Abstract
Recent challenges to mainstream economics posed by Post-Crash Economics Society (PCES) students and Thomas Piketty are reviewed. It is argued that a major part of the reason why PCES students are so frustrated with the economics taught in most higher education institutions, and why many non-economists view economics to be strangely myopic and irrelevant, is due to mainstream economics’ neglect of power. Some of the key points in Piketty’s seminal work, Capital in the 21st Century, are summarised; in particular, he argues that marginal productivity theory cannot account for burgeoning inequalities in many countries and that bargaining power is the key to understanding what is happening.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Author information
Authors and Affiliations
Copyright information
© 2016 Adam Ozanne
About this chapter
Cite this chapter
Ozanne, A. (2016). Challenges to Mainstream Economics from PCES and Piketty. In: Power and Neoclassical Economics: A Return to Political Economy in the Teaching of Economics. Palgrave Pivot, London. https://doi.org/10.1057/9781137553737_4
Download citation
DOI: https://doi.org/10.1057/9781137553737_4
Publisher Name: Palgrave Pivot, London
Print ISBN: 978-1-349-71653-1
Online ISBN: 978-1-137-55373-7
eBook Packages: Economics and FinanceEconomics and Finance (R0)