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A collection of articles on topics and individuals within the history of heterodox economic thought, approached from a heterodox perspective. The individuals whose work is singled out include Edward Bellamy, Thorstein Veblen, Edwin E. Witte, Robert Lee Hale and Joan Robinson.
John F. Henry is an eminent economist who has made important contributions to heterodox economics drawing on Adam Smith, Karl Marx, Thorstein Veblen, and John Maynard Keynes. His historical approach offers radical insights into the evolution of ideas (ideologies and theories) giving rise to and/or induced by the changes in capitalist society. Essays collected in this festschrift not only evaluate John Henry’s contributions in connection to Marx’s and Veblen’s theories, but also apply them to the socio-economic issues in the 21st century. In Part I leading heterodox economists in the traditions of Marxism, Post Keynesianism, and Institutionalism critically examine Marx’s and Veblen’s theoretical frameworks (and their connections to each other) that have become the foundations of heterodox economics. Chapters in Part II showcase alternative theoretical explanations inspired by Marx, Veblen, and Henry. Topics in this Part include financial crisis, financialization, capital accumulation, economics teaching, and the historical relationship between money and class society. Part III is devoted to John Henry’s heterodox economics encapsulated in his "farewell" lecture, interview, and bibliography. Essays in this book, individually and collectively, make an important point that the history of economic thought (or historical analysis of economic theory and policy) is an integral part of developing heterodox economics as an alternative theoretical framework. Anyone who is troubled by the recurring failure of capitalism as well as mainstream economics will find this book well worth reading.
The editors of this book have put together a compelling compendium of explanations and consequences of the global financial crisis. The essays are fairly homogeneous despite their apparent diversity, all providing a useful historical background. There is an obvious Institutionalist twist, with authors examining the changes in organizations and regulations that have accompanied the move towards financialization and money-manager capitalism. This analysis is often informed by the work of Hyman Minsky, pointing towards the inherent destabilizing forces of competition, as well as the dangers of deregulation, self-regulation, securitization, excess leverage, global imbalances, and the illusion of liquidity-enhancing and risk-reducing financial innovations. Marc Lavoie, University of Ottawa, Canada This valuable collection offers a stimulating range of heterodox views on the global financial crisis and proposals for reform of the financial system, nationally and internationally. The perspective of the authors is broadly Post Keynesian, sometimes with a radical or an institutionalist twist. Vigorously argued, clearly presented and largely non-technical, these essays provide a great deal of food for thought. John King, La Trobe University, Australia Though the worst of the financial crisis of 2008 has, with hope, ebbed, it has forever changed the economy in the United States and throughout the rest of the world. Using the financial and economic crisis as a catalyst, this volume examines how to better regulate the financial system and what to expect in the future if no steps are made toward reform. This book lays the foundation for those steps by providing concrete ideas that will push policy in the direction of jobs growth and widespread prosperity. Paired with a history of financial market problems, Heterodox Analysis of Financial Crisis and Reform analyzes complacency regarding the state of the economy, its lack of jobs, growing income disparity, poverty and the consequences of the false but widely shared belief that the economy is self-regulating. This book suggests ways to account for the inherent instability of financial markets and how to make asset values less precarious. Examining both the macro and micro sides of financial instability, the authors argue that existing rules and regulations are either not applied or that they are not effective enough to prevent market fluctuations of the magnitude experienced in 2008. This volume also sheds new light on just how inextricably linked success on Wall Street and welfare on Main Street have become. Students and scholars of heterodox economics, historians, political scientists, policymakers and all those with an interest in an economic renaissance will find this thought-provoking analysis of significant interest.
This book presents a social qua community history of heterodox economics. The author provides the best and most thorough account of the rise of orthodoxy and the response of heterodoxy within economics.
This introduction to the main heterodox schools of economic thought examines their main concepts and their critiques of mainstream theory. The schools examined include Austrian economics, geo-economics, the Virginia school of political economy, feminist economics, humanist economics, institutional economics, and nondeterminist Marxism. The aim of these essays is to understand the ideas and methodology of these approaches, and also to explain why there are different approaches to economics, and how the various schools relate to each other.
This collection brings together articles written by Gardiner C. Means, a leading institutionalist and post-Keynesian economist. Means studies the modern corporation and its implications for the institution on private property and the economic systems as a whole. The selections illuminate Means' analysis of the corporate revolution, the role of administered pricing and the consequences for macro-economic instability in the American economy. The book includes the controversial theoretical chapters for his proposed Harvard dissertation, his essay on industrial prices and their inflexibility, the causes of depression, administered prices and the risk of inflation, his analysis of stagflation and the control of inflation. An essay by his widow, Caroline F. Ware, examines the resistance of the American economics profession to Means' theory of administered prices.
This book focuses on an integrated heterodox approach to the original contributions of Keynes, Marx and early institutionalists, featuring an international set of authors from the US, the UK, Japan and Korea.
Under the impressive editorship of Warren Samuels et al, this book addresses the state of the history of economic thought today. A relevant and important contribution to economics that will develop an unsurprising number of fans.
This ground-breaking new textbook takes a thematic approach to the history of economic thought, introducing current economic issues and examining the relevant arguments of key economists. By taking this innovative approach, the book sets these pivotal ideas in a contemporary context, helping readers to engage with the material and see the applications to today's society and economy. Based on courses developed by the authors, the text introduces a range of perspectives and encourages critical reflection upon neoclassical economics. Through exposure to a broader spectrum of sometimes conflicting propositions, readers are able to evaluate the strengths, weaknesses and relevance of different economic theories. Recharting the History of Economic Thought is an invaluable companion for those taking courses in the History of Economic Thought, the Development of Economic Ideas, Developing Economic Thinking or Economic Thought and Policy. It will also appeal to anyone looking for an introduction to pluralist approaches to economics.
This collection of essays honors the life and work of one of the most prominent and fervent heterodox economists, Frederic S. Lee, who has been at the heart of the heterodox economics movements for the past three decades. Authors in this book demonstrate that heterodox economic has transcended the criticism of mainstream economics and, more importantly, that constructive developments are in the making by way of cross-communications among various heterodox economics traditions. Frederic S. Lee’s contributions to heterodox economics are centered on three themes: the making of a history and identity of heterodox economics, heterodox microeconomics, and the heterodox analysis of social provisioning. Part I addresses the importance of history, theory, research methods, and institutions in the making of the identity of heterodox economics as an alternative to mainstream economics. Part II delves into heterodox microeconomic theories—in particular, investment, pricing, competition, markets, and market governance—as foundations of heterodox macroeconomic analyses. Part III expands the analysis of the capitalist social provisioning process with an emphasis on its subsystems and their relationships over historical time. Part IV encapsulates the life and work of Frederic S. Lee. Throughout his intellectual life Frederic S. Lee has shown to many that the development of heterodox economics is rendered possible by unselfish and ceaseless efforts to build both theory and institutions. Essays in this book attest that establishing an alternative critical theory to the status quo is not only possible but also serviceable to the majority of the population.