Economic theory and philosophy Books

Book SynopsisIn Essays on Capital and Interest, Israel Kirzner offers a consistently ‘Austrian’perspective on the problems of capital and interest theory. In the three classic essays featured in this book, Professor Kirzner argues that an Austrian approach based on the pure time preference theory offers an attractive alternative to both the orthodox neoclassical and the heterodox Sraffian approaches to economics. The author takes a subjectivist point of view with all capital and interest phenomena traced to individual multi-period plans. Capital is seen, in this perspective, not as an objective mass of tools and equipment, but as the interim state in which inter-locking multi-period plans have manifested themselves at a particular point. This consistent subjectivism makes it possible to present the pure time (Fetter-Mises) preference theory of interest in understandable terms. Essays on Capital and Interest begins with an introduction by the author placing his life’s work in the context of twentieth century economics and the decline and revival of the Austrian school. This volume makes Professor Kirzner’s seminal work available to a wider audience in a major new edition. It will be welcomed by Austrian economists and all those concerned with capital and interest theory.Trade Review’The significance of this volume is not diminished by the fact that all its separate parts, except for the 12-page introductory essay, have been published before. With greater accessibility and appearing now together, these Essays provide a virtual history - and pre-history - of the modern Austrian resurgence.’- Roger W. Garrison, The Freeman’The book - which is excellently produced . . . . helps to do belated justice to Mises, who has been even more vilified than Hayek; it provides a remarkable contrast to the emptiness of much mainstream economics; and it demonstrates that very profound and general intellectual issues can be discussed using words.’- D.P. O’Brien, University of Durham, UKTable of ContentsContents: Introduction 2. An Essay on Capital 3. Ludwig von Mises and the Theory of Capital and Interest 4. The Pure Time-Preference Theory of Interest: An Attempt at Clarification References Index

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Book SynopsisThis major book extends Michal Kalecki’s investment cycle analysis into an integrated dynamic model of how levels of confidence experienced by entrepreneurs affect their decisions to invest.The long-term, expensive and uncertain nature of investment projects inhibits decision makers’ confidence, making it susceptible to a wide range of factors. Incorporating behavioural and evolutionary analysis into a Kaleckian investment model, Jerry Courvisanos develops the concept of susceptibility which provides the foundation for an improved understanding of the empirically observed cyclical instability of capital accumulation. Historically based empirical patterns of cyclical manufacturing investment in capitalist economies are identified and related to how the nature of susceptibility alters over time. These alterations are shown to create different investment cycle patterns over evolving periods of economic development. Drawing on this susceptibility cycle model, Jerry Courvisanos shows how corporate and governmental strategic planners can better design policies to mitigate the instability that investment exhibits. The result could be to diminish the aggravating effect that investment instability has on business cycles and employment in capitalist economies.Trade Review’This book offers a comprehensive treatment of the determinants of business fixed investment behaviour and its fluctuations. . . A reader wanting to become acquainted with a Kaleckian-Keynesian approach to investment or business cycles would, I believe, find in this book a wonderful synthesis of the key ideas of this viewpoint. . . Courvisanos presents in this book an approach that should be given serious consideration.’- Tracy Mott, The Economic JournalTable of ContentsContents: Preface Introduction: The Need for a Theory of Investment Cycles 2. Kaleckian Analysis of Investment 3. Investment under Uncertainty: Behavioural and Evolutionary Views 4. Institutional Behaviour of Firms 5. The Susceptibility Cycle: An Endogenous Model 6. Exogenous Factors Affecting Susceptibility 7. Long Run Empirical Patterns of Cyclical Investments 8. Policy Implications and Future Directions Bibliography Index

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Book SynopsisThe Economy as Process of Valuation sheds new light on the potential benefits of concept and theory formation along dynamic and evolutionary lines for understanding economic processes. The emphasis is on aspects of the economy as a process of valuation rather than as a mechanistic result of transcendental forces yielding unique determinate results.The book begins by examining instrumentalism and the process of valuation, arguing that to choose involves the process of valuation. It then focuses on Coases's work on institutions and considers the implications for a variety of subjects including the theory of the firm and the theory and policy of externalities - all aspects of the economy as a process of valuation. This is followed by analyses of the concepts of coercion and cost in economics, with special reference to one agent's interest being another agent's cost. Each elicits key aspects of analysis, valuation and the complexities and conflictual nature of valuation processes and structures. Finally, Kenneth Boulding's work on 'The Image' is examined, arguing that definitions of reality and values derive, in part from language.Trade Review'The volume as a whole is instructive, expansive, and a thoughtful read. I recommend it highly.' -- Marc R. Tool, Journal of Economic Issues'. . . this collection of essays addresses a number of themes that will be of wide interest foe economists.'– Geoffrey M. Hodgson, The Economic JournalTable of ContentsContents: Introduction (W.J. Samuels) 1. Instrumental Valuation (W.J. Samuels) 2. Ronald Coase and Coasean Economics: Some Questions, Conjectures and Implications (W.J. Samuels, S.G. Medema) 3. The Concept of ‘Coercion’ in Economics (W.J. Samuels) 4. The Concept of Cost in Economics (W.J. Samuels, A.A. Schmid) 5. Kenneth Boulding’s The Image and Contemporary Discourse Analysis (W.J. Samuels) Index

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Book SynopsisThis major new book provides an accessible and innovative introduction to general equilibrium analysis and associated welfare economics. In this distinct and refreshing treatment, John Creedy develops a simple two sector model using only diagrams and simple mathematics to ensure that this treatment will be accessible to students.The analysis of exchange and the gains from trade in the context of price taking behaviour are the subject of the first part of the book. Special attention is given to general equilibrium supply and demand curves and, in contrast with partial equilibrium treatments, the possibility of multiple equilibria. Trading at disequilibrium prices, the influence of the numbers of traders and bargaining solutions are then discussed before production is added to the analysis and the two sector model constructed. General Equilibrium and Welfare will be welcomed for its accessible introduction to General Equilibrium analysis and for the strong emphasis it places on exchange, which is closely in line with the work of early neoclassical writers such as Jevons, Walras, Edgeworth and Wicksell.Trade Review'. . . it is certainly well written and it is useful for students who are not seeking a stepping-stone to more advanced topics.' -- Rabee Tourky, La Trobe University, AustraliaTable of ContentsContents: 1. Introduction Part I: Exchange with Price-Taking 2. Non-Utility Analysis 3. Utility Analysis of Exchange 4. Welfare Analysis of Exchange Part II: Exchange Without Price-Taking 5. Trading at Disequilibrium Prices 6. The Role of the Number of Traders 7. Bargaining Solutions Part III: General Equilibrium 8. The Two Sector Model 9. Solving the Two - Sector Model Index

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Book SynopsisThe Economics of Productivity provides an anthology of many of the leading papers on productivity analysis. Part 1 of the collection portrays the development of production functions and growth accounting, including classic papers by Robert Solow, Dale Jorgenson, Edward Denison, and Angus Maddison. Part 2 covers topics on the economics of research and development and technological spillovers, featuring works by Zvi Griliches and Edwin Mansfield. Part 3 is devoted to evolutionary and Schumpeterian models of technological change, including articles by Richard Nelson and Sydney Winter. Studies by Moses Abramovitz and William Baumol, both published in 1986, document a convergence in labour productivity among industrialized economies, and Part 4 includes several seminal papers on this topic. Part 5 treats another important development in productivity analysis - endogenous growth theory, in which production itself creates the conditions of further technical change. The input-output framework provides another powerful system for the measurement of productivity growth, and articles on this topic are presented in Part 6. A dramatic slowdown in the rate of productivity growth occurred in the early 1970s and this development spawned a large literature on the subject of productivity, which is highlighted in the last part of the volume.Trade Review'The book is valuable to those interested in productivity as well as economic growth. The publisher has done a great service by collecting these papers in a book form.' -- A.M. Nalla Gounden, Journal of Educational Planning and Administration '. . . the collection is valuable as a single source for a number of classic papers on the subject.'– Paul Stoneman, The Economic JournalTable of ContentsContents: Volume I: Introduction Part I: Production Functions and Growth Accounting Part II: R&D and Technological Spillovers Part III: Evolutionary, Schumpeterian and Technology Gap Models Index • Volume II: Part I: Productivity Convergence Part II: Endogenous Growth Theory Part III: Multi-Sectoral Approaches Part IV: The Productivity Slowdown Index

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Book SynopsisThe collection covers the foundations of business cycle theory from the mid-nineteenth century through to the work immediately affected by the publication of Keynes's General Theory.With the revival of interest in real business cycles in the last ten years, these volumes provide a substantial selection of the intellectual achievements in this area developed by previous generations; any of such achievements were temporarily obscured by the success of Keynes's work.

