This work is a comprehensive survey of the current state - and future direction - of heterodox economic thought. Twenty-first century economists will have to understand and improve a post-Cold War world in which no single economic theory or system holds the key to human betterment. Heterodox economists have much to contribute to this effort, as a wave of pluralism spawns new lines of research and new dialogues among non-mainstream economists. "Future Directions for Heterodox Economics" showcases the full range of heterodox ideas, surveying leading-edge discussions of pluralism; socially-grounded reconstructions of the individual in economic theory; the goals and tools of economic measurement and professional ethics; the complexities of policymaking in today's global political economy; and innovative connections among formerly separate theoretical traditions (Marxian, Austrian, feminist, ecological, Sraffian, institutionalist, and post-Keynesian).
Introduction: Pluralism and the Future of Heterodox Economics by Robert F. Garnett, Jr. 1
Foundations: Economic Knowledge, Measurement, and Ethics
Ch. 1 A Future for Schools of Thought and Pluralism in Heterodox Economics by Sheila C. Dow 9
Ch. 2 From Outer Circle to Center Stage: The Maturation of Heterodox Economics by Neva Goodwin 27
Ch. 3 Heterodox Economics, the Fragmentation of the Mainstream, and Embedded Individual Analysis by John B. Davis 53
Ch. 4 To Be or Not to Be? The Ontic and the Ontological in Economic Inquiry by Judith Mehta 73
Ch. 5 Heterodox Economics and the Resurrection of Economic Significance by Stephen T. Ziliak 95
Ch. 6 A Hippocratic Oath for Economists? On the Need for and Content of a Professional Economic Ethics by George DeMartino 116
Crisscrossing Paradigms
Ch. 7 Quantity and Price Systems: Toward a Framework for Coherence between Post-Keynesian and Sraffian Economics by Andrew B. Trigg 127
Ch. 8 Defining Social Sustainability: The Political Economy of Social Reproduction by Mary King 142
Ch. 9 Institutional Economics, Post-Keynesian Economics, and System Dynamics: Three Strands of a Heterodox Braid by Michael J. Radzicki 156
Ch. 10 Invention, Innovation, Investment: Heterodox Simulation Modeling of Capital Accumulation by Jerry Courvisanos and Colin Richardson 185
New Political Economies
Ch. 11 Catallaxy, Competition, and Twenty-first-Century Capitalism: An Agenda for Economics by Steven Horwitz 225
Ch. 12 The Lamentable Absence of Power in Mainstream Economic Theory by M. Neil Browne and J. Kevin Quinn 240