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A Veblenian articulation of the monetary theory of production

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  • Zdravka Todorova

Abstract

The article presents a further articulation of the monetary theory of production inspired by the writings of Thorstein Veblen. Particularly I offer a formulation of the monetary theory of production as part of broader theorizing about social provisioning and the life process. This includes an analytical focus on non-commodities; an extension of the Veblenian dichotomy to non-market activities; discussion of Veblen’s theory of social valuation in connection to monetary theory of production and class; delineation of as social processes that constitute social provisioning and their commodity and non-commodity aspects. The goal is bridging the gap between monetary theory of production and analysis of “the social”.

Suggested Citation

  • Zdravka Todorova, 2015. "A Veblenian articulation of the monetary theory of production," Working Papers PKWP1501, Post Keynesian Economics Society (PKES).
  • Handle: RePEc:pke:wpaper:pkwp1501
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    File URL: http://www.postkeynesian.net/downloads/working-papers/PKWP1501.pdf
    File Function: First version, 2015
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    References listed on IDEAS

    as
    1. Marilyn Power, 2004. "Social Provisioning As A Starting Point For Feminist Economics," Feminist Economics, Taylor & Francis Journals, vol. 10(3), pages 3-19.
    2. Frederic S. Lee, 2011. "Modeling the Economy as a Whole: An Integrative Approach," American Journal of Economics and Sociology, Wiley Blackwell, vol. 70(5), pages 1282-1314, November.
    3. Veblen, Thorstein, 1904. "Theory of Business Enterprise," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1904.
    4. Tae‐Hee Jo, 2011. "Social Provisioning Process and Socio‐Economic Modeling," American Journal of Economics and Sociology, Wiley Blackwell, vol. 70(5), pages 1094-1116, November.
    5. Zdravka Todorova, 2015. "Social Provisioning within a Culture-Nature Life Process," Review of Political Economy, Taylor & Francis Journals, vol. 27(3), pages 390-409, July.
    6. Picchio,Antonella, 1992. "Social Reproduction," Cambridge Books, Cambridge University Press, number 9780521418720, April.
    7. Zdravka Todorova, 2009. "Money and Households in a Capitalist Economy," Books, Edward Elgar Publishing, number 13178.
    8. Himmelweit, Susan & Mohun, Simon, 1977. "Domestic Labour and Capital," Cambridge Journal of Economics, Oxford University Press, vol. 1(1), pages 15-31, March.
    9. Frederic Lee & Tae-Hee Jo, 2011. "Social Surplus Approach and Heterodox Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 45(4), pages 857-876.
    10. Zdravka Todorova, 2013. "Connecting social provisioning and functional finance in a post-Keynesian–Institutional analysis of the public sector," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(1), pages 61-75.
    11. Zdravka Todorova, 2014. "Consumption as a Social Process," Journal of Economic Issues, Taylor & Francis Journals, vol. 48(3), pages 663-678.
    12. Veblen, Thorstein, 1919. "The Vested Interests and the Common Man," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1919.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Monetary theory of production; Thorstein Veblen; capitalism; heterodox economics; social provisioning; class; political economy;

    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • B54 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Feminist Economics
    • P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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