blog writing #introduction to business and society

Mainstream economics is concerned with the study of how human beings make decisions under conditions of limited resources and beliefs that the market is moved by an invisible hand and all the actors are rational. It mainly focuses on individualism as opposed to the holistic framework, microeconomics as opposed to macroeconomics, consumption as opposed to production, mathematical methods and formal rationality as opposed to realistic rationality and statistical methods (Lecture 04). On the other hand, Heterodox economics analyzes economic principles outside the mainstream economic school of thought. Under this, individuals are viewed as social beings influenced by the environment they are in, which includes their social class as well as culture (Lecture 04).