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

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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.
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Product Details

  • ISBN-13: 9780521028998
  • Publisher: Cambridge University Press
  • Publication date: 3/31/2006
  • Edition description: First Edition
  • Pages: 464
  • Product dimensions: 5.98 (w) x 8.98 (h) x 1.02 (d)

Table of Contents

Glossary of symbols
1 Introduction 1
Observations on the state of alternative economic theory 1
Problems and plan 6
2 Some basic concepts and issues in the social sciences 20
Society and individuals 20
Knowledge about society 57
3 Some basic issues in political economy 75
Definitional issues in political economy and economics 75
Institutions and the classical view of society 89
The classical heritage and the Keynesian problem 95
Layers of reality and the treatment of time: system equilibrium versus uncertainty and expectations 103
Remarks on integrating theory and history 118
4 Towards a coherent system of political economy 131
Extending Keynes to the long run 132
The trend and the cycle 135
A theory of long-period output and employment 142
A theory of the medium term: cycles-cum-growth 204
Some remarks on uncertainty and money 220
Concluding remarks 235
5 Classical-Keynesian political economy and neoclassical economics 252
Two visions of society 253
Neoclassical equilibrium economics and classical-Keynesian political economy 256
Methodological issues: positive causal models versus normative equilibrium models 259
Production, exchange and visions of society 272
The significance of the capital-theory debate 281
Some remarks on the theory of knowledge implied in classical-Keynesian political economy and in neoclassical economics 293
6 An alternative theory of economic policy 308
The notion of equilibrium and economic policies 308
A normative classical-Keynesian system 314
Some classical-Keynesian policy principles 319
7 Political economy in a wider context 349
Political economy, social philosophy and the philosophy of history 351
Methodological implications 380
Society and the state on humanist lines 393
Ways ahead 410
References 418
Index 429
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