are useful, so are theories of aggregate or collective outcomes. Further, neither the individual nor the aggregate can be understood in isolation from the other.
5. History and time are important (reflecting (3)).
6. All economic theories are fallible and, reflecting (4), there is contemporary relevance of the history of thought to understanding economics.
7. Pluralism, i.e. multiple perspectives, is advocated (following on from (3) and (6)).
8. Formal mathematical and statistical methods should be removed from their perceived position as the supreme method - but not abandoned - and supplemented by other methods and data types.
9. Facts and values are inseperable.
10. Power is an important determinant of economic outcomes.

-- Andrew Mearman (2007). "Teaching Heterodox Economics Concepts", The Economics Network (June)

(I previously posted a quotation of ten principles of institutional economics.)

[appended below for spice, for comparision …]

10 Principles of Institutional Economics

• Economics is about social provisioning, not merely choices and scarcity.
• Both scarcity and wants are socially defined and created.
• Economic systems are human creations; no particular economic system is "natural".
• Ecological literacy (economy-ecology interface) is essential to economics.
• Valuation is a social process.
• The government defines the economy; laissez faire capitalism is an oxymoron.
• The history of economic thought is critical to the study of "basic principles" of economics.
• Economic theory ("logical economics") and real world economics are often very different things.
• Race, gender, and class shape economic processes, outcomes, and policies in the real world economy.
• There are many types of economists who do not agree on many things. This reflects the fact that economics is not "value free" and ideology shapes our analyses and conclusions as economists.

From: Janet Knoedler, Jennifer Long, Reynold Nesiba, Janice Peterson, Geoff Schneider, James Swaney, and Daniel Underwood (1998). "10 Things for Economic Pedagogy", Association for Evolutionary Thought, Western Social Science Association, Denver Colorado. (See here.)

Comments

[c!]

I found this very useful; thank you.

[Trinifar]

You know, I just learned about the label "Heterodox Economics" today in a MSM article or opinion piece in one of the major newspapers (don't remember which one). It's refreshing to know there is a group of economists out there who are pushing back on the mainstream approach. Thannks for writing more about it here. I've been too busy to do much reading lately but I'll try to put this blog higher on my list.

Also, having worked with autistic kids, I love the phrase "Post-Autistic Economics" -- talk about framing an idea! Glad to find a related link on your sidebar.