The Political Economy of Inequality


Book Description

During the last few decades, the gap between the incomes, wealth and living standards of rich and poor people has increased in most countries. Economic inequality has become a defining issue of our age. In this book, leading political economist Frank Stilwell provides a comprehensive overview of the nature, causes, and consequences of this growing divide. He shows how we can understand inequalities of wealth and incomes, globally and nationally, examines the scale of the problem and explains how it affects our wellbeing. He also shows that, although governments are often committed to ‘growth at all costs’ and ‘trickle down’ economics, there are alternative public policies that could be used to narrow the gap between rich and poor. Stilwell’s engaging and clear guide to the issues will be indispensable reading for all students, general readers and scholars interested in inequality in political economy, economics, public policy and beyond.







Political Economy of Hunger


Book Description

This is an open access title available under the terms of a CC BY-NC-ND 3.0 IGO licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. WIDER Studies in Development Economics The World Institute for Development Economics Research, established in 1984, started work in Helsinki in 1985, with the financial support of the Government of Finland. The principal purpose of the Institute is to help identify and meet the need for policy-oriented socio-economic research on pressing global and development problems and their inter-relationships. WIDER's research projects are grouped into three main themes: hunger and poverty; money, finance, and trade; and development and technological transformation. BL Sen is an internationally renowned, prizewinning economist This volume is the first of three addressing a wide range of policy issues relating to the role of public action in combating hunger and deprivation in the modern world. It deals with the background nutritional, economic, social, and political aspects of the problem of world hunger. Topics covered include the characteristics and causal antecedents of famines and endemic deprivation, the interconnections between economic and political factors, the role of social relations and the family, the special problems of women's deprivation, the connection between food consumption and other indicators of living standards, and the medical aspects of undernourishment and its consequences. Several contributions also address the political background of public policy, in particular the connection between the government and the public, including the role of newspapers and the media, and the part played by political commitment and by adversarial politics and pressures. Taken together, these essays provide a comprehensive and authoritative analysis of the problem of hunger and deprivation, and an important guide for action.




Foundations of Real-World Economics


Book Description

The 2008 financial crisis, the rise of Trumpism and the other populist movements which have followed in their wake have grown out of the frustrations of those hurt by the economic policies advocated by conventional economists for generations. Despite this, textbooks continue to praise conventional policies such as deregulation and hyperglobalization. This textbook demonstrates how misleading it can be to apply oversimplified models of perfect competition to the real world. The math works well on college blackboards but not so well on the Main Streets of America. This volume explores the realities of oligopolies, the real impact of the minimum wage, the double-edged sword of free trade, and other ways in which powerful institutions cause distortions in the mainstream models. Bringing together the work of key scholars, such as Kahneman, Minsky, and Schumpeter, this book demonstrates how we should take into account the inefficiencies that arise due to asymmetric information, mental biases, unequal distribution of wealth and power, and the manipulation of demand. This textbook offers students a valuable introductory text with insights into the workings of real markets not just imaginary ones formulated by blackboard economists. A must-have for students studying the principles of economics as well as micro- and macroeconomics, this textbook redresses the existing imbalance in economic teaching. Instead of clinging to an ideology that only enriched the 1%, Komlos sketches the outline of a capitalism with a human face, an economy in which people live contented lives with dignity instead of focusing on GNP.







Pluralistic Economics and Its History


Book Description

This volume is a history of economics – as it was interpreted, discussed and established as a discipline – in the 20th century. It highlights the pluralism of the discipline and brings together leading voices in the field who reflect on their lifelong work. The chapters draw on a host of traditions of economic thought, including pre-classical, classical, Marxian, neoclassical, Sraffian, post-Keynesian, Cantabrigian and institutionalist traditions in economics. Further, the volume also looks at the history of economics in India and its evolution as a discipline since the country’s independence. This book will appeal to students, researchers and teachers of economics and intellectual history, as well as to the interested general reader.




A Revolution in Economic Theory


Book Description

This book draws on the work of one of the sharpest minds of the 20th century, Piero Sraffa. Ludwig Wittgenstein credited him for 'the most consequential ideas' of the Philosophical Investigations (1953) and put him high on his short list of geniuses. Sraffa's revolutionary contribution to economics was, however, lost to the world because economists did not pay attention to the philosophical underpinnings of his economics. Based on exhaustive archival research, Sinha presents an exciting new thesis that shows how Sraffa challenged the usual mode of theorizing in terms of essential and mechanical causation and, instead, argued for a descriptive or geometrical theory based on simultaneous relations. A consequence of this approach was a complete removal of 'agent's subjectivity' and 'marginal method' or counterfactual reasoning from economic analysis – the two fundamental pillars of orthodox economic theory.




Economics Imperialism and Interdisciplinarity: Before the Watershed


Book Description

In Economics Imperialism and Interdisciplinarity: Before the Watershed, Ben Fine offers a selection of his key articles charting the rise of economics imperialism. Each article is accompanied by a preamble that sets the context in which it appeared, with an overall introduction drawing out the overall significance for contemporary scholarship. Ranging over mainstream and heterodox economics, the disputes between them, the relationship between economics and other disciplines, and thinkers as diverse as Kuhn, Becker and Bourdieu, the collection offers a unique and compelling account of how mainstream economics has both changed dramatically whilst its core and narrow principles have remained as sacrosanct as they are invalid. The volume is imperative for those engaging in political economy across the social sciences.