This paper presents mainline economics, a research agenda that can be found throughout the history of economic thought. Mainline economics does not usually use the concept of equilibrium, at least not in the same sense as conventional economic theory. In this paper, an explanation of the reason that mainline economics can be heterodox and robust is given. It is also argued that a critique of orthodox economics should not be necessarily viewed as a critique of capitalism nor liberalism. Thus, an interpretation of the term ‘heterodox economics' is provided, as well as the role of equilibrium in economic theory. It is also argued that mainline economics is based on the market process approach and the emergence of a coordinated system that is not centrally planned, from a liberal point of view. The paper focuses on F. A. Hayek's contributions.
Mainline economics; Liberal economics; Heterodox economics; F. A. Hayek; Robust political economy