Power And Neoclassical Economics

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Power and Neoclassical Economics

Author : A. Ozanne
Publisher : Palgrave Pivot
ISBN 13 : 9781137553720
Total Pages : 0 pages
Book Rating : 4.5/5 (537 download)

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Book Synopsis Power and Neoclassical Economics by : A. Ozanne

Download or read book Power and Neoclassical Economics written by A. Ozanne and published by Palgrave Pivot. This book was released on 2015-11-12 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mainstream economics almost completely ignores the role power plays in determining economic outcomes, which means it can only provide partial explanations of the distribution of wealth and income, and of the problems associated with inequality and poverty. For many, this is a fundamental failing that severely limits its relevance to the real world and is the source of much dissatisfaction with, and cynicism about, economics and economists. Ozanne explains how this neglect of power has come about over the past 150 years and why it is important. He reviews various definitions and theories of power from across the social sciences and proposes a new approach that could bring considerations of power back into standard economic theory and economics teaching. The approach is simple and intuitive, involving little more than re-envisioning the social welfare function as a 'political economy function'. However, if adopted in economics teaching, it could radically change the way young economists are taught to think about economic problems and lead to a 'return to political economy'.

Power and Neoclassical Economics

Author : A. Ozanne
Publisher : Springer
ISBN 13 : 1137553731
Total Pages : 101 pages
Book Rating : 4.1/5 (375 download)

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Book Synopsis Power and Neoclassical Economics by : A. Ozanne

Download or read book Power and Neoclassical Economics written by A. Ozanne and published by Springer. This book was released on 2016-01-26 with total page 101 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mainstream economics almost completely ignores the role power plays in determining economic outcomes, which means it can only provide partial explanations of the distribution of wealth and income, and of the problems associated with inequality and poverty. For many, this is a fundamental failing that severely limits its relevance to the real world and is the source of much dissatisfaction with, and cynicism about, economics and economists. Ozanne explains how this neglect of power has come about over the past 150 years and why it is important. He reviews various definitions and theories of power from across the social sciences and proposes a new approach that could bring considerations of power back into standard economic theory and economics teaching. The approach is simple and intuitive, involving little more than re-envisioning the social welfare function as a 'political economy function'. However, if adopted in economics teaching, it could radically change the way young economists are taught to think about economic problems and lead to a 'return to political economy'.

The Power of Economists within the State

Author : Johan Christensen
Publisher : Stanford University Press
ISBN 13 : 1503601854
Total Pages : 232 pages
Book Rating : 4.5/5 (36 download)

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Book Synopsis The Power of Economists within the State by : Johan Christensen

Download or read book The Power of Economists within the State written by Johan Christensen and published by Stanford University Press. This book was released on 2017-04-11 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: The spread of market-oriented reforms has been one of the major political and economic trends of the late twentieth and early twenty-first centuries. Governments have, to varying degrees, adopted policies that have led to deregulation: the liberalization of trade; the privatization of state entities; and low-rate, broad-base taxes. Yet some countries embraced these policies more than others. Johan Christensen examines one major contributor to this disparity: the entrenchment of U.S.-trained, neoclassical economists in political institutions the world over. While previous studies have highlighted the role of political parties and production regimes, Christensen uses comparative case studies of New Zealand, Ireland, Norway, and Denmark to show how the influence of economists affected the extent to which each nation adopted market-oriented tax policies. He finds that, in countries where economic experts held powerful positions, neoclassical economics broke through with greater force. Drawing on revealing interviews with 80 policy elites, he examines the specific ways in which economists shaped reforms, relying on an activist approach to policymaking and the perceived utility of their science to drive change.

The Making of Neoclassical Economics

Author : John F. Henry
Publisher : Routledge
ISBN 13 : 0415618738
Total Pages : 288 pages
Book Rating : 4.4/5 (156 download)

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Book Synopsis The Making of Neoclassical Economics by : John F. Henry

Download or read book The Making of Neoclassical Economics written by John F. Henry and published by Routledge. This book was released on 2012-03-02 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1990, this unique explanation of the rise of neoclassical economics views social change as an engine promoting change in theory. It attempts to develop a theory of the origins, consolidation and rise to dominance of the neoclassical school of thought. In so doing, it addresses the contest between the labour and utility theories of value; both are placed in historical context, and reasons are offered for the relative success of each in particular historical periods. It is argued that the eventual dominance of neoclassicism, a theory based on the social changes then taking place, resulted not from its scientific superiority but from its non-social perspective which ignores the social order upon which it depends.

