Heterodox Economics
Candlefocus EditorThe purpose of heterodox economics is to move beyond traditional economic thinking, providing alternative economic theories and methods which may broaden our understanding of economic processes. It looks for connections between economic, political and social forces and considers economics from an interdisciplinary perspective. Heterodox economists often focus on the real world impacts of economics, looking at the socio-cultural and institutional conditions in which economic processes take place.
For example, researchers applying heterodox economics may challenge how finance, culture, technology or power relations shape economic behaviour. It may also renegotiate the way in which economic models are constructed, creating models that better reflect the complexity of real-world economic systems.
Heterodox economics has grown in importance in the wake of the Great Recession, as mainstream theories were found wanting in answering some of the more important questions. It is increasingly seen as a valuable way of deepening our understanding of the economy, complementing mainstream viewpoints and providing alternative ways of looking at economics.