FALL 2002




Office: 410 Decio

Tel: 631-6434


Hours: Tuesdays and Thursdays, 2-3pm, and by appointment


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There are three parts to this reading list and course. Part I is an introduction to some of the basic themes of the course, viz., the significant differences between political economy and mainstream economics and the existence both of different theories of political economy and of various ways of understanding those differences. Part II covers the basic concepts and methods of the principle “schools” encompassed by contemporary political economy: Marxian, classical, post-Keynesian, radical, institutionalist, Austrian, and feminist. Finally, in Part III we will discuss the different consequences of these theories by examining some specific issues and themes: modernism/postmodernism, globalization, households, race, income distribution, third world development, and alternatives to capitalism.



No textbook is required for this course. The only two book you need to purchase are Economics: Marxian versus Neoclassical, by Richard D. Wolff and Stephen A. Resnick and The Ultimate Field Guide to the U.S. Economy, by James Heintz et al. All of the remaining readings are from 2 “course packets” available at the Copy Shop, O’Shaughnessy Hall.



The course will be conducted as a seminar. Therefore, it is important for all students to complete the assigned readings before each session and to participate in the discussions.



There will be no examinations in this course. Instead, students will prepare weekly papers, each approximately 1.5 to 2 pages, due each Tuesday in class. One of the purposes of the papers is to “grapple” with the readings—to formulate the main themes, to raise the interesting issues, to pose the key questions—in preparation for the classroom discussions. I will be looking for serious, thoughtful, and well-written engagements with the readings. The other purpose is to develop ideas for an 8-10-page final research paper. For that paper, students should choose a specific topic, concept, or theme from the readings and then explore it in more depth than is possible in the required readings and class discussions. Students should feel free to contact me—in person, by office telephone, or by email—to discuss paper topics, ways of investigating the topics, and possible references. An abstract and reading list for the paper are due on 26 November. The paper itself is due by 5pm on the regularly scheduled final exam day.

The following journals regularly publish articles in political economy:

Cambridge Journal of Economics                         New Left Review

Capital and Class                                                      Political Economy

Contributions to Political Economy                     Research in Political Economy

Dollars and Sense                                                     Rethinking Marxism

Economy and Society                                              Review of Austrian Economics

Feminist Economics                                                Review of Black Political Economy

International Review of Applied Economics       Review of Political Economy

Journal of Economic Issues                                    Review of Radical Political Economics

Journal of Post Keynesian Economics                  Review of Social Economy

Monthly Review                                                       Studies in Political Economy






27 and 29 August


J. Heintz et al., The Ultimate Field Guide to the U.S. Economy (New York: New Press, 2000)


Updates to the Field Guide



3 and 5 September


E. J. Nell, “The Revival of Political Economy,” in Growth, Profits, and Property, ed. E. J. Nell, 19-28 (Cambridge: Cambridge University Press, 1980)


B. Pietrykowski, “A Primer in Political Economy,” in Political Economy and Contemporary Capitalism, ed. R. Baiman et al., 13-20 (Armonk, NY: M. E. Sharpe, 2000)


J. Amariglio et al., “Division and Difference in the ‘Discipline’ of Economics,” Critical Inquiry 17 (Autumn 1990): 108-37





10, 12, 17, 19 September


K. Marx, “The Commodity,” in Capital, vol. 1, 125-77 (New York: Vintage, 1977)


S. Resnick and R. Wolff, “Marxian Theory,” in Economics: Marxian versus Neoclassical, 125-238 (Baltimore: Johns Hopkins University Press, 1987)



24 and 26 September


A. Roncaglia, “The Sraffian Contribution,” in A Guide to Post-Keynesian Economics, ed. A Eichner, 87-99 (White Plains, NY: M.E. Sharpe, 1979)


P. Lichtenstein, “Post-Keynesian Theories of Value and Price,” in An Introduction to Post-Keynesian and Marxian Theories of Value and Price, 89-148 (Armonk, NY: M.E. Sharpe, 1983)



1 and 3 October


P. Arestis, “Post-Keynesian Economics,” in The Post-Keynesian Approach to Economics, 86-115 (Aldershot, UK: Edward Elgar, 1992)


P. Davidson, “The Role of Contracts and Money in Theory and the Real World,” in Controversies in Post Keynesian Economics, 55-72 (Aldershot, UK: Edward Elgar, 1991)


P. Kenway, “Marx, Keynes, and the Possibility of Crisis,” in Keynes’s Economics and the Theory of Value and Distribution, ed. J. Eatwell and M. Milgate, 149-66 (New York: Oxford University Press, 1983)



