This book of selected essays presents constructive analyses of vital economic problems confronting the United States since the 1970s, giving special attention to challenges facing working families. The analyses, produced by Charles Whalen over three decades, address the causes and consequences of macroeconomic instability, job offshoring, community economic dislocation, financialization, and income inequality. They also explore the various dimensions of worker insecurity and underscore the dynamics of an ever-changing economy. The result is a compelling case for reforming capitalism by addressing workers' interests as an integral part of the common good, and for reconstructing economics in the direction of post-Keynesian institutionalism. Whalen's reformist approach builds not only on the institutional economics of John R. Commons, but also on the post-Keynesianism of Hyman Minsky, who stressed that society should be democratic and humane. To that end, the book gives attention to policy-making processes as well as policy details. Scholars and students of economics and labor studies will appreciate the incisive analyses and real-world focus. Historians and economic sociologists will be interested in the book's attention to the evolution of US capitalism; and policy analysts and concerned citizens will welcome its emphasis on economic reform and optimistic vision for our economic future.

This book advances Post-Keynesian Institutional economics, an integrative tradition-inspired by keen economic observers such as John Kenneth Galbraith, Joan Robinson, and Hyman Minsky-that bridges Institutional and Post Keynesian economics. The tradition proved its worth by addressing the global financial crisis of 2007-2009, as well as by analyzing long-term trends accompanying the evolution of investor-driven ("money manager") capitalism, including financialization, spreading worker insecurity, and rising inequality. This Modern Guide begins with the history and contours of Post-Keynesian Institutionalism, and then breaks new ground, extending recent analyses of contemporary economic problems, sharpening concepts and methods, sketching new theories, and synthesizing ideas across research traditions. Written by leading scholars, this authoritative collection identifies policy-relevant frontiers-on matters ranging from social capital and economic democracy to feminism and environmental sustainability-thereby setting an ambitious agenda for further Post-Keynesian Institutionalist research. In addition to being useful as a statement of current Post-Keynesian Institutionalist issues and research, the book serves as both a valuable reference volume and a source of material appropriate for course adoption for undergraduate and graduate students. Policymakers and policy analysts dissatisfied with the status quo should also find the book of interest. It will likely be especially relevant to those concerned with financial instability, worker insecurity, and inequality, problems that in recent years have had considerable economic and political consequences.

'A failing orthodoxy calls out for powerful alternatives. Neoclassical economics is that failed orthodoxy; Whalen and his contributors are the critical alternative. In this finely orchestrated edited volume, the contributors take turns wielding a sledgehammer to demolish the weakened edifice of neoclassical theory. Then, each adds a brick to a new theoretical foundation as they work together to expand upon the Post-Keynesian Institutionalist approach, especially the ideas laid down by Hyman Minsky. Their critique is clear and the alternative theory and policies they present are critical for anyone trying to understand the nature and operation of market-based economies.' - Dorene Isenberg, University of Redlands 'A convergence of Post Keynesian and Institutional economics, which have much in common, offers a sound and practical way forward after the Great Recession. By drawing inspiration from Hyman Minsky and tracing similarities in the economics of Veblen, Commons and Keynes, this book pursues such a convergence in an original and thought-provoking manner. The result is a new way of thinking about economics, one based on serious economic theory and rooted firmly in economic reality.' - Philip Arestis, University of Cambridge, UK This timely book rethinks economic theory and policy by addressing the problem of economic instability and the need to secure broadly shared prosperity. It stresses that advancing economics in the wake of the Great Recession requires an evolutionary standpoint, greater attention to uncertainty and expectations, and the integration of finance into macroeconomics. The result is a broader array of policy options - and challenges - than conventional economics presents. Building on the pioneering work of Thorstein Veblen, John R. Commons and John Maynard Keynes, the authors synthesize key insights from Institutional and Post Keynesian economics into Post-Keynesian Institutionalism. Then they use that framework to explore an array of economic problems confronting the United States and the world. Inspired by the work of Hyman Minsky, the authors place financial relations at the center of their analysis of how economies operate and change over time. Students and scholars of macroeconomics and public policy will find this book of interest, as will a wider audience of financial analysts, policy makers and citizens interested in understanding economic booms and downturns.

Institutional economics is a sociocultural discipline and policy science which draws on the idea that economies are best understood through an appreciation of history, real-world institutions, and socioeconomic interrelations. This book brings together leading institutionalists to examine the tradition's most essential perspectives and methods. The contributors to the book draw on a broad range of institutional thought from the classic work of Thorstein Veblen, John R. Commons, and Karl Polanyi, to the newer viewpoints of post-Keynesian institutionalism, feminist institutionalism, and environmental institutionalism. Methods range from frameworks used to analyze public policy and institutional change, to modes of analysis including myth busting, historically grounded narratives, and computer-based simulations. Each chapter surveys the origins, development, key features, applications, and frontiers of a particular viewpoint, framework, or mode of analysis. Due consideration is given to both strengths and weaknesses; and woven into the chapters is attention to core institutionalist concepts, including technology, institutions, culture, and complexity. The book provides economists with promising starting points for new research, students with contributions refreshingly in touch with the real world, and policymakers and social scientists with compelling reasons for engaging further with the institutionalist tradition.

