Economic theory and philosophy Books

Book SynopsisFocuses on Korea's successful transition from a middle-income to a high-income economy by moving toward a private-sector-led growth model with greater emphasis on market competition, innovation, and technology.

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Book SynopsisUsing innovative methods that link monetary values to historical wrongs, William Darity Jr and A. Kirsten Mullen assess the literal and figurative costs of justice denied in the 155 years since the end of the Civil War and offer a detailed roadmap for an effective reparations program.

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Book SynopsisThrough a close reading of the key literature regarding both revolutionary violence and nonviolence, the book collapses the widely-assumed concepts of violence and nonviolence as mutually exclusive.Table of Contents1. Towards a Radical Phenomenology of (Non)Violence 2. Deworlding, Reworlding, Phenomenal Violence 3. Acts of Liberation 4. On Liberation’s Magical Moment 5. Logistical Necessity and Pragmatic Nonviolence 6. On the Utility of Nonviolence: Peace and the Question of Justice 7. Ethics of Nonviolence 8. Conflictual Politics of Nonviolence Conclusions: Not Opposites, Concentric!

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Book SynopsisThrough an original and close reading of the key literature regarding both revolutionary violence and nonviolence, this book collapses the widely-assumed concepts of violence and nonviolence as mutually exclusive. By revealing that violence and nonviolence are braided concepts arising from human action, Peyman Vahabzadeh submits that in many cases the actions deemed to be either violent or nonviolent might actually produce outcomes that are not essentially different. Vahabzadeh offers a conceptual phenomenology of the key thinkers and theorists of both revolutionary violence and various approaches to nonviolence. Arguing that violence is inseparable from civilizations, Violence and Nonviolence concludes by making a number of original conceptualizations regarding the relationship between violence and nonviolence, exploring the possibility of a nonviolent future and proposing to understand the relationship between the two concepts as concentric, not opposites. Table of Contents1. Towards a Radical Phenomenology of (Non)Violence 2. Deworlding, Reworlding, Phenomenal Violence 3. Acts of Liberation 4. On Liberation’s Magical Moment 5. Logistical Necessity and Pragmatic Nonviolence 6. On the Utility of Nonviolence: Peace and the Question of Justice 7. Ethics of Nonviolence 8. Conflictual Politics of Nonviolence Conclusions: Not Opposites, Concentric!

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Book SynopsisHere is a vivid account of global economic development at a time of extraordinarily rapid change. Barbara Ward, the well-known economist, delivered the Falconer Lectures at the University of Toronto in 1963. In them she makes an expert and timely assessment of the role that the West must assume in order to make effective use of the astonishing plenty which is concentrated today in the control of less than 20 per cent of the world's population. In the first part of the book Miss Ward deals with growth in the developed economy, describing the course of European economic development from Ricardo and Malthus through Karl Marx to Jean Monnet; within a brief compass we are given a brilliant and exciting account of this progression of events, with a lucid exposition of the way that challenges have been met and the economy kept moving. The author assesses the role of the extension of the franchise and the growth of trade unionism in the creation of the first mass market, and goes on

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Book SynopsisThese papers on key issues in intellectual history derive from those delivered at a conference held at the University of Toronto in May 1973 to honour the bicentenary of James Mill's birth and the centenary of John Stuart Mill's death. Nine authorities -- J.H. Burns, Karl W. Britton, J.B. Schneewind, George J. Stigler, Samuel Hollander, L.S. Feuer, Joseph Hamburger, Edward Alexander, and John M. Robson -- were invited to discuss what they took to be significant aspects of the thought of the two Mills. While history, philosophy, economics, social science, and the history of thought were the focal points for the conference, the contributors were free to choose their own topics and approaches. One of the most striking aspects of Mill scholarship that emerges in this volume is the applicability of their ideas to modern problems. These papers are not final assessments; they are individual and independent contributions to Mill studies that clearly show the vitality of both Mill's

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Book SynopsisCrawford Brough Macpherson has been teaching at the University of Toronto for some forty years, building an international reputation through his identification and critique of possessive individualism as a core concept in Western liberal democratic theory. The essays brought together here from eminent scholars all over the English-speaking world are independent statements on the issues that preoccupy Macpherson - powers, possessions, and freedom, the central problems in political theory. They are arranged in a historical sequence, touching on the thought of Hobbes, Locke, Rousseau, Marx, and Macpherson himself, and facing with vigour and originality the dilemmas of liberal-democratic and Marxian theory of social and political life. It concludes with an explication by the editor of the inner parable of Durrenmatt's play, The Visit, as a profound critique of capitalism, and with a bibliography of Macpherson's published work.

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Book SynopsisThere is now widespread agreement that fish stocks are severely depleted and fishing activity must be limited. At the same time, the promise of the green economy appears to offer profitable new opportunities for a sustainable seafood industry. What do these seemingly contradictory ideas of natural limits and green growth mean in practice? What do they tell us more generally about current transformations to the way nature is valued and managed? And who suffers and who benefits from these new ecological arrangements? Far from abstract policy considerations, Patrick Bresnihan shows how new approaches to environmental management are transforming the fisheries and generating novel forms of exclusion in the process.Transforming the Fisheries examines how scientific, economic, and regulatory responses to the problem of overfishing have changed over the past twenty years. Based on fieldwork in a commercial fishing port in Ireland, Bresnihan weaves together ethnography, Trade Review "A must read."—Antipode“Eloquently written, deeply researched, deftly argued. This is a brilliant, critical reappraisal of capitalism’s relationship with the sea and should be read by anyone concerned with environmental crisis more generally.”—Christian Parenti, author of Tropic of Chaos: Climate Change and the New Geography of Violence“A gracefully written and analytically powerful account of the crisis of European fisheries. Bresnihan’s Transforming the Fisheries ranks among the most insightful of a new wave of political ecology, ably weaving together work, power, and capital. It is must reading for anyone concerned about ecological crisis and global capitalism.”—Jason W. Moore, associate professor at Binghamton University and author of Capitalism in the Web of Life: Ecology and the Accumulation of Capital“Transforming the Fisheries is a milestone in current debates on the commons. It not only offers an insightful discussion of the many radically divergent approaches to the commons and their complex relations to politics, but also provides a framework for rethinking and expanding the commons beyond its intense liberal and humanist entanglements. It introduces an understanding of the commons as a shared practice of socio-material experimentation.”—Dimitris Papadopoulos, associate professor at Leicester University and coauthor of Escape Routes: Control and Subversion in the Twenty-First Century Table of ContentsAcknowledgments1. Introduction: Ecological Crises and Beyond2. The End of the Line: Scarcity, Liberalism, and Enclosure3. Stewards of the Sea: Neoliberalism and the Making of the Environmental Entrepreneur4. Community-Managed Resources: A “Third Way” for Environmental Governance5. The More-Than-Human Commons: From Commons to Commoning6. Conclusion: Neoliberalism and the CommonsNotesBibliographyIndex

