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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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  • Murray, Michael/ M J, 2011. "A critical perspective on heterodox production modeling," MPRA Paper 34255, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:34255
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    References listed on IDEAS

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    More about this item

    Keywords

    Heterodox Economic Theory; Heterodox Price and Production Modeling;

    JEL classification:

    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • B16 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Quantitative and Mathematical
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian

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