Heterodox Economics

Abstract: In this paper, we outline a number of features of an interdisciplinary and pluralistic approach to economics. As a suitable example of how an interdisciplinary cooperation can unfold, we focus attention on the relations between institutional economics and psychoanalysis. In the first ...

This article explores the patterns of class inequality and capital accumulation in Brazil, showing the drivers and limits of the decline in inequality that occurred during the Workers' Party governments. It proposes that minimum wage hikes and greater social security changed the demand pattern and kick-started a cumulative causation process. Growth and redistribution thus reinforced each other for a period, and then spelled their own limits. As growth accelerated in the 2000s, a Gini decomposition indicates that class inequality decreased, but confined to changes between workers-capitalist income and social stratification were preserved. This also endogenously led to a re-gressive structural change, as low-productivity, labour-intensive services grew and international trade patterns worsened. This created a medium-term dependence on commodity prices for balance-of-trade solvency, and heightened cost-push inflation, which could not be overcome under the limited policy framework in place. The constrained basis for reducing inequality and the regressive structural change underscore that developmental strategies requires broad, multi-dimensional inequality-reducing measures and an encompassing catching-up project.

The mission and mandate of economic governance in Greece and its accompanying institutional architecture requires a re-alignment in order to conform to the realities of the new global economy of the 21st century. Two recent events, one foundational and the other cataclysmic, have precipitated the need for a new vision and a new conceptual framework for revitalizing and modernizing Greece’s economic governance architecture. These two defining milestones are the emergence of a new global economy and the devastating consequences of the 2008 global financial crisis on the Greek economy.This paper proposes a new conceptual framework for reforming the public administration in Greece that is congruent with the structural changes precipitated by the new global economy of the 21st century. The Great Recession and the contemporary jobless recovery provide the contextual narrative for redefining macroeconomic policy with regard to achieving good economic governance.A new set of ten interactive...

These are the transcripts of the Small Markets Podcast Series that are available at this link and at https://thyme.biovale.org/resources/ and at https://independent.academia.edu/IreneSotiropoulou/Videos
The Small Markets Podcast Series have been prepared within the framework of the project "Getting to know the existing bioeconomy in East Riding: The farmers’ markets case" that was conducted by Prof. Pauline Deutz and Dr Irene Sotiropoulou as part of the THYME project at the University of Hull.

In Digitalized Finance, Edemilson Paraná investigates the relationship between the development of Information and Communication Technologies (ICT) and the process of financialization of economies on a global scale, particularly in Brazil. The book explains the influence of ICT in the emergence and consolidation, especially from the 1980s, of new forms of operation and management of the globalized financial system, highly connected, operated in “real time” with intensive use of technological features, and how these advances are related with the economic and social changes in question. It also describes how contemporary capital markets work, where the search for earnings is leveraged by sophisticated mathematical models, robots and automated trading software that seek financial gains in the milliseconds scale.

A la venta en: http://www.etrillas.com.mx/detalle.php?isbn=9789682481505&estilo=13&tema=0

Referencia:
Berumen, S. A. y Bagnasco Petrelli, F. [2008]: Economía Crítica (escuelas y pensadores para una globalización alternativa), Editorial Trillas, México. 141 páginas. ISBN. 978-968-24-8150-5.

Este breve ensayo caracteriza, en forma general y sintética, las implicaciones que trae la crisis económica que sufre Costa Rica, a causa de la emergencia sanitaria del covid-19. Sobre esa base se examinan las diversas opciones y propuestas de políticas, que han sido formuladas desde distintos ámbitos de la ciudadanía y la academia. Solo marginalmente se mencionan las políticas oficiales formuladas por el gobierno de Carlos Alvarado, y se dejan de lado los discursos -de tono fuertemente ideologizado y sesgo muy negativo- de la ortodoxia económica tradicional y los sectores afines a esta. El énfasis de este escrito está en el corto plazo, o sea, centrado en las propuestas que intentan abordar las implicaciones e impactos inmediatos de la crisis. En un artículo posterior se discutirá acerca de las políticas y propuestas para el mediano y largo plazo.

