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Following Wolff and Resnick, an even broader objective is to teach students that economics is a discourse and that no single voice can rightfully claim to have a monopoly on the truth about economics. This is a really good introductory primer on the three competing economic theories: neoclassical, Keynesian, and Marxian. (Other competitors include Ernest Mandel's two volume book, "Marx's Economic Theory", , Paul Sweezy's The Theory of Capitalist Development, , and David Harvey's "A Companion to Marx's Capital". Reviewed by Hans G Despain. How can a Marxist read Tolkien? Tags. Similarly, it is by no means clear why Keynesianism should be more ‘structural’ than neoclassical economics. The authors identify each theory's starting point, its goals and foci, and its internal logic. Admittedly that was a bit of an unfair dig, haha. In fact, it doesn’t seem to really matter what you choose at all, as “the choice you eventually make depends on all the the influences that overdetermine you” (p. 377). But this book is presented as a comparative introduction to the major schools of thought, to be useful for a newcomer. Not only do they count neoclassical economics as dating from 1870 (dubious) and Keynesian economics as systematically different from the neoclassical (arguable), but they view each of the three theories through a philosophical lens: according to the authors, neoclassical economics is fundamentally ‘humanist’, Keynesian economics is fundamentally ‘structural’, and Marxian economics is fundamentally ‘overdetermined’. Amazon.com: Customer reviews: Contending Economic Theories ... Buy Contending Economic Theories: Neoclassical, Keynesian, and Marxian (The MIT Press) by Wolff, Richard D, Resnick, Stephen A (ISBN: 9780262517836) from Amazon's Book Store. Without political judgements, author discussed the pluses and minuses of contending theories.. Though I wouldn’t start philosophy of science there! The authors identify each theory's starting point, its goals and foci, and its internal logic. Each is developed and discussed in its own chapter, yet also differentiated from and compared to the other two theories. Very good soure for anyone wishing to understand them. I started out quite sympathetic to this for that reason. A theory which attempts to explain everything, explains nothing. Equally, the mere observation that ‘everything depends on everything else’ is, while undoubtedly true, useless for scientific inquiry – the virtue rests in identifying the specific and causal connections where possible, or at the very least a model or theory that can explain some subset of the totality of connections in a way that helps us solve problems. Contending Economic Theories offers a unique comparative treatment of the three main theories in economics as it is taught today: neoclassical, Keynesian, and Marxian. There is no discussion of Marx’s theory of money, or of finance and credit, or of rent, or technology and the rate of profit, other than as phenomena relevant to the distribution of value. Each is developed and discussed in its own chapter, yet also differentiated from and compared to the other two theories. Review: "Clear, comprehensive, and brimming with provocative insights, this new book by Richard Wolff and Stephen Resnick's book is a much-needed presentation of the three theories -- neoclassical, Keynesian, and Marxist -- that make up the contested terrain of contemporary economics. Buy Contending Economic Theories: Neoclassical, Keynesian, and Marxian (The MIT Press) by Wolff, Richard D, Resnick, Stephen A (ISBN: 9780262517836) from Amazon's Book Store. Since these approaches seem likely to become more and more significant in the mainstream of the discipline in the future, it is helpful to have a quick and accessible overview. Contending Economic Theories offers a unique comparative treatment of the three main theories in economics as it is taught today: neoclassical, Keynesian, and Marxian. They are the foundation of many divisions in our country. By Richard D. Wolff, Stephen A. Resnick, ISBN: 9780262517836, Paperback. In fact, for Marx at least, the entry point of his economic theory was not class but the commodity – the first pages of Capital are very clear on this point. You can still see all customer reviews for the product. Your recently viewed items and featured recommendations, Select the department you want to search in. This final section is actually by far the most useful and interesting part of the book, providing an admirably clear and understandable overview of the nature and implications of the move in mainstream economics towards game theory (classical and evolutionary), bounded rationality models, behavioral economics, and institutionalism. As mentioned, stating that everything depends on everything else is not an explanation and is not a theory, but is a banality used by obscurantists to seem intelligent and by the bored to shut up their interlocutor. Mixing Roy Bhaskar with Marx is the way to go. How this is to be squared with their stated purpose of presenting Marxist economics in a way that enables a meaningful comparison with others is not immediately apparent. It also analyzes reviews to verify trustworthiness. Personally I think Althusser greatly hurt Marxism, and Marx’s theories, W and R may not agree, but you’ve articulated quite justly why that is the case. Historical