Until the end of the early 1970s, from a history of economic thought perspective, the mainstream in economics was pluralist, but once neoclassical economics became totally dominant it claimed the mainstream as its own. Since then, alternative views and schools of economics increasingly became minorities in the discipline and were considered ‘heterodox’.
This book is in honour of John Edward King who has an impressive publication record in the area of economic theory with specific interest in how economic thought in the past shapes current economic theory and enforces certain paths of economic policy and economic development. This book is divided into five themes based on King’s interests. The first theme looks at the challenge in trying to reclaim pluralism in economics. The second faces head-on the direct collision of mainstream economics with history of economic thought and heterodox economics. The third addresses classical economic ideas, their central influence in the past and how they can still primarily guide modern pluralist economics. The fourth examines Post Keynesian and Kaleckian economics with a view to providing a more coherent and extensive branch of heterodox economics. The final theme critiques the policy of neoliberalism that has entrenched itself in capitalist economies which have led to financial, industrial, labour, and behavioural/consumerist crises.
This text aims to provide a clear path for pluralism to serve the economics discipline as its standard bearer, and to no longer be merely a heterodox challenge to the mainstream. This book is of interest to those who study history of economic thought, political economy and heterodox economics.
Theme 1: The Challenge to Reclaim Pluralism in Economics 1. Pluralist Economics in My Lifetime John E. King 2. Pluralism in Economics: Challenges by and for Heterodoxy Frank Stilwell 3. Consistency in Pluralism and the Role of Microfoundations Sheila Dow Theme 2: Role of History of Economic Thought in the Path to Pluralism 4. The History of Economic Thought and its Mainstream Enemies Steve Kates 5. The History of Economics ‘Down Under’: Repulsing the Barbarians at the Gate John Lodewijks 6. The Influence of the History of Economics Thought on Pluralism: The Cambridge Economic Tradition and Australian Economics Alex Millmow 7. Reclaiming the ‘Standpoint of the Old Classical Economists’ Heinz D. Kurz 8. Problems in Marx’s Theory of the Declining Profit Rate James Doughney 9. The ‘Ricardian’ Theory of Rent: A Case Study in Multiple Discovery and its Mainstream Absorption Michael Schneider 10. On Ricardo and Cambridge G.C. Harcourt and Peter Kriesler Theme 4: Pluralism Develops – Twentieth Century Alternatives 11. Kalecki on Wages: An Alternative to Keynes Jan Toporowski 12. Keynes, Kalecki, Sraffa: Coherence within Pluralism? Neil Hart and Peter Kriesler 13. Post Keynesian Price Theory with a Schumpeterian Twist Harry Bloch 14. Adding a Deeper Behavioural Perspective to Macroeconomics: The Role of George Katona in Framing and Method Therese Jefferson 15. The ‘Complexity Revolution’ Seen from a Historical and Heterodox Perspective Tim Thornton Theme 5: Mainstream Economics and Neoliberalism – Resistance to Pluralism 16. Veblen and the Delusions to Science of Mainstream Economics Arnaldo Barone 17. Neoliberal Policy and Employer Industrial Relations Strategies in the United States and Australia Patrick O’Leary 18. Neoliberalism After the Global Financial Crisis: A Reconsideration Michael Howard Conclusion – The Road to Reclaiming Pluralism in Economics 19. In From the Cold: From Heterodoxy to a New Mainstream Pluralism Jerry Courvisanos