Economic Theory and Social Change
Problems and Revisions
Routledge – 2010 – 336 pages
This book is a discourse on modelling Man in a social context. Its focus is on economic main-stream theory in its capacity to handle basic problems such as uncertainty, social dynamics and ethics. The point of departure is a systematic critique of the specific methodology of economics and its axiomatic structure. The ultimate aim is to develop an economic theory for a socially sustainable society.
Economic Theory and Social Change analyses the foundation of economic market theory in relation to its social implications. On rejecting the axiomatic structure of the market theory Hasse Ekstedt and Angelo Fusari analyse the concept of growth and uncertainty with respect to a more realistic modelling of man, The book also addresses central political problems and their potential solutions, including permanent unemployment, distribution of income, the interaction of real and financial growth, money and the credit system.
In seeking objective values to help to obtain a socially sustainable society, the book traces a tentative revision of economic and social thought based on a deepening of some crucial features of modern economies and societies. These features include innovation, the connected flows of uncertainty, entrepreneurship, and their role in fuelling and characterizing economic growth and development. This book will be of interest to postgraduate students and researchers of Economics, particularly to those focussing on Economic Theory and Political Economy.
Introduction 1. The Method of Social Theory: Suggestions for a Shared Basic View 2. Homo Œconomicus Versus Homo Politucus 3. The Axiological – Normative Question in Econmics and Social Sciences: Objective and Subjective Values 4. On Time and Ethics 5. Innovation, Uncertainty, Entrepreneurship – Modelling the Dylanmic Process of the Economy: Discussion and Formalization 6. From Invisible Hand to Perpetum Mobile – The Problem of Economic Growth 7. Money – Resource Allocation – Income Distribution 8. Toward a Non-Capitalist Market System: Spontaneous Order and Organization
Hasse Ekstedt Lecturer at University of Gothenburg, Sweden.
Angelo Fusari is Director of Research at the Institute of Studies and Economic Analyses, Italy.