Heterodox economics can provide a more complete and robust explanation of economic realities than orthodox (or mainstream) economics. Contemporary Issues in Heterodox Economics: Implications for Theory and Policy Action argues that this greater explanatory power gives heterodox economics the ability to illuminate appropriate policy for the major crises of our time, as well as proffer the basis for a more rounded, pluralist approach to economic theory.
The chapters in this wide-ranging volume address some of the key issues facing the global economy, including the growing disparity of income/wealth between persons and economic areas, environmental degradation, issues associated with employment, and the regularity of economic/financial crises. The authors examine potential policy responses such as modern monetary theory, models of public ownership, and the need to move beyond standard concepts of growth. They also explore the deficiencies of orthodox economics, and contend that a more pluralist approach to economics is required in the public sphere, in academia, and in the classroom in order to help face the challenges of the twenty-first century.
This book is invaluable reading for students and scholars across the social sciences who are interested in alternatives to mainstream economic thinking.
Table of Contents
Foreword – Alan Freeman
1. Dynamics versus Statistics: On the Nature of Heterodox and Orthodox Economics
2. The Past and The Future: The Philosophy and History of Economics, and the Emerging Risk Society
3. Hegel, Marx and the Economics of Inclusion: Towards an Economic Philosophy for a post (non) truth Political Class
4. What Marx and Kalecki/Post-Keynesians do not share, and why this is not a barrier to their learning from each other to their mutual advantage
Nick Potts and Philip Armstrong
5. Out of the Silos via Diversity: Green Economics Insights for Economists
6. Value Within The Resource-Based View Of The Firm: An Approach Drawing On The Temporal Single System Interpretation Of Marx
7. The Economic Imbalances of Our Days and the Heterodox Economics Alternative
8. Central Banking And Income Inequality: The Impact Of Monetary Policy On Income Distribution
9. Getting the Financial Crisis Wrong: The Dead End that is Neoclassical Macro Modeling
John T. Harvey
10. Centre and Periphery in Global Value Chains: An Interpretation based on the Pioneers of Development
Fernanda Cardosa and Cristina Froes de Borja Reis
11. Models of Fair Public Ownership: Lessons from Singapore and Hong Kong
12. The Other Side of Paradise: The Cost of Tourism in the Caribbean
Wendy Sealy and Simon Mouatt
13. Heterodox Economic Journal Rankings Revisited
14. Institutional Practice and the Inadequacy of Orthodox Macroeconomics: A Challenge for Pluralism?
James Juniper, Andrew Nadolny, George Pantelopoulos and Martin Watts
15. Pluralism and Heterodox Economics
16. Improving Pluralism in Economics Education
Postscript – Victoria Chick
Arturo Hermann is Primo Ricercatore at the Italian National Institute of Statistics (ISTAT), Italy.
Simon Mouatt is Emeritus Associate Professor in Economics at Solent University, UK.