Prospects for the Progress of Heterodox Economics

Abstract

While progress in orthodox economics is understood as an internal concept, progress in heterodox economics has both an internal and external dimension, where the latter refers to persuasive success. This broader understanding of progress reflects the fundamental, methodological level at which we distinguish between orthodox and heterodox economics. Regarding internal progress, orthodox economics retains cohesion at the level of formalism, but this cohesion is showing strains because of the inevitable limitations imposed by formalism. While more apparently disparate, heterodox economics can be seen to be more methodologically cohesive; this is explained in terms of a qualified form of pluralism at a range of levels. A discussion of progress of ideas in terms of persuasion (with sociological and institutional, as well as linguistic, dimensions) provides the basis for a considering a pluralist strategy for promoting the progress of heterodox economics.