Heterodoxy, the Mainstream and Policy

Paolo Ramazzotti

Journal of Economic Issues, 2022, vol. 56, issue 1, 59-78

Abstract: The article discusses the difference between mainstream and heterodox economics in terms of their implications for a theory of economic policy. It characterizes these two strands of thought according to two criteria: how to assess economic performance and how to envisage economic coordination. They underlie the distinction between a price-centered approach of the mainstream and a heterodox institution-centered approach. The distinction is not only important for theoretical clarity. It also points to a major conclusion, that is, that if heterodox economists neglect the differences between these two approaches and rely on a commonly shared "playing field," the risk is that they may disregard the potential economic and societal change that a heterodox perspective warrants.

Date: 2022
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DOI: 10.1080/00213624.2022.2009260

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