Competing Economic Theories

Providing a contemporary overview of the debate amongst theoretical stands in economics, this book brings together contributions from a number of eminent scholars. It covers important issues in methodology and the history of thought, as well as economic analysis. The book is structured in five parts: * Part I focuses on the relevance of the history of economic ideas for current economic analysis. * Part II centres around the role of classical theory of value and distribution. In the light of Sraffa’s unpublished papers, recently made available to scholars, new suggestions as to Sraffa’s interpretation of Ricardo are posited. * Part III contrasts the equilibrium approach with an out-of-equilibrium perspective. Keynes’s concept of equilibrium is reconsidered, problems in the existence of monopolistic general equilibrium are reviewed, the role of demand in classical versus neoclassical theories of value is analyzed. * Part IV offers an evaluation of the legacy of Keynes in the light of the recent development of macroeconomics, and tries to answer the question of how much of Keynes’ theory remains in current macroeconomic analysis.

• Part V is dedicated to the issue of how institutions ought to be embedded in current economic theorising. Providing up-to-date, fresh and detailed perspectives on economic theory, this book will prove invaluable for students and academics in the fields of the history of economics, and contemporary economic theory.

Author Biography

Sergio Nisticò, Domenico Tosato