The End of Economics (Routledge Frontiers Of Political Economy, Volume 4)
Format: PDF / Kindle (mobi) / ePub
Most economic theory assumes a pure capitalism of perfect competition. Even when it is recognized that this does not exist, many politicians and captains of industry pay a great deal of lip service to the idea of the market. This book goes beyond the rhetoric to explore how, even in the United States, the most capitalist of all countries, the market has always been subjected to numerous constraints. As well as discussing the opinions of economists, the book looks at the opinions and practices of figures such as Henry Ford, J.P. Morgan, and Herbert Hoover.
Policy (New York: Macmillan; Augustus M.Kelley, 1968). ——(1914) “The Crisis in Colorado and its Lessons.” Business America (June). Clark, John Bates and John Maurice Clark (1912) The Control of Trusts enlarged edn (New York: Augustus M.Kelley, 1971). Clarkson, Grosvernor B. (1923) Industrial America in the World War (Boston: Houghton Mifflin). Coale, Kristi (1990) “Where Your Money Goes: The Price You Pay for a PC Includes Much More Than Just the Machine.” Infoworld (December 24–31): p. 26.
(1988) “The Costs of Conflict Resolution and Financial Distress: Evidence from the Texaco-Penzoil Litigation.” Rand Journal of Economics 19:2 (Summer): pp. 157–72. David, Paul (1966) “The Mechanization of Reaping in the Antebellum Midwest,” in H.Rosovsky (ed.) Industrialization in Two Systems: Essays in Honor of Alexander Bibliography 167 Gerschenkron (New York: John Wiley & Sons): pp. 3–29; reprinted in Nathan Rosenberg (ed.) The Economics of Technical Change (London: Penguin, 1971). Davis,
Elgar): pp. 300– 26. ——(1989) “The Promotional-Dynamic of Merger Movement: A Historical Perspective.” Journal of Economic Issues 23:1 (March): pp. 107–33. Bibliography 168 Dumenil, Gerard, Mark Glick and Jose Rangel (1987) “Theories of the Great Depression: Why Did Profitability Matter?” Review of Radical Political Economy 19:2 (Summer): pp. 16–42. Eddy, George (1937) “Security Issues and Real Investment in 1929.” Review of Economics and Statistics 19:2 (May): pp. 79–91. Edwards, George W.
of a currency and people confidently expect this process to continue, some good, often real estate or gold, may be seen as a more secure store of value than money. We can liquidate an asset in two ways: we can either sell it or we can convert it to money over time by using it to earn a profit over the lifetime of the asset. The owner of a durable capital generally sells it only as a last resort, because used capital goods sell at a steep discount, similar to what exists in the market for
calling for an end of economics, I am not suggesting that we should dismiss everything that economists have learnt about the economy. Some economic insights are useful. Our goal should be to build up an understanding of the economy in a context that transcends the narrow context of economic theory that characterizes modern economic theory. THE FRAMEWORK OF THIS BOOK This book will, for the most part, leave aside the social, cultural, and moral deficiencies of the market. It will also overlook