Contemporary economics is dominated by the neoclassical perspective. However, there are also other approaches developed by very diverse heterodox schools of economic thought. The main aim of the paper is to present two contemporary heterodox schools of economic thought, namely institutional and feminist. According to the author, these two schools constitute interesting alternatives to the orthodox view of the economy and economic relations. Epistemological and methodological changes postulated by institutional and feminist economics broaden the scope of the discipline, by challenging economics to show more concern with well-being, and encouraging the discipline to rethink its main areas of interest.