Economic theory and philosophy Books

Book SynopsisThis Book Set consists of:*9781783500581 - A Research Annual (Part A)*9781783500604 - Documents Related to John Maynard Keynes, Institutionalism at Chicago & Frank H. Knight (Part B)Research in the History of Economic Thought and Methodology is an annual research series which presents materials in two fields, both broadly considered: the history of economic thought and the methodology of economics. The annual A-volume contains peer-reviewed articles comparable to other academic journals in the history of economics, except that long pieces are welcome. The A-volume also publishes symposia, and review essays on new works in the history of economic thought, methodology and related fields (philosophy of science, sociology of science, rhetoric of science, and intellectual history), including multiple reviews of the same work. The annual B-volume are archival supplement that present previously unpublished materials -- lecture notes, papers, longer manuscripts, correspondence, etc.- of intere

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Book SynopsisBuilding on the success of the first edition, Game Theory and Public Policy, Second Edition provides a critical, selective review of key concepts in game theory with a view to their applications in public policy. The author further suggests modifications for some of the models (chiefly in cooperative game theory) to improve their applicability to economics and public policy.Roger McCain makes use of the analytical tools of game theory for the pragmatic purpose of identifying problems and exploring potential solutions, providing a toolkit for the analysis of public policy allowing for a clearer understanding of the public policy enterprise itself. His critical review of major topics from both cooperative and non-cooperative game theory includes less-known ideas and constructive proposals for new approaches. This revised edition features a new second half that focuses on biform games, combining cooperative and non-cooperative decisions in a simple and natural way to provide a working model of externalities that can be applied to issues such as monopoly policy and labor market policies.Drawing on comparatively well understood models in cooperative game theory and the author's own research on mathematical models of biform games, this unique approach and treatment of game theory, updated and expanded to stay on the cutting edge, will be a useful resource for students and scholars of economics and public policy, as well as for policymakers themselves.Trade ReviewAcclaim for the first edition:'[T]he McCain book is a thoughtful and thought-provoking survey of the post-war game theoretic literature. It is notable for its clear exposition, its willingness to acknowledge weaknesses and ambiguities of game theory, and its many illustrations. It would make an excellent text for students who have already learned a bit of game theory in earlier classes and who are open to broader issues than those covered in more mathematical and more elementary books. It is also good bedtime reading for academics who use a bit of game theory in their own work and for theorists who are interested in methodological issues associated with rational choice models.' --Roger D. Congleton, Public AdministrationTable of ContentsContents: Preface PART I HISTORICAL AND CRITICAL SURVEY 1. Objectives and scope of the book 2. Representing games 3. A brief interpretive history of game theory 4. Nash equilibrium and public policy 5. Correlated equilibrium 6. Noncooperative games in extensive form and public policy 7. Social mechanism design 8. Superadditive games in coalition function form 9. Recall, rationality and political economy PART II MIXED COOPERATIVE AND NONCOOPERATIVE DECISIONS: EXTENSIONS 10. Biform games and considerable solutions 11. The firm as a coalition 12. What coalitions will be formed? 13. Monopoly and monopsony revisited 14. Bargaining and the determination of wages 15. Bargaining power and majority rule References Index

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Book SynopsisCasting a wide net in this, their second edition, Froyen and Guender provide coverage of the model-based literature on optimal monetary policy in the presence of uncertainty, with both open- and closed-economy frameworks considered. The authors have grounded New Keynesian research of the 1990s and 2000s in the literature of the 1970s, which viewed optimal policy as primarily a question of the optimal use of information, and studies in the 1980s that gave primacy to time inconsistency problems. The Global Financial Crisis of 2007-09 led to the recognition that financial markets and institutions required greater attention in policy modeling. Herein, the authors provide a thorough survey of the post-crisis literature that resulted from this recognition. Researchers in academia and at central banks, students and policy makers will value the wide scope of coverage provided in this examination, leading them to a better understanding of issues such as discretion versus commitment, target versus instrument rules, policy in closed versus open economies and the proper mandate for central banks, including the relationship between interest rate policy and macro-prudential instruments. Praise for the first edition: 'In this book the authors provide a comprehensive review of optimal monetary policy in the context of small, log-linear, macroeconomic models that are subject to stochastic shocks. . . I think the book provides a very good introduction to the literature on optimal monetary policy (in short-run models) for non-specialists and students. Some of the content of the book could be used in upper-year undergraduate courses in either macroeconomics or in a specialised monetary economics course. The models are clearly set-out and discussed and there is frequent use of diagrams. The authors spend a lot of time and effort to provide the economic intuition for the models that are presented.' - Glenn Otto, Economic Record 'Froyen and Guender have provided a thorough and careful analysis of optimal monetary policy over most of the range of theoretical models that have been used in modern macroeconomics. By providing a comprehensive and clear comparative framework they will help the student of monetary policy understand why there have been conflicting views of what policy makers should do.' - Central Banking 'In Optimal Monetary Policy Under Uncertainty, academicians and economists Richard T. Froyen and Alfred V. Guender have collaborated on presenting an informed and informative survey of optimal monetary policy literature arising during the 1970s and 1980s as a ground work for understanding current market and other economic influences on such germane issues as discretion versus commitment, target versus instrument rules, and the delegation of policy making authority within the private and public sectors. With meticulous attention to scholarship and objectivity. . . Optimal Monetary Policy Under Uncertainty is a thoughtful and thought-provoking body of work that is very strongly recommended for professional, academic, corporate and governmental economic reference collections and supplemental reading lists.' - Midwest Book ReviewTrade Review'In this second edition of Optimal Monetary Policy Under Uncertainty, Richard Froyen and Alfred Guender update and extend their lucid exposition of monetary policymaking in a stochastic setting. As in the first edition, the book links past and current research on this broad topic. Thus, the book is useful both for a young researcher who wishes to relate contemporary theories to practical policy issues and for an established scholar who seeks to catch up on recent developments. Particularly useful for all readers are new chapters that explore efforts to better integrate banking and finance into theories of optimal monetary policymaking.' --David VanHoose, Baylor University, USTable of ContentsContents: Preface PART I IMPERFECT INFORMATION, RESPONSES TO SHOCKS, AND CREDIBILITY ISSUES 1. Introduction, Part 1 2. A basic model and some early results 3. The strategy of monetary policy: targets, instruments and information variables 4. A variable price level, supply shocks and rational expectations 5. Optimal monetary and exchange rate policy in the open economy 6. Monetary policy credibility PART II OPTIMAL MONETARY POLICY: A NEW KEYNESIAN PERSPECTIVE 7. Introduction, Part 2 8. The Phillips Curve: an evolving concept 9. The forward-looking model: the closed economy 10. The forward-looking model: additional topics 11. The forward-looking model: the open economy 12. The New Keynesian model: the backward-looking case PART III RESEARCH IN MONETARY POLICY since the GLOBAL FINANCIAL CRISIS 13. Introduction, Part 3 14. Money and finance in Keynesian models 15. Rethinking stabilization policy 16. Financial markets since the crisis: a smorgasbord of issues Bibliography Index