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Book SynopsisMilton Friedman is beyond question the most famous living economist of the 20th century. He is closely associated with the doctrine of 'monetarism' which has been adopted by many governments around the world.This important two volume collection presents a major study of Milton Friedman's outstanding contribution to economics as a teacher at the University of Chicago. It shows how Friedman's distinctive ideas about money, markets and economic theory, communicated in the classroom and in thesis committees, influenced an entire generation of economists. It also reveals his influence on graduate-education practices at the University of Chicago and elsewhere.Trade Review'Hammond's introduction is learned, balanced and insightful, and, in conjunction with the Dwyer, Fand, Timberlake and Becker contributions, it provides a broad background from which to interpret Friedman's pedagogical impact.' -- A.W. Bob Coats, Economic RecordTable of ContentsContents: Acknowledgements • Introduction Volume I: Part I: Students’ Reflections on their Teacher 1. Gerald P. Dwyer, Jr. (1999), ‘How was Milton Friedman Distinctive as a Teacher?’ 2. David I. Fand (1999), ‘Friedman’s Price Theory: Economics 300 at the University of Chicago in 1947–1951’ 3. Richard H. Timberlake (1999), ‘Observations on a Constant Teacher by a Graduate Student Emeritus’ 4. Gary S. Becker (1991), ‘Milton Friedman 1912–’ Part II: The Legacy in Students’ Scholarship 5. G. Warren Nutter (1969), ‘Growth of Monopoly: 1899–1939’ 6. E.J. Mishan (1952), ‘Toward a General Theory of Price, Income, and Money’ 7. William Hamburger (1955), ‘The Relation of Consumption to Wealth and the Wage Rate’ 8. Phillip Cagan (1956), ‘The Monetary Dynamics of Hyperinflation’ 9. Eugene M. Lerner (1955), ‘Money, Prices, and Wages in the Confederacy, 1861–65’ 10. Richard T. Selden (1956), ‘Monetary Velocity in the United States’ 11. Gary S. Becker (1957), ‘The Forces Determining Discrimination in the Market Place’ and ‘Effective Discrimination’ 12. John J. Klein (1960), ‘Price-Level and Money-Denomination Movements’ 13. Norman V. Breckner (1958), ‘Liquidity and Farm Investment Outlays’ 14. Boris P. Pesek (1958), ‘Monetary Reforms and Monetary Equilibrium’ 15. George Macesich (1960), ‘Sources of Monetary Disturbances in the United States’ 16. James K. Kindahl (1961), ‘Economic Factors in Specie Resumption: The United States, 1865–79’ 17. Richard H. Timberlake (1993), ‘The Specie Circular and the Distribution of the Surplus’ 18. John V. Deaver (1970), ‘The Chilean Inflation and the Demand for Money’ 19. A. James Meigs (1962), ‘Development of the Hypotheses’ 20. David Meiselman (1962), ‘An Operational Test of the Expectations Hypotheses’ Name Index Volume II: 1. Edgar L. Feige (1964), ‘Estimation of Demand Functions for Financial Assets’ 2. George R. Morrison (1966), ‘The Theory and its Implementation’ 3. Sam Peltzman (1965), ‘Entry in Commercial Banking’ 4. Adolfo Cesar Diz (1970), ‘Money and Prices in Argentina, 1935–1962’ 5. Michael W. Keran (1970), ‘Monetary Policy and the Business Cycle in Postwar Japan’ 6. Morris Perlman (1970), ‘International Differences in Liquid Assets Portfolios’ 7. Miguel Sidrauski (1967), ‘Rational Choice and Patterns of Growth in a Monetary Economy’ 8. William E. Gibson (1970), ‘Interest Rates and Monetary Policy’ 9. Douglas K. Adie (1970), ‘English Bank Deposits before 1844’ 10. Benjamin Klein (1974), ‘Competitive Interest Payments on Bank Deposits and the Long-Run Demand for Money’ 11. Michael R. Darby (1972), ‘The Allocation of Transitory Income Among Consumers’ Assets’ 12. Edi Karni (1972), ‘Inflation and Real Interest Rate: A Long-Term Analysis’ 13. Robert D. Laurent (1974), ‘Currency in Circulation and the Real Value of Notes’ 14. Michael David Bordo (1975), ‘The Income Effects of the Sources of Monetary Change: An Historical Approach’ 15. Warren L. Coats, Jr. (1973), ‘Regulation D and the Vault Cash Game’ 16. Richard V.L. Cooper (1974), ‘Efficient Capital Markets and the Quantity Theory of Money’ 17. Leonardo Auernheimer (1974), ‘The Honest Government’s Guide to the Revenue from the Creation of Money’ 18. James R. Lothian (1976), ‘The Demand for High-Powered Money’ 19. Benjamin Eden (1976), ‘On the Specification of the Demand for Money: The Real Rate of Return versus the Rate of Inflation’ 20. Jo Anna Gray (1978), ‘On Indexation and Contract Length’ 21. Alan C. Stockman (1980), ‘A Theory of Exchange Rate Determination’ 22. Gerald P. Dwyer, Jr. (1984), ‘The Gibson Paradox: A Cross-Country Analysis’ Name Index

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Book SynopsisTechnology and innovation are fundamental to economic success and the struggle for markets in an increasingly competitive world. This book draws together the latest research in the fields of technology, innovation and competitiveness from some of the world's leading academics.International in its approach, this book considers a wide range of topics including the globalization of research and technology and the effect of this on the product cycle, financial domination in the global economy and its consequences for structural competitiveness. It also examines the impact of the pooling of technology and science in Europe on the environment for new entrepreneurial initiatives. Special emphasis is placed on the policy implications of recent developments in technology, industry and the economy. Technology, Innovation and Competitiveness will be of interest to policy analysts as well as academics and students of economics, management and business studies.Trade Review'As with most edited volumes emerging from conferences and workshops, this one bears obvious traces of heroic editorial efforts to secure a decent level of consistency and coherence across a set of papers which differ in approach and style. In this case, however, these efforts have been reasonably successful and the outcome is largely enjoyable reading.'Table of ContentsContents: Foreword (J.S. Metcalfe) Part I: Globalization in Context Part II: The Globalization of Technological Activity Part III: Innovation and Competitive Advantage Index

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Book SynopsisThis is the first volume in a ten-volume set designed for publication in 1997. It reprints in book form a selection of the most important and influential articles on probability, econometrics and economic games which cumulatively have had a major impact on the development of modern economics. There are 242 articles, dating from 1936 to 1996. Many of them were originally published in relatively inaccessible journals and may not, therefore, be available in the archives of many university libraries. The volumes are available separately and also as a complete ten-volume set. The contributors include D. Ellsberg, R.M. Hogart, J.B. Kadane, B.O. Koopmans, E.L. Lehman, D.F. Nicholls, H. Rubin, T.J. Sarjent, L.H. Summers and C.R. Wymer. This particular volume deals with the foundations of probability, econometrics and economic games.Table of ContentsContents: Series Introduction by Omar F. Hamouda and J.C.R. Rowley Introduction: ‘Expected Utility, Fair Gambles and Rational Choice’ by Omar F. Hamouda and J.C.R. Rowley Part I: Ordinal and Cardinal Utility Part II: Fair Gambles and the St Petersburg Paradox Part III: Expected Utility – Axioms and Rationality Part IV: Risk Aversion and Increasing Risk Name Index

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Book SynopsisThis is the second volume in a ten-volume set designed for publication in 1997. It reprints in book form a selection of the most important and influential articles on probability, econometrics and economic games which cumulatively have had a major impact on the development of modern economics. There are 242 articles, dating from 1936 to 1996. Many of them were originally published in relatively inaccessible journals and may not, therefore, be available in the archives of many university libraries. The volumes are available separately and also as a complete ten-volume set. The contributors include D. Ellsberg, R.M. Hogart, J.B. Kadane, B.O. Koopmans, E.L. Lehman, D.F. Nicholls, H. Rubin, T.J. Sarjent, L.H. Summers and C.R. Wymer. This particular volume deals with paradox and ambiguity.Table of ContentsContents: Series Introduction by Omar F. Hamouda and J.C.R. Rowley Introduction: ‘Paradoxes, Ambiguity and Rationality’ by Omar F. Hamouda and J.C.R. Rowley Part I: Ambiguity and Rationality Part II: Alternative Views of Rationality Part III: Behavioural and Psychological Perspectives Part IV: Generalized Expected Utility Part V: Regret, Prospects and Disappointment Name Index

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Book SynopsisThis is the third volume in a ten-volume set designed for publication in 1997. It reprints in book form a selection of the most important and influential articles on probability, econometrics and economic games which cumulatively have had a major impact on the development of modern economics. There are 242 articles, dating from 1936 to 1996. Many of them were originally published in relatively inaccessible journals and may not, therefore, be available in the archives of many university libraries. The volumes are available separately and also as a complete ten-volume set. The contributors include D. Ellsberg, R.M. Hogart, J.B. Kadane, B.O. Koopmans, E.L. Lehman, D.F. Nicholls, H. Rubin, T.J. Sarjent, L.H. Summers and C.R. Wymer. This particular volume deals with economic games and the functions of bargaining and solutions.Table of ContentsContents: Series introduction by Omar F. Hamouda and J.C.R. Rowley Introduction: ‘Economic Games, Bargaining and Solutions’ by Omar F. Hamouda and J.C.R. Rowley Part I: Bargaining and the Emergence of Games Part II: The Core Part III: Non-Cooperative Games and Bargaining Part IV: Empirical Aspects of Games Part V: Solution Concepts and Theories Part VI: Probability and Other Issues Name Index

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Book SynopsisThis is the fourth volume in a ten-volume set designed for publication in 1997. It reprints in book form a selection of the most important and influential articles on probability, econometrics and economic games which cumulatively have had a major impact on the development of modern economics. There are 242 articles, dating from 1936 to 1996. Many of them were originally published in relatively inaccessible journals and may not, therefore, be available in the archives of many university libraries. The volumes are available separately and also as a complete ten-volume set. The contributors include D. Ellsberg, R.M. Hogart, J.B. Kadane, B.O. Koopmans, E.L. Lehman, D.F. Nicholls, H. Rubin, T.J. Sarjent, L.H. Summers and C.R. Wymer. This particular volume deals with the dialogues and beliefs that underpin probability concepts.Table of ContentsContents: Series Introduction by Omar F. Hamouda and J.C.R. Rowley Introduction: ‘Probability Concepts, Dialogue and Beliefs’ by Omar F. Hamouda and J.C.R. Rowley Part I: Concepts of Probability and Statistics Part II: Elucidation and Calibration Part III: Bayesian Dialogue and Group Decisions Part IV: Beliefs – Support and Reliability Part V: Possibilities and Fuzziness Name Index

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Book SynopsisThis is the fifth volume in a ten-volume set designed for publication in 1997. It reprints in book form a selection of the most important and influential articles on probability, econometrics and economic games which cumulatively have had a major impact on the development of modern economics. There are 242 articles, dating from 1936 to 1996. Many of them were originally published in relatively inaccessible journals and may not, therefore, be available in the archives of many university libraries. The volumes are available separately and also as a complete ten-volume set. The contributors include D. Ellsberg, R.M. Hogart, J.B. Kadane, B.O. Koopmans, E.L. Lehman, D.F. Nicholls, H. Rubin, T.J. Sarjent, L.H. Summers and C.R. Wymer. This particular volume deals with the statistical theory that underlies the science of econometrics.Table of ContentsContents: Series introduction by Omar F. Hamouda and J.C.R. Rowley Introduction: ‘Statistical Foundations for Econometrics’ by Omar F. Hamouda and J.C.R. Rowley Part I: Statistical Inference Part II: Errors, Hypotheses and Tests: Criticisms and Discussion Part III: Conventional Treatments of Estimation Part IV: Alternative Approaches to Estimation Name Index

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Book SynopsisThis is the sixth volume in a ten-volume set designed for publication in 1997. It reprints in book form a selection of the most important and influential articles on probability, econometrics and economic games which cumulatively have had a major impact on the development of modern economics. There are 242 articles, dating from 1936 to 1996. Many of them were originally published in relatively inaccessible journals and may not, therefore, be available in the archives of many university libraries. The volumes are available separately and also as a complete ten-volume set. The contributors include D. Ellsberg, R.M. Hogart, J.B. Kadane, B.O. Koopmans, E.L. Lehman, D.F. Nicholls, H. Rubin, T.J. Sarjent, L.H. Summers and C.R. Wymer. This particular volume deals with the econometric exploration and diagnosis.Table of ContentsPart A - Autocorrelation, hetroscedasticity and multicollinearity. Part B - Daignosis, specification tests and wider concerns. Part C - Sequential analysis and pre-test complications. Part D - Robustness. Part E - Langrange multipliers and conflicting test criteria.

