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Heterodox surplus approach: production, prices, and value theory

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  • Lee, Frederic
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    Abstract

    In this paper I argue that that there is a heterodox social surplus approach that has its own account of output-employment and prices, and its own value theory which draws upon various heterodox traditions. Starting with the Sraffian technical definition of the social surplus and then working with a Sraffa-Leontief input-output framework, the particular distinguishing feature of the heterodox approach is the role of agency in determining prices, the social surplus, and total social product and employment. Thus, in the first two sections, the heterodox model of the economy is delineated with respect to the social surplus and social provisioning, followed in the third and fourth sections with the development of a pricing model and a output-employment model and their structural-theoretical properties delineated. In the fifth section the results of the previous four sections are brought together to develop a model of the economy as a whole. The paper concludes with the delineation of the heterodox theory of value.

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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 31824.

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    Date of creation: 24 Jun 2011
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    Handle: RePEc:pra:mprapa:31824

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    Keywords: heterodox; theory of value; social surplus; social provisioning;

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    1. Christian Gehrke & Heinz D. Kurz, 2006. "Sraffa on von Bortkiewicz: Reconstructing the Classical Theory of Value and Distribution," History of Political Economy, Duke University Press, vol. 38(1), pages 91-149, Spring.
    2. Landesmann, M A, 1988. "Where Do We Go from Here? 1. Technical Change and Dynamics," Cambridge Journal of Economics, Oxford University Press, vol. 12(1), pages 169-77, March.
    3. Goodhart, Charles A. E., 1998. "The two concepts of money: implications for the analysis of optimal currency areas," European Journal of Political Economy, Elsevier, vol. 14(3), pages 407-432, August.
    4. Heinz Kurz & Neri Salvadori, 2005. "Representing the production and circulation of commodities in material terms: On Sraffa's objectivism," Review of Political Economy, Taylor & Francis Journals, vol. 17(3), pages 413-441.
    5. Bell, Stephanie, 2001. "The Role of the State and the Hierarchy of Money," Cambridge Journal of Economics, Oxford University Press, vol. 25(2), pages 149-63, March.
    6. 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.
    7. Heinz Kurz & Neri Salvadori, 2000. "'Classical' Roots of Input-Output Analysis: A Short Account of its Long Prehistory," Economic Systems Research, Taylor & Francis Journals, vol. 12(2), pages 153-179.
    8. Kurz, Heinz D., 2006. "The agents of production are the commodities themselves: On the classical theory of production, distribution and value," Structural Change and Economic Dynamics, Elsevier, vol. 17(1), pages 1-26, January.
    9. Serrano, Franklin, 1995. "Long Period Effective Demand and the Sraffian Supermultiplier," Contributions to Political Economy, Oxford University Press, vol. 14(0), pages 67-90.
    10. Tony Aspromourgos, 2004. "Sraffian research programmes and unorthodox economics," Review of Political Economy, Taylor & Francis Journals, vol. 16(2), pages 179-206.
    11. Heinz Kurz, 2011. "Who is Going to Kiss Sleeping Beauty? On the 'Classical' Analytical Origins and Perspectives of Input-Output Analysis," Review of Political Economy, Taylor & Francis Journals, vol. 23(1), pages 25-47.
    12. L. Randall Wray, 1998. "Modern Money," Economics Working Paper Archive wp_252, Levy Economics Institute.
    13. Christian Lager, 2000. "Production, Prices and Time: A Comparison of Some Alternative Concepts," Economic Systems Research, Taylor & Francis Journals, vol. 12(2), pages 231-253.
    14. Frederic S. Lee & Tae-Hee Jo, 2011. "Social Surplus Approach and Heterodox Economics," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 45(4), pages 857-876, December.
    15. Heinz Kurz & Neri Salvadori, 2006. "Input-Output Analysis from a Wider Perspective: a Comparison of the Early Works of Leontief and Sraffa," Economic Systems Research, Taylor & Francis Journals, vol. 18(4), pages 373-390.
    16. 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.
    17. Alla Semenova, 2011. "Would You Barter with God? Why Holy Debts and Not Profane Markets Created Money," American Journal of Economics and Sociology, Wiley Blackwell, vol. 70(2), pages 376-400, 04.
    18. Christian Lager, 2006. "The Treatment of Fixed Capital in the Long Period," Economic Systems Research, Taylor & Francis Journals, vol. 18(4), pages 411-426.
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    Cited by:
    1. Lee, Frederic, 2011. "Old controversy revisited: pricing, market structure, and competition," MPRA Paper 30490, 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.

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