Authors:
Argues that neoclassical economics is not only subjective, but immoral
Identifies a "radical" alternative economic theory that aligns with conventional morality
Draws examples from both the real world and Utopia-building exercises
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Table of contents (11 chapters)
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Front Matter
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Economics as a Moral Science: The Philosophy and Science of Morality
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Front Matter
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Textbook Fables Support Immoral Policies: Economics Is Not About Supply and Demand or Aggregate Supply and Demand
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Front Matter
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The Morality of Radical Economics: Investigating the Value Neutral Aspect of Neoclassical Economics
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Front Matter
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Back Matter
About this book
Baiman begins with an introduction to morality and ethics in both general sciences and in economics in particular. He then guides readers through evidence of how neoclassical economics has not only failed to remain objective and value-free, but has become an ideology of apologetics protecting an immoral system. In addition to breaking down real-world examples to demonstrate his assertions, Baiman analyzes a theoretical Utopia design exercise. He concludes by arguing that the only form of economics that supports widely shared human values—such as social equity, democracy, and solidarity—is so-called "radical economics", and that all true economics science should be directed toward achieving more socially productive economic activity. An invaluable guide to morality and economics, this book will appeal to researchers and teachers looking to change the way we think about economics, policy, and society.
Reviews
“Neoclassical economics pretends to be "value neutral," which is untrue. You can't make a statement about how the economy functions without adopting a set of values. From "ghost" supply curves in the textbooks to the realm of high theory, Ron Baiman demolishes the pretenses and presents relevant value-based alternatives.” (Lance Taylor, Arnhold Professor Emeritus, New School for Social Research, USA)
“Ron Baiman has given us an interesting account of the role of values and morality in economics, taking issue with the conventional view that economics is a value neutral discipline. The book makes a strong case that economics cannot be separated from the values of economists.” (Dean Baker, co-director Center for Economic and Policy Research; coauthor of “Getting Back to Full Employment”)
“Baiman provides a refreshingly honest guide for everyone who has ever tasted a bit of formal neo-classical economics and found it implausible... He offers a deep critique of the favorite machinery of neo-classical economics ... makes solid suggestions concerning how we can start to replace neoclassical rationalizations with radical value-sensitive theories and applications. His conclusion is clear. We can only get a useful economics when economists consciously accept as their goal the improvement of social and human well-being.” (Joseph J. Persky, Professor of Economics, University of Illinois at Chicago, USA; author of Does "Trickle Down" Work? and When Corporations Leave Town)
Authors and Affiliations
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Benedictine University, Illinois, USA
Ron P. Baiman
About the author
Bibliographic Information
Book Title: The Morality of Radical Economics
Book Subtitle: Ghost Curve Ideology and the Value Neutral Aspect of Neoclassical Economics
Authors: Ron P. Baiman
DOI: https://doi.org/10.1057/978-1-137-45559-8
Publisher: Palgrave Macmillan New York
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s) 2016
Hardcover ISBN: 978-1-137-45558-1Published: 01 September 2016
eBook ISBN: 978-1-137-45559-8Published: 31 August 2016
Edition Number: 1
Number of Pages: XVII, 314
Number of Illustrations: 5 b/w illustrations, 30 illustrations in colour
Topics: Heterodox Economics, Economic Policy, Political Economy/Economic Systems