Institutional economics is a sociocultural discipline and policy science which draws on the idea that economies are best understood through an appreciation of history, real-world institutions, and socioeconomic interrelations. This book brings together leading institutionalists to examine the tradition's most essential perspectives and methods. The contributors to the book draw on a broad range of institutional thought from the classic work of Thorstein Veblen, John R. Commons, and Karl Polanyi, to the newer viewpoints of post-Keynesian institutionalism, feminist institutionalism, and environmental institutionalism. Methods range from frameworks used to analyze public policy and institutional change, to modes of analysis including myth busting, historically grounded narratives, and computer-based simulations. Each chapter surveys the origins, development, key features, applications, and frontiers of a particular viewpoint, framework, or mode of analysis. Due consideration is given to both strengths and weaknesses; and woven into the chapters is attention to core institutionalist concepts, including technology, institutions, culture, and complexity. The book provides economists with promising starting points for new research, students with contributions refreshingly in touch with the real world, and policymakers and social scientists with compelling reasons for engaging further with the institutionalist tradition.

Charles Whalen's book identifies avenues leading to the revitalization of industrial relations as an academic discipline. The contributors, a stellar assemblage of the field's leading scholars, demonstrate there is much work to be done: the scope and intellectual content of industrial relations need to be reconsidered; academic and social institutions must be reshaped; and new conceptual and practical issues demand attention. The contributors to this volume examine a broad range of issues. Some chapters explore the conceptual boundaries and core assumptions of the field. Others probe how industrial relations correlates with social capital, the law and globalization. Still others outline new approaches to academic programs and institutions, labor and employment journals, and the integration of teaching and community service. A wrap-up chapter by MIT's Thomas Kochan ties all this together and presents additional insights on the revitalization of the field. Industrial relations scholars, labor studies, sociology and business professors as well as many practitioners will find much to recommend in this book.

This text provides an alternative to conventional economics, drawing on the neoclassical and non-neoclassical insights of Lester Thurow, Robert Heilbroner, Alice Amsden, Barry Bluestone and 11 other prominent economists from America and England. It is intended to provide productive analyses of several contemporary economic problems.

This text provides an alternative to conventional economics, drawing on the neoclassical and non-neoclassical insights of Lester Thurow, Robert Heilbroner, Alice Amsden, Barry Bluestone and 11 other prominent economists from America and England. It is intended to provide productive analyses of several contemporary economic problems.

'A failing orthodoxy calls out for powerful alternatives. Neoclassical economics is that failed orthodoxy; Whalen and his contributors are the critical alternative. In this finely orchestrated edited volume, the contributors take turns wielding a sledgehammer to demolish the weakened edifice of neoclassical theory. Then, each adds a brick to a new theoretical foundation as they work together to expand upon the Post-Keynesian Institutionalist approach, especially the ideas laid down by Hyman Minsky. Their critique is clear and the alternative theory and policies they present are critical for anyone trying to understand the nature and operation of market-based economies.' - Dorene Isenberg, University of Redlands 'A convergence of Post Keynesian and Institutional economics, which have much in common, offers a sound and practical way forward after the Great Recession. By drawing inspiration from Hyman Minsky and tracing similarities in the economics of Veblen, Commons and Keynes, this book pursues such a convergence in an original and thought-provoking manner. The result is a new way of thinking about economics, one based on serious economic theory and rooted firmly in economic reality.' - Philip Arestis, University of Cambridge, UK This timely book rethinks economic theory and policy by addressing the problem of economic instability and the need to secure broadly shared prosperity. It stresses that advancing economics in the wake of the Great Recession requires an evolutionary standpoint, greater attention to uncertainty and expectations, and the integration of finance into macroeconomics. The result is a broader array of policy options - and challenges - than conventional economics presents. Building on the pioneering work of Thorstein Veblen, John R. Commons and John Maynard Keynes, the authors synthesize key insights from Institutional and Post Keynesian economics into Post-Keynesian Institutionalism. Then they use that framework to explore an array of economic problems confronting the United States and the world. Inspired by the work of Hyman Minsky, the authors place financial relations at the center of their analysis of how economies operate and change over time. Students and scholars of macroeconomics and public policy will find this book of interest, as will a wider audience of financial analysts, policy makers and citizens interested in understanding economic booms and downturns.