Author : Ajit Sinha
Publisher : Palgrave Macmillan
ISBN 13 : 9783319808512
Total Pages : 244 pages
Book Rating : 4.16/5 ( download)
Book Synopsis A Revolution in Economic Theory by : Ajit Sinha
Download or read book A Revolution in Economic Theory written by Ajit Sinha and published by Palgrave Macmillan. This book was released on 2018-06-09 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book draws on the work of one of the sharpest minds of the 20th century, Piero Sraffa. Ludwig Wittgenstein credited him for 'the most consequential ideas' of the Philosophical Investigations (1953) and put him high on his short list of geniuses. Sraffa's revolutionary contribution to economics was, however, lost to the world because economists did not pay attention to the philosophical underpinnings of his economics. Based on exhaustive archival research, Sinha presents an exciting new thesis that shows how Sraffa challenged the usual mode of theorizing in terms of essential and mechanical causation and, instead, argued for a descriptive or geometrical theory based on simultaneous relations. A consequence of this approach was a complete removal of 'agent's subjectivity' and 'marginal method' or counterfactual reasoning from economic analysis – the two fundamental pillars of orthodox economic theory.