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The Surplus Approach, Institutions, And Economic Formations

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  • Sergio Cesaratto
  • Stefano Di Bucchianico

Abstract

The paper develops Pierangelo Garegnani’s notion of the ‘core’ of the classical theory of distribution to propose a wider integration of the concept of social surplus and institutions into economic thinking. Its main tenet is that the social surplus does not exist independently of the institutions (or social order) that oversee its production and distribution, starting from those that prevail in the sphere of production. In this sense, we supplement the surplus approach with important insights not only from the Polanyian approach, from economic archaeology and anthropology, but also from Sraffian authors and Sraffa’s manuscripts. Taking inspiration from Garegnani, this work is offered as a prelude to the design of different economic ‘cores’ for different stylized economic formations.

Suggested Citation

  • Sergio Cesaratto & Stefano Di Bucchianico, 2021. "The Surplus Approach, Institutions, And Economic Formations," Contributions to Political Economy, Cambridge Political Economy Society, vol. 40(1), pages 26-52.
  • Handle: RePEc:oup:copoec:v:40:y:2021:i:1:p:26-52.
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    File URL: http://hdl.handle.net/10.1093/cpe/bzab002
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    Cited by:

    1. Stefano Di Bucchianico & Federica Cappelli, 2021. "Exploring the theoretical link between profitability and luxury emissions," Working Papers PKWP2114, Post Keynesian Economics Society (PKES).
    2. Sergio Cesaratto & Stefano Di Bucchianico, 2021. "The Surplus Approach, the Polanyian Tradition, and Institutions in Economic Anthropology and Archaeology," Annals of the Fondazione Luigi Einaudi. An Interdisciplinary Journal of Economics, History and Political Science, Fondazione Luigi Einaudi, Torino (Italy), vol. 55(1), pages 185-216, June.
    3. Cesaratto, Sergio, 2023. "Surplus Approach and Institutions: Where Sraffa Meets Polanyi," Centro Sraffa Working Papers CSWP61, Centro di Ricerche e Documentazione "Piero Sraffa", revised 02 May 2023.

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