Does anyone recognize Marx in this? Such a newcomer would not know how idiosyncratic and outright misleading much of the presentation is. Contending Economic Theories: Neoclassical, Keynesian, and Marxian is a powerful book that compares the three economic traditions listed in its subtitle. Each is developed and discussed in its own chapter, yet also differentiated from and compared to the other two theories. Each also has its own entry point, however, corresponding to these methods. Here, too, various strange idiosyncrasies show up, such as the insistence of the authors that each class mode of production – and in an oddly orthodox fashion they determine their exact number and name in advance – has its own ‘fundamental class process’. This latter notion, class as the entry point of Marxian economics within a general framework of overdeterminism, dominates Wolff and Resnick’s explanation of Marxian economics itself. Hide other formats and editions. 288 pp., £55.00 / €68.80 hardcover 978-0-7456-6423-1, £17.99 / €22.50 paperback 978-0-7456-6424-8 The authors identify each theory's starting point, its goals and foci, and its internal logic. The theories are divided into two broad spectrums. A systematic comparison of the three major economic theories, 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. A theory which attempts to explain everything, explains nothing. By ‘humanism’, they seem to mean methodological individualism, although their actual description is so general as to be useless: “Humanism affirms that human beings can become masters of their lives on earth. Buy Contending Economic Theories: Neoclassical, Keynesian, and Marxian (The MIT Press) by Wolff, Richard D, Resnick, Stephen A (ISBN: 9780262517836) from Amazon's Book Store. The authors identify each theory's starting point, its goals and foci, and its internal logic. The Montréal Review, November 2012 *** "Contending Economic Theories: Neoclassical, Keynesian, and Marxian" by Richard Wolff and Stephen Resnick (MIT Press, 2012) *** "At a time when the world is in an economic tailspin, confusion over the 'dismal science' has never been more pronounced. The current book under review, "Contending Economic Theories: Neoclassical, Keynesian, and Marxian" published by MIT Press, is an extension of their previous book. Each is developed and discussed in its own chapter, yet also differentiated from and compared to the other two theories. "Lange sceal leornian se þe læran sceal." To my complete bafflement, the authors seem to think it fairly evident that the former is to be preferred over the latter, although the choice, being itself ‘overdetermined’, is of course arbitrary and purely a matter of taste. Outlines of Economic Theory The authors identify each theory's starting point, its goals and foci, and its internal logic. Equally, the mere observation that ‘everything depends on everything else’ is, while undoubtedly true, useless for scientific inquiry – the virtue rests in identifying the specific and causal connections where possible, or at the very least a model or theory that can explain some subset of the totality of connections in a way that helps us solve problems. Very good analysis of Alternative Economic Theories, Reviewed in the United States on January 30, 2013. They defend this by the rather ridiculous proposition that “the point was not to claim that class was any more important a part of society than power, individual preferences, institutions, language, race, or gender. Not only is this so vague as to tell us nothing that distinguishes neoclassical economics, but it is also unintentionally far too great praise – as if all other economic theories rely on supernatural or metaphysical postulates! Contending Economic Theories: Neoclassical, Keynesian, and Marxian. This is a really good introductory primer on the three competing economic theories: neoclassical, Keynesian, and Marxian. Contending Economic Theories Book Review: Offers a unique comparative treatment of the three main theories in economics as it is taught today: neoclassical, Keynesian, and Marxian. For neoclassical economics, this is the individual’s preferences and the resource endowment (including technology); for Keynesian economics, this is the economy as a whole (it is not explained how this can be an entry point in their sense); for Marxian economics, this is class. And insofar as these are to be reducible to micro-foundations, Keynes did not oppose this, but simply did not consider it the subject of his critique – rather, the perfect equilibrium model being a special case of his ‘general theory’. Contending Economic Theories offers a unique comparative treatment of the three main theories in economics as it is taught today: neoclassical, Keynesian, and Marxian. What really mars the book’s comparative purpose is the bizarre quasi-sophisticated epistemological framework the authors impose upon the theoretical material. Buy Contending Economic Theories: Neoclassical, Keynesian, and Marxian (The MIT Press) by Wolff, Richard D, Resnick, Stephen A (ISBN: 9780262517836) from Amazon's Book Store. Their actions alone can produce a better life for them. - Vol. Necessarily, this part is short, but it is to the point. This seems fair enough of itself, but then the authors consider each class process analogous to it in present society as properly belonging to that mode of production – so that for example labor in the nuclear household is ‘feudal’ (p. 230), and they suggest that capitalism is rife with ‘ancient’, ‘slave’ etc. The authors identify each theory's starting point, its goals and foci, and its internal logic. They are knowledgeable about the other theories, but their selection of what to include in the book seems "overdetermined. I had to untangle their Marx before I could even start comparing theories. At least we still have that. A bit of searching, like Wikipedia and an article 'Anti-Slavery and Anti-Capitalism' available online, confirms they are Marxist. For Marxist economists, they understand the basic notion of capitalism as an example of a class society producing and distributing a surplus, but surprisingly little else emerges. There are over 58,000 free Kindle books that you can download at Project Gutenberg. This philosophical oddity would perhaps not have such consequences if the authors had not decided to make the ‘entry points’ of the three theoretical schools the central point of comparison, next to the method. Contending Economic Theories offers a unique comparative treatment of the three main theories in economics as it is taught today: neoclassical, Keynesian, and Marxian. Admittedly that was a bit of an unfair dig, haha. Piero Sraffa did just that in the 1930s, building on Marx but rejecting or transforming major elements of his theory. It's not a science. In fact, the presentations of standard neoclassical economics and the Keynesian approach are acceptable enough, and will serve the purpose as well as any other textbook on the subject would. The book I reviewed here is the 2nd (expanded) edition of the one you mention. Moreover, as Marxist economists of some recent popular renown – at least in the case of Richard Wolff, as Stephen Resnick sadly died earlier this year – you’d expect the authors’ heterodox view of economic theory to make such a comparison more fair and useful than it would be if undertaken by an orthodox neoclassical historian of economics. The current book under review, "Contending Economic Theories: Neoclassical, Keynesian, and Marxian" published by MIT Press, is an extension of their previous book. (PDF) Contending Economic Theories | Muhammed Adamu ... ... Not Mine. 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