Economic theory and philosophy Books

Book SynopsisAdam Smith (1723-1790) was one of the brightest stars of the eighteenth-century Scottish Enlightenment. An Inquiry into the Nature and Causes of the Wealth of Nations was his most important book. First published in London in March 1776, it had been eagerly anticipated by Smith’s contemporaries and became an immediate bestseller. That edition sold out quickly and others followed. Today, Smith’s Wealth of Nations rightfully claims a place in the Western intellectual canon. It is the first book of modern political economy, and still provides the foundation for the study of that discipline. But it is much more than that. Along with important discussions of economics and political theory, Smith mixed plain common sense with large measures of history, philosophy, psychology, sociology, and much else. Few texts remind us so clearly that the Enlightenment was very much a lived experience, a concern with improving the human condition in practical ways for real people. A masterpiece by any measure, Wealth of Nations remains a classic of world literature to be usefully enjoyed by readers today.

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Book SynopsisSuitable for advanced undergraduate and beginning graduate students, this title introduces readers to the principal ideas and applications of game theory. It covers static and dynamic games, with complete and incomplete information and features a variety of examples, applications, and exercises.Trade Review"The book is enjoyable to read and truly an enrichment in game theory. It is widely well-structured and well-written and mathematically correct. The purpose is given perfectly. I recommend the book for researchers and graduate students who wants to get some insight in the area of game theory."--Sirma Zeynep, Zentralblatt MATH "The book aims to be precise and rigorous, yet accessible and reader-friendly, and, to a great extent, it does hit these apparently conflicting targets... The depth of the book is intermediate, with a conventional, yet clear, style of writing. It will please mainstream economists... It can help advanced undergraduates and also students at honors or master's levels. It can also be used by PhD students seeking a fast, not so mathematized introduction to the field."--Jose Rodriques-Neto, Economic RecordTable of ContentsPreface xi PART I Rational Decision Making Chapter 1 The Single-Person Decision Problem 3 *1.1 Actions, Outcomes, and Preferences 4 * 1.1.1 Preference Relations 5 * 1.1.2 Payoff Functions 7 *1.2 The Rational Choice Paradigm 9 *1.3 Summary 11 *1.4 Exercises 11 Chapter 2 Introducing Uncertainty and Time 14 *2.1 Risk, Nature, and Random Outcomes 14 2.1.1 Finite Outcomes and Simple Lotteries 15 2.1.2 Simple versus Compound Lotteries 16 2.1.3 Lotteries over Continuous Outcomes 17 *2.2 Evaluating Random Outcomes 18 2.2.1 Expected Payoff: The Finite Case 19 2.2.2 Expected Payoff: The Continuous Case 20 2.2.3 Caveat: It's Not Just the Order Anymore 21 2.2.4 Risk Attitudes 22 2.2.5 The St. Petersburg Paradox 23 *2.3 Rational Decision Making with Uncertainty 24 2.3.1 Rationality Revisited 24 2.3.2 Maximizing Expected Payoffs 24 *2.4 Decisions over Time 26 2.4.1 Backward Induction 26 2.4.2 Discounting Future Payoffs 28 *2.5 Applications 29 2.5.1 The Value of Information 29 2.5.2 Discounted Future Consumption 31 *2.6 Theory versus Practice 32 *2.7 Summary 33 *2.8 Exercises 33 PART II Static Games of Complete Information Chapter 3 Preliminaries 43 *3.1 Normal-Form Games with Pure Strategies 46 3.1.1 Example: The Prisoner's Dilemma 48 3.1.2 Example: Cournot Duopoly 49 3.1.3 Example: Voting on a New Agenda 49 *3.2 Matrix Representation: Two-Player Finite Game 50 3.2.1 Example: The Prisoner's Dilemma 51 3.2.2 Example: Rock-Paper-Scissors 52 *3.3 Solution Concepts 52 3.3.1 Assumptions and Setup 54 3.3.2 Evaluating Solution Concepts 55 3.3.3 Evaluating Outcomes 56 *3.4 Summary 57 *3.5 Exercises 58 Chapter 4 Rationality and Common Knowledge 59 *4.1 Dominance in Pure Strategies 59 4.1.1 Dominated Strategies 59 4.1.2 Dominant Strategy Equilibrium 61 4.1.3 Evaluating Dominant Strategy Equilibrium 62 *4.2 Iterated Elimination of Strictly Dominated Pure Strategies 63 4.2.1 Iterated Elimination and Common Knowledge of Rationality 63 4.2.2 Example: Cournot Duopoly 65 4.2.3 Evaluating IESDS 67 *4.3 Beliefs, Best Response, and Rationalizability 69 4.3.1 The Best Response 69 4.3.2 Beliefs and Best-Response Correspondences 71 4.3.3 Rationalizability 73 4.3.4 The Cournot Duopoly Revisited 73 4.3.5 The "p-Beauty Contest" 74 4.3.6 Evaluating Rationalizability 76 *4.4 Summary 76 *4.5 Exercises 76 Chapter 5 Pinning Down Beliefs: Nash Equilibrium 79 *5.1 Nash Equilibrium in Pure Strategies 80 5.1.1 Pure-Strategy Nash Equilibrium in a Matrix 81 5.1.2 Evaluating the Nash Equilibria Solution 83 *5.2 Nash Equilibrium: Some Classic Applications 83 5.2.1 Two Kinds of Societies 83 5.2.2 The Tragedy of the Commons 84 5.2.3 Cournot Duopoly 87 5.2.4 Bertrand Duopoly 88 5.2.5 Political Ideology and Electoral Competition 93 *5.3 Summary 95 *5.4 Exercises 95 Chapter 6 Mixed Strategies 101 *6.1 Strategies, Beliefs, and Expected Payoffs 102 6.1.1 Finite Strategy Sets 102 6.1.2 Continuous Strategy Sets 104 6.1.3 Beliefs and Mixed Strategies 105 6.1.4 Expected Payoffs 105 *6.2 Mixed-Strategy Nash Equilibrium 107 6.2.1 Example: Matching Pennies 108 6.2.2 Example: Rock-Paper-Scissors 111 6.2.3 Multiple Equilibria: Pure and Mixed 113 *6.3 IESDS and Rationalizability Revisited 114 *6.4 Nash's Existence Theorem 117 *6.5 Summary 123 *6.6 Exercises 123 PART III Dynamic Games of Complete Information Chapter 7 Preliminaries 129 *7.1 The Extensive-Form Game 130 7.1.1 Game Trees 132 7.1.2 Imperfect versus Perfect Information 136 *7.2 Strategies and Nash Equilibrium 137 7.2.1 Pure Strategies 137 7.2.2 Mixed versus Behavioral Strategies 139 7.2.3 Normal-Form Representation of Extensive-Form Games 143 *7.3 Nash Equilibrium and Paths of Play 145 *7.4 Summary 147 *7.5 Exercises 147 Chapter 8 Credibility and Sequential Rationality 151 *8.1 Sequential Rationality and Backward Induction 152 *8.2 Subgame-Perfect Nash Equilibrium: Concept 153 *8.3 Subgame-Perfect Nash Equilibrium: Examples 159 8.3.1 The Centipede Game 159 8.3.2 Stackelberg Competition 160 8.3.3 Mutually Assured Destruction 163 8.3.4 Time-Inconsistent Preferences 166 *8.4 Summary 169 *8.5 Exercises 170 Chapter 9 Multistage Games 175 *9.1 Preliminaries 176 *9.2 Payoffs 177 *9.3 Strategies and Conditional Play 178 *9.4 Subgame-Perfect Equilibria 180 *9.5 The One-Stage Deviation Principle 184 *9.6 Summary 186 *9.7 Exercises 186 Chapter 10 Repeated Games 190 *10.1 Finitely Repeated Games 190 *10.2 Infinitely Repeated Games 192 10.2.1 Payoffs 193 10.2.2 Strategies 195 *10.3 Subgame-Perfect Equilibria 196 *10.4 Application: Tacit Collusion 201 *10.5 Sequential Interaction and Reputation 204 10.5.1 Cooperation as Reputation 204 10.5.2 Third-Party Institutions as Reputation Mechanisms 205 10.5.3 Reputation Transfers without Third Parties 207 *10.6 The Folk Theorem: Almost Anything Goes 209 *10.7 Summary 214 *10.8 Exercises 215 Chapter 11 Strategic Bargaining 220 *11.1 One Round of Bargaining: The Ultimatum Game 222 *11.2 Finitely Many Rounds of Bargaining 224 *11.3 The Infinite-Horizon Game 228 *11.4 Application: Legislative Bargaining 229 11.4.1 Closed-Rule Bargaining 230 11.4.2 Open-Rule Bargaining 232 *11.5 Summary 235 *11.6 Exercises 236 PART IV Static Games of Incomplete Information Chapter 12 Bayesian Games 241 *12.1 Strategic Representation of Bayesian Games 246 12.1.1 Players, Actions, Information, and Preferences 246 12.1.2 Deriving Posteriors from a Common Prior: A Player's Beliefs 247 12.1.3 Strategies and Bayesian Nash Equilibrium 249 *12.2 Examples 252 12.2.1 Teenagers and the Game of Chicken 252 12.2.2 Study Groups 255 *12.3 Inefficient Trade and Adverse Selection 258 *12.4 Committee Voting 261 *12.5 Mixed Strategies Revisited: Harsanyi's Interpretation 264 *12.6 Summary 266 *12.7 Exercises 266 Chapter 13 Auctions and Competitive Bidding 270 *13.1 Independent Private Values 272 13.1.1 Second-Price Sealed-Bid Auctions 272 13.1.2 English Auctions 275 13.1.3 First-Price Sealed-Bid and Dutch Auctions 276 13.1.4 Revenue Equivalence 279 *13.2 Common Values and the Winner's Curse 282 *13.3 Summary 285 *13.4 Exercises 285 Chapter 14 Mechanism Design 288 *14.1 Setup: Mechanisms as Bayesian Games 288 14.1.1 The Players 288 14.1.2 The Mechanism Designer 289 14.1.3 The Mechanism Game 290 *14.2 The Revelation Principle 292 *14.3 Dominant Strategies and Vickrey-Clarke-Groves Mechanisms 295 14.3.1 Dominant Strategy Implementation 295 14.3.2 Vickrey-Clarke-Groves Mechanisms 295 *14.4 Summary 299 *14.5 Exercises 299 PART V Dynamic Games of Incomplete Information Chapter 15 Sequential Rationality with Incomplete Information 303 *15.1 The Problem with Subgame Perfection 303 *15.2 Perfect Bayesian Equilibrium 307 *15.3 Sequential Equilibrium 312 *15.4 Summary 314 *15.5 Exercises 314 Chapter 16 Signaling Games 318 *16.1 Education Signaling: The MBA Game 319 *16.2 Limit Pricing and Entry Deterrence 323 16.2.1 Separating Equilibria 324 16.2.2 Pooling Equilibria 330 *16.3 Refinements of Perfect Bayesian Equilibrium in Signaling Games 332 *16.4 Summary 335 *16.5 Exercises 335 Chapter 17 Building a Reputation 339 *17.1 Cooperation in a Finitely Repeated Prisoner's Dilemma 339 *17.2 Driving a Tough Bargain 342 *17.3 A Reputation for Being "Nice" 349 *17.4 Summary 354 *17.5 Exercises 354 Chapter 18 Information Transmission and Cheap Talk 357 *18.1 Information Transmission: A Finite Example 358 *18.2 Information Transmission: The Continuous Case 361 *18.3 Application: Information and Legislative Organization 365 *18.4 Summary 367 *18.5 Exercises 367 Chapter 19 Mathematical Appendix 369 *19.1 Sets and Sequences 369 19.1.1 Basic Definitions 369 19.1.2 Basic Set Operations 370 *19.2 Functions 371 19.2.1 Basic Definitions 371 19.2.2 Continuity 372 *19.3 Calculus and Optimization 373 19.3.1 Basic Definitions 373 19.3.2 Differentiation and Optimization 374 19.3.3 Integration 377 *19.4 Probability and Random Variables 378 19.4.1 Basic Definitions 378 19.4.2 Cumulative Distribution and Density Functions 379 19.4.3 Independence, Conditional Probability, and Bayes' Rule 380 19.4.4 Expected Values 382 References 385 Index 389

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Book SynopsisA FINANCIAL TIMES BEST BOOK OF 2024The world-renowned economist offers a ground-breaking new vision for inclusive prosperityLeft behind places can be found in prosperous countriesfrom South Yorkshire, integral to the industrial revolution and now England's poorest county, to Barranquilla, once Colombia's portal to the Caribbean and now struggling. More alarmingly, the poorest countries in the world are diverging further from the rest of humanity than they were at the start of this century. Why have these places fallen behind? And what can we do about it? World-renowned development economist Paul Collier has spent his life working in neglected communities. In this book he offers his candid diagnosis of why some regions and countries are failing, and a new vision for how they can catch up. Collier lays the blame for widening inequality on stale economic orthodoxies that prioritize market forces to revive left behind regions, and on the arrogant, hands-off and one-size fits all approach of centralized bureaucracies like the UK Treasury. As a result, Collier argues, the UK has become the most unequal and unfair society in the western world. Yet the core message of Left Behind is hopeful: bringing together encouraging case studies of recovery from around the world, Collier shows how renewal is achievable through a combination of collective learning, moral leadership and local agency. With keen insight, he draws lessons from such seemingly disparate fields as behavioural psychology, evolutionary biology and moral philosophy to share a bold, galvanizing vision for a more inclusive, prosperous world.

