Human society continually evolves; it is not static. Heterodox economics rejects static models of…

Human society continually evolves; it is not static.
Heterodox economics rejects static models of economies, in which all other
things remain equal in the face of some policy shift or noneconomic shock. Not
only do all economic policies and changes in specific outcomes generate
feedback and reactions throughout the economy, society, and the natural
environment, but the outcomes and feedbacks operate dynamically over time to
generate a string of subsequent economic events. An accurate assessment of
economic policies must estimate the long-run dynamic path that such policies
put the economy

Human society continually evolves; it is not static.
Heterodox economics rejects static models of economies, in which all other
things remain equal in the face of some policy shift or noneconomic shock. Not
only do all economic policies and changes in specific outcomes generate
feedback and reactions throughout the economy, society, and the natural
environment, but the outcomes and feedbacks operate dynamically over time to
generate a string of subsequent economic events. An accurate assessment of
economic policies must estimate the long-run dynamic path that such policies
put the economy on, but this is inherently difficult and subject to failure.

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