Economic theory and philosophy Books

Book Synopsis

Read more less

Book SynopsisThe Virginia School''s economics of natural equals makes consent critical for policy. Democracy is understood as government by discussion, not majority rule. The claim of efficiency unsupported by consent, as common in orthodox economics, appeals to social hierarchy. Politics becomes an act of exchange among equals where the economist is only entitled to offer advice to citizens, not to dictators. The foundation of natural equality and consent explains the common themes of James Buchanan and John Rawls as well as Ronald Coase and the Fabian socialists. What orthodox economics treats as efficient racial discrimination violates the fair chance entitlement to which people consent in a market economy. The importance of replication stressed by Gordon Tullock, developing themes from Karl Popper, is another expression of natural equality since the foresight of replication induces care into research. The publication of previously unpublished correspondence and documentation allows the reader to judge recent controversy.Trade Review'This wonderfully documented study of the Virginia School of economics provides important insights into an economics that might have been, and should be.' Dave Colander, Middlebury College, Vermont'Historians of Economic Thought extraordinaire David M. Levy and Sandra J. Peart provide an essential contribution in understanding the intellectual history of public choice theory and constitutional economics. In addition to providing a compendium of original sources that trace the dynamics of the Virginia School, Levy and Peart provide a sympathetic but not uncritical account of the evolution of thinking of leading members of the school.' Steven Durlauf, Steans Professor, University of Chicago'Levy and Peart provide a fascinating exposition of the importance to economics of the idea of the innate equality of individuals, with implications that range from promoting racial equality to questioning the right of economists to be all-knowing and all-powerful policy advisers. This book could hardly be more timely in our current political and intellectual crisis.' William Easterly, New York University'Precursors and initiators of public choice engaged in debate with propagators of mainstream views. Through documentation of the writings and correspondence of the leading figures, this book provides a splendid statement of how ideas of public choice were developed and what the arguments of opponents were, and might still be.' Arye L. Hillman, Bar-Ilan University, Israel'Read Levy and Peart's documentary history of the Virginia School of Buchanan-Coase-Tullock, and appreciate the perils of academic innovation in economics.' Vernon L. Smith, Chapman University and 2002 Nobel Laureate in Economics'The subtlety in this work combined with their mastery of the historical context of the exchanges is beyond compare.' Peter Boettke, Coordination Problem (www.coordinationproblem.org)'… Peart and Levy's is an insightful work, where the history of ideas and institutions, in the postwar American economists and social scientists' communities, are explored in detail.' Gianluca Damiani, History of Economic Ideas'David Levy and Sandra Peart are reputed for writing this kind of book. One always learn a lot by reading their work. This one is no exception … a major achievement …' Alain Marciano, The European Journal of the History of Economic ThoughtTable of Contents1. Why the Virginia School of Political Economy matters; 2. James Buchanan and the return to an economics of natural equals; 3. 'Almost wholly negative': an early reaction to the Virginia School; 4. 'The economics of Universal Education' and after: from Friedman to Rawls; 5. Virginia political economy and public choice economics; 6. The individuals and their connections; 7. The role of the Earhart Foundation in the Early Virginia School; 8. The early Virginia School and the anti-democratic right; 9. Neoliberalism, the Virginia School, and the Geldard Report; 10. Conclusion: should the Virginia School be restored?

Read more less

Book SynopsisPreface PART I: INTRODUCTION AND BACKGROUND Introduction Economics Without Ethics? Approaches to Ethics and Justice PART II: ETHICAL VALUES, INDIVIDUAL BEHAVIOR AND SOCIAL INTERACTIONS Individuals, Norms and Ethical Values Social Interactions and Ethical Values Markets and Ethical Values PART III: ETHICAL ISSUES FOR EVALUATING ECONOMICS AND ECONOMIC POLICY ANALYSIS The Morality of Markets and Government Intervention Individual Preferences, Efficiency and Cost-Benefit Analysis Production, Income and Growth Fairness, Distribution and Equality PART IV: APPLICATIONS AND CONCLUSION Ethics and Applied Economics Conclusion References IndexTrade Review"Within its chosen frame of reference the authors have made a substantial contribution." - Economic & Political Weekly "Dutt and Wilber provide a compact yet comprehensive introduction to economics and ethics that thoroughly engages neoclassical economics, distinguishes different approaches to ethics, and discusses such fundamental issues as justice and equality. This is an excellent book, and is highly recommended for teaching and as a resource for scholars." - John B. Davis, Marquette University and University of Amsterdam ''This is a good and helpful introduction to the normative dimensions of economic theory and policy.'' - Albino Barrera, Providence College 'Wilber and Dutt bring a wealth of knowledge and humanity to the task of revitalizing the art of economics. This book provides a nuanced and timely account of the importance of ethics to our understanding of economics and public policies. The reader is in thoughtful and trustworthy hands.' - Jonathan B. Wight, Professor of Economics at the University of RichmondTable of ContentsPreface PART I: INTRODUCTION AND BACKGROUND Introduction Economics Without Ethics? Approaches to Ethics and Justice PART II: ETHICAL VALUES, INDIVIDUAL BEHAVIOR AND SOCIAL INTERACTIONS Individuals, Norms and Ethical Values Social Interactions and Ethical Values Markets and Ethical Values PART III: ETHICAL ISSUES FOR EVALUATING ECONOMICS AND ECONOMIC POLICY ANALYSIS The Morality of Markets and Government Intervention Individual Preferences, Efficiency and Cost-Benefit Analysis Production, Income and Growth Fairness, Distribution and Equality PART IV: APPLICATIONS AND CONCLUSION Ethics and Applied Economics Conclusion References Index

