This lecture begins with a proposed definition of orthodox and heterodox economics, focusing on the need to recognize that this is not a simple dualism, but we need to be able to view the economic rationality which falls in between. The lecture provides a useful introduction into the modern history of economic theory focusing on Keynesian disciplines and later the post-Keynesian along with framing the discussion in terms of our more recent notions of heterodox economics.
This lecture can be a helpful introduction to those interested in understanding the academic debates surrounding growing heterodox traditions within the discipline of economics. Lavoie outlines key differences between the orthodox and heterodox traditions in terms of base assumptions beyond simply a generalisation that heterodox economics comes from a left-wing ideology and centre around the removal of "free markets" or as Lavoie describes, unfettered markets. Understanding other differences such as either full or partial rejection of reliance on mathematical markets, or the ontological differences whereby heterodox schools will focus on forms of realism, while orthodox is based on a long tradition of instrumentalism.