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Social Surplus Approach and Heterodox Economics

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  • Frederic Lee
  • Tae-Hee Jo

Abstract

Given the emphasis on social provisioning in heterodox economics, two of its central theoretical organizing principles are the concepts of the total social product and the social surplus. This appears to link heterodox economics to the social surplus approach associated with the classical economists and currently with Sraffian economists. However, heterodox economics connects agency with the social surplus and the social product, which the Sraffians reject as they take the level and composition of the social product as given. Therefore the different theoretical approach regarding the social surplus taken in heterodox economics may generate a different but similar way of theorizing about a capitalist economy. To explore this difference is the aim of the article.

Suggested Citation

  • Frederic Lee & Tae-Hee Jo, 2011. "Social Surplus Approach and Heterodox Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 45(4), pages 857-876.
    • Handle: RePEc:mes:jeciss:v:45:y:2011:i:4:p:857-876
    DOI: 10.2753/JEI0021-3624450406
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    2. Thomas E. Lambert & Edward Kwon, 2015. "The Top One Percent and Exploitation Measures," Review of Radical Political Economics, Union for Radical Political Economics, vol. 47(3), pages 465-476, September.
    3. Tae-Hee Jo, 2015. "Financing Investment under Fundamental Uncertainty and Instability: A Heterodox Microeconomic View," Bulletin of Political Economy, Bulletin of Political Economy, vol. 9(1), pages 33-54, June.
    4. Tae-Hee Jo, 2016. "Frederic S. Lee and His Fight for the Future of Heterodox Economics," PSL Quarterly Review, Economia civile, vol. 69(278), pages 267-278.
    5. 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.
    6. Nuno Ornelas Martins, 2013. "Classical Surplus Theory and Heterodox Economics," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(5), pages 1205-1231, November.
    7. Lee, Frederic, 2011. "Heterodox surplus approach: production, prices, and value theory," MPRA Paper 31824, University Library of Munich, Germany.
    8. Zdravka Todorova & Tae-Hee Jo, 2015. "Frederic S. Lee's contributions to heterodox economics," Working Papers PKWP1504, Post Keynesian Economics Society (PKES).
    9. Jo, Tae-Hee, 2016. "The Social Provisioning Process and Heterodox Economics," MPRA Paper 72384, University Library of Munich, Germany.
    10. Jo, Tae-Hee, 2016. "A Heterodox Theory of the Business Enterprise," MPRA Paper 72426, University Library of Munich, Germany.
    11. Tae‐Hee Jo, 2011. "Social Provisioning Process and Socio‐Economic Modeling," American Journal of Economics and Sociology, Wiley Blackwell, vol. 70(5), pages 1094-1116, November.
    12. Kotz, David M. & McDonough, Terrence & McMahon, Can, 2019. "Reading Capital in the Twenty-First Century: Thomas Piketty and political economy [Lire Le Capital au xxie siècle : Thomas Piketty et l’économie politique]," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 26.
    13. William A. Jackson, 2018. "Strategic Pluralism and Monism in Heterodox Economics," Review of Radical Political Economics, Union for Radical Political Economics, vol. 50(2), pages 237-251, June.
    14. Tae-Hee Jo, 2016. "What If There Are No Conventional Price Mechanisms?," Journal of Economic Issues, Taylor & Francis Journals, vol. 50(2), pages 327-344, April.
    15. Tae-Hee Jo, 2021. "A Veblenian Critique of Nelson and Winter’s Evolutionary Theory," Journal of Economic Issues, Taylor & Francis Journals, vol. 55(4), pages 1101-1117, October.
    16. Jo, Tae-Hee, 2011. "Heterodox Critiques of Corporate Social Responsibility," MPRA Paper 35367, University Library of Munich, Germany.
    17. Zdravka Todorova, 2015. "A Veblenian articulation of the monetary theory of production," Working Papers PKWP1501, Post Keynesian Economics Society (PKES).
    18. Valentinov, Vladislav & Roth, Steffen, 2022. "Chester Barnard’s theory of the firm: An institutionalist view," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 56(3), pages 707-720.
    19. Lambert, Thomas, 2023. "The Economic Surplus, the Baran Ratio, and Long Wave Cycles," MPRA Paper 117537, University Library of Munich, Germany.
    20. 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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    More about this item

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches

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