5 quotes
Keynes was no revolutionary, but his ideas revolutionized 20th-century economics.
Understanding Capitalism: Competition, Command, and Change (2005)
The first dimension is called "competition," and it refers to that aspect of an economic system in which exchanges of one sort or another play the most important part. In capitalism, of course, competition and exchange occur primarily in markets.
Understanding Capitalism: Competition, Command, and Change (2005)
The point is that coordination can be achieved by either of two means: (1) with no one dictating anyone else's precise behavior, but everyone observing a set of rules, or (2) with someone (or perhaps more than one) directing the behavior of others. We refer to the first of the two means as coordination by rules and the second as coordination by command.
Understanding Capitalism: Competition, Command, and Change (2005)
The third dimension of three-dimensional economics, change, suggests that studying economics also means studying history. The process of change in society cannot be understood without considering the past and how it changed, eventually becoming the present. Change in political economy may be contrasted with the static approach of conventional economics that freezes time at a moment.
Understanding Capitalism: Competition, Command, and Change (2005)
The second dimension is called "command," and it refers to those aspects of economic relationships that involve power, coercion, hierarchy, subordination, or authority. In capitalist (and many other) societies, command is a central aspect of the workplace, the household, and the government. It concerns relations among nations, classes, races, men, women, and other groups in society as well.
Understanding Capitalism: Competition, Command, and Change (2005)