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Heterodox Economics

Foundations of Alternative Economics

Hasan Gürak

Mainstream economic textbooks propose a kind of economic world which can only exist in fictitious markets where producers and consumers interact like robots, relations are mechanical and assumptions utopian. Accordingly, the expositions are, in substance, nothing but sophistry. Yet, many economists are becoming more and more discontent with the sophistries of mainstream doctrines. The book presents some realistic alternative approaches to the conventional ‘unrealistic’ attitudes of mainstream economists in order to pave the way for a further development of new ideas.

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Design: © Olaf Gloeckler, Atelier Platen, Friedberg ISBN 978-3-631-63404-2 © Peter Lang GmbH Internationaler Verlag der Wissenschaften Frankfurt am Main 2012 All rights reserved. All parts of this publication are protected by copyright. Any utilisation outside the strict limits of the copyright law, without the permission of the publisher, is forbidden and liable to prosecution. This applies in particular to reproductions, translations, microfilming, and storage and processing in electronic retrieval systems. www.peterlang.de V Foreword There are numerous 'toothless sorcerers, masquerading as economics experts'. K. Velupillai Orthodox economic textbooks propose a kind of economic world which can on- ly exist in fictitious markets where producers and consumers interact like robots, relations are mechanical and assumptions utopian. Accordingly, all expositions related to output, price and demand are, in substance, nothing but sophistry. Basic concepts like “equilibrium”, or “given prices for producers” or “per- fect competition” might seem logical and consistent for orthodox academicians who do not much care for the relevance of assumptions and/or transactions. Yet, many economists are becoming more and more discontent with the sophistries of orthodox, mainly neoclassical, doctrines. There is a globally growing interest and demand for more alternative economic ideas and analyses which should help to better understand the actual problems, help to make realistic analyses and offer implementable remedies or forecasts. It is a fact that orthodox economists were not even aware of the presence and significance of “technological developments” until the “rediscovery” by Solow in 1950s. Who knows when they will “rediscover”, among other things, the fact...

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