This important new book - the first of its kind - provides a detailed analysis and critical appraisal of the neo-Ricardian Keynesians and the post Keynesians. After placing them in the context of modern schools of macroeconomics, it discusses their contributions including the neo-Ricardian synthesis of Sraffa's ideas on the heterogeneity of capital goods and Keynes's ideas on effective demand, and the post Keyensian analysis of the role of historical time, money and uncertainty in Keynes's work. In conclusion, it suggests a synthesis of their views which could be seen as a starting point for an important challenge to mainstream economics.

The decade of the 1980s represented a notable deviation from the widespread and significant development advances of the previous 30 years. This was reflected in an extensive re-examination of the theoretical and empirical bases of development economics.This major new book - written by a group of distinguished economists - provides the new directions needed for confronting the continuing challenge of development. Lance Taylor, Joseph Stiglitz and Amitava Dutt focus primarily on recent theoretical developments and highlight significant advances in several areas especially in new structuralist and new neoclassical approaches. Ajit Singh, Keith Griffin and Kenneth Jameson present a refreshing perspective on the recent experience of developing countries and the prospects of development in coming decades. The main thesis of the book is that the 1980s represented a clear break in the development processes, but the 1990s and beyond hold the possibility of a viable re-direction of development and development economics.

Markets and the state are usually seen as opposed to each other as instruments of economic development. This important new book attempts to go beyond the state-market debate, which it sees as largely the intellectual legacy of neoclassical economics, and the related pendulum swings of opinion favouring one against the other. Arguing that development can be hindered and fostered by both the state and markets, the contributing authors suggest that the real challenge is not to choose between them but to find ways in which their virtues can be utilized jointly to further the goals of development. The first part provides some general perspectives which critically analyse mainstream neoclassical views on states and markets while also providing some alternative approaches. The contributors to the second part examine state-market interaction in Latin America, South Korea and India.

New Directions in Analytical Political Economy brings together an important collection of economic research by scholars from a wide range of non-neoclassical research traditions.This book provides a flavour of recent research in non-neoclassical economic theory - drawing on classical, Marxian, post Keynesian and Kaleckian, structuralist, evolutionary and institutional approaches - using mathematical analysis. The papers deal with a variety of themes, including unemployment, financial crises and business cycles; technological change and long-run growth; value, prices and pricing, and international terms of trade; the role of agriculture, foreign exchange and fiscal constraint on growth, hyperinflation and wage indexation, and stability in mixed economies. The contributors base their analysis on the structure, history and institutions at hand, and not just on ever more elaborate optimizing principles as is fashionable in mainstream economics. However, they do not turn their backs on mainstream concepts and methods, using formal mathematical models to conduct their analysis in a rigorous way. Combining a broad approach to economics with mathematically based analysis, this important new book will be welcomed by economists wanting to go beyond the boundaries of neoclassical economics, without losing the rigour of modern economic theory.