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Book SynopsisEconomic and other outcomes differ vastly among individuals, groups, and nations. Many explanations have been offered for the differences. Some believe that those with less fortunate outcomes are victims of genetics. Others believe that those who are less fortunate are victims of the more fortunate.Discrimination and Disparities gathers a wide array of empirical evidence to challenge the idea that different economic outcomes can be explained by any one factor, be it discrimination, exploitation, or genetics. This revised and enlarged edition also analyzes the human consequences of the prevailing social vision of these disparities and the policies based on that vision--from educational disasters to widespread crime and violence.

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Book SynopsisAdam Smith, the founder of modern economics, believed that our actions stem from self-interest and the world turns because of financial gain. But every night Adam Smith's mother served him his dinner, not out of self-interest but out of love.Today, economics focuses on self-interest and excludes our other motivations. It disregards the unpaid work of mothering, caring, cleaning and cooking and its influence has spread from the market to how we shop, think and date. In this engaging takedown of the economics that has failed us, Katrine Marçal journeys from Adam Smith's dinner table to the recent financial crisis and shows us how different, how much better, things could be.Trade Review[A] spirited and witty manifesto... In commanding rhetoric punctuated with spiky wit... Marçal does not seek to yoke every last aspect of our lives to the tyranny of Homo economicus. Rather, she asks why we have fetishised the myth, and suggests that man denuded of his humanity is not such a figure to aspire to after all -- Caroline Criado-Perez * New Statesman *Polemical and entertaining * Observer *Smart, funny and readable -- Margaret AtwoodA welcome addition to a canon dominated by men. With feminist incisiveness [Marçal] looks at the mess we're in. Witty and perceptive -- Vanessa Baird * New Internationalist *Economics through a wholly different prism - challenging and illuminating -- Will Hutton, author * Them and Us *Incisive and witty, Who Cooked Adam Smith's Dinner? seeks to restore a sense of humanity, empathy and care to our picture of economic and gender relations. Katrine Marçal's book is instructive, angry and funny: economic man has met his match -- Nina Power, author * One Dimensional Woman *[A] wise critique of current economics -- Lesley McDowell * Sunday Herald *Who cooked Adam Smith's dinner? His mother, of course. From this compelling insight, Katrine Marçal builds her critique of economic man, exposing him for the sham he really is. Erudite, furious, and eminently readable, this book will send a great many economists running for cover -- Philip Roscoe, author * I Spend Therefore I Am *Required reading for everyone on the left... buy it as a pledge to change the world -- Caroline Criado-Perez, author * Do It Like A Woman *Thought provoking -- Jessica Abrahams * Prospect *The book skewers "economic man" [...] with admirable wit and lightness of touch -- Nick Spencer * Tablet *

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Book SynopsisThe definitive guide to the history of economic thought, fully revised twenty years after first publicationRoger Backhouse's definitive guide takes the story of economic thinking from the ancient world to the present day, with a brand-new chapter on the twenty-first century and updates throughout to reflect the latest scholarship.Covering topics including globalisation, inequality, financial crises and the environment, Backhouse brings his breadth of expertise and a contemporary lens to this original and insightful exploration of economics, revealing how we got to where we are today.

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Book SynopsisThis textbook looks at decisions how we make them, and what makes them good or bad. In this bestselling introduction, Erik Angner clearly lays out the theory of behavioral economics and explains the intuitions behind it. The book offers a rich tapestry of examples, exercises, and problems drawn from fields such as economics, management, marketing, political science, and public policy. It shows how to apply the principles of behavioral economics to improve your life and work and to make the world a better place to boot. No advanced mathematics is required. This is an ideal textbook for students coming to behavioral economics from various fields. It can be used on its own in introductory courses, or in combination with other texts at advanced undergraduate and postgraduate levels. It is equally suitable for general readers who have been captivated by popular-science books on behavioral economics and want to know more about this intriguing subject. New to this Edition:- An updated cTrade ReviewThis is an exceptionally clear guide to the alternative ways economists can approach decision-making and choice. It presents a thorough introduction to both standard and behavioural theories of decision-making, equipping readers to understand the issues raised by ‘nudge' policies as opposed to their more conventional alternatives. * Diane Coyle, University of Cambridge, UK *Erik Angner has written a wonderful introductory overview of behavioral economics. This book has a unique balance between accessibility and precision, which enhances a good understanding of the key concepts in behavioral economics. It has a concise style with many examples and exercises, and thereby is a great book for teachers and students. * Kirsten Rohde, Erasmus University Rotterdam, The Netherlands *This text combines a succinct yet rigorous outline of standard choice theory with a lively and engaging discussion of many key findings and concepts of behavioral economics. I especially welcome its discussion of how these insights may be used (and abused) in government and business alike. * Stephen L. Cheung, University of Sydney, Australia *Table of Contents1 Introduction PART I CHOICE UNDER CERTAINTY 2 Rational Choice Under Certainty 3 Decision-making Under Certainty PART II JUDGMENT UNDER RISK AND UNCERTAINTY 4 Probability Judgment 5 Judgment Under Risk and Uncertainty PART III CHOICE UNDER RISK AND UNCERTAINTY 6 Rational Choice Under Risk and Uncertainty 7 Decision-Making under Risk and Uncertainty PART IV INTERTEMPORAL CHOICE 8 The Discounted Utility Model 9 Intertemporal Choice PART V STRATEGIC INTERACTION 10 Analytical Game Theory 11 Behavioral Game Theory PART VI CONCLUDING REMARKS 12 Behavioral Policy 13 General Discussion.

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Book SynopsisFinancial market behavior and key trading strategies are illuminated by interviews with top hedge fund experts in a work that demystifies the secret world of active investing.Trade Review"Encyclopedic in its cataloging of active management strategies and authoritative in its analysis of the practical issues of their implementation."—Martin S. Fridson, Financial Analysts Journal"This valuable and intriguing book provides a contemporary survey of investments across a wide spectrum of asset classes and strategies. Combining a wonderful narrative with a rigorous analytical structure, Efficiently Inefficient serves the needs of students, serious investors, and professionals."—Gary P. Brinson, CFA, GP Brinson Investments"For a book on investments, Efficiently Inefficient sets a completely different and higher standard."—Darrell Duffie, Stanford University"Efficiently Inefficient is a truly modern and masterful introduction to how finance will be studied and practiced in the twenty-first century."—Andrei Shleifer, Harvard University"A tour-de-force combination of original research and provocative interviews with hedge fund managers."—Laurence B. Siegel, CFA Institute Research Foundation

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Book SynopsisDescribes the history of economic thought, focusing on the development of economic theory from Adam Smith's "Wealth of Nations" to the late twentieth century. This text examines how important economists have reflected on the sometimes conflicting goals of efficient resource use and socially acceptable income distribution.Trade Review"Economics Evolving (excellent title) is an enjoyable and detailed presentation of the history of our profession. The focus is on the thoughts of individuals and, while schools of thought are broached, they are not central to the presentation. Historical background is presented and considered, but it is the development of economic thoughts that are at the heart of this analysis."--John J. Bethune, EH.Net "In non-technical language, he analyses how these great thinkers developed their theories, making for an essential guide to the great economic thinkers of the past 200-odd years."--Economist "Get a copy of Agnar Sandmo's book Economics Evolving."--Joseph E. Stiglitz @joestiglitz, Twitter "Taken as whole, this is one of those relatively rare books on economics that is both readable and thoughtful. It also fills a gap in the literature between primers written for non-economists and detailed (and sometimes arduous) histories of economic thought or its various subfields."--Cameron Gordon, Economic RecordTable of ContentsPreface vii Chapter 1: A Science and Its History 1 Chapter 2: Before Adam Smith 15 Chapter 3: Adam Smith 32 Chapter 4: The Classical School: Thomas Robert Malthusand David Ricardo 60 Chapter 5: Consolidation and Innovation: John Stuart Mill 89 Chapter 6: Karl Marx as an Economic Theorist 115 Chapter 7: The Forerunners of Marginalism 138 Chapter 8: The Marginalist Revolution I:William Stanley Jevons and Carl Menger 166 Chapter 9: The Marginalist Revolution II: Leon Walras 190 Chapter 10: Alfred Marshall and Partial Equilibrium Theory 213 Chapter 11: Equilibrium and Welfare: Edgeworth,Pareto, and Pigou 238 Chapter 12: Interest and Prices: Knut Wicksell and Irving Fisher 267 Chapter 13: New Perspectives on Markets and Competition 294 Chapter 14: The Great Systems Debate 318 Chapter 15: John Maynard Keynes and the Keynesian Revolution 339 Chapter 16: Frisch, Haavelmo, and the Birth of Econometrics 367 Chapter 17: The Modernization of EconomicTheory in the Postwar Period 391 Chapter 18: Further Developments in the Postwar Period 416 Chapter 19: Long-term Trends and New Perspectives 440 References 467 Index 485

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Book SynopsisThe bestselling citizen''s guide to economicsBasic Economics is a citizen''s guide to economics, written for those who want to understand how the economy works but have no interest in jargon or equations. Bestselling economist Thomas Sowell explains the general principles underlying different economic systems: capitalist, socialist, feudal, and so on. In readable language, he shows how to critique economic policies in terms of the incentives they create, rather than the goals they proclaim. With clear explanations of the entire field, from rent control and the rise and fall of businesses to the international balance of payments, this is the first book for anyone who wishes to understand how the economy functions. This fifth edition includes a new chapter explaining the reasons for large differences of wealth and income between nations. Drawing on lively examples from around the world and from centuries of history, Sowell explains basic economic principles for the general public in plain English.

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Book SynopsisA classic of early modernism, Capital combines vivid historical detail with economic analysis to produce a bitter denunciation of mid-Victorian capitalist society. It has also proved to be the most influential work in social science in the twentieth century; Marx did for social science what Darwin had done for biology. Millions of readers this century have treated Capital as a sacred text, subjecting it to as many different interpretations as the bible itself. No mere work of dry economics, Marx''s great work depicts the unfolding of industrial capitalism as a tragic drama - with a message which has lost none of its relevance today. This is the only abridged edition to take account of the whole of Capital. It offers virtually all of Volume 1, which Marx himself published in 1867, excerpts from a new translation of `The Result of the Immediate Process of Production'', and a selection of key chapters from Volume 3, which Engels published in 1895. ABOUT THE SERIES: For over 100 years Oxford World''s Classics has made available the widest range of literature from around the globe. Each affordable volume reflects Oxford''s commitment to scholarship, providing the most accurate text plus a wealth of other valuable features, including expert introductions by leading authorities, helpful notes to clarify the text, up-to-date bibliographies for further study, and much more.

