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A critical perspective on heterodox production modeling

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  • Murray, Michael/ M J

Abstract

Production and distribution needs a proper place in heterodox economics. It has recently been suggested that the construction of production models needs to be empirically grounded. Also it has been stated that empirically grounded production models must be circular production models. This argument then marginalizes the contributions of important economists in heterodox thought. The paper will argue that heterodox production models need not be perfectly circular to make important contributions for heterodox production theory. Furthermore, it will be argued that models which consist of elements of hierarchial structures of production put emphasis on out of equilibrium traverse processes and historical time.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 34255.

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Date of creation: 21 Oct 2011
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Handle: RePEc:pra:mprapa:34255

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Keywords: Heterodox Economic Theory; Heterodox Price and Production Modeling;

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  1. Lowe, A., 1997. "How is business cycle theory possible at all?," Structural Change and Economic Dynamics, Elsevier, Elsevier, vol. 8(2), pages 245-270, June.
  2. Kurz,Heinz D. & Salvadori,Neri, 1995. "Theory of Production," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521443258.
  3. Hamouda, Omar F & Harcourt, G C, 1988. "Post Keynesianism: From Criticism to Coherence?," Bulletin of Economic Research, Wiley Blackwell, vol. 40(1), pages 1-33, January.
  4. Arestis, Philip, 1996. "Post-Keynesian Economics: Towards Coherence," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 20(1), pages 111-35, January.
  5. Andrew Trigg & Frederic Lee, 2005. "Pasinetti, Keynes and the multiplier," Review of Political Economy, Taylor & Francis Journals, Taylor & Francis Journals, vol. 17(1), pages 29-43.
  6. Jorgenson, Dale W., 1960. "Growth and Fluctuations: A Causal Interpretation," Scholarly Articles 3403056, Harvard University Department of Economics.
  7. J. A. Kregel, 1980. "Markets and Institutions as Features of a Capitalistic Production System," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 3(1), pages 32-48, October.
  8. Tony Lawson, 1994. "The Nature of Post Keynesianism and Its Links to Other Traditions: A Realist Perspective," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 16(4), pages 503-538, July.
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