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Book SynopsisNow in its third edition, this book uses the basic tools of economic theory to depict law as a social institution, aimed at inducing socially desirable behavior. Up-to-date with discussions of recent cases and the latest research, The Economic Approach to Law is optimally organized for courses in Law and Economics.Trade Review"Thomas Miceli's book offers a thorough presentation that is both clear and challenging. It provides students with more than an introduction, indeed a broad and deep understanding of the application of economics to law." -- Fred Foldvary * San Jose State University *"Miceli's Economic Approach to Law, now in its third edition, provides a systematic and well-organized presentation of the economic approach to law. Written by a leading economist in the field, this book is rich of content—yet accessible—as an entry-level textbook in law and economics." -- Francesco Parisi * University of Minnesota *"Now in its third edition, Miceli's carefully written text is rich with many well-selected examples. It covers the basic areas of law––torts (accidents), contracts, crime, property, and litigation—as well as the subject of antitrust, and furnishes a valuable guide to students for further reading. I know of no better book for its intended audience." -- Steven Shavell * Harvard Law School *"We live in a complex and global world. Law is everywhere. Legal institutions rule our daily lives. This book challenges students and instructors, economists and lawyers, scholars and policymakers to think about the law in new ways. The author does a wonderful job in explaining important concepts in law and economics to anyone who wants to understand the relationship between rational behavior, economic reasoning, and the law." -- Nuno Garoupa * Texas A&M University *Table of ContentsContents and Abstracts1Introductory Concepts chapter abstractThis chapter introduces the reader to the basic concepts of law and economics, including the distinction between positive and normative analysis, the justification for using efficiency as a norm for evaluating law, the specific notion of efficiency that will be used throughout the book (namely, Kaldor Hicks efficiency), and the Coase Theorem. The chapter also gives an overview of the legal system in the United States. 2An Economic Model of Tort Law chapter abstractThis chapter develops the economic model of tort law, called the "model of precaution." The model is based on the proposition that the rules of tort law are designed to give parties engaged in risky activities an incentive to undertake all cost-justified precautions. The analysis compares the principal liability rules—strict liability and negligence—with respect to this objective and argues that, as regards cost minimization, negligence is the superior rule. The chapter then examines the famous Hand rule, the legal test for negligence, in light of the economic analysis. Finally, the chapter examines various extensions of the basic model, including variations on the simple negligence rule, sequential accidents, the role of causation rules, the function of punitive damages, the judgment proof problem, and the impact of liability insurance, litigation costs, and legal error on the functioning of the tort system. 3Applying the Economic Model of Tort Law chapter abstractThis chapter applies the economic model of tort law to the following specific areas: products liability, workplace accidents, environmental accidents, and medical malpractice. In addition to reviewing the specific doctrines that apply to each area, the analysis raises an important new conceptual issue—namely, the difference between accidents involving "strangers" and accidents involving parties already in a contractual relationship. This distinction has important implications for the optimal design of the law, and for the relationship between markets and legal rules in allocating responsibility for legal wrongs. This is a theme that runs throughout the book. 4The Economics of Contract Law I: The Elements of a Valid Contract chapter abstractThis chapter is the first of two on the economics of contract law, which is the legal means by which people enforce promises that they make to one another. This chapter focuses on the question of what makes a valid contract. From an economic perspective, the answer is based on the objective of maximizing the gains from trade, and so the guiding principles are the defining features of a competitive market. The specific focus is on how the law deals with departures from those ideal features in actual contract settings. In particular, it answers the question: when can a party get out of his or her obligation to perform as specified in the contract? Several justifications can be advanced: mental incapacity or incompetence, coercion or duress, mistake about a material aspect of the contract, and gross unfairness in the terms of the contract (unconscionability). 5The Economics of Contract Law II: Remedies for Breach chapter abstractThis chapter examines the second fundamental question of contract law— what should the remedy be when a party breaks an enforceable contract? The chapter first describes the conditions under which breach of contract may be efficient, and then shows that expectation damages achieves this outcome. However, it also induces excessive reliance on performance by promisees. This problem is corrected by limiting to the amount that promisor's could have reasonably foreseen. The chapter then turns to risk-sharing considerations in contract law, as embodied in the doctrine of impossibility and related excuses. The discussion then considers the specific performance remedy, which is an order by the court for the promisor to perform the contract as written, and an argument is made for wider use of this remedy. The last section of the chapter discusses self-enforcement of contracts, including liquidated damage clauses, product warranties, long term contracts, and vertical integration. 6The Economics of Property Law I: Property Rights and Consensual Exchange chapter abstractThe first part of this chapter describes the nature and function of property rights, how rights are defined, how they emerge, how they are legally protected, and how they influence economic behavior. The analysis then turns to a discussion of how the rules of property law facilitate the consensual exchange of property, and concludes with a brief overview of the economics of intellectual property law. The defining feature of ideas as economic assets is that they have public good attributes, meaning that once produced, they can be profitably used by many people without diminishing their quantity or quality. This characteristic suggests that ideas should be widely shared, but public ownership of ideas potentially creates a trade-off between wide dissemination of ideas, and the need to encourage people to discover or create them in the first place. 7The Economics of Property Law II: Involuntary Transfers and Regulation of Property chapter abstractThis chapter examines the role of property law in correcting market failure, or externalities. It begins by reviewing the economic theory of externalities and various mechanisms for internalizing them, including the Pigovian approach and the Coasian critique of that approach. The chapter also introduces the distinction between property rules and liability rules, and applies the analysis to trespass and nuisance law, as well as other responses to externalities. Other topics include various forms of non-consensual transfer of property rights, or limitations on such transfers. Subsequent sections turn to transactions between the government and private property owners, including eminent domain, and the related issue of regulatory takings. The chapter concludes with a discussion of the General Transaction Structure, which is a general framework for understanding the relationship between markets and the law. 8The Economics of Crime and Law Enforcement chapter abstractThis chapter provides an introduction to the economic analysis of crime and law enforcement. It begins by asking why there is a separate category of harms called crimes that are treated differently from accidental harms. The remainder of the chapter reviews the economic model of crime as it has developed since the seminal paper by Gary Becker. The theory is based on two principles: first, that offenders are rational calculators who take account of the expected punishment costs when making their crime choices, and second, that society chooses the structure of criminal penalties to minimize the overall costs of crime. Specific topics include the choice between fines and imprisonment, the impact of the magnitude versus the probability of punishment, the optimal treatment of repeat offenders, the death penalty, the ongoing controversy over the link between guns and crime, free speech laws, and blackmail. 9The Economics of Legal Procedure chapter abstractThis chapter undertakes an analysis of legal procedure, both civil and criminal. The discussion of civil procedure focuses on the settlement-trial decision, and also examines various procedural rules, including the burden of proof, pre-trial discovery, and the allocating of trial costs. It also examines the lawmaking function of trials. The discussion of criminal procedure emphasizes the practice of plea bargaining, which is the criminal counterpart to out-of-court settlements. Although many of the same considerations apply, plea bargaining raises concerns not generally present in the civil context, notably the question of whether it induces innocent defendants to plead guilty. The chapter examines several other aspects of criminal procedure, including the bail system and judicial discretion in sentencing, and concludes with a discussion of constitutional protections against self-incrimination and unreasonable searches and seizures. 10The Economics of Antitrust Law chapter abstractThis chapter examines the economic justification for antitrust laws, which constitute the body of statutes and judicial rulings whose objective is to prevent anticompetitive business practices. The competitive market paradigm provides the benchmark for efficient markets, but the conditions for perfect competition are rarely if ever met in practice. When significant departures arise, whether through the efforts of a single firm or a group of firms acting in concert, the resulting misallocation of resources may justify government intervention. The chapter offers an overview of some of the key issues related to antitrust law, beginning with the Sherman Act. The discussion focuses on the manner of enforcement and available remedies. The chapter concludes by examining the "new" economics of antitrust, which interprets many business practice once thought to be anti-competitive as possibly being responses some form of market failure.

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Book SynopsisThe Mexico–Guatemala border has emerged as a geopolitical hotspot of illicit flows of both goods and people. Contraband Corridor seeks to understand the border from the perspective of its long-term inhabitants, including petty smugglers of corn, clothing, and coffee. Challenging assumptions regarding security, trade, and illegality, Rebecca Berke Galemba details how these residents engage in and justify extralegal practices in the context of heightened border security, restricted economic opportunities, and exclusionary trade policies. Rather than assuming that extralegal activities necessarily threaten the state and formal economy, Galemba's ethnography illustrates the complex ways that the formal, informal, legal, and illegal economies intertwine. Smuggling basic commodities across the border provides a means for borderland peasants to make a living while neoliberal economic policies decimate agricultural livelihoods. Yet smuggling also exacerbates prevailing inequalities, obstructs the possibility of more substantive political and economic change, and provides low-risk economic benefits to businesses, state agents, and other illicit actors, often at the expense of border residents. Galemba argues that securitized neoliberalism values certain economic activities and actors while excluding and criminalizing others, even when the informal and illicit economy is increasingly one of the poor's only remaining options. Contraband Corridor contends that security, neoliberalism, and illegality are interdependent in complex ways, yet how they unfold depends on negotiations between diverse border actors.Trade Review"Galemba has given us a rare glimpse into everyday life in the shadows along the Mexico–Guatemala border. Her grounded, 'bottom up' account draws much-needed attention to this too often overlooked border while carefully avoiding the alarmism and sensationalism found in popular depictions of cross-border smuggling."—Peter Andreas, Brown University"Contraband Corridor dares to humanize those involved with the trafficking of contraband. This unique ethnography offers an intimate approach to the lives of Mexico-Guatemala border inhabitants and their struggles to survive in neoliberal times. Galemba's landmark book helps readers understand a region where smuggling is conceived as free trade and borders are not walls that divide but pathways for encounters."—R. Aída Hernández Castillo, author of Histories and Stories from Chiapas: Border Identities in Southern Mexico"Taking a fascinating look at the middlemen, customs agents, and residents animating the shadowy world of border control, Contraband Corridor draws us into the Guatemala–Mexico frontier with riveting accounts of what matters to the inhabitants and why it matters, against a backdrop of rapidly shifting geopolitical considerations. Theoretically innovative and ethnographically rich, this powerful book shifts commonly held notions of what it means to sustain border life."—Jennifer Burrell, University at Albany, SUNY"Contraband Corridor is an outstanding contribution to the literature on informal economics in Latin America. Its ethnographic approach humanizes everyday smugglers, challenges the stereotype of the backward and ignorant peasant, and highlights powerful forms of local organization and governance. Taken together [Galemba's] work defies the commonly held notion of the margins as lawless, chaotic, and dangerous. Rather, borders are transgressed, commodities flow, and life goes on sometimes with the unwanted intervention of the state."—James H. McDonald, New York Journal of Books"Contraband Corridor provides an ethnographically rich glimpse into how border communities navigate transnational power dynamics....We recommend Contraband Corridor as insightful reading for scholars, students, and advocates interested in trade, labour, informal and illicit economies, border securitization, and the broader impact of state violence on marginalized communities in the global economy."—Yvette Servin, Rosemary Giron, Diane Martinez, Yareli Pineda, and Katie Dingeman, Border Criminologies"Contraband Corridor is an extremely well-written, carefully observed ethnography that provides a real feel for the life of a border region that President Trump has unfairly characterized as anarchic and scary. Her discussion of the ad hoc methods of border control developed by non-state actors, as well as the different strata of local smugglers, is fascinating."—Howard Campbell, Criminal Law and Criminal Justice"Contraband Corridor is a rich and thoughtful analysis of community dynamics on a part of the Mexico-Guatemala border....Galemba has written an excellent ethnography, rich in detail and content, historically contextualizing each of her arguments."—Jorge Choy-Gómez, PoLARTable of ContentsIntroduction: A Paradise for Contraband? 1. Border Entry and Reentries 2. Documenting National Life 3. Corn Is Food, Not Contraband 4. Taxing the Border 5. Phantom Commerce 6. Inheriting the Border 7. Strike Oil Conclusion: The Illicit Trio: Drugs, Arms, and Migrants

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Book SynopsisThis book examines how a society that is trapped in stagnation might initiate and sustain economic and political development. In this context, progress requires the reform of existing arrangements, along with the complementary evolution of informal institutions. It involves enhancing state capacity, balancing broad avenues for political input, and limiting concentrated private and public power. This juggling act can only be accomplished by resolving collective-action problems (CAPs), which arise when individuals pursue interests that generate undesirable outcomes for society at large. Merging and extending key perspectives on CAPs, inequality, and development, this book constructs a flexible framework to investigate these complex issues. By probing four basic hypotheses related to knowledge production, distribution, power, and innovation, William D. Ferguson offers an analytical foundation for comparing and evaluating approaches to development policy. Navigating the theoretical terrain that lies between simplistic hierarchies of causality and idiosyncratic case studies, this book promises an analytical lens for examining the interactions between inequality and development. Scholars and researchers across economic development and political economy will find it to be a highly useful guide. Trade Review"Development failure is, at its root, a failure of collective action. This excellent book applies the tools of game theory to shed systematic light on circumstances that promote or hinder social coordination. One of its great strengths is the development of a broad typology of institutional settlements, permitting contextual analysis."—Dani Rodrik, Harvard University"Collective action is an age-old human concern. In today's world, which is an amalgam of globalization and fractiousness never seen before, it has acquired a new urgency. There is an awareness that not just development but human survival depends on society's capacity to solve its collective action problems. William Ferguson's superb new book draws on game theory, economics, and political science to present a state-of-the-art commentary on this important subject. This is a book that will be widely read by students, I am sure, and by policy makers, I hope."—Kaushik Basu, Cornell University"Economic prosperity is always and everywhere a product of human cooperation. This accessible and fascinating book provides a treasure trove of insights into how cooperation succeeds or fails to bootstrap its way to the stable, effective institutions that are required for growth and development."—Eric Beinhocker, Executive Director, Institute for New Economic Thinking, University of Oxford"Why do some countries see increases in standards of living and human development while others stagnate? Drawing from game theory, history, psychology and political economy, William Ferguson theorises that the roots of economic and social progress lies in how societies resolve collective action problems. The theoretical arguments are backed by carefully constructed country case-studies. In this important book, Ferguson provides an original and compelling answer to perhaps the important question in development economics."—Kunal Sen, Director, UNU-WIDER and Professor of Development Economics, University of Manchester"Cutting-edge scholarship on the political economy of development has accepted the need to go beyond the mantra of 'institutions matter' and to take power and politics much more seriously. Bill Ferguson's new book offers the most coherent and rigorous statement of how this can be done and sets a new standard for the field. It is a tour de force."—Samuel Hickey, Professor of Politics and Development, The University of Manchester"For anyone even half persuaded of the importance of collective-action problems in development, this book is an Aladdin's cave of lucid analysis and useful insight....[This] is the nearest thing we are likely to get to a synthesis of the state-of-the art in the political economy of development."—David Booth, Journal of Development Studies"[An] encyclopedic synthesis of cutting edge literature at the intersection of development economics, new institutional economics and political science. It is a synthesis which transcends the synthesis genre. It is systematic, careful in its definitions, rigorously argued....I expect that, for years to come, his book will have a prominent place on my bookshelf, both as guide and as a source of inspiration."—Brian Levy, Working with the Grain BlogTable of ContentsIntroduction: Toward a Framework for Development Theory 1. Collective-Action Problems and Institutional Systems 2. Economic Development, Political Development, and Inequality 3. Public Goods, Externalities, and Collective-Action Problems of Governance 4. Economic Foundations of Unequal Development: Knowledge, Skills, Social Imitation, and Production Externalities 5. Power, Social Conflict, Institutional Formation, and Credible Commitment 6. Policy Innovations Can Relax Political Constraints 7. Alternative Typologies of Social Orders and Political Settlements 8. How Context Influences Development: A New Typology of Political Settlements 9. Business-State Interactions Conclusion: A Conceptual Framework for Development Theory

