On Richard Goodwin’s Elementary Economics from the Higher Standpoint

Guglielmo Chiodi

Cambridge Journal of Economics, 2015, vol. 39, issue 6, 1533-1550

Abstract: The aim of the article is to make an appraisal and an evaluation of Richard Goodwin’s Elementary Economics from the Higher Standpoint, a book which should be included amongst the few masterpieces of the economic literature of the past century, still much worth reading and studying for the fresh and relevant message it conveys. The book was published in 1970, 10 years after Sraffa’s Production of Commodities by Means of Commodities, and in a year in which a lively debate in capital theory between the two Cambridges was coming to a close. The first neoclassical synthesis was already accomplished, and signs of what later became the rational expectations revolution were beginning to be seen. The article brings to the fore the most significant aspects of Goodwin’s original contributions to economic analysis, which are magnificently disseminated throughout the whole book in a pedagogical though rigorous and refined exposition not yet surpassed.

Date: 2015
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