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Book SynopsisMarx's major work was the product of 30 years' close study of the most advanced industrial society of his day. Marx devoted most of his adult life to analyzing theTable of ContentsCapital Introduction by Ernest MandelTranslator's PrefacePreface to the First EditionPostface to the Second EditionPreface to the French EditionPostface to the French EditionPreface to the Third Edition (by Engels)Preface to the English Edition (by Engels)Preface to the Fourth Edition (by Engels)BOOK I: THE PROCESS OF PRODUCTION OF CAPITAL Part One: Commodities and MoneyChapter 1: The Commodity1. The Two Factors of the Commodity: Use-Value and Value (Substance of VAlue, Magnitude of Value)2. The Dual Character of the Labour Embodied in Commodities3. The Value-Form, or Exchange-Value(a) The Simple, Isolated, or Accidental Form of Value(1) The two poles of the expression of value: the relative form of value and the equivalent form(2) The relative form of value(i) The content of the relative form of value(ii) The quantitative determinacy of the relative form of value(iii) The equivalent form(iv) The simple form of value considered as a whole(b) The Total or Expanded Form of Value(1) The expanded relative form of value(2) The particular equivalent form(3) Defects of the total or expanded form of value(c) The General Form of Value(1) The changed character of the form of value(2) The development of the relative and equivalent forms of value: their interdependence(3) The transition from the general form of value to the money form(d) The Money Form4. The Fetishism of the Commodity and Its SecretChapter 2: The Process of Exchange Chapter 3: Money, or the Circulation of Commodities1. The Measure of Values2. The Means of Circulation(a) The Metamorphosis of Commodities(b) The Circulation of Money(c) Coin. The Symbol of Value3. Money(a) Hoarding(b) Means of Payment(c) World MoneyPART TWO: THE TRANSFORMATION OF MONEY INTO CAPITAL Chapter 4: The General Formula for CapitalChapter 5: Contradictions in the General FormulaChapter 6: The Sale and Purchase of Labour-PowerPART THREE: THE PRODUCTION OF ABSOLUTE SURPLUS-VALUEChapter 7: The Labour Process and the Valorization Process1. The Labour Process2. The Valorization ProcessChapter 8: Constant Capital and Variable Capital Chapter 9: The Rate of Surplus-Value1. The Degree of Exploitation of Labour-Power2. The Representation of the Value of the Product by Corresponding Proportional Parts of the Product3. Senior's "Last Hour"4. The Surplus ProductChapter 10: The Working Day 1. The Limits of the Working Day2. The Voracious Appetite for Surplus Labour. Manufacturer and Boyar3. Branches of English Industry without Legal Limits to Exploitation4. Day Work and Night Work. The Shift System5. The Struggle for a Normal Working Day. Laws for the Compulsory Extension of the Working Day, from the Middle of the Fourteenth to the End of the Seventeenth Century6. The Struggle for a Normal Working Day. Laws for the Compulsory Limitation of Working Hours. The English Factory Legislation of 1833-647. The Struggle for a Normal Working Day. Impact of the English Factory Legislation on Other CountriesChapter 11: The Rate and Mass of Surplus-Value PART FOUR: THE PRODUCTION OF RELATIVE SURPLUS-VALUEChapter 12: The Concept of Relative Surplus-ValueChapter 13: Co-operationChapter 14: The Division of Labour and Manufacture1. The Dual Origin of Manufacture2. The Specialized Worker and His Tools3. The Two Fundamental Forms of Manufacture - Heterogeneous and Organic4. The Division of Labour in Manufacture, and the Division of Labour in Society5. The Capitalist Character of ManufactureChapter 15: Machinery and Large-Scale Industry 1. The Development of Machinery2. The Value Transferred by the Machinery to the Product3. The Most Immediate Effects of Machine Production on the Worker(a) Appropriation of Supplementary Labour-Power by Capital. The Employment of Women and Children(b) The Prolongation of the Working Day(c) Intensification of Labour4. The Factory5. The Struggle between Worker and Machine6. The Compensation Theory, with Regard to the Workers Displaced by Machinery7. Repulsion and Attraction of Workers through the Development of Machine Production. Crises in the Cotton Industry8. The Revolutionary Impact of Large-Scale Industry on Manufacture, Handicrafts and Domestic Industry(a) Overthrow of Co-operation Based on Handicrafts and on the Division of Labour(b) The Impact of the Factory System on Manufacture and Domestic Industries(c) Modern Manufacture(d) Modern Domestic Industry(e) Transition from Modern Manufacture and Domestic Industry to Large-Scale Industry. The Hastening of this Revolution by the Application of the Factory Acts to those Industries9. The Health and Education Clauses of the Factory Acts. The General Extension of Factory Legislation in England10. Large-Scale Industry and AgriculturePART FIVE: THE PRODUCTION OF ABSOLUTE AND RELATIVE SURPLUS-VALUE Chapter 16: Absolute and Relative Surplus-ValueChapter 17: Changes of Magnitude in the Price of Labour-Power and in Surplus-Value1. The Length of the Working Day and the Intensity of Labour Constant; the Productivity of Labour Variable2. The Length of the Working Day and the Productivity of Labour Constant; the Intensity of Labour Variable3. The Productivity and Intensity of Labour Constant; the Length of the Working Day Variable4. Simultaneous Variations in the Duration, Productivity and Intensity of LabourChapter 18: Different Formulae for the Rate of Surplus-Value PART SIX: WAGESChapter 19: The Transformation of the Value (and Respectively the Price) of Labour-Power into WagesChapter 20: Time-WagesChapter 21: Piece-WagesChapter 22: National Differences in WagesPART SEVEN: THE PROCESS OF ACCUMULATION OF CAPITALChapter 23: Simple ReproductionChapter 24: The Transformation of Surplus-Value into Capital1. Capitalist Production on a Progressively Increasing Scale. The Inversion which Converts the Property Laws of Commodity Production into Laws of Capitalist Appropriation2. The Political Economists' Erroneous Conception of Reproduction on an Increasing Scale3. Division of Surplus-Value into Capital and Revenue. The Abstinence Theory4. The Circumstances which, Independently of the Proportional Division of Surplus-Value into Capital and Revenue, Determine the Extent of Accumulation, namely, the Degree of Exploitation of Labour-Power, the Productivity of Labour, the Growing Difference in Amount between Capital Employed and Capital Consumed, and the Magnitude of the Capital Advanced5. The So-Called Labour FundChapter 25: The General Law of Capitalist Accumulation 1. A Growing Demand for Labour-Power Accompanies Accumulation if the Composition of Capital Remains the Same2. A Relative Diminution of the Variable Part of Capital Occurs in the Course of the Further Progress of Accumulation and of the Concentration Accompanying It3. The Progressive Reduction of a Relative Surpluse Population or Industrial Reserve Army4. Different Forms of Existence of the Relative Surplus Population. The General Law of Capitalist Accumulation5. Illustrations of the General Law of Capitalist Accumulation(a) England from 1846 to 1866(b) The Badly Paid Strata of the British Industrial Working Class(c) The Nomadic Population(d) Effect of Crises on the Best Paid Section of the Working Class(e) The British Agricultural Proletariat(f) IrelandPART EIGHT: SO-CALLED PRIMITIVE ACCUMULATION Chapter 26: The Secret of Primitive AccumulationChapter 27: The Expropriation of the Agricultural Population from the LandChapter 28: Bloody Legislation against the Expropriated since the End of the Fifteenth Century. The Forcing Down of Wages by Act of ParliamentChapter 29: The Genesis of the Capitalist FarmerChapter 30: Impact of the Agricultural Revolution on Industry. The Creation of a Home Market for Industrial CapitalChapter 31: The Genesis of the Industrial CapitalistChapter 32: The Historical Tendency of Capitalist AccumulationChapter 33: The Modern Theory of ColonizationAppendix: Results of the Immediate Process of Production Introduction by Ernest MandelI. Commodities as the Product of CapitalII. Capitalist Production as the Production of Surplus-ValueIII. Capitalist Production is the Production and Reproduction of the Specifically Capitalist Relations of ProductionIV. Isolated FragmentsQuotations in Languages Other than English and GermanIndex of Authorities QuotedGeneral IndexNote on Previous Editions of the Works of Marx and EngelsChronology of Works by Marx and Engels

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Book SynopsisGives graduate student's tools to analyze growth and related macroeconomic problems, and also perspective needed to apply those tools to the big-picture questions of growth and divergence. In this title, the author introduces economic and mathematical foundations of modern growth theory and macroeconomics in a rigorous and easy to follow manner.Trade Review"It's hard not to be impressed by Acemoglu's mastery of the subject and for a handful of top graduate programs this is clearly the book for the next generation."--Tyler Cowen, Marginal Revolution "Beyond coursework, this is a book that should be compulsory reading for any PhD student in macroeconomics, even for those whose thesis does not specifically focus on growth. [S]elected materials from this book, and Part I in particular, could also be included in the reading list of an undergraduate course in advanced macroeconomics... This book will be an inseparable and precious companion ... for many years to come."--Fabrizio Carmignani, Economic RecordTable of ContentsPreface xv Part I: Introduction Chapter 1: Economic Growth and Economic Development: The Questions 3 1.1 Cross-Country Income Differences 3 1.2 Income and Welfare 7 1.3 Economic Growth and Income Differences 9 1.4 Origins of Today's Income Differences and World Economic Growth 11 1.5 Conditional Convergence 15 1.6 Correlates of Economic Growth 18 1.7 From Correlates to Fundamental Causes 19 1.8 The Agenda 21 1.9 References and Literature 23 Chapter 2: The Solow Growth Model 26 2.1 The Economic Environment of the Basic Solow Model 27 2.2 The Solow Model in Discrete Time 34 2.3 Transitional Dynamics in the Discrete-Time Solow Model 43 2.4 The Solow Model in Continuous Time 47 2.5 Transitional Dynamics in the Continuous-Time Solow Model 51 2.6 A First Look at Sustained Growth 55 2.7 Solow Model with Technological Progress 56 2.8 Comparative Dynamics 67 2.9 Taking Stock 68 2.10 References and Literature 69 2.11 Exercises 71 Chapter 3: The SolowModel and the Data 77 3.1 Growth Accounting 77 3.2 The Solow Model and Regression Analyses 80 3.3 The Solow Model with Human Capital 85 3.4 Solow Model and Cross-Country Income Differences: Regression Analyses 90 3.5 Calibrating Productivity Differences 96 3.6 Estimating Productivity Differences 100 3.7 Taking Stock 105 3.8 References and Literature 106 3.9 Exercises 107 Chapter 4: Fundamental Determinants of Differences in Economic Performance 109 4.1 Proximate versus Fundamental Causes 109 4.2 Economies of Scale, Population, Technology, and World Growth 112 4.3 The Four Fundamental Causes 114 4.4 The Effect of Institutions on Economic Growth 123 4.5 What Types of Institutions? 136 4.6 Disease and Development 137 4.7 Political Economy of Institutions: First Thoughts 140 4.8 Taking Stock 140 4.9 References and Literature 141 4.10 Exercises 143 Part II: Toward Neoclassical Growth Chapter 5: Foundations of Neoclassical Growth 147 5.1 Preliminaries 147 5.2 The Representative Household 149 5.3 Infinite Planning Horizon 156 5.4 The Representative Firm 158 5.5 Problem Formulation 160 5.6 Welfare Theorems 161 5.7 Proof of the Second Welfare Theorem (Theorem 5.7) * 168 5.8 Sequential Trading 171 5.9 Optimal Growth 174 5.10 Taking Stock 176 5.11 References and Literature 176 5.12 Exercises 178 Chapter 6: Infinite-Horizon Optimization and Dynamic Programming 182 6.1 Discrete-Time Infinite-Horizon Optimization 182 6.2 Stationary Dynamic Programming 185 6.3 Stationary Dynamic Programming Theorems 187 6.4 The Contraction Mapping Theorem and Applications * 190 6.5 Proofs of the Main Dynamic Programming Theorems * 194 6.6 Applications of Stationary Dynamic Programming 201 6.7 Nonstationary Infinite-Horizon Optimization 211 6.8 Optimal Growth in Discrete Time 215 6.9 Competitive Equilibrium Growth 219 6.10 Computation 221 6.11 Taking Stock 221 6.12 References and Literature 222 6.13 Exercises 223 Chapter 7: An Introduction to the Theory of Optimal Control 227 7.1 Variational Arguments 228 7.2 The Maximum Principle: A First Look 235 7.3 Infinite-Horizon Optimal Control 240 7.4 More on Transversality Conditions 250 7.5 Discounted Infinite-Horizon Optimal Control 253 7.6 Existence of Solutions, Concavity, and Differentiability * 259 7.7 A First Look at Optimal Growth in Continuous Time 268 7.8 The q-Theory of Investment and Saddle-Path Stability 269 7.9 Taking Stock 274 7.10 References and Literature 275 7.11 Exercises 278 Part III: Neoclassical Growth Chapter 8: The Neoclassical Growth Model 287 8.1 Preferences, Technology, and Demographics 287 8.2 Characterization of Equilibrium 293 8.3 Optimal Growth 298 8.4 Steady-State Equilibrium 300 8.5 Transitional Dynamics and Uniqueness of Equilibrium 302 8.6 Neoclassical Growth in Discrete Time 305 8.7 Technological Change and the Canonical Neoclassical Model 306 8.8 The Role of Policy 312 8.9 Comparative Dynamics 313 8.10 A Quantitative Evaluation 315 8.11 Extensions 317 8.12 Taking Stock 317 8.13 References and Literature 318 8.14 Exercises 319 Chapter 9: Growth with Overlapping Generations 327 9.1 Problems of Infinity 328 9.2 The Baseline Overlapping Generations Model 329 9.3 The Canonical Overlapping Generations Model 335 9.4 Overaccumulation and Pareto Optimality of Competitive Equilibrium in the Overlapping Generations Model 336 9.5 Role of Social Security in Capital Accumulation 339 9.6 Overlapping Generations with Impure Altruism 342 9.7 Overlapping Generations with Perpetual Youth 345 9.8 Overlapping Generations in Continuous Time 348 9.9 Taking Stock 353 9.10 References and Literature 354 9.11 Exercises 355 Chapter 10: Human Capital and Economic Growth 359 10.1 A Simple Separation Theorem 359 10.2 Schooling Investments and Returns to Education 361 10.3 The Ben-Porath Model 363 10.4 Neoclassical Growth with Physical and Human Capital 367 10.5 Capital-Skill Complementarity in an Overlapping Generations Model 371 10.6 Physical and Human Capital with Imperfect Labor Markets 374 10.7 Human Capital Externalities 379 10.8 The Nelson-Phelps Model of Human Capital 380 10.9 Taking Stock 382 10.10 References and Literature 384 10.11 Exercises 384 Chapter 11: First-Generation Models of Endogenous Growth 387 11.1 The AK Model Revisited 388 11.2 The AK Model with Physical and Human Capital 393 11.3 The Two-Sector AK Model 395 11.4 Growth with Externalities 398 11.5 Taking Stock 402 11.6 References and Literature 404 11.7 Exercises 404 Part IV: Endogenous Technological Change Chapter 12: Modeling Technological Change 411 12.1 Different Conceptions of Technology 411 12.2 Science and Profits 414 12.3 The Value of Innovation in Partial Equilibrium 416 12.4 The Dixit-Stiglitz Model and Aggregate Demand Externalities 422 12.5 Individual R&D Uncertainty and the Stock Market 428 12.6 Taking Stock 429 12.7 References and Literature 430 12.8 Exercises 431 Chapter 13: Expanding VarietyModels 433 13.1 The Lab-Equipment Model of Growth with Input Varieties 433 13.2 Growth with Knowledge Spillovers 444 13.3 Growth without Scale Effects 446 13.4 Growth with Expanding Product Varieties 448 13.5 Taking Stock 452 13.6 References and Literature 453 13.7 Exercises 453 Chapter 14: Models of Schumpeterian Growth 458 14.1 A Baseline Model of Schumpeterian Growth 459 14.2 A One-Sector Schumpeterian Growth Model 468 14.3 Innovation by Incumbents and Entrants 472 14.4 Step-by-Step Innovations * 479 14.5 Taking Stock 489 14.6 References and Literature 490 14.7 Exercises 491 Chapter 15: Directed Technological Change 497 15.1 Importance of Biased Technological Change 498 15.2 Basics and Definitions 500 15.3 Baseline Model of Directed Technological Change 503 15.4 Directed Technological Change with Knowledge Spillovers 514 15.5 Directed Technological Change without Scale Effects 518 15.6 Endogenous Labor-Augmenting Technological Change 519 15.7 Generalizations and Other Applications 522 15.8 An Alternative Approach to Labor-Augmenting Technological Change* 523 15.9 Taking Stock 526 15.10 References and Literature 527 15.11 Exercises 529 Part V: Stochastic Growth Chapter 16: Stochastic Dynamic Programming 537 16.1 Dynamic Programming with Expectations 537 16.2 Proofs of the Stochastic Dynamic Programming Theorems * 544 16.3 Stochastic Euler Equations 549 16.4 Generalization to Markov Processes * 552 16.5 Applications of Stochastic Dynamic Programming 554 16.6 Taking Stock 561 16.7 References and Literature 561 16.8 Exercises 562 Chapter 17: Stochastic Growth Models 566 17.1 The Brock-Mirman Model 567 17.2 Equilibrium Growth under Uncertainty 571 17.3 Application: Real Business Cycle Models 579 17.4 Growth with Incomplete Markets: The Bewley Model 583 17.5 The Overlapping Generations Model with Uncertainty 586 17.6 Risk, Diversification, and Growth 588 17.7 Taking Stock 603 17.8 References and Literature 604 17.9 Exercises 605 Part VI: Technology Diffusion, Trade, and Interdependences Chapter 18: Diffusion of Technology 611 18.1 Productivity Differences and Technology 611 18.2 A Benchmark Model of Technology Diffusion 613 18.3 Technology Diffusion and Endogenous Growth 619 18.4 Appropriate and Inappropriate Technologies and Productivity Differences 623 18.5 Contracting Institutions and Technology Adoption 630 18.6 Taking Stock 642 18.7 References and Literature 643 18.8 Exercises 644 Chapter 19: Trade and Growth 648 19.1 Growth and Financial Capital Flows 648 19.2 Why Does Capital Not Flow from Rich to Poor Countries? 653 19.3 Economic Growth in a Heckscher-Ohlin World 655 19.4 Trade, Specialization, and the World Income Distribution 663 19.5 Trade, Technology Diffusion, and the Product Cycle 674 19.6 Trade and Endogenous Technological Change 678 19.7 Learning-by-Doing, Trade, and Growth 680 19.8 Taking Stock 684 19.9 References and Literature 685 19.10 Exercises 687 Part VII: Economic Development and Economic Growth Chapter 20: Structural Change and Economic Growth 697 20.1 Nonbalanced Growth: The Demand Side 697 20.2 Nonbalanced Growth: The Supply Side 703 20.3 Agricultural Productivity and Industrialization 715 20.4 Taking Stock 719 20.5 References and Literature 720 20.6 Exercises 721 Chapter 21: Structural Transformations and Market Failures in Development 725 21.1 Financial Development 726 21.2 Fertility, Mortality, and the Demographic Transition 729 21.3 Migration, Urbanization, and the Dual Economy 736 21.4 Distance to the Frontier and Changes in the Organization of Production 744 21.5 Multiple Equilibria from Aggregate Demand Externalities and the Big Push 752 21.6 Inequality, Credit Market Imperfections, and Human Capital 758 21.7 Toward a Unified Theory of Development and Growth? 764 21.8 Taking Stock 768 21.9 References and Literature 769 21.10 Exercises 771 Part VIII: The Political Economy of Growth Chapter 22: Institutions, Political Economy, and Growth 781 22.1 The Impact of Institutions on Long-Run Development 781 22.2 Distributional Conflict and Economic Growth in a Simple Society 784 22.3 The Canonical Cobb-Douglas Model of Distributional Conflict 792 22.4 Distributional Conflict and Competition 793 22.5 Subgame Perfect versus Markov Perfect Equilibria 799 22.6 Inefficient Economic Institutions: A First Pass 802 22.7 Heterogeneous Preferences, Social Choice, and the Median Voter * 805 22.8 Distributional Conflict and Economic Growth: Heterogeneity and the Median Voter 814 22.9 The Provision of Public Goods: Weak versus Strong States 817 22.10 Taking Stock 822 22.11 References and Literature 823 22.12 Exercises 825 Chapter 23: Political Institutions and Economic Growth 831 23.1 Political Regimes and Economic Growth 832 23.2 Political Institutions and Growth-Enhancing Policies 834 23.3 Dynamic Trade-offs 837 23.4 Understanding Endogenous Political Change 850 23.5 Taking Stock 856 23.6 References and Literature 857 23.7 Exercises 858 Epilogue: Mechanics and Causes of Economic Growth 861 What Have We Learned? 861 A Possible Perspective on Growth and Stagnation over the Past 200 Years 864 Many Remaining Questions 872 Part IX: Mathematical Appendixes Appendix A: Odds and Ends in Real Analysis and Applications to Optimization 877 A.1 Distances and Metric Spaces 878 A.2 Mappings, Functions, Sequences, Nets, and Continuity 880 A.3 A Minimal Amount of Topology: Continuity and Compactness * 885 A.4 The Product Topology * 889 A.5 Absolute Continuity and Equicontinuity * 891 A.6 Correspondences and Berge's Maximum Theorem 894 A.7 Convexity, Concavity, Quasi-Concavity, and Fixed Points 898 A.8 Differentiation, Taylor Series, and the Mean Value Theorem 900 A.9 Functions of Several Variables and the Inverse and Implicit Function Theorems 904 A.10 Separation Theorems * 907 A.11 Constrained Optimization 910 A.12 Exercises 915 Appendix B: Review of Ordinary Differential Equations 917 B.1 Eigenvalues and Eigenvectors 917 B.2 Some Basic Results on Integrals 918 B.3 Linear Differential Equations 920 B.4 Solutions to Linear First-Order Differential Equations 921 B.5 Systems of Linear Differential Equations 924 B.6 Local Analysis and Stability of Nonlinear Differential Equations 926 B.7 Separable and Exact Differential Equations 927 B.8 Existence and Uniqueness of Solutions 929 B.9 Continuity and Differentiability of Solutions 930 B.10 Difference Equations 930 B.11 Exercises 932 Appendix C: Brief Review of Dynamic Games 934 C.1 Basic Definitions 934 C.2 Some Basic Results 937 C.3 Application: Repeated Games with Perfect Observability 941 C.4 Exercises 942 Appendix D: List of Theorems 944 Chapter 2 944 Chapter 5 944 Chapter 6 944 Chapter 7 945 Chapter 10 945 Chapter 16 945 Chapter 22 946 Appendix A 946 Appendix B 947 Appendix C 947 References 949 Name Index 971 Subject Index 977

