This is chapter 2 of the book "Future Directions in Heterodox Economics" by John T. Harvey and Robert F. Garnett, Jr., Editors. The inner circle of neoclassical economics has limited its horizons, increasing the scope for heterodox economists to claim ever more of the most important issues. Two...

This paper presents evidence that accounting (or flow-of-fund) macroeconomic models helped anticipate the credit crisis and economic recession. Equilibrium models ubiquitous in mainstream policy and research did not. This study identifies core differences, traces their intellectual pedigrees,...

This paper presents evidence that accounting (or flow-of-fund) macroeconomic models helped anticipate the credit crisis and economic recession. Equilibrium models ubiquitous in mainstream policy and research did not. This study identifies core differences, traces their intellectual pedigrees,...

The relation between religion, economy and the country became a major topic in the development of public welfare systems. Humans are political creatures that have the potential to realise the level of moral conscience to meet the needs of a better life, but humans as spiritual beings must have a...

The current paper is an attempt to reconstruct the economic policy debates in Bulgaria around the Great Depression in the 1930s. The goal is twofold. First, it is of interest to track down the development of Bulgarian economic thought in the inter-war period and to analyse its intellectual...

This article, deposited for archival purposes with Repec, contains the submission of the UK-based Association for Heterodox Economics (AHE) on the benchmarking of research assessment in economics in the UK, to a consultation organised by the Economics and Social Science Research Council (ESRC)...

The article discusses consumption as a social process that is a part of social provisioning and is in an evolutionary interplay with other social processes. The discussion is grounded in, but is not limited to the contributions of Thorstein Veblen. The first section delineates social...

Current economic theory is mainly concerned with the factors which affect the wealth of nations. Issues of income distribution and elimination of poverty and deprivation are secondary. We suggest an alternative formulation which would make hunger and homelessness, and poverty in general, the...

Islamic finance industry mostly uses LIBOR linked financial contracts which are akin to debt financing than the more preferable participatory modes of Mudarabah and Musharakah. As per the current orthodox understanding and practice of Islamic finance, the often cited preferable modes like...

Paper presented to the 2007 conference of the International Confederation for Pluralism in Economics (ICAPE), June 1-3, Salt Lake City, Utah. This paper was authored by myself following consultations, and submitted collectively by the Association for Heterodox Economics, as a result of a...