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The Future of Heterodox Economics

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Abstract

We assess economics research and teaching frameworks in the United States by examining how knowledge is produced and ranked, the flaws and strengths of heterodox economic theory; and how students are trained, especially for careers in economic policy. We challenge the meaning of established terminology such as 'heterodoxy' and 'mainstream' by investigating their utility as a marker and to illuminate major barriers to the successful adoption of alternative economic theories in academia and the public discourse. Based on interviews with experienced economists working with heterodox paradigms in both mainstream and heterodox institutions, we identify three barriers 1) Neoclassical hegemony, 2) Weakness of heterodox theory, and 3) Pedagogy and training in economics.

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  • Teresa Ghilarducci & Zachary Knauss & Richard McGahey & William Milberg & Drew Landes & Edward Nilaj, 2021. "The Future of Heterodox Economics," SCEPA working paper series. 2021-01, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    • Handle: RePEc:epa:cepawp:2021-01
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    More about this item

    Keywords

    Heterodox economics; pedagogy and training; cross discipline synthesis;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions

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