Review by Choice Review
This book builds on Economics: Marxian versus Neoclassical (1987), an earlier work by the authors (both emer., Univ. of Massachusetts, Amherst) to introduce Marxian economics in the context of its mainstream alternative, neoclassical economics. While Marxian and neoclassical theories continue to dominate this new title, a slender chapter is devoted to Keynesian economics. Though Keynesian macroeconomics is enjoying a revival, its reign in mainstream economics during the postwar era was shared with its microeconomic complement; they were bound together in the so-called neoclassical synthesis. The variant of Marxian economics on offer is not the traditional deterministic Marxism but rather an "over determined" approach in which class analysis of capitalist exploitation figures prominently. Neoclassical economics is presented awkwardly in two separate chapters, with an outline of basic microeconomics followed by explanations of market failures and forays into behavioral economics and game theory. Uniting the various strands of neoclassical theory is the authors' emphasis on individual choices and the equilibriums arising from these choices. For its part, Keynesian analysis is distinguished by its attention to social institutions and mass psychology. The closing chapters reflect on the relative influence of the contending theories and the philosophical difficulties in choosing among the paradigms. Summing Up: Recommended. Economic theory collections, lower-division undergraduate through faculty. R. S. Hewett Drake University
Copyright American Library Association, used with permission.
