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

edited by Tae-Hee Jo and Frederic S. Lee

Routledge Advances in Heterodox Economics

[Book details at Routledge website] [Look Inside the book]

ISBN: 978-1-13-879779-6 (hardback), 342 pages, $155. August 2015. (20% discount code: FLR40)

John F. Henry is an eminent economist who has made important contributions to heterodox economics drawing on Adam Smith, Karl Marx, Thorstein Veblen, and John Maynard Keynes. His historical approach offers radical insights into the evolution of ideas (ideologies and theories) giving rise to and/or induced by the changes in capitalist society. Essays collected in this festschrift not only evaluate John Henry’s contributions in connection to Marx’s and Veblen’s theories, but also apply them to the socio-economic issues in the 21st century.

In Part I leading heterodox economists in the traditions of Marxism, Post Keynesianism, and Institutionalism critically examine Marx’s and Veblen’s theoretical frameworks (and their connections to each other) that have become the foundations of heterodox economics. Chapters in Part II showcase alternative theoretical explanations inspired by Marx, Veblen, and Henry. Topics in this Part include financial crisis, financialization, capital accumulation, economics teaching, and the historical relationship between money and class society. Part III is devoted to John Henry’s heterodox economics encapsulated in his “farewell” lecture, interview, and bibliography.

Essays in this book, individually and collectively, make an important point that the history of economic thought (or historical analysis of economic theory and policy) is an integral part of developing heterodox economics as an alternative theoretical framework. Anyone who is troubled by the recurring failure of capitalism as well as mainstream economics will find this book well worth reading.


Introduction: Marx, Veblen, and Henry

TAE-HEE JO and FREDERIC S. LEE

Part I

Radical Ideas of Karl Marx and Thorstein Veblen

  1. The Marxian and Veblenesque elements in the way I do economics
    G. C. HARCOURT
  2. Karl Marx, Thorstein Veblen, and the global financial crisis
    J. E. KING
  3. The contemporary relevance of Karl Marx’s heterodox political economy
    P. A. O’HARA
  4. Veblen, Instincts and Exchange
    WILLIAM WALLER
  5. A further Veblenian articulation of a monetary theory of production
    ZDRAVKA TODOROVA
  6. Is conspicuous consumption a weak concept? An historical perspective on the French Revolution and capitalism
    ANDREW B. TRIGG
  7. Veblen on economic method: a critical note
    GARY MONGIOVI

Part II

Heterodox economics: alternative critical theory to the status quo

  1. The “illusion” or “paradigm blindness” of economics: ethical challenges to economic thought from the financial crisis
    ROBERT MCMASTER
  2. Economics and history: why economists and policy makers need to understand the latter
    MARIO SECCARECCIA
  3. Speculative financial capitalism wacking out over an “impossible” profit rate: the infeasibility of a “usual” real average profit rate, considering fictitious capital, and its implications
    WOLFRAM ELSNER
  4. Shaping the social determinants of value through economic ghostmanagement: an institutionalist approach to capital accumulation
    MARC-ANDRÉ GAGNON
  5. The rise of money and class society: the contributions of John F. Henry
    ALLA SEMENOVA and L. RANDALL WRAY

Part III

The heterodox economics of John F. Henry

  1. Property and the limits to democracy
    JOHN F. HENRY
  2. A conversation with John F. Henry
    TAE-HEE JO and FREDERIC S. LEE
  3. The bibliography of John F. Henry’s writings
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Dr. Tae-Hee Jo

Economics and Finance Department
SUNY Buffalo State
1300 Elmwood Ave.
Buffalo, NY 14222
USA

o: Classroom Building B333
t: 716-878-3374
e: taeheejo [at] gmail.com
e: joth [at] buffalostate.edu

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