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Book SynopsisCasting a wide net in this, their second edition, Froyen and Guender provide coverage of the model-based literature on optimal monetary policy in the presence of uncertainty, with both open- and closed-economy frameworks considered. The authors have grounded New Keynesian research of the 1990s and 2000s in the literature of the 1970s, which viewed optimal policy as primarily a question of the optimal use of information, and studies in the 1980s that gave primacy to time inconsistency problems. The Global Financial Crisis of 2007-09 led to the recognition that financial markets and institutions required greater attention in policy modeling. Herein, the authors provide a thorough survey of the post-crisis literature that resulted from this recognition. Researchers in academia and at central banks, students and policy makers will value the wide scope of coverage provided in this examination, leading them to a better understanding of issues such as discretion versus commitment, target versus instrument rules, policy in closed versus open economies and the proper mandate for central banks, including the relationship between interest rate policy and macro-prudential instruments. Praise for the first edition: 'In this book the authors provide a comprehensive review of optimal monetary policy in the context of small, log-linear, macroeconomic models that are subject to stochastic shocks. . . I think the book provides a very good introduction to the literature on optimal monetary policy (in short-run models) for non-specialists and students. Some of the content of the book could be used in upper-year undergraduate courses in either macroeconomics or in a specialised monetary economics course. The models are clearly set-out and discussed and there is frequent use of diagrams. The authors spend a lot of time and effort to provide the economic intuition for the models that are presented.' - Glenn Otto, Economic Record 'Froyen and Guender have provided a thorough and careful analysis of optimal monetary policy over most of the range of theoretical models that have been used in modern macroeconomics. By providing a comprehensive and clear comparative framework they will help the student of monetary policy understand why there have been conflicting views of what policy makers should do.' - Central Banking 'In Optimal Monetary Policy Under Uncertainty, academicians and economists Richard T. Froyen and Alfred V. Guender have collaborated on presenting an informed and informative survey of optimal monetary policy literature arising during the 1970s and 1980s as a ground work for understanding current market and other economic influences on such germane issues as discretion versus commitment, target versus instrument rules, and the delegation of policy making authority within the private and public sectors. With meticulous attention to scholarship and objectivity. . . Optimal Monetary Policy Under Uncertainty is a thoughtful and thought-provoking body of work that is very strongly recommended for professional, academic, corporate and governmental economic reference collections and supplemental reading lists.' - Midwest Book ReviewTrade Review'In this second edition of Optimal Monetary Policy Under Uncertainty, Richard Froyen and Alfred Guender update and extend their lucid exposition of monetary policymaking in a stochastic setting. As in the first edition, the book links past and current research on this broad topic. Thus, the book is useful both for a young researcher who wishes to relate contemporary theories to practical policy issues and for an established scholar who seeks to catch up on recent developments. Particularly useful for all readers are new chapters that explore efforts to better integrate banking and finance into theories of optimal monetary policymaking.' --David VanHoose, Baylor University, USTable of ContentsContents: Preface PART I IMPERFECT INFORMATION, RESPONSES TO SHOCKS, AND CREDIBILITY ISSUES 1. Introduction, Part 1 2. A basic model and some early results 3. The strategy of monetary policy: targets, instruments and information variables 4. A variable price level, supply shocks and rational expectations 5. Optimal monetary and exchange rate policy in the open economy 6. Monetary policy credibility PART II OPTIMAL MONETARY POLICY: A NEW KEYNESIAN PERSPECTIVE 7. Introduction, Part 2 8. The Phillips Curve: an evolving concept 9. The forward-looking model: the closed economy 10. The forward-looking model: additional topics 11. The forward-looking model: the open economy 12. The New Keynesian model: the backward-looking case PART III RESEARCH IN MONETARY POLICY since the GLOBAL FINANCIAL CRISIS 13. Introduction, Part 3 14. Money and finance in Keynesian models 15. Rethinking stabilization policy 16. Financial markets since the crisis: a smorgasbord of issues Bibliography Index

