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The making of heterodox microeconomics

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  • Lee, Frederic
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    Abstract

    This paper constitutes the first chapter in my work-in-progress manuscript, Microeconomic Theory: A Heterodox Approach. Because many heterodox feel that the only micro theory is mainstream micro, the paper starts with a brief rejection of mainstream theory. It then proceeds to give an overview of heterodox economic theory. The third section defines heterodox microeconomic theory and relates it to heterodox value theory. Since heterodox economic theory and particularly microeconomic theory is not already formed, it has to be created. Thus the fourth section of the paper delineates the heterodox methodology of theory creation, which includes critical realism and the method of grounded theory, and discusses various methodological issues such as data, case studies, mathematics and modeling, and econometrics. The following section deals with the historical character of heterodox economic theories; and the paper ends with a discussion about the making of heterodox microeconomic theory that will take place in the subsequent chapters of the book.

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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 30907.

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    Date of creation: 12 May 2011
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    Handle: RePEc:pra:mprapa:30907

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    Keywords: Heterodox; Microeconomics; Critical Realism; Grounded Theory;

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    1. Runde, Jochen, 1998. "Assessing Causal Economic Explanations," Oxford Economic Papers, Oxford University Press, vol. 50(2), pages 151-72, April.
    2. Hirshleifer, Jack, 1985. "The Expanding Domain of Economics," American Economic Review, American Economic Association, vol. 75(6), pages 53-68, December.
    3. Marilyn Power, 2004. "Social Provisioning As A Starting Point For Feminist Economics," Feminist Economics, Taylor & Francis Journals, vol. 10(3), pages 3-19.
    4. Roy J. Rotheim, 1999. "Post Keynesian Economics and Realist Philosophy," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 22(1), pages 71-103, October.
    5. Lawson, Tony, 1989. "Abstraction, Tendencies and Stylised Facts: A Realist Approach to Economic Analysis," Cambridge Journal of Economics, Oxford University Press, vol. 13(1), pages 59-78, March.
    6. H. K. Betz, 1988. "How does the German Historical School fit?," History of Political Economy, Duke University Press, vol. 20(3), pages 409-430, Fall.
    7. Paul Downward & Andrew Mearman, 2002. "Critical Realism and Econometrics: Constructive Dialogue with Post Keynesian Economics," Metroeconomica, Wiley Blackwell, vol. 53(4), pages 391-415, November.
    8. Arestis, Philip, 1996. "Post-Keynesian Economics: Towards Coherence," Cambridge Journal of Economics, Oxford University Press, vol. 20(1), pages 111-35, January.
    9. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676, October.
    10. Frederic Lee & Steve Keen, 2004. "The Incoherent Emperor: A Heterodox Critique of Neoclassical Microeconomic Theory," Review of Social Economy, Taylor & Francis Journals, vol. 62(2), pages 169-199.
    11. Phillip Anthony O'Hara, 2002. "The Role of Institutions and the Current Crises of Capitalism: A Reply to Howard Sherman and John Henry," Review of Social Economy, Taylor & Francis Journals, vol. 60(4), pages 609-618.
    12. Barry Turner, 1981. "Some practical aspects of qualitative data analysis: One way of organising the cognitive processes associated with the generation of grounded theory," Quality & Quantity: International Journal of Methodology, Springer, vol. 15(3), pages 225-247, June.
    13. Rizvi, S Abu Turab, 1994. "The Microfoundations Project in General Equilibrium Theory," Cambridge Journal of Economics, Oxford University Press, vol. 18(4), pages 357-77, August.
    14. Fiona Scheibl & Andrew Wood, 2005. "Investment sequencing in the brick industry: an application of grounded theory," Cambridge Journal of Economics, Oxford University Press, vol. 29(2), pages 223-247, March.
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