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Book SynopsisThis is the seventh volume in a ten-volume set designed for publication in 1997. It reprints in book form a selection of the most important and influential articles on probability, econometrics and economic games which cumulatively have had a major impact on the development of modern economics. There are 242 articles, dating from 1936 to 1996. Many of them were originally published in relatively inaccessible journals and may not, therefore, be available in the archives of many university libraries. The volumes are available separately and also as a complete ten-volume set. The contributors include D. Ellsberg, R.M. Hogart, J.B. Kadane, B.O. Koopmans, E.L. Lehman, D.F. Nicholls, H. Rubin, T.J. Sarjent, L.H. Summers and C.R. Wymer. This particular volume deals with the probability approach to simultaneous equations.Table of ContentsContents: Series introduction by Omar F. Hamouda and J.C.R. Rowley Introduction: ‘The Probability Approach to Simultaneous Equations’ by Omar F. Hamouda and J.C.R. Rowley Part I: Preliminaries Part II: The Probability Approach and Related Matters Part III: The Probability Approach in Retrospect Part IV: Resistance Part V: Positive Appraisals of Simultaneous-Equations Models Index

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Book SynopsisThis is the eighth volume in a ten-volume set designed for publication in 1997. It reprints in book form a selection of the most important and influential articles on probability, econometrics and economic games which cumulatively have had a major impact on the development of modern economics. There are 242 articles, dating from 1936 to 1996. Many of them were originally published in relatively inaccessible journals and may not, therefore, be available in the archives of many university libraries. The volumes are available separately and also as a complete ten-volume set. The contributors include D. Ellsberg, R.M. Hogart, J.B. Kadane, B.O. Koopmans, E.L. Lehman, D.F. Nicholls, H. Rubin, T.J. Sarjent, L.H. Summers and C.R. Wymer. This particular volume deals with the time series models.Table of ContentsContents: Series introduction by Omar F. Hamouda and J.C.R. Rowley Introduction: ‘Time Series Models, Causality and Exogeneity’ by Omar F. Hamouda and J.C.R. Rowley Part I: Mimic Cycles and Simulation Part II: Calibration Part III: Time Series Models: Estimation, Identification and Intervention Part IV: Causality and Exogeneity Part V: Spectral Approaches Name Index

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Book SynopsisThis is the ninth volume in a ten-volume set designed for publication in 1997. It reprints in book form a selection of the most important and influential articles on probability, econometrics and economic games which cumulatively have had a major impact on the development of modern economics. There are 242 articles, dating from 1936 to 1996. Many of them were originally published in relatively inaccessible journals and may not, therefore, be available in the archives of many university libraries. The volumes are available separately and also as a complete ten-volume set. The contributors include D. Ellsberg, R.M. Hogart, J.B. Kadane, B.O. Koopmans, E.L. Lehman, D.F. Nicholls, H. Rubin, T.J. Sarjent, L.H. Summers and C.R. Wymer. This particular volume deals with a reappraisal of econometrics.Table of ContentsContents: Series introduction by Omar F. Hamouda and J.C.R. Rowley Introduction: ‘The Reappraisal of Econometrics’ by Omar F. Hamouda and J.C.R. Rowley Part I: Rational Expectations Part II: Robustness and Interactive Criticism Part III: Specification Search Part IV: Encompassing and Testing Part V: Dismissal Part VI: The Keynes–Tinbergen Exchange Revisited Part VII: Time Series Connection Index

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Book SynopsisThis is the tenth volume in a ten-volume set designed for publication in 1997. It reprints in book form a selection of the most important and influential articles on probability, econometrics and economic games which cumulatively have had a major impact on the development of modern economics. There are 242 articles, dating from 1936 to 1996. Many of them were originally published in relatively inaccessible journals and may not, therefore, be available in the archives of many university libraries. The volumes are available separately and also as a complete ten-volume set. The contributors include D. Ellsberg, R.M. Hogart, J.B. Kadane, B.O. Koopmans, E.L. Lehman, D.F. Nicholls, H. Rubin, T.J. Sarjent, L.H. Summers and C.R. Wymer. This particular volume deals with discrete and coontinuous systems.Table of ContentsContents: Series Introduction by Omar F. Hamouda and J.C.R. Rowley Introduction: ‘Discrete and Continuous Systems, Cointegration and Chaos’ by Omar F. Hamouda and J.C.R. Rowley Part I: System Theory and General Considerations Part II: Nonlinearities Part III: Chaos Part Iv Cointegration Part V: Continuous Models Part VI: Long Memory Index

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Book SynopsisMark Blaug has with good reason been described as the most widely read economist of his generation. He has made important contributions to economic history, cultural economics, the history of economic thought, the methodology of economics and the economics of education.Not Only an Economist reflects the wide range of Professor Blaug's interests and includes new and recent work on Adam Smith, Hayek and Keynes and studies in methodology, as well as new contributions to the economics of education. These are supplemented by essays arguing the economic case for subsidies to the arts. The book concludes with a selection from the one hundred book reviews that he has written over the years.Table of ContentsContents: Preface Acknowledgements Part I: History of Economic Thought Part II: Methodology of Economics Part III: Economics of Education Part IV: Cultural Economics Part V: Book Reviews A. History of Economic Thought B. Methodology of Economics C. The Economics of Education Index

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Book SynopsisThe 1990s have witnessed a vast growth of research on the topics of trust and learning. This can be explained by the profound technological and organizational changes that have made both inter-and intra-firm trust indispensable for sustaining the forms of learning that underlie successful competitive performance.Trust and Economic Learning brings together innovative research by an internationally recognized group of scholars from Europe and the United States. The distinction between trust and a variety of related concepts, including reputation, implicit contracts and confidence is examined. The links between learning and trust are then explored using a number of original empirical contributions and theoretical approaches including an adaptation of game theory, Marengo's computational model of organizational learning and the 'step by step' rule developed by Lazaric and Lorenz. In addition, Bayesian learning models are compared with evolutionary approaches based on tools of artificial intelligence to evaluate the preconditions for establishing trust. This unique volume will be a highly useful companion to traditional graduate-level texts in industrial organization. It constitutes a valuable source of knowledge for practitioners and policymakers alike. It will also be of interest to scholars interested in evolutionary and institutional economics, technology and innovation and international business.Trade Review'This book is a welcome addition to two growing literatures in economics: on "trust" and "learning". . . . The book is well produced and well edited by Lazaric and Lorenz who provide a useful introduction and overview in their chapter on "The learning dynamics of trust, reputation and confidence".' -- Jonathan Michie, The Economic JournalTable of ContentsContents: Introduction Part I: Notions of Trust in Economic Cooperation 1. The Information Requirements of Trust in Supplier Relations 2. Self-Interest, Trust and Institutions 3. Trust in Inter-Firm Relations 4. Trust and Collective Action in Financial Markets Part II: Collective Learning Dynamics 5. The Formation of Beliefs on Financial Markets 6. The Ambivalent Role of Imitation in Decentralised Collective Learning 7. Cooperation and Trust in Spatially Clustered Firms 8. The Economics of Knowledge Openness 9. Technological Evolution, Self-Organisation and Knowledge Part III: Trust and Organisational Learning 10. Trust and Organisational Learning During Inter-Firm Cooperation 11. Knowledge Distribution and Coordination in Organisations 12. Trust and Organisational Learning 13. Organisational Trust, Learning and Implicit Commitments

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Book SynopsisWhat is the purpose of the economy? To answer this intriguing and fundamental question, this book provides a systematic approach to economic ethics and constructs a relationship between the economy and morality; it expounds theoretical and practical issues of economic philosophy along two dimensions: values and institutions. On the dimension of values, Yuichi Shionoya explores the connections between the economy and morality by reconstructing a coherent system of ethics that coordinates the 'good, right, and virtue'. Based on this system of ethics, the book goes on to discuss the dimension of institutions and presents the philosophy of the welfare state, consisting of a tripartite contemporary institution of 'capitalism, democracy, and social security'. Economy and Morality is a remarkable contribution to economic ethics exploring key philosophical issues including efficiency versus justice and liberty versus excellence. Its unique emphasis is the economics of virtue, which is concerned with the virtuous utilization of economic resources for human development, and applied to the reform of the welfare state.Economists, philosophers and scholars of social policy and the welfare state will all find this book of great interest - part of its appeal lying in its interdisciplinary approach to contemporary economic, political and social systems based on the synthesis of moral values.Table of ContentsContents: Preface Introduction: Two Banks of the River – A Metaphor Part I: Values 1. Economy and Morality: A Conceptual Framework 2. Efficiency and Justice 3. Liberty and Excellence Part II: Institutions 4. The Ethics of Capitalism 5. The Ethics of Democracy 6. The Ethics of Social Security 7. The Economy and the Morality of Social Security Reform Conclusions: In Pursuit of a Just and Excellent Society References Index