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Book Synopsis'Nowadays people know the price of everything and the value of nothing.' Credit has crunched, debt has turned toxic, the gears of the world economy have ground to a halt. Yet despite its failures, the same market-driven ideas are being applied to everything from famine to climate change. We need to ask again one of the most fundamental questions a society ever addresses: why do things cost what they do? Radical, original, nimbly argued, The Value of Nothing draws on ideas from history, philosophy, psychology and agriculture to show how we can build an economically and environmentally sound future.

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Book SynopsisShelley called poets, ‘the unacknowledged legislators of the world’. Here John Ramsden describes their now largely forgotten contribution to economics. From Defoe to Pound, poets looked at the economic orthodoxy of their day, saw much that was unacceptable, and tried to suggest alternatives. Some of their suggestions led onto perilous ground; but many of their criticisms have since been vindicated. Often witty and always opinionated, these 11 writers offer fresh perspectives on the economic theories that still rule our lives. The poets included are Defoe, Swift, Coleridge, Scott, Shelley, de Quincey, Ruskin, Morris, Shaw, Belloc and Pound. Together they span a vast range of opinion and knowledge of the world. Some were closely involved with policy, some were radical, even revolutionary, others were reactionary: all of them contributed very personal and often illuminating insights into the dismal science.

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Book SynopsisThe word 'charaiveti', from an ancient Sanskrit hymn, means 'keep moving', in search of self-realization. The leading Indian economist and public intellectual Pranab Bardhan invokes this in his moving narrative of a personal and professional journey.

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Book Synopsis'This wise and lucid guide to pluralism in economics embodies the values of its cause. Generous, open-minded, fair, accurate and accessible: John Harvey's new book is a fine achievement that every economics major should read.'- James K. Galbraith, The University of Texas at Austin, USJohn Harvey's accessible book provides a non-technical yet rigorous introduction to various schools of thought in economics. Premised on the idea that economic thinking has been stunted by the almost complete rejection of anything outside the mainstream, the author hopes that this volume will open readers' minds and lead them in new and productive directions. In his exploration of Neoclassical, Marxist, Austrian, Post Keynesian, Institutionalist, New Institutionalist and Feminist schools of thought, unique features of each approach are highlighted, complemented by discussions of methodology, world views, popular themes, and current activities. Accurate and impartial, every chapter covering a heterodox school of thought has been vetted by an acknowledged expert in that field. Though written for use in undergraduate courses, this guide will no doubt offer a great deal to any scholar wishing to gain a fresh perspective and greater understanding of the variety and breadth of current economic thinking.Trade ReviewFifty years ago I used Robert L. Heilbroner's The Worldly Philosophers to get students excited about economics. Today I would use John T. Harvey's Contending Perspectives in Economics. The book is beautifully written and full of insights into who economists are and why they think the way they do. --Paul D. Bush, California State UniversityEconomics is a mess. Oppositional clans (''schools''), pseudo-science, corruption of various kinds and relentless disdain for the real-world predominate. If you are thinking of entering this war-zone, then reading John Harvey's Contending Perspectives in Economics is your best bet for retaining your intellectual health. --Edward Fullbrook, University of the West of England, UKI just finished reading the book! I feel like I learned so much from it, and not just in terms of the information itself. As I read, it stimulated so much thought I found myself writing many pages on things I'd never even thought about! --Marcus Schiebold, Economics Undergraduate Student, University of North TexasTable of ContentsContents: 1. Introduction 2. Economics as a scientific discipline 3. Neoclassical economics 4. Marxism 5. Austrian economics 6. Post Keynesian economics 7. Institutionalism 8. New Institutionalism 9. Feminist economics 10. Ecological Economics 11. Conclusions Index

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Book SynopsisStudents in economics are ever more distressed by the disconnect between mainstream economics and the real world. This book shows how post-Keynesian economics constitutes a coherent heterodox alternative, based on realistic assumptions and the integration of the financial and real sides of the economy, with an emphasis on the many paradoxes that arise in a truly macroeconomic analysis.The book is a considerably revised and updated version of the widely used and frequently cited 2014 edition. It provides a comprehensive account of post-Keynesian theory and policy. Topics covered include its methodological foundations, consumer theory and choice under fundamental uncertainty, firms and pricing, money and credit, effective demand and employment, growth theory, open-economy issues, inflation theory. It also links with ecological economics. Scholars of economics, particularly post-Keynesian and heterodox economists, will find this comprehensive look at the field a necessary addition to their libraries, while students and instructors will find it a perfect text for any class on post-Keynesian economics.Trade ReviewWinner of the EAEPE Myrdal Prize (now the Joan Robinson Prize)‘Marc Lavoie’s thoroughly revised Post-Keynesian Economics provides an irrefutable critique of mainstream economics, which is becoming ever more recondite and irrelevant. But the book does much more, offering the clear prospect of an intellectual renewal of both micro- and macroeconomics, firmly founded on realistic assumptions relevant for a world of fundamental uncertainty and integrating finance and the real economy. Lavoie’s Post-Keynesian Economics, unparalleled in its coverage of establishment and post-Keynesian micro- and macroeconomics, is a work of lasting importance. An amazing feat.’ -- Servaas Storm, Delft University of Technology, the NetherlandsAcclaim for the first edition:‘I am delighted to have been invited to present a discussion of Marc Lavoie’s Post-Keynesian Economics: New Foundations. I was contemplating whether to give my short review, “it’s a brilliant book, you must buy it”, or my longer and more considered review, “it’s a brilliant book, you must buy it and I wish I had written it!” . . . It is a book every economist should have on his (or her) shelf, placed within easy reach.’ -- John McCombie, European Journal of Economics and Economic Policies: InterventionTable of ContentsContents: Notation used in the book Preface to the Second Edition 1. Essentials of heterodox and post-Keynesian economics 2. Theory of choice 3. Theory of the firm 4. Credit, money and central banks 5. Effective demand and employment 6. Accumulation and capacity 7. Open-economy macroeconomics 8. Inflation theory 9. Concluding remarks References Index

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Book SynopsisSuccinct, accessible, and authoritative, Thomas Piketty’s The Economics of Inequality is the ideal place to start for those who want to understand the fundamental issues at the heart of one the most pressing concerns in contemporary economics and politics. This work now appears in English for the first time.Trade ReviewIn a work that is aligned with but antecedent to his grand synthesis, Capital in the Twenty-First Century, French economist Piketty examines the structural causes of inequality… A discussion worth having and a book worth reading. * Kirkus Reviews *Piketty’s The Economics of Inequality is an excellent book and a great companion to Capital. This book is a remarkable mix of extensive data, attention to theory, and concern for policy. -- Axel Gosseries, Fund for Scientific Research (FRS-FNRS) and University of Louvain (UCL)If Piketty is right, inequality is increasing and cannot be cured by the free market; we must understand the problem to understand how to address it. This should be required reading for every concerned citizen. * Publishers Weekly *Even a brief guide to basic concepts in Piketty’s field of study can remind you, at every turn, that something profound is going on within the global economic system. The data, especially the data from recent decades, does not conceal the tale…Avarice and plunder play no part in the language of economics, but they too are causes and consequences of the phenomena Piketty describes. In some respects, his work is an assault on the kind of cult thinking that these days passes for economic and political analysis. -- Ian Bell * Glasgow Herald *Piketty’s The Economics of Inequality, which acts as a primer, provides a useful starting point for a wide audience. -- Tom Healy * Irish Times *Translated into English for the first time, it offers an exceptionally clear, cogent, and coherent discussion of economic inequality. -- Richard N. Cooper * Foreign Affairs *

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Book SynopsisA FINANCIAL TIMES BEST BOOK OF 2024The world-renowned economist offers a ground-breaking new vision for inclusive prosperityLeft behind places can be found in prosperous countriesfrom South Yorkshire, integral to the industrial revolution and now England's poorest county, to Barranquilla, once Colombia's portal to the Caribbean and now struggling. More alarmingly, the poorest countries in the world are diverging further from the rest of humanity than they were at the start of this century. Why have these places fallen behind? And what can we do about it?World-renowned development economist Paul Collier has spent his life working in neglected communities. In this book he offers his candid diagnosis of why some regions and countries are failing, and a new vision for how they can catch up. Collier lays the blame for widening inequality on stale economic orthodoxies that prioritize market forces to revive left behind regions, and on the arrogant, hands-off and one-size fits all approach of centralized bureaucracies like the UK Treasury. As a result, Collier argues, the UK has become the most unequal and unfair society in the western world.Yet the core message of Left Behind is hopeful: bringing together encouraging case studies of recovery from around the world, Collier shows how renewal is achievable through a combination of collective learning, moral leadership and local agency. With keen insight, he draws lessons from such seemingly disparate fields as behavioural psychology, evolutionary biology and moral philosophy to share a bold, galvanizing vision for a more inclusive, prosperous world.

