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Beyond Markets Critical Approaches to Economics - Essay Example

Mainstream economics follow rational choice theory, which makes assumptions that individuals make decisions that will maximize their own utility. It utilizes mathematical and statistics models to demonstrate theories and evaluate various economic developments. Mainstream economics is a theory clearly defining about the work of the economy; however this story is theoretically disjointed (Matthaei, 1984, pp82). That is, it is composed of a core set of schemes-such as equilibrium, scarcity, preferences, rationality and methodological individualism and derivative beliefs, symbols, vocabulary and parables, while there is a variety of heterogeneous theoretical developments that go beyond the core that never call into question the core itself in totality (Lawson, 1997, pp102). Heterodox economics Heterodox economics is the theories to communities and economic theories of economists that alternate, in various ways, to mainstream economics. In other term, it is the analysis and study of economic concepts considered outside of orthodox and mainstream schools of economic thought. Heterodox economics include Marxism, socialism, post-Keynesian and Austrian, and most of the times it combine the macroeconomic outlook present in Keynesian economics with approaches critical of neoclassical economics. ...
The Fundamental Difference between Mainstream and Heterodox Schools Of Thought There have always been major conflicts, theoretically, between the two schools of thoughts. The main reason why heterodox

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economists are critical of the mainstream economics, despite numerous modifications mainstream economist have added to their core framework, is because there is always an inference that, in the absence of various real world frictions, the economic factors and the general economy will function perfectly (Power, 2004, pp6). That is: assuming that there is mobility of economic agents, perfect information, no unions, flexible prices and wages, the full employment will be achieved by the economy, with near perfect utilization of resources, unless there are mild external economic shocks (O’Hara, 2002, pp608). Mainstream economics can be regarded as distinct from other schools of economics notably by its assumptions, topics and its methods. Several assumptions may strengthen many mainstream economic models, while being rejected by some heterodox schools (Lee, 2001, pp10). This comprise of neoclassical assumptions of representative agent, rational choice theory and rational expectations. In the current economic modeling, there is the element of exploring the effects of complicating factors on models, such as incomplete markets, asymmetric information, transaction costs and imperfect information. Methodologically, mainstream economics is considered as the work which mainstream economists are wiling to engage in to properly conform to the mainstream language of mathematical models, featuring optimization, calculus and comparative statics. It also includes theories of government and market failure, and public and private goods (Lee and Keen, 2004,
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Title: Beyond Markets Critical Approaches to Economics By: Institution: Course: Instructor: Date Mainstream economics Economics in the recent times have always featured several schools of economic thoughts with divergent schools having unusual prominence across countries over time…
Beyond Markets Critical Approaches to Economics
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