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Mainstream Economics

Definition

Mainstream economics may be used to describe the body of knowledge, theories, and models of economics, as taught across universities, that are generally accepted by economists as a basis for discussion. It can be contrasted to heterodox economics, which encompasses various schools or approaches that are accepted by their proponents. The economics profession has generally been associated with neoclassical economics and with the neoclassical synthesis, and over time the profession has included Keynesian approach to macroeconomics.

What is 'Mainstream Economics'

A term used to describe schools of economic thought considered orthodox. It is not a branch of economics as of itself, but is used to describe theories often considered part of the neoclassical economics tradition. Mainstream economics follows rational choice theory, which assumes that individuals make decisions that will maximize their own utility, and uses statistics and mathematical models to demonstrate theories and evaluate various economic developments.

Explaining 'Mainstream Economics'

Schools of economic thought outside of mainstream economics - called heterodox economics - are more skeptical of the role of the government and the rationality of actors. Mainstream economics does not focus on economic concerns gaining momentum, such as sustainability and pollution.


Further Reading


Some institutions (social norms and conventions) of contemporary mainstream economics, macroeconomics and financial economics
academic.oup.com [PDF]
… increased, both inside and outside academia, with the financial debacle of 2008 in the United States, the ensuing global economic crisis, and the possible role of economics in this … The present article applies an institutional approach to contemporary mainstream economics …

Peer review, the research assessment exercise and the demise of non-mainstream economicsPeer review, the research assessment exercise and the demise of non-mainstream economics
journals.sagepub.com [PDF]
… increased, both inside and outside academia, with the financial debacle of 2008 in the United States, the ensuing global economic crisis, and the possible role of economics in this … The present article applies an institutional approach to contemporary mainstream economics …

Mainstream economics and the case for prohibiting inside tradingMainstream economics and the case for prohibiting inside trading
heinonline.org [PDF]
… increased, both inside and outside academia, with the financial debacle of 2008 in the United States, the ensuing global economic crisis, and the possible role of economics in this … The present article applies an institutional approach to contemporary mainstream economics …

Post Keynesianism, heterodoxy and mainstream economicsPost Keynesianism, heterodoxy and mainstream economics
www.tandfonline.com [PDF]
… increased, both inside and outside academia, with the financial debacle of 2008 in the United States, the ensuing global economic crisis, and the possible role of economics in this … The present article applies an institutional approach to contemporary mainstream economics …

The CEA: An inside voice for mainstream economicsThe CEA: An inside voice for mainstream economics
www.aeaweb.org [PDF]
… increased, both inside and outside academia, with the financial debacle of 2008 in the United States, the ensuing global economic crisis, and the possible role of economics in this … The present article applies an institutional approach to contemporary mainstream economics …

The theory of global imbalances: mainstream economics vs structural KeynesianismThe theory of global imbalances: mainstream economics vs structural Keynesianism
www.elgaronline.com [PDF]
… increased, both inside and outside academia, with the financial debacle of 2008 in the United States, the ensuing global economic crisis, and the possible role of economics in this … The present article applies an institutional approach to contemporary mainstream economics …

Economics for (and by) humansEconomics for (and by) humans
www.tandfonline.com [PDF]
… increased, both inside and outside academia, with the financial debacle of 2008 in the United States, the ensuing global economic crisis, and the possible role of economics in this … The present article applies an institutional approach to contemporary mainstream economics …

Is mainstream economics a science bubble?Is mainstream economics a science bubble?
www.tandfonline.com [PDF]
… increased, both inside and outside academia, with the financial debacle of 2008 in the United States, the ensuing global economic crisis, and the possible role of economics in this … The present article applies an institutional approach to contemporary mainstream economics …

Institutions in the economy and some institutions of mainstream economics: From the late 1970s to the 2008 financial and economic crisisInstitutions in the economy and some institutions of mainstream economics: From the late 1970s to the 2008 financial and economic crisis
www.tandfonline.com [PDF]
… increased, both inside and outside academia, with the financial debacle of 2008 in the United States, the ensuing global economic crisis, and the possible role of economics in this … The present article applies an institutional approach to contemporary mainstream economics …

Understanding financial crisis through accounting modelsUnderstanding financial crisis through accounting models
www.sciencedirect.com [PDF]
… increased, both inside and outside academia, with the financial debacle of 2008 in the United States, the ensuing global economic crisis, and the possible role of economics in this … The present article applies an institutional approach to contemporary mainstream economics …


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