After Marx, dissenting economics almost always used 'the labour theory' as a theory of value. This paper develops a modern treatment of the alternative labour theory of property that is essentially the property theoretic application of the juridical principle of responsibility: impute legal responsibility in accordance with who was in fact responsible. To understand descriptively how assets and liabilities are appropriated in normal production, a 'fundamental myth' needs to be cleared away, and then the market mechanism of appropriation can be understood. On the normative side, neoclassical theory represents marginal productivity theory as showing that (a metaphorical version of) the imputation principle is satisfied ('people get what they produce') in competitive enterprises. Since that shows the moral commitment of neoclassical economics to the imputation principle, the labour theory of property is presented here as the actual non-metaphorical application o...

The intellectual debate between green political economy and neo-classical economics is one that lies partly within the framework of the academic production of knowledge, but is also a debate that goes far beyond the academy. This is also an ideological battle, only part of which occurs within the academy. Neo-classical economics supports a particular view of the economy and society, one which, with a few exceptions, is supportive of a capitalist organization of the economy, private ownership of the means of production, and production for profit; justifies an unequal distribution of income and wealth; promotes free trade, deregulation, and economic globalization; and above all is committed to promoting orthodox economic growth. By orthodox 'economic growth” is meant “undifferentiated, monetary/GDP measurements of economic growth as a permanent feature of the economy” (Barry 2012). In short, neo-classical economics supports the prevailing capitalist status quo, yet does not make this explicit, and therefore underpins actually
existing unsustainability: neo-classical economics sustains the unsustainable.

After the hegemony of neoliberalism and the application of the Washington Consensus recommendations, actively supported by International Monetary Fund and the World Bank during the 1980s, 1990s, and early 2000s, Latin America experienced strong political changes that led to a period of sustained growth (annual growth rates above 4% from 2003
to 2013). In that context, one of the most significant characteristics was the outstanding performance of the manufacturing sector. However, it should be noted that industrial development in Latin American countries differs significantly among countries, and it is highly concentrated on the performance of the three most important economies of the region,
Argentina, Brazil, and Mexico, which on average from 1960 to the present have generated 75% of the manufacturing value added. The aim of the book is to analyze the recent performance of the manufacturing sector in Argentina, Brazil, and Mexico, in order to account for the true possibilities of achieving economic development based on industrialization. In order to do this, we analyze the historical evolution of the industrial sector of Argentina, Brazil, and Mexico since the import substitution industrialization stage, the economic impacts of the process of deindustrialization in the last quarter of the twentieth century during the rise of neoliberal policies, as well as the main transformations registered during the first decades of the twenty-first century when a reindustrialization process was registered. Also, the book studies the existence (or lack) of structural change in the economy, its level of technological development, economic concentration and evolution of income distribution, as well as the degree of external dependence and international integration that the different industrial sectors of the countries have.

We turn our attention to the role of money for determining nominal magnitudes. Using US data, we find that the aggregate “nominal output plus and stock market capitalisation” is closely related to the money stock, lending support to one of Milton Friedman’s key monetarist propositions. This finding should be particularly important for ECB monetary policy: an inflation-free euro plays a

The labor force is not typically seen as a social institution in and of itself without collective bargaining. However, economic social institutions respond to social and economic forces in labor markets on an institutional level regardless of organized labor, suggesting that another institutional force is at play. A modification of Marx’s Circuit model is presented in a way that may explain the labor force as a social institution in and of itself. A discussion of Veblen, Weber and C. Wright Mills’ views of labor are in support of the modified circuit model, and in considering the labor force as an institution in its own rite.

This is a case study of corporate-guided market failure: Coca Cola Inc’s new branded product Coke Life, launched in 2013. ‘Brand failures’ are an accepted part of the business world and regularly feature in the business strategy literature. Here brand failure is reframed as corporate-guided market failure. The study begins by extending the conventional concept of ‘market failure’. Next, it sets-out the context of under-spending on soda drinks which prompted Coca Cola to instigate a new market. Then it analyses of the actions of the Coke Life brand managers within the framework of the seven aspects of a corporate-guided market. Lastly, it evaluates why Coke Life failed to stimulate sufficient sales.

