7/02/2019

What is Heterodox Economics and what is its relationship to Mainline Economics?

"But another observation was obvious at these meetings. Austrian economics is no longer considered heterodox economics among the younger generation of heterodox economists. There is a new book out that was discussed at the meetings -- What is Heterodox Economics? Conversations with Leading Economists...

Unfortunately, I was unable to attend Danielle Guizzo's discussion of the book and ask my questions about selection criteria, etc. for the economists interviewed. But it is clear from a look at the table of contents, the selection criteria is much different from what would have been the case when Daniel Bell published his The Crisis in Economic Theory in 1981, or Steve Pressman published his collection on Economics and Its Discontent in the late 1990s. So something has happened since that time to weed out in the minds of younger scholars that Austrian economists from the camp of heterodox economists -- this is despite the JEL category of the modern Austrian School of Economics in the heterodox camp. Of the authors interviewed, only Ulrich Witt would come close to having any affinity to Austrian ideas with his evolutionary economics perspective, but he surely would distance himself from any such "Austrian" identity, though he has been and continues to be a valued member of the editorial board, and contributor to, the Review of Austrian Economics, which I edit with Chris Coyne. Though I should say upfront that several of those interviewed could speak very intelligently about the Austrian School of Economics and its strengths and weaknesses as a tool of analysis and social criticism -- especially Tony Lawson and Gary Mongiovi."