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Varieties of Heterodox Political Economy – An Overview

Varieties of Heterodox Political Economy – An Overview. D. Allen Dalton ECON 325 – Radical Economics Boise State University Fall 2012. Heterodoxy – A Concentration on Justice and Equity. Income and Wealth Inequality. What has happened to real income levels over the past 30 years?

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Varieties of Heterodox Political Economy – An Overview

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  1. Varieties of Heterodox Political Economy – An Overview D. Allen Dalton ECON 325 – Radical Economics Boise State University Fall 2012

  2. Heterodoxy –A Concentration on Justice and Equity

  3. Income and Wealth Inequality • What has happened to real income levels over the past 30 years? • What has happened to income equality in the United States over the last 30 years? • What has happened to poverty levels? • Should any of this be a concern?

  4. Economic Justice • “Conservative Maxim” • Payment according to value of one’s personal contribution and the contribution of productive resources owned • “Liberal Maxim” • Payment according to value of one’s personal contribution only • “Radical Maxim” • Payment according to effort or personal sacrifices made

  5. Efficiency and Endogenous Preferences • Orthodox Economics takes individual preferences as independent of others’ preferences and exogenous relative to the choices made. • What if individual preferences are neither?

  6. Efficiency and Endogenous Preferences • Deviations of prices from their true costs will change preferences in predictable ways. • Relative to a situation of prices equaling true costs, the allocation of resources will become biased.

  7. Are Preferences Independent or Interdependent?Exogenous or Endogenous?

  8. Other Heterodox Normative Standards

  9. Self-Management “Decision-making input in proportion to the degree one is affected.”

  10. Solidarity “Concern for the well-being of others and granting others the same consideration in their endeavors as we ask for ourselves.”

  11. Variety “Achieving a diversity of economic lifestyles and outcomes.”

  12. Sustainability • “Weak sustainability” – leaving future generations a stock of natural and produced capital that is as valuable as we enjoy today. • “Strong sustainability” – leaving future generations a stock of natural capital that is as valuable as we enjoy today.

  13. Sustainability • “Environmental sustainability” – leaving future generations stocks of each different kind of natural capital that are as large as we enjoy.

  14. The Anarchist Standard:Freedom

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