A History of Heterodox Economics: Challenging the Mainstream by Frederic Lee

By Frederic Lee

Economics is a contested educational self-discipline among neoclassical economics and a suite of other methods, reminiscent of Marxism-radical economics, Institutional economics, publish Keynesian economics, and others, which may jointly be referred to as heterodox economics. as a result of dominance of neoclassical economics, the life of the choice techniques is usually now not identified. This ebook is worried with the neighborhood heritage of heterodox economics, visible basically throughout the eyes of Marxian-radical economics and put up Keynesian economics.

Throughout the 20 th century neoclassical economists together with country and collage energy have attacked heterodox economists and attempted to cleanse them from the academy. Professor Lee, his groundbreaking new identify discusses matters together with the contested panorama of yankee economics within the Nineteen Seventies, the emergence and institution of submit Keynesian economics within the US and the advance of heterodox economics in Britain from 1970 to 1996.


'Fred Lee is a world treasure to heterodox economics, and this booklet is a treasure chest for heterodox economists, rigorously laying out the place now we have come from and what we're up opposed to. it's primary examining for all of these involved to provide possible choices to an intellectually bankrupt and illiberal mainstream.' -- Ben fantastic (SOAS, collage of London, UK)

'Fred Lee has his finger at the pulse of heterodox economics. This booklet should be of curiosity to somebody serious about heterodox economics, its background, and its destiny. In documenting a number of the little-known background of heterodox economics within the twentieth century, Fred Lee has created a helpful paintings that fills an enormous hole within the literature.' -- Geoffrey Schneider (Bucknell collage, USA)

'Fred Lee is a passionate and tireless proponent of heterodox economics, either in his organizational and scholarly actions. during this booklet the 2 units of actions come jointly. Lee presents a good dialogue of the heritage of heterodox economics in context of the corporations and networks of the economics discipline.' -- Wilfred Dolfsma (Utrecht collage, the Netherlands)

'For a long time, Lee has been meticulously documenting the marginalization or even exclusion of heterodox economics within the US and the united kingdom. eventually, he has prepare his long-awaited, encyclopedic survey of the sphere. despite the fact that, this publication reads good, unlike a dry encyclopedia. Lee provides colour by means of introducing his reader to a number of the students on the way to provide a context to their paintings. ... This ebook merits the widest attainable stream. ... hugely suggested. -- selection, M. Perelman (California country collage)

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Additional info for A History of Heterodox Economics: Challenging the Mainstream in the Twentieth Century (Routledge Advances in Heterodox Economics)

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The blasphemous nature of his work was quickly recognized by neoclassical economists who responded accordingly. One response was the administered price controversy of the 1930s, which was largely an attempt to either empirically dismiss Means’s research (and hence his doctrine) or to show that administered or inflexible prices could be entirely accounted for within neoclassical price theory. Although both responses individually failed in their objective, together they achieved the desired outcome: convincing neoclassical economists that Means’s doctrine of administered prices did not pose any threat to their theory.

However, the Haymarket incident in 1886 combined with increasing violent labor strikes, demonstration for the eight-hour day, the rise of prairie populism, and the increasing popularity of Henry George’s singletax movement and Edward Bellamy’s Nationalism movement startled many of these young historically oriented economists. Moreover, there was the spread of classical-based Georgist and Marxian economic theories with their extensive theory of rent that had land yielding unearned value and theory of profits based on the exploitation of workers among the laboring classes thus raising the spectra of a class war.

29 The intended outcome of these changes was that graduate students ceased to identify or even have the possibility to identify with Institutional economics. Thus by 1930, Hamilton’s brash heretical shout for the institutional approach to economic theory had become a mild calling; and by 1940 a heretical whimper little differentiated from neoclassical price theory. In fact, by 1940 many neoclassical economists had come to see Institutionalism and neoclassical theory as quite compatible, albeit with different emphases30 (Gaffney and Harrison 1994; Emmett 1998; Carlson 1968; Young 1925; Jones 1988; Sass 1982; Ross 1991; Mayhew 1987; Hamilton 1918a, 1918b, 1919; Parker 1919; Hammond 2000; Gruchy 1947; Bernstein 2001; Hodgson 2001; Rutherford 1997, 2000a, 2000b, 2001, 2002, 2003a, 2004; and Kaufman 2007).

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