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Book SynopsisOliver Williamson is one of the most important industrial economists of our time. He has made a major contribution to economic scholarship and remains at the forefront of research into transaction costs and the theory of the firm. In this volume he has provided a very careful selection of what he considers to be the most important articles and papers in industrial organization. Featuring 23 articles, dating from 1937 to 1987, this collection includes papers by Kenneth J. Arrow, Ronald H. Coase, Franco Modigliani, Michael Rothschild, Herbert A. Simon, George J. Stigler and Joseph Stiglitz.The first part presents classic articles which supplied the foundations upon which the field of industrial economics was built. The second and third parts present papers on the new economics of organization and a revitalized theory of strategic behaviour and competition. Professor Williamson submits that a new science of organisation is taking shape to which industrial economics has been both a principle contributor and beneficiary. Now available in paperback, this important volume will be indispensable to all teachers, researchers and students concerned with modern industrial economics and the theory of the firm.Table of ContentsCONTENTS INTRODUCTION PART I: Antecedents R. Coase (1937), ‘The Nature of the Firm’ A. Alchian (1950), ‘Uncertainty, Evolution and Economic Theory’ L. McKenzie (1951), ‘Ideal Output and the Interdependence of Firms’ F. Modigliani (1958), ‘New Developments on the Oligopoly Front’ G. Stigler (1964), ‘A Theory of Oligopoly’ K. Arrow (1963), ‘Uncertainty and the Welfare Economics of Medical Care’ H. Simon (1962), ‘The Architecture of Complexity’ PART II: The New Economics of Organization M. Rothschild and J. Stiglitz (1976), ‘Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information’ B. Holmstrom (1982), ‘Moral Hazard in Teams’ J. Tirole (1986), ‘Hierarchies and Bureaucracies: On the Role of Collusion in Organizations’ G. Akerlof (1983), ‘Loyalty Filters’ O. Williamson (1979), ‘Transaction-cost Economics: The Governance of Contractural Relations’ S. Grossman and O. Hart (1986), ‘The Costs and Benefits of Ownership: A Theory of Vertical and lateral Integration’ P. Joskow (1985), ‘Vertical Integration and Long-term Contracts: The Case of Coal-burning Electric Generating Plants’ B. Klein and K. Leffler (1981), ‘The Role of Market Forces in Assuring Contractural Performance’ PART III: Strategic Behaviour and Competition H. Demsetz (1974), ‘Two Systems if Belief about Monopoly’ A. Dixit (1980), ‘The Role of Investment in Entry-deterrence’ P. Aghion and P. Bolton (1987), ‘Contracts as a Barrier to Entry’ P. Milgrom and J. Roberts (1980), ‘Limit Pricing and Entry Under Incomplete Information: An Equilibrium Analysis’ D. Kreps and R. Wilson (1982), ‘Reputation and Imperfect Information’ D. Fudenberg and J. Tirole (1984), ‘The Fat-Cat Effect, The Puppy-Dog Ploy and the Lean and Hungry Look’ W. Baumol, J. Panzar and R. Willig (1986), ‘On the Theory of Perfectly-contestable Markets’ S. Salop (1979), ‘Monoplistic Competition with Outside Goods’

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Book SynopsisThis important volume collects together eighteen major essays written by Ryuzo Sato over the last thirty years in the area of growth theory and technical change. After an autobiographical introduction describing Professor Sato's intellectual and personal development, the book presents his early pioneering work on growth models and the relevance of fiscal policy and time in these models. Later essays focus on the application of optimal control theory to growth theory, his work on endogenous growth, endogenous technical change and the development of 'Sato-Beckmann neutrality'.This landmark book will be welcomed by researchers, teachers and students interested in technical change and progress.Table of ContentsContents: Part I: Growth Theory 1. Fiscal Policy in a Neo- Classical Growth Model: An Analysis of Time Required for Equilibrating Adjustment 2. The Harrod-Domar Model vs. the Neo-Classical Growth Miodel 3. Factor Prices, Productivity and Economic Growth 4. Stability Conditions in Two-Sector Models of Economic Growth 5. Optimal Savings Policy when Labor Grows Endogneously 6. Population Growth and the Development of a Dual Economy 7. Shares and Growth under Factor Augmenting Technical Change 8. A Note on Economic Growth, Technical Progress and the Production Function 9. A Note on Scarcity of Specific Resources as a Limit to Output: A Correction 10. A Further Note on a Difference Equation Recurring in Growth Theory Part II: Technical Change 11. Neutral Inventions and Production Functions and An Addendum 12. The Estimation of Biased Technical Progress and the Production Function 13. Aggregate Production Functions and Types of Technical Progress: A Statistical Analysis 14. The Impact of Technical Change of the Holotheticity of Production Functions 15. Factor Price Variation and the Hicksian Hypothesis: A Microeconomic Model 16. A Theory of Endogenous Technical Progress: Dynamic Böhm-Bawerk Effect and Optimal R & D Policy 17. Technical Progress, the Schempeterian Hypothesis and Market Structure 18. Measuring the Impact of Technical Progress on the Demand for Intermediate Goods: A Survey Name Index

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Book SynopsisThis book presents critical surveys of literature from behavioural and evolutionary economics, management, marketing and business history and offers new empirical evidence involving both case studies and behavioural research. Particular attention is given to transaction cost and resource-based perspectives on business organization. The book concludes by discussing the emerging 'growth of knowledge' and 'management without trade-offs' approaches to the firm.Taken together, the inter-related chapters in this book make a significant contribution by promoting and assisting research and teaching on how managers cope with competitive pressures in the present climate of rapid technological change, shifting patterns of corporate alliances, continual restructuring and re-ranking of relative competitive strengths, and rising environmental expectations.Management, Marketing and the Competitive Process will be particularly useful for courses on business strategy, managerial and industrial economics, and marketing.Trade Review'. . . it does provide an excellent accessible reference for both researchers and students wishing to expand their knowledge beyond traditional subject lines. . . . a readable and thought-provoking addition to the literature.'Table of ContentsContents: Introduction 2. Evolutionary Processes and Revolutionary Change in Firms and Markets 3. Industrial Structure, Rivalry and Innovation 4. Theoretical Perspectives on Strategic Alliance Formation 5. Organization and Change at Du Pont 1902–1980 6. Business History 7. Contracts, Coordination, and the Construction Industry 8. Models of Marketing Channel Coordination in the Food Industry 9. The Price of the Symbol 10. Pricing Concepts for Marketing 11. A Behavioural Perspective on Business Pricing 12. Is Differentation Optional? 13. Strategic Management as an Emergent Research Programme 14. ‘Growth of knowledge’ Perspectives on Business Behaviour 15. Meta-theory, Hyper-strategy and Ultra-games Bibliography Index

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Book SynopsisThis authoritative collection presents an overview of the widespread significance of Schumpeter's thought. Part I examines the reception accorded to Schumpeter's ideas by his contemporaries. In Part II the impact of his scientific ideas from the 1950s to the 1970s is investigated. Part III covers the renewed influence of Schumpeter's thought in the 1980s. Whilst the contributions on industrial economics are presented in neoclassical fashion, the studies of innovation economics and evolutionary modelling reveal further ramifications of Schumpeter's legacy. Part IV highlights the importance of Schumpeterian ideas on modern macroeconomic theories and the final part demonstrates the influence of his thought in other fields such as public finance, sociology, politics and history.Table of ContentsContents: Acknowledgements Introduction Horst Hanusch Part I: Schumpeter’s Reception by Contemporaries 1. Fritz Machlup (1943), ‘Capitalism and its Future Appraised by Two Liberal Economists’ 2. J. Tinbergen (1951), ‘Schumpeter and Quantitative Research in Economics’ 3. Abbott Payson Usher (1955), ‘Technical Change and Capital Formation’ Part II: Schumpeter’s Early Scientific Impact 4. P. Hennipman (1954), ‘Monopoly: Impediment or Stimulus to Economic Progress?’ 5. Edwin Mansfield (1963), ‘Size of Firm, Market Structure, and Innovation’ 6. F.M. Scherer (1965), ‘Firm Size, Market Structure, Opportunity, and the Output of Patented Innovations’ 7. Almarin Phillips (1966), ‘Patents, Potential Competition, and Technical Progress’ 8. Jacob Schmookler (1962), ‘Economic Sources of Inventive Activity’ 9. Nathan Rosenberg (1969), ‘The Direction of Technological Change: Inducement Mechanisms and Focusing Devices’ Part III: The Schumpeterian Renaissance A New Industrial Economics 10. Partha Dasgupta and Joseph Stiglitz (1980), ‘Industrial Structure and the Nature of Innovative Activity’ 11. Michael Spence (1984), ‘Cost Reduction, Competition, and Industry Performance’ 12. Edwin Mansfield, Mark Schwartz and Samuel Wagner (1981), ‘Imitation Costs and Patents: An Empirical Study’ 13. Alvin K. Klevorick, Richard C. Levin, Richard R. Nelson and Sidney G. Winter (1995), ‘On the Sources and Significance of Interindustry Differences in Technological Opportunities’ 14. Keith Pavitt (1984), ‘Sectoral Patterns of Technical Change: Towards a Taxonomy and a Theory’ B New Innovation Economics and Evolutionary Economics Heterogeneity 15. Herbert A. Simon (1984), ‘On the Behavioral and Rational Foundation of Economic Dynamics’ 16. David A. Lane (1993), ‘Artificial Worlds and Economics, Part 1 and Part 2’ 17. W. Brian Arthur (1993), ‘On Designing Economic Agents that Behave Like Human Agents’ Selection 18. Richard R. Nelson and Sidney G. Winter (1978), ‘Forces Generating and Limiting Concentration Under Schumpeterian Competition’ 19. Gerald Silverberg, Giovanni Dosi and Luigi Orsenigo (1988), ‘Innovation, Diversity and Diffusion: A Self-Organisation Model’ 20. J.S. Metcalfe (1994), ‘Competition, Fisher's Principle and Increasing Returns in the Selection Process’ Structure 21. Giovanni Dosi (1982), ‘Technological Paradigms and Technological Trajectories: A Suggested Interpretation of the Determinants and Directions of Technical Change’ 22. B. Carlsson and R. Stankiewicz (1991), ‘On the Nature, Function and Composition of Technological Systems’ New Approaches 23. Steven N. Durlauf (1993), ‘Nonergodic Economic Growth’ 24. Ken Binmore and Larry Samuelson (1994), ‘An Economist’s Perspective on the Evolution of Norms’ 25. Alan P. Kirman (1992), ‘Variety: The Coexistence of Techniques’ Name Index Volume II Acknowledgements An introduction by the editor to both volumes appears in volume I Part IV: The Influence of Schumpeterian Ideas on Modern Macroeconomics A Growth and Cycles 1. Paul M. Romer (1990), ‘Endogenous Technical Change’ 2. Philippe Aghion and Peter Howitt (1992), ‘A Model of Growth Through Creative Destruction’ 3. Leonard K. Cheng and Elias Dinopoulos (1992), ‘Schumpeterian Growth and International Business Cycles’ B Long Waves 4. Richard M. Goodwin (1990), ‘Walras and Schumpeter: The Vision Reaffirmed’ 5. Christopher Freeman and Carlota Perez (1988), ‘Structural Crises of Adjustment, Business Cycles and Investment Behaviour’ C Money 6. Richard Arena and Agnès Festré (1996), ‘Banks, Credit, and the Financial System in Schumpeter: an Interpretation’ D Policy 7. W.F. Stolper (1991), ‘The Theoretical Bases of Economic Policy: The Schumpeterian Perspective’ Part V: Schumpeter’s Heritage in Other Fields A Entrepreneurship 8. Edward A. Carlin (1956), ‘Schumpeter's Constructed Type - The Entrepreneur’ 9. Brian J. Loasby (1984), ‘Entrepreneurs and Organization’ 10. Richard R. Nelson (1984), ‘Incentives for Entrepreneurship and Supporting Institutions’ B Public Finance and Public Choice 11. Fuat M. Andic and Suphan Andic (1985), ‘An Exploration into Fiscal Sociology: Ibn Khaldun, Shumpeter, and Public Choice’ 12. R.A. Musgrave (1992), ‘Schumpeter's Crisis of the Tax State: An Essay in Fiscal Sociology’ 13. William C. Mitchell (1984), ‘Schumpeter and Public Choice, Part I and II’ C Methodology, Sociology and History 14. Yuichi Shionoya (1990), ‘Instrumentalism in Schumpeter's Economic Methodology’ 15. Richard Swedburg (1989), ‘Joseph A. Schumpeter and the Tradition of Economic Sociology’ 16. Hans E. Jensen (1987), ‘New Lights on J.A. Schumpeter's Theory of the History of Economics?’ 17. Mark Perlman (1996), ‘On Schumpeter's History of Economic Analysis, 40 Years After’ Name Index

