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Microeconomics for the Critical Mind - Mainstream and Heterodox Analyses (Hardcover, 1st ed. 2021)
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Microeconomics for the Critical Mind - Mainstream and Heterodox Analyses (Hardcover, 1st ed. 2021)
Series: Classroom Companion: Economics
Expected to ship within 9 - 15 working days
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This textbook explains comprehensively and in rigorous detail not
only mainstream microeconomics, but also why many economists are
dissatisfied with major aspects of it, and the alternative that
they are exploring in response: the Classical-Keynesian-Kaleckian
approach. This advanced yet user-friendly book allows readers to
grasp the standard theory of consumers, firms, imperfect
competition, general equilibrium, uncertainty, games and asymmetric
information. Furthermore, it examines the classical approaches to
value and income distribution advocated by Adam Smith, David
Ricardo and Karl Marx, as well as Post-Keynesian pricing theory,
and the microeconomics of variable capacity utilization. Using
simple models, it highlights the analytical roots of the important
differences between the marginal/neoclassical approach and the
classical-Keynesian, critically examining the plausibility and
reciprocal consistency of their assumptions. The book also
addresses various microeconomic issues not generally included in
advanced microeconomics textbooks, including differential land
rent, joint-production long-period pricing, capital theory from
Walras to the Cambridge debates, the foundations of aggregate
production functions, the microeconomics of labor markets, and the
long-period theory of wages. Lastly, it presents a unique
re-evaluation of welfare economics. Intended for advanced
undergraduate and graduate microeconomics courses, this textbook
offers a comprehensive introduction to the various approaches and
different schools of thought currently competing in the context of
economic theory. It can also be used in courses on value and
distribution, heterodox economics, and the history of economic
analysis. In the present situation, characterized by scientific
uncertainty and the co-existence of competing approaches, it will
stimulate students to form their own opinion as to which approach
appears more promising from a scientific standpoint.
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