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Book SynopsisPermanent Revolution concisely describes the development and workings of capitalism and its influence on the broader society. In the developed world—Europe, North America, and parts of East Asia—capitalism is ubiquitous, and as such, often taken for granted. Discussion usually focuses on specific aspects of the system that individuals appreciate or dislike, ignoring the larger picture. The notion of millennials denouncing capitalism on Facebook and Twitter—products of capitalist development—is a caricature that is eerily close to reality. In this book, Wyatt Wells examines the development of economic innovation, the role of financial markets, the business cycle, the ways markets operate, and the position of labor in capitalist economies, as well as the effects of capitalism on law, politics, religion, and even the arts. This discussion is grounded in history, though it does make use of economic theory. As a result, the book sometimes approaches topics from an unconventional direction. For instance, it notes that financial markets not only pool and allocate the resources of savers—the role ascribed to them in conventional economics textbooks—but they also discipline enterprises, punishing those unable to meet prescribed financial standards. Permanent Revolution ranges broadly, delving into how capitalism reshapes the broader society. The system creates wealth in new and, often, unexpected places, and it constantly moves people physically and socially. The result revolutionizes society. Traditional structures based on deference and long experience gradually collapse because they no longer correspond to social reality. Capitalist societies must devise ways to accommodate perpetual change in politics, religion, and society. Much of the diversity, liberty, and flexibility we associate with modern society are the product of capitalist development.Trade Review"A wonderful outline of how capitalism works and a spirited defense of its classical principles. This is a text of great use both to those who celebrate the achievements of capitalism and those who want to critique its basic tenets."—O.A. Westad, Elihu Professor of History and Global Affairs, Yale University"Wyatt Wells' Permanent Revolution is a brisk, lively, and thoroughly original anatomy of, and meditation on, capitalism. At a time when capitalism's future is increasingly being called into question, Wells offers a powerful but balanced defense of this economic system. Broadly conceived and well executed, this book constitutes an important and necessary contribution both to the scholarly literature and to contemporary debates."—Peter A. Coclanis, Albert R. Newsome Distinguished Professor of History and Director of the Global Research Institute, University of North Carolina at Chapel Hill"This is a beautifully written small book about a very big subject: the origin and worldwide spread of dynamic, ever-changing free market economies. Wells celebrates the almost unbelievable material growth achieved by the role-governed competition of risk-taking, profit-seeking entrepreneurs. He evaluates the claims of anticapitalist critics, and explores the often conflicted interaction of economic systems and the broader social realm, including even religion and the arts."—Paul K. Conkin, Distinguished Professor of History, Vanderbilt University"Permanent Revolutionis a superb integrative discussion of capitalism that unites history and economics with its political, cultural, and sociological foundations. When academics typically confine themselves to an in-depth 'silo' of knowledge cut off from other domains, this form of integration is rare and welcome."—Raymond C. Niles, EH.net

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Book SynopsisToday''s global financial system bears little resemblance to what it was at the end of the twentieth century. Shadow bankingfinancial activity taking place outside existing regulatory frameworkshas grown so important that it now serves as the backbone of the entire system. The shadow banking system, however, is highly unstable and the main reason why the financial system has remained in crisis mode since the 2008 financial crisis. To maintain stability, central banks like the Fed and the European Central Bank have come to use radical new monetary policy instruments which were inconceivable until very recently. Without intervention on the part of central banks, existing financial systems would completely collapse.As Joscha Wullweber shows, there has been a radical change in the state-market nexus. With governments refraining from strong and comprehensive fiscal and financial regulatory policies, central banks have become the main stabilizing force and the nodal point of financ

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Book SynopsisThis second volume of a new three-part series of Antonio Negri's work is focussed on the consequences of the rapid process of deindustrialisation that has occurred across the West in recent years.In this volume Negri investigates exactly what happens when the class subjects of industrial capitalism are demobilised and the factories close. Evidently capital continues to make profit, but how and where? According to Negri, the creation of value extends beyond the factory walls to embrace the whole of society; the 'mass worker' of industrialism gives way to the 'socialised worker' (operaio sociale) and the terrain of exploitation now becomes the whole of human life. In postmodernity, the metropolis becomes the privileged arena of value extraction. We must therefore understand the global city, with its stratifications, its enclosures and its resistances. Old categories of the private and the public are inadequate to describe the new matrix of production, which is characterised rather by the 'common', the productive space of cognitive and immaterial labour. Today's metropolis can be defined as a space of antagonisms between forms of life produced, on the one hand, by finance capital (the capital that operates around rents), and on the other by the 'cognitive proletariat'. The central question is then how 'the common' of the latter can be mobilised for the destruction of capitalism.In an analysis that runs from the Italian workerism (operaismo) of the 1970s to the present day, From the Factory to the Metropolis offers readers valuable insight into the far-reaching impact of deindustrialisation, presenting both the challenges and opportunities. It will appeal to the many interested in the continuing development of Negri's project and to anyone interested in radical politics today.Table of ContentsPreface Part I. Exodus from the factory 1. The reappropriation of public space 2. Midway terrains 3. The multitude and the metropolis: Notes in the form of hypotheses for an inquiry into the precariat in the global cities 4. Exiting from industrial capitalism 5. From the factory to the metropolis 6. Metropolis and multitude: Inquiry notes on precarity in global cities Part II. Inventing common 7. Banlieue and city: A philosophical overview Co-written with the late Jean-Marie Vincent 8. Democracy versus rent 9. Presentation of Rem Koolhaas’s Junkspace 10. The capital-labour relation in cognitive capitalism Co-written with Carlo Vercellone 11. Inventing the commons of humanity Co-written with Judith Revel 12. The Commune of social cooperation: Interview with Federico Tomasello on questions regarding the metropolis 13. The common lung of the metropolis: Interview with Federico Tomasello 14. The habitat of general intellect: A dialogue between Antonio Negri and Federico Tomasello on living in the contemporary metropolis Part III. First fruits of the new metropolis 15. Reflections on the Manifesto for an Accelerationist Politics 16. Notes on the abstract strike 17. From the factory to the metropolis ... and back again Origin of the Texts

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Book SynopsisParallax of Growth explores the ideas of economy and ecology and the factors that have put them on a collision course. Bjerg argues that our current mode of economic organization is characterized by an inherent �debt drive�, whereby the creation of money through the issuance of commercial bank credit has locked our economy into a vicious circle of forced growth and increasing debt. Parallax of Growth is not a catalogue of solutions to the ecological or the economic crisis. The book aims to shift the inquiry from �what shall we do?� to �why have we not already done it?� In order to address the challenges of our contemporary times of crisis, we need to understand how the idea of growth is deeply ingrained in the ideology as well as the organization of our society. The book aims to open the space for philosophical thinking about this important issue.Trade Review"Ole Bjerg takes a fresh look at capitalism�s existential ecological crisis from beyond the usual perspectives of growth, de-growth and green growth. He argues that, before we can change our orientation towards growth, we need to understand why we have not changed it already. Bjerg�s philosophical therapy – eco-analysis – might just be what equips us with the thinking to be able to act." Tony Greenham, Director of Economy, Enterprise and Manufacturing, RSA "In this fascinating philosophical reflection, Ole Bjerg draws on the ideas of Slavoj Žižek to show that, in spite of the public opposition between ecological and economic approaches to well-being and the environment, they are in fact mutually constitutive paradigms that shape contemporary ideology and the social reality of nature. This argument casts a new light on issues of growth, justice and sustainability and will be of considerable interest to a wide readership both within and beyond the academy." Arjun Appadurai, New York UniversityTable of Contents Introduction Part One: The Logy of Eco Chapter 1 - Balance of Nature Chapter 2 - Ecology Beyond Biology Part Two: The Nomy of Eco Chapter 3 - How is the Economy? Chapter 4 - The Market Theory of Value Chapter 5 - The Fantasy of Growth without Bounds Part Three: �Economy or Ecology? Yes, Please!� Chapter 6 - The Need to Grow Chapter 7 - The Desire to Grow Chapter 8 - The Drive for Growth Conclusion: �It�s the Money, Stupid!� Bibliography Index

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Book SynopsisParallax of Growth explores the ideas of economy and ecology and the factors that have put them on a collision course. Bjerg argues that our current mode of economic organization is characterized by an inherent �debt drive�, whereby the creation of money through the issuance of commercial bank credit has locked our economy into a vicious circle of forced growth and increasing debt. Parallax of Growth is not a catalogue of solutions to the ecological or the economic crisis. The book aims to shift the inquiry from �what shall we do?� to �why have we not already done it?� In order to address the challenges of our contemporary times of crisis, we need to understand how the idea of growth is deeply ingrained in the ideology as well as the organization of our society. The book aims to open the space for philosophical thinking about this important issue.Trade Review"Ole Bjerg takes a fresh look at capitalism�s existential ecological crisis from beyond the usual perspectives of growth, de-growth and green growth. He argues that, before we can change our orientation towards growth, we need to understand why we have not changed it already. Bjerg�s philosophical therapy – eco-analysis – might just be what equips us with the thinking to be able to act." Tony Greenham, Director of Economy, Enterprise and Manufacturing, RSA "In this fascinating philosophical reflection, Ole Bjerg draws on the ideas of Slavoj Žižek to show that, in spite of the public opposition between ecological and economic approaches to well-being and the environment, they are in fact mutually constitutive paradigms that shape contemporary ideology and the social reality of nature. This argument casts a new light on issues of growth, justice and sustainability and will be of considerable interest to a wide readership both within and beyond the academy." Arjun Appadurai, New York UniversityTable of Contents Introduction Part One: The Logy of Eco Chapter 1 - Balance of Nature Chapter 2 - Ecology Beyond Biology Part Two: The Nomy of Eco Chapter 3 - How is the Economy? Chapter 4 - The Market Theory of Value Chapter 5 - The Fantasy of Growth without Bounds Part Three: �Economy or Ecology? Yes, Please!� Chapter 6 - The Need to Grow Chapter 7 - The Desire to Grow Chapter 8 - The Drive for Growth Conclusion: �It�s the Money, Stupid!� Bibliography Index