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Book SynopsisIn Not Just for the Money Professor Frey challenges traditional economic theory and argues that people do not act in expectation of monetary gain alone, nor do they work solely because they are paid. Furthermore, the author claims that higher monetary compensation as well as regulations crowd-out motivation in important circumstances. Offering higher pay may make people less committed to their work and may reduce their performance. They thus behave in exactly the opposite way the fundamental price-effect of economics predicts.The first part of the book considers the Crowding-Out Effect and the Motivational Spill-Over Effect. The second part explores a large number of applications to constitutional questions, various policy issues and the organization of firms. The final part discusses the substantial consequences for policy making and economic theory.This path breaking book is bound to create controversy and debate. It will appeal not only to economists but to a wide range of social scientists who want to go beyond the traditional assumption of economic man.Trade Review'What he [Bruno Frey] offers is both challenging and pervasive in its relevance. He is ambitious enough to aspire to make economics less presumptive and less general, but - as he himself observes - earlier efforts to integrate psychology into economics have been noted while precious little effect on economics as a whole. His book is provocative and interesting and likely to yield some further empirical efforts to measure putative crowding-out effects, but scepticism and inertia are likely to be difficult barriers to overcome.'Table of ContentsContents: 1. Introduction Part I: The Crowding-Out Effect 2. Everyday Experiences 3. The Psychological Background 4. Integration into Economics 5. Motivational Spill-Over Effect Part II: Applications 6. A Strict or Lenient Constitution? 7. Environmental Policy 8. Siting Policy, or: the NIMBY-problem (with Felix Oberholzer-Gee) 9. Social and Organizational Policy 10. Work Motivation and Compensation Policy Part III Conclusions 11. Consequences for Economic Policy 12. Consequences for Economic Theory References Index

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Book SynopsisDuring the 1980s, economic theory has been revolutionised by game theory. The game theory approach is now very widely used throughout the profession and has become a major tool for the construction of new economic models. It is the basic tool in the construction of a modern theory of industrial organisation and it has led to important developments in finance, labour economics and international trade. This major new collection - prepared by a leading international authority - is oriented towards researchers, professors and graduate students who are interested in the interface between game theory and economic theory. They include the seminal and most important recent papers on the development and application of game theory in economics.Table of ContentsContents: Acknowledgements • Introduction Part I: Evolution 1. Michihiro Kandori, George J. Mailath and Rafael Rob (1993), ‘Learning, Mutation, and Long Run Equilibria in Games’ 2. H. Peyton Young (1993), ‘The Evolution of Conventions’ 3. Glenn Ellison (1993), ‘Learning, Local Interaction, and Coordination’ 4. Daniel Friedman (1991), ‘Evolutionary Games in Economics’ Part II: Implementation Theory 5. Dilip Abreau and Hitoshi Matsushima (1992), ‘Virtual Implementation in Iteratively Undominated Strategies: Complete Information’ 6. John Moore and Rafael Repullo (1988), ‘Subgame Perfect Implementation’ 7. Matthew O. Jackson (1991), ‘Bayesian Implementation’ Part III: Learning 8. Ehud Kalai and Ehud Lehrer (1993), ‘Rational Learning Leads to Nash Equilibrium’ 9. Drew Fudenberg and David M. Kreps (1993), ‘Learning Mixed Equilibria’ 10. Paul Milgrom and John Roberts (1991), ‘Adaptive and Sophisticated Learning in Repeated Normal Form Games’ Part IV: Rationalizability 11. B. Douglas Bernheim (1984), ‘Rationalizable Strategic Behavior’ 12. Adam Brandenburger and Eddie Dekel (1987), ‘Rationalizability and Correlated Equilibria’ 13. Paul Milgrom and John Roberts (1990), ‘Rationalizability, Learning, and Equilibrium in Games with Strategic Complementarities’ Part V: Repeated Games 14. Drew Fudenberg and Eric Maskin (1990), ‘Evolution and Cooperation in Noisy Repeated Games’ 15. Drew Fudenberg, David Levine and Eric Maskin (1994), ‘The Folk Theorem with Imperfect Public Information’ 16. Joseph Farrell and Eric Maskin (1989), ‘Renegotiation in Repeated Games’ Part VI: Foundations of Cooperative Game Theory 17. Faruk Gul (1989), ‘Bargaining Foundations of Shapley Value’ 18. Sergiu Hart and Andreu Mas-Colell (1996), ‘Bargaining and Value’ 19. Motty Perry and Philip J. Reny (1994), ‘A Noncooperative View of Coalition Formation and the Core’ Name Index

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Book SynopsisHerbert A. Simon has been a leading contributor to cognitive psychology, computer science, public administration, philosophy and statistics, and is the winner of the 1978 Nobel Memorial Prize in economics. As this collection demonstrates, his impact on economics has been felt in areas as diverse as the theory of the firm and economic organization, consumer behaviour, law and economics, and environmental economics. Central to his work is the notion of bounded rationality - the mismatch between human decision-making capacities and the scale of the decision problems that people face, which results in satisficing rather than optimizing behaviour - and his belief that economic research should start from the study of actual behaviour rather than being based on convenient but unrealistic assumptions. Peter Earl's choice of articles shows both the kind of economics that emerges when Simon's philosophy is followed comprehensively, and what happens when neo-classical economists partially adopt his ideas.Table of ContentsVolume 1: Part 1 The Nobel laureate: the Nobel Memorial Prize in Economics 1978 - the official announcement of the Royal Academy of Sciences, The Royal Swedish Academy of Sciences; on the contributions to Herbert A. Simon to economics, William J. Baumol; on the contributions of Herbert A. Simon to economics, Albert Ando; rational decision making in business organizations, Herbert A. Simon. Part 2 Bounded rationality (1) - overview: theories of bounded rationality, Herbert A. Simon; satisficing, Roy Radner; aspiration adaptation theory, Reinhard Selten; why bounded rationality - the much too long version, John Conlisk. Part 3 Bounded rationality (2) - in neoclassical economics: Alchian and the "Alchian thesis", Neil. M. Kay; information processing and bounded rationality - a survey, Barton L. Lipman; rationality and bounded rationality, Robert J. Aumann; Sargent versus Simon -bounded rationality unbound, Esther-Mirjam Sent. Part 4 Bounded rationality (3) - behavioural approaches: task complexity and contingent processing in brand choice, Denis A. Lussier and Richard W. Olshavsky; reasoning the fast and frugal way - models of bounded rationality, Gerd Gigerenzer and Daniel G. Goldstein; the cost of thinking, Steven M. Shugan; emotional arousal as a source of bounded rationality, Bruce E. Kaufman; modes of economizing behaviour - experimental evidence, Mark Pingle and Richard H. Day; entrepreneurial information search, Arnold C. Cooper et al; a lack of insight - do venture capitalists really understand their own decision process?, Andrew L. Zacharakis and G. Dale Meyer; a failure-inducement model of research and development expenditure, Cristiano Antonelli; a chaotic model of innovative search - some answers, many questions, Kenneth W. Koput; how learning by doing is done - problem identification in novel process equipment, Eric von Hippel and Marcie J. Tyre; seeing isn't believing - understanding diversity in the timing of strategic response, Pamela S. Barr and Anne S. Huff. Part 5 Bounded rationality (4) - sympathetic critics: Herbert Simon's human rationality, Brian J. Loasby; the unsatisfactoriness of satisficing - from bounded rationality to innovative rationality, Marina Bianchi; the ubiquity of habits and rules, Geoffrey M. Hodgson. Part 6 Decomposability and hierarchy: the architecture of complexity, Herbert A. Simon; hierarchy - the economics of managing, Roy Radner; modularity, flexibility and knowledge management in product and organization design, Ron Sanchez and Joseph T. Mahoney. Volume 2: Part 1 Competition and market processes: toward a general theory of competitive rationality, Peter Reid Dickson; forces generating and limiting concentration under Schumpterian competition, Richard R. Nelson and Sidney G. Winter; the output decision of the firm - a behavioural algorithm, Timothy M. Wakeley; spatial competition and bounded rationality -retailing at the edge of chaos, Robert E. Krider and Charles B. Weinberg; markets as evolving compu

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Book SynopsisThis book provides an evaluation of the intellectual development of Gunnar Myrdal, emphasizing his methodology, his beliefs about economics and the role of economists in modern society. It explains how Gunnar Myrdal became an institutional economist and how this perspective influenced his contribution to economic development and attempts to close the gap between rich and poor countries.The main argument of the book is that economists, despite being trained in the orthodox neoclassical tradition, can develop an alternative conception that is more relevant and appropriate for analysis and policy making in developing and transition economies. Much of the discussion focuses on the evolution of Gunnar Myrdal's intellectual development and his contributions to transformation issues in an historical context. Specific issues discussed include political and social problems and transformation policy for Central and Eastern Europe.The Political Economy of Gunnar Myrdal will be welcomed by academics and students researching in the fields of the history of economic thought, comparative economics and economic development.Trade Review'The book certainly does provide the reader with a very useful investigation of Myrdal's intellectual metamorphosis from his early training as a neoclassical economist to that of a broadly-defined institutionalist economist . . . Angresano's book is a welcome addition to the growing body of literature assessing Myrdal's contributions to economics. While a review of his life and work can be found in other books and journal articles, the attempt to link with present-day issues regarding the restructuring of the CEE countries is fascinating and, indeed, quite original. The author deserves praise for having attempted this amalgamation of the historical analysis of Myrdal's ideas with a discussion of the relevance of his approach today.' -- Mario Seccareccia, Review of Social Economy 'This book is a very useful addition to the literature on economic thought in the 20th century. . . . very useful and interesting, and provides delightful reading.'– Gilles Dostaler, The Economic JournalTable of ContentsContents: Preface 1. Transformation policy: Searching for a Useful Perspective 2. Gunnar Myrdal I: 1915–33, The Years of ‘High Theory’ 3. Gunnar Myrdal II: 1929–38, Political and Social Economist 4. Gunnar Myrdal III: 1938–87, Emergence as an Institutional Economist 5. Myrdalian Contributions to Transformation Issues Appendix: Two Interviews with Gunnar Myrdal Index

