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Book Description:This book offers a unique perspective on the history of economic thought. It emphasizes the competing visions and beliefs economists have had regarding how capitalism functions, and the resulting divergent theoretical frameworks they constructed. This third edition is more accessible to both undergraduate and postgraduate level courses with the placement of more formal presentations within appendices. The text also develops more fully the ideas of some of the early post-Keynesians, such as Joan Robinson, Nicholas Kaldor, and Roy Harrod, while the last three chapters are brought up-do-date by including the Great Recession of 2007–2009.
“Brilliant and concise, Hunt and Lautzenheiser set the gold standard for critical narrative in economics. They make the evolution of economic thought come alive as an integral part of the human saga. Their mature scholarship and profound human solidarity give the reader a deep appreciation of social context and historical experience”.
—William M. Dugger
University of Tulsa
Contents:Foreword • Preface • Acknowledgments 1. Introduction 2. Economic Ideas Before Adam Smith 3. Adam Smith 4. Thomas Robert Malthus 5. David Ricardo 6. Rationalistic Subjectivism: The Economics of Bentham, Say, and Senior 7. Political Economy of the Poor: The Ideas of William Thompson and Thomas Hodgskin 8. Pure Versus Eclectic Utilitarianism: The Writings of Bastiat and Mill 9. Karl Marx 10. The Triumph of Utilitarianism: The Economics of Jevons, Menger, and Walras 11. Neoclassical Theories of the Firm and Income Distribution: The Writings of Marshall, Clark, and Böhm-Bawerk 12. Thorstein Veblen 13. Theories of Imperialism: The Writings of Hobson, Luxemburg, and Lenin 14. Consummation, Consecration, and Destruction of the Invisible Hand: Neoclassical Welfare Economics 15. Neoclassical Ideology and the Myth of the Self-Adjusting Market: The Writings of John Maynard Keynes 16. Annulment of the Myth of the Measurable Productivity of Capital: The Writings of Piero Sraffa 17. Contemporary Economics I: The Bifurcation of Orthodoxy 18. Contemporary Economics II: Institutionalism and Post-Keynesianism 19. Contemporary Economics III: The Revival of Critical Political Economy Suggestions for Further Reading Index • About the Authors
About the Author:E. K. HUNT Professor of Economics University of Utah, USA.|MARK LAUTZENHEISER, Associate Professor of Economics Earlham College.