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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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4- An Alternative Growth Model

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Introduction The content of this paper is acquired from the book titled “Economic Growth and Global Economy” (Chapter-5). In that book, the analysis of economic growth commences with the critical analysis of Classical period economists like A. Smith, Ricardo and Marx, and continues with the evaluation of works of some well-known 20th century economists such as Marshall, Keynes, Schum- peter, Harrod-Domar, and ends with a critical presentation of the works of the neoclassical heritage, including the so-called "endogenous growth" theories. An attempt shall be made, in this work, to construct an alternative theory of growth in order to make a further contribution to the analysis of economic growth. It is well known fact that the relationship between the labor(-er) and value- production, was a top economic priority in the research conducted by the econ- omists of Classical period. At that time, technological progress used to play an important role in their dynamic analysis and was treated as an endogenous fac- tor. But, in spite of the important role assigned to it in their economic analysis, the Classical economists failed to construct any satisfactory growth models which demonstrated the inter-relation between technological progress and eco- nomic growth. After the 1870s, dynamic economic growth analysis began to be replaced by the “static equilibrium” analysis of the Marginalist and Neoclassical doctrines. The aim of the new doctrines was to find new methods which could bring econ- omies into equilibrium. Leaving aside the attempts of Schumpeter in the 1930s and 1940s which re-emphasized...

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