Heterodox Economics
Heterodox economics is an umbrella term for various economic theories and approaches that challenge or diverge from mainstream neoclassical and Keynesian economics. It includes schools of thought such as Marxist, institutional, feminist, ecological, and post-Keynesian economics, emphasizing alternative methodologies, historical context, power dynamics, and social structures in economic analysis. This field critiques assumptions like rational choice, market efficiency, and equilibrium, often advocating for interdisciplinary perspectives and policy interventions beyond conventional models.
Developers should learn heterodox economics to understand diverse economic perspectives, especially when working on projects involving social impact, sustainability, inequality, or policy analysis, as it provides tools to critique and innovate beyond traditional market-based solutions. It is useful in fields like development economics, environmental tech, or data-driven social sciences, where mainstream models may overlook systemic issues like power imbalances or ecological limits. This knowledge can enhance critical thinking and inform more inclusive, context-sensitive applications in tech-driven economic systems.