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Charles J. Whalen - Political Economy for the 21st Century: Contemporary Views on the Trend of Economics

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Political Economy for the 21st Century: Contemporary Views on the Trend of Economics
Author:
Charles J Whalen
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Routledge
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Year:
2015
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London
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This text provides an alternative to conventional economics, drawing on the neoclassical and non-neoclassical insights of Lester Thurow, Robert Heilbroner, Alice Amsden, Barry Bluestone and 11 other prominent economists from America and England. It is intended to provide productive analyses of several contemporary economic problems.

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POLITICAL ECONOMY for the 21ST CENTURY

First published 1996 by M.E. Sharpe

Published 2015 by Routledge

2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN

711 Third Avenue, New York, NY 10017, USA

Routledge is an imprint of the Taylor & Francis Group, an informa business

No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers.

Notices

No responsibility is assumed by the publisher for any injury and/or damage to persons or property as a matter of products liability, negligence or otherwise, or from any use of operation of any methods, products, instructions or ideas contained in the material herein.

Practitioners and researchers must always rely on their own experience and knowledge in evaluating and using any information, methods, compounds, or experiments described herein. In using such information or methods they should be mindful of their own safety and the safety of others, including parties for whom they have a professional responsibility.

Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe.

Library of Congress Cataloging-in-Publication Data

Political economy for the 21st century: contemporary views on the trend of economics / edited by Charles J. Whalen; foreword by Hyman P. Minsky: contributors, Randy Albelda [et al.],

p. cm.

Includes index.

ISBN 1-56324-648-1 (hardcover: alk. paper).

ISBN 1-56324-649-X (pbk.:alk. paper)

1. Economic forecasting. 2. Economic policyForecasting.

3. Monetary policyForecasting. 4. Employment forecasting.

5. International economic relationsForecasting.

6. Twenty-first centuryForecasts. I. Whalen, Charles J., 1960

II. Albelda, Randy Pearl.

HB3730.P597 1995

330.1dc20

95-22497

CIP

ISBN 13: 9781563246494 (pbk)

ISBN 13: 9781563246487 (hbk)

Whether economics is a subject of thrilling interests or a dismal pseudo-science depends upon ourselves.

Wesley Clair Mitchell in The Trend of Economics

Contents

Hyman P. Minsky

Charles J. Whalen

William M. Dugger

Charles K. Wilber

Ann Mari May

Frederic S. Lee

Ray Marshall

L Randall Wray

Wallace C. Peterson

Barry Bluestone

Chris Tilly and Randy Albelda

Lester C. Thurow

Brent McClintock

Alice H. Amsden

Robert Heilbroner

Randy Albelda is Associate Professor of Economics, University of Massachusetts at Boston.

Alice H. Amsden is Ellen Swallow Richards Professor of Political Economy, Massachusetts Institute of Technology.

Barry Bluestone is Frank L. Boyden Professor of Political Economy, University of Massachusetts at Boston.

William M. Dugger is Professor of Economics, University of Tulsa.

Robert Heilbroner is Norman Thomas Professor, Emeritus, New School for Social Research.

Frederic S. Lee is Reader in Economics, DeMontfort University (U.K.).

Ray Marshall holds the Audre and Bernard Rapoport Centennial Chair of Economics and Public Affairs, University of Texas at Austin

Ann Mari May is Associate Professor of Economics, University of Nebraska at Lincoln.

Brent McClintock is Assistant Professor of Economics, Carthage College.

Hyman P. Minsky is Distinguished Scholar, The Jerome Levy Economics Institute of Bard College.

Wallace C. Peterson is George Holmes Professor of Economics, Emeritus, University of Nebraska at Lincoln.

Chris Tilly is Associate Professor of Policy and Planning, University of Massachusetts at Lowell.

Lester C. Thurow is Professor of Economics and Management, Massachusetts Institute of Technology.

Charles J. Whalen is Resident Scholar, The Jerome Levy Economics Institute of Bard College.

Charles K. Wilber is Professor of Economics, University of Notre Dame.

L. Randall Wray is Associate Professor of Economics, University of Denver.

The United States has come to a watershed in public life and economic policy. Changes in the relations among our various levels of government, and between government and the citizenry, are on a very rigid and active political agenda. This agenda, represented most concretely by the Republican Contract with America, rests on a particular variant of neoclassical economic theorya variant grounded in two propositions that cannot be proven: (1) that the very complex and ever-evolving set of interrelated markets that constitute modern economies is stable; and (2) that the result of unconstrained market processes is optimal (that is, no agent can be made better off without another agent being made worse off).

One can only marvel at the heroic jumps in logic that are permitted in our current policy discourse. One can only stand in awe at the consummate economic and historical ignorance displayed by both the architects of the current agenda and their chief political adversaries. It is trite but nevertheless apt to cite Santayana, Those who cannot remember the past are condemned to repeat it, as we commit our lives, fortunes and sacred honor to engage in a discourse where the prize is the development of the policy agenda that will come to the fore after todays agenda leads to an even greater economic and social malfunctioning than that which has troubled us during the past few decades.

Unfortunately, economists are generally ill-equipped to provide much practical guidance. One peculiarity of the preparation of economists at the end of the twentieth century is that the modern graduate curriculum does not require students to study either the history of economics or economic history. In fact the curriculum is extraordinarily anti-intellectual: graduate programs in economics aim to train rather than educate.

Most articles in the academic economics literature are bereft of citations that go back more than a few years. As a result, economists often engageunknow-inglyin the repackaging of old wine in new bottles. What is particularly appalling is that even journal editors and referees are seldom aware that todays contributions often merely reinvent the wheel.

Contemporary neoclassical economics purports to derive propositions about real-world activity that are independent of the actual institutional structure. Thus, it is not surprising that todays dominant policy agenda ignores both the history and the character of our economic institutions. Underlying this agenda is the same combination of arrogance and ignorance that led American academics to prescribe the now clearly failed shock therapy for economies in Eastern Europe and the former Soviet Union.

Given the language and temper of the current political and economic discourse, it may seem that neoclassical theory is both a universally accepted way to analyze the American economy and the sole economic-policy guide appropriate for the rapidly approaching third millennium. Although neoclassicalism, in all its variant forms, does indeed dominate American economics today, it is

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