ABSTRACT
Keynesian, Institutional, and Feminist economics have been drawn by arguing for commonalities stemming from utilization of a monetary theory of production (Dillard 1980; Wray 2007; Jennings 1994; Todorova 2009). The work of Veblen has played a central role in revealing those links. Veblen’s relevance for understanding contemporary capitalism has been discussed by a number of heterodox economists (see essays in Brown 1998; O’Hara 2002). Further, there are also works specifically expanding upon monetary production analysis by bringing in arguments drawing upon Veblen (Wray 2007; Jo and Henry 2015). The present chapter offers further articulation of the monetary theory of production inspired by the writings of Veblen. This includes a formulation of the monetary theory of production as part of social provisioning and the life process, focusing on the production of non-commodities; an extension of the Veblenian dichotomy to non-market activities; a discussion of Veblen’s theory of social valuation in connection to the monetary theory of production and class; and delineation of social processes that constitute social provisioning, and their commodity and non-commodity aspects. All of these are directed toward bridging the gap between monetary production and “the social”—this is also an effort very much present throughout Henry’s work.
