"With economic orthodoxy gradually crumbling, more people are starting to look past the..." #" "# What's the meaning of word 'orthodox' in this context?
1 Answer
May 21, 2018
Conforming to the accepted thinking.
Explanation:
"Orthodox" in this sense means the generally accepted thinking on the matter. "Economic orthodoxy" is the usually agreed-upon way in which economies work. There can be more than one orthodoxy depending on the group you are observing.
The current economic orthodoxy in the west is free-market capitalism as expounded by Adam Smith, with some variations depending on which economist you read. The economic orthodoxy in communist countries is/was centralized planning. Both philosophies seek to understand how to acheive the most good for the most people.