8 and 10 October


S. Marglin, “What Do Bosses Do? The Origins and Function of Hierarchy in Capitalist Production,” Review of Radical Political Economics 6 (1974): 33-60


M. Reich, “Radical Economics in Historical Perspective,” Review of Radical Political Economics 25/3 (1993): 43-50


D. M. Gordon et al., “Power, Accumulation, and Crisis: The Rise and Demise of the Postwar Social Structure of Accumulation,” in The Imperiled Economy, ed. R. Cherry et al., 43-57 (New York: Union of Radical Political Economics, 1987)



15 and 17 October


K. Polanyi, The Great Transformation, 43-76 (Boston: Beacon Press, 1957)


C. K. Wilber and R. S. Harrison, “The Methodological Basis of Institutional Economics: Pattern Model, Storytelling, and Holism,” Journal of Economic Issues 12 (March 1978): 61-89


W. M. Dugger, “Radical Institutionalism: Basic Concepts,” in Radical Institutionalism: Contemporary Voices, ed. W. E. Dugger, 1-20 (New York: Greenwood Press, 1989)



29 and 31 October


F. A. Hayek, “Economics and Knowledge,” in Individualism and Economic Order, 33-56 (Chicago: University of Chicago Press, 1948)


I. M. Kirzner, “The Driving Force of the Market: The Idea of ‘Competition’ in Contemporary Economic Theory and in the Austrian Theory of the Market Process,” in Why Economists Disagree: An Introduction to Alternative Schools of Thought, ed. D. L. Prychitko, 37-52 (Albany: State University of New York Press, 1998)


L. M. Lachmann, “From Mises to Shackle: An Essay on Austrian Economics and the Kaleidic Society,” in Why Economists Disagree: An Introduction to Alternative Schools of Thought, ed. D. L. Prychitko, 53-64 (Albany: State University of New York Press, 1998)



5 and 7 November


E. Mutari, “Feminist Political Economy,” in Political Economy and Contemporary Capitalism, ed. R. Baiman et al., 29-35 (Armonk, NY: M. E. Sharpe, 2000)


U. Grappard, “Feminist Economics: Let Me Count the Ways,” in Beyond Neoclassical Economics: Heterodox Approaches to Economic Theory, ed. F. E. Foldvary, 100-14 (Brookfield: Edward Elgar, 1996)


D. Strassman, “Not a Free Market: The Rhetoric of Disciplinary Authority in Economics,” in Beyond Economic Man, 54-68 (Chicago: University of Chicago Press, 1993)



12 November






14 November


J. Amariglio and D. F. Ruccio, ““Keynes, Postmodernism, Uncertainty,” in Keynes, Knowledge, and Uncertainty, ed. S. Dow and J. Hillard, 334-56 (Aldershot: Edward Elgar, 1994)



19 November


P. Dorman, “Actually Existing Globalization,” in Rethinking Globalization(s), ed. P. S. Aulakh and M. G. Schechter, 32-55 (New York: St. Martin’s Press, 2000)



21 November


H. Fraad et al., “For Every Knight in Shining Armor, There’s a Castle Waiting to Be Cleaned: A Marxist-Feminist Analysis of the Household,” Rethinking Marxism 2 (Winter 1989): 9-69



26 November

• abstract and reading list due


S. Shulman, “Racial Inequality and Radical Institutionalism: A Research Agenda,” in Inequality: Radical Institutionalist Views on Race, Gender, Class, and Nation, ed. W. M. Dugger, 251-71 (Westport, CT: Greenwood Press, 1996)



3 December


C. Tilly, “Falling Wages, Widening Gaps: U.S. Income Distribution at the Millenium,” in Political Economy and Contemporary Capitalism, ed. R. Baiman et al., 114-23 (Armonk, NY: M. E. Sharpe, 2000)



5 December


D. F. Ruccio, “Capitalism and Industrialization in the Third World: Recognizing the Costs and Imagining Alternatives,” in Political Economy and Contemporary Capitalism, ed. R. Baiman et al., 203-9 (Armonk, NY: M. E. Sharpe, 2000)



10 December


A. Einstein, “Why Socialism?” Monthly Review 50/1 (May 1998): 1-8 (originally published May 1949)


D. M. Figart and H. I. Hartmann, “Broadening the Concept of Pay Equity: Lessons for a Changing Economy,” in Political Economy and Contemporary Capitalism, ed. R. Baiman et al., 285-93 (Armonk, NY: M. E. Sharpe, 2000)


J. Matthaei, “Beyond Racist Capitalist Patriarchical Economics: Growing a Liberated Economy,” in Political Economy and Contemporary Capitalism, ed. R. Baiman et al., 48-55 (Armonk, NY: M. E. Sharpe, 2000)


• final paper due