Heterodox economics

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Heterodox economics is a broad, relative term referring to schools of economic thought which are not commonly perceived as belonging to mainstream economics. There is no absolute definition of what constitutes heterodox economic thought, as it is defined in contrast to the most prominent, influential or popular schools of thought in a given time and place. Groups typically classed as heterodox in current discourse include the Austrian, ecological, Marxist-historical, post-Keynesian, and modern monetary (neo-chartalist) approaches. Four frames of analysis have been highlighted for their importance to heterodox thought: history, natural systems, uncertainty, and power. Economist Frederic S. Lee, in 2007 believed 5 to 10 percent of the American economists were heterodox, from both left and right-wing schools.

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