Marx, Veblen, and the Foundations of Heterodox Economics
Marx, Veblen, and the Foundations of Heterodox Economics

Author: Tae-Hee Jo

Publisher: Routledge

Published: 2015-07-30

Total Pages: 338

ISBN-13: 1317631447

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John F. Henry is an eminent economist who has made important contributions to heterodox economics drawing on Adam Smith, Karl Marx, Thorstein Veblen, and John Maynard Keynes. His historical approach offers radical insights into the evolution of ideas (ideologies and theories) giving rise to and/or induced by the changes in capitalist society. Essays collected in this festschrift not only evaluate John Henry’s contributions in connection to Marx’s and Veblen’s theories, but also apply them to the socio-economic issues in the 21st century. In Part I leading heterodox economists in the traditions of Marxism, Post Keynesianism, and Institutionalism critically examine Marx’s and Veblen’s theoretical frameworks (and their connections to each other) that have become the foundations of heterodox economics. Chapters in Part II showcase alternative theoretical explanations inspired by Marx, Veblen, and Henry. Topics in this Part include financial crisis, financialization, capital accumulation, economics teaching, and the historical relationship between money and class society. Part III is devoted to John Henry’s heterodox economics encapsulated in his "farewell" lecture, interview, and bibliography. Essays in this book, individually and collectively, make an important point that the history of economic thought (or historical analysis of economic theory and policy) is an integral part of developing heterodox economics as an alternative theoretical framework. Anyone who is troubled by the recurring failure of capitalism as well as mainstream economics will find this book well worth reading.

Where Marx Was Right
Where Marx Was Right

Author: Michael Howard

Publisher:

Published: 2010

Total Pages:

ISBN-13:

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Marx has never been very influential among Western economists, but the collapse of all types of socialist movements has reinforced the belief that Marx is irrelevant for economic analysis. At the same time, some heterodox economists have claimed that neoclassical theory is sufficiently flexible to provide a foundation for post-Keynesians, institutionalists, evolutionary and feminist economists. We argue that both conclusions are incorrect and that Marx's treatment of agents' choices and constraints, and of systemic cooperation and conflict, is far superior to that of orthodoxy in several crucial respects and can provide a better grounding for non-neoclassical analyses.

Advancing the Frontiers of Heterodox Economics
Advancing the Frontiers of Heterodox Economics

Author: Tae-Hee Jo

Publisher: Routledge

Published: 2015-07-30

Total Pages: 426

ISBN-13: 1317912462

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This collection of essays honors the life and work of one of the most prominent and fervent heterodox economists, Frederic S. Lee, who has been at the heart of the heterodox economics movements for the past three decades. Authors in this book demonstrate that heterodox economic has transcended the criticism of mainstream economics and, more importantly, that constructive developments are in the making by way of cross-communications among various heterodox economics traditions. Frederic S. Lee’s contributions to heterodox economics are centered on three themes: the making of a history and identity of heterodox economics, heterodox microeconomics, and the heterodox analysis of social provisioning. Part I addresses the importance of history, theory, research methods, and institutions in the making of the identity of heterodox economics as an alternative to mainstream economics. Part II delves into heterodox microeconomic theories—in particular, investment, pricing, competition, markets, and market governance—as foundations of heterodox macroeconomic analyses. Part III expands the analysis of the capitalist social provisioning process with an emphasis on its subsystems and their relationships over historical time. Part IV encapsulates the life and work of Frederic S. Lee. Throughout his intellectual life Frederic S. Lee has shown to many that the development of heterodox economics is rendered possible by unselfish and ceaseless efforts to build both theory and institutions. Essays in this book attest that establishing an alternative critical theory to the status quo is not only possible but also serviceable to the majority of the population.

Advancing the Frontiers of Heterodox Economics
Advancing the Frontiers of Heterodox Economics

Author: Tae-Hee Jo

Publisher: Routledge

Published: 2015-07-30

Total Pages: 387

ISBN-13: 1317912470

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This collection of essays honors the life and work of one of the most prominent and fervent heterodox economists, Frederic S. Lee, who has been at the heart of the heterodox economics movements for the past three decades. Authors in this book demonstrate that heterodox economic has transcended the criticism of mainstream economics and, more importantly, that constructive developments are in the making by way of cross-communications among various heterodox economics traditions. Frederic S. Lee’s contributions to heterodox economics are centered on three themes: the making of a history and identity of heterodox economics, heterodox microeconomics, and the heterodox analysis of social provisioning. Part I addresses the importance of history, theory, research methods, and institutions in the making of the identity of heterodox economics as an alternative to mainstream economics. Part II delves into heterodox microeconomic theories—in particular, investment, pricing, competition, markets, and market governance—as foundations of heterodox macroeconomic analyses. Part III expands the analysis of the capitalist social provisioning process with an emphasis on its subsystems and their relationships over historical time. Part IV encapsulates the life and work of Frederic S. Lee. Throughout his intellectual life Frederic S. Lee has shown to many that the development of heterodox economics is rendered possible by unselfish and ceaseless efforts to build both theory and institutions. Essays in this book attest that establishing an alternative critical theory to the status quo is not only possible but also serviceable to the majority of the population.