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Book SynopsisOn the Foundations of Monopolistic Competition and Economic Geography presents important work by B. Curtis Eaton and Richard G. Lipsey on product differentiation, including studies of spatial differentiation and the industrial structures that give rise to this phenomenon.The book opens with an introductory overview essay and explains why the authors reject the neoclassical, competitive vision of the economy. The essays included cover issues such as: the theory of multinational plant location, product differentiation, monopoly, models of value theory, capital with special reference to entry and exit barriers and entry equilibrium, the existence of pure profit and the theory of market pre-emption.This volume will be welcomed by academics and researchers interested in the microeconomic issues of competition, monopoly, firm behaviour and markets.Trade Review'Therefore, these four books published by Edward Elgar will be at the reference desks of all good economic libraries. In addition, the book on monopolistic competition and economic geography needs to enter all reading lists on the currently hottest topic in economics.'Table of ContentsContents: Introduction ‘Beyond Neoclassical Competitive Economics’ 1. ‘The Principle of Minimum Differentiation Reconsidered: Some New Developments in the Theory of Spatial Competition’ 2. ‘The Non-Uniqueness of Equilibrium in the Löschian Location Model’ 3. ‘The Introduction of Space into the Neoclassical Model of Value Theory’ 4. ‘Spatial Monopoly, Natural Monopoly, Pure Profits, and Land Rents’ 5. ‘A Comment on Location and Industrial Efficiency with Free Entry’ 6. ‘Freedom of Entry and the Existence of Pure Profit’ 7. ‘The Theory of Market Pre-emption: The Persistence of Excess Capacity and Monopoly in Growing Spatial Markets’ 8. ‘Comparison Shopping and the Clustering of Homogeneous Firms’ 9. ‘The Block Metric and the Law of Markets’ 10. ‘Exit Barriers are Entry Barriers: The Durability of Capital as a Barrier to Entry’ 11. ‘Capital, Commitment, and Entry Equilibrium’ 12. ‘An Economic Theory of Central Places’ 13. ‘Address Models of Value Theory’ 14. ‘Product Differentiation’ 15. ‘The Theory of Multinational Plant Location: Agglomerations and Disagglomerations’ 16. ‘Increasing Returns, Indivisibility and All That’ Name Index

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Book SynopsisThis insightful book critically assesses the subjectivist metatheoretical origins of the revival of modern Austrian economics. It examines the ideas of the main contributors to the Austrian school, including von Mises, von Hayek and Lachmann.Allen Oakley analyses the contribution to subjectivist philosophy made by the key founders of the neo-Austrian revival. He argues that while von Mises and von Hayek each confronted mainstream microeconomics with restricted subjectivist alternatives, Lachmann played the 'devil's advocate' for a more comprehensive range of subjectivist principles. The author finds that ultimately, although all three provided analyses that reached well beyond the confines of neoclassical economics, none fully applied the tenets of a complete subjectivism. Their contributions to the 1970s revival of interest in Austrian themes, and their legacies for neo-Austrian schools of thought, have thus left a great need for further methodological development if economics as a human science is to be reconstructed on subjectivist foundations.The Revival of Modern Austrian Economics will be of central interest to students and scholars of Austrian economics and to historians of economic thought and methodology more generally.Trade Review'. . . I find this book both useful and important. . . Oakley does an admirable job in laying out the subjectivist credentials of Mises, Hayek and Lachmann. However, even more important is how this book lays the groundwork for further debate.'Table of ContentsContents: Preface 1. Introduction 2. An Historical Sketch of Seminal Austrian Subjectivism 3. The Legacy of Ludwig von Mises 4. Hayek’s Early Formalism and Subjectivism 5. Hayek and the Vision of Economic Order 6. Hayek and Subjectivist Human Agency 7. Hayek’s Situated Human Agency 8. Hayek’s Methodology of Subjectivist Economics 9. The ‘Radical’ Subjectivism of Lachmann 10. Lachmann’s Kaleidics 11. Subjectivism: The Legacy Bibliography Index

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Book SynopsisFull employment and growth in the international economy remain the greatest economic challenges as we approach the twenty-first century. This important book, edited by two leaders in the field, rigorously examines these real world problems from a post Keynesian perspective and provides practical policy solutions for achieving growth and reducing unemployment.The increasing interdependence of world trade and the integration of capital markets has led to the globalization of the international economy. This globalization demands new policy prescriptions for international growth and employment without inflation. In order to combat stagflation, a distinguished group of authors suggests policies for achieving growth and employment within the framework of an entrepreneurial market system. They identify and evaluate the factors determining the expansion of the global economy and assess the impact of financial markets, derivatives and international regulations on domestic and global economic performance.Improving the Global Economy will be of special interest to policymakers, macroeconomists and all those concerned with global growth and employment issues.Trade Review'The book offers a useful collection of contributions . . . both on the relevance of the economics of Keynes, as well as on some key issues of concern for the growth of the global economy.' -- Claudio Lucifora, The Economic JournalTable of ContentsContents: Introduction Part I: Consumption, Investment and Government Spending Part II: Roundtable: Can Keynes’s Employment Policies Reach the Underclass? Part III: Keynes and Economic Development Part IV: Income Distribution Index

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Book SynopsisProperty rights formalize the relationship between individuals and goods. They form the cornerstone of the pricing, supply and efficient allocation of scarce resources between individuals.The Economic Foundations of Property Rights is an outstanding collection of some of the most important work from the founders of the field, including James M. Buchanan, Douglass C. North, Richard Posner, Armen Alchian, Lord Peter Bauer and Karl Brunner. It addresses the development of property rights, the effects of property rights on the allocation of resources and the link between alternative property rights and the production of wealth. Specifically, the authors consider the issues of democracy, law, transaction costs, the economics of exchange and the valuation of assets. The discussion considers property rights in the context of developing countries and transition economies as well as developed market systems.This comprehensive new source book will be welcomed by economists, particularly those interested in law and economics, as well as political scientists and those interested in public choice theory.Table of ContentsContents: Preface Part I: Property Rights: Definition and Economic Significance Part II: How and Why do Property Rights Develop? Part III: The Economic Theory of Property Rights Part IV: Property Rights and Economic Performance Name Index

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Book SynopsisLessons for Citizens of a New Democracy provides an authoritative analysis of the foundations of democracy, with relation to the demise of communist ideology. This significant contribution by a leading expert details the tentative process towards democracy in the successor states of the former Soviet Union and attempts to prioritise the issues of central importance in structuring a new democratic state.Table of ContentsContents: 1. Democracy: Just another Experiment? 2. Must we be something other than what we are? 3. Fools or Geniuses: What are Voters like in a Democracy? 4. Must we vote to be Democratic? 5. What is a fair and Competitive Election? 6. Economics or Politics: Which is the Chicken and which is the Egg? 7. Constitutional Rights: Mere words of Sustainable Guarantees? 8. Democratic Institutions: Why would they influence anything? 9. A New Constitution: Should we cut trees to print it? 10. Constitutions: Are there rules for how to write them? 11. Federalism: Ingredient for stability or a recipe for Dissolution? 12. Political Parties: A Source of Faction or Agents of Stability? 13. Legislatures: Can they govern us if they cannot govern themselves? 14. A Two-Chamber Legislature: Isn’t one more than enough? 15. Parliaments versus Presidents: Legislative Incoherence versus Authoritarian Rule? 16. Emergency Clauses: Essential Precaution or a lack of faith? 17. Russia’s Choices: An accident waiting to happen? 18. Can we be a Democracy? Index

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Book SynopsisThe Makers of Modern Economics Volume III follows on from the two previous volumes in presenting the intellectual development of some of this century's most influential economists. The first volume in this series was acclaimed by Professor David Audretsch as 'a unique insight into the thoughts and lives of prominent economists'.In this third volume their careers, education, achievements and views on future research are presented by economists who have made important contributions. The book brings together new original essays by Franklin M. Fisher, Christopher Freeman, Peter Groenewegen, Kelvin J. Lancaster, Martin Shubik and Gordon Tullock. The Makers of Modern Economics Volume III provides the academic, student and researcher with a fascinating insight into the life and work of some of todays most inspiring economists.Trade Review'. . . the book is well-presented and well-produced.'Table of ContentsContents: Preface 1. Economics Does Have a Useful Past and Yes, History is Important (P. Groenewegen) 2. My Career in Economics: A Hindcast (F.M. Fisher) 3. Welfare, Variety and Economic Modelling (K. Lancaster) 4. Technical Change and Economic Theory (C. Freeman) 5. On the Trail of a White Whale: The Rationalizations of a Mathematical Institutional Economist (M. Shubik) 6. Origins of Public Choice (G. Tullock) Index

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Book SynopsisEthnic Diversity, Liberty and the State is an insightful study of highly centralized, unitary systems of government and the breakdown of civil society in sub-Saharan Africa. The author argues persuasively that institutional reform involving decentralization and federalism can better accommodate ethnic diversity in the area.Table of ContentsContents: 1. Introduction 2. From Tribal Chief to Dictator 3. Ethnic Nations and Associations in Africa 4. Optimal Ethnic Integration and Separation 5. Integration, Centralization and Rent-Seeking 6. Integration, Centralization and Ethnic Conflict 7. Reducing Ethnic Externalities through Decentralization 8. Maintaining Unity and Diversity: Federalism 9. The Demand for Federalism in Africa 10. Constitutionalism and Civil Society in Africa 11. Protecting Property and Economic Liberties 12. Ethnic Representation and Voting Rules 13. Political Divorce: Redrawing Africa’s Borders Index

