The Real Economy - by Jonathan Levy (Paperback)

Book Synopsis

A provocative new theory of "the economy," its history, and its politics that better unites history and economics

What is the economy, really? Is it a "market sector," a "general equilibrium," or the "gross domestic product"? Economics today has become so preoccupied with methods that economists risk losing sight of the economy itself. Meanwhile, other disciplines, although often intent on criticizing the methods of economics, have failed to articulate an alternative vision of the economy. Before the ascent of postwar neoclassical economics, fierce debates raged, as many different visions of the economy circulated and competed with one another. In The Real Economy, Jonathan Levy returns to the spirit of this earlier era, which, in all its contentiousness, gave birth to the discipline of economics.

Drawing inspiration particularly from Thorstein Veblen and John Maynard Keynes, Levy proposes a theory of the economy that is open to rich empirical and historical scrutiny, covering topics that include the emergence of capitalism, the notion of radical uncertainty, the meaning of demand, the primal desire for money, the history of corporations, and contemporary globalization. Writing for anyone interested in the study of the economy, Levy provides an invaluable provocation for a broader debate in the social sciences and humanities concerning what "the economy" is.

Review Quotes

"A deeply researched study of economic thought and methodology that builds brilliantly on [Levy's] previous efforts to historicize and theorize capital and capitalism. . . . A new standard-bearer in economic history."---Teal Arcadi, Reviews in American History

"A fascinating compendium."---Geoff Crocker, Society of Professional Economists

"Levy takes a valuable bottom-up approach to explaining the evolution of economic thought. . . . [He] expertly bridges history and economics, reviving ideas from the past that can better shape our understanding of the economy today."---Tej Parikh, Financial Times

"Without a doubt, The Real Economy will provide an invaluable contribution to the literature and debate on the evolution of economic thought and the nuances of modern capitalism. Jonathan Levy deserves credit for his ability in combining information from multiple sources, analyzing them, and creating new historical and theoretical insights."---Okori Uneke, International Social Science Review

About the Author

Jonathan Levy is professor of history at Sciences Po, Paris. He is the author of Freaks of Fortune: The Emerging World of Capitalism and Risk in America and Ages of American Capitalism: A History of the United States.