The Position of Heterodox Economics in Economic Science

In economic science dominate orthodox economics (mainstream respectively neoclassical economics). Despite its numerous intellectual failures, continue to prevail in teaching at universities. A certain alternative is heterodox economics, which consists of three groups theoretical approaches, represented by the Left-wing heterodoxy and Neo-Austrian school (we include them together Old heterodoxy) New heterodoxy. The objective this article define differences between find common features individual approaches identify substantial also highlight relevance these from point view challenges we are facing today. characteristic rejection orthodoxy, especially research methods. Heterodox economists reject axiom that individuals always rational, concept ‘homo economicus’, application a formal-deductive approach, use mathematical methods cases not appropriate for this, access closed system position. Heterodoxy very diverse tradition, there only heterodoxy, but within groups. They differ on specific topics they deal with proposed solutions socio-economic problems.