IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/72384.html
   My bibliography  Save this paper

The Social Provisioning Process and Heterodox Economics

Author

Listed:
  • Jo, Tae-Hee

Abstract

The social provisioning process is how heterodox economists define economics in general. Instead of having a narrow definition of what constitutes economics, such as the mainstream has with its allocation of scarce resources among competing ends via the price mechanism, heterodox economists have opted for a much more expansive definition that permits different theoretical explanations for ways in which the provisioning process can take place in different types of economies in different historical contexts. In this chapter, we first examine the changes in the definition of economics from classical political economy to neoclassical and heterodox economics. The comparison between classical political economy and neoclassical economics manifests a clear distinction in view of economy and economics. The second section substantiates the meaning of the social provisioning process. In doing so we make a case that, first, defining heterodox economics as the study of the social provisioning process positions heterodox economics as an alternative to neoclassical economics, and, second, that such an expansive definition of economics has potential to synthesize various heterodox theoretical frameworks in a constructive manner.

Suggested Citation

  • Jo, Tae-Hee, 2016. "The Social Provisioning Process and Heterodox Economics," MPRA Paper 72384, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:72384
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/72384/1/MPRA_paper_72384.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. David Dequech, 2012. "Post Keynesianism, Heterodoxy and Mainstream Economics," Review of Political Economy, Taylor & Francis Journals, vol. 24(2), pages 353-368, April.
    2. Robinson, Joan, 1977. "What Are the Questions?," Journal of Economic Literature, American Economic Association, vol. 15(4), pages 1318-1339, December.
    3. Tony Lawson, 2005. "The (confused) state of equilibrium analysis in modern economics: an explanation," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 27(3), pages 423-444.
    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. Frederic S. Lee, 2012. "Heterodox Economics and its Critics," Review of Political Economy, Taylor & Francis Journals, vol. 24(2), pages 337-351, April.
    6. Joëlle Leclaire & Tae-Hee Jo & Jane Knodell (ed.), 2011. "Heterodox Analysis of Financial Crisis and Reform," Books, Edward Elgar Publishing, number 13978.
    7. Tae-Hee Jo, 2016. "What If There Are No Conventional Price Mechanisms?," Journal of Economic Issues, Taylor & Francis Journals, vol. 50(2), pages 327-344, April.
    8. F. Gregory Hayden, 1982. "Social Fabric Matrix: From Perspective to Analytical Tool," Journal of Economic Issues, Taylor & Francis Journals, vol. 16(3), pages 637-662, September.
    9. Marilyn Power, 2004. "Social Provisioning As A Starting Point For Feminist Economics," Feminist Economics, Taylor & Francis Journals, vol. 10(3), pages 3-19.
    10. Lee,Frederic S., 2006. "Post Keynesian Price Theory," Cambridge Books, Cambridge University Press, number 9780521030212, January.
    11. Veblen, Thorstein, 1904. "Theory of Business Enterprise," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1904.
    12. 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.
    13. Roger E. Backhouse & Steve G. Medema, 2009. "Defining Economics: The Long Road to Acceptance of the Robbins Definition," Economica, London School of Economics and Political Science, vol. 76(s1), pages 805-820, October.
    14. F. Gregory Hayden, 2011. "Integrating the Social Structure of Accumulation and Social Accounting Matrix with the Social Fabric Matrix," American Journal of Economics and Sociology, Wiley Blackwell, vol. 70(5), pages 1208-1233, November.
    15. Mary Mellor, 2006. "Ecofeminist political economy," International Journal of Green Economics, Inderscience Enterprises Ltd, vol. 1(1/2), pages 139-150.
    16. Roncaglia,Alessandro, 2006. "The Wealth of Ideas," Cambridge Books, Cambridge University Press, number 9780521691871, January.
    17. Thomas R. De Gregori, 1987. "Resources Are Not; They Become: An Institutional Theory," Journal of Economic Issues, Taylor & Francis Journals, vol. 21(3), pages 1241-1263, September.
