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The history of policymaking has been dominated by two rival
assumptions about markets. Those who have advocated Keynesian-type
policies have generally based their arguments on the claim that
markets are imperfectly competitive. On the other hand laissez
faire advocates have argued the opposite by claiming that in fact
free market policies will eliminate "market imperfections" and
reinvigorate perfect competition. The goal of this book is to enter
into this important debate by raising critical questions about the
nature of market competition in both the neoclassical and Kaleckian
traditions By drawing on the insights of the classical political
economists, Schumpeter, Hayek, the Oxford Economists' Research
Group (OERG) and others, the authors in this book challenge this
perfect versus imperfect competition dichotomy in both theoretical
and empirical terms. There are important differences between the
theoretical perspectives of several authors in the broad
alternative theoretical tradition defined by this book;
nevertheless, a unifying theme throughout this volume is that
competition is conceptualized as a dynamic disequilibrium process
rather than the static equilibrium state of conventional theory.
For many of the authors the growth of the firm is consistent with a
heightened degree of competitiveness, as the classical economists
and Schumpeter emphasized, and not a lowered one as in the
conventional 'monopoly capital' and imperfect competition
perspectives. Contributions by Rania Antonopoulos, Serdal Bahce,
Cyrus Bina, Scott Carter, Benan Eres, Jason Hecht, Jack High,
William Lazonick, Andreis Lazzarini, Fred S. Lee, J. Stanley
Metcalfe, Jamee Moudud, John Sarich, Anwar Shaikh, Persefoni
Tsaliki, Lefteris Tsoulfidis, and John Weeks.
Over the last several decades, academic discourse on racial
inequality has focused primarily on political and social issues
with significantly less attention on the complex interplay between
race and economics. African Americans in the U.S. Economy
represents a contribution to recent scholarship that seeks to
lessen this imbalance. This book builds upon, and significantly
extends, the principles, terminology, and methods of standard
economics and black political economy. Influenced by path-breaking
studies presented in several scholarly economic journals, this
volume is designed to provide a political-economic analysis of the
past and present economic status of African Americans. The chapters
in this volume represent the work of some of the nation's most
distinguished scholars on the various topics presented. The
individual chapters cover several well-defined areas, including
black employment and unemployment, labor market discrimination,
black entrepreneurship, racial economic inequality, urban
revitalization, and black economic development. The book is written
in a style free of the technical jargon that characterizes most
economics textbooks. While the book is methodologically
sophisticated, it is accessible to a wide range of students and the
general public and will appeal to academicians and practitioners
alike.
Over the last several decades, academic discourse on racial
inequality has focused primarily on political and social issues
with significantly less attention on the complex interplay between
race and economics. African Americans in the U.S. Economy
represents a contribution to recent scholarship that seeks to
lessen this imbalance. This book builds upon, and significantly
extends, the principles, terminology, and methods of standard
economics and black political economy. Influenced by path-breaking
studies presented in several scholarly economic journals, this
volume is designed to provide a political-economic analysis of the
past and present economic status of African Americans. The chapters
in this volume represent the work of some of the nation's most
distinguished scholars on the various topics presented. The
individual chapters cover several well-defined areas, including
black employment and unemployment, labor market discrimination,
black entrepreneurship, racial economic inequality, urban
revitalization, and black economic development. The book is written
in a style free of the technical jargon that characterizes most
economics textbooks. While the book is methodologically
sophisticated, it is accessible to a wide range of students and the
general public and will appeal to academicians and practitioners
alike.
This study guide is designed to help students read and understand
the text, African Americans in the U.S. Economy. Each Study Guide
chapter contains the following pedagogical features: 1. Key Terms
and Institutions 2. Key Names 3. True/False Questions 4.
Multiple-Choice Questions 5. Essay Questions
THE JANUS-FACE OF RACE: REFLEC- TIONS ON ECONOMIC THEORY Patrick L.
