ABSTRACT

Economics as a discipline is a specialized, scientific, factual body of knowledge that endeavors to develop theoretical explanations of real economic activities that connect acting persons qua households with the flow of goods and services needed to sustain their existence and promote their well-being over time. In principle, heterodox microeconomics consists of a wide range of theories, such as the business enterprise, the household, the state, markets, and urban development, and social welfare. Since the economy is an emergent system with various sub-systems, the heterodox theory of the social provisioning process is also an emergent theoretical system with various theoretical sub-systems. The integration of the 'micro' theories of the business enterprise, markets, demand, investment, finance, and the state with the economic model of the going economy forms a nexus of what can be identified as heterodox economic theory of the social provisioning process. The chapter also presents an overview of the key concepts discussed in this book.