Heterodox Economics

AAA

DEFINITION of 'Heterodox Economics'

The analysis and study of economic principles considered outside of mainstream or orthodox schools of economic thought. Schools of heterodox economics include socialism, Marxism, post-Keynesian and Austrian, and often combine the macroeconomic outlook found in Keynesian economics with approaches critical of neoclassical economics.

INVESTOPEDIA EXPLAINS 'Heterodox Economics'

Heterodox economics provides an alternative approach to mainstream economics that may help give explanation to economic phenomenon that don't received widespread credence. In addition, heterodox economics seeks to embed social and historical factors into analysis, as well as evaluate the way in which the behavior of both individuals and societies alters the development of market equilibriums.

RELATED TERMS
  1. Keynesian Economics

    An economic theory of total spending in the economy and its effects ...
  2. Triple Bottom Line

    A phrase coined in 1994 by John Elkington and later used in his ...
  3. Functional Finance

    A heterodox macroeconomic theory developed by Abba Lerner during ...
  4. Economics

    A social science that studies how individuals, governments, firms ...
  5. Classical Economics

    Classical economics refers to work done by a group of economists ...
  6. Behavioral Economics

    The study of psychology as it relates to the economic decision ...
Related Articles
  1. Understanding Supply-Side Economics
    Economics

    Understanding Supply-Side Economics

  2. Monetarism: Printing Money To Curb Inflation
    Economics

    Monetarism: Printing Money To Curb Inflation

  3. Why Can't Economists Agree?
    Economics

    Why Can't Economists Agree?

  4. State-Run Economies: From Public To ...
    Personal Finance

    State-Run Economies: From Public To ...

comments powered by Disqus
Hot Definitions
  1. Ghosting

    An illegal practice whereby two or more market makers collectively attempt to influence and change the price of a stock. ...
  2. Elasticity

    A measure of a variable's sensitivity to a change in another variable. In economics, elasticity refers the degree to which ...
  3. Tangible Common Equity - TCE

    A measure of a company's capital, which is used to evaluate a financial institution's ability to deal with potential losses. ...
  4. Yield To Maturity (YTM)

    The rate of return anticipated on a bond if held until the maturity date. YTM is considered a long-term bond yield expressed ...
  5. Net Present Value Of Growth Opportunities - NPVGO

    A calculation of the net present value of all future cash flows involved with an additional acquisition, or potential acquisition. ...
  6. Gresham's Law

    A monetary principle stating that "bad money drives out good." In currency valuation, Gresham's Law states that if a new ...
Trading Center