The Evolution of Economic Thought

This chapter examines the foundational ideas of economic theory, categorizing economists into classical groups while emphasizing figures like Adam Smith and Ricardo. It discusses the interplay between Marxist and post-Keynesian economics, exploring class dynamics and the challenges of defining value in capitalism. Additionally, the chapter highlights historical debates in economic thought, particularly the conflict between neo-Keynesians and post-Keynesians, and critiques the evolution of state intervention in response to economic crises.