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Heterodox Economics 2

Alternative Analysis to the Mainstream "Blackboard Economics</I> Based on the Concept of "Creative Mental Labor</I>

Hasan Gürak

Heterodox Economics 2 consists of articles which are complementary to the subjects presented in the book titled Heterodox Economics, published in 2012. The aim is to present alternative economic approaches based on the concept of Creative Mental Labor that are intended to make a contribution to the emergence of a new economics. The analysis throughout the book is based upon the principle that the original source of all the value added to products (considering nature as a given), is the mental and physical inputs of labor that continuously create new technologies while at the same time making use of the available technologies.

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PREFACE ................................................................................................................................. V INTRODUCTION ...................................................................................................................... 1 Economic Science and the Human Being .............................................................................. 1 Science ............................................................................................................................... 1 Technology ......................................................................................................................... 2 A Brief Evaluation of Economic Ideologies .......................................................................... 5 The Subject Matter of Economics ...................................................................................... 7 Whose Interests Have Priority in the System? ..................................................................... 10 Economic Power & Behavior ............................................................................................... 12 Being Selfish vs. Unselfish (Benevolent) ............................................................................ 14 Concluding Remarks ............................................................................................................ 16 References ................................................................................................................................ 18 1- PRODUCTION FACTORS, PRODUCTIVE FORCES & INCOME DISTRIBUTION ... 19 Introduction .......................................................................................................................... 19 The Purpose and the Subject ............................................................................................ 20 Factors of Production (Fop) & Productive Factors (PF) ...................................................... 21 Factors of Production (FoP) ............................................................................................. 21 Productive Factors (PFs) .................................................................................................. 23 Nature: A “Factor of Production” as well as a “Productive” Factor .................................... 23 Ecological Balance and the Sustainability of Production ................................................ 24 Labor (Laborer): A “Factor of Production” as well as a “Productive” Factor ..................... 25 Some Related Definitions ................................................................................................. 25 The Concept Labor (Laborer) (L) - Reconsidered ........................................................... 26 Capital: Is it a “Productive” Factor? .................................................................................... 27 Historical Perspective ....................................................................................................... 28 Is Capital a “Productive” Factor Capable of Generating Value? ..................................... 29 Capital Reconsidered ........................................................................................................ 31 Origin of the Capital-goods .............................................................................................. 32 Is Capital a Scarce Factor of Production? ........................................................................ 33 Other Factors of Production ................................................................................................. 33 Human Capital: Laborer or Capital? ................................................................................ 34 Human Capital & the Laborer without Mental Abilities .................................................. 35 Types of Incomes: “Earned vs. Unearned” .......................................................................... 35 1- Wages - “Earned Income” ........................................................................................... 36 2- Profit: – “Earned” or “Unearned” Income? ................................................................. 37 3- Interest - "Unearned" Income ...................................................................................... 40 4- Rent: “Unearned Income” ............................................................................................ 48 Functional Income Distribution ........................................................................................... 49 1- Income Distribution with a “Given” Technology ........................................................ 50 2- Income Distribution with “Technological Progress” ................................................... 51 Concluding Remarks ............................................................................................................ 54 References ................................................................................................................................ 56 VIII 2- ON VALUE AND PRICE ................................................................................................... 61 Introduction .......................................................................................................................... 61 The Hypothesis...

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