Economic Philosophy and American Problems: Classical Mechanism, Marxist Dialectic, and Cultural EvolutionRowman & Littlefield, 1991 - 235 pages Economic thought in the modern world has been dominated by three major theoretical paradigms: the static model based on Newtonian classical mechanics which underlies neoclassical economics, the Hegelian dialectical model incorporated in Marxian economics, and the evolutionary model developed by Veblen which is embedded in neoinstitutional economics. In this book Floyd McFarland presents and critiques these paradigms and undertakes the first systematic effort to demonstrate the superiority of neoinstitutional theory over Marxism and neoclassicism. He concludes with a series of provocative policy recommendations regarding taxation, welfare, and agriculture derived from the analytical and normative structure of neoinstitutional economics. |
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Adam Smith American assumption behavior billion calculation called capitalism capitalist century Classical mechanism competition concept concern consumer consumption function consumption spending cultural customs Darwin debt-to-income ratio decades deficit demand desirable dialectic doctrine economists efforts Entropy equilibrium evolution evolutionary evolved fact firm formulation Georgescu-Roegen Germany governmental growth rate Hence household human ideas income indifference curve individual industrial institutions interest rates investment involved Isaac Newton Karl Marx Keynes Keynes's Keynesian labor laissez-faire Leisure Class logical macroeconomics major marginal utility market forces Marx Marxist mathematical maximization means mechanistic ment nature neo-Classical economics Newton Newtonian Newtonian mechanism paradigm pecuniary percent philosophy position principles problems production profit programs qualitative change rational rise Say's Law scientific sector sense Social Security society status quo subset supply theoretical theory things Thorstein Veblen thought tion traits United utility wealth workers York