The Age of Fragmentation: A History of Contemporary Economic Thought

Cover
Half-title page
Title page
Copyright page
Contents
Acknowledgements
1 Introduction: A Non-linear Discourse
Part I The Background
	2 The Foundations: Classicals and Marginalists
		2.1 Introduction
		2.2 The Classical Approach
		2.3 Self-Interest and Felicific Calculus: Smith versus Bentham
		2.4 Karl Marx
		2.5 The Marginalist Approach
	3 The Immediate Precursors
		3.1 Introduction
		3.2 Wicksell and the Swedish School
		3.3 Veblen and Institutionalism
		3.4 Weber: The Method, between Theory and History
		3.5 Schumpeter: From Statics to Dynamics
		3.6 Keynes on Probability and Uncertainty
		3.7 Keynes on Finance and Employment
Part II The Giants of the Short Century
	4 The Founder of Neo-liberalism: Friedrich von Hayek
		4.1 A General Portrait
		4.2 The Formative Years and Career
		4.3 Theory of the Trade Cycle and Theory of Capital
		4.4 Theory of Capital and the Debate with Kaldor
		4.5 Spontaneous Order and the Market as a Mechanism of Knowledge Diffusion
		4.6 Methodological Individualism, Political Individualism and Economic and Political Liberalism
		4.7 The Denationalization of Money
	5 The Revolutionary: Piero Sraffa
		5.1 Early Contributions: Money and Banking
		5.2 Friendship with Gramsci
		5.3 Criticism of Marshallian Theory
		5.4 Imperfect Competition and the Critique of the Representative Firm
		5.5 Cambridge: Wittgenstein and Keynes
		5.6 The Critical Edition of Ricardo’s Writings
		5.7 Production of Commodities by Means of Commodities
		5.8 Critique of the Marginalist Approach
		Appendix
Part III The Disgregation of the Mainstream
	6 The New Microeconomics: General Equilibrium and Expected Utilities, Theory of Industrial Organization
		6.1 From One Shore of the Atlantic to the Other
		6.2 The New Foundations: Expected Utility Theory
		6.3 The Traditional Foundations: Walrasian General Equilibrium
		6.4 Samuelson’s Marshallian–Walrasian Synthesis
		6.5 The Marshallian Microeconomics of the Chicago School: The Imperialism of Economics
		6.6 The New Theories of the Firm
		6.7 Game Theory and Industrial Organization Theory
		6.8 Other Micro-applications
	7 The Macroeconomics of the Neoclassical Synthesis
		7.1 Macroeconomic Theory after Keynes
		7.2 The Neoclassical Synthesis
		7.3 The Phillips Curve
		7.4 Marshallian Varieties of the Neoclassical Synthesis
		7.5 Growth Theory
		7.6 Theories of Economic Development
		Appendix
	8 The Myth of the Invisible Hand: Neo-liberal Streams
		8.1 The Origins of the Invisible Hand
		8.2 Ordoliberalism: From Eucken and Röpke to Merkel
		8.3 From the ‘Old’ to the ‘New’ Austrian School
		8.4 Hicks’s Austrian Theory
		8.5 Friedman and the Chicago School
		8.6 Rational Expectations and Supply-Side Economics
		8.7 Public Choice
		8.8 Mont Pèlerin Society and the Web of Think Tanks
		8.9 The Washington Consensus and Expansionary Austerity
	9 Applied Economics and Econometrics
		9.1 Theoretical Backgrounds of Applied Economics
		9.2 Input–Output Tables
		9.3 National Accounting
		9.4 The Naissance of Econometrics
		9.5 The Developments of Econometrics
		9.6 The New Descriptive Statistics: The Search for Indicators
		9.7 Market Regulation, Market Creation and Auctions
		9.8 Between Theory and Applied Economics: The Economics of Energy Sources
		9.9 The Environment and the Economy
Part IV The Weakening of the Paradigm
	10 Behavioural Economics and Bounded Rationality
		10.1 Rejecting the Notion of Homo Oeconomicus
		10.2 Rationality and Behavioural Paradoxes: Behavioural Economics
		10.3 Experimental Economics
		10.4 Herbert Simon
		10.5 Kahneman and Tversky’s Prospect Theory
	11 From Efficient Financial Markets to the Theory of Crises
		11.1 Introduction
		11.2 Monetarism
		11.3 Economic Policy: From Keynesianism to Monetarism
		11.4 The Theory of Efficient Financial Markets: From Modigliani–Miller to Fama
		11.5 Financial Markets and Institutions
		11.6 The Keynesian Theory of Financial Markets: Hyman Minsky
		11.7 Money Manager Capitalism
Part V Is a New Paradigm Possible?
	12 Post-Keynesian Macroeconomics
		12.1 The Cambridge Tradition
		12.2 The New Cambridge School
		12.3 Michał Kalecki
		12.4 Nicholas Kaldor
		12.5 The Debate on Interpretation of Keynes
		12.6 The Debate on the Theory of Capital and Critique of the Marginalist Theory of Value
		12.7 The Cambridge Theory of Distribution
		12.8 The Sraffian Schools
		12.9 Towards a Keynesian–Sraffian Synthesis?
	13 Marxism, Evolutionism, Institutionalism
		13.1 Introduction
		13.2 Criticism of the Labour Theory of Value and Developments in Marxism
		13.3 Analyses of Change in the Economic and Social Structure: Polanyi and Galbraith
		13.4 Neo-institutionalism
		13.5 Evolutionism and Institutionalism
		13.6 Evolutionism, Institutionalism and Analysis of Technical Change
		13.7 Development Economics and Interactions with Cultural Evolution
		13.8 Competition among Institutions
	14 Ethics and the Problem of Power
		14.1 Introduction
		14.2 Utilitarianism and the Ethics of Consequences
		14.3 Income Inequalities as an Ethical Issue
		14.4 Welfare Economics
		14.5 Equality of What? The Capabilities
		14.6 Conservation, Revolution or Reforms
		14.7 The Economists’ Ethics
References
Index