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In this concise yet comprehensive history, Heinz D. Kurz traces the long arc of economic thought from its emergence in ancient Greece to its systematic presentation among the classical thinkers of the late eighteenth and early nineteenth centuries to the influential work of scholars such as Paul Samuelson and Kenneth J. Arrow. With a keen eye for how economic insights are acquired, lost, and reborn, Kurz focuses on the dynamic individuals who give old ideas new life and the historical events that provoke different approaches and theories. Over the course of this journey, Kurz explains what Adam Smith meant by the "invisible hand"; how Karl Marx's "law of motion" works in capitalist economies; the roots of the Austrian economists' emphasis on the problems of information, incomplete knowledge, and uncertainty; John Maynard Keynes's principle of effective demand and economic stabilization; and the insights and challenges offered by growth theory, welfare economics, game theory, and more. He concludes with a deft summation of world economists' major concerns today and their critical relation to world events.
A study of the political theory that underlies the conservative economic thought of such economists as Milton Friedman, James Buchanan and Friedrich Hayek, and its implications for public policy. The author analyzes the political content of ideas that justify a laissez-faire policy.
This exploration of some of the more important frameworks used for understanding the relationship between politics and economics includes the classical, Marxian, Keynesian, neoclassical, state-centered, power-centered, and justice-centered.
An updated and expanded edition of the classic introduction to PPE—philosophy, politics, and economics—coauthored by one of the field’s pioneers Philosophy, Politics, and Economics offers a complete introduction to the fundamental tools and concepts of analysis that PPE students need to study social and political issues. This fully updated and expanded edition examines the core methodologies of rational choice, strategic analysis, norms, and collective choice that serve as the bedrocks of political philosophy and the social sciences. The textbook is ideal for advanced undergraduates, graduate students, and nonspecialists looking to familiarize themselves with PPE’s approaches. Starting with individual choice, the book develops an account of rationality to introduce readers to decision theory, utility theory, and concepts of welfare economics and consumer choice theory. It moves to strategic choice in game theory to explore such issues as bargaining theory, repeated games, and evolutionary game theory. The text also considers how social norms can be understood, observed, and measured. Concluding chapters address collective choice, social choice theory and democracy, and public choice theory’s connections to voters, representatives, and institutions. Rigorous and comprehensive, Philosophy, Politics, and Economics continues to be an essential text for this popular and burgeoning field. The only book that covers the entirety of PPE methods A rigorous, nontechnical introduction to decision theory, game theory, and positive political theory A philosophical introduction to rational choice theory in the social sciences
Winner of the Rik Davidson/Studies in Political Economy 2022 Book Prize A key text, Capitalist Political Economy: Thinkers and Theories analyses the field-forming theoretical contributions to political economy that have defined, debated, critiqued, and defended capitalism for more than three centuries. Political economy recognizes and celebrates the many and varied interconnections between politics and economics in society, together with the economic implications of public policy and the political impact of market and property relations. As such, political economy is both an approach to understanding capitalism and a reflection of the forms and features of capitalism at particular moments. Grounded in primary and secondary literature including theorists’ original writings and leading literary biographies, this text explores principal themes in the development of capitalism and political economic thought. It relates these to markets, property, profits, labour, investment, innovation, the state, growth and crises, gender, the ecological limits of capital accumulation, and rival economic practices. The book contextualizes the legacy of foundational political economists by exploring their life and times and putting them in conversation with other highly influential theorists. Equally, it also considers more contemporary views. This book serves as an indispensable source for academic communities who are interested in the long arc of capitalist development, theories, and theorists.
Inventing the Market explores two paradigms of the market in the thought of Adam Smith and G.W.F. Hegel, bridging the gap between economics and philosophy, it shows that both disciplines can profit from a broader, more historically situated approach to the market.
This volume presents much newly published work by Hayek on methodology of economics, its development as a subject, its key thinkers and its important debates. It is published in corrected, revised and annotated form with a long introduction.
Oxford Handbooks of Political Science are the essential guide to the state of political science today. With engaging contributions from 51 major international scholars, the Oxford Handbook of Political Theory provides the key point of reference for anyone working in political theory and beyond.
This collection of twelve new essays by distinguished scholars in the fields of history and the philosophy of economics is one of the first book-length studies of Hume‘s political economy.
Neoliberalism has become a dirty word. In political discourse, it stigmatizes a political opponent as a market fundamentalist; in academia, the concept is also mainly wielded by its critics, while those who might be seen as actual neoliberals deny its very existence. Yet the term remains necessary for understanding the varieties of capitalism across space and time. Arguing that neoliberalism is widely misunderstood when reduced to a doctrine of markets and economics alone, this book shows that it has a political dimension that we can reconstruct and critique. Recognizing the heterogeneities within and between both neoliberal theory and practice, The Political Theory of Neoliberalism looks to distinguish between the two as well as to theorize their relationship. By examining the views of state, democracy, science, and politics in the work of six major figures—Eucken, Röpke, Rüstow, Hayek, Friedman, and Buchanan—it offers the first comprehensive account of the varieties of neoliberal political thought. Ordoliberal perspectives, in particular, emerge in a new light. Turning from abstract to concrete, the book also interprets recent neoliberal reforms of the European Union to offer a diagnosis of contemporary capitalism more generally. The latest economic crises hardly brought the neoliberal era to an end. Instead, as Thomas Biebricher shows, we are witnessing an authoritarian liberalism whose reign has only just begun.