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Book SynopsisThe idea of socialism has given normative grounding and orientation to the outrage over capitalism for more than 150 years, and yet today it seems to have lost much of its appeal. Despite growing discontent, many would hesitate to invoke socialism when it comes to envisioning life beyond capitalism. How can we explain the rapid decline of this once powerful idea? And what must we do to renew it for the twenty-first century? In this lucid, political-philosophical essay, Axel Honneth argues that the idea of socialism has lost its luster because its theoretical assumptions stem from the industrial era and are no longer convincing in our contemporary post-industrial societies. Only if we manage to replace these assumptions with a concept of history and society that corresponds to our current experiences will we be able to restore confidence in a project whose fundamental idea remains as relevant today as it was a century ago – the idea of an economy that realizes freedom in solidarity. The Idea of Socialism was awarded the Bruno Kreisky Prize for the Political Book of 2015. Trade Review"Axel Honneth explores the contemporary meaning of the socialist ideal. Drawing on Hegel, Dewey, Marx, and the utopian socialist tradition, Honneth argues – with great power – that socialism is about harmonizing ideals of freedom and solidarity, creating institutions of social freedom that more fully realize the Enlightenment’s normative project. Creating that order will require socialists to think beyond economy and social class, to imagine a form of democratic society animated by an experimental spirit – a society that expands the scope of problem-solving through free communication among equals. I hope this important and illuminating book gets the wide readership it deserves." Joshua Cohen, Stanford University "Axel Honneth makes a lucid and compelling case for renewing the utopian impulse of the early Marx in the context of the present. In this quite remarkable book, Honneth asks why various contemporary forms of discontent do not easily transform into a vision of the future. He returns to the early documents of socialism in order to mark their limits and to formulate a more substantial account of social freedom. The great ambition of this small book is to show that a more robust understanding of social freedom, cooperative life, and ideals of solidarity, can be derived from a reformulated account of the social sphere. In his view, freedom only makes sense on the basis of cooperative orientations. This early ideal can, and must, be renewed in light of the contemporary differentiation of needs, and the contemporary political demands on communication and recognition. Mindful of what remains vibrant in the past and imperative for the future, Honneth deftly shows how the ideal of socialism can orient our thought and action in the contemporary political world." Judith Butler, University of California

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Book SynopsisThroughout the Western world, governments and financial elites responded to the financial crisis of 2008 by trying to restore the conditions of business as usual, but the economic, social and human damage inflicted by the crisis has given rise to a reconsideration of the inevitability of unfettered capitalism as a fact of life. A number of economic practices and organizations emerged in Europe and the United States that embodied alternative values: the value of life over the value of money; the effectiveness of cooperation over cut-throat competition; the social responsibility of corporations and responsible regulation by governments over the short-term speculative strategies that brought the economy to the brink of catastrophe. This book examines the blossoming of innovative new experiments in organizing work and life that emerged in the wake of the financial crisis: cooperatives, barter networks, ethical banking, community currencies, shared time banks, solidarity networks, sharing of goods, non-monetary transactions, etc., experiments that paved the way for the emergence of a sharing economy in all domains of activity oriented toward the satisfaction of human needs. Other innovations included the creation of cryptographic virtual currencies, epitomized by bitcoin, which blended a libertarian, entrepreneurial spirit with information technology to provide an alternative to standard forms of currency. On the basis of a cross-cultural analysis of alternative economic practices, this book develops an important theoretical argument: that the economy, as a human practice, is shaped by culture, and that the diversity of cultures, as revealed in a time of crisis, implies the possibility of different economies depending on the values and power relations that define economic institutions. This book will be of great interest to students and scholars in sociology, economics and the social sciences generally, and to anyone who wishes to understand how our societies and economies are changing today.Trade Review"Manuel Castells and his colleagues have underscored a fundamental truth: that all economics are cultural forms. And just as the financial crisis of 2008 demonstrated the bankruptcy of neoliberal capitalism and the human suffering inflicted by it, so too it spawned countless experiments in alternative ways of organizing economic life based on cultures of sharing and solidarity, some of which are explored in this timely and pathbreaking volume. A must-read." Paul Mason, author of PostCapitalism: A Guide to Our Future"Fine collection of essays."Times Higher Education SupplementTable of ContentsIntroduction Chapter 1 Economy Is Culture, Sarah Banet-Weiser and Manuel Castells Chapter 2 Economics Without Growth, Giorgos Kallis Chapter 3 Analysis of Worldwide Community Economies for Sustainable Local Development, Sviatlana Hlebik Chapter 4 Blockchain Dreams: Imagining Techno-economic Alternatives After Bitcoin, Lana Swartz Chapter 5 Consumer Financial Services in the US: Why Banks May Not Be the Answer, Lisa Servon Chapter 6 Commoning Against the Crisis, Angelos Varvarousis and Giorgos Kallis Chapter 7 Alternative Economic Practices in Barcelona: Surviving the Crisis, Reinventing Life, Manuel Castells and Sviatlana Hlebik Chapter 8 Imagining and Making Alternative Futures: Slow Cities as Sites for Anticipation and Trust, Sarah Pink and Kirsten Seale Conclusion, Manuel Castells

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Book SynopsisThroughout the Western world, governments and financial elites responded to the financial crisis of 2008 by trying to restore the conditions of business as usual, but the economic, social and human damage inflicted by the crisis has given rise to a reconsideration of the inevitability of unfettered capitalism as a fact of life. A number of economic practices and organizations emerged in Europe and the United States that embodied alternative values: the value of life over the value of money; the effectiveness of cooperation over cut-throat competition; the social responsibility of corporations and responsible regulation by governments over the short-term speculative strategies that brought the economy to the brink of catastrophe. This book examines the blossoming of innovative new experiments in organizing work and life that emerged in the wake of the financial crisis: cooperatives, barter networks, ethical banking, community currencies, shared time banks, solidarity networks, sharing of goods, non-monetary transactions, etc., experiments that paved the way for the emergence of a sharing economy in all domains of activity oriented toward the satisfaction of human needs. Other innovations included the creation of cryptographic virtual currencies, epitomized by bitcoin, which blended a libertarian, entrepreneurial spirit with information technology to provide an alternative to standard forms of currency. On the basis of a cross-cultural analysis of alternative economic practices, this book develops an important theoretical argument: that the economy, as a human practice, is shaped by culture, and that the diversity of cultures, as revealed in a time of crisis, implies the possibility of different economies depending on the values and power relations that define economic institutions. This book will be of great interest to students and scholars in sociology, economics and the social sciences generally, and to anyone who wishes to understand how our societies and economies are changing today.Trade Review"Manuel Castells and his colleagues have underscored a fundamental truth: that all economics are cultural forms. And just as the financial crisis of 2008 demonstrated the bankruptcy of neoliberal capitalism and the human suffering inflicted by it, so too it spawned countless experiments in alternative ways of organizing economic life based on cultures of sharing and solidarity, some of which are explored in this timely and pathbreaking volume. A must-read." Paul Mason, author of PostCapitalism: A Guide to Our Future"Fine collection of essays."Times Higher Education SupplementTable of ContentsIntroduction Chapter 1 Economy Is Culture, Sarah Banet-Weiser and Manuel Castells Chapter 2 Economics Without Growth, Giorgos Kallis Chapter 3 Analysis of Worldwide Community Economies for Sustainable Local Development, Sviatlana Hlebik Chapter 4 Blockchain Dreams: Imagining Techno-economic Alternatives After Bitcoin, Lana Swartz Chapter 5 Consumer Financial Services in the US: Why Banks May Not Be the Answer, Lisa Servon Chapter 6 Commoning Against the Crisis, Angelos Varvarousis and Giorgos Kallis Chapter 7 Alternative Economic Practices in Barcelona: Surviving the Crisis, Reinventing Life, Manuel Castells and Sviatlana Hlebik Chapter 8 Imagining and Making Alternative Futures: Slow Cities as Sites for Anticipation and Trust, Sarah Pink and Kirsten Seale Conclusion, Manuel Castells

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Book SynopsisAlmost everyone has heard of Adam Smith, founding father of modern economics and author of Wealth of Nations. There is, however, much more to him than this. This new introduction gives a crystal clear overview of the entirety of Smith’s thought. It demonstrates how Smith’s economic theories fit into a larger system of thought that encompasses moral philosophy, philosophy of science, legal and political theory, and aesthetics. Examining the central arguments of his major works, ranging from The Theory of Moral Sentiments to his lectures on jurisprudence and beyond, Smith’s thought is explained in its full intellectual and historical context. As the book unfolds, the long-standing caricature of Adam Smith as an uncritical defender of capitalism red in tooth and claw is systematically challenged, revealing a far more complex and nuanced figure whose rich legacy remains highly relevant today. Comprehensive yet concise, this book will be the leading introduction to Adam Smith’s ideas for generations of students, scholars and general readers, relevant to areas ranging from philosophy and the history of economic thought to political theory.Table of ContentsAcknowledgements Abbreviations Chapter 1 Smith and the Scottish Enlightenment Chapter 2 Science and System Chapter 3 Morality and Sympathy Chapter 4 Justice and Virtue Chapter 5 Jurisprudence Chapter 6 The Nature of Wealth Chapter 7 Government and the Market Chapter 8 Legacy and Influence Notes Bibliography

