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The position of heterodox economics in economic science

Eleonora Matouskova ()
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Eleonora Matouskova: PhD, Assistant Professor, University of Economics in Bratislava, Faculty of National Economy

Public Finance Quarterly, 2021, vol. 66, issue 1, 275 - 290

Abstract: In economic science dominate orthodox economics (mainstream economics respectively neoclassical economics). Despite its numerous intellectual failures, orthodox economics continue to prevail in teaching at universities. A certain alternative to orthodox economics is heterodox economics, which consists of three groups of theoretical approaches, represented by left-wing heterodoxy and neo-Austrian school (we include them together in the old heterodoxy) and new heterodoxy. The objective of this article is to define the differences between orthodox economics and heterodox economics, to find common features of individual heterodox approaches and to identify substantial differences between them. A common characteristic of heterodoxy is the rejection of orthodoxy, especially its research methods. Heterodox economists reject the axiom that individuals are always rational, the concept of "homo economicus", the application of a formal-deductive approach, the use of mathematical methods in cases that are not appropriate for this, and access from a closed system position. Heterodoxy is a very diverse theoretical tradition, and there are differences not only between left-wing heterodoxy, neo-Austrian school and new heterodoxy, but also within these heterodox groups. They differ on specific topics they deal with and proposed solutions to socio-economic problems. Heterodox economics is developing in Slovakia at the University of Economics in Bratislava as well as in other research institutions, with particular attention to behavioural economics and neo-Austrian school.

Keywords: orthodox economics; heterodox economics; methodology; economic policy; Slovak Republic (search for similar items in EconPapers)
JEL-codes: B2 B41 B5 E7 (search for similar items in EconPapers)
Date: 2021
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