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Reassessing the Paradigm of Economics
When President Reagan and Prime Minister Thatcher adopted the neoliberal doctrine as the paradigm of economics, there was no evidence that the move would have been successful, but thirty years on, the recurrent crises that culminated in 2008 suggest a serious mis-match between expectations and outcomes: a re-examination of the paradigm is in order. This book focuses on Milton Friedman’s formulation of the neoliberal doctrine, and analyses two aspects that were essential to turning it into a fully-fledged paradigm: the attribution of scientific status to positive economics, which led to informing public policies on the requirements of the market; and the characterisation of economic freedom...
Equilibrium in Economics
General Equilibrium Theory, which became the dominating paradigm after the Second World War, is founded on the postulated existence, uniqueness, and stability of equilibrium in economic processes. Since then, the concept has come under sustained attack from all points of the heterodox compass, from Austrian economists to Marxists. Partly in response to these pressures, mainstream economics has changed and moved away from the rigid framework of GET. Nonetheless, economists are continually arguing in terms of equilibrium and the existence of a variety of equilibrium concepts continues to stir controversy. The contributions in this book, which include articles from Tony Lawson, Ivor Grattan-Guinness and Roger Backhouse, highlight current notions of equilibrium in economics and provide a guide to understanding the links between economic theory and economic reality.
Monetary Macrodynamics
This book investigates the interaction of effective goods demand with the wage-price spiral, and the impact of monetary policy on financial and the real markets from a Keynesian perspective. Endogenous business fluctuations are studied in the context of long-run distributive cycles in an advanced, rigorously formulated and quantitative setup. The material is developed by way of self-contained chapters on three levels of generality, an advanced textbook level, a research-oriented applied level and on a third level that shows how the interaction of real with financial markets has to be modelled from a truly integrative Keynesian perspective. Monetary Macrodynamics shows that the balanced growt...
From Pleasure Machines to Moral Communities
Are humans at their core seekers of their own pleasure or cooperative members of society? Paradoxically, they are both. Pleasure-seeking can take place only within the context of what works within a defined community, and central to any community are the evolved codes and principles guiding appropriate behavior, or morality. The complex interaction of morality and self-interest is at the heart of Geoffrey M. Hodgson’s approach to evolutionary economics, which is designed to bring about a better understanding of human behavior. In From Pleasure Machines to Moral Communities, Hodgson casts a critical eye on neoclassical individualism, its foundations and flaws, and turns to recent insights f...
The Political Economy of the Small Firm
For many, small firms are everyday realities of the economy and visible in every high-street and industrial estate. Their existence and importance is unquestionable. Such beliefs are understandable, but the authors of this new book would suggest they are misguided. The Political Economy of the Small Firm challenges the assumptions regarding small firms that pervade society and political representation. Small firms are not organised into a homogenous sector that has a clear constituency or political influence. In fact, the small firm is shown to be an inconstant political construct that is discursively ethereal and vulnerable to political exploitation. Fusing theories from political science, ...
Handbook of Evolutionary Psychology
Evolutionary psychology is concerned with the adaptive problems early humans faced in ancestral human environments, the nature of psychological mechanisms natural selection shaped to deal with those ancient problems, and the ability of the resulting evolved psychological mechanisms to deal with the problems people face in the modern world. Evolutionary psychology is currently advancing our understanding of altruism, moral behavior, family violence, sexual aggression, warfare, aesthetics, the nature of language, and gender differences in mate choice and perception. It is helping us understand the relationship between cognitive science, developmental psychology, behavior genetics, personality,...
The Keynesian Multiplier
Keynes' notion of "the multiplier" is central to the General Theory. The only book to tackle this important subject, The Keynesian Multiplier is sure to be a hit with macroeconomists everywhere.
A Political Economy of Contemporary Capitalism and its Crisis
The recent financial meltdown and the resulting global recession have rekindled debates regarding the nature of contemporary capitalism. This book analyses the ongoing financialization of the economy as a development within capitalism, and explores the ways in which it has changed the organization of capitalist power. The authors offer an interpretation of the role of the financial sphere which displays a striking contrast to the majority of contemporary heterodox approaches. Their interpretation stresses the crucial role of financial derivatives in the contemporary organization of capitalist power relations, arguing that the process of financialization is in fact entirely unthinkable in the absence of derivatives. The book also uses Marx’s concepts and some of the arguments developed in the framework of the historic Marxist controversies on economic crises in order to gain an insight into the modern neoliberal form of capitalism and the recent financial crisis. Employing a series of international case studies, this book will be essential reading for all those with an interest in the financial crisis, and all those seeking to comprehend the workings of capitalism.
