Contending Economic Theories

Contending Economic Theories offers a unique comparative
treatment of the three main theories in economics as it is taught today: neoclassical, Keynesian,
and Marxian. Each is developed and discussed in its own chapter, yet also differentiated from and
compared to the other two theories. The authors identify each theory's starting point, its goals and
foci, and its internal logic. They connect their comparative theory analysis to the larger policy
issues that divide the rival camps of theorists around such central issues as the role government
should play in the economy and the class structure of production, stressing the different
analytical, policy, and social decisions that flow from each theory's conceptualization of
economics. The authors, building on their earlier book Economics: Marxian versus
Neoclassical, offer an expanded treatment of Keynesian economics and a comprehensive
introduction to Marxian economics, including its class analysis of society. Beyond providing a
systematic explanation of the logic and structure of standard neoclassical theory, they analyze
recent extensions and developments of that theory around such topics as market imperfections,
information economics, new theories of equilibrium, and behavioral economics, considering whether
these advances represent new paradigms or merely adjustments to the standard theory. They also
explain why economic reasoning has varied among these three approaches throughout the twentieth
century, and why this variation continues today--as neoclassical views give way to new Keynesian
approaches in the wake of the economic collapse of 2008.