The New Palgrave Dictionary of Economics Online

Although ‘heterodox economics’ is a widely used term, precisely what it means is debated. I argue that heterodox economics refers to a body of economic theories that holds an alternative position vis-à-vis mainstream economics; to a community of heterodox economists who identify themselves as such and embrace a pluralistic attitude towards heterodox theories without rejecting contestability and incommensurability among heterodox theories; and to the development of a coherent economic theory that draws upon various theoretical contributions by heterodox approaches which stand in contrast to mainstream theory.