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New Directions in Analytical Political Economy
New Directions in Analytical Political Economy brings together an important collection of economic research by scholars from a wide range of non-neoclassical research traditions. This book provides a flavour of recent research in non-neoclassical economic theory - drawing on classical, Marxian, post Keynesian and Kaleckian, structuralist, evolutionary and institutional approaches - using mathematical analysis. The papers deal with a variety of themes, including unemployment, financial crises and business cycles; technological change and long-run growth; value, prices and pricing, and international terms of trade; the role of agriculture, foreign exchange and fiscal constraint on growth, hyperinflation and wage indexation, and stability in mixed economies. The contributors base their analysis on the structure, history and institutions at hand, and not just on ever more elaborate optimizing principles as is fashionable in mainstream economics. However, they do not turn their backs on mainstream concepts and methods, using formal mathematical models to conduct their analysis in a rigorous way.
Combining a broad approach to economics with mathematically based analysis, this important new book will be welcomed by economists wanting to go beyond the boundaries of neoclassical economics, without losing the rigour of modern economic theory.
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What Reviewers Are Saying
'Professor Dutt's New Directions in Analytical Political Economy is a very stimulating and insightful contribution to the economic analysis of the advanced capitalist and developing economies.' -- Adil H. Mouhammed, Review of Radical Political Economics 'As such this book is most interesting and a welcome addition to the "political economy" stock of knowledge, not only for the approach it adopts, which is commendable, but also for the richness of its content, and the introduction which makes the case for "analytical political economy" convincingly. It offers a sample of contributions and paves the way forward for this approach to the study of how real economies work.' -- Philip Arestis, Economic Journal '... this is a solid collection.' -- Warren J. Samuels, The Southern Economic Journal