Resources for Study of Polanyi’s Great Transformation

shortlink for this post: Polanyi offers a deep historical study of how European societies based on traditional values of cooperation and social responsibility were tansformed into modern secular societies. In Polanyi’s terminology, social relations became embedded within the market, creating a market society driven by the imperative of commercialization, which makes money the measure… Read More Resources for Study of Polanyi’s Great Transformation

Meta-Theory and Pluralism in the Methodology of Polanyi

Currently, I am teaching a course in Advanced Microeconomics where I have started with the premise that conventional economic theory, both Micro and Macro are fundamentally wrong. The number of ways in which they are wrong cannot even be counted. Instead of enumerating errors, the course is devoted to providing a constructive alternative. A lot… Read More Meta-Theory and Pluralism in the Methodology of Polanyi

Imperfect competition

Joan Robinson (1903- 1983) studied microeconomic issues, such as pricing, consumer demand, producer supply, competition and monopolistic strategies. Her first major book was The Economics of Imperfect Competition, published in 1933. In the same year, Edward Chamberlin published The Theory of Monopolistic Competition. Robinson restates the Marshallian contribution to price theory so as to examine the… Read More Imperfect competition

Meltzer’s ‘Why Capitalism?’: An ideological polemic

This is my book review on Amazon — I thought it would be of interest to WEA readers. In a complex world, discovering causality is very difficult. Many things happen simultaneously, and post hoc ergo propter hoc reasoning is a common fallacy that is hard to detect and critique. Here is how I understand Meltzer’s… Read More Meltzer’s ‘Why Capitalism?’: An ideological polemic

Globalisation and Democracy

Concerns with social inclusion extend well beyond the purely economic account of justice, since economic inequality affects social cohesion and political stability. Moreover, economic inequality can have negative implications for economic growth and democratic institutions. As a welcome contribution to the literature on the subject, Eric Hobsbawm´s book,  Globalisation, Democracy and Terrorism, fosters further reflection and… Read More Globalisation and Democracy