Contending Economic Theories: Neoclassical, Keynesian, and Marxian (The MIT Press)

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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 remedy of the three main theories in economics as it is taught today: neoclassical, Keynesian, and Marxian. Every is developed and discussed in its own chapter, yet also differentiated from and in comparison to the other two theories. The authors identify Every 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 must play in the economy and the class structure of production, stressing the different analytical, policy, and social decisions that go with the flow from Every theory’s conceptualization of economics.

The authors, building on their earlier book Economics: Marxian as opposed to Neoclassical, offer an expanded remedy 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 latest 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 usual theory. They also give an explanation for why economic reasoning has varied among these three approaches all over 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.

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