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Economic Philosophy: A Masterful Exploration of Markets, Money, and Capitalism

Ignacio Hayes

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Published in Economic Philosophy (Routledge Classics) Joan Robinson

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In the realm of economic thought, few scholars have left an imprint as profound as Joan Robinson. Her groundbreaking work, "Economic Philosophy," offers a comprehensive and incisive analysis of the complexities of markets, money, and the capitalist system. This revised edition, meticulously edited by G.C. Harcourt, presents a timeless masterpiece that continues to inspire and challenge economists to this day.

Challenging Marginalism: A Critique of Neoclassical Orthodoxy

Robinson's work is renowned for its incisive critique of marginalism, the dominant economic paradigm of her time. Marginalism, with its focus on individual decision-making at the margin, often fails to capture the complexities of real-world economic phenomena. Robinson argues for a broader approach that incorporates elements of imperfect competition, uncertainty, and the role of institutions.

Economic Philosophy (Routledge Classics)

by Joan Robinson

4.2 out of 5

Language	:	English
File size	:	1427 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Word Wise	:	Enabled
Print length	:	151 pages

Keynesianism and the Role of Aggregate Demand

Robinson's analysis extends to the realm of Keynesian economics. She embraces John Maynard Keynes's emphasis on aggregate demand, arguing that it plays a crucial role in determining economic outcomes. Robinson's unique perspective provides a deeper understanding of the dynamics of economic downturns and the importance of government intervention to stimulate demand.

Capitalism in Crisis: A Critique of Its Inner Workings

Robinson's work goes beyond a critique of economic theory to a broader analysis of the capitalist system itself. She exposes the inherent contradictions and inefficiencies of capitalism, highlighting the tendency towards inequality,垄断, and economic instability. Robinson's insights offer a valuable perspective on the challenges and limitations of the capitalist system.

Sraffa and the Rediscovery of Classical Economics

Robinson's intellectual journey led her to collaborate with Piero Sraffa, whose work on the classical economists, particularly David Ricardo, provided a new lens through which to view economic phenomena. Sraffa's insights into the nature of value and the role of production helped Robinson develop a deeper understanding of the dynamics of capitalist economies.

Marxism and the Labor Theory of Value

Robinson's critique of capitalism also extended to an engagement with Marxist thought. While not a Marxist herself, she recognized the importance of Karl Marx's labor theory of value in understanding the exploitation of labor under capitalism. Robinson's synthesis of Marxist and Keynesian ideas provided a unique perspective on the dynamics of economic growth and inequality.

A Legacy of Economic Thought

"Economic Philosophy" is a testament to Joan Robinson's brilliance as an economist. Its pages are filled with insightful analysis, incisive critiques, and original ideas that have left an enduring mark on economic thought. Robinson's work continues to inspire economists to challenge conventional wisdom, explore new perspectives, and seek a deeper understanding of the complexities of the economic world.

This revised edition, with its comprehensive by G.C. Harcourt, provides a valuable resource for students, researchers, and anyone interested in gaining a deeper understanding of economic philosophy. Through Robinson's masterful analysis, readers are invited to embark on a journey of economic discovery, questioning assumptions, examining alternative viewpoints, and ultimately gaining a more nuanced and comprehensive understanding of the economic forces that shape our world.

Economic Philosophy (Routledge Classics)

by Joan Robinson

4.2 out of 5