Over the last 50 years, the community of heterodox economists has expanded, and its publications have proliferated. Heterodoxy was given a big boost after mainstream economics was discredited by the Great Crash of 2008. But its power in departments of economics has waned.
Addressing this paradox, Geoff Hodgson argues that heterodox economists are defined more by left ideology than by a shared understanding of the nature of orthodox economics and of what should replace it. Heterodox economists cannot agree on what heterodoxy means. He applies work on the social nature of science and its institutions to help explain the failure of heterodox economics to gain ground. By stressing the need for a raison d’être and a defined zone of engagement, it concludes by assessing several strategic options for its future. One thing is clear: unless heterodox economics adapts it is unlikely to prosper.
Carolina Alves, a Research Fellow in Heterodox Economics at the University of Cambridge, and activitist will provide a response followed by open discussion.
A networking wine reception will follow the discussion.
Geoffrey M Hodgson is a Professor in Management at Loughborough University London. He is editor-in-chief of the Journal of Institutional Economics, and Secretary of the World Interdisciplinary Network for Institutional research. He is the author of many academic articles and over 20 books, including Is there a Future for Heterodox Economics? (2019), Is Socialism Feasible? (2019), Conceptualizing Capitalism? (2015 – winner of the Schumpeter Prize), From Pleasure Machines to Moral Communities (2013), and How Economics Forgot History (2001).
Carolina Alves is a Joan Robinson Research Fellow in Heterodox Economics at the University of Cambridge, Girton College. She specialises in macroeconomics, Marxian economics, and international political economy. Carolina is the co-founder of Diversifying and Decolonising Economics (DEcon)