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Book SynopsisHow did economic ''experts'' worldwide fail to predict the financial crisis of 2007-2008? Eminent economist Paul Davidson discusses how mainstream economic theory may not be applicable to the world of experience. Post Keynesian theory, on the other hand, is designed to be applicable to the real world, and this book shows how applying it to policy formulation could help practically resolve economic problems. Davidson goes on to show how many Post Keynesian economists warned of the crisis as early as 2002.Post Keynesian Theory and Policy challenges the axioms on which orthodox economic theory is based and argues against their applicability to a money-using, market-oriented economy. It explores the basis for Keynes's revolutionary general theory and seeks to dispel misconceptions often found in orthodox textbooks. This accessible and expertly constructed book explains why modern economies use money-denominated contracts to organize all market transactions for production and exchange and why the law of comparative advantage's argument for free trade is not applicable to mass production industries' exports and imports. This book is a valuable resource for professional economists as well as students and academics in economics, political Science, and history, who will appreciate its new perspective and analysis of global financial events.Trade Review'If you've been wondering what Post Keynesian economics is all about, or if you've been searching for a better explanation of what went wrong in the 2000s, Paul Davidson's latest book is the place to look. Davidson is a thought leader in the field, writes lucidly, and refuses to accept the conventional wisdom as wise.' --Alan S. Blinder, Princeton University, US'If you've been wondering what Post Keynesian economics is all about, or if you ve been searching for a better explanation of what went wrong in the 2000s, Paul Davidson's latest book is the place to look. Davidson is a thought leader in the field, writes lucidly, and refuses to accept the conventional wisdom as wise.' --Alan S. Blinder, Princeton University'There has been much written about the global financial crisis that began in 2007 but little as succinct and wise as this book by Paul Davidson. A clear analysis of what went wrong, its real strength is in explaining what can be done to put matters right.' --Larry Elliott, Economics Editor, The GuardianTable of ContentsContents: 1. Did Anyone Notice the Global Financial Crisis of 2007-2008? 2. Alternative Theories of the Operation of a Capitalist Economy 3. Unemployment and the Classical Theory’s Axioms 4. Keynes–Post Keynesian Theory: Money and Money Contracts 5. Why Traditional Mainstream Keynesian Theory is not Keynes’s Theory 6. Creating Full Employment Policies 7. Inflation Policy 8. Securitization Liquidity and Market Failure 9. Globalization, International Trade and International Payments 10. Is International Free Trade Always Beneficial? 11. Policies to Assure a Civilized Capitalist Economic System Index

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Book SynopsisHow did economic ''experts'' worldwide fail to predict the financial crisis of 2007-2008? Eminent economist Paul Davidson discusses how mainstream economic theory may not be applicable to the world of experience. Post Keynesian theory, on the other hand, is designed to be applicable to the real world, and this book shows how applying it to policy formulation could help practically resolve economic problems. Davidson goes on to show how many Post Keynesian economists warned of the crisis as early as 2002.Post Keynesian Theory and Policy challenges the axioms on which orthodox economic theory is based and argues against their applicability to a money-using, market-oriented economy. It explores the basis for Keynes's revolutionary general theory and seeks to dispel misconceptions often found in orthodox textbooks. This accessible and expertly constructed book explains why modern economies use money-denominated contracts to organize all market transactions for production and exchange and why the law of comparative advantage's argument for free trade is not applicable to mass production industries' exports and imports. This book is a valuable resource for professional economists as well as students and academics in economics, political Science, and history, who will appreciate its new perspective and analysis of global financial events.Trade Review'If you've been wondering what Post Keynesian economics is all about, or if you've been searching for a better explanation of what went wrong in the 2000s, Paul Davidson's latest book is the place to look. Davidson is a thought leader in the field, writes lucidly, and refuses to accept the conventional wisdom as wise.' --Alan S. Blinder, Princeton University, US'If you've been wondering what Post Keynesian economics is all about, or if you ve been searching for a better explanation of what went wrong in the 2000s, Paul Davidson's latest book is the place to look. Davidson is a thought leader in the field, writes lucidly, and refuses to accept the conventional wisdom as wise.' --Alan S. Blinder, Princeton University'There has been much written about the global financial crisis that began in 2007 but little as succinct and wise as this book by Paul Davidson. A clear analysis of what went wrong, its real strength is in explaining what can be done to put matters right.' --Larry Elliott, Economics Editor, The GuardianTable of ContentsContents: 1. Did Anyone Notice the Global Financial Crisis of 2007-2008? 2. Alternative Theories of the Operation of a Capitalist Economy 3. Unemployment and the Classical Theory’s Axioms 4. Keynes–Post Keynesian Theory: Money and Money Contracts 5. Why Traditional Mainstream Keynesian Theory is not Keynes’s Theory 6. Creating Full Employment Policies 7. Inflation Policy 8. Securitization Liquidity and Market Failure 9. Globalization, International Trade and International Payments 10. Is International Free Trade Always Beneficial? 11. Policies to Assure a Civilized Capitalist Economic System Index

