heterodox economics

An umbrella term used to describe approaches or schools of economic thought, generally considered outside of mainstream economics. These include institutional, post-Keynesian, socialist, Marxian, Austrian economics and many more. Supporters of heterodox economics refer to mainstream supporters "orthodox" or "conventional" economists, while in turn mainstream economists refer to heterodox supporters as "fringe" economists. There is no universally accepted definition or scope of heterodox economics. Today however various tools that analyze institutions and uncertainty and other factors considered heterodox have begun to appear in mainstream economics, though often without the heterodox label.