Ranking Heterodox Economics Journals: A New Approach

by JosƩ Alejandro Coronado and

There is growing concern about the increasing emphasis on journal rankings in academia. This is of special consequence in economics: given theoretical and methodological cleavages, heterodox outlets tend to be marginalised in traditional ranking systems.

Despite this, journal rankings are used and may indeed be useful. , we explored how to build a ranking that appropriately reflects the reputation of heterodox economics journals amongst heterodox economists (Coronado and Veneziani, 2025).

We are not the first ones to build rankings for heterodox economics journals. Fred Lee and others (e.g., Lee et al., 2010; Cronin, 2020) developed heterodox economics journal rankings based on subjective peer evaluations combined with bibliometric indicators. These composite “quality” indices had the objective of measuring research quality in the heterodox economics community.

In contrast, we measure reputation and intellectual influence within the heterodox economics community by focusing exclusively on bibliometric indicators. Thus, we capture the views of the heterodox economics community through their citation choices.

To build our ranking we require, first, a tool to rank journals based on bibliometric data. We adopt the Palacios-Huerta and Volij (2004) (PV) index — a theoretically-founded measure of intellectual influence within citation networks. Unlike simple citation counts or impact factors, the PV index accounts for both the quantity and the prestige of citations received, capturing the recursive structure of intellectual influence.

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Renewing Dependency Theory: The Case of Walter Rodney

The failure of mainstream development policy to deliver on the promise of eradicating global poverty is increasingly difficult to deny (World Bank 2024). As a result, theories of global development are opening to alternative and critical approaches. In this context there has been a renewal of interest in dependency theory as a rich heterodox tradition of political economy (Kvangraven 2021; Chilcote and SalƩm Vasconcelos 2022; Antunes de Oliveira and Kvangraven 2024). In a , I turned to one of the foundational scholars of dependency, Walter Rodney (1942-1980), to work through some of the strengths and limits of dependency theory for contemporary studies (Johnson 2023).

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The Nobel Illusion: Why theĀ Nobel Prize in Economics Needs to be Abolished

Every year the Nobel Prize is awarded to different disciplines including Economics. And each year it generates a wave of euphoria and hype. But unlike literature and natural sciences, economics is the only social science where the Nobel is awarded. Even critical voices within the discipline get swayed by the hype of Nobel. Notwithstanding the problem of absolute marginalization of Blacks, Women and economists critical of Capitalism among award winners, there are other serious problems with Nobel Prize in Economics.

First of all, the Nobel Prize in Economics is not actually a Nobel Prize. The award in Economic sciences was not among the original set of disciplines included in the Nobel Prize in 1901. It was established by the Central Bank of Sweden (Sveriges Riksbank) in 1969, after 68 years, rather than by the Nobel Committee itself. The greatest irony is that this fact is mentioned even on the Nobel Prize website, which states, ā€œThe prize in economic sciences is not a Nobel Prize.ā€ (NobelPrize.org, 2018). Hence contrary to all other Nobel prizes in different subjects/fields, the Nobel Prize in economics is called by the special name ā€œSveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobelā€.Initially, members of the Nobel committee (including family members of Alfred Nobel) strongly objected to naming the prize given by the Central Bank of Sweden as the Nobel prize (Offer & Sƶderberg, 2016). To quote Alfred’s great-grandnephew Peter Nobel, “Nobel despised people who cared more about profits than society’s well-being. There is nothing to indicate that he would have wanted such a prize”, and deliberate association of Nobel prizes in Economics is “a PR coup by economists to improve their reputation” (The Local – Nobel Descendant Slams Economics Prize, 2005).

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C. T. Kurien and Rethinking Economics

Born in 1931, C. T. Kurien contributed to rethinking economics through his various writings, particularly books and his vision for a practical B.A degree in Economics at Madras Christian College (MCC), an autonomous college situated in Chennai, a port city in Southern India. Besides MCC, another institution he contributed to was Madras Institute of Development Studies (MIDS), a research-only institute, also in Chennai. Kurien passed away in July 2024 aged 93.

This blog post provides a brief introduction to Kurien’s life and economics.

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Impotent Capital

It is an uncontroversial observation that the history of capitalist development in South America is characterised by its subsumption to global capital accumulation through the production and export of agricultural and mining commodities for the world market. From this common starting point, however, there emerge divergent ways to account for the reproduction, and development limits, of this mode of insertion into the global economy. For many working in Latin American traditions of political economy it is almost common sense to assume, depending on one’s political and theoretical tastes, that a combination of centre-periphery power relations such as imperialism, monopoly capital, declining terms of trade and/or super-exploitation are the conceptual tools to understand, analyse, and strategize the overcoming of so-called ā€˜commodity dependence’ and embark on genuine development. It is noteworthy that in this new book – , edited by Javiera Rojas Cifuentes, Gabriel Rivas Castro, Mauricio Fuentes Salvo, and Juan Kornblihtt, not only are these concepts eschewed but their underlying trade premise – the transfer of ā€˜surplus’ from periphery to the centre through mechanisms such as ā€˜unequal exchange’ – is turned on its head. As opposed to structural power relations operating as the barrier to development, this collection opens an internal window onto the impotence of capital to develop the productive forces and, in doing so, offers distinctive strategic implications for the centralised organisation of working-class political action across the region.