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Book SynopsisThe Rise and Fall of the Wealth of Nations is an interdisciplinary study concerning growth and cycles in economic development. It builds a bridge between rigorous economic theory and historical studies of long run economic evolution.This authoritative book explains long waves of economic activity and the rivalry of nations for leadership. It considers the concept that such waves of activity are characterized by a cyclical change of societies focusing alternately on capital accumulation and distribution. It also discusses the idea that a change in the economic leadership of a nation occurs after nations reach the height of their influence and turn away from accumulating capital in favour of distribution of income and wealth.This volume will be welcomed by academics, policymakers and students of economics and economic history.Trade Review'This book is a major contribution, with particular importance to those with an interest in growth theory and business cycles. . . Such a socio-cultural explanation of economic phenomena is unusual and highly original.'Table of ContentsContents: Preface 1. Introduction 2. Long Waves in the Economy and in Politics 3. Abundance of Explanations 4. Time Preference 5. Capital Formation with Population Growth 6. Economic Growth with Technological Change 7. Growth under Uncertainty and Imperfect Foresight 8. Long Waves of Economic Development 9. Long Waves and Business Cycles 10. Natural Resources and Population 11. Institutional Change 12. The History of Long Waves 13. International Rivalry 14. Epilogue Index

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Book SynopsisAdvances in General Equilibrium Theory presents a new approach to the construction of general equilibrium models. It considers the methods that should be adapted and some of the principal subjects with which general equilibrium modelling should be concerned in order to convert it into a useful body of knowledge.The book examines from new perspectives the major questions that have concerned general equilibrium theorists during this century, including the characteristics of perfect competition and the existence, uniqueness and stability of economic equilibrium. The author develops the concept of models as functioning systems, identifies the differences between models and equation systems and discusses the implications of the differences between mathematical methods and economic determinacy. He demonstrates that the treatment of perfect competition has been deeply flawed, that modern general equilibrium models are not functioning systems, that many equation systems in the literature are not supported by underlying models, and that models which would justify these equations are either improbable or inconceivable. In conclusion, Professor Walker indicates how these perspectives can be used to develop a new general equilibrium model, and presents an outline of its content.Advances in General Equilibrium Theory will be of special interest to microeconomists and those interested in economic methodology and general equilibrium modelling.Trade Review'I want to congratulate Professor Walker on what I think is a tour de force. He effectively demolishes what I have always thought was a very anaemic approach to discussing competition. I am going to suggest that a number of my colleagues read his book and hopefully develop a clearer perspective on the nature of markets.' -- Karl McDermott, National Economic Research Associates and formerly, Illinois Commerce Commission, USTable of ContentsContents: Introduction 1. The Construction of Functioning Models 2. Descriptions, Equations and Models 3. The Meaning and Conditions of Competition 4. New Perspectives on the Existence of Equilibrium 5. New Perspectives on the Stability and Uniqueness of Equilibrium 6. Reformation and Prospects of General Equilibrium Models Index

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Book SynopsisThe evolutionary approach to economics can be traced back as far as the eighteenth and nineteenth centuries in the work of Darwin, Smith and Malthus. These ideas have gradually developed since that time through Marx, Veblen and Marshall, and have recently experienced considerable attention. This book considers the development of evolutionary economics and its place in economic thought today.The book begins with a concise history of evolutionary economics which develops to examine the variety of approaches within the subject. The discussion continues with a rigorous analysis of why, in contrast to popular belief, evolutionary economics is not alien to neoclassical economics, arguing that it may even be considered to complement neoclassical economics. Continuing along this theme the firm is discussed from an evolutionary and neoclassical standpoint. Leading on from this is a discussion of modern model building in evolutionary economics and its relationship with Schumpeter's developmental work. Model building is examined further in relation to endogenous technological change and economic growth, and the effect that technological change and innovation can have on the spatial distribution of new industry. This book will be of special interest to evolutionary and post Keynesian economists and those interested in technological change and innovation.Trade Review'. . . the combination of these papers does provide a useful amalgam of the several streams of intellectual endeavour which come under the evolutionary economics banner. In summing up this volume overall it is interesting to consider the range and calibre of the distinguished and able economists who have argued over many years for the inclusion of (broadly defined) evolutionary ideas in mainstream economic discourse.' -- Peter Mottershead, KyklosTable of ContentsContents: 1. Variety in the Garden of Heterodox Economics: An Introduction (J.P.G. Reijnders) 2. Economics and Evolution and the Evolution of Economics (G.M. Hodgson) 3. Evolutionary Economics: Precursors, Paradigmatic Propositions, Puzzles and Prospects (J.J. Vromen) 4. Evolutionary Economics and the Theory of the Firm: Assessments and Proposals for Research (N.J. Foss) 5. Neo- and Post-Schumpeterian Contributions to Evolutionary Economics (E.S. Andersen) 6. Economic Growth: An Evolutionary Perspective (G. Silverberg and B. Verspagen) 7. New Technology and Windows of Locational Opportunity: Indeterminacy, Creativity and Chance (R. Boschma and B. van der Knaap) Index

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Book SynopsisMarket process theory is principally concerned with explaining how the market moves towards a state of general economic equilibrium and how production and consumption plans become coordinated. Market Process Theories presents in two volumes the most important articles by leading economists which contribute to an understanding of the processes of economic coordination.Volume I examines classical and neoclassical theories; it suggests that many classical writers can be interpreted as having anticipated a more dynamic disequilibrium analysis, and evaluates Marxian process theory also in this light. Other topics include analyses of price adjustment models, stability and disequilibria and a discussion of the challenge of increasing returns. Volume II deals with criticisms of standard theories such as institutionalism and post Keynesian criticisms. It also offers an exploration of the Swedish influence in the field with papers on the theory of savings and the concept of monetary equilibrium among others. Austrian economics is the subject of the final section, which explores such topics as the meaning of competition, process analysis and price and quantity adjustment.Table of ContentsContents: Volume I: Part I: Process in Classical Economics Part II: Marxian Process Theory Part III: Formal Market Process Models in Neoclassical Economics Part IV: The Challenge of Increasing Returns Index • Volume II: Part I: Institutionalist Approaches and Post Keynesian Criticisms Part II: The Swedish Influence on Market Process Theory Part III: The Central Concept of Austrian Economics: Market Process Index

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Book SynopsisLiberalism is today under serious intellectual attack. It is said to undermine its own principles, to have lost any strong claims to universal validity, and to foster injustice and inhumanity. Liberalism is associated with Enlightenment thought and is considered by some as an outmoded political philosophy. Professors Rasmussen and Den Uyl take up this challenge to liberalism. They show that liberalism is not locked into traditional ways of understanding itself and has the capacity to enrich itself by intellectual traditions not usually associated with liberalism.Unlike much of liberalism, which defends its politics by resorting to either moral skepticism or moral minimalism, Rasmussen and Den Uyl employ a distinction between normative and “metanormative” principles. The latter are more directly tied to politics and concern principles that establish social/political conditions under which full moral conduct can take place. Thus it is not necessary to minimize the moral universe to support liberalism. Rasmussen and Den Uyl support their distinction through a novel use of neo-Aristotelian virtue ethics, and they show the importance of this distinction when they specifically address the positions of two leading critics of liberalism - John Gray and Alasdair MacIntyre.Trade Review’This is an exceptionally fine treatment of one of the most troubling aspects of classical liberalism, namely, its relationship to morality and the fact of the plurality of moral practices within human community life. The authors address the most recent statement of the problem and handle it with magnificent clarity and philosophical astuteness. This is clearly the best of not only what these authors have said on the topic thus far but what any classical liberal has produced in an attempt to demonstrate that the challenges of human community life are met most successfully by a well thought out classical liberal polity.’ -- Tibor R. Machan, Auburn University, USTable of ContentsPart 1 Liberalism and ethics: the good and the right; the socialization of ethics; the metanormative solution. Part 2 The foundations of liberalism: neo-Aristotelian virtue ethics; rights, ethics and liberalism. Part 3 Analyses and objections: the challenge of liberal communitarianism; the challenge of conservative communitarianism. Part 4 Conclusion.

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Book SynopsisPromises, Promises examines from a libertarian perspective, the differing methods and levels of success of adapting contract law in the Czech Republic, Hungary, Poland and especially Russia in the wake of political change. The author analyses the roles of government power and policy, opportunism and private regulatory mechanisms within the pattern of change.Table of ContentsAlternative methods of legal change; contracts and opportunism; private mechanisms; Czech Republic, Hungary, Poland; Russia; government policy; creation of efficient rules; implications.

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Book SynopsisThis collection is a tribute to a most faithful, true Keynesian, who read, thought, dreamt and promoted Keynes: Lorie Tarshis (1911-1993). This volume is focused on the important role of Lorie Tarshis's brand of Keynesianism on the effect of the Keynesian revolution on economic thought in America. Tarshis was among the first to form part of Keynes's select 'circus', not only witnessing, but actually participating in the making of The General Theory. This memorial includes new reflections on the impact of Keynesianism in the making by many of the eminent early generations of American post-war economists, Galbraith, Goodwin, Kindleberger, Samuelson, Salant, Tobin and Perlman. While their contributions shed more light on how the participants in the process, Tarshis included, effected early Keynesianism, the volume also contains contributions by those such as Moggridge and McQueen who reflect on aspects of the process from greater distance. Holzman and Reder recount Lorie Tarshis's subtle contribution and its direct impact and reverberations are reflected upon in the balance of the chapters by Colander, Dimand, Dow, Grimard, McCann and Perlman, and Parker.This book will be of great interest to scholars interested in the history of economic thought and Keynesian economics.Trade Review'Keynesianism and the Keynesian Revolution in America makes fascinating reading for those interested in the development of economics in the 1950s.' -- Journal of Economic Perspectives '. . . the volume's contents are fitting tributes to a wonderful person.'– G.C. Harcourt, History of Economics ReviewTable of ContentsContents: Introduction Part I: Introductory Comments 1. Lorie Tarshis: a brief memoir 2. How Keynes came to America 3. The diffusion of the Keynesian revolution 4. Harvard’s Fiscal Policy Seminar Part II: Introductory Extracts 5. Lorie Tarshis: an early Keynesian herald in America 6. Requiem for the classic Tarshis textbook that first brought Keynes to introductory economics 7. Political influence on the textbook Keynesian revolution 8. Lorie Tarshis, Left Wing Keynesian Part III: Introductory Extracts 9. Another Canadian Keynesian 10. Keynes, Tarshis, real and money wages, and employment 11. Keynesian monetary theory and the debt crisis 12. A case against muddling through Part IV: Introductory Comments 13. Caveat emptor, investor, depositor 14. On Keynes and Ramsey on probability 15. Keynesian economics and the meaning of uncertainty Bibliography

