Economic theory and philosophy Books

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Book SynopsisThe late W. H. Hutt was preeminent and persistent critic of the economic theories of John Maynard Keynes. In The Keynesian Episode, he presents a comprehensive review of Keynes''s general Theory, including the finest critique to date of the Acceleration Principle. He questions the very legitimacy of Keyne''s fundamental epistemology.

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Book SynopsisThe macroeconomic development of most major industrial economies is characterised by boom-bust cycles. Normally such boom-bust cycles are driven by specific sectors of the economy. In the financial meltdown of the years 2007â9 it was the credit sector and the real-estate sector that were the main driving forces. This book takes on the challenge of interpreting and modelling this meltdown. In doing so it revives the traditional Keynesian approach to the financial-real economy interaction and the business cycle, extending it in several important ways. In particular, it adopts the Keynesian view of a hierarchy of markets and introduces a detailed financial sector into the traditional Keynesian framework. The approach of the book goes beyond the currently dominant paradigm based on the representative agent, market clearing and rational economic agents. Instead it proposes an economy populated with heterogeneous, rationally bounded agents attempting to cope with disequilibria in various marTable of ContentsList of figures; List of tables; Notation; Preface; 1. Financial crises and the macroeconomy; Part I. The Nonlinear Dynamics of Credit and Debt Default: 2. Currency crises, credit crunches and large output loss; 3. Mortgage loans, debt default and the emergence of banking crises; 4. Debt deflation and the descent into economic depression; Part II. Theoretical Foundations for Structural Macroeconometric Model Building: 5. Keynesian macroeconometric model building: a point of departure; 6. Intensive form and steady state calculations; 7. Partial feedback structures and stability issues; Part III. Debt Crises: Firms, Banks and the Housing Markets: 8. Debt deflation: from low- to high-order macrosystems; 9. Debt default, bankruptcy of firms, and banks' performances; 10. Japan's institutional configuration and its financial crisis; 11. Housing investment cycles, workers' debt and debt default; Bibliography.

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Book SynopsisAt the intersection between statistical physics and rigorous econometric analysis, this powerful new framework sheds light on how innovation and competition shape the growth and decline of companies and industries. Analyzing various sources of data including a unique micro level database which collects historic data on the sales of more than 3,000 firms and 50,000 products in 20 countries, the authors introduce and test a model of innovation and proportional growth, which relies on minimal assumptions and accounts for the empirically observed regularities. Through a combination of extensive stochastic simulations and statistical tests, the authors investigate to what extent their simple assumptions are falsified by empirically observable facts. Physicists looking for application of their mathematical and modelling skills to relevant economic problems as well as economists interested in the explorative analysis of extensive data sets and in a physics-orientated way of thinking will findTrade Review'This is a superb and fascinating book. The distribution of firms' growth rates exhibits a large number of regularities, including some that are very hard to explain. The authors are pioneers in that enterprise, combining empirical and theoretical work. This team of economists and physicists provides a model for a future way to do economics.' Xavier Gabaix, Pershing Square Professor of Economics and Finance, Harvard University'The Rise and Fall of Business Firms offers a lucid reconstruction and extension of the exciting developments that fundamentally reshaped our understanding of how firms grow and evolve, brought to you by the scientists responsible for the key discoveries. A must for anyone interested in the deep laws that govern economic processes.' Albert-László Barabási, Robert Gray Dodge Professor of Network Science, Northeastern University'There is a long tradition of physicists being interested in and contributing to economics. That tradition continues here in The Rise and Fall of Business Firms. The book is based on generalized proportional growth models for the dynamics and stochastics of the growth and decline of business firms. For further studies, the book points out where more detailed specific inter-related complexities (such as among products, markets, and technologies) can be incorporated. The theoretical analysis paired with empirical data provides valuable insight for firms to understand their past trajectory and future choices.' Michael F. Schlesinger, Office of Naval ResearchTable of ContentsPreface; 1. Introduction; 2. Empirical regularities; 3. Innovation and the growth of business firms: a stochastic framework; 4. Testing our predictions; 5. Testing our assumptions; 6. Conclusions; 7. Appendices; References; Author index; Subject index.

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Book SynopsisFor decades, the economic theory of the firm referred to as agency theory has dominated business research and education in the United States. Although agency theory has been influential in accounting, finance, and managerial economics, it lacks informal and nonfinancial controls. Douglas E. Stevens resolves to enhance this theory through the incorporation of social norms. Drawing on historical context related to the firm, the theory of the firm, and social norm theory related to the firm, he demonstrates the importance of social norms in the formation and development of free-market capitalism and the firm. He also describes the latest theoretical, experimental, and archival evidence to exhibit the growing body of research that incorporates social norms into the theory of the firm. These foundations enable Stevens to create a comprehensive roadmap of agency theory that will have strong implications for practice and public policy.Trade Review'… Stevens makes a persuasive case that social norms are an important determinant of how firms are organized, and how individuals working within them behave.' Paul E. Fischer, University of Pennsylvania 'Scarcity of attention to social norms became increasingly difficult to sustain after the recent decades' events, raising uncomfortable questions about the prevailing theories of business, economics, organizations, and finance. Beyond sociology and organization behavior, awareness of the importance of social norms in accounting and law has grown rapidly. Stevens' book will help meet the hunger for new ideas in theory of the firm.' Shyam Sunder, Yale University, ConnecticutTable of Contents1. The importance of behavioral assumptions in economic theory; Part I. The Foundation: 2. A history of the firm that incorporates social norms; 3. The theory of the firm; 4. Social norm theory related to the firm; Part II. The Evidence: 5. Formal models incorporating social norms into the theory of the firm; 6. Emerging evidence of social norms in experimental research; 7. Emerging evidence of social norms in archival research; 8. Conclusion: 'where do we go from here?'

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Book SynopsisSociologists John L. Campbell and John A. Hall trace the historical development of capitalism as a social, political, and economic system. Drawing on the forgotten insights of great economists of the past and comparisons across countries and eras, they explain why capitalism today is failing.Trade Review'This superb book reminds us of one enduring insight. Economists like Smith, Hirschman, List, Keynes, Schumpeter, and Polanyi understood what modern economics has forgotten. Capitalism does not flourish when markets are fully free. It thrives when they are socially embedded and politically well governed. A turbulent twentieth century has made this pandemic moment ripe for this timeless reminder.' Peter J. Katzenstein, Cornell University'Inspired by the insights of six key economists, Campbell and Hall offer a masterful interpretation of the global political economy from the early twentieth century until today. What political and economic conditions enabled the golden era of prosperity after the trauma of the Second World War? Why did this period end as economic inequality combined with slower growth, greater instability, and resurgent intolerance? And what lies ahead, as China assumes a leading role in the world's economy? In a compelling and carefully researched analysis, the authors identify the critical conditions upon which the viability of global capitalism depends and map out ways to meet the challenges of the future.' Bruce G. Carruthers, Northwestern University'A capitalist economy is never pure capitalism. Its operation is, as John Campbell and John Hall show us so clearly and effectively, both supported and impeded by an array of institutions and government policies, and it produces consequences that themselves affect the economy's functioning.' Lane Kenworthy, University of California, San DiegoTable of Contents1. Sociology from economics; 2. Phoenix from the ashes; 3. Storm clouds; 4. Nationalism and social cohesion; 5. State failure; 6. What next?

