By Michael C. Carroll (auth.)
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Extra resources for A Future of Capitalism: The Economic Vision of Robert Heilbroner
It is not surprising that he would advocate limited government involvement when he likens all government to the pharaohs of ancient Egypt. I would seriously doubt that Lucas actually believes that American government can be couched in those terms, yet his economics would be consistent to this view. Much of this influence is transmitted through what E. D. Hirsch calls 'cultural literacy' (Hirsch 1988). Certain terms conjure up visions in the reader's mind and the truth or falseness of the argument is based on these visions.
It is possible to have several firms displaying different actions (behavioural patterns) even with identical motivational influences. The same can be said for the buyers' behaviour. As disposable income increased above subsistence levels, it may become rational for buyers to react to changes in price with changes in consumption. They still adhere to the action directive of the minimization of pecuniary expenditure, yet rational behaviour may differ if their levels of wealth differ. One individual may be forced to react strongly to price changes while others who have a greater surplus may react differently.
We will see that Heilbroner's approach is really a tripartite solution. His approach contains three elemental components: elements of human behaviour, elements of socioanalysis and elements of economic modelling .. Each of these work together to penetrate the veil of the social reproduction. The chapter concludes with a look at a selection of Heilbroner's policy prescriptions and social critiques so we can get a view of his model in action. THE WORLDLY PHILOSOPHERS In The Worldly Philosophers, Heilbroner gives us a glimpse of the lives and works of a very select group of economic scholars.
A Future of Capitalism: The Economic Vision of Robert Heilbroner by Michael C. Carroll (auth.)