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I don't understand how you can come to the understanding that "heterodox" isn't a term of art when there's an entire wikipedia page devoted to explaining the me
by pclmulqdq 2y ago
I don't understand how you can come to the understanding that "heterodox" isn't a term of art when there's an entire wikipedia page devoted to explaining the meaning of "heterodox" (and another one about "mainstream") in the context of economics...
An economic theory described as part of "heterodox economics" can, in fact, be relatively mainstream given enough exposure and enough followers (which is where MMT is today). Conversely, parts of "mainstream economics" are relatively controversial and are thus heterodox ways of thinking.
If you think about "orthodox Christianity," the word "orthodox" says nothing about its popularity. The same goes for "heterodox economics."
Pretty much all monetary theories are parts of heterodox economics.
- JumpCrisscross 2y ago> An economic theory described as part of "heterodox economics" can, in fact, be relatively mainstream No. It cannot. This time I cite the literal first sentence of the Wikipedia definition of heterodox economics. > all monetary theories are parts of heterodox economics Not what heterodox or mainstream mean.