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. Classical Economics

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

    The study of psychology as it relates to the economic decision ...
  6. Economics

    A social science that studies how individuals, governments, firms ...
Related Articles
  1. Economics

    Understanding Supply-Side Economics

    Does the amount of goods and services produced set the pace for economic growth? Here are the arguments.
  2. Economics

    Monetarism: Printing Money To Curb Inflation

    Learn how Milton Friedman's monetarist views shaped economic policy after World War II.
  3. Economics

    Why Can't Economists Agree?

    There are many reasons why economists can be given the same data and come up with entirely different conclusions.
  4. Personal Finance

    State-Run Economies: From Public To Private

    Find out how former Iron Curtain countries used private enterprise to join the world financial markets.
  5. Bonds & Fixed Income

    Can Keynesian Economics Reduce Boom-Bust Cycles?

    Learn about a British economist's proposed solution to a common economic problem.
  6. Fundamental Analysis

    What does the term 'invisible hand' refer to in the economy?

    Discover and understand the concept of the "invisible hand" as explained by Adam Smith, considered the founder of modern economic theory.
  7. Trading Strategies

    How should you plan for scarcity when investing?

    Plan ahead for scarcity when you are investing so you can profit from emerging shortage trends and take advantage of prime opportunities.
  8. Charts & Patterns

    What are the differences between patterns and trends?

    Learn the difference between a pattern and a trend. Explore how technical analysts use patterns and trends to identify trading opportunities.
  9. Options & Futures

    How can particular scarcities benefit specific stocks?

    Learn about scarce resources, such as crude oil and water. Explore how companies that produce these resources have benefited from their scarcity.
  10. Options & Futures

    How does scarcity affect global agriculture stocks?

    Explore how scarcity affects the price of agricultural stocks. Learn how the price of agricultural commodities is closely related to the price of oil.

You May Also Like

Hot Definitions
  1. Weather Insurance

    A type of protection against a financial loss that may be incurred because of rain, snow, storms, wind, fog, undesirable ...
  2. Portfolio Turnover

    A measure of how frequently assets within a fund are bought and sold by the managers. Portfolio turnover is calculated by ...
  3. Commercial Paper

    An unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories ...
  4. Federal Funds Rate

    The interest rate at which a depository institution lends funds maintained at the Federal Reserve to another depository institution ...
  5. Fixed Asset

    A long-term tangible piece of property that a firm owns and uses in the production of its income and is not expected to be ...
  6. Break-Even Analysis

    An analysis to determine the point at which revenue received equals the costs associated with receiving the revenue. Break-even ...
Trading Center