Mainstream economics versus heterodox economics – between dispute and dialogue

Abstract

Purpose – The purpose of this article is to highlight the differences between mainstream and heterodox economics and essence of the dispute between them, as well as to indicate that this dispute results from attachment to a reductionist Cartesian research approach. Research method – The work utilises a review and analysis of the literature on the subject, deductive and inductive inference, as well as a linguistic descriptive method and tabular summaries. Results – The author concludes that the contemporary discussion between economic trends can be reduced to a confrontation of two reductionisms in the perception of economics: individualistic and objective, as well as social and normative. Breaking this methodological limitation provides an opportunity to search for pluralistic (integrated) economic positions in the future. Originality / value / implications / recommendations – Awareness of methodological aspects of the dispute between economic trends. Indication of the possibility of building pluralistic and integrated positions. Usefulness in building economic theory. Awareness of the need for diversity in economic research.