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Book SynopsisThe last few decades have witnessed an outpouring of literature on macroeconomic models in the broad 'heterodox' tradition of Marx, Keynes, Robinson, Kaldor and Kalecki. These models yield an alternative analytical framework in which the big questions of our day - such as how inequality is related to growth or stagnation, and whether long-run growth is stable or unstable - can be fruitfully addressed. Heterodox Macroeconomics provides an accessible, pedagogically oriented treatment of the leading models and approaches in heterodox macroeconomics with clear, step-by-step presentations of core models and their solutions, properties and implications. The book begins with an overview and comparison of heterodox and mainstream approaches to long-run growth. Next it covers the core classical-Marxian, neo-Keynesian and neo-Kaleckian models of growth and distribution in the heterodox tradition. Numerous contemporary extensions, developments and alternatives are then explored, including models of financial instability, 'supermultiplier' models, and debates about whether capacity utilization converges to a 'normal' rate. The book also gives extensive coverage to models of growth in open economies, emphasizing the role of Kaldorian cumulative causation in fostering divergence among national economies, and the limitations imposed by balance-of-payments constraints on countries that rely on export-led growth. Heterodox Macroeconomics will prove to be an invaluable text for graduate and advanced undergraduate students of macroeconomics as well as those in courses on post-Keynesian theory, structuralist macroeconomics, or other heterodox approaches to economics.Trade Review'The recent crises underscored the inadequacy of prevailing mainstream macroeconomic theory in comprehending the inherently instability of capitalism. This textbook by Blecker and Setterfield is a welcome and important contribution that presents an alternative approach to investigating capitalist macro-economic dynamics, drawing on both the Classical-Marxian and Post-Keynesian traditions. The workings of the models are presented a way that is clear and motivated by the relevant stylized facts. It also addresses some of the critical debates within these approaches like that around Harrodian instability and introduces recent developments and extensions of these core models - the impact of financialization for instance. Most refreshing, the text moves beyond equilibrium analysis that is the mainstay of macroeconomic theory to incorporate models not only of cyclical and disequilibrium dynamics but also a non-equilibrium neo-Kaldorian models of cumulative causation. This is an essential reading for students, teachers and practitioners of macro-economics.' --Ramaa Vasudevan, Colorado State University, US'In this comprehensive, up-to-date and brilliant presentation of the main models and problems in the field of economic growth, teachers and students alike will find a step-by-step learning path that is both reader-friendly and rigorous, covering from basic models to advanced discussions in the discipline. This excellent book is ideal both as a textbook for courses in long-run macroeconomics and economic development, and as an indispensable aid to researchers and policymakers seeking deeper understanding of the key ideas shaping debates on economic growth today.' --Gabriel Porcile, UN-ECLACTable of ContentsContents: Preface 1. Introduction: Competing theories of production, growth and distribution Part I Core models of growth and distribution 2. Classical-Marxian models 3. Neo-Keynesian models 4. Neo-Kaleckian models Part II Extended models of distributional conflict and cyclical dynamics 5. Distributional conflict, aggregate demand and neo-Goodwin cycles 6. Neo-Harrodian models and the Harrodian instability debate 7. New directions: Wage inequality, rentier income, financial dynamics and supermultiplier models Part III Kaldorian approaches: Export-led growth and the balance-of-payments constraint 8. Export-led growth and cumulative causation 9. Balance-of-payments-constrained growth I: Thirlwall’s law and extensions 10. Balance of payments constrained growth II: Critiques, alternatives and syntheses References Index

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Book SynopsisThe last few decades have witnessed an outpouring of literature on macroeconomic models in the broad 'heterodox' tradition of Marx, Keynes, Robinson, Kaldor and Kalecki. These models yield an alternative analytical framework in which the big questions of our day - such as how inequality is related to growth or stagnation, and whether long-run growth is stable or unstable - can be fruitfully addressed. Heterodox Macroeconomics provides an accessible, pedagogically oriented treatment of the leading models and approaches in heterodox macroeconomics with clear, step-by-step presentations of core models and their solutions, properties and implications. The book begins with an overview and comparison of heterodox and mainstream approaches to long-run growth. Next it covers the core classical-Marxian, neo-Keynesian and neo-Kaleckian models of growth and distribution in the heterodox tradition. Numerous contemporary extensions, developments and alternatives are then explored, including models of financial instability, 'supermultiplier' models, and debates about whether capacity utilization converges to a 'normal' rate. The book also gives extensive coverage to models of growth in open economies, emphasizing the role of Kaldorian cumulative causation in fostering divergence among national economies, and the limitations imposed by balance-of-payments constraints on countries that rely on export-led growth. Heterodox Macroeconomics will prove to be an invaluable text for graduate and advanced undergraduate students of macroeconomics as well as those in courses on post-Keynesian theory, structuralist macroeconomics, or other heterodox approaches to economics.Trade Review'The recent crises underscored the inadequacy of prevailing mainstream macroeconomic theory in comprehending the inherently instability of capitalism. This textbook by Blecker and Setterfield is a welcome and important contribution that presents an alternative approach to investigating capitalist macro-economic dynamics, drawing on both the Classical-Marxian and Post-Keynesian traditions. The workings of the models are presented a way that is clear and motivated by the relevant stylized facts. It also addresses some of the critical debates within these approaches like that around Harrodian instability and introduces recent developments and extensions of these core models - the impact of financialization for instance. Most refreshing, the text moves beyond equilibrium analysis that is the mainstay of macroeconomic theory to incorporate models not only of cyclical and disequilibrium dynamics but also a non-equilibrium neo-Kaldorian models of cumulative causation. This is an essential reading for students, teachers and practitioners of macro-economics.' --Ramaa Vasudevan, Colorado State University, US'In this comprehensive, up-to-date and brilliant presentation of the main models and problems in the field of economic growth, teachers and students alike will find a step-by-step learning path that is both reader-friendly and rigorous, covering from basic models to advanced discussions in the discipline. This excellent book is ideal both as a textbook for courses in long-run macroeconomics and economic development, and as an indispensable aid to researchers and policymakers seeking deeper understanding of the key ideas shaping debates on economic growth today.' --Gabriel Porcile, UN-ECLACTable of ContentsContents: Preface 1. Introduction: Competing theories of production, growth and distribution Part I Core models of growth and distribution 2. Classical-Marxian models 3. Neo-Keynesian models 4. Neo-Kaleckian models Part II Extended models of distributional conflict and cyclical dynamics 5. Distributional conflict, aggregate demand and neo-Goodwin cycles 6. Neo-Harrodian models and the Harrodian instability debate 7. New directions: Wage inequality, rentier income, financial dynamics and supermultiplier models Part III Kaldorian approaches: Export-led growth and the balance-of-payments constraint 8. Export-led growth and cumulative causation 9. Balance-of-payments-constrained growth I: Thirlwall’s law and extensions 10. Balance of payments constrained growth II: Critiques, alternatives and syntheses References Index

