Institutions, Behaviour and Economic Theory: A Contribution to Classical-Keynesian Political Economy

Institutions, Behaviour and Economic Theory: A Contribution to Classical-Keynesian Political Economy

by Heinrich Bortis
     
 

ISBN-10: 052102899X

ISBN-13: 9780521028998

Pub. Date: 03/31/2006

Publisher: Cambridge University Press

The failure of centrally planned socialism and the serious problems arising with the capitalist system requires a middle way between both doctrines. In this book it is argued that a synthesis of Classical and Keynesian economy theory provides the basis for this intermediate system. A monetary production economy is primarily considered. The author sets up a system of…  See more details below

Overview

The failure of centrally planned socialism and the serious problems arising with the capitalist system requires a middle way between both doctrines. In this book it is argued that a synthesis of Classical and Keynesian economy theory provides the basis for this intermediate system. A monetary production economy is primarily considered. The author sets up a system of linking political economy with other social sciences, i.e. sociology, law and politics in the traditional sense, establishing thus the unity of the social sciences.

Product Details

ISBN-13:
9780521028998
Publisher:
Cambridge University Press
Publication date:
03/31/2006
Edition description:
First Edition
Pages:
464
Product dimensions:
5.98(w) x 8.98(h) x 1.02(d)

Table of Contents

Preface
Acknowledgements
Glossary of symbols
1Introduction1
Observations on the state of alternative economic theory1
Problems and plan6
2Some basic concepts and issues in the social sciences20
Society and individuals20
Knowledge about society57
3Some basic issues in political economy75
Definitional issues in political economy and economics75
Institutions and the classical view of society89
The classical heritage and the Keynesian problem95
Layers of reality and the treatment of time: system equilibrium versus uncertainty and expectations103
Remarks on integrating theory and history118
4Towards a coherent system of political economy131
Extending Keynes to the long run132
The trend and the cycle135
A theory of long-period output and employment142
A theory of the medium term: cycles-cum-growth204
Some remarks on uncertainty and money220
Concluding remarks235
5Classical-Keynesian political economy and neoclassical economics252
Two visions of society253
Neoclassical equilibrium economics and classical-Keynesian political economy256
Methodological issues: positive causal models versus normative equilibrium models259
Production, exchange and visions of society272
The significance of the capital-theory debate281
Some remarks on the theory of knowledge implied in classical-Keynesian political economy and in neoclassical economics293
6An alternative theory of economic policy308
The notion of equilibrium and economic policies308
A normative classical-Keynesian system314
Some classical-Keynesian policy principles319
7Political economy in a wider context349
Political economy, social philosophy and the philosophy of history351
Methodological implications380
Society and the state on humanist lines393
Ways ahead410
References418
Index429

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