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The Morality of Radical Economics - Ghost Curve Ideology and the Value Neutral Aspect of Neoclassical Economics (Hardcover, 1st ed. 2016)
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The Morality of Radical Economics - Ghost Curve Ideology and the Value Neutral Aspect of Neoclassical Economics (Hardcover, 1st ed. 2016)
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This book is in equal parts a treatise on morality and economics, a
critique of neoclassical orthodoxy, a brief for replacing
mainstream economics with a radical political economics, and an
argument for the abandonment of neoliberal capitalism in favor of
democratic socialism. It includes a detailed proposal for a "demand
and cost" alternative to "supply and demand" analysis and an
in-depth technical critique of both neoclassical "high theory" and
"applied microeconomic analysis" demonstrating that these are not
only infeasible or immoral, but have directly contributed to public
policy disasters. Further, the book suggests that only a moral
economics in the form of radical political economy can address the
looming economic and environmental crises of today's world. Baiman
begins with an introduction to morality and ethics in both general
sciences and in economics in particular. He then guides readers
through evidence of how neoclassical economics has not only failed
to remain objective and value-free, but has become an ideology of
apologetics protecting an immoral system. In addition to breaking
down real-world examples to demonstrate his assertions, Baiman
analyzes a theoretical Utopia design exercise. He concludes by
arguing that the only form of economics that supports widely shared
human values-such as social equity, democracy, and solidarity-is
so-called "radical economics", and that all true economics science
should be directed toward achieving more socially productive
economic activity. An invaluable guide to morality and economics,
this book will appeal to researchers and teachers looking to change
the way we think about economics, policy, and society.
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