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Book SynopsisThis wide-ranging set of papers deals with crucial questions in economic theory, economic policy and economic history. The papers help explain why economic performance deteriorated dramatically in the West over the past three decades as the ''Golden Age'' of capitalism after World War II was replaced by global neoliberal capitalism. They show that theoretical frameworks rooted in the radical and heterodox traditions can explain this evolution and the current global economic and financial crisis, something mainstream theories cannot do. Topics include but are not limited to: methodology: a critique of ''positivism'' is used to explain why mainstream reliance on fairy-tale assumptions should be replaced by realistic assumption sets as argued by Marx and Keynes Marx, Keynes and Minsky on financial market instability versus mainstream theories of ''efficient'' financial markets how Keynes's assumption that the future is unknowable revolutionized not only macro theory but the micro theory of agent choice as well structural causes of the current global financial crisis how innovative theories of competition, globalization, capital investment and financialization inspired by Marx, Keynes and Schumpeter can be used to explain the crisis tendencies of neoliberal capitalism the influence of class conflict on economic policy, including in the current ''austerity'' regimes. The papers in this book should be of interest to most economists and can be used in both graduate and upper level undergraduate courses. Many of these papers are accessible to anyone who reads the business press.Trade ReviewThis is a marvelous collection of essays of Jim Crotty. They are a joy to read, and provide contributions a plenty for analysing and understanding the evolution of capitalism through globalization and financialization, and developing theories alternative to the mainstream based on realistic assumptions.' --Malcolm Sawyer, University of Leeds, UK'No one has written with greater clarity and insight about economic theory and capitalist dynamics in the past three decades than James Crotty. This collection, assembling his best papers in one place, is a must-have for established and aspirational political economists alike. There is wisdom on every page.' --Gary Dymski, Leeds University Business School, UK'At a time when mainstream economics is being questioned across the world for its lack of relevance and inability to explain observed reality, James Crotty's work comes as a welcome reminder of how economics can be both relevant and insightful. This body of work spanning more than four decades is still fresh and topical, and essential reading for anyone who wants to understand contemporary capitalism.' --Jayati Ghosh, Jawaharlal Nehru University, New Delhi, IndiaTable of ContentsContents: Introduction PART I: METHODOLOGY AND THEORY AS IF REALITY MATTERED: FRIEDMAN VS. KEYNES, MARX AND MINSKY 1. The Realism of Assumptions Does Matter: Why Keynes-Minsky Theory Must Replace Efficient Market Theory as the Guide to Financial Regulation Policy 2. Are Keynesian Uncertainty and Macrotheory Compatible? Conventional Decision Making, Institutional Structures and Conditional Stability in Keynesian Macromodels 3. The Centrality of Money, Credit and Financial Intermediation in Marx’s Crisis Theory: An Interpretation of Marx’s Methodology PART II: UNDERSTANDING THE GREAT FINANCIAL CRISIS OF 2007-2008 4. If Financial Market Competition is Intense, Why are Financial Firm Profits so High?: Reflections on the Current “Golden Age” of Finance 5. Structural Causes of the Global Financial Crisis: A Critical Assessment of the “New Financial Architecture” 6. How Bonus-Driven “Rainmaker” Financial Firms Enrich Top Employees, Destroy Shareholder Value and Create Systemic Financial Instability PART III: KEYNES, THE “KEYNESIANS” AND “NEW KEYNESIANS” ON INVESTMENT THEORY 7. Is New Keynesian Investment Theory Really “Keynesian”?: Reflections on Fazzari and Variato 8. Owner-Manager Conflict and Financial Theories of Investment Instability: A Critical Assessment of Keynes, Tobin and Minsky PART IV: COMPETITION, GLOBALIZATION, ACCUMULATION AND FINANCIALIZATION IN THE SPIRIT OF MARX, SCHUMPETER AND KEYNES 9. Rethinking Marxian Investment Theory: Keynes-Minsky Instability, Competitive Regime Shifts and Coerced Investment 10. Core Industries, Coercive Competition and the Structural Contradictions of Global Neoliberalism 11. The Neoliberal Paradox: The Impact of Destructive Product Market Competition and Modern Financial Markets on Nonfinancial Corporation Performance in the Neoliberal Era PART V: RADICAL THEORY, CLASS CONFLICT AND POLICY IN THE US AND ABROAD 12. Was Keynes a Corporatist?: Keynes’s Radical Views on Industrial Policy and Macro Policy in the 1920s 13. Class Conflict and Macropolicy: The Political Business Cycle 14. The Great Austerity War in the US: What Caused the US Deficit Crisis and Who Should Pay to Fix It? 15. Was IMF-Imposed Economic Regime Change in South Korea Justified: The Political Economy of the IMF Index

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences and law, expertly written by the world's leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. Leading researcher John F. Tomer presents an invigorating and concise introduction to behavioral economics that offers essential behavioral theories, perspectives, trends and developments within this ever-evolving discipline. This book covers the key areas of behavioral economics, including Herbert Simon's bounded rationality, Daniel Kahneman and Amos Tversky's psychological economics, behavioral finance, nudging and public policy, behavioral macroeconomics, law and behavioral economics, neuroeconomics and empirical methods of behavioral economics. John F. Tomer also explores how and why behavioral economics emerged and differs from neoclassical economics. This book will be particularly useful for advanced undergraduate students, graduate students, policy makers, and other professionals who participate in economic-related matters.Trade Review'A useful, compact discussion of the history and central issues in behavioral economics.' --Colin F. Camerer, California Institute of Technology, USTable of ContentsContents: Introduction 1. The Scientific Practices of Economics and the Emergence of Behavioral Economics 2. The Practices and Content of the Bounded Rationality Strand 3. The Basics of the Psychological Economics Strand 4. Psychological Economics: Important Further Developments 5. Behavioral Finance 6. Behavioral Economics, Public Policy, and Nudging 7. Law and Behavioral Economics 8. Behavioral Macroeconomics 9. The Empirical Methods of Behavioral Economics 10. Are Mainstream Economists Open Minded Toward Behavioral Economics or Do They Resist it? 11. Neuroeconomics 12. Toward a More Humanistic Behavioral Economics 13. Behavioral Economic Trends Conclusions Index

