What is heterodox economics? A comment on Hodgson and his critics

Matías Vernengo

Centro Sraffa Working Papers from Centro di Ricerche e Documentazione 'Piero Sraffa'

Abstract: This paper critically analyzes Geoffrey Hodgson’s definition of heterodox economics as the refutation of the orthodox view that emphasizes utility maximization as its main theoretical core, and his view that it is the fragmentation of heterodox economics that explains its subsidiary role within the profession. Hodgson’s views led to a series of responses, that criticize his definition, but also present significant problems of their own. The limitations of Hodgson and his critics’ views are contrasted with an alternative definition that emphasizes the importance of conflictive distribution and the principle of effective demand in the long run. The idea of a broad tent, from a sociological point of view, does not preclude the need for a clear analytical definition of heterodoxy. The broad tent should be seen as part of a strategy of survival.

Keywords: Economic Methodology; Heterodox Economics (search for similar items in EconPapers)
JEL-codes: B4 B5 (search for similar items in EconPapers)
Pages: 14
Date: 2025-02
New Economics Papers: this item is included in nep-his, nep-hpe and nep-pke
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.centrosraffa.org/public/04e58aac-fedd-4f0f-af92-6db87804a6cf.pdf

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ris:sraffa:023857

Access Statistics for this paper

More papers in Centro Sraffa Working Papers from Centro di Ricerche e Documentazione 'Piero Sraffa' Contact information at EDIRC.
Bibliographic data for series maintained by Daria Pignalosa ().