Marx, Veblen, and the Foundations of Heterodox Economics
Essays in Honor of John F. Henry
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.
Table of Contents
Introduction Part I Radical ideas of Karl Marx and Thorstein Veblen 1. The Marxian and Veblenesque elements in the way I do economics 2. Karl Marx, Thorstein Veblen, and the global financial crisis 3. The contemporary relevance of Karl Marx’s heterodox political economy 4. Veblen, Instincts and Exchange 5. A further Veblenian articulation of a monetary theory of production 6. Is conspicuous consumption a weak concept? An historical perspective on the French Revolution and capitalism 7. Veblen on economic method: a critical note Part II Heterodox economics: alternative critical theory to the status quo 8. The "illusion" or "paradigm blindness" of economics: ethical challenges to economic thought from the financial crisis 9. Economics and history: why economists and policy makers need to understand the latter 10. 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 11. Shaping the social determinants of value through economic ghostmanagement: an institutionalist approach to capital accumulation 12. The rise of money and class society: the contributions of John F. Henry Part III The heterodox economics of John F. Henry 13. Property and the limits to democracy 14. A conversation with John F. Henry 15. The bibliography of John F. Henry’s writings
Tae-Hee Jo is Associate Professor of Economics at the State University of New York, Buffalo State, USA.
Frederic S. Lee was Professor of Economics at the University of Missouri—Kansas City, USA.