Economic theory and philosophy Books

Book SynopsisThis is the first book to describe the entire developmental history of the human aspects of economics. The issue of “self-interest” is discussed throughout, from pre-Adam Smith to contemporary neuroeconomics, representing a unique contribution to economics. Though the notion of self-interest has been interpreted in several ways by various schools of economics and economists since Smith first placed it at the heart of the field, this is the first book to focus on this important but overlooked topic. Traditionally, economic theory has presupposed that the core of human behavior is self-interest. Nevertheless, some economists, e.g. recent behavioral economists, have cast doubt on this “self-interested” explanation. Further, though many economists have agreed on the central role of self-interest in economic behavior, each economist’s positioning of self-interest in economic theory differs to some degree. This book helps to elucidate the position of self-interest in economic theory. Given its focus, it is a must-read companion, not only on the history of economic thought but also on economic theory. Furthermore, as today’s capitalism is increasingly causing people to wonder just where self-interest lies, it also appeals to general readers.Trade Review“My overall opinion of this edited volume is positive. The majority of the papers in this book are very interesting and appealing for most historians of economics. There are also papers that will be of interest to economic methodologists and philosophers of economics. Some of the chapters can certainly initiate further research … . In view of the current debate concerning the role of self-interest by economists and other social scientists, this book is a valuable and necessary addition.” (Stavros A. Drakopoulos, Erasmus Journal for Philosophy and Economics, Vol. 16 (1), 2023)Table of ContentsIntroductuion.- 1. Adam Smith on self-interest.- 2. Jeremy Bentham on self-interest.- 3. John Stuart Mill on self-interest and the assumption of economic theories.- 4. Leon Walras’ idea of human nature and theory of property: free exchange, communism, and association.- 5. Self-interest in Marshall’s economic thinking.- 6. Otto Neurath’s theory of felicitology and socialization: the meaning of physicalism in social sciences.- 7. On the innate selfishness of evaluation in Mises.- 8. Frank Knight on self-interest.- 9. Karl Polanyi’s motive of economy and institution.- 10. Schrödinger’s concept of economy and institution.- 11. Hayek on interest- the finding of rules on Great Society.- 12. Altruism: how economists have dealt with unselfish actions.- 13. Can agent based modeling realize Adam Smith’s perspective?.- 14. Are social preferences just “enlightened” self-interests after all?-Three non-reductivist responses from behavioral economics in practice.- 15. Homo economic us under multiple pressures: Economics, other disciplines, and social reality.

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Book SynopsisA classic returns. The third edition of The Making of Economics appeared in 1987. Now, in a major revision, Ray Canterbery brings the book right up to date with new chapters on the 'casino economy' (a term the author invented to describe an economy driven by making money with money rather than focusing on real production, now overtaken by reality), Joseph Schumpeter, globalization, and general equilibrium. Canterbery retains the engaging flavor of the earlier editions by covering the times and ideas of the major economists, such as Smith, Ricardo, Malthus, Mill, and Marshall, while giving ample ink to the remarkable dissidents - Marx, Veblen, Galbraith, Heilbroner, and other 'radicals'. Canterbery again unmasks a traditional economics eschewing value judgements but itself standing on hidden ones even as he traces its origins to Isaac Newton's idea of an orderly universe. Personal references relate the great economists' ideas to the societies in which they lived, making the historical figures really come alive. Economics is displayed as a developing discipline, a discipline still evolving.This book is also available as a .Table of ContentsThe Ethics of Adam Smith and for Economic Systems The Feudal Order The Slow Evolution of the Market Economy Isaac Newton and the Economics Paradigm Adam Smith and the Market Economy The Industrial Revolution: Caught Between Hedonism (Bentham) and the Clerical View (Malthus) David Ricardo Engages Malthus in a Memorable Debate John Stuart Mill: The Last of the Classicals Alfred Marshall and Victorian Virtue The "American Dream" and Other "Optimal Conditions" John Maynard Keynes and the Bloomsbury Group Confront the Aftermath of the Great War John Maynard Keynes Takes on the Great Depression The Founding of Political Economy

