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Social surplus approach and heterodox economics

  • Lee, Frederic
  • Jo, Tae-Hee

Given the emphasis on social provisioning in heterodox economics, two of its central theoretical organizing principles are the concepts of the total social product and the social surplus. This appears to link heterodox economics to the social surplus approach associated with the classical economists and currently with Sraffian economists. However, heterodox economics connects agency with the social surplus and the social product, which the Sraffians reject as they take the level and composition of the social product as given. Therefore the different theoretical approach regarding the social surplus taken in heterodox economics may generate a different but similar way of theorizing about a capitalist economy. To explore this difference is the aim of the paper. Thus the paper is divided into four parts and a conclusion. In the first section social provisioning and the social surplus is introduced. In the second section, the Sraffian social surplus approach is delineated while in the third section the heterodox social surplus approach is delineated. In the fourth section of the paper, some of the implications emerging from the differences between the two approaches are discussed. The paper is concluded in the final section.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 27636.

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Date of creation: Oct 2010
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Handle: RePEc:pra:mprapa:27636
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  1. Garegnani, Pierangelo, 1984. "Value and Distribution in the Classical Economists and Marx," Oxford Economic Papers, Oxford University Press, vol. 36(2), pages 291-325, June.
  2. Young, Allyn A., 1928. "Increasing Returns and Economic Progress," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 38, pages 527-542.
  3. Dumenil, Gerard & Levy, Dominique, 1987. "The Dynamics of Competition: A Restoration of the Classical Analysis," Cambridge Journal of Economics, Oxford University Press, vol. 11(2), pages 133-64, June.
  4. Serrano, Franklin, 1995. "Long Period Effective Demand and the Sraffian Supermultiplier," Contributions to Political Economy, Oxford University Press, vol. 14(0), pages 67-90.
  5. Guglielmo Chiodi, 1998. "On Non-self-replacing States," Metroeconomica, Wiley Blackwell, vol. 49(1), pages 97-107, 02.
  6. Garegnani, Pierangelo, 1984. "Piero Sraffa," Cambridge Journal of Economics, Oxford University Press, vol. 8(1), pages 1-2, March.
  7. Luigi L. Pasinetti, 2001. "The Principle of Effective Demand and Its Relevance in the Long Run," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 23(3), pages 383-390, April.
  8. repec:cup:cbooks:9780521030212 is not listed on IDEAS
  9. 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.
  10. Dumenil, Gerard & Levy, Dominique, 1999. "Being Keynesian in the Short Term and Classical in the Long Term: The Traverse to Classical Long-Term Equilibrium," Manchester School, University of Manchester, vol. 67(6), pages 684-716, December.
  11. Steedman, Ian, 1988. "Sraffian Interdependence and Partial Equilibrium Analysis," Cambridge Journal of Economics, Oxford University Press, vol. 12(1), pages 85-95, March.
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