Theories of Political Economy

Author : James A. Caporaso
Publisher : Cambridge University Press
ISBN 13 : 9780521425780
Total Pages : 258 pages
Book Rating : 4.4/5 (257 download)

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Book Synopsis Theories of Political Economy by : James A. Caporaso

Download or read book Theories of Political Economy written by James A. Caporaso and published by Cambridge University Press. This book was released on 1992-08-28 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Contending Economic Theories

Author : Richard D. Wolff
Publisher : MIT Press
ISBN 13 : 0262517833
Total Pages : 425 pages
Book Rating : 4.2/5 (625 download)

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Book Synopsis Contending Economic Theories by : Richard D. Wolff

Download or read book Contending Economic Theories written by Richard D. Wolff and published by MIT Press. This book was released on 2012-09-07 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: A systematic comparison of the 3 major economic theories—neoclassical, Keynesian, and Marxian—showing how they differ and why these differences matter in shaping economic theory and practice. Contending Economic Theories offers a unique comparative treatment of the three main theories in economics as it is taught today: neoclassical, Keynesian, and Marxian. Each is developed and discussed in its own chapter, yet also differentiated from and compared to the other two theories. The authors identify each theory's starting point, its goals and foci, and its internal logic. They connect their comparative theory analysis to the larger policy issues that divide the rival camps of theorists around such central issues as the role government should play in the economy and the class structure of production, stressing the different analytical, policy, and social decisions that flow from each theory's conceptualization of economics. Building on their earlier book Economics: Marxian versus Neoclassical, the authors offer an expanded treatment of Keynesian economics and a comprehensive introduction to Marxian economics, including its class analysis of society. Beyond providing a systematic explanation of the logic and structure of standard neoclassical theory, they analyze recent extensions and developments of that theory around such topics as market imperfections, information economics, new theories of equilibrium, and behavioral economics, considering whether these advances represent new paradigms or merely adjustments to the standard theory. They also explain why economic reasoning has varied among these three approaches throughout the twentieth century, and why this variation continues today—as neoclassical views give way to new Keynesian approaches in the wake of the economic collapse of 2008.

Neoclassical Economic Theory, 1870 to 1930

Author : Klaus Hennings
Publisher : Springer Science & Business Media
ISBN 13 : 9400921810
Total Pages : 290 pages
Book Rating : 4.4/5 (9 download)

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Book Synopsis Neoclassical Economic Theory, 1870 to 1930 by : Klaus Hennings

Download or read book Neoclassical Economic Theory, 1870 to 1930 written by Klaus Hennings and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Warren J. Samuels Each book in this series explores the present status of its field in terms of where it is, how it got there, the existing tensions within the field, and something of how the field might develop in the future. Each book presumes that work in each field is neither settled nor unequivocal. Each book attempts to comprehend its field as an evolving, developmental process or set or efforts. This particular book, covering neoclassical economics, is the third of three in the field of the History of Economic Thought. The others are Pre-Classical Economic Thought, edited by S. Todd Lowry, and Classical Political Economy, edited by William O. Thweatt. Each one conducts the same kind of analysis as the others in the series, with the understanding that here we are dealing with the history of interpretation, rather than a substantive body of analysis of a certain aspect of the economy: for example, labor or international trade. (That understanding must be com plex and subtle, inasmuch as revision of interpretation of earlier ideas is part of the process-both cause and consequence-of re-analyzing the economy. ) In this group we are interested in how recent and contemporary writers have interpreted the history of economic thought differently, both among themselves and from earlier writers. 1 NEOCLASSICAL ECONOMIC lHEORY 2 Several topics must be discussed to place such work in perspective, in part as it is here applied to the history of the interpretation of neoclassical economics.