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Book SynopsisThis is a thoroughly updated and revised edition of the first, and definitive, biographical dictionary of dissenting economists. It is an extensive and authoritative guide to economists both past and present, providing biographical, bibliographical and critical information on over 100 economists working in the non-neoclassical traditions broadly defined. It includes entries on, amongst others, radical economists, Marxists, post-Keynesians, behaviourists, Kaleckians and institutionalists. The book demonstrates the extent and richness of the radical heterodox tradition in economics.This second edition continues to mark a departure from what is usually found in a biographical dictionary for, in addition to providing standard biographical information, living economists have themselves been asked to state their principal contributions to economics, supplemented by a list of their leading books and articles. A Biographical Dictionary of Dissenting Economists, Second Edition will continue to be an essential reference source for instructors, researchers and students of economics, its development and history.Trade Review'This is a fascinating book of the personal stories of how heterodoxy re-emerged, evolved, survived and developed. It makes great reading, not only for sheer enjoyment, but also for gaining insight into the major concerns, theories and policies of dissenting political economy. It is a 'must buy' for anyone interested in alternative perspectives of economy and society, and it is essential for every university library. The editors have done a great job in bringing to life the main concerns of the dissenters in a humanistic fashion. The revival of heterodox political economy commenced in earnest in the 1960s and it is now maturing. Also, its various schools are starting to recognise the many unifying or complementary aspects of its development. This volume provides many insights into the critical concerns likely to become more important in the future, as an increasing number of economists recognise the importance of a broader study of the social and political foundations of production, distribution and exchange, and the reproduction of the institutions underlying such activities.'Table of ContentsContents: Introduction Samir Amin, Tom Asimakopulos, Clarence Edwin Ayres, A.K. Bagchi, Thomas Balogh, Paul Alexander Baran, Luiz Gonzaga de Mello Belluzzo, Amit Bhaduri, Krishna Bharadwaj, Kenneth E. Boulding, Samuel Bowles, Harry Braverman, Nikolai Ivanoviich Bukharin, Sukhamoy Chakravarty, Victoria Chick, John Roger Commons, John Cornwall, Keith Cowling, Paul Davidson, Meghnad Desai, Carlos F. Diaz-Alejandro, Maurice Herbert Dobb, John Eatwell, Alfred Eichner, Ben Fine, Duncan K. Foley, Andre Gunder Frank, Cels Furtado, John Kenneth Galbraith, Pierangelo Garegnani, Nicholas Georgescu-Roegen, Herbert Gintis, Wynne Godley, Richard Murphey Goodwin, David M. Gordon, Augusto Graziani, Keith B. Griffin, Peter Groenewegen, G.C. Harcourt, Robert L. Heilbroner, Rudolf Hilferding, Albert O. Hirschman, John Atkinson Hobson, Stephen Herbert Hymer, Makoto Itoh, Nicholas August Ludwig Jacob Johannsen, Richard Kahn, Nicholas Kaldor, Michal Kalecki, John Maynard Keynes, David P. Levine, Adolph Lowe, Rosa Luxemburg, Bruce MacFarlane, Harry Magdoff, Ernest Mandel, Gardiner C. Means, Ronald L. Meek, Hyman P. Minsky, Wesley Clair Mitchell, Gunnar Myrdal, Claudio Napoleoni, Edward J. Nell, Alec Nove, Domenico Mario Nuti, Nobuo Okishio, Luigi Lodovico Pasinetti, Prabhat Patnaik, Francois Perroux, Aníbal Pinto Santa Cruz, Karl Polanyi, Raul Prebisch, Michael Reich, Joan Robinson, John E. Roemer, Kurt W. Rothschild, Warren J. Samuels Bertram Schefold, Dudley Seers, Amartya Sen, George L.S. Shackle, Anwar M. Shaikh, Howard J. Sherman, Hans Wolfgang Singer, Ajit Singh, Piero Sraffa Ian Steedman, Josef Steindl, Paul Streeten, Paul Marlor Sweezy, Lorie Tarshis Maria de Conceicao Tavares, L. Taylor, Marc R. Tool, Shigeto Tsuru, Kozo Uno, Thorsten Veblen, Sidney Weintraub, Thomas E. Weisskopf, E.L. Wheelwright

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Book SynopsisPaul Dale Bush has been an imaginative and important contributor to the neo-institutionalist economic literature in the United States for over three decades. This is the first of two volumes presenting a tribute to this highly influential scholar.The majority of Paul Dale Bush's recent scholarly writings have addressed the clarification and refinement of the pragmatic instrumentalist model of inquiry. This book first reviews Dale Bush's main contributions to academic life and to neo-institutional scholarship. Internationally recognized contributors - Phillip Anthony O'Hara, Erkki Kilpinen, Geoffrey M. Hodgson, Kurt Dopfer, Warren J. Samuels, Edythe S. Miller, Ann L. Jennings and William Waller - then provide a penetrating analysis of the Veblen-based neo-institutionalist theoretical approach to inquiry and its reflection in social value theory.This book will be of great interest to postgraduate students and scholars in the field of institutional economics, political economy, history of economic thought, methodology and social value theory.Table of ContentsContents: 1. The Contribution of Paul Dale Bush to Academic Freedom and Institutional Economics 2. The Pragmatic Foundations of the Institutionalistic Method: Veblen’s Preconceptions and their Relation to Peirce and Dewey 3. Dichotimizing the Dichotomy: Veblen versus Ayres 4. On Veblen’s Coining of the Term ‘Neoclassical’ 5. Causality and Order in Economics: Foundational Contributions by G. Schmoller and W. Eucken 6. The Historical Quest for Principles of Valuation: An Interpretive Essay 7. Institutional Economics and Eternal Verities: A Contribution to the Discussion 8. Institutions and Social Valuation Index

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Book SynopsisThroughout his long career as a professional scholar, Paul Dale Bush has been a cogent theorist, a model practitioner and an ardent defender of academic freedom and of democratic practices. Institutionalist Theory and Applications is the second of two volumes celebrating his career and his contribution to neo-institutional economics.This volume presents contributions by a distinguished group of institutionalist scholars: Edythe S. Miller, Philip A. Klein, James A. Cypher, F. Gregory Hayden, John Groenewegen, Peter Soderbaum, Charles M.A. Clark, Catherine Kavanagh and Janice Peterson. The book explores the interdependence of theory and policy and applies institutional theory to several problem areas of governance and performance.This book will be of great interest to postgraduate students and academics in the field of institutional economics, evolutionary economics, political economy, history of economic theory, methodology, social economics, social policy and social value theory.Table of ContentsContents: Preface 1. Instrumental Inquiry and Democratic Governance 2. The Interdependence of Theory and Practice 3. Normative Macroeconomics 4. Financial Dominance in the US Economy 5. Normative Analysis of Instituted Processes 6. Changes in the Institution of Corporate Governance 7. Science, Ethics and Democracy 8. How are we Doing? 9. Institutional Economics in the Classroom Index

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Book SynopsisTurbulence in Economics presents the economy as an evolutionary process, economics as a realistic science and reintroduces history as fundamental to understanding economic processes. It examines cycles and fluctuations in economic history from the point of view of turbulence in the physical sciences, (specifically hydrodynamics), and argues that an evolutionary approach is required for a better understanding of historical economic processes.Economic time is marked by a succession of long periods of economic expansion and depression, separated by deep structural changes. These periods represent distinct forms of organization of social relations, science and technology, cultural trends and political and social institutions. This is accepted by historians but rejected in orthodox economics. In this book the author challenges this and argues that the divorce between economics and history limits the ability of economics to explain reality. Within this inquiry into the crisis of orthodox economics the author considers Keynes's, Mitchell's and Schumpeter's critiques of neoclassical economics. The author then compares these to the contributions of Frisch and Wicksell, and examines recent studies of chaos, nonlinear and complex dynamics to explain the historical development of modern economics.This book will be welcomed by economic historians, historians of economic thought, institutional and evolutionary economists and those interested in chaos, complexity and modern methodology.Trade Review'Louca's book is a brilliant and convincing demonstration of the importance of deliberate and conscious attention to epistemology. . . This is an invaluable book for all those who wish to learn from the legacy of both Schumpeter and Keynes.’Table of ContentsContents: Introduction Part I: The Evolutionary Metaphors in the Reconstruction of Economics Part II: The Rocking Horse Part III: Bounded Heresies Part IV: Dr Panglaoss Hunted by the Snarks Conclusion: Complexity, The Condition of the World References Index

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Book SynopsisMurray N. Rothbard was the leading voice of the Austrian School of Economics during its post-war American revival. His research in economic theory, history, method and policy, was the major impetus for today's burgeoning interest in the Austrian School and the broader realm of free-market thought.The Logic of ActionTwo is a careful selection of Rothbard's most important scholarly articles. Some have appeared in mainstream journals, others have been long out of circulation, and still others are published here for the first time. It was Rothbard's major ambition to shore up the scientific status of the Austrian School and, at the same time, demonstrate the theory's radical, free-market implications for government policy.The book confirms Rothbard as an intellectual giant, and presents his many contributions to the Austrian School, a systematic alternative to mainstream thought that reaches radical, free-market policy conclusions.Trade Review'Rothbard writes in an engaging, provocative style, defending the praxeology of Ludwig von Mises. His writing is full of ideas with which economists should, in my view, disagree. However, no economist's education is complete without being able to answer the challenges he poses.' -- Roger E. Backhouse, University of Birmingham, UKTable of ContentsContents: Applications 1. Freedom, Inequality, Primitivism, and the Division of Labor 2. Restrictionist Pricing of Labor 3. Mercantilism: A Lesson for Our Times? 4. The Myth of Neutral Taxation 5. The Myth of Tax ‘Reform’ 6. Law, Property Rights, and Air Pollution 7. The Fallacy of the ‘Public Sector’ 8. Statistics: Achilles’ Heel of Government 9. Capitalism versus Statism 10. How and How Not to Desocialize Criticism 11. The Politics of Political Economists 12. Breaking Out of the Walrasian Box: Schumpeter and Hansen 13. Professor Rolph on the Discounted Marginal Productivity Theory 14. Professor Kirzner on Entrepreneurship 15. Samuelson’s Economics, Ninth Edition 16. Heilbroner’s Economic Means and Social Ends 17. Buchanan and Tullock’s The Calculus of Consent 18. The Hermeneutical Invasion of Philosophy and Economics 19. The Single Tax: Economic and Moral Implications 20. A Reply to Georgist Criticisms 21. The Myth of Free Banking in Scotland 22. Karl Marx: Communist as Religous Eschatologist Index

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