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Book SynopsisThis textbook provides a calculus-based introduction to economics. Students blessed with a working knowledge of the calculus will find that this text facilitates their study of the basic analytical framework of economics. The textbook examines a wide range of micro and macro topics, including prices and markets, equity versus efficiency, Rawls versus Bentham, accounting and the theory of the firm, optimal lot size and just in time, monopoly and competition, exchange rates and the balance of payments, inflation and unemployment, fiscal and monetary policy, IS-LM analysis, aggregate demand and supply, speculation and rational expectations, growth and development, exhaustible resources and over-fishing. While the content is similar to that of conventional introductory economics textbook, the assumption that the reader knows and enjoys the calculus distinguishes this book from the traditional text.

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Book SynopsisThis textbook provides a calculus-based introduction to economics. Students blessed with a working knowledge of the calculus will find that this text facilitates their study of the basic analytical framework of economics. The textbook examines a wide range of micro and macro topics, including prices and markets, equity versus efficiency, Rawls versus Bentham, accounting and the theory of the firm, optimal lot size and just in time, monopoly and competition, exchange rates and the balance of payments, inflation and unemployment, fiscal and monetary policy, IS-LM analysis, aggregate demand and supply, speculation and rational expectations, growth and development, exhaustible resources and over-fishing. While the content is similar to that of conventional introductory economics textbook, the assumption that the reader knows and enjoys the calculus distinguishes this book from the traditional text.

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Book SynopsisThe compendium of papers in this volume focuses on aspects of economic uncertainty, financial instabilities and asset bubbles.Economic uncertainty is modeled in continuous time using the mathematical techniques of stochastic calculus. A detailed treatment of important topics is provided, including the existence and uniqueness of asymptotic economic growth, the modeling of inflation and interest rates, the decomposition of inflation and its volatility, and the extension of the quantity theory of money to allow for randomness.The reader is also introduced to the methods of chaotic dynamics, and this methodology is applied to asset pricing, the European equity markets, and the multi-fractality in foreign currency markets.Since the techniques of stochastic calculus and chaotic dynamics do not readily accommodate the presence of stochastic bubbles, several papers discuss in depth the presence of financial bubbles in asset prices, and econometric work is performed to link such bubbles to monetary policy.Finally, since bubbles often burst rather than deflate slowly, the last section of the book studies the crash of October 1987 as well as other crashes of national equity markets due to the Persian gulf crisis.Table of Contents# Asymptotic Growth under Uncertainty: Existence and Uniqueness (F-R Chang & A G Malliaris) # Interest Rates and Inflation: A Continuous-time Stochastic Approach (A G Malliaris & M E Malliaris) # Decomposition of Inflation and Its Volatility: A Stochastic Approach (A G Malliaris & M E Malliaris) # Methodological Issues in Asset Pricing: Random Walk or Chaotic Dynamics (A G Malliaris & J L Stein) # European Stock Market Fluctuations: Short and Long Term Links (A G Malliaris & J L Urrutia) # Are There Rational Bubbles in the US Stock Market? Overview and a New Test (R Bhar & A G Malliaris) # Monetary Policy and the US Stock Market (M D Hayford & A G Malliaris) # The Impact of the Persian Gulf Crisis on National Equity Markets (A G Malliaris & J L Urrutia) # Equity and Oil Markets under External Shocks (J L Urrutia & A G Malliaris) # and other papers

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Book SynopsisGeneral Equilibrium Theory studies the properties and operation of free market economies. The field is a response to a series of questions originally outlined by Leon Walras about the operation of markets and posed by Frank Hahn in the following way: ‘Does the pursuit of private interest, through a system of interconnected deregulated markets, lead not to chaos but to coherence — and if so, how is that achieved?’ This is always an apt question, but particularly so given the ‘Global Financial Crisis’ that emerged from the operation of market economies in the Americas and Europe in mid to late 2008.The answer that General Equilibrium Theory provides to the Walras-Hahn question is that, under certain conditions coherence is possible, while under certain other conditions chaos, in various forms, is likely to prevail. The conditionality of either outcome is not always well understood — neither by proponents of, or antagonists to, the ‘free market position’. Consequently, this book attempts to show something of what General Equilibrium Theory has to say about the wisdom or otherwise of always relying on ‘market forces’ to manage complex socio-economic systems.Table of ContentsThe General Equilibrium Vision; Existence of Equilibrium; Uniqueness of Equilibrium; Stability of Equilibrium; Optimality of Equilibrium; Comparative Statics; Empirical Evidence.

