Veblen’s Evolutionary Methodology and Its Implications for Heterodox Economics in the Calculable Future (ICAPE 2020)

Tae-Hee Jo, 2019. “Veblen’s Evolutionary Methodology and Its Implications for Heterodox Economics in the Calculable Future,” MPRA Working Paper #97720, a paper for the ICAPE conference, San Diego, CA. January 5-6, 2020. [Download the paper]

Abstract: Critics have repeatedly claimed that heterodox economics has failed in that it has limited acceptance by the mainstream of the economics profession and little influence on other approaches and policies. They blame heterodox economists for their own failure. I subject this claim to critical examination from the perspective of Veblen’s evolutionary methodology. Veblen’s theory of the business enterprise will be used as an example, which exemplifies the case that a ‘blasphemous’ theory is ignored and marginalized even though it provides rich insights into economy and society. Heterodox economics has shown a similar path. It is also argued that social science does not follow the biological principle of natural selection. What survives does not necessarily mean the fittest in the social realm. The history of science is replete with paradoxical incidents that an incoherent, irrelevant, or even wrong theory becomes dominant and widely accepted because it is one that serves the vested interests in academia and society. Economics is no exception.

Posted in Heterodox Economics, Research

Microeconomic Theory: A Heterodox Approach

fsl-micro-2017-coverMicroeconomic Theory: A Heterodox Approach, by Frederic S. Lee, edited by Tae-Hee Jo. London and New York: Routledge.


Microeconomic Theory: A Heterodox Approach develops a heterodox economic theory that explains the economy as the social provisioning process at the micro level. Heterodox microeconomics explores the economy with a focus on its constituent parts and their reproduction and recurrence, their integration qua interdependency by non-market and market arrangements and institutions, and how the system works as a whole.

This book deals with three theoretical concerns. Due to the significance of the price mechanism to mainstream economics, a theoretical concern of the book is the business enterprise, markets, demand, and pricing. Also, since heterodox economists see private investment, consumption, and government expenditures as the principal directors and drivers of economic activity, a second theoretical concern is business decision-making processes regarding investment and production, government expenditure decisions, the financing of investment, the profit mark-up and the wage rate, and taxes. Finally, the third theoretical concern of the book is the delineation of a non-equilibrium disaggregated price-output model of the social provisioning process.

This book explores the integration of these various theories with a theoretical model of the economy and how this forms a theory that can be identified as heterodox microeconomics. It will be of interest to both postgraduates and researchers.


  • Table of Contents
  • Preface
  • Chapter 1 The making of heterodox microeconomics
  • Chapter 2 Structure, agency, and modeling the economy
  • Chapter 3 The business enterprise: structures
  • Chapter 4 The business enterprise: agency and causal mechanisms
  • Chapter 5 Markets and demand for the social product
  • Chapter 6 Competition, the market price, and market governance
  • Chapter 7 Microeconomics and the social provisioning process
  • Chapter 8 The role of microeconomics in heterodox economics: a view of a heterodox micro theorist
  • Bibliography
  • Index


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Routledge Handbook of Heterodox Economics

9781138899940The Routledge Handbook of Heterodox Economics, edited by Tae-Hee Jo, Lynne Chester, and Carlo D’Ippoliti. London and New York: Routledge.

Hardback (August 2017), ISBN 9781138899940, $230

Published in paperback in September 2019. ISBN 9780367356828, $53.95.

[Publisher website][Download a flyer with discount code][Google Books Preview][TOC, Notes on contributors][Index]

[EAEPE (European Association for Evolutoinary Political Economy) podcast intereview  (Carlo D’Ippoliti)]


The Routledge Handbook of Heterodox Economics is a collection of essays written by authors representing a wide range of theoretical perspectives within heterodox economics—that is, Marxian-radical political economics, Post Keynesian-Sraffian economics, institutionalist-evolutionary economics, feminist economics, social economics, Régulation theory, the Social Structure of Accumulation approach, ecological economics, and combinations of these traditions. Contributions throughout the Handbook explore these different theoretical perspectives to explain the structural properties and dynamics of capitalism, as well as to propose economic and social policies for benefit of the majority of the population.

The Handbook aims, first, to provide realistic and coherent theoretical frameworks—as an alternative to that provided by the conventional (orthodox) perspective that dominates the teaching of economics and has informed much contemporary policy—to understand the capitalist economy in a constructive and forward-looking manner; second, to delineate the future directions, as well as the current state, of heterodox economics; third, to provide both ‘heat and light’ on controversial issues, drawing out the commonalities and differences among different heterodox economic approaches; forth, to envision transformative economic and social policies for the majority of the population; and, fifth, to explain why economics is, and should be treated as, a social science.

