Rediscovering Social Economics: Beyond the Neoclassical ParadigmThis book argues that economists need to reengage with societal issues, such as justice and fairness in distribution, that inevitably arise when discussing the basic economic problem of unlimited human wants and finite resources. Approaching the problem through a history of economic thought, Johnson reexamines Adam Smith’s contributions to show how they reach beyond neoclassical models that are too simplistic to reflect the growing interdependencies of market economies. He breaks down supposedly value-free neoclassical postulates to expose normative assumptions about economics and justice, demonstrating, for example, that the concept of market equilibrium is problematic because need-based behavior can produce involuntary unemployment even when a competitive labor market achieves equilibrium. |
Other editions - View all
Rediscovering Social Economics: Beyond the Neoclassical Paradigm Roger D. Johnson No preview available - 2018 |
Rediscovering Social Economics: Beyond the Neoclassical Paradigm Roger D. Johnson No preview available - 2017 |
Common terms and phrases
ability Adam Smith Amartya Sen analysis Angus Deaton approach argued assume assumption basic behavior capital choice choose concept constraints consumer surplus cost create critical Crusoe defined demand developed distribution effectively efficiency employ example existence factors financial markets firm Freakonomics Friday function game theory Gary Becker Haidt homo economicus human ideal illustrated impact income increase increasingly individuals inequality inputs issues Jevons John John Stuart Mill Kahneman’s labor market labor supply curve leisure marginal productivity marginal utility market equilibrium Maslow’s mathematical maximization Menger’s Mondragón moral Neoclassical economics Neoclassical economists normative noted obviously outcomes Pareto Optimality perfect competition perspective plutonomies political potential poverty problem profits R.D. Johnson rational recognize Rediscovering Social Economics redistribution referred relationships relative result risk scenario seemingly seems simply social welfare society strategy tend unemployment units of food Wealth of Nations workers York