Lee, Frederic and Jo, Tae-Hee (2010): Social surplus approach and heterodox economics.
Download (222kB) | Preview
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.
|Item Type:||MPRA Paper|
|Original Title:||Social surplus approach and heterodox economics|
|English Title:||Social surplus approach and heterodox economics|
|Keywords:||social surplus, social product, social provisioning, agency, Sraffian economics, heterodox economics|
|Subjects:||B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B51 - Socialist ; Marxian ; Sraffian
B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B50 - General
B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches
|Depositing User:||Frederic Lee|
|Date Deposited:||24. Dec 2010 21:05|
|Last Modified:||12. Feb 2013 01:51|
Aspromourgos, Tony. 2004. “Sraffian Research Programmes and Unorthodox Economics.” Review of Political Economy 16: 179-206
Bellino, Enrico. 1997. ‘Full-cost Pricing in the Classical Competitive Process: A model of convergence to long-run equilibrium.’ Journal of Economics 65(1): 41-54.
Bellofiore, Riccardo. 2001. ‘Monetary Analyses in Sraffa’s Writings: A Comment on Panico.’ In Piero Sraffa’s Political Economy: A Centenary Estimate, edited by Cozzi, T. and R. Marchionatti, 362-76. London: Routledge.
Benetti, Carlo, Christian Bidard, and Edith Klimovsky. 2008. ‘Reproduction Prices: Equilibrium and Disequilibrium in a Classical Model.’ Bulletin of Political Economy 2(1): 25-41.
Bharadwaj, Krishna. 1985. ‘Sraffa’s Return to Classical Theory: Change and equilibrium.’ Political Economy: Studies in the surplus approach 1(2): 3-31.
Boggio, Luciano. 1985. ‘On the Stability of Production Prices.’ Metroeconomica 37(3): 241-267.
Bortis, Heinrich. 1997. Institutions, Behaviour and Economics. Cambridge: University Press.
Bortis, Heinrich. 2003. ‘Marshall, the Keynesian revolution and Sraffa’s significance.’ Journal of Economic Studies 31(1), 77-97.
Caminati, Mauro. 1990. ‘Gravitation: An introduction.’ Political Economy: Studies in the surplus approach 6(1-2): 11-44.
Campus, Antonia. 1985. ‘Brief Notes on Sraffa’s Reappraisal of the Surplus Approach.’ Political Economy: Studies in the Surplus Approach 1(1): 7-13.
Cesaratto, Sergio. 1996. ‘Long-period Positions and Economic Change: A rejoinder.’ Review of Political Economy 8(4): 409-425.
Cesaratto, Sergio. 2008. ‘The Classical ‘Surplus’ Approach and the Theory of the Welfare State and Public Pensions.’ In Sraffa or An Alternative Economics, edited by G. Chodi and L. Ditta, 93-113. London, UK: Palgrave Macmillan.
Chiodi, Guglielmo. 1998. ‘On Non-Self-Replacing States.’ Metroeconomica 49(1): 97–107.
Chiodi, Guglielmo. 2010. “The Meaning of Subsistence and the Notion of Viability in Sraffa’s Surplus Approach.” In Computable, Constructive and Behavioural Economic Dynamics: Essays in Honour of Kumaraswamy (Vela) Vellupillai, edited by in S. Zambelli, 318-330. London: Routledge.
D’Olrando, Fabio. 2005. ‘Will the classical-type approach survive Sraffian theory? Journal of Post Keynesian Economics 27(4): 633-654.
Duménil, Gerard and Dominique Lévy. 1987. ‘The dynamics of competition: A restoration of the classical analysis.’ Cambridge Journal of Economics 11(2): 133-164.
Duménil, Gerard and Dominique Lévy. 1999. ‘Being Keynesian in the short term and classical in the long term: The traverse to classical long-term equilibrium.’ The Manchester School 67(6): 684-716.
Eatwell, John and Murray Milgate (eds.). 1983. Keynes Economics and the Theory of Value and Distribution, New York: Oxford University Press.
Eatwell, John. 1998. ‘Natural and normal conditions.’ In The New Palgrave: A dictionary of economics, Vol. 3, edited by J. Eatwell, M. Milgate, and P. Newman, 598-599. London: Palgrave Macmillan.
Eichner, Alfred S. 1987. The Macrodynamics of Advanced Market Economies. New York: M.E. Sharpe.
Garegnani, Pierangelo. 1984. ‘Value and Distribution in the classical economics and Marx.’ Oxford Economic Papers 36 (1984): 291-325.
Garegnani, Pierangelo. 1987. ‘Surplus Approach to Value and Distribution.’ In The New Palgrave: a dictionary of economics, Vol. 4, edited by J. Eatwell, M. Milgate and P. Newman, 560-74. London: Macmillan.
Garegnani, Pierangelo. 1988. ‘Actual and Normal Magnitudes: A comment on Asimakopulos.’ Political Economy: Studies in the Surplus Approach 4(2): 251-258.
Garegnani, Pierangelo. 1990. ‘Sraffa: Classical versus marginal analysis.’ In Essays on Piero Sraffa: Critical Perspectives on the Revival of Classical Theory, edited by K. Bharadwaj and B. Schefold, 112-41. London: Unwin Hyman.
Hayden, F. Gregory. 1982. ‘Social fabric matrix: From perspectives to analytical tool.’ Journal of Economic Issues 16(3): 637-662.
Hosoda, Eiji. 1985. ‘On the classical convergence theorem.’ Metroeconomica 37(2): 157-174.
Jo, Tae-Hee. 2007. ‘Microfoundations of Effective Demand.’ PhD diss., University of Missouri—Kansas City.
Keynes, John. M. 1979 . ‘Towards the General Theory.’ In The Collected Writings of John Maynard Keynes, Vol. 19, edited by Donald Moggridge, 35-106. London: Macmillan and Saint Martin’s Press
Kregel, Jan A. 1985. ‘Hamlet without the Prince: Cambridge Macroeconomics without Money.’ American Economic Review 75(2): 133-39.
Kurz, Heinz D. and Neri Salvadori. 2008. ‘Neo-Ricardian Economics.’ In The New Palgrave Dictionary of Economics, Vol. 5, edited by S. N. Durlauf and L. E. Blume, 2nd edition, 899-906. London: Palgrave Macmillan.
Lee, Frederic. S. 1985. ‘Full Cost Prices, Classical Price Theory, and Long Period Method Analysis: A Critical Evaluation.’ Metroeconomica 37: 199-219.
Lee, Frederic S. 1994. ‘From Post-Keynesian to Historical Price Theory, part I: Facts, theory and empirically grounded pricing model.’ Review of Political Economy 6(3): 303-336.
Lee, Frederic S. 1996. ‘Pricing, the Pricing Model and Post-Keynesian Price Theory.’ Review of Political Economy 8(1): 87-99.
Lee, Frederic. S. 1998. Post Keynesian Price Theory. Cambridge: Cambridge University Press.
Lee, Frederic S. 2009a. A History of Heterodox Economics. London: Routledge.
Lee, Frederic S. 2009b. ‘The Economics of the Industrial Workers of the World: Job control and revolution.’ In Radical Economics and labor, edited by F. S. Lee and J. Bekken, 55-77. London: Routledge.
Lee, Frederic S. 2010. ‘Alfred Eichner's missing “Complete Model”: A Heterodox Micro-Macro Model of a Monetary Production Economy.’ In Money and Macrodynamics: Alfred Eichner and post-Keynesian economics, edited by M. Lavoie, L.-P. Rochon, and M. Seccareccia, 22-42. Armonk, New York: M.E. Sharpe.
Marx, Karl. 1990 . Capital, Vol. 1. New York: Penguin Books.
Matthaei, Julie. 1984. ‘Rethinking Scarcity: Neoclasscism, NeoMalthusianism, and NeoMarxism.’ Review of Radical Political Economics 16: 81-94
Minsky, Hyman P. 1990. ‘Sraffa and Keynes: Effective Demand in the Long Run.’ In Essays on Piero Sraffa: Critical Perspectives on the Revival of Classical Theory, edited by K. Bharadwaj and B. Shefold, 363-9. London: Unwin Hyman.
