Heterodox economics

Heterodox economics refers to schools of economic thought or methodologies that are outside "mainstream economics", often represented by expositors as contrasting with or going beyond neoclassical economics. "Heterodox economics" is an umbrella term used to cover various approaches, schools, or traditions. These include anarchist, socialist, Marxian, institutional, evolutionary, Georgist, Austrian, feminist,social, post-Keynesian (not to be confused with New Keynesian), and ecological economics among others. In the JEL classification codes developed by the Journal of Economic Literature, heterodox economics is in the second of the 19 primary categories at:

Mainstream economics may be called orthodox or conventional economics by its critics. Alternatively, mainstream economics deals with the "rationality–individualism–equilibrium nexus" and heterodox economics is more "radical" in dealing with the "institutions–history–social structure nexus". Many mainstream economists dismiss heterodox economics as "fringe" and "irrelevant", with little or no influence on the vast majority of academic economists in the English-speaking world.

A recent review documents several prominent groups of heterodox economists since at least the 1990s as working together with a resulting increase in coherence across different constituents. Along these lines, the International Confederation of Associations for Pluralism in Economics (ICAPE) does not define "heterodox economics" and has avoided defining its scope. ICAPE defines its mission as "promoting pluralism in economics."

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