What is Heterodox Economics? Insights from Interviews with Leading Thinkers

Abstract

This article investigates heterodox economics, drawing on data from interviews we conducted with leading economists, using thematic analysis to identify three core concerns of our respondents: realism, power, and pluralism. Heterodox economists appear to value realism (as a philosophical position) and realisticness (as a property of theories and models). They share a concern for power in the world and in the economics profession and recognize the need to get it, for their own agency. They value pluralism of theory and method and insist that this must include heterodox approaches. Moreover, power and pluralism to some extent serve their pursuit of realisticness and truth.