Nobody downloaded yet

Beyond Markets: Critical Approaches to Economics - Essay Example

Comments (0) Cite this document
Beyond Markets: Critical Approaches to Economics Post Keynesianism 1. Introduction There has been a mass scale transformation in the global economy in the 21st century. With the collapse in the former Soviet Union and decline in the communist governments in the Eastern Europe, the global economic scenario took a topsy turvy turn…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER94.7% of users find it useful
Beyond Markets: Critical Approaches to Economics
Read TextPreview

Extract of sample "Beyond Markets: Critical Approaches to Economics"

Download file to see previous pages John Maynard Keynes, the famous British economist in his book General Theory of Employment, Interest and Money exhibited rigorous manifestation of macroeconomics. He explained the factors that are determinants of the level of output and employment in a particular economy and also explains the causes for which the economies experience lower levels of outputs and escalated levels of unemployment for extended period of time. Keynes believed that aggregate demand in the economy is affected by several important variables like “income distribution, uncertainty, the psychological habits of the consumers, the “animal spirits” of the entrepreneurs as well as the government policies” (Holt & Pressman, 2001, p.3) and mainly based on strong theoretical foundations. The Post Keynesian economics is an extension of Keynesian economics but they stress more on realistic interpretations rather than abstract theories. They state that behavior of the individual agents within the economy is determined by following several rules, developing habits and actions of others and so on. The business executives follow “animal spirit” according to Keynes detaching itself away from rationality. Decisions are crucial parameters in business and they vary from individual to individuals. Post Keynesian economics stresses more on the microeconomic foundations of macroeconomics and applies several techniques depending on various real life situations and circumstances. 2. Theme of the paper The above discussion is just an abstract prelude to post Keynesianism. The paper is fragmented in two main areas. The first section will focus on the understanding of the core of post Keynesianism from Keynesian perspectives. The second part will be discussing a post Keynesian theory which is Milton Friedman’s quantity theory of money demand and the target will be to analyze its connection with Keynesian thought and its deviation from the same. This will help us to understand a facet of post Keynesianism (as scope of discussion is limited). Now, before entering into hardcore mechanics of theory (the second part) a brief discussion regarding the distinction between Keynesianism and post Keynesianism (the first part) is necessary. The subsequent section will be highlighting the same. 3. Dimension of Keynesian economics 3.1 Deviation from laissez-faire The root of Keynesianism originates from the book, “The General Theory of Employment, Interest and Money” published as a potential rejoinder to the great depression of the 1930s (Nunzio, 2011, p.70). The main agenda of Keynesian economics directs towards the establishment of a mixed economy wherein the government (public sector) as well as the private sector play a predominant part. The Keynesian economics deviates from the concept of laissez-faire economics, which states that the private and market dynamics operate in an efficient way devoid of state intervention. From the perspectives of Keynes, the trends of macro level analysis surpass the micro level of the individual behavior and focuses on the aggregate demand for goods in the economy as the prime driving force in escalating the growth of the economy in period of economic crisis. Keynes stated that the policies of the government are highly useful for the promotion of demand at the macro level for fighting social menaces and ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Beyond Markets: Critical Approaches to Economics Essay”, n.d.)
Beyond Markets: Critical Approaches to Economics Essay. Retrieved from
(Beyond Markets: Critical Approaches to Economics Essay)
Beyond Markets: Critical Approaches to Economics Essay.
“Beyond Markets: Critical Approaches to Economics Essay”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Beyond Markets: Critical Approaches to Economics

Accounting and Society

...ways to satisfy the standard; however, the approach fails to avail incentives for firms to minimize pollution beyond the set requirements (Driesen 2003, p.138). Market-Oriented approaches Market-based approaches create an incentive for the private sector to integrate pollution abatement into production or consumption decisions, and to innovate in ways that continually highlight the least costly method of abatement. Market-oriented approaches can diverge from more conventional regulatory methods with regard to economic efficiency (or cost-effectiveness) and the distribution of benefits...
12 Pages(3000 words)Essay

Beyond Markets Critical Approaches to Economics

...? Beyond Markets Critical Approaches to Economics By: Mainstream economics Economics in the recent timeshave always featured several schools of economic thoughts with divergent schools having unusual prominence across countries over time. Mainstream economics is a specific school of thought to the post World War II era, specifically in the Anglosphere and to a lesser extent globally (Wrenn, 2004, pp106). Mainstream economics is associated with neoclassical economics which combines Keynesian approach and neoclassical methods macroeconomics. Mainstream economics follow rational choice theory, which makes assumptions that individuals make decisions that will maximize their own utility. It utilizes mathematical and statistics models... . In other...
3 Pages(750 words)Essay

