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Until the end of the early 1970s, from a history of economic
thought perspective, the mainstream in economics was pluralist, but
once neoclassical economics became totally dominant it claimed the
mainstream as its own. Since then, alternative views and schools of
economics increasingly became minorities in the discipline and were
considered 'heterodox'. This book is in honour of John Edward King
who has an impressive publication record in the area of economic
theory with specific interest in how economic thought in the past
shapes current economic theory and enforces certain paths of
economic policy and economic development. This book is divided into
five themes based on King's interests. The first theme looks at the
challenge in trying to reclaim pluralism in economics. The second
faces head-on the direct collision of mainstream economics with
history of economic thought and heterodox economics. The third
addresses classical economic ideas, their central influence in the
past and how they can still primarily guide modern pluralist
economics. The fourth examines Post Keynesian and Kaleckian
economics with a view to providing a more coherent and extensive
branch of heterodox economics. The final theme critiques the policy
of neoliberalism that has entrenched itself in capitalist economies
which have led to financial, industrial, labour, and
behavioural/consumerist crises. This text aims to provide a clear
path for pluralism to serve the economics discipline as its
standard bearer, and to no longer be merely a heterodox challenge
to the mainstream. This book is of interest to those who study
history of economic thought, political economy and heterodox
economics.
This major book extends Michal Kalecki's investment cycle analysis
into an integrated dynamic model of how levels of confidence
experienced by entrepreneurs affect their decisions to invest. The
long-term, expensive and uncertain nature of investment projects
inhibits decision makers' confidence, making it susceptible to a
wide range of factors. Incorporating behavioural and evolutionary
analysis into a Kaleckian investment model, Jerry Courvisanos
develops the concept of susceptibility which provides the
foundation for an improved understanding of the empirically
observed cyclical instability of capital accumulation. Historically
based empirical patterns of cyclical manufacturing investment in
capitalist economies are identified and related to how the nature
of susceptibility alters over time. These alterations are shown to
create different investment cycle patterns over evolving periods of
economic development. Drawing on this susceptibility cycle model,
Jerry Courvisanos shows how corporate and governmental strategic
planners can better design policies to mitigate the instability
that investment exhibits. The result could be to diminish the
aggravating effect that investment instability has on business
cycles and employment in capitalist economies.
'Reflection on the ''history of opinion'', and its application to
our contemporary world and controversies over technology and our
environmental difficulties, is the distinguishing feature of the
thoughtful economist. If the reader of this book is moved to
reflect on the work of Schumpeter and Kalecki, the author of this
book will have succeeded. Even more important than this, if the
reader of this book comes to a changed and deeper understanding of
how technology changes in our faltering capitalist economies, and
of how the environment is affected by production and may be
improved with better ways of satisfying our personal and productive
needs, then the author will have done an even greater service to
his profession and humanity.' - From the foreword by Jan
Toporowski, School of Oriental and African Studies, University of
London, UK 'Jerry Courvisanos provides us with a timely analysis of
the forces behind the crises of capitalism and the tendency towards
ecologically unsustainable growth. He draws on the work of two of
most creative, if not most recognized, economists of the 20th
Century, Micha Kalecki and Joseph Schumpeter. In place of
mainstream analysis with its emphasis on marginal conditions for
optimisation around well-defined equilibrium, we have a world of
innovation, structural change, creative destruction, business
cycles, financial crises, changing income distribution and many
other inconvenient developments that plague modern economies.' -
From the foreword by Harry Bloch, Curtin University, Australia
Cycles, crises and innovation are the major economic forces that
shape capitalist economies. Using a critical realist political
economy approach, the analysis in this fine work is based on the
works of Michal Kalecki and Joseph Schumpeter - both of whom
identify these three dynamic forces as plotting the path of
economic development. Jerry Courvisanos' thought-provoking book
examines how the rise of capital through investment enshrines
innovation in profit and power which in turn determines the course
of cycles and crises. The author concludes by arguing for strategic
intervention by transformative eco-innovation as a public policy
path to ecologically sustainable development. This
interdisciplinary book will appeal to economists, innovation and
entrepreneurship-based scholars, postgraduate students studying the
political economy of both innovation and entrepreneurship, regional
development planners and economic development policy makers. Anyone
with a general interest in economics, politics and innovation or
looking for a path out of the economic and ecological morass of
current capitalism, will also find much to interest them in this
book.
Until the end of the early 1970s, from a history of economic
thought perspective, the mainstream in economics was pluralist, but
once neoclassical economics became totally dominant it claimed the
mainstream as its own. Since then, alternative views and schools of
economics increasingly became minorities in the discipline and were
considered 'heterodox'. This book is in honour of John Edward King
who has an impressive publication record in the area of economic
theory with specific interest in how economic thought in the past
shapes current economic theory and enforces certain paths of
economic policy and economic development. This book is divided into
five themes based on King's interests. The first theme looks at the
challenge in trying to reclaim pluralism in economics. The second
faces head-on the direct collision of mainstream economics with
history of economic thought and heterodox economics. The third
addresses classical economic ideas, their central influence in the
past and how they can still primarily guide modern pluralist
economics. The fourth examines Post Keynesian and Kaleckian
economics with a view to providing a more coherent and extensive
branch of heterodox economics. The final theme critiques the policy
of neoliberalism that has entrenched itself in capitalist economies
which have led to financial, industrial, labour, and
behavioural/consumerist crises. This text aims to provide a clear
path for pluralism to serve the economics discipline as its
standard bearer, and to no longer be merely a heterodox challenge
to the mainstream. This book is of interest to those who study
history of economic thought, political economy and heterodox
economics.
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