Growth-critical scholarship has done much to both expose the environmentally unsustainable nature of the capitalist growth-economies of the overdeveloped part of the world and to develop an alternative vision of a degrowth transition leading to a steady-state economy. However, this scholarship fails to adequately take into consideration that if planned de-growth actually materialised it would do so in societies that differ considerably from one another and that this would have implications both for the transition processes and the nature of their outcomes. In other words, not enough importance is ascribed to capitalist diversity and the nature of institutional change in the growth-critical literature. Against this background, the purpose of the present article is to make the "concrete utopia" of de-growth scholars and steady-state economists more specific by utilising insights from scholarship on capitalist diversity and institutional change. On the basis of a typology of different models of capitalism, the article suggests that if de-growth transitions took place they would take different forms and lead to a variety of types of steady-state economies (SSEs). To illustrate this point, three ideal-typical SSEs are delineated.

director, respectivamente, de la revista Densidades. 1 El concepto de "thing" (cosa), utilizado por Chang, hace referencia a los personajes de la popular serie norteamericana de cuentos para niños creada por Dr. Seuss (Theodor Seuss Geisel), es por eso que hace referencia a cada "cosa" con un número (como a las pequeñas criaturas del mundo del Dr. Seuss).

Cet article interroge le grand paradoxe du temps moderne. Alors que d'une part nous vivons dans les sociétés historiques où le temps social est le plus quadrillé, contrôlé, mesuré et régimenté, nous sommes d'autre part les sujets historiques les plus anxieux, pressés, angoissés, pressés. Plus nous contrôlons et mesurons le temps, plus il semble nous échapper. Posant la question du temps comme un phénomène social traversé de rapports de pouvoir et de propriété, cet article propose des pistes pour une analyse socio-théorique de la relation entre le temps horloge et les rapports sociaux capitalistes. Il interroge également les tendances à l'aliénation temporelle du régime de temps moderne, et les rapports entre temps, développement économique et pouvoir social au coeur du parcours historique du temps horloge de 1300 à l'avènement du temps universel standard au tournant du 20è siècle. Ultimement, nous proposons que le contrôle et la mesure obsessive du temps dans les sociétés contemporaines reproduisent davantage le pouvoir social du marché, plutôt qu'un contrôle des sujets humain sur leur temps vécu et leur histoire.

Im Zuge der Ausdifferenzierung der neueren Wirtschaftssoziologie hat sich im Kontext der Performativitätsforschung ein Strang herausgebildet, welcher der sozialen, technolo-gischen und diskursiven Beziehung zwischen wirtschaftswissenschaftlichem Wissen und ökonomischem Handeln nachgeht. Wir stellen unseren Überblick zur Erforschung der Performativität wirtschaftswissenschaftlichen Wissens in zwei Kapiteln vor. Die ersten drei Abschnitte des zweiten Kapitels beziehen sich auf Michel Callon, der bereits Ende der 1990er Jahre mit der starken These auftrat, die Wirtschaft sei zu großen Teilen, wenn nicht sogar in Gänze, ein
Produkt wirtschaftswissenschaftlich informierten Handelns. Nachdem in den letzten beiden Abschnitten des zweiten Kapitels die wichtigsten Weiterentwicklungen des Performativitätskonzepts über die Marktsoziologie hinaus sowie die Kritikpunkte an Callons Variante umrissen worden sind, soll im dritten Kapitel dargelegt werden, wie im Anschluss an Callon der gesellschaftliche, transformierende und politische Charakter der Wirtschaftswissenschaft in wirtschaftlichen Operationen, Märkten und Unternehmen durch performative Praktiken und Diskurse soziologisch herausgearbeitet wird.

The article discusses consumption as a social process that is a part of social provisioning and is in an evolutionary interplay with other social processes. The discussion is grounded in, but is not limited to the contributions of Thorstein Veblen. The first section delineates social provisioning as a framework for consumption inquiry. This section emphasizes that social provisioning is a part of collective life process embedded in culture and nature, and that it is comprised by two general sets of activities -those motivated by money and those that are not motivated by making money. The second section delineates features of capitalism as a system, so that it provides a social context for consumption inquiry. The third section formulates a categorization of social processes, one of which is the consumption process. Further, the section delineates the meaning and components of the concepts: social activities, institutions, and habits of life and thought. The fourth section applies these concepts to consumption social process in the specific context of capitalism. The section discusses consumption activities; institutions and systems of provision; and habits of life and thought -illustrating with examples obtained from various disciplines. The section introduces "gated consumption" as an example of a habit of life and thought. It is argued that the formulated analysis transcends the cultural-material dualism. Finally, the article draws implications of the offered analysis, concluding that the category of "consumers" is of little use to heterodox economics.