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences and law, expertly written by the world's leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. Leading researcher John F. Tomer presents an invigorating and concise introduction to behavioral economics that offers essential behavioral theories, perspectives, trends and developments within this ever-evolving discipline. This book covers the key areas of behavioral economics, including Herbert Simon's bounded rationality, Daniel Kahneman and Amos Tversky's psychological economics, behavioral finance, nudging and public policy, behavioral macroeconomics, law and behavioral economics, neuroeconomics and empirical methods of behavioral economics. John F. Tomer also explores how and why behavioral economics emerged and differs from neoclassical economics. This book will be particularly useful for advanced undergraduate students, graduate students, policy makers, and other professionals who participate in economic-related matters.Trade Review'A useful, compact discussion of the history and central issues in behavioral economics.' --Colin F. Camerer, California Institute of Technology, USTable of ContentsContents: Introduction 1. The Scientific Practices of Economics and the Emergence of Behavioral Economics 2. The Practices and Content of the Bounded Rationality Strand 3. The Basics of the Psychological Economics Strand 4. Psychological Economics: Important Further Developments 5. Behavioral Finance 6. Behavioral Economics, Public Policy, and Nudging 7. Law and Behavioral Economics 8. Behavioral Macroeconomics 9. The Empirical Methods of Behavioral Economics 10. Are Mainstream Economists Open Minded Toward Behavioral Economics or Do They Resist it? 11. Neuroeconomics 12. Toward a More Humanistic Behavioral Economics 13. Behavioral Economic Trends Conclusions Index

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Book SynopsisA technological revolution is driving capitalism toward crisis and collapse. Can our society evolve in time to rescue the future? Radical advances in automation, robotics, and computer technology have thrown millions out of work and will only continue to do so in the years to come. At the same time, cheap, individually-accessible machines will wrestle for primacy with both gleaming highly-automated factories and sweatshops alike, ultimately eroding the dominance of industrial production. Economic growth is slowing down, and it is not going to speed up again. The pressures fueling today's global unrest will not go away and are only going to get worse as wages stagnate in many countries, solid employment becomes harder to find, and cuts to social benefits continue. Competing radical and reactionary ideologies will clash as political consensus crumbles and the world's peoples search for answers to these challenges. In its opening decades, the 21st will be a century of war and revolution. By the end of the 21st century, capitalism will be consigned to the history books. Despite the seeming darkness of our era, our future is filled with incredible possibility. If working people join together, we can create a world of freedom, beauty, and abundance, where poverty and tyranny are merely distant memories for our grandchildren. This is the story of The Coming Revolution.

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Book Synopsis'The global financial crisis of 2007-2008 was a wake-up call to all who study and practice in the field of law and economics: traditional approaches are simply inadequate for understanding the co-evolution of the economic and legal systems, and that inadequacy can result in missed opportunities to warn of impending social harm. Atkinson and Paschall demonstrate the value of an alternative approach - law and economics from an evolutionary perspective - that builds on the work of John R. Commons, a leading figure in the field nearly a century ago. In the process, they offer an eye-opening historical account of the role of the state in the economy and provide a vital starting point for future policy discussions.'- Charles J. Whalen, author of Financial Instability and Economic Security after the Great Recession'An indispensable history of business law and regulation, alongside a powerful theory of law and the courts. Glen Atkinson and Stephen P. Paschall give us an evolutionary casebook for the twenty-first century, deeply rooted in the ideas of Veblen, Commons, and other masters of the tradition.'- James K. Galbraith, The University of Texas at Austin'The language of court documents is notably difficult to understand for people with no legal training. The present volume, a product of fruitful collaboration between a university professor and a lawyer, offers valuable assistance in translating US Supreme Court decisions made in the span of the nineteenth and twentieth centuries with respect to economic disputes into the language spoken by evolutionary and institutional economists. As the authors persuasively show, law and economics co-evolve. A much-needed follow-up to and development of John Commons's Legal Foundations of Capitalism! - Anton Oleinik, Memorial University of Newfoundland and Labrador, Canada and the Central Economics and Mathematics Institute, RussiaLaw and economics are interdependent. Using a historical case analysis approach, this book demonstrates how the legal process relates to and is affected by economic circumstances. Glen Atkinson and Stephen P. Paschall examine this co-evolution in the context of the economic development that occurred in the nineteenth and early twentieth centuries as well as the impact of the law on that development. Specifically, the authors explore the development of a national market, the transformation of the corporation, and the conflict between state and federal control over businesses. Their focus on dynamic, integrated systems presents an alternative to mainstream law and economics.The authors apply John R. Commons's approach to three main law and economics issues: the changing relationship between corporations and the State, the application of the Commerce Clause and the Fourteenth Amendment of the U.S. Constitution to state and federal regulation of business, and the relationship of antitrust law to industrialization. They provide a valuable linking of law with changing economic circumstances, such as antitrust policy changes and the development of the corporate form. This analytical approach to the practice of law and economics will be of interest to researchers, students, and faculty in law and economics, economic history, constitutional law, economic regulation, public policy, and the sociology of law. Business students and researchers will also find value in this book's presentation of court decisions and exploration of economic development.Trade ReviewThis is a remarkable book that makes significant contributions to a new understanding of the co-evolution of law and economics-accomplished with an extensive overview that is evidence rich. It integrates previously unexplored connections between law and economics that includes everything from the ultra vires principle to technological advancement in a manner that demonstrates that neither law nor economics can be understood separately. Further consequences are an advancement in the scholarship of evolution in the social sciences, and a demonstration of real-world abductive reasoning from the back-and-forth of institutions to change beliefs for the economy through changes in law. --F. Gregory Hayden, University of Nebraska-LincolnBravo! This is the best book on the interaction of law and economics since John R. Common's Legal Foundations of Capitalism (1924) and in many respects it is a better book. Glen Atkinson (a distinguished economist) and Stephen P. Paschall (a distinguished attorney) have combined their considerable experience, knowledge, and skills to produce a book that will become a classic. Understanding how law and economics interact and change together is essential to understanding nearly all contemporary economic, political, and social issues. Read this book. --James Peach, New Mexico State UniversityBuilding on John R. Commons, the authors show how judge-made law and dispute resolution in England and the US have contributed to the evolving legal supports and working rules of capitalism. Common law and working rules are not natural or optimal. They are human-made traditions handed down to us by centuries of collective action, not by the invisible hand of God. These traditions are what we make of them, nothing more but nothing less either: the future, like the past, is shifting and contested terrain. --William M. Dugger, The University of TulsaTable of ContentsContents: 1. Evolutionary Method in Law and Economics 2. Causes and Consequences of the Widening of the Market: A Case of Cumulative Economic Evolution 3. The Corporate Form and the State 4. Interstate Commerce and State Regulation of Business 5. Interstate Commerce and Federal Regulation of Business 6. John R. Commons and Co-Evolution of Law and Economics Index

