Is mainstream economics facing a challenge from alternative perspectives? This roundtable discussion examines the evolving relationship between “orthodox” (neoclassical) and “heterodox” economics in the USA over the past few decades. It acknowledges the dominance of formalization and uniformity in economic curricula while highlighting the presence of dissenting schools and innovative developments within the discipline. The session explores various criticisms of the status quo, proposed remedies, and innovations originating from prominent economists. It recognizes that some of these contributions may challenge the discipline's foundations, potentially leading to a form of “orthodox subversion.” This roundtable provides a valuable overview of the diverse perspectives and ongoing debates within the field of economics. By highlighting the tension between mainstream and heterodox approaches, it encourages critical reflection on the assumptions and limitations of economic theory. The discussion has implications for the future direction of economics, potentially fostering greater openness to alternative viewpoints and innovative approaches. This session serves as a valuable resource for economists, students, and anyone interested in understanding the complexities and controversies within the discipline.
Published in the Journal of the History of Economic Thought, this roundtable discussion aligns with the journal's focus on examining the evolution and intellectual history of economic ideas. The exploration of the relationship between orthodox and heterodox economics fits within the journal's scope, providing insights into the changing landscape of economic thought and its historical context. The discussion contributes valuable perspectives on the ongoing debates and controversies within the field.