1. Varieties of Heterodox Economics – An Overview
D. Allen Dalton
ECON 325 – Radical Economics
Boise State University
Fall 2012

2. Orthodox Economics Formal, mathematical models
Comparative Static – Purely Competitive Market Ideal
Econometric testing and statistical significance
Marginalization of philosophical, historical and sociological concerns

3. Varieties of Heterodoxy
Austrian Economics
Post-Keynesian Economics
Institutional Economics
Social Economics
Marxian Economics
“Radical” Political Economics
Feminist Economics

4. Austrian Economics Methodological Individualism Subjectivism
Middle Ground on Equilibrium
Competition as Discovery Process
Market process equilibrating?
Time in Production
Macroeconomics – Money
Laissez-faire?

5. Post-Keynesian Economics
Reject Methodological Individualism
Money central in world of uncertainty and error
Income v. Price Effects
Investment
Distribution and Growth
Incomes Policies

6. Institutional Economics
Methodological Holism
Central role of Power structures
Evolution of Institutions and interaction of institutions and technology
Policy pragmatism

7. Social Economics United by social-political purpose
Different theoretical foundations
Importance of institutions and relation to distributional and humanist concerns

8. Marxian Economics Orthodox v. Critical Marxism Critical Marxism
Order v. disorder
Critical Marxism
Disorder of modern capitalism and socialist central planning
Participatory Socialism and Market Socialism

9. “Radical” Political Economics
Marx, Veblen, Keynes, Kalecki, Sraffa, Robinson
Methodological holism
Evolution and Institutions
What separates Kaleckian-Sraffan Radical Economics from Post-Keynesians or Critical Marxists?

10. Feminist Economics Central concern is gender justice
Critique of “homo economicus” foundations of economics
Policy orientation is reduction of gender inequality