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Book SynopsisVolume II in The Making of Economics, 4th Edition series fills a major gap in the literature of economics, providing in brief fashion a complete treatment of high theory in economics. Like Volume I, the book is accessible to the intelligent reader, be they advanced undergraduate or graduate students, laypeople, or professors of economics and finance. The author walks the reader through the maze of contemporary economics, acquainting them with the most up-to-date theories as well as recent economic history. The learning tasks are eased by volleys of examples as well as dramatic illustrations. The progression is from neoclassical Keynesian economics to monetarism, continuing with mathematical economics and econometrics, the theory of economic growth, the new classical economics, game theory, experimental economics, and global economics. For example, common threads between Smithian classical economics and new classical economics are woven into the fabric of discussions directing the way to the higher theory. The new chapters on mathematics and econometrics, game theory, experimental economics, and globalization are not to be found in other surveys of what the author calls the ';Modern Superstructure of Economics.'; Although designed to be used with Volume I, it can also stand alone as a text or textbook supplement for a wide range of courses in economics and finance.This book is also available as a .Table of ContentsThe Neoclassical Keynesians; The Monetarists; The Era of Positive Economics; The Rise of Mathematics and Econometrics; The Neoclassical Theory of Economic Growth; The New Classicals; The Ascendency of General Equilibrium; Game Theory: An Introduction; Experimental Economics; Globalization; Prospects for the Future.

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Book SynopsisThis book brings together the authors' joint papers from over a period of more than twenty years. The collection includes seven papers, each of which presents a novel and rigorous model in Economic Theory.All of the models are within the domain of implementation and mechanism design theories. These theories attempt to explain how incentive schemes and organizations can be designed with the goal of inducing agents to behave according to the designer's (principal's) objectives. Most of the literature assumes that agents are fully rational. In contrast, the authors inject into each model an element which conflicts with the standard notion of full rationality, demonstrating how such elements can dramatically change the mechanism design problem.Although all of the models presented in this volume touch on mechanism design issues, it is the formal modeling of bounded rationality that the authors are most interested in. A model of bounded rationality signifies a model that contains a procedural element of reasoning that is not consistent with full rationality. Rather than looking for a canonical model of bounded rationality, the articles introduce a variety of modeling devices that will capture procedural elements not previously considered, and which alter the analysis of the model.The book is a journey into the modeling of bounded rationality. It is a collection of modeling ideas rather than a general alternative theory of implementation.

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Book SynopsisThis book is written as a sequel to John Kenneth Galbraith's The Affluent Society, and provides a theoretical framework, for the first time, for surpra-surplus capitalism.Conventional economics has the income and wealth distributions as 'givens'. This assumption immediately excludes such distributions from economic and social concern. Occasionally, economists such as Kenneth Boulding and even earlier, Michal Kalecki, have attempted to develop alternative perspectives in which such distributions are integral to the story and therefore have implications for public policy. At the same time, conventional microeconomics is a theory of price only in which economic efficiency (in an engineering sense) is the only value to be optimized. The income or wealth distributions are given as constraints. Mathematically, the constraints thereafter become invisible; they have no further role to play. The choices that are presumed to be made are neither inhibited nor facilitated by a household's position in the income or wealth distributions.This volume will explore problems with conventional theory and policy, but its main thrust comprises a theory of supra-surplus capitalism, applicable to both developed and developing countries, and its relation to inequalities worldwide.

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Book SynopsisWhy are some nations rich and others poor? Why do the citizens of some countries lead a happy, prosperous life while others struggle in terrible want?This book takes the reader through the eventful life journey of one of Singapore's best known economists and educators, Professor Lim Chong Yah. Born in Malacca, the author planted tapioca to feed himself and his family, caught fish in paddy fields and was thrown in jail as a 10-year-old during the war. He fought to win a Commonwealth scholarship to get a decent education, met the love of his life at a Chinese New Year party, became a Professor at two of the best universities in Asia, and went on to write one the most widely-used economics textbooks of the time, Elements of Economic Theory.At 84, Lim Chong Yah is as feisty, indomitable and curious as when he was a small, cheeky boy catching fighting fish in those paddy fields. And he still asks the fundamental question of how each of us can make a difference.