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Book SynopsisAlmost everyone has heard of Adam Smith, founding father of modern economics and author of Wealth of Nations. There is, however, much more to him than this. This new introduction gives a crystal clear overview of the entirety of Smith’s thought. It demonstrates how Smith’s economic theories fit into a larger system of thought that encompasses moral philosophy, philosophy of science, legal and political theory, and aesthetics. Examining the central arguments of his major works, ranging from The Theory of Moral Sentiments to his lectures on jurisprudence and beyond, Smith’s thought is explained in its full intellectual and historical context. As the book unfolds, the long-standing caricature of Adam Smith as an uncritical defender of capitalism red in tooth and claw is systematically challenged, revealing a far more complex and nuanced figure whose rich legacy remains highly relevant today. Comprehensive yet concise, this book will be the leading introduction to Adam Smith’s ideas for generations of students, scholars and general readers, relevant to areas ranging from philosophy and the history of economic thought to political theory.Table of ContentsAcknowledgements Abbreviations Chapter 1 Smith and the Scottish Enlightenment Chapter 2 Science and System Chapter 3 Morality and Sympathy Chapter 4 Justice and Virtue Chapter 5 Jurisprudence Chapter 6 The Nature of Wealth Chapter 7 Government and the Market Chapter 8 Legacy and Influence Notes Bibliography

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Book SynopsisFrom their shadowy origins in Bitcoin to their use by multinational corporations, cryptocurrencies and blockchains are remaking the rules of digital media and society. Meanwhile, regulators, governments, and the public are trying to make sense of it all. In this accessible book, Quinn DuPont guides readers through the changing face of money to show how blockchain technology underpins new forms of value exchange and social coordination. He introduces cryptocurrency and blockchain technology to readers in terms of their developers and users, investment opportunities and risks, changes to politics and law, social and industrial applications - and what this all means for the new economy. The author argues throughout that, rather than being a technical innovation, cryptocurrencies and blockchains are social technologies enabling developers and users to engage in unprecedented experiments with social and political levers. Cryptocurrencies and Blockchains dispenses with hype and offers sober reflection on this crucial and timely topic. It is essential reading for students and scholars of culture, politics, media, and the economy, as well as anyone who wants to understand, take part in, or change the future of work and society.Trade Review“This book cuts through the hype and presents, in layperson’s terms, the developments and applications of blockchain, offering lessons on how we will imagine human systems, governance, and accountability in a world of distributed computational processes and decentralized authority. A real tour de force.​“Bill Maurer, University of California, Irvine “Amid all the hype surrounding cryptocurrency, this book provides a refreshingly balanced perspective on what matters – and does not matter – about these new forms of money. Quinn DuPont provides a well-informed analysis of the cryptocurrency terrain, which should be required reading for students and researchers, as well as anyone who wants to get involved in this exciting new world but might be wary of doing so.”Nigel Dodd, London School of Economics and Political Science

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Book SynopsisFrom their shadowy origins in Bitcoin to their use by multinational corporations, cryptocurrencies and blockchains are remaking the rules of digital media and society. Meanwhile, regulators, governments, and the public are trying to make sense of it all. In this accessible book, Quinn DuPont guides readers through the changing face of money to show how blockchain technology underpins new forms of value exchange and social coordination. He introduces cryptocurrency and blockchain technology to readers in terms of their developers and users, investment opportunities and risks, changes to politics and law, social and industrial applications - and what this all means for the new economy. The author argues throughout that, rather than being a technical innovation, cryptocurrencies and blockchains are social technologies enabling developers and users to engage in unprecedented experiments with social and political levers. Cryptocurrencies and Blockchains dispenses with hype and offers sober reflection on this crucial and timely topic. It is essential reading for students and scholars of culture, politics, media, and the economy, as well as anyone who wants to understand, take part in, or change the future of work and society.Trade Review“This book cuts through the hype and presents, in layperson’s terms, the developments and applications of blockchain, offering lessons on how we will imagine human systems, governance, and accountability in a world of distributed computational processes and decentralized authority. A real tour de force.​“Bill Maurer, University of California, Irvine “Amid all the hype surrounding cryptocurrency, this book provides a refreshingly balanced perspective on what matters – and does not matter – about these new forms of money. Quinn DuPont provides a well-informed analysis of the cryptocurrency terrain, which should be required reading for students and researchers, as well as anyone who wants to get involved in this exciting new world but might be wary of doing so.”Nigel Dodd, London School of Economics and Political Science

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Book SynopsisJohn Maynard Keynes is the 20th century’s greatest economist. He sparked an intellectual revolution that transformed economic theory and policymaking. This book, written in plain English with minimal mathematics, is a concise and probing account of his major ideas. Keynes, argues Mark Hayes, showed that economics is a science of thinking in terms of models, in which progress depends on recognising when established models have become obsolete and new ones are required. Hayes outlines how Keynes did this, tracing his progression from the ‘Classical’ model that he inherited through to his masterpiece, The General Theory of Employment, Interest and Money, and beyond. The intellectual narrative is placed in its historical context, from the Versailles Peace Conference in 1919 to Bretton Woods. The final chapters consider the impact of Keynes’s legacy, including his relevance to reform of the Euro. This accomplished study is not only a comprehensive introduction for students and general readers, but also a crystal-clear demonstration of how Keynes’ thought is vital to understanding why contemporary economics needs to discard its old models and embrace profound change.Trade Review"Hayes’s book deserves wide readership"Journal of EconomicsTable of ContentsList of Tables List of Figures Acknowledgements Preface How To Read This Book Glossary 1. Why Study Keynes? 2. The Classical Theory of Employment, Interest and Money 3. The General Theory of Employment, Interest and Money 4. The Great Confusion 5. The Long Struggle to Escape 6. From Versailles to Bretton Woods 7. The Keynesian Era 8. Keynes for Today Further Reading Bibliography Index

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Book SynopsisJohn Maynard Keynes is the 20th century’s greatest economist. He sparked an intellectual revolution that transformed economic theory and policymaking. This book, written in plain English with minimal mathematics, is a concise and probing account of his major ideas. Keynes, argues Mark Hayes, showed that economics is a science of thinking in terms of models, in which progress depends on recognising when established models have become obsolete and new ones are required. Hayes outlines how Keynes did this, tracing his progression from the ‘Classical’ model that he inherited through to his masterpiece, The General Theory of Employment, Interest and Money, and beyond. The intellectual narrative is placed in its historical context, from the Versailles Peace Conference in 1919 to Bretton Woods. The final chapters consider the impact of Keynes’s legacy, including his relevance to reform of the Euro. This accomplished study is not only a comprehensive introduction for students and general readers, but also a crystal-clear demonstration of how Keynes’ thought is vital to understanding why contemporary economics needs to discard its old models and embrace profound change.Trade Review"Hayes’s book deserves wide readership"Journal of EconomicsTable of ContentsList of Tables List of Figures Acknowledgements Preface How To Read This Book Glossary 1. Why Study Keynes? 2. The Classical Theory of Employment, Interest and Money 3. The General Theory of Employment, Interest and Money 4. The Great Confusion 5. The Long Struggle to Escape 6. From Versailles to Bretton Woods 7. The Keynesian Era 8. Keynes for Today Further Reading Bibliography Index

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Book SynopsisNo economist has written more incisively and provocatively on financial crisis than Hyman Minsky. Minsky is best known for his claim that "stability is destabilizing" – that the seeds of the bust are sown in the boom. This financial instability hypothesis received renewed attention – and substantial confirmation – in the global financial crisis of 2008. Minsky's insights are not limited to moments of crisis; they grow out of a comprehensive and critical theory of financial capitalism. This book provides a systematic overview of Minsky's thought, covering his entire body of work. It shows how financial crises arise not as exceptions, but out of the normal operation of a financial capitalist system. It explains why Minsky's theories sit uncomfortably with economics and what efforts have been made to integrate them, and shows how Minsky's work can be incorporated into other fields of social thought. This book will be of interest to students and scholars in economics, political economy, finance, politics, and social theory, as well as to anyone with an interest in the financial system and its tendency toward crisis.Trade Review“Capitalism is essentially a financial system, said Minsky fifty years ago, and his thought laid the foundations for understanding how that system works. Reinterpreting Minsky for today, Neilson offers the best available introduction to Minsky’s thought for the modern reader.”Perry Mehrling, Boston University “Daniel H. Neilson’s book manages an extraordinary feat: the reader understands Minsky’s life and his system of thought in one book. You need to understand Minsky’s ideas to understand capitalism in the twenty-first century. This is the best book to help you do that.”Stephen Kinsella, University of LimerickTable of ContentsAcknowledgements 1 Introduction 2 Financial Capitalism 3 A Payments Theory of Finance 4 The Inadequacy of Economics 5 Making the Market 6 Last Resort 7 The Resilience of Economics 8 Minsky for All Moments References

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Book SynopsisDuring the last few decades, the gap between the incomes, wealth and living standards of rich and poor people has increased in most countries. Economic inequality has become a defining issue of our age. In this book, leading political economist Frank Stilwell provides a comprehensive overview of the nature, causes, and consequences of this growing divide. He shows how we can understand inequalities of wealth and incomes, globally and nationally, examines the scale of the problem and explains how it affects our wellbeing. He also shows that, although governments are often committed to ‘growth at all costs’ and ‘trickle down’ economics, there are alternative public policies that could be used to narrow the gap between rich and poor. Stilwell’s engaging and clear guide to the issues will be indispensable reading for all students, general readers and scholars interested in inequality in political economy, economics, public policy and beyond.Trade Review'This is a very valuable book that will be helpful to anyone studying economic inequality. It contains an admirably clear overview of the causes, nature and consequences of inequality, and perceptively analyses the policies that could tackle the growing gap between rich and poor.'Gabriel Zucman, University of Berkeley, California'Concerns about the scale and impact of inequality are growing, around the world and across different academic disciplines. Frank Stillwell sets out, in a clear and comprehensive guide, everything you need to know about the causes and consequences of economic inequality, as well as the changes needed to create a more equal world.'Kate Pickett, University of York 'Here is political economy at its finest, marrying accessible analysis with the consideration of practical, progressive possibilities. After Piketty, Stilwell is the must read.'Franklin Obeng-Odoom, Contributions to Political EconomyTable of Contents Contents Preface Preliminaries 1. Mind the Gap 2. Incomes, Wealth, Poverty and Equity Patterns 3. Scales and Shapes of Inequality 4. Shifting Shares 5. Multi-dimensional Inequalities Processes 6. Explaining Who Gets What 7. Driving the Disparities Problems 8. Hazards to Handle: Opportunities to Grasp 9. Towards Happier Societies? Policies 10. Redistribution 11. Progressive Pre-distribution 12. A Global Challenge Prospects 13. Impediments to Equity 14. Making the Future References Index

