Defining Heterodox Economics
How should we decide whether a school of
economic thought is heterodox or mainstream? The line is not always very clear.
We can safely say that economics in the style of Paul Samuelson, the neoclassical
synthesis, is mainstream, but that is an easy case. One way to draw the line is
to look at other areas of study that the school resembles. Does it resemble
physics? Philosophy? Or perhaps sociology? I would suggest that any school
which resembles physics or mathematics is mainstream. Even this is not always a
good heuristic, since econophysics is not particularly mainstream. Another
method of categorizing is to look at who founded or popularized the school. If
the founder was English, it is probably mainstream. There are a number of other
interesting ways of categorizing schools, based on differing perspectives on
capital, interest, and other concepts, as well.