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Book SynopsisThis book examines the field of behavioral economics and provides insights into the following questions:The book looks at decision making and behavior from the point of view of (i) individual behavior and choice; (ii) group and interactive choice; and (iii) collective choices and decision making. In particular, it covers the following aspects: instances when bounded rationality leads to decisions inconsistent with standard economic assumptions; risk and the processes by which investors and consumers make decisions; altruistic and cooperative behavior as alternatives to competition; game theory as a way to explore motives of cooperation versus competition; the determinants of happiness and the relationship between utility and well-being; the concept of social capital, including motivations for charity and being a responsible citizen; how trust and fairness relate to economic actions and the motivation to cooperate rather than compete; behavior such as crime, corruption and bribery from ethical, social and economic viewpoints; and, finally, the decision making process of collective choice and how societies develop rules for governing themselves.This is the first book to bridge economics, psychology, sociology and political sciences and explain the nuanced subtleties of decision making.

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Book SynopsisThis book provides readers with a comprehensive survey of models of dynamic games in economics, including an extensive coverage of numerous fields of applications. It will also discuss and explain main concepts and techniques used in dynamic games, and inform readers of its major developments while equipping them with tools and ideas that will aid in the formulation of solutions for problems. A Survey of Dynamic Games in Economics will interest those who wish to study more about the conceptions, approaches and models that are applied in the domain of dynamic games.

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Book SynopsisThis book provides the most important publications of John D Hey over his almost 50-year career in academia, concentrating primarily on his publications in the field of experimental economics. This is a field that has grown dramatically over the last 30 years, and John D Hey has contributed significantly to its growth and development. The papers included in this volume cover the whole range from individual decision making, both static and dynamic under risk and uncertainty, through games, bargaining and auctions, to markets. The author has contributed in all these fields, and has pioneered much new methodology.

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Book SynopsisThe theme of circular causation has nascent origin in the field of sociology of economics with vast development applications and with epistemological issues on modeling in the framework of the phenomenon of pervasive interconnectedness. Thus the sociological theme of epistemic unity of knowledge grounds the theory and application of the theory and models of circular causation to the vast realm of socioeconomic development issues.The theory and application of circular causation has methodological similarities with Gunnar Myrdal's theory of social causation and Joseph Schumpeter's and Hayek's learning models of evolutionary phenomena. One can re-engineer many important works by sociological economists in and by the methodology of circular causation. Among these other important works are capabilities and functioning by Amartya Sen; John Rawls' evolutionary good society aspiring for social justice; adaptation of Ilya Prigogine's theory of being and becoming to social, economic and development phenomenon; and George Soros' theory of reflexivity in history and financial markets. The proponent of this book has pioneered the area of theory and application of circular causation extensively.

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Book SynopsisThis book provides a comprehensive overview, in the form of eight long essays, of the evolution of monetary theory over the three-quarters of century, from the time of Keynes to the present day. The essays are originally based on lecture notes from a graduate course on Advanced Monetary Economics offered at York University, Toronto, written in the style of academic papers. The essays are mathematical in method — but also take a historical perspective, tracing the evolution of monetary thought through the Keynesian model, the monetarist model, new classical model, etc, up to and including the neo-Wickesellian models of the early 21st century. The book will be an essential resource for both graduate and advanced undergraduate students in economics, as well as for individual researchers seeking basic information on the theoretical background of contemporary debates.Table of ContentsVariations on the Theme of the Quantity Theory of Money; Keynes, Samuelson, Hicks, and Keynesian EconomicsA"; The Visible HandA" at the Macroeconomic Level; Long-Run Models of Monetary Growth; Wicksellian and Neo-Wicksellian Monetary Models; Mathematical Optimization and Monetary Economics; Non-Monetary Theories of Economic Growth; Endogenous Money, Economic Growth, Inflation and Income Distribution.

