TITLE

Homo economicus and the reconstruction of political economy: six theses on the role of values in economics

AUTHOR(S)
Tsakalotos, Euclid
PUB. DATE
November 2005
SOURCE
Cambridge Journal of Economics;Nov2005, Vol. 29 Issue 6, p893
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This paper argues for an explicit engagement of political economy with values, and presents a number of criticisms of the ethical limitations of both markets and neoclassical economics. Neoclassical theory is unlikely to be able to take on board this critique because of its commitment to Homo economicus and the ideal of the market. But this is not the case for political economy in the tradition of post-Keynesianism, Marxism and institutionalism. The reason why political economy has not exploited this advantage to any great extent has to do with the fear of many political economists that an engagement with values necessarily diminishes the scientific status of their approach. The paper presents six theses in order to convince them that this fear is fundamentally misconceived.
ACCESSION #
19125230

 

Related Articles

  • LEFT KEYNESIANISM AND CURRENT ANTIMARGINALISM. Osadchaia, I. // Problems of Economics;Sep77, Vol. 20 Issue 5, p3 

    Focuses on the economic theory of left keynesianism as an alternative to the prevailing neoclassical paradigm. Differentiations among the bourgeois political economy; Identification of left keynesianism as the theoretical platform of contemporary antimarginalism; Criticism on the neoclassical...

  • KEYNES AND THE MARSHALL-WALRAS DIVIDE. de Vroey, Michel // Journal of the History of Economic Thought;Jun99, Vol. 21 Issue 2, p117 

    Examines the relationship between the Marshallian and the Walrasian research programs on the interpretation of the Keynesian theory of economics. Characteristics of the Marshallian equilibrium concept; Observation of Keynes that wage earners cannot bargain on the real wage; Assessment of the...

  • Beneath "First Principles": Controversies Within the New Macroeconomics. DeMartino, George // Journal of Economic Issues (Association for Evolutionary Economi;Dec93, Vol. 27 Issue 4, p1127 

    Focuses on the debate on the economic theories of neoclassicism and Keynesianism. Investigation of the principles of Keynesianism; Examination of the ontological and epistomological positions taken in economic science; Discourse on the dynamic model of economic theory; Trajectory of the theory...

  • GENERALIZING THE TWO-SECTOR KEYNESIAN AND NEOCLASSICAL MACROMODELS. Benavie, Arthur // Southern Economic Journal;Jan77, Vol. 43 Issue 3, p1218 

    It is our purpose in this paper to argue that both the Neoclassical and the Keynesian models have defects which may render them inappropriate as analytical tools for analyzing short-run macro behavior.
    In this paper, we generalize both models as instruments for analyzing the short-run. We...

  • Issues in the Cambridge controversies. Cohen, Avi J. // Journal of Post Keynesian Economics;Summer85, Vol. 7 Issue 4, p612 

    Responds to comments made by Michael A. Bernstein on the author's essay on the Cambridge controversies in the theory of capital and economic growth, which appeared in the summer 1984 issue of the 'Journal of Post Keynesian Economics.' Dispute between neoclassicists and post-Keynesians over the...

  • Comments on Cesaratto's 'Transition to fully funded pension schemes: a non-orthodox criticism'. Michl, Thomas R. // Cambridge Journal of Economics;Nov2006, Vol. 30 Issue 6, p981 

    Cesaratto's critique of the neoclassical approach to pension reform is valuable, but he has overextended his argument in applying it to proposals to use pre-funding as a mechanism for achieving greater public ownership and for redistributing wealth progressively. The fiscal surpluses needed to...

  • Deviations from uncovered interest rate parity: a Post Keynesian explanation. Harvey, John T. // Journal of Post Keynesian Economics;Fall2004, Vol. 27 Issue 1, p19 

    Finding satisfactory explanations of deviations from uncovered interest rate parity (UIRP) has proved to be a frustrating experience for Neoclassical economists. Studies have focused on the role of risk, but thus far no one has been able to put forward a source thereof that can account for the...

  • The Incidence of Taxation. Asimakopulos, A. // Challenge (05775132);Mar/Apr79, Vol. 22 Issue 1, p47 

    The incidence of taxation has long held a fascination for economists. It has been recognized for some time that the economic incidence of a tax might differ from its legal incidence. There are, however, important differences among economists about the economic incidence of other taxes: the...

  • FACTOR MARKET DISEQUILIBRIUM AND THE THEORY OF PROTECTION1. BARDHAN, P. K. // Oxford Economic Papers;Sep1964, Vol. 16 Issue 3, p375 

    No abstract available.

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics