Microeconomic Theory: A Heterodox Approach

Cover......Page 1
Title......Page 4
Copyright......Page 5
Contents......Page 6
List of figures......Page 10
List of tables......Page 11
Preface......Page 12
Notations and abbreviations......Page 20
Economics is the science of the social provisioning process......Page 28
Community of heterodox economists......Page 30
Heterodox economic theory......Page 31
Theoretical core......Page 32
Heterodox microeconomics......Page 34
Methodology of heterodox economics......Page 36
Philosophical foundation......Page 37
Research strategy: method of grounded theory......Page 41
Issues of research methods......Page 49
Historical character of heterodox economic theories......Page 56
The making of heterodox microeconomic theory......Page 58
The social provisioning process......Page 64
Representing and modeling the productive structure of the economy and the surplus......Page 67
Circular production......Page 68
Circular production, non-produced inputs, and scarcity......Page 70
Fixed investment goods, resource reserves, and the surplus......Page 71
Social provisioning as a going plant......Page 76
Representing the relationship between the social surplus and income......Page 77
Classes, state, and state money......Page 78
Government expenditures, state money, and the financial sector......Page 80
Profits, incomes, and the social surplus......Page 83
Social provisioning as a going economy......Page 85
Agency, acting persons, organizations, and institutions......Page 87
The acting person......Page 88
The business enterprise......Page 89
The state......Page 91
The household......Page 92
Market governance organizations......Page 93
Modeling the economy as a whole......Page 95
Organizational structure of the business enterprise......Page 105
Motivation......Page 106
Decision-making structure......Page 107
Management accounting procedures......Page 108
Structure of production and costs......Page 111
Production, technology, plants, and direct costs......Page 112
Shop technique of production and shop expenses......Page 121
Enterprise technique of production and enterprise expenses......Page 126
Structure of production and costs of a product line......Page 128
The heterodox theory of production and costs......Page 130
Costing and pricing......Page 135
Costing-oriented pricing......Page 137
Mark-up-oriented pricing......Page 138
Going concern prices......Page 139
Pricing and the profit mark-up......Page 142
Long-range planning......Page 143
Investment decisions......Page 146
Market as an institution for social provisioning......Page 149
Market: defined and delineated......Page 150
Market and industry......Page 153
Acting household and consumption demand......Page 156
Differential prices and fluidity of market shares......Page 162
Relationship between the market price and market sales......Page 164
Going enterprise, sequential production, and the market price......Page 165
Market power and price instability......Page 169
Price instability and the going enterprise......Page 177
Heterodox approach to market competition and market governance......Page 179
Competition and market concentration......Page 181
Basis for managed market competition......Page 185
Market governance: controlling instability through regulating markets......Page 187
Legal form......Page 192
Constitution and purpose......Page 194
Organization and management......Page 195
General activities......Page 197
Private market governance and the market price: price leadership......Page 200
The dominant enterprise defined and identified......Page 201
The dominant enterprise and the market price......Page 204
Appearance and stability of the dominant enterprise......Page 205
The evolution of the dominant enterprise: costs......Page 206
The evolution of the dominant enterprise: competitive strategy......Page 207
Public market governance and the market price: government regulations......Page 208
Market competition and the control of the social provisioning process......Page 210
Social provisioning and social surplus......Page 214
Pricing model and theory of prices......Page 216
Output-employment model and the social surplus......Page 219
The going economy and its theoretical core......Page 223
Prices and output-employment decisions......Page 224
Social surplus, the state, and wages and profits......Page 225
Social surplus and social provisioning......Page 227
Theory of value and heterodox microeconomics......Page 228
Introduction......Page 233
The economy as a whole, as a conceptual and theoretical foundation......Page 234
Effective demand, income distribution, and the social provisioning process......Page 240
Heterodox microeconomic topics and future research......Page 243
Appendix 1 Heterodox microeconomics course syllabus......Page 250
Appendix 2 Narrative-qualitative-analytical problem sets......Page 258
Bibliography......Page 274
Index......Page 294