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Book SynopsisThis book provides readers with a comprehensive survey of models of dynamic games in economics, including an extensive coverage of numerous fields of applications. It will also discuss and explain main concepts and techniques used in dynamic games, and inform readers of its major developments while equipping them with tools and ideas that will aid in the formulation of solutions for problems. A Survey of Dynamic Games in Economics will interest those who wish to study more about the conceptions, approaches and models that are applied in the domain of dynamic games.Table of ContentsKey Concepts in Dynamic Games; Open-Loop Nash Equilibrium and Feedback Nash Equilibrium; Dynamic Open-Loop and Feedback Stackelberg Equilibrium; Applications in Industrial Organization: Capital Accumulation Games, R&D Races, Pre-Empting, Price and Quantity Competition with Adjustment Costs, Games Among Internet Services Providers; Applications in Public Economics: Dynamic Contribution to a Public Good, Discrete Public Goods Games, Reputation Building in a Federal System, Dynamic Redistributive Taxation, Building-Up of Trust Among Selfish Agents; Applications to Environmental Economics: Trans-Boundary Pollution Games, Global Warming Games; Applications to Resource Economics: Fishery Games, Natural Resource Oligopoly, Tariffs on Exhaustible Resources; Applications to International Economics: Dynamic Games of Foreign Aids, Dynamic Optimal Tariff and Retaliation; Applications to Development Economics: Capital Flights, Dynamic Grabbing, Corruption Games Among Status-Conscious Agents.

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Book SynopsisThe book presents an axiomatic approach to the problems of prediction, classification, and statistical learning. Using methodologies from axiomatic decision theory, and, in particular, the authors' case-based decision theory, the present studies attempt to ask what inductive conclusions can be derived from existing databases. It is shown that simple consistency rules lead to similarity-weighted aggregation, akin to kernel-based methods. It is suggested that the similarity function be estimated from the data. The incorporation of rule-based reasoning is discussed.Table of ContentsCase-Based Decision Theory; Act Similarity in Case-Based Decision Theory; A Cognitive Foundation of Probability; Inductive Inference: An Axiomatic Approach; Expected Utility in the Context of a Game; Subjective Distributions; Probabilities as Similarity-Weighted Frequencies; Fact-Free Learning; Empirical Similarity; Axiomatization of an Exponential Similarity Function; On the Definition of Objective Probabilities by Empirical Similarity; Likelihood and Simplicity: An Axiomatic Approach.

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Book SynopsisForeword by Eric Maskin (Nobel Laureate in Economics, 2007)This book is a collection of articles written by the two authors on the topic of equality of opportunity. All articles build on the idea that a just society should equalize the resources that determine the opportunities agents face in order to follow their goals. Resources are either external, like financial resources, or internal, like preferences or skills. The authors propose to define “equality of opportunity” as the combination of ethical principles of compensation and responsibility. The principle of compensation requires external resources to be used to compensate low-skilled agents (considering that inequalities due to skill differences are unjust). The principle of responsibility requires external resources to be allocated without regards to inequalities due to differences in preferences (considering that these inequalities are not unjust). The articles present different ways of combining the two principles in different economic contexts.The book offers many possible aspects of the analysis of equality of opportunity, ranging from axiomatic discussions in abstract compensation models, to the design of redistribution policies in concrete labor income taxation models.Table of ContentsIntroduction; The Pure Compensation Problem; On Fair Compensation; Three Solutions for the Compensation Problem; On the Equivalence Between Welfarism and Equality of Opportunity; Unequal Earning Abilities and Income Redistribution; Fair Allocation with Unequal Production Skills: The No-Envy Approach to Compensation; Cooperative Production with Unequal Skills: The Solidarity Approach to Compensation; An Equal Right Solution to the Compensation-Responsibility Dilemma; Fair Social Orderings When Agents Have Unequal Production Skills; Fair Income Tax; Help the Low Skilled, or Let the Hardworking Thrive? A Study of Fairness in Optimal Income Taxation; Kolm's Tax, Tax Credit and the Flat Tax.