Mongiovi, Gary. 2002. ‘Classics and Moderns: Sraffa’s Legacy in Economics.’ Metroeconomica 53: 223-241
Parrinello, Sergio. 2002. ‘Sraffa’s Legacy in Economics: Some critical notes.’ Metroeconomica 53(3): 242-260
Pasinetti, Luigi L. 1997. ‘The Principle of Effective Demand.’ In A ‘Second Edition’ of The General Theory, edited by G. C Harcout and P. A. Riach, 93-104. London: Routledge.
Pasinetti, Luigi L. 1999. ‘J. M. Keynes’s ‘Revolution’—The Major Event of Twentieth-Century Economics? In The Impact of Keynes on Economics in The 20th Century, edited by L. L. Pasinetti and B. Shefold, 3-15. Cheltenham, UK: Edward Elgar.
Pasinetti, Luigi L. 2001. ‘The Principle of Effective Demand and its Relevance in the Long Run.’ Journal of Post Keynesian Economics 23(3): 383-90.
Pasinetti, Luigi L. 2005. ‘From Pure Theory to Full Economic Analysis—A Place for the Economic Agent.’ Cachiers d'économie politique 2: 211-16
Polanyi, Karl. 1968. “The economy as instituted process.” In Primitive, Archaic and Modern Economies: Essays of Karl Polanyi, edited by George Dalton, pp. 139-174. A Doubleday Anchor Original.
Roncaglia, Alessandro. 1989. ‘A Reappraisal of Classical Political Economy.’ Political Economy: Studies in the Surplus Approach 5(2): 169-80.
Roncaglia, Alessandro. 1990. ‘Is the Notion of Long-Period Positions Compatible with Classical Political Economy?’ Political Economy: Studies in the Surplus Approach 6(1-2): 103-11.
Roncaglia, Alessandro. 1995. ‘On the Compatibility between Keynes’s and Sraffa’s Viewpoints on Output Levels.’ In Income and Employment in Theory and Practice, edited by G. Harcourt, A. Roncaglia, and R. Rowley, 111-25. London: Macmillan.
Roncaglia, Alessandro. 1996. ‘The Classical Approach and Long-period Positions: A comment on Cesaratto.’ Review of Political Economy 8(4): 403-08.
Roncaglia, Alessandro. 2009. Piero Sraffa. New York: Palgrave Macmillan.
Salanti, Andrea. 1990. ‘The Notion of Long-Period Positions: A useful Abstraction or a “Platonic Idea”?’ Political Economy: Studies in the Surplus Approach 6(1-2): 95-101.
Serrano, Franklin L. P. 1995. ‘The Sraffian Supermultiplier.’ PhD diss., St. Edmund’s College, University of Cambridge.
Serrano, Franklin L. P. 1995. ‘Long Period Effective Demand and the Sraffian Supermultiplier.’ Contributions to Political Economy 14: 67-90.
Sraffa, Piero. 1960. Production of Commodities by Means of Commodities. Cambridge: Cambridge University Press.
Steedman, Ian. 1988. “Sraffian Interdependence and Partial Equilibrium Analysis.” Cambridge Journal of Economics, 12.1: 85–95.
Trigg, Andrew B. 2008. ‘Quantity and Price Systems: Toward a framework for coherence between Post-Keynesians and Sraffian economics.’ In Future Directions for Heterodox Economics, edited by J. T. Harvey and R. F. Garnett,127-41. Ann Arbor: University of Michigan Press.
Veblen, Thorstein B. 1904. The Theory of Business Enterprise. New York: Charles Scribner’s Sons.
Vianello, Fernando. 1989. ‘Natural (or Normal) Prices: Some pointers.’ Political Economy: Studies in the Surplus Approach 5(2): 89–105.
White, Graham. 1989. ‘Normal Prices and the Theory of Output: Some significant implications of recent debates.’ Political Economy: Studies in the Surplus Approach 5(2): 129-49.
Young, Allyn A. 1928. ‘Increasing Returns and Economic Progress.’ The Economic Journal 38(152): 527-42.