“I think heterodox economics is a constructive challenge to mainstream economics; and it has posed that challenge since the 1960s. And heterodox economics is a challenge at the same time to the epistemic hegemony of the economic knowledge centred in Anglo-Saxon mainstream institutions. So it’s not only a challenge to mainstream economics, but a challenge to the institutions which are embodying that mainstream economics. As you know very well, there’s a major humanitarian issue at stake at the moment (sic). Heterodox economics claims that the existing economy based on the idea of the free market does not stand adequately for what the economy should stand for, for human beings let alone other sentient beings. The other major thrust of heterodox economics is that it does not accept the fact that the market as described by neoclassical economics is self-adjusting by converging towards equilibrium. It is not only not self-adjusting but, more seriously, it is not just, from the point of view of heterodox economics. Thus, it has mounted an intellectual challenge to the neoclassical view of automaticity of an adjusting system as well as a philosophical challenge to the view that the societies can be just within the kind of economic system based on orthodox economics.”
A. Mearman, S. Berger and D. Guizzo (2019), ‘Karma Ura’ in What is Heterodox Economics? Conversations With Leading Economists, Abingdon: Routledge, p.87.