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Book SynopsisIndividuality and collectivity are central concepts in sociological inquiry. Incorporating cultural history, social theory, urban and economic sociology, Borch proposes an innovative rethinking of these key terms and their interconnections via the concept of the social avalanche. Drawing on classical sociology, he argues that while individuality embodies a tension between the collective and individual autonomy, certain situations, such as crowds and other moments of group behaviour, can subsume the individual entirely within the collective. These events, or social avalanches, produce an experience of being swept away suddenly and losing one''s sense of self. Cities are often on the verge of social avalanches, their urban inhabitants torn between de-individualising external pressure and autonomous self-presentation. Similarly, Borch argues that present-day financial markets, dominated by computerised trading, abound with social avalanches and the tensional interplay of mimesis and autonTrade Review'Internationally known for his work on the role played by the crowd theory in the origins of sociology, particularly in France at the end of the nineteenth century (The Politics of Crowds: An Alternative History of Sociology, Cambridge, 2012), Christian Borch, in this new book, develops a critical reinterpretation of this tradition which brought him to build a completely original conceptual apparatus. One of the interests of this frame is to render again social sciences attentive to the plasticity and uncertainty of social processes. Its empirical implementation sheds a new light on crucial and misunderstood aspects of our modernity, particularly in the financial sphere. An important book that will trigger new debates in social sciences.' Luc Boltanski, School for Advanced Studies in the Social Sciences, Paris'In Social Avalanche: Crowds, Cities and Financial Markets, Christian Borch brilliantly re-reads nineteenth- and early twentieth-century social, cultural and economic theories to reveal how they identified the tensions experienced by modern individuals trying to hold themselves together in crowds that also carried them away. Borch makes new connections between denizens of cities on the verge of losing their individuality in social avalanches and algorithms running off the rails in high-frequency-driven 'Flash Crashes'. A fascinating read deeply relevant to our current era.' Robin Wagner-Pacifici, University in Exile Professor of Sociology, New School for Social Research, New YorkTable of ContentsAcknowledgments; List of figures; 1. Introduction: reimagining collective life; 2. Fin-de-siècle landslides; 3. Tensional individuality; 4. Social avalanches; 5. Cities; 6. Financial markets; Conclusion; Index.

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Book SynopsisIndividuality and collectivity are central concepts in sociological inquiry. Incorporating cultural history, social theory, urban and economic sociology, Borch proposes an innovative rethinking of these key terms and their interconnections via the concept of the social avalanche. Drawing on classical sociology, he argues that while individuality embodies a tension between the collective and individual autonomy, certain situations, such as crowds and other moments of group behaviour, can subsume the individual entirely within the collective. These events, or social avalanches, produce an experience of being swept away suddenly and losing one''s sense of self. Cities are often on the verge of social avalanches, their urban inhabitants torn between de-individualising external pressure and autonomous self-presentation. Similarly, Borch argues that present-day financial markets, dominated by computerised trading, abound with social avalanches and the tensional interplay of mimesis and autonTrade Review'Internationally known for his work on the role played by the crowd theory in the origins of sociology, particularly in France at the end of the nineteenth century (The Politics of Crowds: An Alternative History of Sociology, Cambridge, 2012), Christian Borch, in this new book, develops a critical reinterpretation of this tradition which brought him to build a completely original conceptual apparatus. One of the interests of this frame is to render again social sciences attentive to the plasticity and uncertainty of social processes. Its empirical implementation sheds a new light on crucial and misunderstood aspects of our modernity, particularly in the financial sphere. An important book that will trigger new debates in social sciences.' Luc Boltanski, School for Advanced Studies in the Social Sciences, Paris'In Social Avalanche: Crowds, Cities and Financial Markets, Christian Borch brilliantly re-reads nineteenth- and early twentieth-century social, cultural and economic theories to reveal how they identified the tensions experienced by modern individuals trying to hold themselves together in crowds that also carried them away. Borch makes new connections between denizens of cities on the verge of losing their individuality in social avalanches and algorithms running off the rails in high-frequency-driven 'Flash Crashes'. A fascinating read deeply relevant to our current era.' Robin Wagner-Pacifici, University in Exile Professor of Sociology, New School for Social Research, New YorkTable of ContentsAcknowledgments; List of figures; 1. Introduction: reimagining collective life; 2. Fin-de-siècle landslides; 3. Tensional individuality; 4. Social avalanches; 5. Cities; 6. Financial markets; Conclusion; Index.

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Book SynopsisVideo games aren''t merely casual entertainment: they are the heart of one of the fastest-growing media industries in the world, and a cultural phenomenon in their own right. Gaming has evolved from a niche pastime into a global business that rivals film and television, creating, in the process, new art forms and social arenas and have become the subject of endless public debate. This book shows that games also provide a unique space in which to study economic behavior. Games, more than any other form of media, demonstrate the power and creative potential of human choice - an idea that''s also the foundation of economic thinking. Whether it''s developing trade relations, or the use of money, or even complex legal institutions, virtual worlds provide a captivating and entertaining arena for studying economic behavior in its most dynamic forms. The overarching theme of the volume is the economic order that governs virtual worlds, and the many ways individuals work together, often withoutTable of ContentsIntroduction Matthew McCaffrey; 1. The Economic Meaning of Play: Ludology and Praxeology in Video Game Worlds Matthew McCaffrey; 2. Spontaneous Order and Video Game Narrative Zachary Gochenour; 3. Law and Economics in a World of Dragons Robert S. Cavender; 4. Minerals, Titans, and Connections: The Political Economy of Empire in the World of 'EVE Online' Stephen Davies; 5. The Origins of Money in 'Diablo II' Solomon M. Stein; 6. A Virtual Weimar: Hyperinflation in 'Diablo III' Peter C. Earle; 7. The Facilitate or Acquire Decision: The Tipping Points for Strategies Towards User-Generated Content in Massive Multiplayer Online Game Platforms Robert Conan Ryan; 8. Mod the World: How Entrepreneurs Learn from Video Game 'Modding' Communities William Gordon Miller; 9. Levels without Bosses? Entrepreneurship and Valve's Organizational Design Ulrich Möller and Matthew McCaffrey.