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Book SynopsisDuring the last few decades, the gap between the incomes, wealth and living standards of rich and poor people has increased in most countries. Economic inequality has become a defining issue of our age. In this book, leading political economist Frank Stilwell provides a comprehensive overview of the nature, causes, and consequences of this growing divide. He shows how we can understand inequalities of wealth and incomes, globally and nationally, examines the scale of the problem and explains how it affects our wellbeing. He also shows that, although governments are often committed to ‘growth at all costs’ and ‘trickle down’ economics, there are alternative public policies that could be used to narrow the gap between rich and poor. Stilwell’s engaging and clear guide to the issues will be indispensable reading for all students, general readers and scholars interested in inequality in political economy, economics, public policy and beyond.Trade Review'This is a very valuable book that will be helpful to anyone studying economic inequality. It contains an admirably clear overview of the causes, nature and consequences of inequality, and perceptively analyses the policies that could tackle the growing gap between rich and poor.'Gabriel Zucman, University of Berkeley, California'Concerns about the scale and impact of inequality are growing, around the world and across different academic disciplines. Frank Stillwell sets out, in a clear and comprehensive guide, everything you need to know about the causes and consequences of economic inequality, as well as the changes needed to create a more equal world.'Kate Pickett, University of York 'Here is political economy at its finest, marrying accessible analysis with the consideration of practical, progressive possibilities. After Piketty, Stilwell is the must read.'Franklin Obeng-Odoom, Contributions to Political Economy

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Book SynopsisAusterity has been at the center of political controversy following the 2008 financial crisis, invoked by politicians and academics across the political spectrum as the answer to, or cause of, our post-crash economic malaise. However, despite being the cause of debate for more than three centuries, austerity remains a poorly understood concept. In this book, Suzanne J. Konzelmann aims to demystify austerity as an economic policy, a political idea, and a social phenomenon. Beginning with an analysis of political and socioeconomic history from the seventeenth century, she explains the economics of austerity in the context of the overall dynamics of state spending, tax, and debt. Using comparative case studies from around the world, ranging from the 1930s to post-2008, she then evaluates the outcomes of austerity in light of its stated objectives and analyzes the conditions under which it doesn’t – and occasionally does – work. This accessible introduction to austerity will be essential reading for students and scholars of political economy, economics, and politics, as well as all readers interested in current affairs.Trade Review“Suzanne J. Konzelmann’s book is an incredibly valuable contribution to the growing backlash against austerity. The broad and rich historical and international perspective confirms that these pernicious policies have a track record of failure.”Geoff Tily, senior economist, Trades Union Congress “In the wake of the 2008 global financial crisis, austerity policies were imposed in many countries, with results ranging from disappointing to disastrous. Konzelmann shows how the logic of austerity was fundamentally undermined by the emergence of the welfare state in the twentieth century. Austerity policies threaten the automatic stabilizing effects of a large welfare state, and are therefore counterproductive.”John Quiggin, University of QueenslandTable of ContentsChapter 1 Introduction Chapter 2 Shifting Responses to the Evolution of National Debt and the Economic Role of the State Chapter 3 National Accounting and the Economics of Austerity Chapter 4 Selling Austerity – Economics, Politics and Society Chapter 5 Austerity and Welfare – An Unstable Mixture: Britain, Germany & the United States between the Wars Chapter 6 Austerity (and Stimulus) in Post-war Chile, America, Ireland and Japan Chapter Some have Austerity thrust upon them, Others Embrace it: Ireland, Greece and the United Kingdom after the 2008 crisis Chapter 8 Post-2008 Variations on Austerity: Iceland and the United States Chapter 9 Austerity’s political economic, ideological and socio-cultural dimensions Chapter 10 Conclusions Notes References

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Book SynopsisConsumption used to be a disease. Now it is the dominant manner in which most people meet their most basic needs and – if they can afford the price – their wildest desires. In this new book, Ian and Mark Hudson critically examine how consumption has been understood in economic theory before analyzing its centrality to our social lives and function in contemporary capitalism. They also outline the consequences it has for people and nature, consequences routinely made invisible in the shopping mall or online catalogue. Hudson and Hudson show, in an approachable manner, how patterns of consumption are influenced by cultures, individual preferences and identity formation before arguing that underlying these determinants is the unavoidable need within capitalism to realize profit. This accessible and comprehensive book will be essential reading for students and scholars of political economy, economics and economic sociology, as well as any reader who wants to confront their own practices of consumption in a meaningful way.Trade Review“This book invites readers on a lively tour across the terrain of consumption in a briskly paced guide to mainstream economic theory and critical political economy. It is a highly engaging book that will appeal to those wishing to secure a deeper understanding of what it means to consume.”Bruce Pietrykowski, University of Michigan "It is a sign of the consumer fetishism that pervades our society that good poiltical-economic works on consumption that do not simply fall prey to their subject matter and that retain a critical perspective are extremely hard to find. This book, though clearly written for classroom use, belongs in the same broad tradition as Thorstein Veblen’s The Theory of the Leisure Class, John Kenneth Galbraith’s The Affluent Society, Michael Dawson’s The Consumer Trap, and Naomi Klein’s No Logo. Highly recommended."John Bellamy Foster, author of The Return of Nature: Socialism and Ecology

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Book SynopsisConsumption used to be a disease. Now it is the dominant manner in which most people meet their most basic needs and – if they can afford the price – their wildest desires. In this new book, Ian and Mark Hudson critically examine how consumption has been understood in economic theory before analyzing its centrality to our social lives and function in contemporary capitalism. They also outline the consequences it has for people and nature, consequences routinely made invisible in the shopping mall or online catalogue. Hudson and Hudson show, in an approachable manner, how patterns of consumption are influenced by cultures, individual preferences and identity formation before arguing that underlying these determinants is the unavoidable need within capitalism to realize profit. This accessible and comprehensive book will be essential reading for students and scholars of political economy, economics and economic sociology, as well as any reader who wants to confront their own practices of consumption in a meaningful way.Trade Review“This book invites readers on a lively tour across the terrain of consumption in a briskly paced guide to mainstream economic theory and critical political economy. It is a highly engaging book that will appeal to those wishing to secure a deeper understanding of what it means to consume.”Bruce Pietrykowski, University of Michigan "It is a sign of the consumer fetishism that pervades our society that good poiltical-economic works on consumption that do not simply fall prey to their subject matter and that retain a critical perspective are extremely hard to find. This book, though clearly written for classroom use, belongs in the same broad tradition as Thorstein Veblen’s The Theory of the Leisure Class, John Kenneth Galbraith’s The Affluent Society, Michael Dawson’s The Consumer Trap, and Naomi Klein’s No Logo. Highly recommended."John Bellamy Foster, author of The Return of Nature: Socialism and Ecology

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Book Synopsis'Value' seems like an elusive and abstract concept. Nonetheless, notions of value underpin how we understand our lives, from discussions about the economic contribution of different kinds of work and productive activity, to the prices we pay for the things we consume. So what is value, and where does it come from? In this new book, Frederick Harry Pitts charts the past, present and future of value within and beyond capitalist society, critically engaging with key concepts from classical and neoclassical political economy. Interrogating the processes and practices that attribute value to objects and activities, he considers debates over whether value lies within commodities or in their exchange, the politics of different theories of value, and how we measure value in a knowledge-based economy. This accessible and intriguing introduction to the complexities of value in modern society will be essential reading for any student or scholar working in political economy, economics, economic sociology or management.Trade Review“Clear, comprehensive and critical, Value is a gem of a book for both students and scholars who grapple with the problem of value in economic thought. Harry Pitts's introduction offers well-argued and detailed engagement with central approaches and debates that should not be missed.”Paul Mason, author of Postcapitalism “Harry Pitts has written an essential primer on that 'thing' that is central to economics, political economy and the social system they purport to explain – capitalism. Debunking all notions that there is anything scientific or objective about value, Harry teaches why we should understand it as a category of struggle, as 'something' that both emerges out of struggles and operates to fragment and suppress struggles.”David Harvie, co-author of Moments of Excess: Movements, Protest and Everyday Life""Value" is one of the most important concepts in economics, one that Marx deeply focused upon in his analysis of capitalist society. However there is a great deal of disagreement and confusion over the term, even among Marxists. In this handy book, Frederick Harry Pitts reconstructs debates over value within political economy, sociology, and critical theory, carefully weighing the analytical and political implications. Useful both as an introduction to value theory and as a reference for experts, Value is a book I anticipate coming back often as a teaching tool and as an aid for my own work." Gavin Mueller, Verso Books Blog - Authors' Favorite Books of the Year"The book is part of Polity’s fantastic What is Political Economy Series that presents other key concepts such as work, austerity and money. With Value, Pitts gives us a thorough theoretical examination of yet another major concept in economics and social study that has been taken for granted in the often neglected approaches of political economy. Pitts’ voice in the book is authoritative because he demonstrates a solid understanding of wide-ranging theories and disciplines." Zaynab El Bernoussi, Capital & Class

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Book SynopsisEconomics used to be called political economy, and the loss of the “political” tracks the ascendance of the idea of rational choice within the discipline. Where does this idea of economic rationality – choosing to maximize benefits and minimize costs – come from? What are the consequences of its rise? In this new book, Stephen Engelmann assesses these questions through a consideration of the often-hidden links between choice and government, ranging from the Benthamic utilitarianism that inspired modern economics to the contemporary economic psychologists trying to nudge everyone to choose more rationally. Multiple global crises are exposing how deficient economic rationality is as a political theory, since a focus on choice turns actors away from relations in the common. Political economy once targeted aristocratic rule – heralding a politics and ethics of egalitarian self-command and spurring democratic reform – but economics allows domination and forecloses alternatives to it. This accessible volume will be of interest to students and scholars of politics and economics, and to general readers concerned about the various ways that psychology and management have infiltrated our politics.Trade Review“This is a beautifully written, highly literate, and engaging survey of the structure, history, and antecedents of neoclassical economics and its modern derivatives. It emphasizes the contrast between this conventional framework and many important things in social life.”Anwar Shaikh, The New School for Social Research“In this wonderfully lucid and erudite account, Stephen Engelmann uncovers and explains the function of economic rationality as an implicit form of political theory. He demonstrates that without an understanding of the organizing power of this concept, any attempt to reclaim the political sphere from neoliberal governance will necessarily founder. A crucial and highly recommended intervention.”Jane Elliott, King’s College LondonTable of Contents1 Introduction 2 Textbook Rationality and the Behavioral Critique 3 Political Economy 4 Economics as Politics 5 Conclusion