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Book SynopsisTable of ContentsIntroduction xiii Chapter One: Where Buffett and Silicon Valley Billionaires Agree 1 Chapter Two: Dividing Up the Turf 21 Chapter Three: What Monopolies and King Kong Have in Common 35 Chapter Four: Squeezing the Worker 63 Chapter Five: Silicon Valley Throws Some Shade 87 Chapter Six: Toll Roads and Robber Barons 111 Chapter Seven: What Trusts and Nazis Had in Common 137 Chapter Eight: Regulation and Chemotherapy 167 Chapter Nine: Morganizing America 195 Chapter Ten: The Missing Piece of the Puzzle 211 Conclusion: Economic and Political Freedom 233 Notes 249 Acknowledgments 283 About the Authors 285 Index 287

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Book SynopsisWritten by the best-selling author of Python for Finance, Yves Hilpisch, this new book explains financial, mathematical, and Python programming concepts in an integrative manner so that the interdisciplinary concepts reinforce each other.

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Book SynopsisThe first book of the next crisis. A history of interest rates by a leading financial commentator, updated with a new postscript.*Winner of the 2023 Hayek Book Prize**Longlisted for the 2022 Financial Times Business Book of the Year Award*All economic and financial activities take place across time. Interest coordinates these activities. The story of capitalism is thus the story of interest: the price that individuals, companies and nations pay to borrow money.In The Price of Time, Edward Chancellor traces the history of interest from its origins in ancient Mesopotamia, through debates about usury in Restoration Britain and John Law ' s ill-fated Mississippi scheme, to the global credit booms of the twenty-first century. We generally assume that high interest rates are harmful, but Chancellor argues that, whenever money is too easy, financial markets become unstable. He takes the story to the present day, when interest rates have sunk lower than at any time in the five millennia since they were first recorded - including the extraordinary appearance of negative rates in Europe and Japan - and highlights how this has contributed to profound economic insecurity and financial fragility.Chancellor reveals how extremely low interest rates not only create asset price inflation but are also largely responsible for weak economic growth, rising inequality, zombie companies, elevated debt levels and the pensions crises that have afflicted the West in recent years - conditions under which economies cannot possibly thrive. At the same time, easy money in China has inflated an epic real estate bubble, accompanied by the greatest credit and investment boom in history. As the global financial system edges closer to yet another crisis, Chancellor shows that only by understanding interest can we hope to face the challenges ahead.Trade ReviewThe Price of Time is highly readable. The timing and telling of this economic horror story make it gripping and persuasive. -- Emma Duncan * The Times *Is it possible to write a highly engaging history of the world going back to Hammurabi, unfolding along the way a bitingly comprehensive explanation for its problems today, all told through a single character? Apparently yes. Edward Chancellor has done it, an achievement all the more notable since his drama is built around a character so unheroic on its surface: his "price of time" is interest rates. This is a timely, vitally important and hugely readable book. -- Ruchir Sharma * Chairman, Rockefeller International and New York Times bestselling author *Edward Chancellor has produced not just a brilliant explainer of the value of money and time but a hugely engaging history of the greatest problem confronting markets today. The Price of Time is a must read - a copy should be on the desk of everyone who has anything to do with financial markets or wondered why things work as they do. -- Merryn Somerset Webb * Editor-in-Chief, MoneyWeek *In Chancellor's terrific new book The Price of Time, he argues that well-meaning attempts by central bankers to manage interest rates have brought disaster ... It is no mean task to turn such a dry topic into a lively read, but Chancellor pulls it off. This is not just a worthy successor to his history of financial speculation, Devil Take the Hindmost, but an urgently needed warning. Rock-bottom interest rates were imposed in the wake of the 2008 financial crisis, and have now lasted so long that they have started to seem almost tolerable. To read this book is to be reacquainted with the bizarre, Alice-in-Wonderland condition of modern finance. ... Anyone who wants a fresh perspective on today's problems - and anyone in Westminster hoping to chart a new economic course as Boris Johnson's successor - needs this book on their summer reading list. -- Marc Sidwell * Sunday Telegraph *Interest rates haven't simply fallen - they were pushed. And by their pushing, the world's central banks have constructed the hall of mirrors in which every investor has become, of necessity, a speculator. So argues Edward Chancellor in this brilliant chronicle of the most important prices in capitalism. You must read it. It is a masterpiece of history, analysis-and properly understated outrage. -- James Grant * editor of Grant’s Interest Rate Observer *I wish The Price of Time were the book that I had written. I am reminded of Keynes' letter to Hayek after reading The Road to Serfdom where he said "In my opinion it is a grand book. We all have the greatest reason to be thankful to you for saying so well what needs so much to be said. .... I find myself in agreement with virtually the whole of it, and not only in agreement but in a deeply moved agreement" -- William White * former Chief Economist, Bank for International Settlements *Besides being a first-rate economic historian, Chancellor is also a master wordsmith; almost unique among serious finance books, The Price of Time serves well as bedtime reading. ... More than 20 years ago, Edward Chancellor's Devil Take the Hindmost supplied readers with one of the most engaging and incisive descriptions of financial manias ever written. That was a hard act to follow, but The Price of Time nicely fills the bill; it is a serious work of political economy that is part comprehensive guide to the world financial system's greatest peril and part literary chocolate torte. -- William J. Bernstein * Enterprising Investor, Chartered Financial Analysts Institute *Well I'll be darned! Chancellor has done the nearly impossible: he has made a potentially dreary topic - interest rates - into a witty, philosophical and highly entertaining story crammed with historical anecdotes starting with the Babylonians and ending yesterday. At the same time the obvious weight and breadth of his research leads us to his important conclusion: for Heaven's Sake leave interest rates to market forces; manipulation by Central Banks leads to chain linked disasters, another of which may well be imminent. -- Jeremy Grantham, Founder and Chief Investment Strategist, GMO LLCa scholarly perspective of the history of interest and credit since their known origins in ancient Mesopotamia ... a rollicking read in comparison with Thomas Piketty's Capital in the Twenty-First Century ... The Price of Time is leavened throughout by touches of humour and an eye for historical curiosities drawn from a huge range of sources. -- Martin Vander Weyer * Spectator *the book is magisterial in its scope. He describes the reasons for the current distortion of the markets and why wealth and income disparity were so pronounced in the last 20 years. He lays blame on the Federal Reserve and central banks around the world distorting the markets with low interest rates. You'll want to buy this book and get it the first day available. -- John Mauldin * Thoughts from the Frontline *Edward Chancellor argues that low interest rates, of the sort that prevailed since the financial crisis and until this year, are a catastrophic mistake because, as the great financial journalist Walter Bagehot wrote, they lead people to "invest their savings in something impossible - a canal to Kamchatka, a railway to Watchet, a plan for animating the Dead Sea, a corporation for shipping skates to the Torrid Zone". Cryptocurrencies are the Kamchatka canals of today. Their collapse, in Chancellor's view, is just the beginning of a great unravelling. The book is persuasive, perfectly timed and, for a work on such a nerdy subject, gripping. -- Emma Duncan * Times Writers’ Favourite Books of 2022 *a blistering polemic against the evils of artificially low interest rates. Right on cue, the gravy train of ultra-loose monetary policy has come to a halt. Perhaps you should therefore not just buy this book but sell all your stocks ... The Price of Time addresses the biggest economic question of the past 15 years. Have the experimental monetary policies pursued by the world's leading central banks since the financial crisis of 2007 and 2008 been a miracle cure or an epochal mistake? It situates this contemporary dilemma in a rich historical context. For this is just the latest instalment of an ancient debate over the nature and role of interest in a well-functioning economy. ... Capital allocation has been distorted; investment risk mispriced; pensions systems destabilised; social mobility fossilised; and moderate investors polarised into idle rent-seekers or you-only-live-once speculators. Chancellor makes a compelling and disturbing case that excessively loose financial conditions lie behind them all. ... The carnage being wrought by even the modest increase in borrowing costs so far in 2022 is not encouraging. At least if you've read this scintillating book and heeded the infamous Chancellor signal, you'll know what needs doing when we emerge from the wreckage. -- Felix Martin * Reuters *Chancellor's panoptic survey of the history of interest, and what classical economists said about it, will not fail to dazzle * Economist *a sweeping historical analysis of how our financial system once again became untethered from the world it is supposed to serve. At the heart of such derangement, Chancellor argues, is a single factor: artificially low interest rates. As he reminds us, interest rates are the most important signal in a market-based economy, "the universal price" affecting all others. Interest is best defined as the time value of money, which Chancellor artfully renders as "the price of time." It is the price that informs every key financial decision-saving, spending, investing. Suppressing the rate of interest is a powerful way to boost an economy otherwise bound for recession, but it is a dangerous one. It is to finance what opiates are to medicine, a distortion of perception disguised as a cure. ... Chancellor's learned and engrossing history concludes with a somber warning. Compared with more heavy-handed forms of government intrusion, central bankers' manipulation of interest rates may seem rather innocuous, and it is much less likely to provoke howling objections from ordinary citizens. But more than any other, it threatens the efficiency and integrity of the free-enterprise system. Behind the price of time is the priceless right of freedom. -- Adam Rowe * Wall Street Journal *every bit as gripping as any science fiction novel. It's an amazing book ... truly magisterial in scope -- John Mauldin * Thoughts from the Frontline *Superb! A worthy successor to Devil Take the Hindmost. -- William Bernstein * author of The Delusion of Crowds *Praise for Devil Take the Hindmost * --- *An admirably researched and very well written account of speculative insanity from the earliest times to, let no one doubt, the present. -- J.K. GalbraithEntertaining, useful, admirable scholarship... Chancellor seems to have read everything. -- New York Times Book ReviewPraise for Crunch-Time for Credit? -- ---There was no single, dominant, astonishing voice in the wilderness in the debate on the credit crunch, but... Edward Chancellor, an economic historian, foresaw almost everything. -- Charles Moore * Daily Telegraph *

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Book SynopsisCritical Theory: The Basics brings clarity to a topic that is confusingly bandied about with various meanings today in popular and academic culture.First defined by Max Horkheimer in the 1930s, critical theory now extends far beyond its original German context around the Frankfurt School and the emergence of Nazism. We now often speak of critical theories of race, gender, anti-colonialism, and so forth. This book introduces especially the core program of the first-generation of the Frankfurt School (including Horkheimer, Theodor W. Adorno, Erich Fromm, and Herbert Marcuse), and shows how this program remains crucial to understanding the problems, ideologies, and systems of the modern world, including capitalism, racism, sexism, and the enduring problems of colonialism. It explores basic questions like: What is critical theory? What can critical theory be? What should it be? Why and how does critical theory remain vital to understanding

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Book SynopsisToday it offers data, analysis and opinion on stocks, mutual funds and fixed-income investment across and investment advisory services through its affiliate, Independent Advisors Private Limited.