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Book SynopsisForeword by Eric Maskin (Nobel Laureate in Economics, 2007)This volume brings together the collected contributions on the theme of robust mechanism design and robust implementation that Dirk Bergemann and Stephen Morris have been working on for the past decade. The collection is preceded by a comprehensive introductory essay, specifically written for this volume with the aim of providing the readers with an overview of the research agenda pursued in the collected papers.The introduction selectively presents the main results of the papers, and attempts to illustrate many of them in terms of a common and canonical example, namely a single unit auction with interdependent values. It is our hope that the use of this example facilitates the presentation of the results and that it brings the main insights within the context of an important economic mechanism, namely the generalized second price auction.Table of ContentsMechanism Design; Game Theory; Auction Theory; Implementation; Private Information; First and Higher-Order Belief; Bayes-Nash Equilibrium; Ex Post Equilibrium; Rationalizability; Vickrey-Clarke-Groves Mechanisms; Private Value; Interdependent Value; Common Value; Belief-Free Mechanisms.

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Book SynopsisWith Foreword by Michael PorterFollowing the success of the First Edition published in 2000, this extended edition of From Adam Smith to Michael Porter: Evolution of Competitiveness Theory provides a thorough explanation of the evolution of international competitiveness theories and their economic and strategic implications. The theories range from classical theories such as Adam Smith's theory of absolute advantage, to new theories such as Michael Porter's diamond model. Professor Cho and Professor Moon have updated their research with their latest theoretical advancements, such as the double-diamond-based nine factor model, and MASI (Measure, Analyze, Stimulate, and Implement) model.This newly revised volume is suitable for International Economics, Business Strategy, and International Business courses on both the graduate and upper-division undergraduate levels. Policy makers and corporate managers will also find useful implications from this book's systematic integration and application of important competitiveness models.Table of ContentsFrom Adam Smith to Michael Porter: Traditional Model: Theory; Traditional Model: Debate; New Model: Theory; New Model: Debate; Michael Porter and Theoretical Extensions: Extended Model (1): The Generalized Double Diamond Model; Extended Model (2): The Nine-Factor Model; Extended Model (3): Double Diamond-Based Nine-Factor Model; Methodology for National Competitiveness Analysis; Michael Porter and Practical Extensions: Application: Firm Level; Application: Industry Level; Application: National Level; Application: Other Areas.

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Book SynopsisWith Foreword by Michael PorterFollowing the success of the First Edition published in 2000, this extended edition of From Adam Smith to Michael Porter: Evolution of Competitiveness Theory provides a thorough explanation of the evolution of international competitiveness theories and their economic and strategic implications. The theories range from classical theories such as Adam Smith's theory of absolute advantage, to new theories such as Michael Porter's diamond model. Professor Cho and Professor Moon have updated their research with their latest theoretical advancements, such as the double-diamond-based nine factor model, and MASI (Measure, Analyze, Stimulate, and Implement) model.This newly revised volume is suitable for International Economics, Business Strategy, and International Business courses on both the graduate and upper-division undergraduate levels. Policy makers and corporate managers will also find useful implications from this book's systematic integration and application of important competitiveness models.Table of ContentsFrom Adam Smith to Michael Porter: Traditional Model: Theory; Traditional Model: Debate; New Model: Theory; New Model: Debate; Beyond Michael Porter: Theoretical Part: Extended Model 1: The Generalized Double Diamond Model; Extended Model 2: The Nine-Factor Model; Extended Model 3: Double Diamond based Nine-Factor Model; Methodology for National Competitiveness Analysis; Beyond Michael Porter: Practical Part: Application: Firm Level; Application: Industry Level; Application: National Level; Application: Other Areas (Cluster, Culture, etc).