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Book SynopsisEconomics used to be called political economy, and the loss of the “political” tracks the ascendance of the idea of rational choice within the discipline. Where does this idea of economic rationality – choosing to maximize benefits and minimize costs – come from? What are the consequences of its rise? In this new book, Stephen Engelmann assesses these questions through a consideration of the often-hidden links between choice and government, ranging from the Benthamic utilitarianism that inspired modern economics to the contemporary economic psychologists trying to nudge everyone to choose more rationally. Multiple global crises are exposing how deficient economic rationality is as a political theory, since a focus on choice turns actors away from relations in the common. Political economy once targeted aristocratic rule – heralding a politics and ethics of egalitarian self-command and spurring democratic reform – but economics allows domination and forecloses alternatives to it. This accessible volume will be of interest to students and scholars of politics and economics, and to general readers concerned about the various ways that psychology and management have infiltrated our politics.Trade Review“This is a beautifully written, highly literate, and engaging survey of the structure, history, and antecedents of neoclassical economics and its modern derivatives. It emphasizes the contrast between this conventional framework and many important things in social life.”Anwar Shaikh, The New School for Social Research“In this wonderfully lucid and erudite account, Stephen Engelmann uncovers and explains the function of economic rationality as an implicit form of political theory. He demonstrates that without an understanding of the organizing power of this concept, any attempt to reclaim the political sphere from neoliberal governance will necessarily founder. A crucial and highly recommended intervention.”Jane Elliott, King’s College London Table of Contents1 Introduction 2 Textbook Rationality and the Behavioral Critique 3 Political Economy 4 Economics as Politics 5 Conclusion

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Book SynopsisThe problem of rent is at the root of vital social concerns in the twenty-first century, ranging from the climate emergency and spiralling economic inequality to the repercussions of global economic crises. But while many of us may be familiar with rent (especially paying it), how should we really understand it? Examining both concrete contexts and complex concepts, in this book Joe Collins provides a comprehensive but concise survey of the theories and debates over rent and rentier capitalism. He examines global gentrification from São Paolo to Dublin, the tyranny of technology from Taipei to San Francisco, and the excesses of extractivism from Sekondi to Karratha. In doing so, he reveals how rent is fundamental to the current dominant form of capitalist social organization across the globe and how we can prevent the next generation from seeing our societies rent asunder. An essential resource for students and scholars alike, this groundbreaking book will be of interest to anyone working on capitalism, property, political economy, economic sociology and contemporary politics.Trade Review‘From twenty-first-century techno-patents to landlord sex scams, rentier capitalism tightens its grip on everyday life. In this short book, Joe Collins unpacks the multiple meanings of rent as these evolved through traditional economics to contemporary political economy. A lucid and compassionate account.’Ariel Salleh, Global University for Sustainability, Hong Kong ‘As rents become ever more important and rentiers become ever more powerful, this book provides an important theoretical underpinning to the idea of rent as a cause and consequence of monopoly. Contemporary capitalism cannot be understood without this.’Jayati Ghosh, University of Massachusetts AmherstTable of ContentsChapter 1 – What is rent? Chapter 2 – Rent theory in historical perspective Chapter 3 – Mainstream rent theory Chapter 4 – Rent theory in modern political economy Chapter 5 – Why is rent important today? Notes References

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Book SynopsisRising inequality is the defining feature of our age. With the lion’s share of wealth growth going to the top, for a growing percentage of society a middle-class existence is out of reach. What exactly are the economic shifts that have driven the social transformations taking place in Anglo-capitalist societies? In this timely book, Lisa Adkins, Melinda Cooper and Martijn Konings argue that the rise of the asset economy has produced a new logic of inequality. Several decades of property inflation have seen asset ownership overshadow employment as a determinant of class position. Exploring the impact of generational dynamics in this new class landscape, the book advances an original perspective on a range of phenomena that are widely debated but poorly understood – including the growth of wealth inequalities and precarity, the dynamics of urban property inflation, changes in fiscal and monetary policy and the predicament of the “millennial” generation. Despite widespread awareness of the harmful effects of Quantitative Easing and similar asset-supporting measures, we appear to have entered an era of policy “lock-in” that is responsible for a growing disconnect between popular expectations and institutional priorities. The resulting polarization underlies many of the volatile dynamics and rapidly shifting alliances that dominate today’s headlines.Trade Review“Adkins, Cooper and Konings make a timely and persuasive attack on generational and electoral understandings of contemporary class conflict and class reproduction. This is a must read for understanding the politics around the increasingly Minsky-like dynamics of the housing market.”Herman Mark Schwartz, University of Virginia “In teasing out the logic of the booming asset economy, Lisa Adkins and her co-authors brilliantly update the analysis of class and inequality for the twenty-first century. This outstanding book will prove a vital point of reference to academics, students, and the wider public.”Mike Savage, London School of Economics“A timely, engaging and important book. If treated with the seriousness it deserves, The Asset Economy should set the agenda for future socio-logical studies of class and inequality concerned with their economic reproduction.”Sociology“This book offers an important and timely analytical lens by which we can better theorize the growth of contemporary inequality and exploitation.”Uneven Earth“a highly readable and timely intervention”LSE Review of Books“The book is an enjoyable read while persuasively and concisely unpacking the very foundations underpinning current societal challenges of inequality. A must read, not only for scholars interested in housing and the political economy of drivers of inequality, but highly recommended for all those implicated in the socio-economic structure it unpacks – in other words, everyone.”International Journal of Housing Policy“Excellent”Annie Lowrey, The AtlanticTable of Contents1. Introduction 2. Asset Logics 3. The Making of the Asset Economy 4. New Class Realities 5. Conclusion References

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Book SynopsisMore and more people have turned to Marxian economics in recent years. But isn’t it a defunct branch of the ‘dismal science’, disproven by the experience of the past 150 years, of no interest to anyone except historians? In this book, David Ruccio demonstrates why the answer to that question is a resounding ‘no’. He offers a clear and accessible introduction to the basic concepts and theoretical strategies of Marxian economics, its key differences from mainstream economics, and its many applications to the real world. Focusing on Marx’s critique of both mainstream economic theory and capitalism, Ruccio extends that analysis to contemporary topics—from inequality and economic crises to racial capitalism and the climate crisis—and outlines the key debates among Marxian economists. He concludes with a discussion of the ways Marxian economists today think about the possibility of moving beyond capitalism. The book is suitable for students and professors, as well as readers outside the academy interested in learning about Marxian economics. It will be useful both as a stand-alone text and as a companion to reading Capital.Trade Review“This is a very important, timely book. Capitalism's three crashes since 2000 plus its ever-deepening inequalities lead people everywhere to seek the kinds of critical analysis Marx exemplified and that David Ruccio has built upon. Ruccio is well prepared and positioned to bring a powerful and directly relevant Marxian economics to a time that needs it more than ever.”Richard D. Wolff, University of Massachusetts, Amherst, and founder of Democracy at Work “Marxism remains central to our understanding of capitalism and the inequities it creates. Marxism as a theory also requires regular scrutiny and rethinking as economies evolve. Ruccio's book provides both a solid treatment of the basic principles and the foundations for the rethinking that must be part of any meaningful paradigm. Amidst the vast literature, this book is a standout. It is sophisticated and accessible, crisply written and consistently relevant.”William Milberg, The New School for Social ResearchTable of ContentsAbout the Author Preface Acknowledgements Glossary References Variables Part 1 Chapter 1 Marxian Economics Today Chapter 2 Marxian Versus Mainstream Economics Chapter 3 Origins of the Marxian Critique of Political Economy Part 2 Chapter 4 Commodities and Money Chapter 5 Surplus-Value and Exploitation Chapter 6 Profits, Wages, and Distribution of Surplus-Value Part 3 Chapter 7 Applications of Marxian Economics Chapter 8 Debates in and around Marxian Economics Chapter 9 Transitions to and from Capitalism Notes Index

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Book SynopsisWhy do some countries succeed while others struggle? Why are some firms profitable while rivals fail? Why do some marriages thrive and others end in divorce? These questions seem unrelated, but societies, companies, and marriages have one important thing in common: they involve more than one individual. They thus face the same fundamental challenges. How can people be made to help rather than hurt each other? How can they use sacrifice, cooperation, and coercion to promote the common good? In this introductory text, Tore Ellingsen equips readers to answer essential questions around the success and failure of humans in groups, drawing on behavioral game theory, psychology, and sociology. He emphasizes how other-regarding preferences such as altruism and dutifulness matter for societies’ prosperity, and analyzes the role of culture in the form of shared values and understandings. One lesson is that cooperation is facilitated when people anticipate that they will hold common memories of past behavior, especially if agreements take precedence over leaders’ authority. A groundbreaking text, Institutional and Organizational Economics is essential reading for students and scholars of economics, political science, sociology, and public administration.Trade Review“Institutional and Organizational Economics not only provides a superb development of the ideas of organizational economics, using the tools of basic game theory, but also offers fascinating connections to history, sociology, and literature. A tour de force.”Oliver D. Hart, Harvard University“This slim volume offers an amazing wealth of ideas about institutions and organizations. The exposition nicely combines historical and experimental evidence with clear and simple behavioral game theoretic explanations. A book to instruct and delight students and scholars alike.”Avinash Dixit, Princeton UniversityTable of ContentsPreface 1 The Organizational Challenge 2 Sacrifice 3 Selfishness, Rationality, and Utility 4 Situations, Games, and Cooperation 5 Shared Understandings and Values 6 Predicting Behavior in Games 7 A Model of Anarchy 8 Changing the Game 9 Coordination 10 Authority’s Limitations 11 Relationships 12 Third-party Punishment 13 Coercion: Costs and Benefits 14 Contracts and Governance 15 Limited Liability and Corporate Finance 16 Asymmetric Information 17 Application: The Oil-Pool Problem 18 Conclusion 19 More Food for Thought 20 Further Reading Postface Answers to Exercises Notes References Index

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Book SynopsisAvailable Open Access under CC-BY-NC-ND Made famous by the Enlightenment thinker Adam Smith, the concept of an ‘invisible hand’ might be taken to imply that a government that governs least governs the best, from the viewpoint of society. Here an invisible hand appears to represent unfettered market forces. Drawing from this much-contested notion, Mittermaier indicates why such a view represents only one side of the story and distinguishes between what he calls pragmatic and dogmatic free marketeers. Published posthumously, with new contributions by Daniel Klein, Rod O’Donnell and Christopher Torr, this book outlines Mittermaier’s main thesis and his relevance for ongoing debates within economics, politics, sociology and philosophy.Table of ContentsForeword ~ Isabella Mittermaier Mittermaier’s Modern Message ~ Christopher Torr The Hand Behind the Invisible Hand ~ Karl Mittermaier Karl Mittermaier’s Pursuit of Classical Liberal Coherence ~ Daniel B. Klein Karl Mittermaier, a Philosopher-Economist with a Penetrating Intellect and Twinkling Eye ~ Rod O’Donnell

