radical economics

Diane Flaherty
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.
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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. 29 November 2014 <http://www.dictionaryofeconomics.com/article?id=pde2008_R000004> doi:10.1057/9780230226203.1379

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