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The Dismal Science
See "Stephen Marglin on the Future of Capitalism" at FORA.tv. Economists celebrate the market as a device for regulating human interaction without acknowledging that their enthusiasm depends on a set of half-truths: that individuals are autonomous, self-interested, and rational calculators with unlimited wants and that the only community that matters is the nation-state. However, as Stephen Marglin argues, market relationships erode community. In the past, for example, when a farm family experienced a setback--say the barn burned down--neighbors pitched in. Now a farmer whose barn burns down turns, not to his neighbors, but to his insurance company. Insurance may be a more efficient way to o...
Raising Keynes
Back to the future: a heterodox economist rewrites Keynes's General Theory of Employment, Interest, and Money to serve as the basis for a macroeconomics for the twenty-first century. John Maynard Keynes's General Theory of Employment, Interest, and Money was the most influential economic idea of the twentieth century. But, argues Stephen Marglin, its radical implications were obscured by Keynes's lack of the mathematical tools necessary to argue convincingly that the problem was the market itself, as distinct from myriad sources of friction around its margins. Marglin fills in the theoretical gaps, revealing the deeper meaning of the General Theory. Drawing on eight decades of discussion and...
Growth, Distribution, and Prices
What determines the rate of growth, the distribution of income, and the structure of relative prices under capitalism? What, in short, makes capitalist economies tick? This watershed treatise analyzes the answers to these questions provided by three major theoretical traditions: neoclassical, neo-Marxian, and neo-Keynesian. Until now, the mutual criticism exchanged by partisans of the different traditions has focused disproportionately on the logical shortcomings of rival theories, or on such questions as whether or not input-output relationships can be described by a continuous-substitution production function. In this book, these are at best secondary issues. The real distinguishing featur...
Dominating Knowledge
This book addresses the role of knowledge in economic development and in resistance to development. It questions the conventional view that development is the application of superior knowledge to the problems of poor countries, and that resistance to development comes out of ignorance and superstition. It argues instead that the basis of resistance is the fear that the material benefits of Western technologies can be enjoyed only at the price of giving up indigenous ways of knowing and valuing the world, an idea fostered as much by present-day elites, who have internalized colonial elites who ruled before them. A prerequisite to decoupling Western technologies from these political entailment...
Decolonizing Knowledge
Development failures, environmental degradation and social fragmentation can no longer be regarded as side effects of `externalities'. They are the toxic consequences of pretensions that the modern Western view of knowledge is a universal neutral view, applicable to all people at all times. The very word `development' and its cognates `underdevelopment' and `developing' confidently mark the `first' world's as the future of the `third'. This book argues that the linear evolutionary paradigm of development that comes out of modern Western view of knowledge is a contemporary form of colonialism. The authors - covering topics as diverse as the theory of knowledge underlying the work of John Maynard Keynes, what the renowned British geneticist J.B.S. Haldane was looking for when he migrated to India, the knowledge of Mexican and Indian peasants - propose a pluralistic vision and decolonization of knowledge: the replacement of one-way transfers of knowledge and technology by dialogue and mutual learning.
Public Investment Criteria
Essay on public investment criteria and the role of cost benefit analysis in the implementation of economic planning for economic development in India - criteria include consumption benefits, costs, time factor, interest, budgetary constraints, risk and dynamics. References pp. 100 and 101.
The ABCs of RBCs
The ABCs of RBCs is the first book to provide a basic introduction to Real Business Cycle (RBC) and New-Keynesian models. These models argue that random shocks—new inventions, droughts, and wars, in the case of pure RBC models, and monetary and fiscal policy and international investor risk aversion, in more open interpretations—can trigger booms and recessions and can account for much of observed output volatility. George McCandless works through a sequence of these Real Business Cycle and New-Keynesian dynamic stochastic general equilibrium models in fine detail, showing how to solve them, and how to add important extensions to the basic model, such as money, price and wage rigidities, ...
