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In a dramatic and well-argued challenge to the prevailing wisdom, Prosperity and Public Spending , first published in 1988, contends that the failure of Keynesian economics has been due to its timidity. Far from contracting, the government must expand its powers and activities, in order to achieve and maintain economic prosperity. The need for such expansion arises from the fact that the system has developed from a craft-based economy to a mass-production network with sophisticated international finance. This "transformational growth" brings about irreversible and sometimes devastati

This text presents an unorthodox view of the current state of economic theory and policies. Deriding the general trend for "econobabble", the author explains the reason why conventional wisdom in economics now seems irrelevant and looks to likely future scenarios

This collection of essays is designed to illustrate the variety, complexity and power of non-neoclassical economic thinking. The essays define the fundamental questions differently, employ different analytical tools and arrive at different conclusions. The two strands of non-neoclassical thinking that occupy most of the book are the neo-Keynesian and the neo-Marxian. The bulk of the book is composed of essays on microeconomics, macroeconomics, trade, comparative systems and welfare, with an unusual section on property rights and social hierarchy

Lance Taylor, in this issue, offers a solid critique of Piketty's account of the causes of the changes in inequality over the past centuries and especially its recent increase. Piketty's analysis relies on the neo-Classical aggregate production function, and the relationship r > g; Taylor's critique hits the mark on the first, but seems to miss on the second, and his alternative account also appears flawed. He invokes Pasinetti, but the Pasinetti model gives very different results if some realistic changes are introduced. In particular, if high executive pay is taken into account, as realism demands, an apparently opposite conclusion or a contradiction may be reached. But dropping the requirement that growth be balanced ('uneven development') allows a Pasinetti approach to establish a simple, though still abstract and partial, model of the growth of inequality in wealth. Adapted from the source document.