Frederic S. Lee's research while affiliated with State University of New York and other places
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Publications (48)
Microeconomic Theory: A Heterodox Approach develops a heterodox economic theory that explains the economy as the social provisioning process at the micro level. Heterodox microeconomics explores the economy with a focus on its constituent parts and their reproduction and recurrence, their integration qua interdependency by non-market and market arr...
Microeconomic Theory: A Heterodox Approach develops a heterodox economic theory that explains the economy as the social provisioning process at the micro level. Heterodox microeconomics explores the economy with a focus on its constituent parts and their reproduction and recurrence, their integration qua interdependency by non-market and market arr...
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. Essay...
The aim of this article is to delineate an empirically grounded, structure-causal going concern recursive model of UK economics that, in the context of the Research Assessment Exercise (RAE) and local department decision making, explains the progressive elimination of heterodox economics, the progressive homogenisation of mainstream economics from...
Heterodox economics has its critics. Most of the criticisms are friendly comments and analysis directed towards improving heterodox economic theory. However, the critics and their criticisms that are the concern of this article are the ones that challenge the existence of heterodox economic theory and the community of heterodox economists as manife...
To be Heterodox or not: response to heterodox critics and their arguments
Coinciding with the community-building, community-emerging process of heterodox economists was the emergence of heterodox critics. Initially the critics concentrated on the issue of pluralism, especially that heterodox economics cannot really be distinct from mainstream econo...
The discourse in the pluralism debate in heterodox economics concludes that contested inquiry does not exist in economics and that heterodox economics is not an alternative to mainstream economics. This article responds to this claim and concludes pluralism is about promoting the right to have distinctly different theories and contested inquiry in...
In my response to Garnett and Mearman, I argue that many of their comments are based on the assumption that mainstream economics has truth and value, which is in fact not the case. In addition, I argue that that the divided economics community arises from actions taken by mainstream economists and not due to actions taken by heterodox economists. F...
Given the emphasis on social provisioning in heterodox economics, two of its central theoretical organizing principles are the concepts of the total social product and the social surplus. This appears to link heterodox economics to the social surplus approach associated with the classical economists and currently with Sraffian economists. However,...
This article integrates the social surplus approach with input‐output, stock‐flow consistent, social accounting, and social fabric modeling with a structure‐agency methodology to develop a historically grounded model of the economy. The first two sections develop a model of the monetary structure of the social provisioning process. The third sectio...
Heterodox economists long complained about having no systematic alternative to neoclassical production and cost theory. This paper deals with this complaint. That is, it presents a theory of production and costs of the business enterprise that is a complete alternative to the neoclassical theory of production and costs of the firm.
A bstract
This article argues that the discipline of economics consists of two subdisciplines: heterodox and mainstream economics. Being distinct bodies of knowledge, it is possible that the processes of building scientific knowledge are different enough so to generate distinctly different referencing and citation practices. Therefore, a specific i...
A bstract
Quality ranking of economic journals and departments is a widespread practice in the United States. The methods used are peer review and bibliometric measures. In a divided discipline such as economics scientific knowledge is contested. So knowing which journals and departments are the best in terms of research is somewhat muddied. If the...
In this article, I advocate a different way to teach neoclassical microeconomic theory to graduate students in heterodox programs that accomplishes the goals of providing them with a critical and 'technical' understanding of neoclassical theory as well as a critical awareness of how heterodox microeconomic theory is organised, structured, and diffe...
Economics is a contested academic discipline between neoclassical economics and a collection of alternative approaches, such as Marxism-radical economics, Institutional economics, Post Keynesian economics, and others, that can collectively be called heterodox economics. Because of the dominance of neoclassical economics, the existence of the altern...
Purpose
The purpose of this paper is to present, for the first time, a case for ranking heterodox journals and departments.
Design/methodology/approach
The first section of the article briefly delineates the intellectual and social organization of heterodox economics as a social system of scientific activity. This background is then used to argue...
Purpose
– The purpose of the “Introduction” is to provide the motivation and context for the articles of this special issue and an overview and summary of the contributions that follow.
Design/methodology/approach
– The paper provides an overview and summary of the contributions in the special issue.
Findings
– It is argued that heterodoxies had...
