What is Heterodox Economics? Insights from Interviews with Leading Thinkers

Abstract

This article investigates heterodox economics, drawing on data from interviews we conducted with leading economists, using thematic analysis to identify three core concerns of our respondents: realism, power, and pluralism. Heterodox economists appear to value realism (as a philosophical position) and realisticness (as a property of theories and models). They share a concern for power in the world and in the economics profession and recognize the need to get it, for their own agency. They value pluralism of theory and method and insist that this must include heterodox approaches. Moreover, power and pluralism to some extent serve their pursuit of realisticness and truth.

Keywords:

• heterodox economics
• realism
• pluralism
• power
• interviews

JEL Classification Codes:

• A11
• A14
• B25
• B50

Disclosure Statement

No potential conflict of interest were reported by the authors.

Notes

1 It is not our purpose to define mainstream economics, nor do we presuppose it has one single definition. Indeed, our respondents define it in various ways. As a working definition, as in Andrew Mearman, Sebastian Berger, and Danielle Guizzo (2022), following David Dequech (2007–2008) we note that mainstream can be defined intellectually and sociologically. The intellectual refers to core, orthodox concepts that derive largely from neoclassical economics: inter alia methodological individualism, (for consumers) subjective utility maximization, equilibrium, and the fundamental efficacy of markets. Reality is studied in terms of deviations from theoretical models, derived mathematically, explored statistically. These core principles dictate the type of work published in the highest ranked journals. Those making the decisions on these journals, and thence those able to publish in them, are then the most powerful: they then drive the direction of the profession.

2 Two further caveats are warranted: first, Weintraub (2007) warns that senior economists might be prone to exaggerate their own contribution. Thus, defining heterodox economics in terms of their views risks OTSOG-ery (meaning, relying on standing on the shoulders of giants). Second, we have identified sixteen economists as heterodox; however, three of them explicitly reject the label, for different reasons. Esther-Mirjam Sent considers herself part of a pluralist mainstream. Joan Martinez-Alier calls himself an ecological economist. Edward Fullbrook objects to the negative connotations of the label “heterodox.” It could be inappropriate to use their accounts to help define heterodoxy, if they do not see themselves as part of it; however, that would pre-judge that self-identity as heterodox is necessary for being such. Further, including them may help us explore the boundaries of heterodoxy. Preliminarily, we do not use these interviewees’ positions to define heterodoxy; but where they have a clear affinity with the emerging account of heterodoxy, we will use their views to support it.

3 Here we refer to internationally recognized centers renowned for heterodox economics over a sustained period of time, for instance the New School (USA), SOAS (UK), Leeds (UK), and UMKC (USA), and formerly Cambridge (UK), and Notre Dame (USA).

4 Verein für Ökologische Ökonomie—VÖÖ.

5 Witt goes on to say that, as a result: “[i]t is no longer clear what market equilibrium results nor whether you get one at all” (277). Thus, the notion of equilibrium is questioned by many of our interviewees. For Carvalho (41), simply from experience, clearly the world is not in equilibrium.

Additional information

Notes on contributors

Andrew Mearman

Andrew Mearman is Associate Professor of Economics at Leeds University Business School. He has published widely in the researcha areas of student education, economic methodology, sustainability, pluralism, and heterodox economics. Sebastian Berger is Senior Lecturer in Economics at the Bristol Business School, University of the West of England. He is editor of the book series Economics and Humanities (Routledge) and the International Journal of Ethics and Systems (Emerald). He is also recipient of the 2020 Kapp Award. Danielle Guizzo is Associate Professor in Economics Education at the School of Economics, University of Bristol. Her research expertise is on the areas of history of economics, political economy, and economics education. This article has benefited from comments on earlier drafts, received at the AHE conference (July 2018), a seminar at Leeds University (November 2020), and from (alphabetically) Andrew Brown, Steve Fleetwood, Jamie Morgan, Robert McMaster, Esther Pickering, and Mary Wrenn, and finally from two anonymous referees. The usual disclaimer applies.

Sebastian Berger

Andrew Mearman is Associate Professor of Economics at Leeds University Business School. He has published widely in the researcha areas of student education, economic methodology, sustainability, pluralism, and heterodox economics. Sebastian Berger is Senior Lecturer in Economics at the Bristol Business School, University of the West of England. He is editor of the book series Economics and Humanities (Routledge) and the International Journal of Ethics and Systems (Emerald). He is also recipient of the 2020 Kapp Award. Danielle Guizzo is Associate Professor in Economics Education at the School of Economics, University of Bristol. Her research expertise is on the areas of history of economics, political economy, and economics education. This article has benefited from comments on earlier drafts, received at the AHE conference (July 2018), a seminar at Leeds University (November 2020), and from (alphabetically) Andrew Brown, Steve Fleetwood, Jamie Morgan, Robert McMaster, Esther Pickering, and Mary Wrenn, and finally from two anonymous referees. The usual disclaimer applies.

Danielle Guizzo

Andrew Mearman is Associate Professor of Economics at Leeds University Business School. He has published widely in the researcha areas of student education, economic methodology, sustainability, pluralism, and heterodox economics. Sebastian Berger is Senior Lecturer in Economics at the Bristol Business School, University of the West of England. He is editor of the book series Economics and Humanities (Routledge) and the International Journal of Ethics and Systems (Emerald). He is also recipient of the 2020 Kapp Award. Danielle Guizzo is Associate Professor in Economics Education at the School of Economics, University of Bristol. Her research expertise is on the areas of history of economics, political economy, and economics education. This article has benefited from comments on earlier drafts, received at the AHE conference (July 2018), a seminar at Leeds University (November 2020), and from (alphabetically) Andrew Brown, Steve Fleetwood, Jamie Morgan, Robert McMaster, Esther Pickering, and Mary Wrenn, and finally from two anonymous referees. The usual disclaimer applies.