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Capitalism: Competition, Conflict, Crises

Online ISBN:
9780199390663
Print ISBN:
9780199390632
Publisher:
Oxford University Press
Book

Capitalism: Competition, Conflict, Crises

Anwar Shaikh
Anwar Shaikh
Professor of Economics, New School for Social Research, New York
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Published:
1 March 2016
Online ISBN:
9780199390663
Print ISBN:
9780199390632
Publisher:
Oxford University Press

Abstract

The purpose of this book is to demonstrate that most of the central propositions of economic analysis can be derived without any reference to hyperrationality, optimization, perfect competition, perfect information, representative agents or so-called rational expectations. These include the laws of demand and supply, the determination of wage and profit rates, technological change, relative prices, interest rates, bond and equity prices, exchange rates, terms and balance of trade, growth, unemployment, inflation, and long booms culminating in recurrent general crises. In every case, the theory developed in the book is applied to modern empirical patterns, and contrasted with neoclassical, Keynesian and post-Keynesian approaches to the same issues. The object of analysis is the economics of capitalism, and economic thought on the subject is addressed in that light. This is how the classical economists, as well as Keynes and Kalecki, approached the issue.

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