Political Economy and Grand Strategy

Author : Mark R. Brawley
Publisher : Routledge
ISBN 13 : 1135196869
Total Pages : 161 pages
Book Rating : 4.1/5 (351 download)

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Book Synopsis Political Economy and Grand Strategy by : Mark R. Brawley

Download or read book Political Economy and Grand Strategy written by Mark R. Brawley and published by Routledge. This book was released on 2009-09-10 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines traditional balance of power theory from a political-economic perspective, using historical examples, to draw out distinctions between the liberal and realist approach and how this affects grand strategy. The realist view of the balance of power theory includes implicit assumptions that economic assets can be turned quickly into power, and that states always respond to threats quickly and only with a view to the 'short-run'. These assumptions drive many of the expectations generated from traditional balance-of-power theory, discouraging realists from looking at domestic sources of power, which in turn undermined their ability to frame strategic decisions properly. By thinking about how power must be managed over time, however, we can model the choices policy-makers confront when determining expenditures on defense, while keeping an eye on the impact of those costs on the economy. By emphasizing the role of the state, identifying different causal patterns in domestic politics, and demonstrating the importance of systemic competition, this book aims to establish why a neo-classical realist approach is not only different from a liberal approach, but also superior when addressing questions on grand strategy. This book will be of much interest to students of security studies, international political economy, grand strategy and IR theory in general. Mark R. Brawley is Professor of Political Science at McGill University, Montreal, Canada. He is author of several books on International Relations, specialising in the connections between political economic issues and security.

Power and Influence of Economists

Author : Jens Maesse
Publisher : Routledge
ISBN 13 : 1000222233
Total Pages : 286 pages
Book Rating : 4.0/5 (2 download)

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Book Synopsis Power and Influence of Economists by : Jens Maesse

Download or read book Power and Influence of Economists written by Jens Maesse and published by Routledge. This book was released on 2021-05-23 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists occupy leading positions in many different sectors including central and private banks, multinational corporations, the state and the media, as well as serving as policy consultants on everything from health to the environment and security. Power and Influence of Economists explores the interconnected relationship between power, knowledge and influence which has led economics to be both a source and beneficiary of widespread power and influence. The contributors to this book explore the complex and diverse methods and channels that economists have used to exert and expand their influence from different disciplinary and national perspectives. Four different analytical views on the role of power and economics are taken: first, the role of economic expert discourses as power devices for the formation of influential expertise; second, the logics and modalities of governmentality that produce power/knowledge apparatuses between science and society; third, economists as involved in networks between academia, politics and the media; and forth, economics considered as a social field, including questions of legitimacy and unequal relations between economists based on the detention of various capitals. The volume includes case studies on a variety of national configurations of economics, such as the US, Germany, Italy, Switzerland, Greece, Mexico and Brazil, as well as international spaces and organisations such as the IMF. This book provides innovative research perspectives for students and scholars of heterodox economics, cultural political economy, sociology of professions, network studies, and the social studies of power, discourse and knowledge. “The Open Access version of this book, available at https://www.taylorfrancis.com/books/oa-edit/10.4324/9780367817084, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license.”

Market Power and the Economy

Author : Wallace C. Peterson
Publisher : Springer Science & Business Media
ISBN 13 : 9400926731
Total Pages : 182 pages
Book Rating : 4.4/5 (9 download)

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Book Synopsis Market Power and the Economy by : Wallace C. Peterson

Download or read book Market Power and the Economy written by Wallace C. Peterson and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: A situation in economics that is little short of scandalous is the almost total neglect by mainstream economics of the importance of power in economic affairs. Power in this context means the ability to bend market forces in one's favor, influencing and shaping key economic variables such as prices, wages, and other income determinants. As John Kenneth Galbraith as tutely observes: a dominant fact in economic life is the desire of people everywhere and in all circumstances to get control over their personal lives and their incomes-to escape from the "tyranny of the market. " Power is the means to this end. Ever since Adam Smith, economists have been fascinated by and lavish in their praise for the workings of the market. All modern textbooks are built around Smithian ideas about markets and the way the "invisible hand" works through competition for society's better ment. Yet one can search nearly in vain through leading texts, under graduate and graduate alike, for any reference to market or economic power. This is the situation in spite of the fact that the drive for power, the urge to get control over one's income, permeates the economy as much as does competition. This is a scandal! For a discipline that claims for itself the mantle of a science-one which wants to be accorded the same respect given the natural sciences-it is almost incomprehensible that it should ignore a major force at work in the real economic world.

