Heterodox Surplus Approach: Production, Prices, and Value Theory

Frederic Lee

Bulletin of Political Economy, 2012, vol. 6, issue 2, 65-105

Abstract: In this article I argue that there is a heterodox social surplus approach that has its own account of output-employment and prices, and its own value theory. In the first two sections, the heterodox model of the economy is delineated with respect to the social surplus and social provisioning, followed in the third and fourth sections with the development of a pricing model and an output-employment model. In the fifth section the results of the previous four sections are brought together to develop a model of the economy. The article concludes with the delineation of the heterodox theory of value.

Date: 2012
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