Overview -
Critical Political Economy
Product Details
- Pub. Date: February 2008
- Publisher: Taylor & Francis, Inc.
Synopsis
This book asks how a more liberating economics could be constructed and taught. It suggests that if economists today are serious about emancipation and empowerment, they will have to radically change their conception about what it means for a citizen to act rationally in a complex society.
Arnsperger emphasises that current economics neglects an important fact: Many of us ask not only ‘what’s in it for us’, within a given socio-economic context; we also care about the context itself. The author argues that if citizens keen on exercising their critical reason actually demanded economic theories that allowed them to do so, economics would have to become a constantly emerging, open-ended knowledge process. He claims that in a truly free economy, there would be no all-out war between ‘orthodox’ and ‘heterodox’ approaches, but an intricate and unpredictable ‘post-orthodox’ pluralism that would emerge from the citizens’ own complex interactions.
Offering an original and path-breaking combination of insights from Hayek, the theory of complexity, and the Frankfurt School of social criticism, Arnsperger discusses how such a free economy would generate its specific brand of economics, called ‘Critical Political Economy’
Editorial Reviews -
Critical Political Economy
Features -
Critical Political Economy
Table of Contents
Acknowledgements xvi
Foreword xviii
Introduction 1
Think again! 1
Economics in a liberating economy 4
The idea of Critical Political Economy 6
A self-undermining orthodoxy 8
The new aims of political economy 10
The mainstream use of economic models 12
Economic knowledge as a tool for action 15
Plan of the book 17
Uncritical complexity 21
Uncritical atoms: the limits of standard economics 23
Two basic questions 24
A tradition of social criticism 26
The anti-emancipatory inversion of standard economics 31
Homo economicus and reflexive social change: study of a constitutive impossibility 39
Looking for homo criticus 54
Uncritical mass: the limits of complexity economics 56
The bottom-up irrelevance of standard economics 57
Post-Walrasian approaches 61
The structure of complexity economics 63
The suicide of the critical subject 74
The use of uncritical knowledge in society 82
The Hayekian heritage of complexity economics 82
Theorist's ignorance, agents' ignorance 84
The competitive process as a real-time "theory" 89
Competition and "spontaneous consciousness" 92
From co-evolution to co-reflection 96
Bottom-up Critical Theory: the logic of self-criticizing complexity 103
The use of critical knowledge about society 105
Creating a potential for social emancipation 105
"Superstition" and the control of social forces 113
Critically oriented interaction and "conscious spontaneity" 129
The unavoidable necessity of critical rationality 133
Bottom-up Critical Theory: what does economics describe? 139
Toward a bottom-up Critical Theory 139
End-state versus process 151
"Critical descriptiveness": what does economics describe? 154
A self-criticizing economic system 162
Emancipation in complex systems 164
From "spontaneous consciousness" to "conscious spontaneity" 174
Toward a theory of self-criticizing systems 181
To what real economy do we aspire? 193
Toward a critical mainstream? 195
A formal approach to critically rational action 197
Why normative economics needs other foundations 197
The spread of critical ideas in complex economic systems 201
Can normative economics become emancipation-oriented? 217
Which characteristic emergents do we want? 220
Breaching the positivelnormative divide 224
Critical Political Economy: the logic of "post-orthodox" pluralism 229
The use of economics in a complex economy 231
The economist as participant observer 231
A self-criticizing economics in a self-criticizing economy 235
The individual use of economic theories 239
Path dependence, variety, and ignorance 240
Opportunistic consultants 247
The dynamics of theory diffusion and the Hayek-Fukuyama theorem 249
Critical consultants and the Horkheimer-Marcuse theorem 251
Free-economy economics 256
An economics that reflects on itself 256
Economics as an intrinsically political discipline 258
Another "Purple Rose of Cairo"? 267
Post-orthodox pluralism in economics 275
Economic theory and local knowledge 275
The thorny issue of "economic literacy" 278
Critical Political Economy: an ideal curriculum 281
Knowledge institutions in a genuinely liberating economy 285
Dominant paradigm or neutral language? 288
The most lucid way ahead 289
Taking the "CPE test" 291
Notes 293
Bibliography 295
Index 306
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