By Stephen A. Resnick, Richard D. Wolff
Contending monetary Theories bargains a distinct comparative remedy of the 3 major theories in economics because it is taught this day: neoclassical, Keynesian, and Marxian. each one is constructed and mentioned in its personal bankruptcy, but additionally differentiated from and in comparison to the opposite theories. The authors determine every one theory's start line, its ambitions and foci, and its inner common sense. They attach their comparative conception research to the bigger coverage concerns that divide the rival camps of theorists round such critical concerns because the function executive should still play within the economic system and the category constitution of construction, stressing the various analytical, coverage, and social judgements that stream from each one theory's conceptualization of economics. The authors, construction on their previous booklet Economics: Marxian as opposed to Neoclassical, provide an accelerated therapy of Keynesian economics and a accomplished advent to Marxian economics, together with its category research of society. past supplying a scientific clarification of the common sense and constitution of normal neoclassical concept, they research fresh extensions and advancements of that conception round such themes as industry imperfections, details economics, new theories of equilibrium, and behavioral economics, contemplating even if those advances characterize new paradigms or in basic terms alterations to the traditional conception. in addition they clarify why financial reasoning has diverse between those 3 techniques during the 20th century, and why this alteration maintains today—as neoclassical perspectives collapse to new Keynesian methods within the wake of the commercial cave in of 2008.
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Extra info for Contending Economic Theories: Neoclassical, Keynesian, and Marxian
Neoclassical economists outraged by Keynes’s criticisms have labored to show that he misunderstood neoclassical theory and vastly overrated some occasional, temporary “market imperfections” that can afflict capitalism. Contrary to Keynes, these neoclassical economists argue, the capitalist market itself can and will cure whatever market imperfections may temporarily occur. Even as the capitalist crisis deepened in the years after 2007, many neoclassical economists resumed their argument that the state’s interventions in and regulations of markets would stifle private enterprise and slow the return to economic growth.
4 The History of Neoclassical Economics In one of its biggest changes, the classical school of economics shifted its focus quite dramatically during and after the 1870s. From its concern with macroeconomic issues—the capitalist economy as a whole, and especially its growth over time—classical economics turned to detailed studies of the decision-making processes of individuals and individual enterprises—what we now call microeconomic issues. Terms like “individual preferences” and “marginal utilities,” “production functions” and “marginal costs,” and “general equilibrium,” which had rarely figured in classical economics, now took center stage.
Economic theories were such new theories. , community or family life, morality or religious practice), was new. So too was the idea that the economy was a system of particular relationships within a society. The idea that the production and distribution of goods and services constituted a special realm of society subject to its own systematic “laws,” rather like nature and the universe, was an original proposition. The growth of theories that designated “the economy” as their object had a powerful impact on Europe.