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Social surplus approach and heterodox economics

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  • Lee, Frederic
  • Jo, Tae-Hee

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 paper. Thus the paper is divided into four parts and a conclusion. In the first section social provisioning and the social surplus is introduced. In the second section, the Sraffian social surplus approach is delineated while in the third section the heterodox social surplus approach is delineated. In the fourth section of the paper, some of the implications emerging from the differences between the two approaches are discussed. The paper is concluded in the final section.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 27636.

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Date of creation: Oct 2010
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Handle: RePEc:pra:mprapa:27636

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Keywords: social surplus; social product; social provisioning; agency; Sraffian economics; heterodox economics;

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  1. Luigi L. Pasinetti, 2001. "The Principle of Effective Demand and Its Relevance in the Long Run," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 23(3), pages 383-390, April.
  2. Garegnani, Pierangelo, 1984. "Value and Distribution in the Classical Economists and Marx," Oxford Economic Papers, Oxford University Press, vol. 36(2), pages 291-325, June.
  3. Lee,Frederic S., 1999. "Post Keynesian Price Theory," Cambridge Books, Cambridge University Press, number 9780521328708, November.
  4. Guglielmo Chiodi, 1998. "On Non-self-replacing States," Metroeconomica, Wiley Blackwell, vol. 49(1), pages 97-107, 02.
  5. Garegnani, Pierangelo, 1984. "Piero Sraffa," Cambridge Journal of Economics, Oxford University Press, vol. 8(1), pages 1-2, March.
  6. Dumenil, Gerard & Levy, Dominique, 1987. "The Dynamics of Competition: A Restoration of the Classical Analysis," Cambridge Journal of Economics, Oxford University Press, vol. 11(2), pages 133-64, June.
  7. Serrano, Franklin, 1995. "Long Period Effective Demand and the Sraffian Supermultiplier," Contributions to Political Economy, Oxford University Press, vol. 14(0), pages 67-90.
  8. Young, Allyn A., 1928. "Increasing Returns and Economic Progress," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 38, pages 527-542.
  9. Steedman, Ian, 1988. "Sraffian Interdependence and Partial Equilibrium Analysis," Cambridge Journal of Economics, Oxford University Press, vol. 12(1), pages 85-95, March.
  10. Fabio D'Orlando, 2005. "Will the classical-type approach survive Sraffian theory?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 27(4), pages 633-654, July.
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Cited by:
  1. 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.
  2. Jo, Tae-Hee, 2012. "Financing investment under fundamental uncertainty and instability: A heterodox microeconomic view," MPRA Paper 39450, University Library of Munich, Germany.
  3. 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.
  4. Lee, Frederic, 2011. "Heterodox surplus approach: production, prices, and value theory," MPRA Paper 31824, University Library of Munich, Germany.
  5. Jo, Tae-Hee, 2011. "Heterodox Critiques of Corporate Social Responsibility," MPRA Paper 35367, University Library of Munich, Germany.

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