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Social Provisioning Process and Socio‐Economic Modeling

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  • TAE‐HEE JO

Abstract

The radical difference between orthodox and heterodox economics emanates from the different views of the capitalist socio-economic system. Economics as the science of social provisioning felicitously describes the heterodox view that economy is part of the evolving social order; social agency is embedded in the social and cultural context; a socio-economic change is driven by technical and cultural changes; and the provisioning process is open-ended. Such a perspective on economy offers ample methodological and theoretical implications for modeling the capitalist economy in a realistic manner. It lends itself especially to the micro-macro synthetic approach. Thus the objective of this paper is twofold: 1) to examine how the concept of the social provisioning process can be clarified and expanded by virtue of recent development in heterodox methodology and 2) to discuss how methodological development would nourish the heterodox modeling and theorizing of the capitalist social provisioning process.

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Article provided by Wiley Blackwell in its journal American Journal of Economics and Sociology.

Volume (Year): 70 (2011)
Issue (Month): 5 (November)
Pages: 1094-1116

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Handle: RePEc:bla:ajecsc:v:70:y:2011:i:5:p:1094-1116

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  1. Marilyn Power, 2004. "Social Provisioning As A Starting Point For Feminist Economics," Feminist Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 10(3), pages 3-19.
  2. Lee, Frederic & Jo, Tae-Hee, 2010. "Social surplus approach and heterodox economics," MPRA Paper 27636, University Library of Munich, Germany.
  3. David Colander, 2003. "Are Institutionalists an Endangered Species?," Middlebury College Working Paper Series, Middlebury College, Department of Economics 0303, Middlebury College, Department of Economics.
  4. Lucas, Robert E, Jr, 1980. "Methods and Problems in Business Cycle Theory," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 12(4), pages 696-715, November.
  5. Rima, Ingrid H., 1994. "The Role of Numeracy in the History of Economic Analysis," Journal of the History of Economic Thought, Cambridge University Press, Cambridge University Press, vol. 16(02), pages 188-201, September.
  6. Kurt Dopfer & Jason Potts, 2004. "Evolutionary realism: a new ontology for economics," Journal of Economic Methodology, Taylor & Francis Journals, Taylor & Francis Journals, vol. 11(2), pages 195-212.
  7. Sheila C. Dow, 2005. "Axioms and Babylonian thought: a reply," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., M.E. Sharpe, Inc., vol. 27(3), pages 385-391, April.
  8. Mayhew, Anne, 1998. "On the Difficulty of Evolutionary Analysis," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 22(4), pages 449-61, July.
  9. Frederic S. Lee, 2002. "Theory creation and the methodological foundation of Post Keynesian economics," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 26(6), pages 789-804, November.
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Cited by:
  1. Todorova, Zdravka, 2014. "From Monetary Theory of Production to Culture-Nature Life Process:Feminist-Institutional Elaborations of Social Provisioning," MPRA Paper 54681, University Library of Munich, Germany.
  2. Lee, Frederic, 2011. "Heterodox microeconomics and the foundation of heterodox macroeconomics," MPRA Paper 30491, University Library of Munich, Germany.
  3. Todorova, Zdravka, 2013. "Consumption as a Social Process within Social Provisioning and Capitalism: Implications for Heterodox Economics," MPRA Paper 51516, University Library of Munich, Germany.

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