Capitalism - Competition, Conflict, Crises | E-Axes
 

Search
Login
Username:
Password:
Not a member yet? Click here.
Forgot your Password?
Archives - Categories
Home
On Inequality
On the Eurozone Debt Crisis
On Monetary Policy and Central Banking
On Global Economic Growth
On the Greek Debt Crisis
On the Banking and Financial Sectors
On Brexit
On China
On India
On Global Inflation
On Currencies
On the US Debt
On the "Economics" of the Arab Spring
Blogs
Working Papers
Books
Books suggested by members



Capitalism - Competition, Conflict, Crises

author Author(s): Anwar Shaikh   
publisher Publisher: Oxford University Press

Neoclassical economical theory uses aspects of perfect functioning of markets as part of its basic assumptions and introduces imperfections as analysis proceeds forward. Many types of heterodox economics insist on dealing with imperfect competition but project backwards to a previous perfect state. 

In Capitalism, Anwar Shaikh demonstrates that most of the central propositions of economic analysis can be derived without any reference to hyperrationality, optimization, perfect competition, perfect information, representative agents or so-called rational expectations. These include the laws of demand and supply, the determination of wage and profit rates, technological change, relative prices, interest rates, bond and equity prices, exchange rates, terms and balance of trade, growth, unemployment, inflation, and long booms culminating in recurrent general crises. 

In every case, Shaikh's theory is applied to modern empirical patterns and contrasted with neoclassical, Keynesian, and Post Keynesian approaches to the same issues. The object of analysis is the economics of capitalism, and economic thought on the subject is addressed in that light. This is how the classical economists, as well as Keynes and Kalecki, approached the issue. Anyone interested in capitalism and economics in general can gain a wealth of knowledge from this ground-breaking text.

Anwar Shaikh, Professor of Economics, New School for Social Research, New York


© 2011–2017 e-axes. All rights reserved. | Credits | Contact Us | Privacy Statement | Tue 16 Jan, 2018 11:36:57 AM
e-axes is proudly powered by Norder - Creative Solutions