A History of Heterodox Economics: Challenging the mainstream in the twentieth century

by Frederic S. Lee

Economics is a contested academic discipline between neoclassical economics and a collection of alternative approaches, such as Marxism-radical economics, Institutional economics, Post Keynesian economics, and others, that can collectively be called heterodox economics. Because of the dominance of neoclassical economics, the existence of the alternative approaches is generally not known. This book is concerned with the community history of heterodox economics, seen primarily through the eyes of Marxian-radical economics and Post Keynesian economics.

Throughout the 20th century neoclassical economists in conjunction with state and university power have attacked heterodox economists and tried to cleanse them from the academy. Professor Lee, his groundbreaking new title discusses issues including the contested landscape of American economics in the 1970s, the emergence and establishment of Post Keynesian economics in the US and the development of heterodox economics in Britain from 1970 to 1996.

Genres: Economics

368 pages, Hardcover

First published January 1, 2009

About the author

Frederic S. Lee (1859- )

Reviews

[Matthijs Krul · Rating 4 out of 5]

Informative, but extremely dull.

[John Mihelic · Rating 4 out of 5]

What this book is is a history of the institutions of Heterodox Economics. Lee details a century of movement in the universities and the journals and the profession as a whole as Heterodox Economics ebbs and flows in both the US and England. It’s a pretty depressing read for someone interested in economics outside of the mainstream (however you define it) because the history is one of marginalization and struggle for scholars who want to look at the world from different viewpoints than the ones that are currently de mode. Departments chase the funding and clout, and individuals need to publish and work on their own careers so there are perverse incentives to go with the mainstream. I couldn’t help but think about the scientists who were never minted in the field, as limited opportunities meant that there were fewer options, and so many paths not taken. I also was thinking about what an extended version would look like. Lee ended his examination almost 20 years ago now, before the financial crisis, and before the growth of MMT. There are a few unwritten chapters in that imagined book, but I imagine the story will continue to be that of marginalization, one that interested scholars need to continue to press against.

[Rob · Rating 4 out of 5]

Movies such as Inside Job and books such as Whoops! by John Lanchester have done a sterling job summarizing the 2008 economic crisis and its aftermath but the root cause of the whole farrago can be traced to the extraordinary atmosphere prevailing in the world's economics departments.

While most academic disciplines foster and encourage pluralism, an orthodoxy has emerged in the economics profession that is causally linked to market fundamentalism and the kneejerk neoliberal agenda that is peddled by 'august' publications like The Economist and The Wall Street Journal .

Hence, as Lee explores here, alternative ways of conducting research in economics are viewed as bogus by those who control the field - so attempts to view economics within its political, historical, social and cultural context have been jettisoned unceremoniously.

The book deals mainly with Post Keynesian and Marxian approaches and centres largely upon the US and UK - attempts to suppress non market thinking are rooted in Fifties McCarthyism itself. The pernicious and ideological development of measures such as the UK's Research Assessment Exercise are charted as well as the denial of tenure to many economists who, in a parallel universe, might have been considered Nobel Prize candidates.

Lee is a firebrand and the introduction that deals with religious heresy and blasphemy may be too much for some. Chapters 8 and 9 also betray their origins as previous published journal articles but in all, it's a compelling introduction to a vital set of topics.

[Routledge Economics · Rating 4 out of 5]

Movies such as Inside Job and books such as Whoops! by John Lanchester have done a sterling job summarizing the 2008 economic crisis and its aftermath but the root cause of the whole farrago can be traced to the extraordinary atmosphere prevailing in the world's economics departments.

While most academic disciplines foster and encourage pluralism, an orthodoxy has emerged in the economics profession that is causally linked to market fundamentalism and the kneejerk neoliberal agenda that is peddled by 'august' publications like The Economist and The Wall Street Journal .

Hence, as Lee explores here, alternative ways of conducting research in economics are viewed as bogus by those who control the field - so attempts to view economics within its political, historical, social and cultural context have been jettisoned unceremoniously.

The book deals mainly with Post Keynesian and Marxian approaches and centres largely upon the US and UK - attempts to suppress non market thinking are rooted in Fifties McCarthyism itself. The pernicious and ideological development of measures such as the UK's Research Assessment Exercise are charted as well as the denial of tenure to many economists who, in a parallel universe, might have been consisdered Nobel Prize candidates.

Lee is a firebrand and the introduction that deals with religious heresy and blasphemy may be too much for some. Chapters 8 and 9 also betray their origins as previous published journal articles but in all, it's a compelling introduction to a vital set of topics.