A systematic comparison of the 3 major economic
theories--neoclassical, Keynesian, and Marxian--showing how they
differ and why these differences matter in shaping economic theory and
practice.
Contending Economic Theories offers a unique comparative treatment of
the three main theories in economics as it is taught today:
neoclassical, Keynesian, and Marxian. Each is developed and discussed in
its own chapter, yet also differentiated from and compared to the other
two theories. The authors identify each theory's starting point, its
goals and foci, and its internal logic. They connect their comparative
theory analysis to the larger policy issues that divide the rival camps
of theorists around such central issues as the role government should
play in the economy and the class structure of production, stressing the
different analytical, policy, and social decisions that flow from each
theory's conceptualization of economics.
Building on their earlier book Economics: Marxian versus Neoclassical,
the authors offer an expanded treatment of Keynesian economics and a
comprehensive introduction to Marxian economics, including its class
analysis of society. Beyond providing a systematic explanation of the
logic and structure of standard neoclassical theory, they analyze recent
extensions and developments of that theory around such topics as market
imperfections, information economics, new theories of equilibrium, and
behavioral economics, considering whether these advances represent new
paradigms or merely adjustments to the standard theory. They also
explain why economic reasoning has varied among these three approaches
throughout the twentieth century, and why this variation continues
today--as neoclassical views give way to new Keynesian approaches in the
wake of the economic collapse of 2008.