Economists and the Powerful

Author : Norbert H Ring
Publisher : Anthem Press
ISBN 13 : 0857285467
Total Pages : 261 pages
Book Rating : 4.8/5 (572 download)

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Book Synopsis Economists and the Powerful by : Norbert H Ring

Download or read book Economists and the Powerful written by Norbert H Ring and published by Anthem Press. This book was released on 2012 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introduction -- The economics of the powerful -- Money is power -- The power of the corporate elite -- Market power -- Power at work -- The power to set the rules of the game -- Afterword -- References.

The New Economics

Author : Steve Keen
Publisher : John Wiley & Sons
ISBN 13 : 1509545301
Total Pages : 141 pages
Book Rating : 4.5/5 (95 download)

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Book Synopsis The New Economics by : Steve Keen

Download or read book The New Economics written by Steve Keen and published by John Wiley & Sons. This book was released on 2021-11-11 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1517, Martin Luther nailed his 95 theses to the wall of Wittenberg church. He argued that the Church’s internally consistent but absurd doctrines had pickled into a dogmatic structure of untruth. It was time for a Reformation. Half a millennium later, Steve Keen argues that economics needs its own Reformation. In Debunking Economics, he eviscerated an intellectual church – neoclassical economics – that systematically ignores its own empirical untruths and logical fallacies, and yet is still mysteriously worshipped by its scholarly high priests. In this book, he presents his Reformation: a New Economics, which tackles serious issues that today's economic priesthood ignores, such as money, energy and ecological sustainability. It gives us hope that we can save our economies from collapse and the planet from ecological catastrophe. Performing this task with his usual panache and wit, Steve Keen’s new book is unmissable to anyone who has noticed that the economics Emperor is naked and would like him to put on some clothes.

Capital as Power

Author : Jonathan Nitzan
Publisher : Routledge
ISBN 13 : 1134022298
Total Pages : 853 pages
Book Rating : 4.1/5 (34 download)

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Book Synopsis Capital as Power by : Jonathan Nitzan

Download or read book Capital as Power written by Jonathan Nitzan and published by Routledge. This book was released on 2009-06-02 with total page 853 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conventional theories of capitalism are mired in a deep crisis: after centuries of debate, they are still unable to tell us what capital is. Liberals and Marxists both think of capital as an ‘economic’ entity that they count in universal units of ‘utils’ or ‘abstract labour’, respectively. But these units are totally fictitious. Nobody has ever been able to observe or measure them, and for a good reason: they don’t exist. Since liberalism and Marxism depend on these non-existing units, their theories hang in suspension. They cannot explain the process that matters most – the accumulation of capital. This book offers a radical alternative. According to the authors, capital is not a narrow economic entity, but a symbolic quantification of power. It has little to do with utility or abstract labour, and it extends far beyond machines and production lines. Capital, the authors claim, represents the organized power of dominant capital groups to reshape – or creorder – their society. Written in simple language, accessible to lay readers and experts alike, the book develops a novel political economy. It takes the reader through the history, assumptions and limitations of mainstream economics and its associated theories of politics. It examines the evolution of Marxist thinking on accumulation and the state. And it articulates an innovative theory of ‘capital as power’ and a new history of the ‘capitalist mode of power’.

