Vision, Value, and Pluralism: A Comment on Analytical Political Economy
Abstract: The choice of value theory reflects one’s vision of how markets function within a capitalist market economy. This choice is crucial for understanding how pluralism will play a part in prompting a paradigm shift within the discipline of economics. What is lacking in recent discussions of pluralism is how the various theories of value and distribution relate to each other. Uniting heterodox economists in this way will support the development of criteria for teaching and research, both of which facilitate a paradigm shift. A consensus would avoid the methodological issues associated with analytical political economy which advocates mathematical modeling and applications for unifying the schools of thought. This article suggests a way to relate the theories of value and distribution, as reflective of the differences in vision of how markets function within a capitalist market economy and discusses a few of the challenges for creating a consensus.