The book builds on work that has been developed under the auspices of the in Buenos Aires, following the original contributions of Argentine scholar Juan IƱigo-Carrera to the Marxian critique of political economy. It is IƱigo-Carrera’s opening chapter that frames the distinguishing features of this Marxian scholarship and the original critique of structuralist and dependency theories of Latin American development. Rather than the pitfalls of international exchange determined by direct power relations between geo-spatial containers, the cause of uneven development in South America is predicated on the valorisation of capital through its position in the international division of labour through production relations. This bears emphasis because, for all the authors, capital is not an asymmetric relation between countries, a factor of production, a social group, or a firm wielding monopoly power but an objectified general social relation of private and independent production (i.e., capitalism), subsumed under the movement of formation of the general rate of profit. Indeed, the antagonistic formation of the general rate profit is the concrete form in which capital organises and reproduces itself as a social relation behind the backs of states, capitalists, labour, and landlords. The crucial category here, and what all the chapters demonstrate, is the extent to which capital valorises in South America, as an aliquot part of the international division of labour of global capitalism, through the appropriation of ground rent.

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So, Global or International Development: Why Not Both? Marx in the Field, Planetary Immanent Development, and Centering Political Economy in Development Studies

In a compelling new contribution in the journal Development and Change, a political economy collective led by builds a strong case against calls to ā€œuniversalizeā€ Development Studies shifting the focus from ā€œInternationalā€ to ā€œGlobalā€ Development. Indeed, many such calls at universalization – at least in the two influential ā€œpandemic papersā€ the collective thoroughly revises, one is main-authored by and the other by – are misguided. As convincingly argued by the collective, these calls tone down the structural historical nature of the Global North-Global South divide; they erase development paradigms and understandings from the Global South and trivialize the nature of challenges emerging from long histories of colonialization and plunder, which still regenerate along global value chains and networks, as authors like have shown, as well as distinct regimes of social reproduction and contemporary crises, such as the COVID-19 pandemic, as I explain here and .

Yet, universalizing and globalizing are not the same thing; they can be operated in distinct ways, and through entirely different intellectual projects. Moreover, the discipline of Development Studies, in its mainstream dominant avatar, badly needs ā€œglobalizing,ā€ given its Eurocentrism – yet in ways that center the experiences in/of the majority world; think through plural frameworks and locations; and speak to the extraordinarily diverse material realities and practices of power, inequality, and subordination across our planet. Crucially, such experiences, realities, and practices are, at once, the result of trajectories mediated by the Global North-Global South Divide, as emphasized in critical International Development frameworks, yet also always been global in nature – calling for Global Development lenses – unlike what narrow development economic theorizing heavily relying on modernization theory has and still suggest/ed. Ultimately, one may wonder: in the debate between ā€œInternationalā€ and ā€œGlobalā€ Development, why and what exactly do we need to choose?

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Amartya Sen’s Work Shows Us the Human Cost of Capitalist Development

Indian economist Amartya Sen has posed a devastating challenge to the dominant capitalist understanding of development. But Sen’s own analytical framework doesn’t go far enough in exposing the inherently exploitative logic of capitalism.

Amartya Sen is one of the most influential thinkers about development in the contemporary world. Since the 1970s, he has published widely across the disciplines of economics and philosophy. He received the Nobel Prize for Economic Science in 1998. In 2010,Ā TimeĀ magazine rated Sen as one of the world’s one hundred most influential people.

There is a predominant notion of development trumpeted by international institutions, many academics and journalists, and politicians of most stripes. It holds that economic growth provides the basis for human development. Given that under capitalism, economic growth is for the most part rooted in capital accumulation, ā€œgrowth-firstā€ notions of development are essentially capital-first notions.

This way of thinking places capitalist firms, managers, and the states that back them at the helm of the human development project. It conveniently excuses the ways in which such growth generates, and is often based upon, novel forms of poverty and oppression for workers. Sen’s writings pose a major challenge to the growth-first/capital-first idea of development.

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Ha-Joon Chang has exposed the fallacies of neoliberalism

Korean economist Ha-Joon Chang is a brilliant, best-selling critic of neoliberal orthodoxy. But Chang stops far short of taking the necessary next step: questioning the capitalist system itself.

Ha-Joon Chang is a rarity in the contemporary world: anĀ Ā who is highly critical of the neoliberal free-market orthodoxy, advocates progressive social change, writes and speaks accessibly, and is very, very popular.

Chang’s books have sold millions of copies, and he is a regular contributor to mainstream media outlets. According to Chang himself, his aim is not simply to challenge free-market orthodoxy, but also to support, through his work, the kind of ā€œactive economic citizenshipā€ that will demand ā€œthe right courses of action from those in decision-making positions.ā€

While socialists can learn a lot from Ha-Joon Chang’s work, we also need to read it critically and identify some of the gaps in his thinking. Chang’s self-professed aspiration is to promote an alternative form of capitalism, but our goal should be to develop an alternativeĀ ³Ł“ĒĢżcapitalism.

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