Mason and Rhonda Williams Many economists are willing to accept
that race is a significant factor in US eco nomic and social
affairs. Yet the professional literature displays a peculiar schizo
phrenia when faced with the task of actually formulating what race
means and how race works in our political economy. On the one hand,
race matters when the dis cussion is focused on anti-social
behavior, social choices, and undesired market outcomes.
Inexplicably, African Americans are more likely to prefer welfare,
lower labor force participation, and unemployment. On the other
hand, race does not matter when the subject of discussion is
economically productive or socially accept able activities and
legal market choices (for example, wages and employment). This
Janus-faced construction of race is maintained by economists'
stubborn ad herence to the market power hypothesis. The market
power hypothesis asserts that racial discrimination and market
competition are inversely correlated. Discrimina tory behavior will
persist only in those sectors of society where the competitive
forces of the market are least operative. When applied to the labor
market, the mar ket power hypothesis suggests that pre- and
post-labor market decisions represent disjoint sets. On average,
members of a disadvantaged social group may accumulate a lower
amount of or a lower quality of productive attributes because of
discrimina tion in marital, residential, or school choice, or
because of substantial animosity in day-to-day interpersonal
relations with members of a privileged group.
THE JANUS-FACE OF RACE: REFLEC- TIONS ON ECONOMIC THEORY Patrick L.
Mason and Rhonda Williams Many economists are willing to accept
that race is a significant factor in US eco nomic and social
affairs. Yet the professional literature displays a peculiar schizo
phrenia when faced with the task of actually formulating what race
means and how race works in our political economy. On the one hand,
race matters when the dis cussion is focused on anti-social
behavior, social choices, and undesired market outcomes.
Inexplicably, African Americans are more likely to prefer welfare,
lower labor force participation, and unemployment. On the other
hand, race does not matter when the subject of discussion is
economically productive or socially accept able activities and
legal market choices (for example, wages and employment). This
Janus-faced construction of race is maintained by economists'
stubborn ad herence to the market power hypothesis. The market
power hypothesis asserts that racial discrimination and market
competition are inversely correlated. Discrimina tory behavior will
persist only in those sectors of society where the competitive
forces of the market are least operative. When applied to the labor
market, the mar ket power hypothesis suggests that pre- and
post-labor market decisions represent disjoint sets. On average,
members of a disadvantaged social group may accumulate a lower
amount of or a lower quality of productive attributes because of
discrimina tion in marital, residential, or school choice, or
because of substantial animosity in day-to-day interpersonal
relations with members of a privileged group."
The history of policymaking has been dominated by two rival
assumptions about markets. Those who have advocated Keynesian-type
policies have generally based their arguments on the claim that
markets are imperfectly competitive. On the other hand laissez
faire advocates have argued the opposite by claiming that in fact
free market policies will eliminate "market imperfections" and
reinvigorate perfect competition. The goal of this book is to enter
into this important debate by raising critical questions about the
nature of market competition in both the neoclassical and Kaleckian
traditions By drawing on the insights of the classical political
economists, Schumpeter, Hayek, the Oxford Economists' Research
Group (OERG) and others, the authors in this book challenge this
perfect versus imperfect competition dichotomy in both theoretical
and empirical terms. There are important differences between the
theoretical perspectives of several authors in the broad
alternative theoretical tradition defined by this book;
nevertheless, a unifying theme throughout this volume is that
competition is conceptualized as a dynamic disequilibrium process
rather than the static equilibrium state of conventional theory.
For many of the authors the growth of the firm is consistent with a
heightened degree of competitiveness, as the classical economists
and Schumpeter emphasized, and not a lowered one as in the
conventional 'monopoly capital' and imperfect competition
perspectives. Contributions by Rania Antonopoulos, Serdal Bahce,
Cyrus Bina, Scott Carter, Benan Eres, Jason Hecht, Jack High,
William Lazonick, Andreis Lazzarini, Fred S. Lee, J. Stanley
Metcalfe, Jamee Moudud, John Sarich, Anwar Shaikh, Persefoni
Tsaliki, Lefteris Tsoulfidis, and John Weeks.
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