Economic Update: Resistance Economics [CLIP]

Economic Update: Resistance Economics [CLIP]

So tell me what you understand by this
term heterodox economics, and I should preface my question by saying, I’m going
to be asking you about the fact that you’ve created at your college, a
master’s program in heterodox economics, so I’m gonna explore that with you, but
let’s begin by what is heterodox economics. Well as you mentioned in your
introduction heterodox economics is kind of an umbrella term for capturing
alternative perspectives to the mainstream of the discipline, to the
orthodoxy, so in that sense it refers to the outside of the discipline. the
concept itself also is kind of problematic, because it doesn’t
necessarily imply that it’s a critique of capitalism. It’s just that it might be
a different way, for example of celebrating the system, that’s not on par
with the mainstream. So in that sense is a very broad umbrella term, so it’s not
like, what some people like to say that it’s just like, you know, radical
political economy with a new name, right, like here in New York City, people like to
speak about oh salsa music is just Mambo. No, it’s a different thing, but we use
that term to highlight the openness of alternatives to the orthodoxy. Ok, so tell
me, why is it necessary, why did your colleagues and you choose
to specifically designate your new masters economics programs as heterodox?
Why, why choose that name at this time? Well, against all attempts to silence
alternatives, there has always been a demand for alternative viewpoints,
concerning the explanations of how the system works, and usually this view, this
demand for alternative viewpoints just explodes in moments of crisis of the
system. So for example, in 1970s this happened, new textbooks were created,
probably the most famous one which sought to be an alternative to the
classic Paul Samuelson introductory textbook, which is the Bible of the
discipline, was a project by John Eatland and John Robinson, that didn’t get
off the ground very well. Then you had at the turn of the century, with that crisis
that started around 97 and ended up in 2001, that caught countries like Russia,
Argentina, Turkey. You had calls in countries like
France, from students in universities asking for changes in the curriculum, and
with the latest downturn of the economy, we had the case, for example, of students
walking out of the classes of somebody like Greg Mankiw, who right now is the
most renowned author of the basic text book, that most economics students are
willing, and are expected actually to tackle and learn from. So in that
sense, we are kind of a product of the ups and downs of the crisis, and
specifically our department took the shape it took around 2008-2009, which is,
you know, the critical years of, you know the downturn, the most recent downturn of
the system. So we basically tapped into that demand, and we have thankfully, which
is kind of lucky, the support of the institution to precisely provide these
alternative views to our students.


  1. Heterodox Economics is History of Economics. Why is it necessary to rename something that already has a name? And, why develop a master's program? An undergraduate course is all that's needed. Heterodox Economics is marketing. And, as we all know, there's nothing new under the sun. These questions are rhetorical. I don't wish to discuss the obvious. Enough said.

Leave a Reply

Your email address will not be published. Required fields are marked *