Economics - Financial Institustions and Markets

...? Financial s and Markets of the of the number Table of Contents 3 Thesis ment 4 Introduction 4 Financial system in the United States 5 Systemic risk in the financial market 7 Financial integration in the globe 9 The repo market and ‘safe harbor’ 9 The financial crisis of 2008 12 An evaluation of the intervening activities of the Federal Reserve 14 Proposed alternatives and remedies for the problem 16 Repo resolution authority 18 Conclusion 19 References 20 Abstract The structure and functioning of the financial system has been a serious issue in the current economic scenario. The financial system of the United States has undergone structural changes at different points of time and these changes have affected the financial health... and...
20 Pages(5000 words)Research Paper

Economics regarding Oligoploy markets

...Relationship Marketing is a Paradigm Shift: Some Conclusions from the 30R Approach Presented at 1st Management & Decision Internet Conference on Relationship Kotler, P., Armstrong, G,. (2001), Principles of Marketing, 9th edition, Prentice Hall & Pearson Education. Porter M.E., (1996), What is Strategy, Harvard Business Review, Stank, Theodore P., Scott B. Keller, and Patricia J. Daughterly (2001), "Supply Chain Collaboration and Logistical Service Performance," Journal of Business Logistics, Vol. 22, No. 1, pp. 29-47 World Wide Web Fishman, Charles, The Wal-Mart You Dont Know, available at: Gumbel, Andrew in Fashion Victims...
9 Pages(2250 words)Essay

Critical approaches to humanities

.... The 16ht century literature was more associated with men’s power, abilities and aims often denoted by the renaissance spirit, whereas, the 18th century literature is more inclined towards the fallacies of the society of that period. Women were considered as creatures that spent most of their time on useless things. The materialistic approach of women of that time was criticised (Barker, 2000). The gender roles that evolved through the time involve the portrayal of men as brave knights to the more flirty lovers and play boys in the Eighteenth century literature. Similarly, the female counterparts of the 16th century society were portrayed as sober, sophisticated but dependent individuals having no right to speak, fight...
5 Pages(1250 words)Essay

Critical approaches to humanities

...most of what has been written as each contemporary period interprets work from a different perspective. In order to understand meanings and interpret the writing for the intended meanings, culture must be studied and examined to give the language context. Burke (1993: 56) begins his discussion of the context of culture as it relates to the written novel by stating that “Literature explores and makes sense of the mystery of the human condition in all its varied and twisted configurations”. When literature is looked at through this perspective, it is clear that beyond the idea of the story, the revelations of plot, setting, and theme, is the underlying creation of a reflection of how human beings relate to one another and...
4 Pages(1000 words)Essay


... Critical Approach using Marxist Theory Marxism was a key approach utilized by of the realism period. The authors of that period emphasized on facts and details in their work. Faulkner, in A Rose of Emily, portrays different extremities witnessed by the main character Emily, a woman. These extremist circumstances which include social interaction and economic status alienate personalities from the world around them. In relation to class and prosperity of an individual, it depicts Emily as fallen from affluence and Tobe as one who is as a socioeconomically depressed person. This is seen from the scene that emphasizes on Emily’s status in being involved in teaching china painting which is considered to be done by the middle class...
1 Pages(250 words)Essay

Beyond Markets: Critical Approaches to Economics

...Beyond Markets: Critical Approaches to Economics Table of Contents Introduction 3 Difference between Heterodox Economics and Mainstream Economics 4 Mainstream Views of Market Conception 5 Strengths and Weaknesses of Mainstream Models and Approaches 6 Overview of the Heterodox Approach Being Adopted 7 Austrian School Of Thought 7 7 Difference with Mainstream Approach 8 How Does Austrian Economics Highlight/Address Deficiencies of Orthodox Views? 9 Evaluation of Whether Heterodox School Approach Addresses All of Concerns...
12 Pages(3000 words)Essay

Efficient Markets Hypothesis(Financial Economics)

...a positive correlation between degree of tending observed in prices as well as the time period. This therefore clearly outlines that the prices do not follow a random path but rather show certain trends. It is however, critical to note that these period are not relatively long but trends do emerge over certain period of time. 2. Behavioral Economics Behavioral economists argue that markets are imperfect because of the behavioral and cognitive biases. Imperfections in the market emerge as a result of these cognitive behaviors and as such markets may not efficiently operate. These cognitive biases emerge as a result of overconfidence, information and...
3 Pages(750 words)Essay

Critical Approaches

...International Relations The best international relations approach is realism because it best describes the world and international relations, is a resort for order and sanity when sovereignty, lives, and power are threatened, mark’s hegemony today, and suits individual lives thereby dominating international relations. Realism makes the best insights in the explanation of the world and the international relations compared to the other approaches namely idealism, Marxism, feminism, ecological, eco-feminist, and post-modern approach. However, realism worst failing is the high reliance on Great Power Relations ignoring the influence of small powers that could cause threats (Rø, 65). Realism...
1 Pages(250 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Beyond Markets: Critical Approaches to Economics for FREE!

Contact Us