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This book is in equal parts a treatise on morality and economics, a critique of neoclassical orthodoxy, a brief for replacing mainstream economics with a radical political economics, and an argument for the abandonment of neoliberal capitalism in favor of democratic socialism. It includes a detailed proposal for a "demand and cost" alternative to "supply and demand" analysis and an in-depth technical critique of both neoclassical "high theory" and "applied microeconomic analysis" demonstrating that these are not only infeasible or immoral, but have directly contributed to public policy disasters. Further, the book suggests that only a moral economics in the form of radical political economy can address the looming economic and environmental crises of today's world. 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

Historians of economics rarely consider textbooks as more than passive receptacles of previously validated knowledge. Therefore, their active role in shaping the discipline and its image is seldom addressed. In this paper, I study the making of Paul Samuelson's successive editions ofEconomicsfrom 1967 to 1973 as an instance of how textbooks stand at the crossroads between disciplinary knowledge, pedagogy, and larger political and societal concerns. In the mid-1960s, Economics, now at its sixth edition, was at the height of its success. Considered one cornerstone of modern economics, it was also at the center of a number of criticisms dealing with the current state of the economic discipline and its teaching in the universities. While the profession expressed its concern over the lack of relevance of economics to address the pressing issues of the day and pleaded for a new "problem-solving" approach to economic education, the late 1960s witnessed the emergence of a new generation of "radical" economists criticizing the economics orthodoxy. Their contention that mainstream theory had neglected the issues of class struggle and capitalist exploitation found a favorable echo among an increasingly politicized population. Using archival materials, I show how Samuelson, helped by his editorial team at McGraw-Hill, attempted to take into account these changes in order to ensure the continuing success of subsequent editions of his text in an increasingly competitive market. This study emphasizes Samuelson's ambiguous attitude toward his contenders, revealing, on the one hand, his apparent openness to discussion and outsiders' suggestions, and, on the other hand, his firm attachment to mildly liberal politics and aversion to Marxism, unchanged through revisions. It also helps refine a notion that is often invoked but never fully expounded in textbook studies: that of the audience.

The article considers the barriers to closer cooperation between progressive economists and progressive social change movements. The author provides some examples of successful cooperation, but suggests that these are the exception rather than the norm. The article makes five concrete suggestions for each side that would help to strengthen the relationships between them, and engage progressive economists more fully in social change campaigns.

Dedication -- Acknowledgements -- Contents -- List of Figures -- List of Tables -- Part I: Economics as a Moral Science: The Philosophy and Science of Morality -- chapter 1: Introduction -- Introduction -- The Mainstream or NC Economics Position -- The Radical or Progressive Heterodox Economics Position -- The Goal of This Book -- A Short Outline of the Book -- My Own Encounters with NC Economics -- Bibliography -- Chapter 2: The Philosophy and Science of Morality -- The General Case for Avoiding Socially "Bad" Outcomes -- A Bad Life -- The Good Life -- A Comparison

Fred Lee's history of radical economics in America between 1945 and 1970 ( RRPE 36, 2) fails to address why the powerful New Deal movement disintegrated so quickly after the war. This article argues that the Soviet Union's decision to retreat into isolationism split and effectively destroyed the American Left. Progressive but noncommunist economists including Harry White and Lauchlin Currie were isolated and easy targets for McCarthyites. The Bretton Woods institutions they had designed were effectively consigned into the hands of American imperialism.