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Book Synopsis?Essential reading for anyone truly interested in saving democracy from the predations of kleptocracy and plutocracy.??Charles Davidson, The Journal of DemocracyThis book expands our understanding ofthe financial secrecy system dominatingcapitalismtoday and shows how we can create accountabilityto restore our democracy.Over the last half century, capitalism has created the means for trillions of dollars, euros, pounds, and other stores of wealth to move invisibly?beyond the control of central bankers, law enforcement agents, and international institutions. With an entire financial secrecy system now dominating capitalist operations, riches flow inexorably upward and accelerate economic inequality. And rising inequality is directly imperiling?weakening, obstructing, and degrading?democracy.This book is not a screed against capitalism?it is a call for capitalism to return to its roots, reenergizing its synergies with democracy. Raymond Baker writes, ?Democratic capitalism is, in my judgment, the best system yet devised in political economy, but dysfunctions within its capitalist component are undermining the two-part system.?Baker explains the tax havens, secrecy jurisdictions, disguised corporations, anonymous trusts, fake foundations, regulatory loopholes, money laundering techniques, and more that make up the financial secrecy system. But he goes beyond the ?what? to the ?why,? examining the motivations driving the system that generates and shelters trillions of dollars that could go toward spreading wealth, generating public goods, and protecting the environment.Going deeper, Baker illustrates how these realities further corrode the commonwealth, with chapters devoted to the facilitating activities and impacts of banks, corporations, enabling lawyers and accountants, governments, and international institutions and concluding with the limiting role played in policy silos that are missing the bigger picture.Finally, he provides specific, pragmatic measures to reset capitalism so that it once again contributes to shared prosperity and sustained democracy. This is a magisterial treatment of an issue that is at the root of so many problems that plague our nation and the world today.

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Book SynopsisThis book identifies insights about the ethical issues associated with trust and trustworthiness, and their relationship to the leader's obligations as an ethical steward. The purpose of this book is to identify the importance of trust and trustworthiness in the "Transformative Era", a time when constant change and the increasing demands of customers make it paramount for organisations to obtain the commitment, followership, and extra-role behaviours required to compete in a volatile, uncertain, complex, and ambiguous global marketplace. Unfortunately, leaders today have failed to earn the trust of others by creating arms-length transactional relationships that destroy employee commitment. This book frames the characteristics of the "Transformative Era" and explains how leaders can restore the trust that they have lost by honouring the steward's obligation to create long-term wealth and serve the interests of all stakeholders. In a world where 71% of all employees are actively looking for new job opportunities and only 16% of employees worldwide describe themselves as "actively engaged" in their work, the importance of reframing the employer-employee relationship demands immediate attention. This book identifies the conditions which make up today's "Transformative Era" and explains how and why leaders destroy trust in the modern organisation. It then identifies how leaders can adopt a Transformative Approach to creating organisations that are prepared to survive the turmoil of the modern economy.Table of ContentsFor more information, please visit our website at:https://novapublishers.com/shop/trust-trustworthiness-and-stewardship-a-transformative-approach/

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Book SynopsisThis new edition of Women and Economics highlights the importance of Charlotte Perkins Gilman as a leading public intellectual of the Progressive Era. It contains Gilman's most influential economic analysis, including her signature idea that the relationship between men and women is at core 'sexuo-economic.' Gilman applies ideas and techniques from evolutionary science to the study of marriage and the family. Her highly original approach reveals that female dependency is not a natural but rather a cultivated phenomenon. Women and Economics proposes wide-reaching social and economic reforms that were radical at the time and, as numerous twenty-first-century feminist economists continue to argue, are yet to be achieved today.Related literary works by Gilman and historical documents allow readers to situate Gilman's ideas in relation to larger debates concerning labour relations, the family, and women's role in society.Trade Review“Anyone interested in women’s incisive—but still often overlooked—contributions to the history of economic and social thought will profit from this informative edition of Women and Economics. Well researched and reader-friendly, it situates Gilman’s classic within broader historical contexts, while demonstrating its astounding relevance for contemporary debates about gendered and economic inequality. Comprehensive additional material testifies to Gilman’s versatility and productivity as a writer and thinker, inviting modern readers to rediscover the value of literary texts for social analysis. This edition is not only an enlightening contribution to the growing corpus of works on women’s intellectual history, struggles, and defiance—it also provides inspiration for rethinking economic relations in the twenty-first century.” — Joanna Rostek, University of Giessen“This beautifully curated collection offers a modern window into the mind of a pioneering feminist. Charlotte Perkins Gilman succumbed, at least partially, to the racial biases of her era. She was, nonetheless, one of the most creative and versatile thinkers of her day—an inspiration to the burgeoning field of feminist economics.” — Nancy Folbre, University of Massachusetts AmherstTable of ContentsAcknowledgementsIntroductionCharlotte Perkins Gilman: A Brief ChronologyA Note on the TextsWomen and Economics: A Study of the Economic Relation Between Men and Women as a Factor in Social EvolutionSelected Poems from In This Our World and Other Poems The Rock and the Sea Heaven Where Memory Sleeps What Then? Baby Love For Us We, as Women To the Young Wife Mother to Child The Survival of the Fittest An Obstacle The Cart before the Horse The Poor Ye Have Always with You Waste Nationalism Selections from Suffrage Songs and Verses The Socialist and the Suffragist The Malingerer The Anti-Suffragists The Anti and the Fly Women Do Not Want It Song for Equal Suffrage Something to Vote ForAppendix A: Socialism, Feminism, Humanism 1. Charlotte Perkins Gilman, Masculine, Feminine, and Human, Woman's Journal (9 July 1892) 2. Charlotte Perkins Gilman, Women as a Class,Impress (7 November 1894) 3. Charlotte Perkins Gilman, When Socialism Began, American Fabian (November 1897) 4. Charlotte Perkins Gilman, Socialism and Patriotism, American Fabian (May 1898) 5. From Charlotte Perkins Gilman, Economic Basis of the Woman Question, Woman's Journal (1 October 1898) Appendix B: Early Reviews of Women and Economics in the United States and Abroad 1. Women and Economics, by Charlotte Perkins Stetson, Book Buyer (1 March 1898) 2. Women and Economics, Literary World (24 December 1898) 3. Mabel Hurd, Women and Economics, Political Science Quarterly (December 1899) 4. Women and Economics, Independent (26 January 1899) 5. Advertisement for Women and Economics, Living Age (30 September 1899) 6. From Women and Economics, The Bookman [London] (September 1899) 7. From Vernon Lee, The Economic Dependence of Women, North American Review (July 1902) Appendix C: Women, Work, and the Home 1. Penalizing Parenthood, Independent (20 March 1913) 2. The Edgell Case: May a Married Woman Be a Teacher? Independent (8 May 1913) 3. The Case of the Teacher Mothers, Outlook (6 December 1913) Appendix D: Nineteenth-Century Sociological Thought 1. From William Graham Sumner, What Social Classes Owe to Each Other (1883) 2. From Lester Frank Ward, Dynamic Sociology of Applied Social Science (1883) Works Cited and Select Bibliography

