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Mainstream economics is the body of knowledge, theories, and models of economics, as taught by universities worldwide, that are generally accepted by economists as a basis for discussion. Also known as orthodox economics, it can be contrasted to heterodox economics, which encompasses various schools or approaches that are only accepted by a small minority of economists.
The economics profession has traditionally been associated with neoclassical economics.[1] However, this association has been challenged by prominent historians of economic thought including David Colander.[2] They argue the current economic mainstream theories, such as game theory, behavioral economics, industrial organization, information economics, and the like, share very little common ground with the initial axioms of neoclassical economics.
- ^ Colander 2000a, p. 35.
- ^ Colander 2000b, p. 130.