    18. 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.
    19. Burgin, Angus, 2012. "The Great Persuasion: Reinventing Free Markets since the Depression," Economics Books, Harvard University Press, number 9780674058132, Spring.
    20. Josef Steindl, 1990. "Reflections on the Present State of Economics," Palgrave Macmillan Books, in: Economic Papers 1941–88, chapter 18, pages 241-252, Palgrave Macmillan.
    21. Ferber, Marianne A. & Nelson, Julie A. (ed.), 1993. "Beyond Economic Man," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226242019, December.
    22. 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.
    23. Leonhard Dobusch & Jakob Kapeller, 2012. "Heterodox United vs. Mainstream City? Sketching a Framework for Interested Pluralism in Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 46(4), pages 1035-1058.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Zdravka Todorova, 2015. "A Veblenian articulation of the monetary theory of production," Working Papers PKWP1501, Post Keynesian Economics Society (PKES).
    2. Tae-Hee Jo, 2015. "Financing Investment under Fundamental Uncertainty and Instability: A Heterodox Microeconomic View," Bulletin of Political Economy, Bulletin of Political Economy, vol. 9(1), pages 33-54, June.
    3. Todorova, Zdravka, 2014. "From Monetary Theory of Production to Culture-Nature Life Process:Feminist-Institutional Elaborations of Social Provisioning," MPRA Paper 54681, University Library of Munich, Germany.
    4. Jo, Tae-Hee, 2011. "Heterodox Critiques of Corporate Social Responsibility," MPRA Paper 35367, University Library of Munich, Germany.
    5. 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.
    6. Tae-Hee Jo, 2016. "Frederic S. Lee and His Fight for the Future of Heterodox Economics," PSL Quarterly Review, Economia civile, vol. 69(278), pages 267-278.
    7. Todorova, Zdravka, 2013. "Consumption as a Social Process within Social Provisioning and Capitalism: Implications for Heterodox Economics," MPRA Paper 51516, University Library of Munich, Germany.
    8. Zdravka Todorova, 2013. "Conspicuous Consumption as Routine Expenditure and its Place in the Social Provisioning Process," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(5), pages 1183-1204, November.
    9. Jo, Tae-Hee, 2013. "Uncertainty, Instability, and the Control of Markets," MPRA Paper 47936, University Library of Munich, Germany.
    10. 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.
    11. Horodecka, Anna & Śliwińska, Magdalena, 2019. "Fair Trade phenomenon – limits of neoclassical and chances of heterodox economics," Studia z Polityki Publicznej / Public Policy Studies, Warsaw School of Economics, vol. 6(3), pages 1-29, July.
    12. 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.
    13. Vladislav Valentinov, 2023. "Stakeholder Theory: Toward a Classical Institutional Economics Perspective," Journal of Business Ethics, Springer, vol. 188(1), pages 75-88, November.
    14. Tae-Hee Jo, 2016. "What If There Are No Conventional Price Mechanisms?," Journal of Economic Issues, Taylor & Francis Journals, vol. 50(2), pages 327-344, April.
    15. Astrid Agenjo‐Calderón & Lina Gálvez‐Muñoz, 2019. "Feminist Economics: Theoretical and Political Dimensions," American Journal of Economics and Sociology, Wiley Blackwell, vol. 78(1), pages 137-166, January.
    16. Valentinov, Vladislav, 2023. "Stakeholder theory: Toward a classical institutional economics perspective," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 188(1), pages 75-88.
    17. Jo, Tae-Hee, 2016. "A Heterodox Theory of the Business Enterprise," MPRA Paper 72426, University Library of Munich, Germany.
    18. William A. Jackson, 2018. "Strategic Pluralism and Monism in Heterodox Economics," Review of Radical Political Economics, Union for Radical Political Economics, vol. 50(2), pages 237-251, June.
    19. Valentinov, Vladislav & Roth, Steffen, 2022. "Chester Barnard’s theory of the firm: An institutionalist view," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 56(3), pages 707-720.
    20. 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.

    More about this item

    Keywords

    Social Provisioning Process; Heterodox Economics; Classical Political Economy; Neoclassical economics; Surplus approach; monetary production economy; effective demand;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:72384. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.