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Book Synopsis'In an age of specialization, Capaldi and Lloyd have recreated that ancient tool of learning: the conversation. Beginning with the debate between Locke and Rousseau, and continuing through to Galbraith, Friedman, Hayek and Piketty, this book invites the reader to join a conversation which has now lasted over three centuries. Don't read this book if you just want a simple answer to complex problems. Do read this book if you want to think deeply and widely about the fundamental questions of how to organize a society.'- Jim Hartley, Mount Holyoke College'Liberty and Equality in Political Economy takes the reader across a convincing roadmap of how and why the ongoing conversation between Lockean Liberty and Rousseau Equality provides an evolutionary explanation of the development of formal and informal institutions that define Western Civilization and explain their consequences. This book should be a must-read for undergraduate and graduate students in humanities and social sciences.'- Svetozar (Steve) Pejovich, Texas A&M UniversityLiberty and Equality in Political Economy is an evolutionary account of the ongoing debate between two narratives: Locke and liberty versus Rousseau and equality. Within this book, Nicholas Capaldi and Gordon Lloyd view these authors and their texts as parts of a conversation, therefore highlighting a new perspective on the texts themselves. The authors argue that the debate initiated between Locke and Rousseau continues to define political economy today. They not only explore the strengths of each narrative, but also indicate how proponents within each will respond to their rivals. Other important views in economics and philosophy, including the works of Immanuel Kant, Georg Wilhelm Friedrich Hegel, Alexis de Tocqueville, John Stuart Mill, Milton Friedman, Friedrich Hayek, and Michael Oakeshott, are examined in conjunction with Locke; the works of the French Revolution, Proudhon, Marx and Engels, the Progressives, Keynes, Galbraith, Rawls, and Piketty reflect Rousseau's divergent views. Together this provides a rich exploration of the philosophical underpinnings of modern economics and politics.This comprehensive analysis will be of interest to philosophers, political theorists, and economists who wish to join the conversation. Graduate and undergraduate students in political theory, history of economics, political philosophy, and business ethics courses will also find this book valuable.Trade Review'In Liberty and Equality in Political Economy: From Locke versus Rousseau to the Present, Nicholas Capaldi and Gordon Lloyd engage the reader with a conversation that delightfully explains and compares the fundamental contributions of John Locke and J.J. Rousseau to critical and competing notions regarding individual liberty and the purpose and role of the state and economic life. The book, which reflects a decades-long conversation between the two authors, weaves a coherent history of intellectual thought that reaches from Plato and Aristotle to Adam Smith, David Hume, J.S. Mill, and of course, Locke and Rousseau and on to Keynes, Hayek and Piketty. Far more than a history of thought, the book explains how the embedded thoughts of Locke and Rousseau have influenced constitution builders, revolutionists, political leaders, and current ongoing public debate. This is one to buy, read, savor, and keep for future reference.' --Bruce Yandle, Clemson University College of Business & Behavioral Science and George Mason University'This book is a timely and very scholarly reminder that we must not trade liberty for equality. To begin with, liberty is valuable for its own sake - not everything can be valued in terms of dollars and cents. Furthermore, it is the poor who will suffer in the long run if the West begins to trade more equality for less liberty. This book is a very welcome corrective to current debates which could lead to the enslavement of free peoples.' --Philip Booth, St. Mary's University, UK'Read this articulate adventure in Liberty, from John Locke through Adam Smith to Thomas Piketty.' --Vernon Smith, Chapman University, US and 2002 Nobel Laureate in EconomicsTable of ContentsContents: 1. John Locke and the Three Pillars of Liberty 2. Jean Jacques Rousseau and the Three Pillars of Equality 3. Adam Smith and the System of Natural Liberty 4. The Arrival of the Liberty Narrative in America 5. The French Revolution and the Socialist Alternative 6. The Evolution of the Liberty Narrative in Nineteenth Century Continental Thought: Tocqueville, Kant and Hegel 7. Mill’s Place in the Liberty Narrative 8. The Scientific Socialism of Marx and Engels 9. Charles Beard, The Progressives, and Roosevelt’s New Deal 10. Keynes and Hayek: The Road to Serfdom 11. Locke and Keynes Arrive in the Twentieth Century US: Galbraith, Harrington, Friedman, and Rawls 12. Hayek and Oakeshott: Making a New Case for Liberty 13. Thomas Piketty: The Apotheosis of Rousseau and the French Revolution Index

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Book Synopsis This book develops a socio-economic paradigm of the future in the context of digital transformation. The challenge of economic openness is considered through the globalization of the world economic system by the example of modern Russia. The tendency of archaization of socio-economic relations is explored which is connected with the gradual disappearance of ineffective institutes and their replacement by new institutes. Attention is paid to the regional aspect of the digital economy – perspectives of development of the ethno-economy in the context of integration of regional economic systems are determined. The problem of preserving social identity and supporting the uniqueness of competitive advantages of the region’s economy in the conditions of digitization is actualized, and its perspective solutions based on a region’s globalization management are offered. Also, the problem of national and regional food security is considered. Increased social significance of the agro-industrial complex and the necessity for its de-economization on the platform of the digital economy are substantiated. A new concept of the market economy in the conditions of digitization and the Fourth industrial revolution is developed; economic power of technological progress and possibilities of managing and re-directing this power are determined. The authors substantiate the transition to the Sixth technological mode and the related transformation processes in the economy. Also, the authors dwell on the problem of the shadow economy and corruption and consider the perspectives of its overcoming based on the possibilities of digital technologies. The idea of de-regulation based on the possibilities of automatization and AI is opposed to the idea of increase of state regulation based on ubiquitous computing and digital monitoring of economic activities. The perspectives of increasing the economy’s transparency in the digital age are proved. The alternatives to the current model of development of the digital economy are given, and scenario analysis of consequences of observing these models based on the cognitive approach is performed. New opportunities for development of the integration processes in entrepreneurship in the conditions of the digital economy are shown – in particular, in the aspect of inter-regional and transnational sectorial clustering. Clusters are considered as growth points of the Russian economy, and the new Russian experience of formation and development of clusters in the sphere of higher education in the context of region’s economy is studied. The authors determine the contribution of key technological events in the development of entrepreneurship through the example of modern Russia. They come to the conclusion that despite the unique possibilities digital technologies do not necessarily create additional value for entrepreneurship, and their application could be ineffective due to additional capital expenditures in case of complexity of return of long-term venture investments. The needs of entrepreneurship for innovative infrastructural provision in the context of the digital economy are determined, and barriers on the path of its creation and practical application due to necessity for applying new forms of business organization are shown. Specific features of state management of a region’s economy in the conditions of digital modernization are shown, and the modern Russian practice of e-government as a response to the modern challenges is studied. The authors outline new perspectives of development of public-private partnership as an effective direction of industrial and cluster policy of a modern region.

