100 Words on Heterodox Economics

To celebrate their 100th issue, the Heterodox Economics Newsletter editors asked about 100 heterodox economists, representing their school of thought, institution, association, country, or region, about the current state and future of heterodox economics. Richard Wolff was one of the individuals they asked and here is his repsonse:
 

Orthodoxy, like heterodoxy, lies largely in its beholders’ eyes. Across the nineteenth century, Marxian economics contested the orthodoxy of classical political economy much as socialism contested capitalism. Across the twentieth, Marxian economics struggled to redefine its specific heterodox difference as orthodoxy swung between neoclassical and Keynesian economics, capitalism alternated between regimes of less and more state economic intervention, and classical socialism peaked. Its new reformulation articulates a self-consciously non-determinist theory of class (defined in terms of the production, appropriation and distribution of surpluses).  Such a Marxian economics represents a new, systematic, and well-developed alternative to both neoclassical and Keynesian economics.

 

 







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