Economic Schools Thought : Mainstream , Orthodox and Heterodox Economics

Abstract

History of economic thought is very important as it shows the economic evolution of humanity. Besides, economic transformations in the last century witnessed the sharpest divisions. These divisions especially based on two basic points. A very general division can be made as neoclassical economics, which is the continuation of classical economics and other economics thoughts that cannot be analyzed as a part of classical economics. It is possible to say that economics can be basically divided into two parts in terms of economics structure: orthodox economics and heterodox economics. Generally, orthodox economics is associated with neoclassical economics; but heterodox economics include almost all the economic thoughts except neo-classical economics. This paper discusses the points in both economics approaches (orthodox economics and heterodox economics). Also, it will become easy to discuss the reason why heterodox economics developed an opposing against orthodox economics.