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Book SynopsisWe need a new theory of money. The still-dominant theory of money as taught in intro textbooks is 100+ years old, and for almost that long we have known that it’s totally wrong. The best alternative are "heterodox" accounts developed in the 90s and 00s. These are indeed better overall descriptions of money, but they remain incomplete and inadequate: they rely too much on why the orthodoxy is wrong, thereby incorrectly assuming there is only one alternative (so-called heterodoxy). Money has no value develops a new (more subtle, more sophisticated) theory of money. It takes more seriously than any other work to date, the depth and seriousness of the fundamental claim that all money is credit. Money is not a thing, but a marker of a social relation of credit and debt between two parties. Money is not value itself; no form of money (as money) ever possesses any positive, intrinsic value. Second, the book shows that not only is all money credit, but that in an important theoretical sense, all credit is money to the extent any credit/debt between two parties has the potential to be transferred to another party (thereby functioning as money). Finally, the book links this radical credit theory of money to today’s concrete money practices: this includes global capital flows, national and international monetary policy, and most of all the daily turnover in the money markets. The book therefore develops the needed conceptual framework to ask questions like: what is going on with Bitcoin (much less GameStop) in 2021. Table of ContentsPreface Introduces readers to the biggest questions about money and articulates the essential argument of the book: money has no value, because money is nothing more or less than a relation of credit/debt between at least two parties. The preface also gives readers a brief overview of the entirety of the book, indicating the importance of exploring: the history of money, the history of theories of money, and contemporary accounts and debates over money. Shows clearly why theories of money cannot be adequately divided into "orthodox versus heterodox" and gives the reader the outlines of my alternative theory of money which rejects orthodoxy while moving well beyond the so-called heterodox account. Chapter One: How to Do the History of Money This crucial framing chapter opens with an important note on methodology, where I engage in some crucial epistemological and historiographical questions. Money cannot be determined and understood simply by its empirical history, nor can it be explained without reference to that history, and this is because history cannot stand in for theory, while at the same time, theory cannot itself explain history. This book responds to this fundamental epistemological and ontological issue by addressing the theories of money that history has itself produced. This means that in this first chapter it is necessary to provide an overview of the history of theories of money. Most heterodox accounts of money attempt this, but they fail to give a rigorous, subtle, or deep sense of that history because they lump everything into the categories of orthodox or not orthodox. Instead, I set out here to create a "matrix" of money theories based on answers to three basic questions that any theory of money most address: 1) real or monetary analysis, 2) commodity or claim, and 3) quantity theorem, yes or no. Working through these choices I produce a matrix of 8 different money theories, giving the reader a more fine-grained accounting of the history of theories of money than has heretofore been available. Chapter Two: Money is Credit This chapter is the cornerstone of the book, as it makes the primary case for the basic credit theory of money. It does this by returning to Mitchell Innes’s crucial work from the early twentieth century, a source that has already been identified by the leading lights of money theory today (see chapter three), but which I argue has never been fully appreciated for the depth of its insights and the radicality of its overall implications. Starting with Innes, I argue for a fundamental rethinking of the very idea of economic exchange. Both classical political economy and the neoclassical paradigm of economics conceptual "exchange" – the fundamental economic activity – as the swapping of one commodity for another. I argue instead that in a capitalist social order we must grasp economic exchange as something utterly different: the swapping of a commodity (with intrinsic use-value) for a credit (a relation of debt that has no intrinsic value). This redefinition of exchange, based on a far-reaching interpretation of Innes will serve as the foundation for all the arguments to come in the book Chapter Three: Money Theories Today The first of these arguments takes the form of a sympathetic but still biting critique of the two dominant theories of money today: Randall Wray’s post-Keynesian "modern money theory" and Geoffrey Ingham’s heterodox account. Both authors are to be repeatedly praised for moving the debate on money forward, and for uncovering so many of the pervasive myths and falsehoods of the commodity theory of money that has undergirded the neoclassical paradigm for almost 150 years. But I show here that both theories come up against significant limits and that neither can serve as an adequate guide to understanding money rigorously in twenty-first-century capitalist social orders. In Wray’s case, the correct instinct that the orthodoxy is wrong leads often to a false logic by which anything not orthodox must be right. In some ways Wray simply fails to develop a robust theory of money because he skips that step, rushing from the false orthodox theory to a set of policy proposals (particular around government debt). Ingham’s work is much more rigorous, significant, and imposing, and I affirm that to date his has been the best theory of money available. But in addition to oversimplifying the history of money, Ingham fails to pursues the credit theory to its radical and logical ends. He therefore traps himself in some sociological faults, particularly the idea that money as debt could be a "debt to society." I show that credit and debt can only be a relation between identifiable parties, and that "debt to society" not only proves conceptually incoherent but also leads us astray in trying to make sense out of today’s money practices (see Chapters Five and Six). Chapter Four: All Credit is Money Here I push beyond Ingham and all other extant theories of money by taking the credit theory to its logical conclusion. Many writers have affirmed Innes’s basic point that all money is credit while trying to hold onto a fundamental (ontological) distinction between credit as a mere promise to pay, and money as the instrument of payment itself. I show here that to take the credit theory of money seriously, we have to admit that in conceptual terms, it is impossible to distinguish strictly between credit and money. The practical distinction proves crucially important (some credits do not function as money, while some do), but this empirical fact cannot substitute for theoretical proof. Accordingly, this chapter makes the case for the following five theses, which could be understood as the book’s fundamental theses on money: Both empirically and ontologically, all money is credit Empirically, money is credit that circulates 
(money that is transferred) Ontologically, all credit is transferable Ontologically, all credit is "money" (or "money" does not exist) Both ontologically and empirically, not all money-credit is the same; there is a hierarchy of money Chapter Five: Money Markets At this juncture my book takes a turn that has truly not been attempted in other efforts to theorize the nature of money: it directly addresses today’s money markets, the site of trillions upon trillions of turnover in denominated money value, and attempts to make sense of them in terms of the theory of money advanced so far. I open the chapter with a brief but important critique of Stephanie Kelton’s very recent (and exploding in popularity) book, The Deficit Myth. This forms an important segue, because Kelton’s conceptualization of money as "points" issued by the government, completely fails to take account of the relations of credit and debt, and their circulation in today’s money markets. The chapter offers a rather straightforward (but not for that reason any less important) introduction to the "balance sheet model" of understanding money, particularly as exemplarily illustrated in Perry Mehrling’s work. Starting with the basic understanding of the way that loans create money through the simultaneous creation of both an asset and a liability on the balance sheet of both the creditor and the debtor, I move on to map out how the $7 trillion dollar (daily) repo market works. This explanation allows me to address derivatives. Derivatives are doubtless a crucial aspect of capitalist society today and essential to the way money works, yet most works on the theory of money are completely silent on them. I explain how the radical credit theory of money can makes sense of derivatives – precisely as money. Finally, but quite importantly, this lets me address the issue of the "price" of money in money markets, the way in which credit/debt, which has no value, can be exchange for other forms of credit/debt, which similarly have no value. This leads me to a theory of financial exchange as the swapping of money-credit for money-credit – a complement to and extension of the theory of economic exchange first developed in chapter two. Chapter Six: Money Today I conclude the book not with theoretical speculation or historical prediction, but with a brief look at some of the most pressing money-questions facing us today. I address, in turn, "world money" (from the gold standard, to the US dollar as the international reserve currency), "cryptocurrency" (including bitcoin and blockchain technology itself), and conclude with a few remarks on the nature of money and capitalism. 　

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Book SynopsisHow can we overcome the existing political, economic, and ecological crises that humanity faces? With the notion of the commons, Lukas Peter argues that this form of social organization can provide answers to the shortcomings of centralized states and open and competitive markets. By building on and going beyond the work of Elinor and Vincent Ostrom, he develops an ecological understanding of the commons and human freedom, more generally, thereby reinterpreting classical thinkers such as John Locke and John Rawls. Importantly, he does not suggest an end to property, states or markets, but rather a radical democratization thereof, ultimately providing a real alternative for the 21st century.

