A session was conducted on ‘Society and its Institutions’ which comes under Heterodox Economics. The session began by discussing the difference between orthodoxy school and heterodox school Heterodox economics can be defined as a pluralistic brand that focuses upon the different analytical frameworks about economic phenomena. Sir discussed about neoclassical synthesis and what made us understand the evolution of heterodox economics.

We touched on the work of Ronald Coase and his main proposition about optimization, rationality, self-interest etc. We are to maximise as well as minimise the utility in the optimisation aspect. Thorstein Veblen’s work had also come into discussion. That is, even though the company’s making huge products, some issues are prevailing. If business is conducted more narrowly, profits can be achieved.