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Book SynopsisThe goal of “Inclusive Economics” is to tie together various authoritative strands of contemporary economic theory into an easily comprehensible whole that illuminates the need for a broader approach to contemporary economic policymaking undistorted by obsolete 18th century rationalist assumptions about utility, ethics, worthiness and traditional culture. This is accomplished by elaborating the rationalist competitive ideal along the optimizing lines pioneered by Paul Samuelson (neoclassical economics); plumbing modifications necessitated by Herbert Simon's realist concepts of “bounded rationality” and “satisficing”; refined further by applying a pragmatist outlook to probe the consequences of relaxing Enlightenment teleological, ethical, spiritual and cultural taboos. The exercise will explain why competitive market economies guided by rational utility-seeking invariably are less productive, efficient, just and beneficent than most theorists concede, and will illuminate the full range of interventions needed to achieve better outcomes. We call this program in its entirety “Inclusive Economics”, including the integration of micro and macroeconomics.Table of ContentsIntroduction; Idealist Economics: Rational Utilitarianism; Competitive Ideal; Realist Economics: Bounded Rationality; Consumer Behavior; Production and Cost; Aggregation; Governance; Macroeconomics; Institutions; Economic Systems; Political Economy; Democracy; Inclusive Economics: Rational Management; Instinct; Psycho-economic Realism; Applications: Wellbeing; Merit; Policy.

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Book SynopsisThe global financial crisis of 2008 was resolved over the course of two years after the collapse of the US housing bubble, but the world economy did not vigorously rebound as expected. The West has been torpid, while Asian economic vitality has steadily waned. These developments have been diversely interpreted and authorities have responded with a series of institutional reforms and policy fixes, without coming to grips with accumulating national debts, the kinds of speculative practices that caused the financial crisis, and the inadequacies of neoclassical and Keynesian macroeconomic explanations.Global Economic Turmoil and the Public Good presents the cumulative research of both authors. It updates the readers on global economic developments since 2008, while providing a concise, yet comprehensive survey of the causes and protracted consequences of the 2008 financial crisis. The book explains the global financial disequilibrium and catastrophic crisis risks; surveys and appraises institutional reforms designed to reinvigorate growth and ameliorate financial crisis risk; and proposes specific actions which will prevent another global financial crisis and its economic fallout.

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Book SynopsisJohn Maynard Keynes' response to the extreme distress of the early years of the Great Depression produced The General Theory, which represented an overhaul of the macroeconomics inherited by his generation. The economic upheaval (including the Great Recession) since 2008 raised serious doubts about the relevance of economics as it had come to be formulated and taught by the beginning of this century. While numerous books and articles have addressed the current distress of economies through contributions to specific parts of macroeconomics, none has offered an attractive alternative that represents a general overhaul of the macroeconomics inherited by the current generation. A Reformulation of Keynesian Economic does so, and provides a modern integrated version of macroeconomics for the modern economies as they function.This book's many insights and innovations include: discarding the classical concepts of the long run and the short run in favour of the behavioural concepts of the planning period (the long term) and the short term (the operating period); discarding the exogenous production function in favour of an endogenous one; distinguishing between the short-term and the long-term production functions; replacing the dynamic stochastic notional general equilibrium (DSGE) approach for the short term by a more general one that permits effective equilibrium and disequilibrium in specific markets; and, a reformulation of the financial sector analysis and of the Keynesian business cycle theory.This thoroughgoing revision of macroeconomics is must-read for macroeconomists, policymakers and graduate students. It can even be used as a textbook by instructors who question the inherited orthodoxy built around the DSGE model and are looking for an alternative formulation of macroeconomics.Table of ContentsIntroduction; The Reformulation of Macroeconomics - Main Elements; The Production Sector; The Labour Market; Aggregate Demand and Labour Supply; The Financial Sector; A Reformulation of the Expectations Hypothesis for Keynesian Economics; A Reformulation of the Keynesian Business Cycle Theory; Summary and Conclusions;