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Book SynopsisKeynes's General Theory emphasized government's role in regulating economy. Recent debates on interpreting his ideas stress importance of original text. Keynes advocated for government spending during downturns to restore full employment by boosting demand.

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Book SynopsisPeerless is a household name in Bengal today. It started in 1932 as a Swadeshi insurance company, founded by Radhashyam Roy, a school headmaster from Narayanganj in Bangladesh. By the end of the twentieth century, it became the most cherished nonbanking financial company, honouring the commitment to five crore customers by its timely maturity payments of `20,000 crore. With this promise of trust and credibility, Peerless has now diversified into the hospitality, healthcare and housing sectors.

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a huge range and FREE tracked UK delivery on ALL orders.

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a huge range and FREE tracked UK delivery on ALL orders.

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Book SynopsisThe only comprehensive introduction which Leontief has written to his model of Input-Output Economics, for which he was awarded the Nobel Prize in Economic Science in 1972. Many of the chapters have already appeared as articles in journals, but Leontief''s writings have a range and consistency that gives this collection a sense of coherence.The book begin with non-technical articles on the theory of Input-Output Economics and progresses to more technical essays, and then to specific applications of the theory. This edition has been thoroughly revised, at least one third of the material being new.

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Book SynopsisThis is a paper edition of a book published in 1991. The author explores issues in the philosophy of science that relate to the methodology of economics.Trade Reviewimportant book ... providing economists, social scientists, and historians with the necessary background to discuss methodological matters with authority * University Press Book News *

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Book SynopsisThis work provides a unified and simple treatment of dynamic economics using dynamic optimization as the main theme, and the method of Lagrange multipliers to solve dynamic economic problems. The author presents the optimization framework for dynamic economics in order that readers can understand the approach and use it as they see fit. Instead of using dynamic programming, the author chooses instead to use the method of Lagrange multipliers in the analysis of dynamic optimization because it is easier and more efficient than dynamic programming, and allows readers to understand the substance of dynamic economics better. The author treats a number of topics in economics, including economic growth, macroeconomics, microeconomics, finance and dynamic games. The book also teaches by examples, using concepts to solve simple problems; it then moves to general propositions.Trade ReviewChow's book is significant. Chow's book is clear and well written, and covers an enormous range of applications of dynamic optimisation. For a postgraduate student or professional economist who is convinced by Chow's argument about the superiority of the Lagrange multiplier method and wants to use it, his book would undoubtedly be the best buy. - Paul Oslington. Economic Record. September 1998.

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Book SynopsisIn this title, Sunstein presents a wide-ranging analysis of free markets and their limits, and discussion of law and economics as a field. He explores "free markets" and social justice in three main parts. The book raises a number of questions about economic analysis of law in its conventional form.Trade Review"This is an excellent book. Sunstein is one of the leading legal scholars of his generation and this is an extremely timely subject, particularly in this era of regulatory embattlement."--Carol Rose, Yale Law School "This is a thought-provoking and important contribution to current public policy debate. Highly recommended for libraries at all levels."--Choice "Sunstein's stature among legal scholars is tremendous; his previous books have reflected an admixture of pathbreaking, provocative scholarship on many key law and policy debates today. Free Markets and Social Justice represents a valuable and important contribution to Sunstein's impressive ouevre."--Daniel B. Rodriguez, University of California School of Law, Berkeley "Sunstein captures again and again in this provocative and insightful book the ways in which context and the nature of our humanity shape preferences, and so need to be accounted for (as markets cannot do) in a political system that seeks to be just. Fortunately for us, his luminescent career has developed at the University of Chicago, in the midst of colleagues whom, as he puts it, could TRY to teach him something about economics, but more importantly provoke and help him to hone the skeptical responses that have so consistently animated his influential scholarship. This collection of essays, revised and shaped to persuasive unity, will be enormously helpful to all who wish to explore the uses and abuses of market reasoning in the political and legal sphere."--Peter L. Strauss, Columbia University "Sunstein is a man of many ideas, and this book is a splendid introduction to them."--Bruce Ackerman, Yale Law School "Sunstein draws on his profound understanding of both economic theory and cognitive psychology to provide fresh insights into a variety of public policy issues."--Greg Saltzman, Albion College "This is an excellent book. Sunstein is one of the leading legal scholars of his generation and this is an extremely timely subject, particularly in this era of regulatory embattlement."--Carol Rose, Yale Law School "This is a thought-provoking and important contribution to current public policy debate. Highly recommended for libraries at all levels."--Choice "Sunstein's stature among legal scholars is tremendous; his previous books have reflected an admixture of pathbreaking, provocative scholarship on many key law and policy debates today. Free Markets and Social Justice represents a valuable and important contribution to Sunstein's impressive ouevre."--Daniel B. Rodriguez, University of California School of Law, Berkeley "Sunstein captures again and again in this provocative and insightful book the ways in which context and the nature of our humanity shape preferences, and so need to be accounted for (as markets cannot do) in a political system that seeks to be just. Fortunately for us, his luminescent career has developed at the University of Chicago, in the midst of colleagues whom, as he puts it, could TRY to teach him something about economics, but more importantly provoke and help him to hone the skeptical responses that have so consistently animated his influential scholarship. This collection of essays, revised and shaped to persuasive unity, will be enormously helpful to all who wish to explore the uses and abuses of market reasoning in the political and legal sphere."--Peter L. Strauss, Columbia University "Sunstein is a man of many ideas, and this book is a splendid introduction to them."--Bruce Ackerman, Yale Law School "Sunstein successfully and eloquently lays out weighty arguments without making them seem ponderous."--Booklist "...coherent and pertinent.."--The Law and Politics Book Review "It is...a very clean and exquisitely written catalogue of the insights."--Journal of Economic Literature "This is an excellent overview of law and several public policy areas such as health, environment, information, and technology....the analysis of economics of law is well contrasted with constitutionalism to analyze "new public management" policies."--Brad Chilton, University of Toledo

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Book SynopsisIn the preface to the first edition of Growth Theory (copyright 1970), the author writes: I have tried to give some feeling for the scope of aggregate theory of growth, a notion of technical details, and some idea of the directions in which future research is likely to go. About four years ago, the OUP NY economics editor suggested to Professor Solow that he bring this book up to date, because of the large amount of recent literature, often referred to as the new growth theory, or more technically as endogenous growth theory. This second edition of Growth Theory, which grew out of that conversation, begins with the author''s Nobel Prize Lecture Growth Theory and After (1987) followed by the original six chapters of the first edition. The first edition appeared in 1970; the author maintains that basic growth theory is still best summarized in these chapters, using what is often classified as exogenous growth theory. In the 70s, which happened to coincide witha worldwide productivity slTable of ContentsNobel Lecture, December 8, 1987: Growth Theory and After ; 1. Characteristics of Steady States ; 2. A Variable Capital/Output Ratio ; 3. A Model without Direct Substitution ; 4. A Model with Two Assets ; 5. Economic Policy in a Growth Model ; 6. Aspects of Economic Policy ; Intermezzo ; 7. The Standard Model Once More ; 8. Human Capital: The Lucas Model ; 9. Endogenous Technology: The Romer Model ; 10. New Consumer Goods: Grossman and Helpman ; 11. Schumpeterian Ideas: Aghion and Howitt ; 12. Lessons and Suggestions for Aggregative Growth Theory ; Bibliography

