An Introduction to Economics Economic Theory and Society
The book compares neoclassical and Marxian economics and points out that both the schools of thought seek to analyze how a capitalist society functions. The authors show that the neoclassical economics vindicates capitalism and prescribes policies that fu
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Chandana Ghosh Ambar Nath Ghosh
An Introduction to Economics
Chandana Ghosh • Ambar Nath Ghosh
An Introduction to Economics Economic Theory and Society
Chandana Ghosh Economic Research Unit Indian Statistical Institute Kolkata, West Bengal, India
Ambar Nath Ghosh Economics Department Jadavpur University Kolkata, West Bengal, India
ISBN 978-981-15-1055-7 ISBN 978-981-15-1056-4 (eBook) https://doi.org/10.1007/978-981-15-1056-4 © The Editor(s) (if applicable) and The Author(s), under exclusive licence to Springer Nature Singapore Pte Ltd. 2019 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Palgrave Pivot imprint is published by the registered company Springer Nature Singapore Pte Ltd. The registered company address is: 152 Beach Road, #21-01/04 Gateway East, Singapore 189721, Singapore
Dedicated to the memory of our revered teacher Professor Arup Mallik A thinker, mentor and teacher of the highest order who will live forever in the hearts of his mesmerized students
Preface
Almost all the introductory textbooks today focus exclusively on neoclassical economics. In fact, students of economics these days get an impression that neoclassical economics constitutes the whole of modern economics and it represents an objective and scientific inquiry into economic phenomena. In reality, economics is intimately related to the two classes of people living in any society: the rich and the poor. Accordingly, it has two dominant lines of thought: one seeks to further the interest of the rich and the other seeks to safeguard the interest of the poor. The former started with the writings of Malthus and finally culminated in neoclassical economics. The latter started with Smith and found its fullest form in Marxian economics. Neoclassical economics portrays capitalist economies as the ideal form of human society, while Marxian econo
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