The history of policymaking has been dominated by two rival assumptions about markets. Those who have advocated Keynesian-type policies have generally based their arguments on the claim that markets are imperfectly competitive. On the other hand laissez faire advocates have argued the opposite by claiming that in fact free market policies will eliminate "market imperfections" and reinvigorate perfect competition. The goal of this book is to enter into this important debate by raising critical questions about the nature of market competition. Drawing on the insights of the classical political economists, Schumpeter, Hayek, the Oxford Economists’ Research Group (OERG) and others, the authors in this book challenge this perfect versus imperfect competition dichotomy in both theoretical and empirical terms. There are important differences between the theoretical perspectives of several authors in the broad alternative theoretical tradition defined by this book; nevertheless, a unifying theme throughout this volume is that competition is conceptualized as a dynamic disequilibrium process rather than the static equilibrium state of conventional theory. For almost all the others the growth of firm is consistent with a heightened degree of competitiveness, as both Marx and Schumpeter emphasized, and not a lowered one as in the conventional 'monopoly capital' view.

The Handbook of Alternative Theories of Economic Development explores the theories and approaches which, over a prolonged period of time, have existed as viable alternatives to today’s mainstream and neo-classical tenets. With a total of 40 specially commissioned chapters, written by the foremost authorities in their respective fields, this volume represents a landmark in the field of economic development. It elucidates the richness of the alternative and sometimes misunderstood ideas which, in different historical contexts, have proved to be vital to the improvement of the human condition. The subject matter is approached from several complementary perspectives. From a historical angle, the Handbook charts the mercantilist and cameralist theories that emerged from the Renaissance and developed further during the Enlightenment. From a geographical angle, it includes chapters on African, Chinese, Indian, and Muslim approaches to economic development. Different schools are also explored and discussed including nineteenth century US development theory, Marxist, Schumpeterian, Latin American structuralism, regulation theory and world systems theories of development. In addition, the Handbook has chapters on important events and institutions including The League of Nations, The Havana Charter, and UNCTAD, as well as on particularly influential development economists. Contemporary topics such as the role of finance, feminism, the agrarian issue, and ecology and the environment are also covered in depth. This comprehensive Handbook offers an unrivalled review and analysis of alternative and heterodox theories of economic development. It should be read by all serious scholars, teachers and students of development studies, and indeed anyone interested in alternatives to development orthodoxy.

The Theory of the Firm is commonly viewed as axiomatic by business school academicians. Considerations in spanning organizational structures, their boundaries and roles, as well as business strategies all relate to the Theory of the Firm. The dominant Theory of the Firm poses that markets act perfectly to maximize the well- being of society when people act to maximize the personal utility of their individual purchases and firms act to maximize financial returns to their owners. However, burgeoning evidence and discourse across the scientific and policy communities suggests that the economic, social, and environmental consequences of accepting and applying this theory in the organization of business and society threaten the survival of the human species, among countless others. This book provides the latest thinking on alternatives to the Theory of the Firm as cornerstone of managerial decision-making. Authors explore and elucidate theories that help us understand a firm differently and suggest alternatives to the Theory of the Firm. This book will be of value to researchers, academics, practitioners, and students interested in leadership, strategic management, and the intersection of corporate interests and the well-being of the society.

Expanding Competition in Regulated Industries reviews the changing regulatory environment, notably incentive regulation and competition in regulated industries. Some of the major changes in electricity, gas, and telephone utilities allow for competition in local service through unbundling. This book is of interest to researchers, utility managers, regulatory commissions, and the Federal Government.

The Routledge Handbook of Heterodox Economics presents a comprehensive overview of the latest work on economic theory and policy from a ‘pluralistic’ heterodox perspective. Contributions throughout the Handbook explore different theoretical perspectives including: Marxian-radical political economics; Post Keynesian-Sraffian economics; institutionalist-evolutionary economics; feminist economics; social economics; Régulation theory; the Social Structure of Accumulation approach; and ecological economics. They explain the structural properties and dynamics of capitalism, as well as propose economic and social policies for the benefit of the majority of the population. This book aims, firstly, to provide realistic and coherent theoretical frameworks to understand the capitalist economy in a constructive and forward-looking manner. Secondly, it delineates the future directions, as well as the current state, of heterodox economics, and then provides both ‘heat and light’ on controversial issues, drawing out the commonalities and differences among different heterodox economic approaches. The volume also envisions transformative economic and social policies for the majority of the population and explains why economics is, and should be treated as, a social science. This Handbook will be of compelling interest to those, including students, who wish to learn about alternative economic theories and policies that are rarely found in conventional economics textbooks or discussed in the mainstream media, and to critical economists and other social scientists who are concerned with analyzing pressing socio-economic issues.

Within Post-Keynesian economics there is a spectrum of approaches to theories of the firm but what they have in common, to their great benefit, is a proper integration of the concept of radical uncertainty: data that cannot be known. This book revisits Kalecki’s theory of the firm is located to show that it constitutes fertile theoretical ground on which to systematically understand the resultant indeterminacy when firms operate under conditions of radical uncertainty. The author proposes a way of generalising radical uncertainty by integrating some of the separate approaches within Post-Keynesian economics centred around Kalecki’s work. Through this, it is shown that radical uncertainty does more than just change the ultimate motivation of firms (dropping short run profit maximisation; more complex motivation; interconnectivity with the environment), it is central to the emergence, existence and motivation of firms, and critically also firm strategy. It is argued that firms do not simply respond to uncertainty: it is the systematic cause of their intentional behaviour. Through developing these arguments, the book also contributes to the methodology of Kalecki and Shackle, as well as Kaleckian price theory. This book will be important reading for anyone interested in theories of the firm, Post-Keynesian economics and heterodox approaches to economics more broadly.

Known for its clarity, comprehensiveness, and balance, the latest edition of A History of Economic Theory and Method continues that tradition of excellence. Ekelund and Hébert’s survey provides historical and international contexts for how economic models have served social needs throughout the centuries—beginning with the ancient Greeks through the present time. The authors not only trace ideas that have persisted but skillfully demonstrate that past, discredited ideas also have a way of spawning critical thinking and encouraging new directions in economic analysis. Coverage that distinguishes the Sixth Edition from its predecessors includes a detailed analysis of economic solutions by John Stuart Mill and Edwin Chadwick to problems raised by the Industrial Revolution; the role of psychology and “experiments” in understanding demand and consumer behavior; discussions of modern economic theory as it interrelates with other social sciences; and a close look at the historical development of the critical role of entrepreneurship, both in its productive and unproductive variants. The authors’ creative approach gives readers a feel for the thought processes of the great minds in economics and underscores key ideas impacting contemporary thought and practice. Well-crafted discussions are further enriched by absorbing examples and figures. Thorough suggested reading lists give options for more in-depth explorations by interested readers.

This book takes a radically different approach to the analysis of competition by rejecting the perfect vs. imperfect competition dichotomy and draws on the insights of classical political economists such as Marx, Schumpeter, Hayek and Andrews.

This book provides current, comprehensive, state-of-the-art articles in review of marketing research. It contains a diverse set of review articles covering areas such as emotions, beauty, business and marketing strategy, organizational performance, reference scales, and correspondence analysis.