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Book SynopsisEPUB and EPDF available Open Access under CC-BY-NC-ND licence. Economic theory relies heavily on the idea of rational action, but how are we to understand the empirical content of rational choice when we can only observe the outcome, not what goes into making the choice? With contributions from Alan Kirman and Rod O'Donnell, Karl Mittermaier's posthumously published work establishes a new conceptual framework that will enable economic theorists to forge new paths of empirical analysis. Introducing readers to the work of a profound thinker who was not recognized in his lifetime, this book, featuring previously unpublished material, is poised to become a seminal text in the philosophy of social sciences.Table of ContentsForeword - Isabella Mittermaier Extended Preface: A Realistic Attitude to the Economy - Alan Kirman Prologue: Mittermaier’s Conceptual Framework - Rod O’Donnell 1. Institutions and the Empirical Content of Economics 2. Ex Post and Ex Ante Facts 3. Structure and Equilibrium 4. Rational Action 5. Variant Conceptions of Preferences 6. The Genetic Understanding and Institutions

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Book SynopsisA History of Economic Thought is a text for undergraduate history of economic thought courses. It covers the major writers and schools of thought; in doing so, it reveals not only ideas, but relevant stories of the lives of the great economic thinkers.Trade Review"Staley's goal is above all to show the student that economic thought has a fascinating history, and he has succeeded well." The Economic Journal "One of the best undergraduate textbooks on the history of economics to have appeared in the last few years." Mark Blaug, University of LondonTable of Contents1. Introduction. 2. The Scholastics and the Mercantilists. 3. One Foot in the Mercantilist World and One in the Classical. 4. The Physiocrats. 5. Adam Smith. 6. Thomas R. Malthus. 7. David Ricardo, Classical Monetary Theory, and Say's Law. 8. David Ricardo's Principles of Political Economy. 9. Classical Economics From Ricardo to Mill's Principles. 10. John Stuart Mill. 11. Marx and Engels. 12. Precursors of the Marginal Revolution. 13. Carl Menger and the Austrian School. 14. William Stanley Jevons and the Marginal Revolution. 15. Leon Walras. 16. Alfred Marshall. 17. American Economics: Benjamin Franklin to Irving Fisher. 18. The Monopolistic Competition Revolution. 19. John Maynard Keynes. 20. Modern Times: Macroeconomics. 21. Modern Times: Econometrics and Microeconomics

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Book SynopsisIrving Fisher was one of the greatest and certainly one of the most colorful American economists. Widely acknowledged as the chief architect of modern neo-classical economics, he was a writer and teacher of prodigious scope and output whose business career included the earning of a fortune from the invention of a card index system, and its subsequent loss in the Great Crash. He was also an active campaigner for numerous causes, including world peace, prohibition, and 100 percent deposit reserve money. This biography, focusing both on Fisher's personal life, as well as on his intellectual contributions, will be of wide interest to economists and of particular interest to American economics scholars who regard him as their pre-1950 giant of the discipline.Table of ContentsIrving Fisher - scientist and crusader; the making of a scientist (1867-1891); the scientist matures and expands (1891-1898); the crusader joins the scholar (1898-1910); completing the foundation (1910-1916); tilting with windmills (1916-1924); making and losing money (1925-1929); theorist, reformer, loser (1930-1932); activist, advisor, politician (1933-1939); moving into the shadows (1940-1947).

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Book SynopsisIn Capital Theory and Equilibrium Analysis and Recursive Utility, Robert Becker and John Boyd have synthesized their previously unpublished work on recursive models.Table of ContentsList of Examples. Preface. Part I: The Recursive Utility Approach:. 1. Introduction. 2. What is a Recursive Utility Function?. 3. Why Study Recursive Utility?. 3.1. The Long Run Incidence of Capital Taxation. The Tax Model. Tax Incidence with the TAS Specification. Tax Incidence With the Epstein-Hynes Utility Specification. 3.2. The Impatience Problem. The Impatience Problem with an Epstein-Hynes Utility Function. 4. Recursive Utility and Commodity Spaces. 4.1 Diminishing Returns and Bounded Growth. 4.2 Nondecreasing Returns and Sustained Growth. Growth and Exogenous Technical Progress. Endogenous Growth Models. 4.3. Order Structures. Weak Separability of the Future from the Present. Partial Orders on the Commodity Space. 5. Conclusion. Part II: Commodity and Price Spaces:. 1. Introduction. 2. Commodity Spaces. 2.1. Order Properties. Free Disposal. 2.2 Topological Properties. Metric Spaces. Continuity. Compactness, Product Spaces, and the Tychonoff. Theorem. Connectedness. 2.3. Linear Topologies. Order Convergence. Contraction Mapping Theorems. 3. Commodity Price Dualities. 3.1. Duals and Hyperplanes. 3.2. Hahn-Banach Theorems. 3.3. Dual Pairs and Weak Topologies. 3.4. Order Duals. 4. Conclusion. Part III: Representation of Recursive Preferences:. 1. Introduction. 2. Preference Orders and Utility Theory. 3. Recursive Utility: The Koopmans Axioms. 3.1. The Axioms. 3.2. Biconvergence. 3.3. Recursive Preferences and Myopia. 4. Impatience, Discounting and Myopia. 4.1. Impatience and Time Perspective. 4.2. Myopia and the Continuity Axiom. 4.3. The Norm of Marginal Impatience Conditions. 5. Recursive Utility: The Aggregator. 5.1. Basic Properties of the Aggregator. 5.2. The Existence of Recursive Utility. 5.3. Aggregators Bounded From Below. 5.4. Unbounded Aggregators. 6. Conclusion. Part IV: Existence and Characterization of Optimal Paths:. 1. Introduction. 2. Fundamentals of Existence Theory. 2.1. A Simple Capital Accumulation Model. 2.2. The Weierstrass Theorem. 2.3. One-Sector TAS Existence Theory. 2.4. Extended Utilitarianism. 3. Multisector Capital Accumulation Model. 3.1. The von Neumann and Malinvaud Models. 3.2. The Feasible Correspondence. 4. The Existence and Sensitivity of Optimal Paths. 4.1. The Maximum Theorem. 4.2. Optimal Paths. 5. Recursive Dynamic Programming. 5.1. Dynamic Programming with TAS Utility. 5.2. Recursive Utility and Multisector Models. 5.3. Dynamic Programming and Extended Utilitarianism. 6. Characterization of Optimal Paths. 6.1. No-Arbitrage Conditions. 6.2. Complete Characterization of Optimal Paths. 7. Conclusion. Part V:. 1. Introduction. 2. One-Sector Models. 2.1. Stationary States in One-Sector Models. 2.2. Monotonicity and Turnpikes in TAS Models. 2.3. Monotonocity and Turnpikes in Recursive Models. 2.4. Growing Economies. 3. Steady States in Multisectoral Models. 3.1. Stationary Optimal Programs for Additive Utility. 3.2. Stationary Optimal Programs for Recursive Utility. 4. Stability of Multisectoral Models. 4.1. The Undiscounted Model. 4.2. The Visit Lemma. 4.3. Uniqueness of Steady States. 4.4. Local and Global Stability. 5. Cycles and Chaos in Optimal Growth. 5.1. The Existence of Cycles. 5.2. Chaotic Dynamics. 6. Conclusion. Part VI: Equivalence Principles and Dynamic Equilibria:. 1. Introduction. 2. Equivalence Principles for One-Sector Models. 2.1. The Perfect Foresight Equivalence Theorem. Perfect Foresight Competitive Equilibrium. The PFCE Equivalence Principle. 2.2. The Fisher Equivalence Theorem. 2.3. The Equivalence Theorem and the Transversality Condition. 2.4. Recursive Competitive Equilibrium and Recursive Utility. 3. Multisector Equivalence Principles. 3.1. The Portfolio Equilibrium Condition. 3.2. The Two-Sector Model's Equivalence Theorem. The Household Sector. The Production Sector. The Transformation Function. Perfect Foresight Equilibrium. The Optimal Growth Problem. The Equivalence Theorem. 3.3. Dynamics and The Two-Sector Model's Equivalence Theorem. 4. The Transversality Condition and the Hahn Problem. 5. Conclusion. Part VII: Comparative Dynamics:. 1. Introduction. 2. The Reduced-Form TAS Model. 2.1. Comparative Dynamics. 2.2. Comparative Dynamics for Oscillating Programs. 2.3. Comparative Dynamics and Capital Income Tax Reform. 3. A Primer of Lattice Programming. 3.1. More About Lattices. 3.2. An Introduction to Monotone Comparative Statistics. 3.3. Topkis's Theorems. 4. Lattice Programming and the Reduced-Form TAS Model. 4.1. The Monotonicity of Optimal Capital Policy Function. 4.2. The Capital Deepening Theorem. 5. Recursive Utility Models. 5.1. Recursive Utility, Monotonicity and Lattice Programming. 5.2. Increasing Impatience and Recursive Utility. 5.3. Capital Deepening and Recursive Utility. 6. Conclusion. Part VIII: Dynamic Competitive Equilibrium:. 1. Introduction. 2. Dynamic Economies. 2.1. Existence of Pareto Optima. 3. The Core. 3.1. Existence of Core Allocations. 3.2. Edgeworth Equilibria. 4. The Core and Competitive Equilibrium. 4.1. Core Equivalence. 4.2. The Welfare Theorems. 4.3. Representation of Equilibrium as Welfare Maximum. 5. Models with Very Heterogeneous Discounting. 5.1. Core Equivalence with Heterogeneous Discounting. 5.2. Specialization to Recursive Utility. 6. Conclusion. References. Index.

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Book SynopsisWritten by one of the leading authorities in market microstructure research, this book provides a comprehensive guide to the theoretical work in this important area of finance.Table of ContentsForeword. 1. Markets and Market-Making. 2. Inventory Models. 3. Information-Based Models. 4. Strategic Trader Models I: Informed Traders. 5. Strategic Trader Models II: Uninformed Traders. 6. Information and the Price Process. 7. Market Viability and Stability. 8. Liquidity and the Relationships between Markets. 9. Issues in Market Performance.

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Book SynopsisThe Self-Organizing Economy In the last few years the concept of self-organizing systems—complex systems in which randomness and chaos seem spontaneously to evolve into unexpected order—has linked together researchers in many fields, from artificial intelligence to chemistry, from evolution to geology. Now leading economist Paul Krugman shows how principles that explain the growth of hurricanes and embryos can also explain the formation of cities and business cycles; how the same principles of “order from random growth” can explain the strangely simple rules that describe the sizes of earthquakes, meteorites, and metropolitan areas. Weaving together strands from many disciplines, from location theory to biology, The Self-Organizing Economy offers a surprising new view of how the economy structures itself in space and time.Table of Contents1. Rethinking International Trade (collected papers). 2. The Age of Diminished Expectations. 3. Geography and Trade. 4. Currencies and Crises. 5. Target Zones and Currency Bands. 6. Trade with Japan. 7. Peddling Prosperity. 8. Empirical Studies of Strategic Trade Policy.

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