Recently I found the work of Anwar Shaikh. His views on economics are the most insightful and thorough I have ever seen. He is questioning and re-formulating economic theories through history. He is arriving at conclusions that are more realistic and integrative.
He should lead the way to how economics should be taught in the future. His free-thinking path is somewhat similar to that of Samuel Bowles and Joseph Stiglitz, but I think Shaikh goes beyond them to greater understanding of macroeconomics.
Here is a playlist from youtube for his 30-video lecture series. Each video is about 1.5 hours long. So there is a lot of brilliant material to go through.
Here is an interview with INET that gives just small taste of his views. The video lectures present so much more.
Here is a link to get his 2016 book, Capitalism: Competition, Conflict & Crises
Why do I like his work?
- He says profit drives the business cycle.
- He says firms set prices.
- He does not believe in monopoly power, but rather the dynamics of capital intensity. Brilliant.
- He understands the labor struggle.
- He has great knowledge of economists through history and their work.
- He has seeks to explain Keynes’ Effective Demand with his theory of Real Competition and aggregate profitability. He is on the right path. Effective Demand is the area of my research. So I study his work to gain insights into my own work.
- He presents a view of firms trying to survive by either cutting prices or cutting capacity utilization depending on ease of entry/exit from an industry.
- And so much more…
I highly recommend the work Anwar Shaikh.
His lecture #8 might be a good place to start.