The third edition of Political Economy: The Contest of Economic Ideas is a fully updated overview of the political economy and its connection with social concerns. This book investigates the main traditions of economic ideas and provides a ‘big picture’ overview of the analytical tools and value judgements associated with competing schools of economic thought.

Political Economy features an engaging writing style which makes the complexities of contesting economic ideas – such as classical political economy and Marxist economics, neoclassical economies and neo-liberalism – clear and accessible. This is essential reading for those students and teachers interested in broadening their understanding of conventional political economics, and considering the coherent and constructive alternatives.

New to this Edition:

• New chapter on the economics of happiness
• New sections on:
  - The global financial crisis
  - The economic implications of climate change
  - ‘Putting a price on carbon’
  - ‘Green jobs’
  - Financialisation
  - ‘Affluenza’
  - Behavioural economics
• New images of key economists who have shaped the development of economic theory.

Part I: Current Economic Processes and Problems
1. What is Political Economy?
2. The Personal is Political Economic
3. Structural Economic Changes
4. Political Economic Challenges
Part II: Economic Systems and Economic Theories
5. Economic Systems
6. Capitalism
7. Economic Theories
Part III: Back to Basics: Classical Political Economy
8. Capitalism Emerging
9. Private Vices, Public Virtues
10. Value, Distribution, Growth
11. Land and Economic Surplus
Part IV: The Critique of Capitalism: Marxist Economics
12. Contesting Capitalism
13. The Mode of Production
14. Labour, Value, Exploitation
15. Capital Accumulation
16. Reproduction, Growth, Change
17. Economic Crises
Part V: The Ideology of the Market: Neoclassical Economics
18. Free-market Economics
19. Consumers
20. Firms
21. Market Structures
22. Distribution
23. Economic Welfare and Neo-Liberalism
Part VI: Evolution and Reform: Institutional Economics
24. Economy and Society
25. A Dissident Tradition in Economics
26. Economic Power
27. Economic and Social Reform
28. Corporate Globalisation
Part VII: Stabilising the Economy: Keynesian Economics
29. The Disillusioned Defence of Capitalism
30. Constructing a Keynesian Model
31. Instability in a Monetary Economy
32. Macroeconomic Policy
33. The Keynesian Legacy
Part VIII: Contemporary Concerns: Modern Political Economy
34. A Radical Reconstruction
35. Economy and Environment
36. Technology, Industry, Work
37. Class, Gender, Ethnicity
38. The Political Economy of the State
Part IX: Whither Political Economy? Conflict and Progress
39. Why Do Economists Disagree?
40. A Level Playing Field for Economic Ideas?
41. W(h)ither Capitalism?
42. A Happy Ending?

Frank Stilwell – Emeritus Professor, Department of Political Economy, The University of Sydney