Heterodox surplus approach: production, prices, and value theory
AbstractIn 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 31824.
Date of creation: 24 Jun 2011
Date of revision:
heterodox; theory of value; social surplus; social provisioning;
Find related papers by JEL classification:
- C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
- E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Institutional; Evolutionary
- B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-07-02 (All new papers)
- NEP-HME-2011-07-02 (Heterodox Microeconomics)
- NEP-PKE-2011-07-02 (Post Keynesian Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Lee, Frederic & Jo, Tae-Hee, 2010.
"Social surplus approach and heterodox economics,"
27636, University Library of Munich, Germany.
- 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, Taylor & Francis Journals, vol. 23(1), pages 25-47.
- 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, Taylor & Francis Journals, vol. 18(4), pages 373-390.
- Serrano, Franklin, 1995. "Long Period Effective Demand and the Sraffian Supermultiplier," Contributions to Political Economy, Oxford University Press, Oxford University Press, vol. 14(0), pages 67-90.
- 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, Elsevier, vol. 17(1), pages 1-26, January.
- Christian Lager, 2006. "The Treatment of Fixed Capital in the Long Period," Economic Systems Research, Taylor & Francis Journals, Taylor & Francis Journals, vol. 18(4), pages 411-426.
- Christian Lager, 2000. "Production, Prices and Time: A Comparison of Some Alternative Concepts," Economic Systems Research, Taylor & Francis Journals, Taylor & Francis Journals, vol. 12(2), pages 231-253.
- 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, Taylor & Francis Journals, vol. 17(3), pages 413-441.
- L. Randall Wray, 1998.
- Heinz Kurz & Neri Salvadori, 2000. "'Classical' Roots of Input-Output Analysis: A Short Account of its Long Prehistory," Economic Systems Research, Taylor & Francis Journals, Taylor & Francis Journals, vol. 12(2), pages 153-179.
- Bell, Stephanie, 2001. "The Role of the State and the Hierarchy of Money," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 25(2), pages 149-63, March.
- 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.
- Fabio D'Orlando, 2005. "Will the classical-type approach survive Sraffian theory?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., M.E. Sharpe, Inc., vol. 27(4), pages 633-654, July.
- 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.
- Fiona Scheibl & Andrew Wood, 2005. "Investment sequencing in the brick industry: an application of grounded theory," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 29(2), pages 223-247, March.
- 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.
- Tony Aspromourgos, 2004. "Sraffian research programmes and unorthodox economics," Review of Political Economy, Taylor & Francis Journals, Taylor & Francis Journals, vol. 16(2), pages 179-206.
- Landesmann, M A, 1988. "Where Do We Go from Here? 1. Technical Change and Dynamics," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 12(1), pages 169-77, March.
- Lee, Frederic, 2011. "Old controversy revisited: pricing, market structure, and competition," MPRA Paper 30490, University Library of Munich, Germany.
- Lee, Frederic, 2011. "Heterodox microeconomics and the foundation of heterodox macroeconomics," MPRA Paper 30491, University Library of Munich, Germany.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).
If references are entirely missing, you can add them using this form.