radical economics
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by
Steven
N.
Durlauf
and
Lawrence
E.
Blume
Alternate versions available:
1987 Edition
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Abstract
Contemporary radical economics comprises a broad set of methodological approaches, including Marxian political economy, institutionalism, Post Keynesianism, analytical political economy, radical feminism and postmodernism. Unlike radical economics in the mid-1980s, radical thought today emphasizes conflict other than class conflict, policy-relevant analysis and incorporation of more mainstream methods into radical research. Nonetheless, despite substantial evolution, radical economics remains faithful to its original vision. Uniting the various approaches is a set of unchanged core principles, the three most salient of which are the importance of history, embeddedness of individual choice in an institutional environment, and the centrality of conflict to understanding capitalism.
Keywords
agency; aggregate demand; alienation; altruism; analytical political economy; capital controls; capitalism; chaos theory; class; collective action; complexity; conflict; convergence; credit controls; distribution; endogeneity of preferences; equilibrium; experimental economics; exploitation; game theory; globalization; heterodox economics;
homo economicus
; inequality; intrahousehold welfare; Keynesianism; labour theory of value; Marxian political economy; new institutional economics; optimization; path dependence; Post Keynesianism; postmodernism; profit; race; radical economics; radical feminism; simultaneous equation models; social construction of norms; surplus; trade unions; Washington consensus
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How to cite this article
Flaherty, Diane. "radical economics." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 22 May 2013 <http://www.dictionaryofeconomics.com/article?id=pde2008_R000004> doi:10.1057/9780230226203.1379

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