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Book SynopsisWhy do some countries succeed while others struggle? Why are some firms profitable while rivals fail? Why do some marriages thrive and others end in divorce? These questions seem unrelated, but societies, companies, and marriages have one important thing in common: they involve more than one individual. They thus face the same fundamental challenges. How can people be made to help rather than hurt each other? How can they use sacrifice, cooperation, and coercion to promote the common good? In this introductory text, Tore Ellingsen equips readers to answer essential questions around the success and failure of humans in groups, drawing on behavioral game theory, psychology, and sociology. He emphasizes how other-regarding preferences such as altruism and dutifulness matter for societies’ prosperity, and analyzes the role of culture in the form of shared values and understandings. One lesson is that cooperation is facilitated when people anticipate that they will hold common memories of past behavior, especially if agreements take precedence over leaders’ authority. A groundbreaking text, Institutional and Organizational Economics is essential reading for students and scholars of economics, political science, sociology, and public administration.Trade Review“Institutional and Organizational Economics not only provides a superb development of the ideas of organizational economics, using the tools of basic game theory, but also offers fascinating connections to history, sociology, and literature. A tour de force.”Oliver D. Hart, Harvard University“This slim volume offers an amazing wealth of ideas about institutions and organizations. The exposition nicely combines historical and experimental evidence with clear and simple behavioral game theoretic explanations. A book to instruct and delight students and scholars alike.”Avinash Dixit, Princeton UniversityTable of ContentsPreface1 The Organizational Challenge2 Sacrifice3 Selfishness, Rationality, and Utility4 Situations, Games, and Cooperation5 Shared Understandings and Values6 Predicting Behavior in Games7 A Model of Anarchy8 Changing the Game9 Coordination10 Authority’s Limitations11 Relationships12 Third-party Punishment13 Coercion: Costs and Benefits14 Contracts and Governance15 Limited Liability and Corporate Finance16 Asymmetric Information17 Application: The Oil-Pool Problem18 Conclusion19 More Food for Thought20 Further ReadingPostfaceAnswers to ExercisesNotesReferencesIndex

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Book SynopsisThe rise of the IT industry in the nineties promised a new era of freedom and prosperity. It didn’t deliver. Certainly, algorithms are everywhere, but capitalism is no more civilised than ever. In fact, in the hands of private corporations, the digitalisation of the world drives us towards a darker future. The return of monopolies, the dominance of a few platforms, the blurred distinction between the economic and the political all epitomise a systemic mutation. Information and data networks push the digital economy in the direction of the feudal logic of rent, dispossession, and personal domination.How Silicon Valley Unleashed Techno-feudalism offers a fresh genealogy of the Silicon Valley consensus and its contradictions. It disentangles the principles of an emerging systemwide rationale. Large firms compete in cyberspace to gain control over data, and ordinary people are increasingly at the mercy of tech giants. In this new economic order, capital is movi

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Book SynopsisA new model for smarter creativity Innovators and creators work in cultural, economic, and social contexts that shape their work. These contexts are large-scale, filled with overwhelming multitudes of elements and possibilities—but these contexts can be fruitfully "mined" by creative teams. Creativity in Large-Scale Contexts, by Yale professor Jonathan S. Feinstein, introduces a groundbreaking new "network model" to describe how successful innovation can be focused, generated, and accelerated. The book will help teams and organizations innovate smarter and faster. Feinstein argues that in large-scale contexts creativity happens most efficiently when it is actively "guided" by a creative leader or team. Guiding creativity involves understanding, navigating, and actively using the cultural context, identifying puzzles and opportunities, and spanning these tensions to create novel connections. With thoughtful guidance, creators and creative teams can find their way through the thicket of possibilities faster, smarter, and with less waste. Creativity in Large-Scale Contexts draws on case studies of famous creators including Virginia Woolf, Albert Einstein, Indigenous artist Clifford Possum, transgender activist and engineer Lynn Conway, and Twitter cofounder Jack Dorsey. Empirically grounded, this book will be essential for teaching and managing creativity and innovation and will open new avenues for future intellectual growth and practice in the field.Trade Review"Creativity in Large-Scale Contexts shows the foundational importance of cultural, social, and economic context in the overall creative journey. Featuring individuals like Virginia Woolf—an icon of creative innovation for her pioneering of stream of consciousness narrative—and other worthy examples, this book is a must-read for those interested in how context creates (or inhibits) the playing field for creativity."—David E. Salzman, Chief Executive, Warner Bros. and Lorimar-Telepictures"Jonathan S. Feinstein's book will inspire a new generation of innovative thinkers with its revolutionary approach to large-scale creativity. It offers a deep understanding of the role of context to drive successful outcomes in the creative process."—Robert Simonds, Founder and Chairman, STX Entertainment"Feinstein builds on decades of research from the field of creativity with a fresh take on environment, or context, as an essential element of the creative process. His case studies from eminent creators deepen the reading experience. His insights will spur future large-scale creative endeavors."—Kathyrn P. Haydon, author of The Non-Obvious Guide to Being More Creative and Creativity for Everybody"Creativity in Large-Scale Contexts helps us appreciate individuality and the surprise of creative outcomes and achievements. This volume will be of interest to anyone interested in the fulfillment of creative potentials."—Mark A. Runco, Director of Creativity Research and Programming, Southern Oregon University"Jonathan S. Feinstein addresses a significant but neglected topic in creativity studies: the place of large-scale context in innovation. An eclectic blend of theory and empirical studies drawn from art, literature, science, and technology, this book is an important and original contribution to our evolving understanding of creativity."—Subrata Dasgupta, author of The Renaissance Considered as a Creative Phenomenon

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Book SynopsisCompetition law is rooted in economic theory, and economics provides many of the standard tools often applied in competition investigations. As a result, a strong foundation in economics is an invaluable asset for practitioners in this area of law.This is the third edition of the popular and well-regarded practitioner guide to the economic principles of competition law. Written in accessible language for non-technical readers, it covers first economic principles by applying them directly to competition cases. It covers all major topics in competition law where economics is relevant: the core themes of market definition, market power and dominance, mergers, and anti-competition practice, as well as less familiar but important areas such as state aid, remedy design, damages, and use of experts in competition cases. Topics are introduced by posing compelling questions based on real cases from around the world.This third edition has been updated to include the latest developments in the last five years, including the rise of digital platforms with strong network effects, killer acquisitions in innovative markets, competition concerns in labour markets, and ''green'' agreements related to climate change.Trade ReviewReview from previous edition "The book is very good at solving everyday economic problems facing competition lawyers." * Lilo Locher, European Competition Law Review *Gunnar Niels and his colleagues have done a remarkable job at summarising the the key Industrial Organisation concepts and current debates for competition lawyers. It is remarkable both because it covers all the main areas of the legal practice (merger control, cartels, abuses of market power, and state aid) with lots of references to real cases and decisions , and because it will allow lawyers - and regulators - to raise the right questions when presented with complex economic surveys and analysis (e.g. what is the right choice of model, when are price correlation tests suspicious, can you predict the existence of a cartel based on market data ?). This is a must-have for any competition law practitioner * Antoine Winckler, Cleary Gottlieb Steen and Hamilton LLP *This book reads like a novel. It's captivating conversational style is perfectly tailored to competition lawyers seeking to get the basics of competition law economics under their belts. It provides an easy to understand conceptual framework illustrated with up-to-date examples drawn from US and EU precedents. * Miguel Odriozola, Clifford Chance, Madrid *Economics and law are the essential languages of modern competition policy. This volume skillfully illuminates the economic concepts that should inform the design and application of legal rules. It paves a superb path to the truly bilingual analytical proficiency on which mastery in this field depends. * William E. Kovacic, Commissioner, Federal Trade Commission *It is clear from any page or section of the book that it has been deliberately drafted in a clear and non-technical style, intending so far as possible to engage the reader in the intuitive foundations of the difficult topics that are covered ... this book provides a very useful point of entry or means of orientation in addressing the larger economic questions that should act as guides through the mass of detail. * Rhodri Thompson QC, Competition Law Journal *Economics for Competition Lawyers provides a very accessible and highly practical overview of both the basics and more advanced issues in the economics of competition. It does an excellent job of dealing with some of the more advanced topics without burying the reader in mathematics, but providing a clear conceptual explanation of the nature and role of the relevant mathematical tools * Joseph Angland, Partner, White & Case, New York *The authors have done an outstanding job in explaining the major areas of competition law. * Nilay B. Patel, Cambridge Law Journal *Table of Contents1: Introduction: Starting from First Principles 2: The Competition Economics Toolkit 3: Market Definition 4: Market Power 5: Abuse of Dominance 6: Cartels and Other Horizontal Agreements 7: Vertical Restraints 8: Mergers 9: Design of Remedies 10: Quantification of Damages 11: The Use of Economic Evidence in Competition Cases

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Book SynopsisEssays on Game Theory is a unique collection of seven of John Nash's essays which highlight his pioneering contribution to game theory in economics. Featuring a comprehensive introduction by Ken Binmore which explains and summarizes John Nash's achievements in the field of non-cooperative and cooperative game theory, this book will be an indispensable reference for scholars and will be welcomed by those with an interest in game theory and its applications to the social sciences.Trade Review'This short volume is very welcome . . . Most importantly, on pages 32-33, the volume reprints as an appendix to the journal article based on Nash's Princeton doctoral dissertation on non-cooperative games a section of the thesis on "motivation and interpretation" that was omitted from the article. An editorial note remarks mildly that "The missing section is of considerable interest". This section, not available in any other published source, makes the present volume indispensable for research libraries . . . Nash's Essays on Game Theory, dating from his years as a Princeton graduate student . . . has a lasting impact on economics and related fields unmatched by any series of articles written in such a brief time . . . To economists, his name will always bring to mind his game theory papers of the early 1950s. It is good to have these conveniently reprinted in this volume.'Table of ContentsContents: Introduction (K. Binmore) 1. The Bargaining Problem 2. Equilibrium Points in N-Person Games 3. A Simple Three-Person Poker Game 4. Non-cooperative Games 5. Two Person Cooperative Games 6. A Comparison of Treatments of a Duopoly Situation 7. Some Experimental n-Person Games Index

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Book SynopsisPerhaps no economist was more vindicated by the global financial crisis than Hyman P. Minsky (1919-96). Although a handful of economists raised alarms as early as 2000, Minsky's warnings began a half-century earlier, with writings that set out a compelling theory of financial instability. Yet even today he remains largely outside mainstream economiTrade Review"An accessible introduction to the economist who saw the global financial crisis coming."--Bookseller Buyer's Guide "Written in clear prose, with Minsky's idiosyncratic ideas and language patiently explained ... [this book] provides the best general introduction to Minsky's economics."--Edward Chancellor, Reuters Breaking Views "I came away from the book with considerably more understanding of Minsky's views and a greater respect for them."--Arnold Kling, Econlib "[A] crystal-clear summary of Minsky's life's work... While Minsky is now quite well known, his contributions are still widely ignored or misunderstood. This makes Wray's book a godsend... By making his insights accessible to a general audience for the first time, Wray's book has the potential to transform the future of economic policymaking and, with it, to create a better life for future generations."--Victoria Bateman, Times Higher Education "A useful and accessible overview of both what Minsky said and--as the title puts it--why it matters."--Diane Coyle, The Enlightened Economist blog "Why Minsky Matters ... brings together the maverick economist's work in a more accessible form."--Ishan Bakshi, Business Standard "Why Minsky Mattersserves up a rich variety of concepts that will stimulate and inform anyone concerned about the fate of the economy. If you want to know where we are going, it helps to know where we have come from, andWhy Minsky Mattersprovides an essential road map for that journey--past, present, and future."--Financial Analysts Journal "A highly readable overview of the contributions of Hyman Minsky, and justifies the title as to how Minsky matters."--Malcolm Sawyer, Journal of Economic Literature "One might think this book is a biography of the economist Hyman Minsky, but it is much more than that. In a thoroughly engaging, elucidating way, the author summarizes macroeconomic theories from Adam Smith to Keynes and the present."--Choice "A fine book that successfully brings Minsky's great contributions to our attention again. If there should be an after-life, one of its purest pleasures for me would be to have the chance to discuss monetary analysis with Hyman Minsky for a sizeable chunk of eternity. Wray's book gives a foretaste of such heavenly interaction."--Charles Goodhart, European Journal of the History of Economic ThoughtTable of ContentsPreface vii Introduction 1 1 Overview of Minsky's Main Contributions 21 2 Where Did We Go Wrong? Macroeconomics and the Road Not Taken 47 3 Minsky's Early Contributions: The Financial Instability Hypothesis 71 4 Minsky's Views on Money and Banking 87 5 Minsky's Approach to Poverty and Unemployment 109 6 Minsky and the Global Financial Crisis 137 7 Minsky and Financial Reform 163 8 Conclusion: Reforms to Promote Stability, Democracy, Security, and Equality 193 Notes 223 Further Reading 253 The Collected Writings of Hyman P. Minsky 257 Index 269

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Book Synopsis'I could not recommend this more. If you're looking for a sense of optimism, a sense of political possibility, this book is very important' Owen JonesWhat would a fair and equal society actually look like?Imagine a world with no banks. No stock market. No tech giants. No billionaires.In Another Now world-famous economist, Yanis Varoufakis, shows us what such a world would look like. Far from being a fantasy, he describes how it could have come about - and might yet. But would we really want it?Varoufakis's boundary-breaking new book confounds expectations of what the good society would look like and confronts us with the greatest question: are we able to build a better society, despite our flaws.'A vision of a new society with new ways of thinking is possibly the most important thing an artist can offer at the moment' Brian EnoTrade ReviewCombining a provocative thought-experiment with a deeply original sci-fi narrative, this book is both visionary in its search for new possibilities and realistic in its embrace of the complexities of our human nature -- Alfonso Cuarón, Oscar-winning Director of Roma and GravityA landmark work ... A vision of a new society with new ways of thinking is possibly the most important thing an artist can offer at the moment -- Brian EnoI am enjoying Yanis Varoufakis's Another Now. The way we live is not inevitable -- Jeanette WintersonI could not recommend this more. If you're looking for a sense of optimism, a sense of political possibility, this book is very important -- Owen JonesFrom @yanisvaroufakis' sf novel ANOTHER NOW, the absolute best description of the scam of #InvestmentBanking I've ever read * Cory Doctorow on Twitter *There is something exciting, even invigorating, about envisioning this world alongside Varoufakis ... one finishes Another Now buzzing with a sense of possibility * The Monthly *Another Now is structurally, ideologically and linguistically an extraordinary work -- Zoe WilliamsI've absolutely loved reading [Another Now] ... the second I started reading it, it surprised and intrigued me -- Matthew Taylor, RSAAnother Now is not only a marvellously good read - it is a notable addition to the literature of social change * The Wire *The reason Varoufakis seems to have captured the imaginations of so many is that his words about the European crisis speak universal truths about democracy, capitalism and social policy * Guardian *One of my few heroes -- Slavoj ZizekThe most interesting man in the world * Business Insider *