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Book SynopsisThis book brings together in one place the work of one of our most respected economic theorists, on a field which he has played a large part in originating: the New Institutional Economics. Transaction cost economics, which studies the governance of contractual relations, is the branch of the New Institutional Economics with which Oliver Williamson is especially associated.Transaction cost economics takes issue with one of the fundamental building blocks in microeconomics: the theory of the firm. Whereas orthodox economics describes the firm in technological terms, as a production function, transaction cost economics describes the firm in organizational terms, as a governance structure. Alternative feasible forms of organization--firms, markets, hybrids, bureaus--are examined comparatively. The analytical action resides in the details of transactions and the mechanisms of governance.Transaction cost economics has had a pervasive influence on current economic thought about how and why iTrade Review"The Mechanisms of Governance is sure to be of interest to all who study economics, organization, management, and law. Moreover, it contains new and useful insights for any manager who wants to stay on the leading edge of economic theory."--Cal Business"...a work of scholarship written for posterity by one of the leading social scientists of our time. [It] should achieve the status of a classsic text quickly.... [Williamson] provides a conceptual framework simple enough to be used and yet exact and complex enough to accommodate continuing insights into the workings of organizations."--Academy of Management Review"Even those who have read most of it could benefit from reading it again as a whole. Williamson's accomplishments are many. He is preeminent in his field. One could almost say that he is the field."--Journal of Economic Issues"The Mechanisms of Governance is...a valuable summing up of both an especially influential body of work and the career of a great economist."--Business History ReviewTable of ContentsPrologue ; PART I: OVERVIEW ; 2. Chester Barnard and the Incipient Science of Organization ; 3. Transaction Cost Economics ; PART II: CONCEPTS AND APPLICATIONS ; 4. Comparative Economic Organization: The Analysis of Discrete Strucutural Alternatives ; 5. Credible Commitments: Using Hostages to Support Exchange ; 6. Economic Institutions: Spontaneous and Intentional Governance ; 7. Corporate Finance and Corporate Governance ; 8. The Politics and Economics of Redistribution and Inefficiency ; PART III: ORGANIZATIONS ; 9. Transaction Cost Economics and Organization Theory ; 10. Calculativeness, Trust, and Economic Organization ; PART IV: PUBLIC POLICY ; 11. Delimiting Antitrust ; 12. Strategizing, Economizing, and Economic Organization ; 13. The Institutions and Governance of Economic Development and Reform ; PART V: CONTROVERSY AND PERSPECTIVES ; 14. Transaction Cost Economics Meets Posnerian Law and Economics ; 15. Transaction Cost Economics and the Evolving Science of Organization ; Glossary

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Book SynopsisProviding an overview of computational mathematics and a series of key economics problems using "higher mathematics", this book presents a mix of classical and contemporary economic theory. It also covers the problems of uncertainty, continuous-time dynamics, comparative statistics, and the applications of optimization methods to economics.Table of Contents0. Review of Mathematics ; 1. Economic Applications of One-Variable Calculus ; 2. Economic Applications of Multivariate Calculus ; COMPARATIVE STATICS 1: ONE AND TWO VARIABLES WITH AND WITHOUT OPTIMIZATION ; 4. Integration, Time and Uncertainty in Economics ; 5. Introduction to Continuous-Time Dynamics in One and Two Dimensions ; 6. Matrices and Economic Theory ; 7. Comparative Statics 2: n Variables with and without Optimization ; 8. Comparative Statics 3: Optimization under Constraint ; 9. Inequality Constraints in Optimization Theory

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a huge range and FREE tracked UK delivery on ALL orders.

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Book SynopsisSamuel Freeman was a student of the influential philosopher John Rawls, he has edited numerous books dedicated to Rawls'' work and is arguably Rawls'' foremost interpreter. This volume collects new and previously published articles by Freeman on Rawls. Among other things, Freeman places Rawls within historical context in the social contract tradition, and thoughtfully addresses criticisms of this position. Not only is Freeman a leading authority on Rawls, but he is an excellent thinker in his own right, and these articles will be useful to a wide range of scholars interested in Rawls and the expanse of his influence.Trade ReviewHighly recommended. * D.H. Rice, CHOICE *Table of ContentsPART ONE: A THEORY OF JUSTICE ; PART TWO: POLITICAL LIBERALISM ; PART THREE: THE LAW OF PEOPLES

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Book Synopsis`[Meikle''s] aim is to make proper sense of Aristotle''s economic thinking, and in a detailed, lucid discussion he succeeds brilliantly.'' Peter Jones, Sunday TelegraphAristotle''s work on money was the backbone of medieval thinking about commerce, and it is still the foundation of Catholic teaching about market behaviour. Marx''s theory of economic value was based on it, and so was much of the economic analysis of money into the present century. In the past hundred years the interpretation of Aristotle''s work on money has become chaotic. Economists claim Aristotle as the father of economics, while classical scholars hold that Aristotle had no economic theory at all. It is argued here that Aristotle does develop a coherent theory of economic value, wealth, exchange, and money, but that this theory cannot be assimilated to what we call economics because its metaphysical foundation is incompatible with the Humean metaphysics on which economics is built. From an Aristotelian standpoint, Trade ReviewMeikle's book puts Aristotelian metaphysics back on the agenda for anyone who is seriously concerned to understand the fundamental issues of the nature of value and its correlative, the (un)-ethical nature of contemporary capitalism. There are very few issues that are more fundamental and more relevant than these. * Steve Fleetwood, Cambridge Journal of Economics *Meikle's book is an important scholarly contribution to our understanding of Aristotle's economic thought. * Fred Miller Jr, Apeiron *the book is undoubtedly well written, and written with great commitment ... It is extremely well researched, and Meikle is thoroughly familiar with the commentators, modern, mediaeval and (to a lesser extent) ancient, on Aristotle's economics. * Vasilis Politis, Trinity College Dublin, Philosophical Quarterly, April 1999 *

