The Demise of Radical Political Economics? An Essay on the Evolution of a Theory of Capitalist Production
The paper traces the historical development of American radical economics. The focus is on the work of Samuel Bowles and Herbert Gintis. The central aim is to examine the implications of their recent move towards neoclassical economics for the study of capitalist production in particular, and the future of American radical economics more generally. By embracing neoclassical concepts and methodology, radical economists have denied themselves the opportunity to elucidate both the bases of capitalist class conflict, and the nature of more complex social interactions at the point of production. American radical economics once provided a powerful critique of capitalism and its system of production, but it now struggles to provide more than a policy prescription for reduced levels of opportunism among individual workers. American radical economics cannot remain a distinctive voice in economics while it retains such close associations with neoclassicism. Copyright 2000 by Oxford University Press.
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Volume (Year): 24 (2000)
Issue (Month): 5 (September)
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References listed on IDEAS
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- Samuel Bowles, 1998. "Endogenous Preferences: The Cultural Consequences of Markets and Other Economic Institutions," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 75-111, March.
- Herbert Gintis, 1972. "A Radical Analysis of Welfare Economics and Individual Development," The Quarterly Journal of Economics, Oxford University Press, vol. 86(4), pages 572-599.
- Costabile, Lilia, 1995. "Institutions, Social Custom and Efficiency Wage Models: Alternative Approaches," Cambridge Journal of Economics, Oxford University Press, vol. 19(5), pages 605-23, October.
- Terence Hutchison, 1998. "Ultra-deductivism from Nassau Senior to Lionel Robbins and Daniel Hausman," Journal of Economic Methodology, Taylor & Francis Journals, vol. 5(1), pages 43-91.
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