The Handbook will be of compelling interest to those, including students, who wish to learn about alternative economic theories and policies that are rarely found in conventional economics textbooks or discussed in the mainstream media, and to critical economists and other social scientists who are concerned with analyzing pressing socio-economic issues.

Table of Contents

Notes on Contributors

Part I: Introduction

  1. The State of the Art and Challenges for Heterodox Economics
    Tae-Hee Jo, Lynne Chester, and Carlo D’Ippoliti

Part II: The Theoretical Cores of Heterodox Economics

  1. Social Provisioning Process: A Heterodox View of the Economy
    Tae-Hee Jo and Zdravka Todorova
  1. The Social Surplus Approach: Historical Origins and Present State
    Nuno Ornelas Martins
  1. Accumulation Regimes
    Agnès Labrousse and Sandrine Michel
  1. Monetary Theories of Production
    Marco Veronese Passarella
  1. The Principle of Effective Demand: Marx, Keynes, Kalecki and Beyond
    Eckhard Hein
  1. A Brief History of Heterodox Theories of Value
    Ajit Sinha
  1. Theories of Prices and Alternative Economic Paradigms
    Carlo D’Ippoliti
  1. Heterodox Theories of Distribution
    Scott Carter
  1. The Micro-Macro Link in Heterodox Economics
    Claudius Gräbner and Jakob Kapeller

Part III: The Anatomy of Capitalism

  1. Society and Its Institutions
    John F. Henry
  1. Heterodox Economics and Theories of Interactive Agency
    Mary V. Wrenn
  1. Households in Heterodox Economic Theory
    Zdravka Todorova
  1. A Heterodox Theory of the Business Enterprise
    Tae-Hee Jo
  1. Heterodox Theories of Business Competition and Market Governance
    Tuna Baskoy
  1. A Marxian Understanding of the nature and Form of Dominant Capitalist Legal Institutions
    Lorraine Talbot
  1. Money and Monetary Regimes
    Pavlina R. Tcherneva
  1. Banks in Developing Countries
    Radha Upadhyaya
  1. Shadow Banking
    Benjamin Wilhelm
  1. The Informal Economy in Theory and Policy: Prospects for Well-being
    Elizabeth Hill
  1. Inequality and Poverty
    Marcella Corsi and Giulio Guarini

Part IV: The Dynamics of the Capitalist Socio-Economic Structure

  1. The Accumulation of Capital: An Analytical and Historical Overview
    Ramaa Vasudevan
  1. A Heterodox Reconstruction of Trade Theory
    Yan Liang
  1. Analyzing the Organization of Global Production: Thoughts from the Periphery
    Víctor Ramiro Fernández and Gabriel Brondino
  1. Labor Processes and Outcomes: An Institutional-Heterodox Framework
    Siobhan Austen
  1. Heterodox Theories of the Business Cycle
    Matías Vernengo
  1. Heterodox Theories of Economic Growth
    Özgür Orhangazi
  1. Financialization and the Crises of Capitalism
    Petra Dünhaupt
  1. Theories of International Development: The Post Keynesian and Marxian Alternatives
    John Marangos
  1. Energy, Environment, and the Economy
    Anders Ekeland and Bent Arne Sæther

Part V: Transforming the Capitalist Social Provisioning Process

  1. An Exit Strategy from Capitalism’s Ecological Crisis
    Lynne Chester
  1. Restructuring Financial Systems with Human Advancement in Mind
    Wesley C. Marshall
  1. Rethinking the Role of the State
    Anna Klimina
  1. The Twenty-First Century Capitalist Revolution: How the Governance of Large Firms Shapes Prosperity and Inequality
    Jordan Brennan
  1. Achieving Full-Employment: History, Theory, and Policy
    John Marsh, Timothy Sharpe, and Bruce Philp
  1. Social Welfare and Social Control
    Andrew Cumbers and Robert McMaster

Part VI: Conclusion

  1. Heterodox Economics as a Living Body of Knowledge: Community, (In)Commensurability, Critical Engagement, and Pluralism
    Jamie Morgan and John Embery


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The Institutionalist Theory of the Business Enterprise: Past, Present, and Future (JEI, 2019)

Tae-Hee Jo (2019). The Institutionalist Theory of the Business Enterprise: Past, Present, and Future. Journal of Economic Issues: Vol. 53, No. 3, pp. 597-611.

