Details

Autor(en) / Beteiligte

• Hunt, E.K.
• Lautzenheiser, Mark

Titel

Contemporary Economics I: The Bifurcation of Orthodoxy

Ist Teil von

• History of Economic Thought, 2011, p.459-492

Auflage

3

Ort / Verlag

United Kingdom: Routledge

Erscheinungsjahr

2011

Quelle

Alma/SFX Local Collection

Beschreibungen/Notizen

• This chapter examines the historical developments and the impact they had on subsequent economic theorizing. The chapter covers the ideas of three economic theorists. It also says the problems that had overcome the tsar and the provisional government, however, were of an overwhelming magnitude, and the Bolsheviks, who were mostly political activists with no experience in governing, had enormous difficulties confronting them when they first assumed power. Marx had believed that communism would be created on the industrial base of an already industrialized capitalist system. The Defenders of capitalism were very concerned over the example that Soviet industrialization gave to third-world capitalist countries. W. Arthur Lewis argued that in industrialized capitalist countries with nearly full employment the neoclassical marginal productivity theory of distribution was correct and that the wages of workers reflected their marginal productivity. In the liberal and conservative traditions of neoclassical economics, two thinkers have had the greatest influence namely Paul A. Samuelson and Milton Friedman, respectively.