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Book SynopsisThis unique troika of Handbooks provides indispensable coverage of the history of economic analysis. Edited by two of the foremost academics in the field, the volumes gather together insightful and original contributions from scholars across the world. The encyclopaedic breadth and scope of the original entries will make these Handbooks an invaluable source of knowledge for all serious students and scholars of the history of economic thought. Each Handbook can be read individually and acts as a self-contained volume in its own right. It can be purchased separately or as part of a three-volume set.

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences and law, expertly written by the world's leading scholars. This Advanced Introduction presents a focused narrative about political decision-making based on the work that has defined public choice as a discipline. Randall G. Holcombe emphasizes the theoretical foundations of Public Choice, examining the way that voter preferences are aggregated through democratic decision-making, the way that political exchange leads to the production of public policy, and the way that the constitutional framework within which political activity takes place is designed. He provides a concise discussion of the main models of Public Choice in an engaging manner, giving readers a foundation for understanding the theoretical and empirical work in the field. Each chapter ends with a Notes section that discusses the research on which the chapter is based, with an emphasis on the pioneering work that has shaped the development of Public Choice.Undergraduate and graduate level students in economics, political science and public administration will find this introduction an essential resource for understanding political decision making. Instructors in those fields will find this book a useful and affordable text and an indispensable resource for teaching Public Choice.Trade Review'In this slim volume, Randall Holcombe takes the reader masterfully on an informative journey through the main regions of public choice theory. Among the topics this fine volume covers are voting theory, presidential vs. parliamentary systems, interest groups, bureaucracy, political entrepreneurship, and constitutional political economy. Someone who works through this book will be solidly prepared to venture into the higher reaches of public choice theory.' --Richard E. Wagner, George Mason University'Robert Kennedy said that ''Some men see things as they are, and ask why. I dream of things that never were, and ask why not.'' This is a book for both kinds of people. Holcombe provides a hard-headed analysis of how government and politics actually works, and careful analysis of why the dreams for optimal outcomes, whether coming from the formal models of supposedly sophisticated economists, (based on ''as if'' assumptions that exclude politics), or those coming from idealist ''reformers'' (stemming from their utopian visions), end up shattered by harsh behavioral and institutional realities. Written in a completely non-technical fashion, and covering topics like rational ignorance, rent-seeking and regulatory capture, this book works beautifully either as a complement to traditional introductory economics courses, or to introductory courses in political science.' --Bernard Grofman, University of California, Irvine'The author has extensive personal connections to all the aspects of public choice, and has produced a masterful volume. The insights of public choice are varied, but its explanatory power is consistent. Holcombe manages to weave together an interesting and informed commentary on the many strands of public choice scholarship in a way that will be useful even to experts, while providing an overview that a determined newcomer will be able to pick up immediately.' --Michael Munger, Duke UniversityTable of ContentsContents: Part I: Introduction 1. Public Choice and Public Policy Part II: Aggregating Voter Preferences 2. The Politics of Left and Right 3. Institutions: Proportional vs. Plurality; Parliamentary vs. Presidential 4. Political Strategy: Turnout and the Distribution of Preferences 5. Multidimensional Issue Space 6. Why Do People Vote? Rational Ignorance, Expressive Voting, Rational Irrationality Part III: Designing Public Policy 7. Transaction Costs and Political Exchange 8. Political Markets: Interest Groups, Rent-Seeking, and Regulatory Capture 9. Bureaucracy 10. Political Organization: Districts, Committees, and Institutional Design 11. Political Entrepreneurship Part IV: Constitutional Design 12. Constitutional and Post-Constitutional Decision-Making 13. Interest Groups and Constitutional Evolution 14. Checks and Balances: Elites and Masses Index

