Description
Book SynopsisNew Directions in Analytical Political Economy brings together an important collection of economic research by scholars from a wide range of non-neoclassical research traditions.
This book provides a flavour of recent research in non-neoclassical economic theory - drawing on classical, Marxian, post Keynesian and Kaleckian, structuralist, evolutionary and institutional approaches - using mathematical analysis. The papers deal with a variety of themes, including unemployment, financial crises and business cycles; technological change and long-run growth; value, prices and pricing, and international terms of trade; the role of agriculture, foreign exchange and fiscal constraint on growth, hyperinflation and wage indexation, and stability in mixed economies. The contributors base their analysis on the structure, history and institutions at hand, and not just on ever more elaborate optimizing principles as is fashionable in mainstream economics. However, they do not turn their backs on mainstream concepts and methods, using formal mathematical models to conduct their analysis in a rigorous way.
Combining a broad approach to economics with mathematically based analysis, this important new book will be welcomed by economists wanting to go beyond the boundaries of neoclassical economics, without losing the rigour of modern economic theory.
Trade Review'Professor Dutt's New Directions in Analytical Political Economy is a very stimulating and insightful contribution to the economic analysis of the advanced capitalist and developing economies.'Table of ContentsAnalytical political economy - an introduction, Amitava Krishna Dutt. Part 1 Unemployment, finance and growth cycles: fiscal policy and the natural rate, Alan G. Isaac; on the modelling of systemic financial fragility, Peter Skott; profits and growth dynamics, Marc Jarsulic. Part 2 Accumulation, distribution and technical change: on the long-run stability of capitalist economies - implications of a model of growth and distribution, Amitava Krishna Dutt; endogenous technical change, accumulation and distribution, Jong-Il You; investment, technical progress and uneven growth - an evolutionary vintage model, Panagis Liossatos. Part 3 Value and price: some suggestions for linking arbitrage, symmetries and the social theory of value, Philip Mirowski; prices, capacity utilization and employment in the post-Keynesian traditions, Malcolm Sawyer; a classical theory of the terms of trade for newly industrializing countries, William Darity Jr and Sumana Dhar. Part 4 Developing economies and development: agrarian structure, labour supplies and the terms of trade, J. Mohan Rao; foreign exchange and fiscal constraints on growth - a reconsideration of structuralist and macroeconomic approaches, Jaime Ros; the rational basis of wage determination in regimes of high inflation, Edward J. Amadeo; the breakup of the mixed economy in Nicaragua.
