ABSTRACT
This chapter discusses how journalists can learn from heterodox economics to critically explore issues of economics. It will start by explaining what is meant by heterodox economics, why it is important and how journalists can use it as a toolbox when conducting investigations on economic issues and policies. The term heterodox economics refers to economic theories and communities of economists that are, in various ways, an alternative to mainstream economics, as the latter, in both science and teaching, is dominated by a monoculture of thought that structurally prevents different approaches, proposes one-sided policies and limits critical thinking. While mainstream economics has been highly focused on market-based explanations, heterodox approaches provide competing theories, thus pluralism in economics, and incorporate a broader range of multidisciplinary analyses of economic problems. This chapter gives evidence of the merits of heterodox economic thinking and research along three major topics for which heterodox economics has proven useful, yet necessary, to understand economic phenomena: (1) crises, (2) the merits of the market, and (3) the role of the state. Journalism needs a good understanding of different economic theories as we enter crisis after crisis, all with different angles, reasons and challenges. The diversification of heterodox economics makes it possible not only to understand economics but also to judge feasible policy alternatives. This chapter makes it clear that (1) there is more than one economic theory, (2) the dominant theories do not always fit, especially ones that ignore crises, in a period of crisis, and (3) journalists should be critical of economic theories that just happen to suit those in power.
