A systematic comparison of the three major economic theories, 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.
Are there distinct European traditions in economics? Is modern economics homogenous and American? The volume includes case studies of the UK, Sweden, the Netherlands, Belgium, Germany, France, Italy, Portugal, Spain and Greece.
Transition from central planning to a market economy, involving large-scale institutional change and reforms at all levels, is often described as the greatest social science experiment in modern times.
The book is offered, in the first instance, to students who are beginners in economics, but some parts of it may be of wider interest. The three topics, Economic Doctrines, Analysis and Modern Problems, might be the subject of concurrent courses or they may be studied consecutively.
In this lecture, Sanjay Reddy reviews the work of János Kornai, especially his critique of the socialist system, which is rooted in his understanding of the eminently political character of socialism.