Source: The Institutionalist Theory of the Business Enterprise: Past, Present, and Future

[Working paper version, MPRA Working paper 84036, January 2018. Download the paper]


This article examines the historical developments of the institutionalist theory of the business enterprise since the early 1900s in order to demonstrate its distinctive characteristics that are often overlooked or belittled by some institutional-evolutionary economists and most mainstream economists. I argue that the institutionalist theory is an evolving and emergent theory, which bears a reciprocal, evolutionary, and cumulative relationship between the business enterprise and society. The institutionalist theory is, therefore, suitable for the understanding of the real-world business enterprise as it can be modi ed and re ned along with the evolution of capitalism. The article begins with a discussion of the present state of the institutionalist theory. The following section is devoted to the major contributions to the institutionalist theory situated in the evolution of U.S. capitalism. The penultimate section provides a critical discussion of new institutional and evolutionary approaches to the firm. The article concludes with a brief discussion as to what should be done for the further development of the institutionalist theory of the business enterprise.


Posted in Research

The 6th Cross-Border Post Keynesian Conference, Buffalo, 2017


The Economics and Finance Department at SUNY Buffalo State invites papers and participants for the 2017 Cross-Border Post Keynesian Conference, to be held on June 19-20. Following the tradition of the Conference, which has previously been held in Vermont, Ottawa, Montreal, Buffalo, and Toronto we are encouraging Post Keynesian scholarship. The general theme of the Conference is “Populism, Heterodoxy, and Globalization.” The Conference is also open to all heterodox economic perspectives and topics.

The keynote speaker is Professor John F. Henry, the recipient of the 2017 Veblen-Commons Award from the Association for Evolutionary Economics, Senior Scholar at the Levy Economics Institute, and Professor Emeritus at California State University, Sacramento.

Other distinguished participants include: Jan Kregel (Levy Institute, US), L. Randall Wray (Levy Institute, US), Mario Seccareccia (University of Ottawa, Canada), John Smithin (York University, Canada), and Robert Dimand (Brock University, Canada).

Both complete session and individual paper proposals are welcome. Interested contributors are requested to send proposals to Dr. Curtis Haynes using the following form. A complete session proposal should include 3-4 papers and a session chair. We also encourage proposals from graduate students. The deadline for proposed papers and session is April 1, 2017. The Conference committee will consider all proposals and notify you of acceptance or rejection by April 15, 2017.

Other conference information (registration, accommodation, travel, etc.) will be announced through the conference website soon (

For further information and queries, contact the conference organizing committee at


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G.C. Harcourt’s review of Advancing the Frontiers of the Heterodox Economics: Essays in Honor of Frederic S. Lee (2015)

Posted in Research

Frederic S. Lee and His Fight for the Future of Heterodox Economics

Jo, Tae-Hee (2016): “Frederic S. Lee and His Fight for the Future of Heterodox Economics.” PSL Quarterly Review, Vol. 69, No. 278 (September), pp. 267-278. Download


Frederic S. Lee (1949-2014) was a dedicated captain of the heterodox economics movement over the past thirty years. In his unfaltering fight for the future of heterodox economics, Lee contributed to both the development of heterodox microeconomic theory and the establishment of a global community of heterodox economists. This short tribute delineates Lee’s unique and important contribution that should be remembered and renewed in order to reproduce heterodox economics.


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Dr. Tae-Hee Jo

Associate Professor
Economics and Finance Dept.
SUNY Buffalo State
1300 Elmwood Ave.
Buffalo, NY 14222 USA

o: Classroom Building B203
t: 716-878-4514
e: joth [at] buffalostate [dot] edu
e: taeheejo [at] gmail [dot] com

Spring 2020 office hours:
Monday 1 :30 – 2:30 PM, Wednesday 1:30 – 3:30 PM


The Routledge Handbook of Heterodox Economics (2017)

Essays in Honor of Frederic S. Lee

Advancing the Frontiers of Heterodox Economics: Essays in Honor of Frederic S. Lee (2015)

Marx, Veblen, and Foundations of Heterodox Economics

Marx, Veblen, and the Foundations of Heterodox Economics: Essays in Honor of John F. Henry (2015)

Heterodox Analysis of Financial Crisis and Reform (2011)

Heterodox Analysis of Financial Crisis and Reform (2011)