Importance of Heterodox Economics

Heterodox economics means the economics that is non-orthodox, which means the heterodox economist does not believe in the classical theories of economics. Heterodox economics is one of the fastest growing topics in economics in the recent times; its development has been outside of the mainstream economics. Most of the economic thoughts have been described in terms of the theories but the definition of the heterodox economics is methodological. For example- heterodox economics says that human are social they are not just individuals therefore they will not always make the rational decisions.

The idea of heterodox start getting popularity after the onset of financial crisis and it was said that the orthodox economics has failed and it is time for it to change, after that there is an association for the development of heterodox economics which is also known as Association of heterodox Economists (AHE). The points which give importance to heterodox economics are-

• There are multiple perspectives to every economic situation therefore pluralism has been advocated,
• History and time are important which can't be ignored in economic theories,
• Every economic theory is fallible as it can be seen in many of the historic events, like recession, financial crisis etc.
• Methodology is important than method to understand the economics,
• Human are social than rational driven by habits, routines, tradition, and cultures.
• Formal mathematical method and statistics should be supported by other data types,
• Facts and values are inseparable,
• Power is an important factor in determining economic outcomes.

These all factors give importance to the study of the heterodox economics.

Difficulties faced by a student while solving heterodox economics problem:-

The problem faced by the students in heterodox economics is that it is completely different from the traditional economics; even this subject declines some of the methods and concepts of economics and sees them outdated. But heterodox economics raises some serious problems-

1) Heterodox economics and pluralism are not synonyms; pluralism is about the diversity that includes both mainstream economics and new view points of the heterodox economics, heterodox economics on the other hand is the study of opposition of orthodox economics. Therefore, heterodoxy and pluralism may be closely related but they both are not the same principle.

2) What is the alternative of orthodox economics and what should be included in the heterodox economics? There are many economics like feminist economics, ecological economics; Austrian economics which wants to embrace heterodox economics. But the inclusion of all these ideas may be eclectic and it may be challenging to challenge the neoclassical economics.

3) The third problem is that there are many economists who believe that the mainstream economics has itself become heterodox; there are some theoretical innovations which have diluted the impact of neoclassical economics.

Thus while studying heterodox economics is it is very much possible that student face these problems.

Few important tips while studying heterodox economics-

The students while studying heterodox economics should keep in mind that it is not the part of the neoclassical economics it is the set of new ideas that does not believe in the classical economics. So, the first step towards heterodox economics is to understand the classical economics and its concepts, methods, theories that will help in understanding the viewpoint of the heterodox economist.

Another important step towards excelling in heterodox economics is to study orthodox and heterodox economics in parallel which help students to make comparison which helps in both the subjects. Students can contrast the theories to of classical and heterodox economics it is important for students to not just criticize the neoclassical economics but to also find the solution to the problem related to the orthodox economics. Therefore, if studied in a right way the heterodox economics can help in improving in orthodox economics which in result in having better economic theories and concepts for the coming generations.

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Heterodox economics is the study of ideas that does not believe in the orthodox economics which is still quite new subject to be studied. Therefore students face a lot of problems in dealing with heterodox economics at that time live support provide help to the students any time. Website does not have any time constraint and students can send their problems any time with an email. The problem will be solved and will be sent back to the student. Expertsminds.com offers Heterodox Economics help, Assignment Help, Heterodox Economics Assignment Writing Help, Economics Assignment Tutors, Heterodox Economics Solutions, Heterodox Economics Answers, Economics Assignment help and Experts help Online.

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