Power or Pure Economics [Paperback]

This volume examines central questions about the nature of economic theory, its historical development and its explanatory power. What determines economic distribution - can pure economic theory itself explain the fundamentals of distribution or is a broader economics incorporating theories of power in society necessary? The book presents the debate through classic statements of each position from two leading economists of the century, Joseph A. Schumpeter and Yasuma Takata. A substantive introduction from Michio Morishima assesses and places in context the work of both Schumpeter and Takata.Acknowledgements General Editor's Introduction Foreword: Joseph A. Schumpeter (1883-1950) and Yasuma Takata (1883-1971), by Michio Morishima PART I: BY JOSEPH A, SCHUMPETER The Fundamental Principle of Distribution Theory Preliminary Remarks The Economics and Sociology of Distribution Foundations of the Wage Theory The Social Marginal Product Critical Discussion Peculiarities of the Labour Market The Wage Theorem of Uni- and Bilateral Monopoly The Problem of the 'Artificial Raise' of Wages PART II: BY YASUMA TAKATA Equilibrium and Power Power and the Economy: The View of an Anti-Schumpeterian Why Can Wages be Rigid? An Alternative Foundation for Keynes, Premise Why Interest Remains Positive Even in Static Equilibrium: Another Anti-Schumpeterian View Disequilibrium in Factor Markets due to Power, with Special Reference to Agricultural Land Rent The Twentieth Century and Secular Disequilibrium in the Economy: A Power-Theoretic View References IndexJOSEPH A. SCHUMPETER (1883 - 1950) was sometime Professor of Economics at the Universities of Graz, Bonn and Harvard. His major works which made him one of the all-time great economic theorists and historians of economic thought included Business Cycles; Capitalism, Socialism and Democracy and The History of Economic Analysis.

YASUMA TAKATA (1883-1971) was sometime Professorl&