Read more less

Book SynopsisAn indispensable roadmap for creating a successful investment program from Yale’s chief investment officer, David F. Swensen.In the years since the now-classic Pioneering Portfolio Management was first published, the global investment landscape has changed dramatically -- but the results of David Swensen''s investment strategy for the Yale University endowment have remained as impressive as ever. Year after year, Yale''s portfolio has trumped the marketplace by a wide margin, and, with over $20 billion added to the endowment under his twenty-three-year tenure, Swensen has contributed more to Yale''s finances than anyone ever has to any university in the country. What may have seemed like one among many success stories in the era before the Internet bubble burst emerges now as a completely unprecedented institutional investment achievement. In this fully revised and updated edition, Swensen, author of the bestselling personal finance guide Unconve

Read more less

Book Synopsis0 Introduction.- I: Linear Programming.- 1 Geometric Linear Programming.- 2 The Simplex Algorithm.- 3 Noncanonical Linear Programming Problems.- 4 Duality Theory.- II: Applications.- 5 Matrix Games.- 6 Transportation and Assignment Problems.- 7 Network-Flow Problems.- APPENDIX A Matrix Algebra.- APPENDIX B Probability.- Answers to Selected Exercises.Table of Contents0 Introduction.- I: Linear Programming.- 1 Geometric Linear Programming.- §0. Introduction.- §1. Two Examples: Profit Maximization and Cost Minimization.- §2. Canonical Forms for Linear Programming Problems.- §3. Polyhedral Convex Sets.- §4. The Two Examples Revisited.- §5. A Geometric Method for Linear Programming.- §6. Concluding Remarks.- Exercises.- 2 The Simplex Algorithm.- §0. Introduction.- §1. Canonical Slack Forms for Linear Programming Problems; Tucker Tableaus.- §2. An Example: Profit Maximization.- §3. The Pivot Transformation.- §4. An Example: Cost Minimization.- §5. The Simplex Algorithm for Maximum Basic Feasible Tableaus.- §6. The Simplex Algorithm for Maximum Tableaus.- §7. Negative Transposition; The Simplex Algorithm for Minimum Tableaus.- §8. Cycling.- §9. Concluding Remarks.- Exercises.- 3 Noncanonical Linear Programming Problems.- §0. Introduction.- §1. Unconstrained Variables.- §2. Equations of Constraint.- §3. Concluding Remarks.- Exercises.- 4 Duality Theory.- §0. Introduction.- §1. Duality in Canonical Tableaus.- §2. The Dual Simplex Algorithm.- §3. Matrix Formulation of Canonical Tableaus.- §4. The Duality Equation.- §5. The Duality Theorem.- §6. Duality in Noncanonical Tableaus.- §7. Concluding Remarks.- Exercises.- II: Applications.- 5 Matrix Games.- §0. Introduction.- §1. An Example; Two-Person Zero-Sum Matrix Games.- §2. Linear Programming Formulation of Matrix Games.- §3. The Von Neumann Minimax Theorem.- §4. The Example Revisited.- §5. Two More Examples.- §6. Concluding Remarks.- Exercises.- 6 Transportation and Assignment Problems.- §0. Introduction.- §1. An Example; The Balanced Transportation Problem.- §2. The Vogel Advanced-Start Method (VAM).- §3. The Transportation Algorithm.- §4. Another Example.- §5. Unbalanced Transportation Problems.- §6. The Assignment Problem.- §7. Concluding Remarks.- Exercises.- 7 Network-Flow Problems.- §0. Introduction.- §1. Graph-Theoretic Preliminaries.- §2. The Maximal-Flow Network Problem.- §3. The Max-Flow Min-Cut Theorem; The Maximal-Flow Algorithm.- §4. The Shortest-Path Network Problem.- §5. The Minimal-Cost-Flow Network Problem.- §6. Transportation and Assignment Problems Revisited.- §7. Concluding Remarks.- Exercises.- APPENDIX A Matrix Algebra.- APPENDIX B Probability.- Answers to Selected Exercises.

Read more less

Book SynopsisThis text is concerned with Bayesian learning, inference and forecasting in dynamic environments.Table of Contentsto the DLM: The First-Order Polynomial Model.- to the DLM: The Dynamic Regression Model.- The Dynamic Linear Model.- Univariate Time Series DLM Theory.- Model Specification and Design.- Polynomial Trend Models.- Seasonal Models.- Regression, Autoregression, and Related Models.- Illustrations and Extensions of Standard DLMs.- Intervention and Monitoring.- Multi-Process Models.- Non-Linear Dynamic Models: Analytic and Numerical Approximations.- Exponential Family Dynamic Models.- Simulation-Based Methods in Dynamic Models.- Multivariate Modelling and Forecasting.- Distribution Theory and Linear Algebra.

Read more less