In the past weeks we have continued working...
In the past weeks we have continued working on the on-going update of the Heterodox Economics Directory, which is now very close to completion. Only the introductory chapter, is still missing, which means that all the (relevant) parts that try to document the activities of heterodox economists across the globe are (hopefully) completed. We will keep these categories open for review for another 4-8 weeks. Although we have received many valuable comments and remarks, for which we are immensely thankful, we are also quite sure, that the current version of the Directory could still profit from additional reviewing and feedback.
In anticipation of compiling the final, introductory chapter, we started penning a preface today (you have to start somewhere, after all…), and in writing this up, we found there are many good reasons that underscore how trying to do heterodox economics amounts to doing the right thing. The only bad news here is that those ‘good reasons’ often come in the form of detrimental developments and sometimes it would truly feel better, if we were less correct on substantial matters ;-) Against this backdrop, we thought a wider set of readers might enjoy this first part of our new preface, which is why we reproduce the two core paragraphs below.
“This 7th edition of the Heterodox Economics Directory presents an update of an initiative that is now close to twenty years old. In these two decades, many historical events and developments can be observed that underscore the analytical importance of key notions embedded in heterodox economics. Among these are the financial crises of 2007ff., which hints at the pivotal role of uncertainty and financial fragility, the persistence of globally heterogenous developmental trajectories, that reflect heterodox arguments about the important role of hierarchy and power in international trade, or the increasingly strong impact of climate change, which resonates with heterodox views on ecological embeddedness, the expansionist character of capitalism and inherent limits to substitutability. Furthermore, we observe the emergence of novel, ambivalent technologies, like algorithmic governance, cryptocurrencies or means of automated warfare, that neither arrive ‘exogenously’ nor necessarily contribute to social welfare and reproduction, but, rather, often lead to increasing environmental degradation and widening power asymmetries. Finally, the increasing importance of geopolitical conflicts for economic development provides an opportunity to remember how deeply economic issues are entangled with and coined by power relations and political decisions. There are good reasons indeed, why our discipline has once been called political economy.
Today, heterodox economics is probably what comes closes to political economy in the traditional sense as coined by Adam Smith, David Ricardo, John Stuart Mill or Karl Marx. This is also the reason, why it – although somewhat marginalized in conventional economic debates – often connects research discourses across different fields and disciplines. It is also the reason, why heterodox ideas (both, better and worse ;-) regularly pop up in contexts of political disorientation or desperation, where uncertainty is great and the demand for novel perspectives, answers and solutions increases non-linearly. It is for reasons like the ones mentioned here that Heterodox Economics Directory exists with the whole purpose to support scholars of all ages to get a grip on heterodox economics by being able to enjoy its full scope and diversity.”
All the best,
Jakob and Niklas