Para poder analizar el rumbo hacia el
cual debería orientarse la estructura
productiva argentina para alcanzar
el desarrollo, los autores estudian los
caminos recorridos por otros países.
Dado que el desarrollo es un proceso
idiosincrático y con características
específicas es necesario considerar la
variable geopolítica así como el contexto
global. El trabajo analiza la relación entre
estructura productiva y desarrollo,
compara las trayectorias nacionales de
desarrollo de diferentes países, describe
los vasos comunicantes entre estructura
productiva y desarrollo y finalmente
analiza y formula recomendaciones de
política para el caso argentino.

El Mercado es tal cual el Minotauro: todos saben que está en el laberinto pero nadie sabe exactamente dónde se halla. L@s economistas somos l@s estudiantes del laberinto y sus intrincadas redes, sabemos de los tiempos que deben cumplirse para los sacrificios y demás; en pocas palabras, somos las sacerdotisas y los sacerdotes de esta nueva religión económica. Pero el ejercicio de tal religión tiene que estar sustentado en una serie de mecanismos que la refuercen y la eleven por sobre cualquier explicación (diferente) del mundo. Y son, precisamente, los mecanismos institucionales aliados al poder actual y a la tradición de enseñanza económica los encargados de llevar a cabo dicha tarea. En esa medida, l@s economistas somos cómplices y encubridores. Por eso, lo más difícil es hacer lo de Teseo: planear y arriesgarse a entrar para matar y salir con el peligro aniquilado… en ese sentido, tan solo l@s lector@s podrán dilucidar si hemos cumplido con nuestro cometido.

Part of a symposium, "Contributions to a more just world", in Economic Anthropology 4.1 (2017). Other contributors, Jane Guyer, Alf Hornborg, Gillian Tett and Richard Wilk.

This piece is only 1250 words. It recapitulates previous writing on the relevance of a human economy approach to changing our world. Social justice is our ultimate goal, but its means is economic democracy and that is the immediate focus of the Human Economy research program at the University of Pretoria, South Africa.

The starting point of this paper is the question how to explain mainstream economics’ great level of acceptance in the face of its poor empirical track record. An explanation is provided in terms of a combination of unification and, most importantly,
inference to the best explanation. This paper asks whether the appeal of mainstream economics to inference to the best explanation is justified and as a consequence questions one
of the main reasons for the dominance of mainstream economics today. The final section integrates the ideas from the previous sections into a general framework for explanatory
pluralism.

In the modern world, economics has acquired an almost religious aura with its specific dogmas and zealous acolytes. This book demystifies economic ideas by showing how they were born and how they have developed through the ages. Covering more than two thousand years of history, it untangles the links between economics and areas as diverse as theology, physics, the theater, and war. It describes the dangers of economic fundamentalism and offers a fresh perspective on modern debates on politics and economy in a language that is accessible to readers from all backgrounds.

The Seventeen Contradictions is an x-ray of tensions, trends and tendencies in capital and capitalism that empowers us to look forward. Taking the still ongoing 2008 economic crisis as a starting point, Harvey investigates how the capitalist economy that produces such crises is embedded in contradictions. Seventeen of these are discussed throughout the book.

En este trabajo analizamos el uso creciente del concepto función de producción Cobb - Douglas, basado en la obra de Solow, en trabajos aplicados a la economía española, relacionados con la determinación de la posición cíclica y la contribución de los factores productivos al crecimiento. A tal efecto realizamos una serie de contrastes econométricos para el periodo 1960–2010 que demuestran claramente que la función Cobb – Douglas no refleja la conexión entre producción y factores productivos (no existe tal función de producción agregada para ese periodo), y que su uso combinado con la Nairu distorsiona el análisis de la actividad económica española y, en particular, de la posición cíclica de la economía.

This Intervention brings the Open Marxist critical political economy perspective from the Conference of Socialist Economists into contemporary heterodox economics by critically contrasting what I term the predominant contemporary heterodox economics discourse withe Simon's Clarke conceptions of the state and economic policy. I conclude by comparing these perspectives and drawing out points that I hope ignite a debate on these issues in heterodox economics.

My latest book was released in July 2021 from Routledge.

From the description:

This book suggests that escapism – the desire to leave one’s physical or emotional circumstances for an ideal alternative – is a way to understand the social conflicts that structure our world. Considering this phenomenon across psychology, labour and cultural studies, the author engages with critical theorists such as Lukács, Fromm and Marcuse to examine how escapism appears in our minds, workplaces and utopian imaginaries from fiction to music. In this study, escapism emerges as a constitutive feature of the late capitalist lifeworld – a feature that must be understood in order to create social change.