The Socialist Economics of Karl Marx and His Followers
The Socialist Economics of Karl Marx and His Followers

Author: Thorstein Veblen

Publisher:

Published: 2020-07-10

Total Pages: 0

ISBN-13: 9789811467134

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There is no system of economic theory more logical than that of Marx. "The Socialist Economics of Karl Marx and His Followers" is a two parts essay giving a historical overview on Karl Marx's theories on socialism and the Marxism later developed by his followers. Also included in this volume is "Some Neglected Points in the Theory of Socialism", a bold essay linking the popularity of socialism with the decrease in relative wealth, and selected book reviews by Veblen. Thorstein Veblen was an American economist and social scientist who made important contributions to the study of economic institutions and the study of social class. He is best known for his book The Theory of the Leisure Class which introduced the term "conspicuous consumption".

What Money Wants
What Money Wants

Author: Noam Yuran

Publisher: Stanford University Press

Published: 2014-03-26

Total Pages: 0

ISBN-13: 9780804785921

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One thing all mainstream economists agree upon is that money has nothing whatsoever to do with desire. This strange blindness of the profession to what is otherwise considered to be a basic feature of economic life serves as the starting point for this provocative new theory of money. Through the works of Karl Marx, Thorstein Veblen, and Max Weber, What Money Wants argues that money is first and foremost an object of desire. In contrast to the common notion that money is but an ordinary object that people believe to be money, this book explores the theoretical consequences of the possibility that an ordinary object fulfills money's function insofar as it is desired as money. Rather than conceiving of the desire for money as pathological, Noam Yuran shows how it permeates economic reality, from finance to its spectacular double in our consumer economy of addictive shopping. Rich in colorful and accessible examples, from the work of Charles Dickens to Reality TV and commercials, this book convinces us that we must return to Marx and Veblen if we are to understand how brand names, broadcast television, and celebrity culture work. Analyzing both classical and contemporary economic theory, it reveals the philosophical dimensions of the controversy between orthodox and heterodox economics.

The Routledge Handbook of Heterodox Economics
The Routledge Handbook of Heterodox Economics

Author: Tae-Hee Jo

Publisher: Routledge

Published: 2017-07-28

Total Pages: 1032

ISBN-13: 1317480287

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The Routledge Handbook of Heterodox Economics presents a comprehensive overview of the latest work on economic theory and policy from a ‘pluralistic’ heterodox perspective. Contributions throughout the Handbook explore different theoretical perspectives including: Marxian-radical political economics; Post Keynesian-Sraffian economics; institutionalist-evolutionary economics; feminist economics; social economics; Régulation theory; the Social Structure of Accumulation approach; and ecological economics. They explain the structural properties and dynamics of capitalism, as well as propose economic and social policies for the benefit of the majority of the population. This book aims, firstly, to provide realistic and coherent theoretical frameworks to understand the capitalist economy in a constructive and forward-looking manner. Secondly, it delineates the future directions, as well as the current state, of heterodox economics, and then provides both ‘heat and light’ on controversial issues, drawing out the commonalities and differences among different heterodox economic approaches. The volume also envisions transformative economic and social policies for the majority of the population and explains why economics is, and should be treated as, a social science. This Handbook will be of compelling interest to those, including students, who wish to learn about alternative economic theories and policies that are rarely found in conventional economics textbooks or discussed in the mainstream media, and to critical economists and other social scientists who are concerned with analyzing pressing socio-economic issues.

Microeconomic Theory
Microeconomic Theory

Author: Frederic S. Lee

Publisher: Routledge

Published: 2017-11-20

Total Pages: 442

ISBN-13: 1351265261

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Microeconomic Theory: A Heterodox Approach develops a heterodox economic theory that explains the economy as the social provisioning process at the micro level. Heterodox microeconomics explores the economy with a focus on its constituent parts and their reproduction and recurrence, their integration qua interdependency by non-market and market arrangements and institutions, and how the system works as a whole. This book deals with three theoretical concerns. Due to the significance of the price mechanism to mainstream economics, a theoretical concern of the book is the business enterprise, markets, demand, and pricing. Also, since heterodox economists see private investment, consumption and government expenditures as the principal directors and drivers of economic activity, a second theoretical concern is business decision-making processes regarding investment and production, government expenditure decisions, the financing of investment, the profit mark-up and the wage rate, and taxes. Finally, the third theoretical concern of the book is the delineation of a non-equilibrium disaggregated price-output model of the social provisioning process. This book explores the integration of these various theories with a theoretical model of the economy and how this forms a theory that can be identified as heterodox microeconomics. It will be of interest to both postgraduates and researchers.

The Marxian Economics
The Marxian Economics

Author: Karl Marx

Publisher: e-artnow

Published: 2019-05-07

Total Pages: 2280

ISBN-13: 8027304903

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Marxian economics refers to a heterodox school of economic thought. Its foundations can be traced back to the critique of classical political economy in the research by Karl Marx and Friedrich Engels. Marxian economics refers to several different theories and includes multiple schools of thought. Marx's magnum opus on political economy was "Das Kapital" in three volumes. Other notable works on economy include: "The Critique Of The Political Economy" as well as the books which preceded "Das Kapital", "Wage-Labor and Capital" and "Wages, Price and Profit". Contents: Wage-Labor and Capital Free Trade Wages, Price and Profit Capital A Contribution to The Critique Of The Political Economy