The complexity of the history of heterodox economics combined with the lack of extensive detailed studies on components of the history means that it is not yet possible to produce a general history of heterodox economics or a generalised historical identity of heterodox economists. Some detailed studies have been produced on specific heterodox theo...
In previous research on the impact of the Research Assessment Exercise on heterodox economics and heterodox economists in the UK, the author concluded that reliance on Diamond List journals to rank departments would drive economic departments to discriminate positively in terms of their hiring, promotion and research strategies in favour of mainstr...
The paper starts with an analysis of the rationale and logic of ranking which culminates with the conclusion that the criteria used to rank journals which are then used to rank departments are influenced by where the top departments publish. In the second section, the intellectual and social organization of mainstream economics is delineated and th...
This paper explores the relationship between the Keynesian multiplier and Pasinetti's model of pure production. Key assumptions of Pasinetti's model are its multisectoral structure, the definition of all income as a reward to labouring activities and, as a consequence, the operation of a pure labour theory of value. A translation between these mode...
The article uncovers and reconstructs the emergence of radical economics in postwar America, starting with the impact of McCarthyism on economics and the teaching of Marxism through the emergence of the Union for Radical Political Economics (URPE) in 1968. In addition, the issue of the historical identity of radical economists is addressed in the a...
It is somewhat common for heterodox economists to come to the defense of neoclassical microeconomic theory. This is due to many reasons, but perhaps the commonest one is ignorance. It seems that most heterodox economists are not aware of the many critiques or that as a collective they completely undermine neoclassical theory. The objective of the a...
This paper reviews John King's book on the history of Post Keynesian economics. The reviewers take two views in evaluating the book--one from an older Post Keynesian and the other from a younger Post Keynesian. The two views then comment on King's rendition of the intellectual and institutional history of Post Keynesian economics, each finding diff...
This paper explores the relationship between the Keynesian multiplier and Pasinetti's (1981) model of pure production. Key assumptions of Pasinetti's model are its multi-sectoral structure, the definition of all income as a reward to labouring activities, and as a consequence the operation of a pure labour theory of value. A translation between the...
For the last 15 years there have been extensive discussions about the foundations of Post Keynesian economics. From these discussions, Post Keynesians have reached the consensus that their economics is based on a philosophical foundation of realism and critical realism. However, the methodological foundation of Post Keynesian economics, which refer...
Citations
... individualismo, comunitarismo, igualitarismo, etc.) que establecen los criterios evaluativos para definir qué tipo de actividades sociales son deseables y valorables, y en las normas y creencias (e.g. derechos de propiedad, ideologías sobre la ética de trabajo, el racismo, etc.) que justifican o explican determinadas actividades sociales (Lee, 2010(Lee, , 2011a. Estas estructuras sociales, a su vez, afectan la estructura y organización del proceso económico que son el cimiento del proceso de aprovisionamiento social otorgándole significado y valor (Lee y Jo, 2010). ...
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... We may also claim that microeconomics here presented provides a foundation that "does not privilege macro over micro, money over real, or structure over agency." (Lee 2018 p.201) 7 Kepler thought that eight minutes difference of higher precision he got in his system would make a revolution in astronomy. ...
... Mainstream economic theory of neoliberalism does not have dialectical (Marx), evolutionary (Veblen), and historical (Keynes) visions (Henry, 2009, p. 28) (Jo & Lee, 2016, p. 4). Apart from sticking to point by point analyses of these thinkers, there can be produced modified versions which is derived from general underpinnings of Marx, Veblen, and Keynes in reference to the critique of contemporary capitalism (Jo &Lee, 2016). In this article, it is emphasized that it is possible to develop an alternative to the homo economicus of neoliberal hegemony at the individual level, based on Veblen's evolutionist institutionalism and Marx's labour theory of value. ...
