This collection of essays is designed to illustrate the variety, complexity and power of non-neoclassical economic thinking. The essays define the fundamental questions differently, employ different analytical tools and arrive at different conclusions. The two strands of non-neoclassical thinking that occupy most of the book are the neo-Keynesian and the neo-Marxian. The bulk of the book is composed of essays on microeconomics, macroeconomics, trade, comparative systems and welfare, with an unusual section on property rights and social hierarchy.
For the last century, economic analysis has been wedded to the idea of equilibrium, in spite of the evident fact that most economic relationships are in flux. The theory of transformational growth in this work replaces equilibrium with history. The role of the market is not to allocate resources, but to generate innovations, which are 'selected' by competition in an evolutionary process. These innovations in turn change the way markets work and how they adjust, thus creating new problems and new kinds of pressures to innovate. Different historical periods can be distinguished with a new one perhaps on the horizon. In each a distinctive style of technology prevails, associated with corresponding institutions and patterns of market behavior. The core relationships provide the foundations for a theory of monetary circulation, which makes possible a revised Keynesian approach, based on Classical foundations.
This collection of essays further develops Professor Nell's theory of transformational growth. Established concepts such as the classical notion of prices of production and the wage-profit frontier a
In a dramatic and well-argued challenge to the prevailing wisdom, Prosperity and Public Spending, first published in 1988, contends that the failure of Keynesian economics has been due to its timidity
First published in 1984, this book carefully dissects and convincingly demonstrates that conservative economics is incoherent in theory and disastrous in practice. The three main schools of thought su
Growth, Distribution, and Effective Demand presents original essays on a variety of topics in theoretical and applied economics. The book honors the work of Edward J. Nell and develops interconnected
