Social Costs of Markets and Economic Theory

This book deals with the social costs of markets from a heterodox perspective. It deals with the degrading of work, decline of community, and rising income inequality in the United States as markets and especially financial markets come to dominate society. Of course, if there is an attempt to point out the social costs of markets, the response of mainstream economists is to silence the critics or even in Orwellian fashion redefine their critiques so as to eliminate any negative comments about markets. While critique is necessary, there also needs to be a constructive agenda, that is, the developing of an alternative, heterodox economic theory. So overall the book presents a critique of the social costs markets and the beginning of a heterodox economic theory of how the capitalist market system actually works.

Editor's Introduction 1

An Essay on Distributive Justice and the Equal Ownership of Natural Resources John Pullen 6

Degraded Work, Declining Community, Rising Inequality, and the Transformation of the Protestant Ethic in America: 1870-1930 Jon D. Wisman Matthew E. Davis 37

The Making of the Institutional Theory of Social Costs: Discovering the K. W. Kapp and J. M. Clark Correspondence Sebastian Berger 68

The Problem of Epistemic Cost: Why Do Economists Not Change Their Minds (About the "Coase Theorem")? Altug Yalcintas 93

Financialization and Income Inequality in the United States, 1967-2010 Bradford M. Van Arnum Michele I. Naples 120

Conspicuous Consumption as Routine Expenditure and its Place in the Social Provisioning Process Zdravka Todorova 145

Classical Surplus Theory and Heterodox Economics Nuno Ornelas Martins 167

Schumpeter, Commons, and Veblen on Institutions Theofanis Papageorgiou Ioannis Katselidis Panayotis G. Michaelides 194

Lost in Translation: Why Generalized Darwinism is a Misleading Strategy for Studying Socioeconomic Evolution George Liagouras 217

When Heterodoxy Becomes Orthodoxy: Ecological Economics in The New Palgrave Dictionary of Economics Óscar Carpintero 249

Are Mainstream and Heterodox Economists Different? An Empirical Analysis Michele Di Maio 277

Index 311

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