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An inquiry

in General

Hello everyone,

I wanted to reach out regarding two topics related to Prof. Anwar Shaikh's work.

In the "Historical Foundations of Political Economy" lectures, Prof. Shaikh mentioned forming a group of students for a research project focused on microeconomics. I’m curious to know if this project took place and whether any research papers or findings emerged from it. As someone specializing in industrial organization, I'm particularly interested in the alternative foundations of microeconomics, and I believe this project could provide valuable insights.
I'm currently reading Prof. Shaikh's book, I've been struck by the dynamics and language he employs. It seems to me that his proposed theoretical structure can be interpreted through a cybernetics/systems theory lens. Concepts like turbulent regulation, undershooting, and overshooting resonate strongly with cybernetics ideas such as homeostasis, negative and positive feedback, and the notion of order emerging from disorder. In fact one of the criticism of neoclassical economics and al. is that they are modeled after classical physics (static equilibrium, billiard ball like action reaction, etc), while systems theory can offer a better framework for analysis. I've even heard some scholars (eg. french sociologist edgar morin) say that marx was a system theoretician before his time. So, I believe that this can be a topic for further study .

7 comments

Comments (7)

Shujun Tan

Oct 24

I have no ideas on new microeconomics provided by Prof Shaikh, but I know post-keynesians has their own version of microeconomics. In addition, Sraffian economics (shared with many Marxians) can also be identified as micro to some extent

Shujun Tan

Oct 25

Replying to

The most conventional version of PK microeconomics is in the Chapter 2 (PK consumer choice theory) and Chapter 3 (PK firm theory) of Marc Lavoie's Post-Keynesian Economics: New Foundations. Also, F.S. Lee wrote a monograph called Microeconomic Theory: A Heterodox Approach on PK microeconomics (but some of his thoughts in this monograph are not widely shared with other PK economists).

Sraffian and Marxian microeconomics (more accurately, their 'value and distribution' theories) to a large extent share the same analytical framework called Sraffian framework to deal with the classical micro topics, such as determination of relative prices etc. One can consult Fabio Petri's Microeconomics for the critical mind to learn typical Sraffian microecommics. But I would say many Marxians still insist several traditional Marxian propositions, such as the validity of labour theory of value, while Sraffians like Petri do not agree.

There is also a micro book called the Microeconomics of Complex Economies. It seems that this book has kind of evolutionary or complex economic insights on microeconomics. I am not sure since I haven't read it.

Myself is a PhD student studying behavioural economics and hopefully to contribute something to heterdox microecomomics.