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Book SynopsisCan the right to private property be claimed as one of the `rights of mankind''? This is the central question of this comprehensive and critical examination of the subject of private property. Jeremy Waldron contrasts two types of arguments about rights: those based on historical entitlement, and those based on the importance of property to freedom. He provides a detailed discussion of the theories of property found in Locke''s Second Treatise and Hegel''s Philosophy of Right to illustrate this contrast. The book contains original analyses of the concept of ownership, the ideas of rights, and the relation between property and equality. The author''s overriding determination throughout is to follow through the arguments and values used to justify private ownership. He finds that the traditional arguments about property yield some surprisingly radical conclusions.Trade Review`A thoughtful and meticulous book ... consistently intelligent and often highly instructive.' Times Literary Supplement`an exceptionally clear and useful account ... Waldron's book demonstrates where an effort to take "the right to private property" seriously ought to lead.' Times Higher Education Supplement`scholarly book' Robert Oakeshott, Political Quarterly, 61.3 July-Sept 1990`His extensive discussion of Locke will not disappoint ... immensely rich. Highly recommended for all university and college libraries' Religious Studies Review`lucid and authoritative book ... A book like this is intended to be the beginning, not the end, of thinking about the subject it covers.' Constitutional Commentary`thoughtful, tightly reasoned book ... a very clear and extraordinarily sophisticated analysis of property rights.' Michigan Law Review`we should be grateful for the wealth of intelligent and insightful analyses in this big book' Dialogue`The great merit of Waldron's study is that it brings a high-powered and unforgiving microscope to one argument: that there is a right to private property ... Because the study of the right to property can lead in so many directions, and because Waldron is aware of them, this is a major contribution to contemporary political theory.' Political StudiesTable of ContentsPart 1: The Framework: Introduction; What is private property?; Right-based arguments; Special rights and general rights; Part II: The arguments: Arguing for property; Locke's discussion of property; Historical entitlement: some difficulties; General-right-based arguments for private property; The Proudhon Strategy; Hegel's discussion of property; Self-ownership and the opportunity to appropriate; Property for all; Bibliography; Index

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Book SynopsisBased on the 1972 Radcliffe Lectures, this book presents a systematic treatment of the conceptual framework as well as the practical problems of measurement of inequality.Trade ReviewRarely has so small a volume offered so comprehensive an overview of its subject, constituting a readable and intelligent evaluation of the literature of economic inequality. * William Baumol, Economica *Professor Sen is well known for his contributions to the higher reaches of welfare economics. The series of four lectures which comprise this book display his usual clarity and rigour of expression. * Economist *

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Book SynopsisOver the past two decades, academic economics has undergone a mild revolution in methodology. The language, concepts and techniques of noncooperative game theory have become central to the discipline.This book provides the reader with some basic concepts from noncooperative theory, and then goes on to explore the strengths, weaknesses, and future of the theory as a tool of economic modelling and analysis. The central theses are that noncooperative game theory has been a remarkably popular tool in economics over the past decade because it allows analysts to capture essential features of dynamic competition and competition where some parties have proprietary information. The theory is weakest in providing a sense of when it - and equilibrium analysis in particular - can be applied and what to do when equilibrium analysis is inappropriate. Many of these weaknesses can be addressed by the consideration of individuals who are boundedly rational and learn imperfectly from the past.Written inTrade Review`fascinating little book' Jean Tirole, Journal of Economic Literature`a book I could not put down ... the exposition is remarkably clear' Journal of Economic Perspectives`Will rapidly be established as a basic reference for students and their teachers ... even the less mathematically inclined economists will find much to gain from the application of new game theory techniques in economics.' Scottish Journal of Political Economy'It is partly a measure of how much macroeconomics has ceased to be a separate subject from microeconomics that workers in my field will now find so much to interest them in this book. It is more a measure of how engaging this book is.' Thomas J. Sargent, University of Chicago, Journal of Political Economy'The writing is in a very personalised style. Though the book is putatively for the novice, or less formally trained reader, the presentation and the level of the debate does make certain demands. It nevertheless is frontline stuff.' Economics Times, April 1992'I view Krep's discussions in the book as both interesting and helpful in describing certain key weaknesses of standard game theory.' Ronald Heiner, George Mason University, Constitutional Political Economy, Vol. 3, No. 1, 1992'Kreps has written a book that makes a sincere attempt to demystify game theory for the uninitiated and set the stage for a serious appraisal of the scope and limitations of game theory ... it does manage to convey a flavour of the excitement that comes from grappling with strategic behaviour, and hopefully should convince the reader with an open mind that game theoretic questions and applications are abstractions of relevant economic issues.' Anindya Sen, Economic and Political Weekly, Vol XXVII No 14 April 4, 1992Table of ContentsIntroduction ; 1. The standard ; 2. Basic notions of noncooperative game theory ; 3. The successes of game theory ; 4. The problems of game theory ; 5. Bounded rationality and retrospection ; Bibliography ; Index

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Book SynopsisThe efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must equal fundamental values, either because all investors are rational or because arbitrage eliminates pricing anomalies. This book describes an alternative approach to the study of financial markets: behavioral finance. This approach starts with an observation that the assumptions of investor rationality and perfect arbitrage are overwhelmingly contradicted by both psychological and institutional evidence. In actual financial markets, less than fully rational investors trade against arbitrageurs whose resources are limited by risk aversion, short horizons, and agency problems. The book presents and empirically evaluates models of such inefficient markets. Behavioral finance models both explain the available financial data better than does the efficient markets hypothesis and generate new empirical predictions. These models can acTrade ReviewOne of the very first books on behavioural finance ... covers some of the most important ideas in behavioural finance ... a rich source of empirical facts and new ideas, waiting to be further explored in financial economics ... Every financial economist, in particular those being trained in the classical finance school, should read this high-level book on behavioural finance. It is full of provocative and inspiring ideas that will keep your mind busy for many hours. I am sure this excellent book will become a classic in behavioural finance. * Journal of Institutional and Theoretical Economics26/03/2003 *Table of ContentsAre Financial Markets Efficient? ; Noise Trader Risk in Financial Markets ; The Closed-End Fund Puzzle ; Professional Arbitrage ; A Model of Investor Sentiment ; Positive Feedback Investment Strategies ; Open Problems

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Book SynopsisCapitalist societies are full of unacceptable inequalities. Freedom is of paramount importance. These two convictions are widely shared across the world. Yet they often seem in complete contradiction with each other. Fighting inequality jeopardizes freedom; taking freedom seriously boosts inequality. What can be done? Can the circle be squared? Philippe Van Parijs offers a ground breaking solution to the dilemma. Assessing and rejecting the claims of both socialism and conventional capitalism, he presents a clear and compelling alternative vision of the just society: a capitalist society offering a substantial unconditional basic income to all its members. Moving beyond pure political theory, Van Parijs shows what his ideal of free society means in the real world by drawing out its controversial policy implications. Real Freedom for All will be essential reading for anyone concerned about the just society and the welfare state as we move into the twenty first century.Trade ReviewReal Freedom for All is not just an exercise in political advocacy. It is an important piece of social philosophy on its own right. Although Van Parijs's main concern is to defend his own views, this book amounts to a critical guide through much of the recent literature on the topics it addresses. Professional philosophers will therefore find it stimulating and instructive, even as they take issue with one or another of its many controversial contentions. * Andrew Levine, The Philosophical Review, Vol.105 No.4 *Table of Contents1. Capitalism, Socialism, and Freedom ; 2. The Highest Sustainable Basic Income ; 3. Undominated Diversity ; 4. Jobs as Assets ; 5. Exploitation versus Real Freedom ; 6. Capitalism Justified

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