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Heterodox economics[1] is a category referring to the approaches, or schools of economic thought, that are considered outside of orthodox economics. Heterodox Economics is an umbrella term to cover the coming together of, sometimes long-standing, separate unorthodox projects or traditions. The latter include post Keynesianism, (old) institutionalism, feminist, social, Marxian and Austrian economics, among others.[1] Orthodox economics is also known as "mainstream economics," or the Walrasian model which has largely developed from neoclassical economics in the late 19th century. While mainstream economics may be defined in terms of the "rationality-individualism-equilibrium" nexus, heterodox economics may be defined in terms of a "institutions-history-social structure" nexus. Note that there is a different emphasis in distinguishing mainstream and heterodox economics in this way than is involved in distinguishing them as closed-system and an open-system approaches respectively (Lawson,1997);[1] Dow, 2000) [2] It is difficult to define heterodox economics. The International Confederation of Associations for Pluralism in Economics (ICAPE) has prudently avoided defining its umbrella too specifically, choosing instead to define its mission as "promoting pluralism in economics." All strands of socialism are heterodox, but not all heterodox schools are necessarily socialist. A key challenge for "heterodoxy" is to define itself in ways that move beyond the rubric of "non-neoclassical" economics. In defining a common ground in the "critical commentary" some heterodox economists, such as Steve Cohn (Knox College, USA), have tried to do three things (1) identify shared ideas that generate a pattern of heterodox critique across topics and chapters of introductory macro texts; (2) give special attention to ideas that link methodological differences to policy differences; and (3) characterize the common ground in ways that permit distinct paradigms to develop common differences with textbook economics in different ways.
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