Reconstructing Urban Economics

Author : Franklin Obeng-Odoom
Publisher : Zed Books Ltd.
ISBN 13 : 1783606622
Total Pages : 204 pages
Book Rating : 4.7/5 (836 download)

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Book Synopsis Reconstructing Urban Economics by : Franklin Obeng-Odoom

Download or read book Reconstructing Urban Economics written by Franklin Obeng-Odoom and published by Zed Books Ltd.. This book was released on 2016-08-15 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Neoclassical economics, the intellectual bedrock of modern capitalism, faces growing criticisms, as many of its key assumptions and policy prescriptions are systematically challenged. Yet, there remains one field of economics where these limitations continue virtually unchallenged: the study of cities and regions in built-environment economics. In this book, Franklin Obeng-Odoom draws on institutional, Georgist and Marxist economics to clearly but comprehensively show what the key issues are today in thinking about urban economics. In doing so, he demonstrates the widespread tensions and contradictions in the status quo, showing how to reconstruct urban economics in order to create a more just society and environment.

Late Neoclassical Economics

Author : Yahya M. Madra
Publisher : Routledge
ISBN 13 : 1317813111
Total Pages : 218 pages
Book Rating : 4.3/5 (178 download)

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Book Synopsis Late Neoclassical Economics by : Yahya M. Madra

Download or read book Late Neoclassical Economics written by Yahya M. Madra and published by Routledge. This book was released on 2016-06-10 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several contemporary economic theories revolve around different concepts: market failures, institutions, transaction costs, information asymmetries, motivational diversity, cognitive limitations, strategic behaviors and evolutionary stability. In recent years, many economists have argued that the increase in circulation and mobilization of these new and heterogeneous concepts and their associated methodologies (e.g., experiments, evolutionary modelling, simulations) signify the death of neoclassical economics. Late Neoclassical Economics: The Restoration of Theoretical Humanism in Contemporary Economic Theory draws on the work of Louis Althusser, Michel Foucault and the Amherst School, to construct the concept of a self-transparent and self-conscious human subject (Homo economicus) as the theoretical humanist core of the neoclassical tradition. Instead of identifying the emergent heterogeneity as a break from neoclassicism, this book offers a careful genealogy of many of the new concepts and approaches - including evolutionary game theory, experimental economics and behavioural economics - and reads their elaboration as part of the restoration of the theoretical humanist core of the tradition. ‘Late neoclassical economics’ is therefore characterized as a collection of diverse approaches which have emerged in response to the drift towards structuralism. This book is suitable for those who study political economy, history of economic thought and philosophy of economics. The arguments put forward in this text will also resonate with anyone who is interested in the fate of the neoclassical tradition and the future of economic theory.

Contending Economic Theories

Author : Richard D. Wolff
Publisher : MIT Press
ISBN 13 : 0262304449
Total Pages : 425 pages
Book Rating : 4.2/5 (623 download)

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Book Synopsis Contending Economic Theories by : Richard D. Wolff

Neoclassical Finance

Author : Stephen A. Ross
Publisher : Princeton University Press
ISBN 13 : 1400830206
Total Pages : 120 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Neoclassical Finance by : Stephen A. Ross

Download or read book Neoclassical Finance written by Stephen A. Ross and published by Princeton University Press. This book was released on 2009-04-11 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Neoclassical Finance provides a concise and powerful account of the underlying principles of modern finance, drawing on a generation of theoretical and empirical advances in the field. Stephen Ross developed the no arbitrage principle, tying asset pricing to the simple proposition that there are no free lunches in financial markets, and jointly with John Cox he developed the related concept of risk-neutral pricing. In this book Ross makes a strong case that these concepts are the fundamental pillars of modern finance and, in particular, of market efficiency. In an efficient market prices reflect the information possessed by the market and, as a consequence, trading schemes using commonly available information to beat the market are doomed to fail. By stark contrast, the currently popular stance offered by behavioral finance, fueled by a number of apparent anomalies in the financial markets, regards market prices as subject to the psychological whims of investors. But without any appeal to psychology, Ross shows that neoclassical theory provides a simple and rich explanation that resolves many of the anomalies on which behavioral finance has been fixated. Based on the inaugural Princeton Lectures in Finance, sponsored by the Bendheim Center for Finance of Princeton University, this elegant book represents a major contribution to the ongoing debate on market efficiency, and serves as a useful primer on the fundamentals of finance for both scholars and practitioners.