retrospective of conflicting theories, Reviewed in the United States on February 25, 2013. The authors identify each theory’s starting point, its goals and foci, and its internal logic. Although Wolff and Resnick are Marxists - of the Althusserian variety - they do an impeccable job of being completely neutral and unbiased in their assessment of the aforementioned theories. The theories are divided into two broad spectrums. This textbook is unique among economics textbooks. Such a book is a great idea, as there is a real shortage of clear and accessible comparative material that gives an overview of the different theoretical conceptions and methodological justifications that exist in economics, both orthodox and heterodox – not least because the interaction between method and content is perhaps nowhere as important as in that discipline. Publisher Synopsis "Clear, comprehensive, and brimming with provocative insights, this new book by Richard Wolff and Stephen Resnick's book is a much-needed presentation of the three theories -- neoclassical, Read more... User-contributed reviews. Each is developed and discussed in its own chapter, yet also differentiated from and compared to the other two theories. Of the many Kindle books I have read, this is the first that was missing the "Aa" font icon so that I was unable to change the font size. Read "Contending Economic Theories Neoclassical, Keynesian, and Marxian" by Richard D. Wolff available from Rakuten Kobo. Contending Economic Theories offers a unique comparative treatment of the three main theories in economics as it is taught today: neoclassical, Keynesian, and Marxian. The final section (pp. ; all of these books are far lengthier than Wolff and Resnick, while the latter loses no depth or rigor to their far briefer introduction). For the authors, Keynes’ notion of uncertainty and the ‘animal spirits’ that govern the psychological investor response in the face of it is an ad hoc concession to humanism in an otherwise structuralist explanation. And insofar as these are to be reducible to micro-foundations, Keynes did not oppose this, but simply did not consider it the subject of his critique – rather, the perfect equilibrium model being a special case of his ‘general theory’. Now of course they are right to not want to reduce actual capitalist societies to markets, nor to the pure form of capitalism as presented in Capital, but this is conflating terminology to such a degree as to make it unhelpful. The book is a very well-written and highly accessible intermediate level presentation of these traditions, with substantial development of the philosophical underpinnings, theoretical principles, and policy prescriptions of … All have flaws; all have good points; and all are theories. Read as many books as you like (Personal use) and Join Over 150.000 Happy Readers. But the combination of the Althusserian and the postmodern really manages to make Marxism seem considerably *less* convincing than even standard model neoclassical economics…. Of course, Wolff and Resnick are quite entitled to their own economic theories, and equally to present Marxist economics in a way that to them seems most coherent and comprehensible. The authors identify each theory's starting point, its goals and foci, and its internal logic. Each is developed and discussed in its own chapter, yet also differentiated from and compared to the other two theories. The authors identify each theory's starting point, its goals and foci, and its internal logic. The very end of the book considers why one should choose one theory over another – and in a few pages, the reader is treated to potted versions of the authors’ notion of ’empiricism’, of ‘rationalism’, and their opposition, as well as such insights as that facts, logics, and theories are not independent entities. A systematic comparison of the three major economic theories, showing how they differ and why these differences matter in shaping economic theory and practice. Contending Economic Theories: Neoclassical, Keynesian, and Marxian is a powerful book that compares the three economic traditions listed in its subtitle. 5/5! Unfortunately, I am unable to say that the book fulfils this promise. Hey, Not only is this so vague as to tell us nothing that distinguishes neoclassical economics, but it is also unintentionally far too great praise – as if all other economic theories rely on supernatural or metaphysical postulates! Overdetermination, the authors tell us, means that “every object of a theory may be understood as always both cause and effect of every other object… The objects of such a theory would be linked to one another in a logic of mutual causation that we refer to as ‘overdeterminist'” (p. 36). Amazon Price. Contending Economic Theories offers a unique comparative treatment of the three main theories in economics as it is taught today: neoclassical, Keynesian, and Marxian. Reviewed here is the way to go in theory as history is much more successful in teasing the! For anyone wishing to understand them on September 8, 2018 by no clear! 2012, 416 pp., $ 35.00/paper, who took human material reproduction in history as his starting point its... Over 58,000 free Kindle books of Economic theory Wikipedia and an article 'Anti-Slavery and '. Se þe læran sceal. said of the core principles of scientific theory is specific and limited in own. 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