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Book SynopsisJohn Stuart Mill: Political Economist is a revised version of the part of Samuel Hollander's The Economics of John Stuart Mill (1985) treating the theory of economic policy. In this book, Professor Hollander offers a critical yet sympathetic analysis of Mill's quest to accomplish thorough reform of capitalism in the interest of distributive justice while protecting the security of property and contemplating the potential evolution of capitalism into cooperative organization. Part I of the book serves as an introduction to the investigation of Mill's theory of economic policy; Parts II and III include Mill's primary policy recommendations; while Part IV adds a substantial 'Overview and Evaluation' reviewing the author's main conclusions. A major concern is Mill's perception of the composition of the 'greatest number' whose interests are to be considered by policy-makers; here arises his attitude towards British Imperialism. The author then undertakes thematic comparisons between the positions of Mill and those of Smith, Ricardo, Malthus, Marx and Bernstein; and closes with a rejection of the celebrated criticism of Mill's 'liberalism' by Friedrich Hayek.Table of ContentsEconomic Theory and Policy; The 'Greatest Happiness' Principle; Social Organization; The Market and the State; Welfare; Property Rights, Land Reform, and Public Finance; Stabilization; The Utilitarian Maximand I: Value Judgments; The Utilitarian Maximand II: On Imperialism and Related Issues; The Intellectual Context I: Thematic Comparisons; The Intellectual Context II: Hayek and Mill; Appendices: An Exercise in Deductive Method: Agricultural Protection; Administrative Recommendations: Public Health and Poor Relief; On the Education Act 1870: The Denominational Problem; Hayekian Intervention Elaborated and Mill Parallels;

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Book SynopsisThis book provides a comprehensive overview of the fruitful achievement of China's Quantitative Economics during the past 30 years, assembling pioneering contributions of prominent quantitative economists in China. It chronicles significant events and the detailed evolution of Quantitative Economics in China. This well-organized book is a must-have for scholars to get a full picture of the status quo, and identify possible research gaps.Table of ContentsSeveral Issues to Consider in Quantitative Economics; Three Issues in Quantitative Economics; Several Major Theoretical Issues in Quantitative Economics; An Empirical Study on the Mutual Independent Relationship between China's Economic Growth and Energy Consumption; Game Theory and Quantitative Economics; Application and Development of Input-output Analysis in China; Three Developmental Stages and Tasks of China's Econometrics; A Review on the Development of Economic Prediction in China; A Review of Economic Forecast for 10 Years in China; One-way Effect Causal Relationship of GDP and Energy Consumption in Taiwan; The Record of Major Events of Chinese Association of Quantitative Economics for 30 Years (1979-2009); The Brief History of the Development of Professional Committee of Game Theory; The Memorabilia of Input-output Committee; The Memorabilia of Enterprise Committee (1985-1997); A Summary of Minutes for Commemoration of Chinese Association of Quantitative Economics was Established for 30 Years; The Selecting Edit of the Speech on the 30th Anniversary Commemoration of the Founding of Chinese Association of Quantitative Economics; The Course of Establishing and Development of Chinese Association of Quantitative Economics; A Review of Chinese Association of Quantitative Economics for 30 Years; Remembrance of Workshop in Summer Palace; Postscript;

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Book SynopsisDecentralization in Infinite Horizon Economies brings together a collection of essays that attempt to explore one of the basic themes in microeconomics — can a decentralized economy attain an efficient or optimal allocation of resources when it is allowed to evolve without a predetermined terminal date? The failure of a price-guided competitive system to ensure efficiency/Pareto optimality with an infinite horizon was exposed by Malinvaud and Samuelson. Subsequent research, reported in this volume, achieved a deeper understanding of the problem, and obtained definitive results that are of interest in a much broader framework.Table of ContentsDecentralization in Infinite Horizon Economies: An Introduction (Mukul Majumdar); Optimal Intertemporal Allocation Mechanisms and Decentralization of Decisions (Leonid Hurwicz and Mukul Majumdar); On Characterizing Optimal Competitive Programs in Terms of Decentralizable Conditions (Wiliam A Brock and Mukul Majumdar); Characterization of Intertemporal Optimality in Terms of Decentralizable Conditions: The Discounted Case (Swapan Dasgupta and Tapan Mitra); On Characterizing Optimality of Stochastic Competitive Processes (Yaw Nyarko); A Characterization of Infinite Horizon Optimality in Terms of Finite Horizon Optimality and a Critical Stock Condition (Tapan Mitra and Debraj Eay); A Necessary Condition for Decentralization and an Application to Intertemporal Allocation (Leonid Hurwicz and Hans F Weinberger); Decentralized Evolutionary Mechanisms for Intertemporal Economies: A Possibility Result (Venkatesh Bala, Mukul Majumdar and Tapan Mitra); Complements and Details (Mukul Majumdar); About the Book and Editor; List of Contributors;

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Book Synopsis

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Book Synopsis

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Book Synopsis

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