This book investigates the fundamental schism in economic theory between neoclassical orthodoxy and heterodox political economy. William K. Tabb, a professor of economics and sociology, utilizes a historical and comparative framework to analyze how these competing schools of thought interpret market dynamics, social welfare, and the role of the state. He argues that the dominance of neoclassical models has obscured critical social realities, necessitating a reconstruction of economic inquiry that accounts for power, class, and institutional structures.

Scholars and students of heterodox economics identify this text as a rigorous critique of mainstream economic methodology. Readers frequently note the academic density of the prose, which serves as a comprehensive resource for those seeking to understand the ideological foundations of modern economic policy.