Project Management

Heterodox Production And Cost Theory Of The Business Enterprise

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Executive Summary

Heterodox economists long complained about having no systematic alternative to neoclassical production and cost theory. This paper deals with this complaint. That is, it presents a theory of production and costs of the business enterprise that is a complete alternative to the neoclassical theory of production and costs of the firm. What the heterodox alternatives failed to do was to adequately delimit themselves from their neoclassical brethren and to clearly articulate what an alternative production and cost theory would cover and what it would not. For example, most heterodox alternatives dismissed marginal products, but they did not extend their arguments to cost minimization, to marginal cost curves, or to constant output factor input demand curves.

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