RESOLVING THE CONFLICT BETWEENORTHODOX AND HETERODOX ECONOMICS

A CONVERGENCE ANALYSIS

Abstract

At the moment, economics is divided into two major streams: orthodox and heterodox. From the late 19th century to the present day, the use of quantitative tools of analysis has progressed so unstoppably that critics are wondering whether economics is about human beings or rather mathematics and unrealistic assumptions about man that lend themselves more to elegant quantitative analysis than realistic portrayal of man’s economic challenges. Here then comes the rebel heterodox stream that is bent on re-humanising economics by rescuing the discipline from the stranglehold of the orthodox mainstream. Using the political economy analytical approach, this paper interrogates the arguments of the protagonists and antagonists in the great divide to unearth their essential differences and similarities. It was found that both sides had been operating more like silos and less about interdisciplinary and cross functional approaches towards a holistic understanding of the nature of man in the society. The folly of the divide having dawned on economists of both persuasions, the contemporary movement is towards economics pluralism. The paper recommends that rather than dissipate energy in antagonism, both streams should communicate better towards merging their more humanistic and more formalistic approaches with a view to improving the capacity of the science of economics to serve mankind.