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Book SynopsisPaul Milgrom describes how auctions can be used to discover prices and guide efficient resource allocations. Milgrom roots his new theories in real-world examples (including the ambitious U.S. incentive auction of radio frequencies, whose design he led) and provides economists with crucial new tools for solving complex resource allocation problems.Trade ReviewIn Discovering Prices, Paul Milgrom shows how innovative systems of price discovery can help solve vexing problems of reallocation, long thought to be intractable and made particularly challenging by the complexity and interconnectedness of new technologies. Milgrom's revolutionary advance in price theory is a most fitting tribute to Kenneth Arrow, who laid the foundation for understanding the traditional price system. A brilliant, fascinating book. -- Bengt Holmstrom, Massachusetts Institute of Technology, Nobel Laureate in EconomicsWith deep theoretical insights and broad practical experience, Milgrom presents a systematic analysis of the challenges of pricing in complex resource-allocation problems, and in doing so he helps us to better understand the foundations of price theory in economics. -- Roger Myerson, University of Chicago, Nobel Laureate in EconomicsThe elegant theory and mathematics in Milgrom’s Discovering Prices are at the foundation of the FCC’s Broadcast Incentive Auction. I can confirm the successful real-world application of the same, with Milgrom’s active participation during every step of the design and implementation of an auction that will repurpose 84 MHz worth of prime spectrum and generate almost $20 billion in proceeds. -- Gary M. Epstein, Chair of the FCC's Incentive Auction Task ForceThis groundbreaking book of practical economic theory by Milgrom, the world’s most accomplished designer of complex auctions, describes the design of the most complex auction yet: the FCC incentive auction for electromagnetic spectrum. The book also illuminates why the magic of the market doesn’t happen by magic, but sometimes needs to be designed. Every economist, and indeed anyone interested in how markets work, will find these wide-ranging reflections rewarding to read and ponder. -- Alvin E. Roth, Stanford University, Nobel Laureate in EconomicsNo one has greater knowledge or, perhaps more importantly, more reliable instincts when it comes to incentive auction design. Milgrom's excellent monograph should be made available to economists as soon as possible. -- Leslie Marx, Duke UniversityTable of ContentsPreface1. Introduction2. (Near-)Substitutes, Prices, and Stability3. Vickrey Auctions and Substitution4. Deferred-Acceptance Auctions and Near-Substitutes5. ConclusionNotesReferencesIndex

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Book SynopsisThis revised second edition of Monetary Policy, Inflation, and the Business Cycle provides a rigorous graduate-level introduction to the New Keynesian framework and its applications to monetary policy. The New Keynesian framework is the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfTrade ReviewPraise for the previous edition: "A state-of-the-art treatment of the emerging New Keynesian synthesis by one of the leaders in the field, Gali's book is a must-read for the next generation of macroeconomists."--N. Gregory Mankiw, Harvard University Praise for the previous edition: "Authoritative. This book will be very useful to graduate students and to others seeking an introduction to modern work in this area."--Michael Woodford, Columbia University Praise for the previous edition: "This is a wonderfully elegant and accessible introduction to the contemporary New Keynesian paradigm, written by one of the leading experts in the field. This monograph presents what one should know in a clean, cogent, and concise manner. I fully expect it to become a standard reference for both students and researchers in the field."--Mark Gertler, New York University Praise for the previous edition: "Jordi Gali provides an authoritative overview of the research that revolutionized monetary economics during the past decade, by embedding sticky prices in a coherent dynamic general equilibrium framework--thus providing a novel and much clearer positive and normative analysis of monetary policy. The presentation is elegant and intuitive, yet rigorous. The book will be a standard reference for graduate students, researchers, and policymakers. It is also highly recommended as a textbook for money/macro courses. Numerous useful exercises are provided."--Robert Kollmann, European Center for Advanced Research in Economics and Statistics, Free University of Brussels Praise for the previous edition: "This book provides an excellent introduction and exegesis of the New Keynesian model that is the current state of the art in the analysis of monetary policy. It will find a large audience with research economists, graduate students, and staffers in central banks around the world."--Philip R. Lane, Trinity College Dublin Praise for the previous edition: "Systematic and concise. This is a fine book that is likely to become the key basic text for graduate courses on monetary policy."--Seppo Honkapohja, University of Cambridge Praise for the previous edition: "With this book, magician Gali has pulled another important rabbit out of his hat. The book will help to increase the popularity of the New Keynesian model with graduate students, tomorrow's policymakers, and today's policymakers alike. Therefore, it can be considered a real grassroots initiative."--Christian Merkl, Journal of EconomicsTable of ContentsPreface ix CHAPTER 1 Introduction 1 CHAPTER 2 A Classical Monetary Model 17 CHAPTER 3 The Basic New Keynesian Model 52 CHAPTER 4 Monetary Policy Design in the Basic New Keynesian Model 98 CHAPTER 5 Monetary Policy Tradeoffs: Discretion versus Commitment 126 CHAPTER 6 A Model with Sticky Wages and Prices 163 CHAPTER 7 Unemployment in the New Keynesian Model 199 CHAPTER 8 Monetary Policy in the Open Economy 223 CHAPTER 9 Lessons, Extensions, and New Directions 261 Index 271

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Book SynopsisThe book that redefines economics for a world in crisis.Relentless financial crises. Extreme inequalities in wealth. Remorseless pressure on the environment. Anyone can see that our economic system is broken. But can it be fixed?In Doughnut Economics, Oxford academic Kate Raworth identifies the seven critical ways in which mainstream economics has led us astray - from selling us the myth of 'rational economic man' to obsessing over growth at all costs - and offers instead an alternative roadmap for bringing humanity into a sweet spot that meets the needs of all within the means of the planet. Ambitious, radical and provocative, she offers a new cutting-edge economic model fit for the challenges of the 21st century._____________________________________________________*The Sunday Times Bestseller**A Financial Times and Forbes Book of the Year**Winner of the Transmission Prize 2018**Longlisted for the FT/McKinsey Business Book of the Year Award 2017*'The John Maynard Keynes of the 21st century.' George Monbiot, Guardian'This is sharp, significant scholarship . . . Thrilling.' Times Higher Education'Raworth's magnum opus . . . Fascinating.' Books of the Year, Forbes'[Raworth's] biggest question . . . is one that terrifies all mainstream economists: is 'growth' endless?' Andrew Marr, Spectator'A compelling and timely intervention.' Caroline Lucas MP, Books of the Year, The EcologistTrade ReviewI’ve never seen [the concepts in Doughnut Economics] laid out so clearly, compellingly, or cheekily. Social entrepreneurs, it’s doughnut time – and I strongly recommend that you take a bite. -- Four Books Every Social Entrepreneur Should Read * Forbes *Doughnut Economics shows how to ensure dignity and prosperity for all people. * Huffington Post *A compelling and timely intervention. -- Caroline Lucas MP, Books of the Year * The Ecologist *A book you will need to know about . . . Kate writes beautifully . . . If only 10% of the ideas get implemented, the world will be a much better place. -- World Bank blogA sharp, insightful call for a shift in thinking . . . Raworth’s energetic, layperson-friendly writing makes her concept accessible as well as intriguing. * Publishers Weekly *Kate Raworth, formerly of Oxfam, shows that the undulations of equality and justice are really very profound . . . [Her] aim is to adjust human use of the processes of planetary dynamics so that the overall outcome of development is survival in peace, health, prosperity and companionship. * British Academy Review *Proposes a new economic model – one that embeds the human economy within the natural world and within society, rather than being distinct from either. * The Ecologist *An innovative vision about how we could refocus away from growth to thriving. * Daily Mail *A brand new way of conceptualising economic development without being tied to infinite growth . . . A useful idea. * Guardian *There are some really important economic and political thinkers around at the moment – such as Kate Raworth's Doughnut Economics . . . I get the sense that a major period of new thinking and political creativity is coming. -- Andrew Marr * Guardian *An admirable attempt to broaden the horizons of economic thinking. -- Martin Wolf, Books of the Year * Financial Times *Kate Raworth's well-received Doughnut Economics makes clear . . . [that] we have to enter a new age of thought, of communication, of politics. -- Natalie Bennett * The Ecologist *This is sharp, significant scholarship . . . Thrilling. * Times Higher Education *Required summer reading for Labour politicians and activists. * openDemocracy *Another look at measuring growth . . . Raworth makes several key suggestions for reform. * MoneyWeek *At last – an economic model that won't destroy the planet . . . I see [Raworth] as the John Maynard Keynes of the 21st Century: by reframing the economy, she allows us to change our view of who we are, where we stand, and what we want to be. -- George Monbiot * Guardian *Asks some simple and pertinent questions. Why do we tax employment, through payroll taxes, but not the use of such scarce resources as fresh water, the Earth’s minerals, wood and soil? [Raworth's] biggest question, however, is one that terrifies all mainstream economists: is ‘growth’ endless? -- Andrew Marr * Spectator *[Reveals] the huge hold in the standard economic model . . . offers a mountaintop view of the world. * Knowledge@Wharton: The Journal of Wharton Business School *Judiciously combining history, theory, anecdotes and diagrams, [Raworth] provides a narrative that is easy to follow . . . Worthwhile and challenging. * Frontline *A radical and solidly-argued book . . . Plausible and informative. * El Pais *

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Book SynopsisThis book presents a radically different argument for what has caused, and likely will continue to cause, the collapse of emerging market economies. Pettis combines the insights of economic history, economic theory, and finance theory into a comprehensive model for understanding sovereign liability management and the causes of financial crises. He examines recent financial crises in emerging market countries along with the history of international lending since the 1820s to argue that the process of international lending is driven primarily by external events and not by local politics and/or economic policies. He draws out the corporate finance implications of this approach to argue that most of the current analyses of the recent financial crises suffered by Latin America, Asia, and Russia have largely missed the point. He then develops a sovereign finance model, analogous to corporate finance, to understand the capital structure needs of emerging market countries. Using this model, heTrade ReviewA source of new and enlightening perspectives for a wide range of the subjects of financial analysis and policy making for emerging financial markets. * The Financial Regulator *A cogent and compelling essay on the dynamics of emerging market crises ... Pettis's book offers invaluable insights into the dynamics of emerging market crises and provides important lessons for emerging market policy makers, investors, rating agencies, international institutions and anyone interested in emerging market finance. Moreover he has succeeded in delivering a punchy and highly readable volume * The Business Economist *The Volatility Machine provides a welcome departure from the sterile academic debate on the subject of financial crisis. Economists may quibble ... but would be wise not to ignore [Pettis's] insights into how they can exacerbate external risks. * Institutional Investor *Table of ContentsIntroduction Part I. The Structure of Financial Crises 1: Capital Structure and Policy Collapse: The Financial Crisis of the Late 1990s 2: Market Structure Issues Part II. Global Liquidity and Capital Flows 3: Why Does Ric-Country Capital Flow to Poor Countries? 4: 180 Years of Liquidity Expansion and International Lending 5: The Contraction of International Lending Part III. The Corporate Finance of Crises 6: The Theory of Capital Structure and Financial Risk 7: The Capital Structure Trap 8: Toward a Theory of Sovereign Capital Structure Management 9: Debt Restructurings within a Corporate Finance Framework Part IV. Conclusion 10: Conclusion: The New Financial Architecture Appendix: The Option Characteristics of Sovereign Debt Bibliography Index

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Book Synopsis''Conspicuous consumption of valuable goods is a means of reputability to the gentleman of leisure.''In The Theory of the Leisure Class Thorstein Veblen sets out ''to discuss the place and value of the leisure class as an economic factor in modern life''. In so doing he produced a landmark study of affluent American society that exposes, with brilliant ruthlessness, the habits of production and waste that link invidious business tactics and barbaric social behaviour. Veblen''s analysis of the evolutionary process sees greed as the overriding motive in the modern economy; with an impartial gaze he examines the human cost paid when social institutions exploit the consumption of unessential goods for the sake of personal profit. Fashion, beauty, animals, sports, the home, the clergy, scholars - all are assessed for their true usefulness and found wanting. The targets of Veblen''s coruscating satire are as evident today as they were a century ago, and his book still has the power to shock Table of ContentsIntroductory ; Pecuniary Emulation ; Conspicuous Leisure ; Conspicuous Consumption ; The Pecuniary Standard of Living ; Pecuniary Canons of Taste ; Dress as an Expression of the Pecuniary Culture ; Industrial Exemption and Conservatism ; The Conservation of Archaic Traits ; Modern Survivals of Prowess ; The Belief in Luck ; Devout Observances ; Survivals of the Non-Invidious Interest ; The Higher Learning as an Expression of the Pecuniary Culture

