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.