The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Radical Economics

  • Diane Flaherty
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_1627

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 

JEL Classifications

B5 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Diane Flaherty
    • 1
  1. 1.