Tag Archives: Fred Lee

New working paper published by the Centro di Ricerche e Documentazione Piero Sraffa. From the abstract: This paper critically analyzes Geoffrey Hodgson’s definition of heterodox economics as the refutation of the orthodox view that emphasizes utility maximization as its main theoretical core, and his view that it is the fragmentation of heterodox economics that explains its subsidiary role within the profession. Hodgson’s views led to a series of responses, that criticize his definition, but...

The theory of value and distribution is at the heart of economics. To be clear, when I say that it is at the center, it means that discussions of almost any topic in economics, in one way or another, depend on a certain theoretical position about the theory of value and distribution. However, most economists have no clue about it, about the centrality of value. Not only they don't understand the original and now infamous labor theory of value (LTV), that dominated between Petty and Ricardo...

I had discussed before the meaning of heterodox economics. I suggested a definition based on positive contributions (rather than as a critique of the mainstream) and based on concepts rather than schools of thought. In my view the two principles that were central for defining heterodoxy were the Principle of Effective Demand (PED), based on Keynes and Kalecki's ideas, and the idea that distribution is the result of class conflict, which in my view is best expressed in Sraffa's recovery of...

Nope not about index numbers. About Rankings. Below a list of several heterodox and mainstream journals as ranked by the Thomson-Reuters citation index (the Web of Science-Social Science Citation Index, SSCI) in the last citation report. As it can be seen heterodox journals have a considerably lower impact factor than mainstream journals. The leading heterodox journal in my list* (the Cambridge Journal of Economics) is comparable to a lower ranked mainstream journal (certainly not the bottom...