... Moreover, the neoclassical 'market' paradigm has not prevailed by sheer coincidence but by a combination of various mutually reinforcing effects. The overwhelming dominance of a small number of private, business or market-oriented US elite universities in standardising academic education (directly through the vast numbers of PhDs from their graduate schools, indirectly by being the prototype for worldwide curricula), gatekeeping major academic journals and introducing or legitimising institutional incentives (such as rankings and scientific assessment exercises) that clearly privilege mainstream economics (see e.g., Lee and Harley 1997, Lee and Harley 1998, Lee and Elsner 2010, Lee et al. 2010, Lee et al. 2013 economic problems if they are in the comfortable position of being able to pursue merely 'scholarly satisfaction. Heaven forbid!' (Henry 2021, p. 601), if epistemic recognition is inessential or if, for example in non-economics departments [30] or in higher education institutions other than universities, [31] recruitment follows imperatives other than an exclusive focus on scholarly excellence. ...
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... De esta forma, el sistema se refuerza a sí mismo, y va sumergiendo a la heterodoxia a la marginalidad cada vez mayor. La historia de esta lucha ha sido ardua y varios departamentos de Economía sufrieron barridas de economistas heterodoxos en USA e Inglaterra (Lee, 2009). Fenómeno similar se sufrió en Colombia en la Universidad de los Andes hace unas décadas, y tiende a reproducirse en otras universidades. ...
... 5 Diese Trennschärfe geht verloren, wenn an die Stelle der genannten Unterscheidung die Unterscheidung in "traditionelle Ökonomik" und "politische Ökonomie" gesetzt wird (s. Reardon 2009, 8 und zur Kritik Nelson 2009 das Problem der Identifizierbarkeit der essenziellen Merkmale derselben und zum anderen das Problem der mit diesen Merkmalen gegebenen Trennschärfe (Lawson 2015;Heise 2013;Lavoie/Lee 2012;Mearman 2011;Marqués/Weisman 2008). Auch wenn es über die hierbei zu berücksichtigenden Merkmale und ihre Brauchbarkeit keinen Konsens in der neueren Literatur gibt, zeichnet sich aber dennoch ab, dass diese merkmalsabhängige Abgrenzung ein gangbarer Weg ist (vgl. ...
... La tradition contemporaine de l'économie « hétérodoxe » s'est largement construite en critique des postulats de l'économie « orthodoxe », et plus particulièrement de l'économie néoclassique 22 (Favereau, 1989 ;Hodgson, 2001 ;Postel, 2003 ;Guerrien et Bénicourt, 2008 ;Lee, 2011 ;Lee et Lavoie, 2013 ;Jany-Catrice et Postel, 2014 ;Keen, 2014 ;Orléan et al., 2015 ;Coriat et al., 2017 ;Jo & al., 2017 ;Cayla, 2018, etc.). Sans entrer ici dans le détail de ces critiques, on peut retenir quelques caractéristiques communes aux différents courants économiques hétérodoxes (conventionnalistes, régulationnistes, institutionnalistes, postkeynésiens, socioéconomistes, marxistes, etc.). ...
... Por eso, en la visión de Fred Lee, el núcleo teórico de la economía heterodoxa está compuesto por tres principios organizativos: la teoría monetaria de la producción, el enfoque del excedente, y el principio de demanda efectiva. Lee ha puesto de relieve que ese núcleo teórico puede aumentarse con la matriz input-output de Leontief-Sraffa, la matriz de contabilidad social marxista, la matriz de la fábrica social institucionalista y la modelización postkeyneisna de stock-flujos consistentes (Lee 2011b(Lee , 2012c, además del método de la teoría fundamentada en el realismo crítico (Lee 2002(Lee , 2005(Lee , 2015a(Lee , 2015b. ...
... Thus, a mostly un-themed positivism has served as its fundament whether it takes a top-down planning perspective or, following the ideological shift of the late 1970s, turns to the neo-liberalist market perspective (Eriksen et al., 2007). At the same time, this almost institutionalized reluctance to reflect on the underlying premises for the existence of economics as a discipline is paralleled in the mainstream economic fight against all sorts of heterodox economic thinking (Lee, 2012). Thus, a seemingly contradictory tendency may be observed: on the one hand economists guard their virtue against contamination from paradigms that are considered undesirable; on the other hand they may fall prey to ideological shifts and political turns that promise to offer them new roles and increased attention, as happened with the neo-liberalist revolution, and then now, possibly, with the turn towards new claims for responsibility. ...
... 17 To a recent discussion on the impact of McCarthyism in American economics see Weintraub (2017). See also Lee (2004a;2004b). decade. In Stigler's work, the same index fell from 20 to 11%. ...