Defining escapism as a new field of study, Late Escapism and Contemporary Neoliberalism: Alienation, Work and Utopia suggests that the phenomenon has much to teach us about contemporary consciousness and how we resist and reshape the edicts of neoliberalism. As such, this book will appeal to scholars of cultural and critical theory, social movements and political sociology.

GİRİŞ İktisat dünyası ve iktisatçılar uzun zamandır ortaya koyduğu teori ve yaklaşımlardan ötürü çeşitli farklılıklar barındırsa da temel amaç iktisat toplum ilişkilerini açıklamak olarak özetlenebilir. Düşünce okullarından bireysel çalışmacılara kadar hemen her iktisatçı bu ilişkiyi açıklamak üzere düşüncelerini sistematik bir biçime dönüştürmüşlerdir. Fakat düşünce tarzlarını Marksist, Keynesyen, Marshallyan olarak ayırabildiğimiz gibi bunların üstünde başka bir sınıflandırma daha mevcuttur. Örneğin Marksist yaklaşımda öngörülen Keynesyen politikalara karşı fikirler zamanla heteredoks iktisat anlayışı ismini almıştır. Yine aynı şekilde Keynesyen ekonomi anlayışını da Ortodoks iktisat olarak adlandırabiliriz. Eksi yunan dilinde doğru anlamına gelen "orthos" ve inanç kelimesinin karşılığı olan "doxa"nın birleşimi ile ortaya çıkmış olan Ortodoks kavramı bu bahiste dinsel anlamından uzaktır. Ortodoks iktisat da gelenek ve genel görüşleri temel alan anlayışa sahip bir düşünce sistemidir. Heterodoks iktisatta ise bu görüşlerin tam tersi görüşler mevcut olup, tanımlanacak olduğunda en genel tabirle ortodoksi veya Ortodoks iktisat anlayışının reddedilmesine dayanır. Bir yandan da heterodoks iktisat anlayışlarını Keynes sonrası yeni iktisadi yönelimlerin bütünü olarak görebiliriz. Bu çalışmada Ortodoks ve Heterodoks iktisat anlayışının tarihsel süreci, birbirlerinden analyış ve uygulama bakımından farkların bahsedilecektir.

The complete failure of all heterodox economists (orthodox economists are no better) to recognize , grasp ,and apply Bertrand Russell’s July ,1922  refutation  of the 1922 Ramsey critique of

Keynes’s Logical Theory of Probability ,as presented in Keynes’s A Treatise on Probability,in the Mathematical Gazette in his * footnote on p.120, resulted in the integration of Ramsey’s farcical and laughable gobbledygook attack of Keynes’s theory into all Heterodox attempts at explaining Keynes’s General Theory.
All heterodox economists have accepted Ramsey’s incomprehensible and ludicrous claim that Keynes’s nonnumerical probabilities  could only “…preserve the relations of greater and less.”(Ramsey,1926;In Kyburg and Smokler ,1980,2nd ed.,p.27).
Nowhere in anything published  in Keynes’s  CWJMK  will anyone ever find such a preposterous piece  of intellectual garbage and  rubbish.

The integration of Ramsey’s rubbish into the foundations of heterodox(orthodox )economics has resulted in the acceptance, to one degree or another by all heterodox economists, of the Ramsey Myth ,which was that an 18 year old ,teenage, boy genius  walked onto the Cambridge ,England campus in 1921  and convinced Keynes that he was all wrong. This eventually led Keynes to capitulate to Ramsey’s critique ,as presented in  a worthless 3 page review published in the Jan.,1922 issue of Vol. 11 of Cambridge Magazine ,in 1931.Further ,it is claimed by Bateman and many others  that  Keynes not only  explicitly repudiated his own  theory in 1931, but that he  fully accepted Ramsey’s subjective theory of probability or created a so called intersubjective theory of probability to replace his failed logical theory of probability.None of these claims  are  ever recognized , mentioned or discussed by Keynes  in(a) the Keynes-Townshend exchanges over the connections between the A Treatise on Probability and the General Theory in 1937-38,(b)Keynes’s 1937 QJE reply to his critics ,(c)  in his 1938-1940 exchanges with Tinbergen over Tinbergen’s precise,frequentist approach to statistics, or(d)in his Feb., 1937 Eugenics Review article ,which contains Keynes's most scathing rejection of precise probability and the concept of mathematical expectations .