Throughout history, humanity has witnessed how everything changes around it: culture, art, politics… But, without a doubt, the economy is one of the aspects that generates the most intrigue. Previously, the system was based on barter, to later move on to mercantilism and move to what is known as "classical economy"; finally, the concept of "orthodox economics" arises, which is, basically, the prevailing economic model today, which is structured with "rationality-individualism-equilibrium".
Orthodox economics has a precedent in neoclassical economics, a school that undertook the task of establishing links between classical economics and marginalism. These days, some economists agree that the model is clearly neoclassical, since the theoretical bases that students are taught come from this trend; However, most of those who participate in this community do not identify with a current: they see the economy completely alien to the common practice of separating certain fields of study in schools.
As mentioned in a previous paragraph, economic orthodoxy is based on the definition of “rationality”. This is the element that, precisely, distinguishes it from heterodox economics, whose bases are: "institutions-history- social structure ", that is, it is much more concerned with the unpredictability of an individual's behavior and how it is affected in the political and social aspect. Hence, it is taken for granted that orthodox economics is oriented toward accuracy, as is predictability of results.
With the crisis of 2007, orthodox economics has been intensely criticized, some experts even arguing for it to be totally withdrawn or replaced, others declaring that an evolutionary process is necessary to improve the failures that are occurring.
