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Heterodoxy, the Mainstream and Policy

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  • Paolo Ramazzotti

Abstract

The article discusses the difference between mainstream and heterodox economics in terms of their implications for a theory of economic policy. It characterizes these two strands of thought according to two criteria: how to assess economic performance and how to envisage economic coordination. They underlie the distinction between a price-centered approach of the mainstream and a heterodox institution-centered approach. The distinction is not only important for theoretical clarity. It also points to a major conclusion, that is, that if heterodox economists neglect the differences between these two approaches and rely on a commonly shared "playing field," the risk is that they may disregard the potential economic and societal change that a heterodox perspective warrants.

Suggested Citation

  • Paolo Ramazzotti, 2022. "Heterodoxy, the Mainstream and Policy," Journal of Economic Issues, Taylor & Francis Journals, vol. 56(1), pages 59-78, January.
    • Handle: RePEc:mes:jeciss:v:56:y:2022:i:1:p:59-78
    DOI: 10.1080/00213624.2022.2009260
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    Cited by:

    1. Rouven Reinke & Laura Porak, 2023. "The charm of emission trading: Ideas of German public economists on economic policy in times of crises," ICAE Working Papers 145, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.

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