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Book SynopsisWritten during the winter of 1857-8, the Grundrisse was considered by Marx to be the first scientific elaboration of communist theory. A collection of seven notebooks on capital and money, it both develops the arguments outlined in the Communist Manifesto (1848) and explores the themes and theses that were to dominate his great later work Capital. Here, for the first time, Marx set out his own version of Hegel''s dialectics and developed his mature views on labour, surplus value and profit, offering many fresh insights into alienation, automation and the dangers of capitalist society. Yet while the theories in Grundrisse make it a vital precursor to Capital, it also provides invaluable descriptions of Marx''s wider-ranging philosophy, making it a unique insight into his beliefs and hopes for the foundation of a communist state.Table of ContentsIntroduction (Notebook M)1. Production in general2. General relation between production, distribution, exchange and consumption3. The method of political economy4. Means (forces) of production and relations of production, relations of production and relations of circulationThe Chapter on Money (Notebooks I and II, pp. 1-7)Darimon's theory of crisesGold export and crisesConvertibility and note circulationValue and priceTransformation of the commodity into exchange value; moneyContradictions in the money relation:(1) Contradiction between commodity as product and commodity as exchange value(2) Contradiction between purchase and sale(3) Contradiction between exchange for the sake of exchange and exchange for the sake of commodities(4) Contradiction between money as particular commodity and money as general commodity (The Economist and the Morning Star on money)Attempts to overcome the contradictions by the issue of time-chitsExchange value as mediation of private interestsExchange value (money) as social bondSocial relations which create an undeveloped system of exchangeThe product becomes a commodity; the commodity becomes exchange value; the exchange value of the commodity becomes moneyMoney as measureMoney as objectification of general labour time (Incidental remark on gold and silver)Distinction between particular labor time and general labour timeDistinction between planned distribution of labour time and measurement of exchange values by labour time (Strabo on money among the Albanians)The precious metals as subjects of the money relation:(a) Gold and silver in relation to the other metals(b) Fluctuations in the value-relations between the different metals(c) and (d) (headings only): Sources of gold and silver; money as coinCirculation of money and opposite circulation of commoditiesGeneral concept of circulation:(a) Circulation circulates exchange values in the form of prices (Distinction between real money and accounting money)(b) Money as the medium of exchange (What determines the quantity of money required for circulation) (Comment on (a))Commodity circulation requires appropriation through alienationCirculation as an endlessly repeated processThe price as external to and independent of the commodity: Creation of general medium of exchange; exchange as a special businessDouble motion of circulation: C-M; M-C, and M-C; C-MThree contradictory functions of money:(1) Money as general material of contracts, as measuring unit of exchange values(2) Money as medium of exchange and realizer of prices(Money, as representative of price, allows commodities to be exchanged at equivalent prices)(An example of confusion between the contradictory functions of money)(Money as particular commodity and money as general commodity)(3) Money as money: as material representative of wealth (accumulation of money)(Dissolution of ancient communities through money)(Money, unlike coin, has a universal character)(Money in its third function is the negation #negative unity# of its character as medium of circulation and measure)(Money in its metallic being; accumulation of gold and silver)(Headings on money, to be elaborated later)The Chapter on Capital (Notebooks II pp. 8-28, III, IV, V, VI and VII)The Chapter on Money as Capital:Difficulty in grasping money in its fully developed character as moneySimple exchange: relations between the exchangers (Critique of socialists and harmonizers: Bastiat, Proudhon)Section One: The Production Process of CapitalNothing is expressed when capital is characterized merely as a sum of valuesLanded property and capitalCapital comes from circulation; its content is exchange value; merchant capital, money capital, and money interestCirculation presupposes another process; motion between presupposed extremesTransition from circulation to capitalist production "Capital is accumulated labour (etc.)""Capital is a sum of values used for the production of values"Circulation, and exchange value deriving from circulation, the presupposition of capitalExchange value emerging from circulation, a presupposition of ciruclation, preserving and multiplying itself in it by means of labourProduct and capital. Value and capital. ProudhonCapital and labour. Exchange value and use value for exchange valueMoney and its use value (labour) in this relation capital: Self-multiplication of value is its only movementCapital, as regards substance, objectified labour. Its antithesis, living, productive labourProductive labour and labour as performance of a serviceProductive and unproductive labour. A. Smith etc.The two different processes in the exchange of capital with labourCapital and modern landed propertyThe marketExchange between capital and labour. Piecework wagesValue of labour powerShare of the wage labourer in general wealth determined only quantitativelyMoney is the worker's equivalent; he thus confronts capital as an equalBut the aim of his exchange is satisfaction of his need. Money for him is only medium of circulationSavings, self-denial as means of the worker's enrichmentValuelessness and devaluation of the worker a condition of capital(Labour power as capital!)Wages not productiveThe exchange between capital and labour belongs within simple circulation, does not enrich the workerSeparation of labour and property the precondition of this exchangeLabour as object absolute poverty, labour as subject general possibility of wealthLabour without particular specificity confronts capitalLabour process absorbed into capital(Capital and capitalist)Production process as content of capitalThe worker relates to his labour as exchange value, the capitalist as use valueThe worker divests himself of labour as the wealth-producing power; capital appropriates it as suchTranformation of labour into capitalRealization process(Costs of production)Mere self-preservation, non-multiplication of value contradicts the essence of capitalCapital enters the cost of production as capital. Interest bearing capital (Parentheses on: original accumulation of capital, historic presuppositions of capital, production in general)Surplus value. Surplus labour timeValue of labour. How it is determinedConditions for the self-realization of capitalCapital is productive as creator of surplus labourBut this is only a historical and transitory phenomenonTheories of surplus value (Ricardo; the Physiocrats; Adam Smith; Ricardo again)Surplus value and productive force. Relation when these increaseResult: in proportion as necessary labour is already diminished, the realization of capital becomes more difficultConcerning increases in the value of capitalLabour does not reproduce the value of material and instrument, but rather preserves it by relating to them in the labour process as to their objective conditionsAbsolute surplus labour time. RelativeIt is not the quantity of living labour, but rather its quality as labour which preserves the labour time already contained in the materialThe change of form and substance in the direct production processIt is inherent in the simple production process that the previous stage of production is preserved through the subsequent onePreservation of the old use value by new labourThe quantity of objectified labour is preserved because contact with living labour preserves its quality as use value for new labourIn the real production process, the separation of labour from its objective moments of existence is suspended. But in this process labour is already incorporated in capitalThe capitalist obtains surplus labour free of charge together with the maintenance of the value of material and instrumentThrough the appropriation of present labour, capital already possesses a claim to the appropriation of future labourConfusion of profit and surplus value. Carey's erroneous calculationThe capitalist, who does not pay the worker for the preservation of the old value, then demands remuneration for giving the worker permission to preserve the old capitalSurplus Value and ProfitDifference between consumption of the instrument and of wages. The former consumed in the production process, the latter outside itIncrease of surplus value and decrease in rate of profitMultiplication of simultaneous working daysMachineryGrowth of the constant part of capital in relation to the variable part spent on wages=growth of the productivity of labourProportion in which capital has to increase in order to employ the same number of workers if productivity risesPercentage of total capital can express very different relationsCapital (like property in general) rests on the productivity of labourIncrease of surplus labour time. Increase of simultaneous working days. (Population)(Population can increase in proportion as necessary labour time becomes smaller)Transition from the process of the production of capital into the process of circulationSection Two: The Circulation Process of CapitalDevaluation of capital itself owing to increase of productive forces(Competition)Capital as unity and contradiction of the production process and the realization processCapital as limit to production. OverproductionDemand by the workers themselvesBarriers to capitalist productionOVerproduction; ProudhonPrice of the commodity and labour timeThe capitalist does not sell too dear; but still above what the thing costs himPrice can fall below value without damage to capitalNumber and unit (measure) important in the multiplication of pricesSpecific accumulation of capital. (Transformation of surplus labour into capital)The determination of value and of pricesThe general rate of profitIf the capitalist merely sells at his own cost of production, then it is a transfer to another capitalist. The worker gains almost nothing therebyBarrier of capitalist production. Relation of surplus labour to necessary labour. Proportion of the surplus consumed by capital to that transformed into capitalDevaluation during crisesCapital coming out of the production process becomes money again(Parenthesis on capital in general)Surplus Labour or Surplus Value Becomes Surplus CapitalAll the determinants of capitalist production now appear as the result of (wage) labour itselfThe realization process of labour at the same time its de-realization processFormation of surplus capital ISurplus capital IIInversion of the law of appropriationChief result of the production and realization processOriginal accumulation of capitalOnce developed historically, capital itself creates the conditions of its existence(Performance of personal services, as opposed to wage labour)(Parenthesis on inversion of the law of property, real alien relation of the worker to his product, division of labour, machinery)Forms which precede capitalist production. (Concerning the process which precedes the formation of the capital relation or of original accumulation)Exchange of labour for labour rests on the worker's propertylessnessCirculation of capital and circulation of moneyProduction process and circulation process moments of production. The productivity of the different capitals (branches of industry) determines that of the individual capitalCirculation period. Velocity of circulation substitutes for volume of capital. Mutual dependence of capitals in the velocity of their circulationThe four moments in the turnover of capitalMoment II to be considered here: transformation of the product into money; duration of this operation. Transport costs. Circulation costs. Means of communication and transportDivision of the branches of labourConcentration of many workers; productive force of this concentrationGeneral as distinct from particular conditions of productionTransport to market (spatial condition of circulation) belongs in the production processCredit, the temporal moment of circulationCapital is circulating capitalInfluence of circulation on the determination of value; circulation time=time of devaluationDifference between the capitalist mode of production and all earlier ones (universality, propagandistic nature)(Capital itself is the contradiction)Circulation and creation of valueCapital not a source of value-creationContinuity of production presupposes suspension of circulation timeTheories of Surplus ValueRamsay's view that capital is its own source of profitNo surplus value according to Ricardo's lawRicardo's theory of value. Wages and profitQuinceyRicardoWakefield. Conditions of capitalist production in coloniesSurplus value and profit. Example (Malthus)Difference between labour and labour capacityCarey's theory of the cheapening of capital for the workerCarey's theory of the decline of the rate of profitWakefield on the contradiction between Ricardo's theories of wage labour and of valueBailey on dormant capital and increase of production without previous increase of capitalWade's explanation of capital. Capital, collective force. Capital, civilization.Rossi. What is capital? Is raw material capital? Are wages necessary for it?Malthus. Theory of value and of wagesAim of capitalist production value (money), not commodity, use value etc. ChalmersDifference in return. Interruption of the production process. Total duration of the production process. Unequal periods of productionThe concept of the free labourer contains the pauper. Population and overpopulationNecessary labour. Surplus labour. Surplus population. Surplus capitalAdam Smith: work as sacrificeAdam Smith: the origin of profitSurplus labour. Profit. WagesImmovable capital. Return of capital. Fixed capital. John Stuart MillTurnover of capital. Circulation process. Production process. Circulation costs. Circulation timeCapital's change of form and of substance; different forms of capital; circulation capital as general character of capitalFixed (tied down) capital and circulating capitalConstant and variable capitalCompetitionSurplus value. Production time. Circulation time. Turnover timeCompetition (continued)Part of capital in production time, part in circulation timeSurplus value and production phase. Number of reproductions of capital = number of turnoversChange of form and of matter in the circulation of capital. C-M-C. M-C-MDifference between production time and labour timeFormation of a mercantile estate; creditSmall-scale circulation. The process of exchange between capital and labour capacity generallyThreefold character, or mode, of circulationFixed capital and circulating capitalInfluence of fixed capital on the total turnover time of capitalFixed capital. Means of labour. MachineTransposition of powers of labour into powers of capital both in fixed and in circulatin capitalTo what extent fixed capital (machine) creates valueFixed capital and continuity of the production process. Machinery and living labour.Contradiction between the foundation of bourgeois production (value as measure) and its developmentSignificance of the development of fixed capital (for the development of capital generally)The chief role of capital is to create disposable time; contradictory form of this in capitalDurability of fixed capitalReal saving (economy)=saving of labour time=development of productive forceTrue conception of the process of social productionOwen's historical conception of industrial (capitalist) productionCapital and value of natural agenciesScope of fixed capital indicates the level of capitalist productionIs money fixed capital or circulating capital?Turnover time of capital consisting of fixed capital and circulating capital. Reproduction time of fixed capitalThe same commodity sometimes circulating capital, sometimes fixed capitalEvery moment which is a presupposition of production is at the same time its result, in that it reproductes its own conditionsThe counter-value of circulating capital must be produced within the year. Not so for fixed capital. It engages the production of subsequent yearsMaintanence costs of fixed capitalRevenue of fixed capital and circulating capitalFree labour=latent pauperism. EdenThe smaller the value of fixed capital in relation to its product, the more usefulMovable and immovable, fixed and circulatingConnection of circulation and reproductionSection Three: Capital as Fructiferous. Tranformation of Surplus Value into ProfitRate of profit. Fall of the rate of profitSurplus value as profit always expresses a lesser proportionWakefield, Carey and Bastiat on the rate of profitCapital and revenue (profit). Production and distribution. SismondiTransformation of surplus value into profitLaws of this and transformationSurplus value=relation of surplus labour to necessary labourValue of fixed capital and its productive powerMachinery and surplus labour. Recapitulation of the doctrine of surplus value generallyRelation between the objective conditions of production. Change in the proportion of the component parts of capitalMiscellaneousMoney and fixed capital: presupposes a certain amount of wealth. Relation of fixed capital and circulating capital (Economist)Slavery and wage labour; profit upon alienation (Steuart)Steuart, Montanari and Gouge on moneyThe wool industry in England since Elizabeth; silk-manufacture; iron; cottonOrigin of free wage labour. Vagabondage. (Tuckett)Blake on accumulation and rate of profit; dormant capitalDomestic agriculture at the beginning of the sixteenth century. (Tuckett)Profit. Interest. Influence of machinery on the wage fund. (Westminster Review)Money as measure of values and yardstick of prices. Critique of theories of the standard measure of moneyTransformation of the medium of circulation into money. Formation of treasures. Means of payment. Prices of commodities and quantity of circulating money. Value of moneyCapital, not labour, determines the value of money (Torrens)The minimum of wagesCotton machinery and working men in 1826. (Hodgskin)How the machine creates raw material. (Economist)Machinery and surplus labourCapital and profit. Relation of the worker to the conditions of labour in capitalist production. All parts of capital bring a profitTendency of the machine to prolong labourCotton factories in England. Example for machinery and surplus labourExamples from Glasgow for the rate of profitAlienation of the conditions of labour with the development of capital. InversionMerivale. Natural dependence of the worker in colonies to be replaced by artificial restrictionsHow the machine saves material. Bread. Dureau de la MalleDevelopment of money and interestProductive consumpion. Newman. Transformations of capital. Economic cycleDr. Price. Innate power of capitalProudhon. Capital and simple exchange. SurplusNecessity of the worker's propertylessnessGalianiTheory of savings. StorchMacCulloch. Surplus. ProfitArnd. Natural interestInterest and profit. CareyHow merchant takes the place of masterMerchant wealthCommerce with equivalents impossible. OpdykePrincipal and interestDouble standardOn moneyJames Mill's false theory of pricesRicardo on currencyOn moneyTheory of foreign trade. Two nations may exchange according to the law of profit in such a way that both gain, but one is always defraudedMoney in its third role, as money(I) Value (This section to be brought forward)Bastiat and CareyBastiat's economic harmoniesBastiat on wages

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