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Book SynopsisThis collection of articles uses economic theory to explain the governance of organizations. It covers the governance of families, oligarchies, democracies, for profit firms and non-profit institutions such as religious organizations. The widespread and novel subject matter within a set of focused economic questions results in fascinating reading allowing the reader to see how similar issues can be answered in areas where the person has little knowledge of the subject. This is an engaging and useful tool for students, researchers and academics wanting to expand their area of expertise into new and exciting realms.Contributors include: D. Acemoglu, R. Gibbons, H. Hansmann, P. Leeson, P. Rubin, B. WeingastTable of ContentsContents: Introduction Donald Wittman PART I WHO GOVERNS? 1. Henry Hansmann (1988), ‘Ownership of the Firm’, Journal of Law, Economics, and Organization, IV (2), Fall, 267–304 2. Paul H. Rubin (1978), ‘The Theory of the Firm and the Structure of the Franchise Contract’, Journal of Law and Economics, 21 (1), April, 223–33 3. Sanford J. Grossman and Oliver D. Hart (1986), ‘The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration’, Journal of Political Economy, 94 (4), August, 691–719 4. Jonathan Levin and Steven Tadelis (2005), ‘Profit Sharing and the Role of Professional Partnerships’, Quarterly Journal of Economics, 120 (1), February, 131–71 5. Peter T. Leeson (2007), ‘An-arrgh-chy: The Law and Economics of Pirate Organization’, Journal of Political Economy, 115 (6), December, 1049–94 PART II POWER RELATIONS IN SHARED-GOVERNANCE 6. Shelly Lundberg and Robert A. Pollak (1996), ‘Bargaining and Distribution in Marriage’, Journal of Economic Perspectives, 10 (4), Fall, 139–58 7. L.S. Shapley and Martin Shubik (1954), ‘A Method for Evaluating the Distribution of Power in a Committee System’, American Political Science Review, 48 (3), September, 787–92 8. David P. Baron and John A. Ferejohn (1989), ‘Bargaining in Legislatures’, American Political Science Review, 83 (4), December, 1181–206 9. Rui J.P. de Figueiredo, Tonja Jacobi and Barry R. Weingast (2006), ‘The New Separation-of-Powers Approach to American Politics’, in Barry R. Weingast and Donald A.Wittman (eds), Oxford Handbook of Political Economy, Chapter 11, New York, USA: Oxford University Press, 199–222 PART III HOW DO THOSE WHO GOVERN ACTUALLY CONTROL? 10. Eugene F. Fama and Michael C. Jensen (1983), ‘Separation of Ownership and Control’, Journal of Law and Economics, XXVI (2), June, 301–25 11. Neil Bruce and Michael Waldman (1990), ‘The Rotten-Kid Theorem Meets the Samaritan’s Dilemma’, Quarterly Journal of Economics, 105 (1), February, 155–65 12. Donald Wittman (2005), ‘The Internal Organization of the Family: Economic Analysis and Psychological Advice’, Kyklos, 58 (1), February, 121–44 13. Ronald Wintrobe (1990), ‘The Tinpot and the Totalitarian: An Economic Theory of Dictatorship’, American Political Science Review, 84 (3), September, 849–72 14. Daron Acemoglu, Thierry Verdier and James A. Robinson (2004), ‘Alfred Marshall Lecture: Kleptocracy and Divide-and-Rule: A Model of Personal Rule’, Journal of the European Economic Association, 2 (2–3), April–May, 162–92 15. Donald Wittman (2013), ‘Strategic Behavior and Organizational Structure in Religions’, British Journal of Political Science, 44 (4), October, 717–39 16. Mathew D. McCubbins and Thomas Schwartz (1984), ‘Congressional Oversight Overlooked: Police Patrols versus Fire Alarms’, American Journal of Political Science, 28 (1), February, 165–79 PART IV DEMOCRACIES VERSUS OLIGARCHIES 17. James M. Enelow and Melvin J. Hinich (1984), ‘Probabilistic Voting and the Importance of Centrist Ideologies in Democratic Elections’, Journal of Politics, 46 (2), May, 459–78 18. Gene M. Grossman and Elhanan Helpman (1996), ‘Electoral Competition and Special Interest Politics’, Review of Economic Studies, 63 (2), April, 265–86 19. Donald Wittman (2009), ‘How Pressure Groups Activate Voters and Move Candidates Closer to the Median’, Economic Journal, 119 (540), October, 1324–43 20. Mancur Olson (1993), ‘Dictatorship, Democracy, and Development’, American Political Science Review, 87 (3), September, 567–76 21. Daron Acemoglu (2008), ‘Oligarchic versus Democratic Societies’, Journal of the European Economic Association, 6 (1), March, 1–44 PART V WHY GOVERNANCE? 22. Robert Gibbons (2005), ‘Four Formal(izable) Theories of the Firm?’, Journal of Economic Behavior and Organization, 58 (2), October, 200–245 23. Kai A. Konrad and Stergios Skaperdas (2012), ‘The Market for Protection and the Origin of the State’, Economic Theory, 50 (2), June, 417–43 24. Jack Hirshleifer (1995), ‘Anarchy and Its Breakdown’, Journal of Political Economy, 103 (1), February, 26–52 25. David Skarbek (2011), ‘Governance and Prison Gangs’, American Political Science Review, 105 (4), November, 702–16 Index

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Book SynopsisIndustrial organization studies how markets allocate resources, specifically when there are few agents or when there are frictions that render the price-taking paradigm unsuitable. Game theory explores situations in which agents interact strategically and provides a useful foundation for studying many traditional industrial organization topics.The first volume of this wide-ranging Handbook contains original contributions by world-class specialists. It provides up-to-date surveys of the main tools of game theory that are used to model industrial organization topics. The Handbook covers numerous subjects in detail including, among others, the tools of lattice programming, supermodular and aggregative games, monopolistic competition, horizontal and vertically differentiated good models, dynamic and Stackelberg games, entry games, evolutionary games with adaptive players, asymmetric information, moral hazard, and learning and information sharing models.Technical yet accessible, this comprehensive resource will be required reading for both established researchers as well as graduate or advanced undergraduate students in industrial economics and game theory.Contributors incude: R. Amir, A. Attar, G.I. Bischi, F. Bloch, L. Corchón, S. Currarini, C. d'Aspremont, F. Feri, J. Gabszewicz, M. Jensen, L. Julien, F. Lamantia, I. Macho-Stadler, M. Marini, E. Maskin, D. Perez-Castrillo, C. Pimienta, D. Radi, R.A. Ritz, K. Ritzberger, O. Tarola, J. Thisse, A. Urbano, P. Ushchev, X. Vives, J. ZhaoTrade Review'With these two volumes, Professors Corchon and Marini have provided an invaluable public good to our profession. Corchon and Marini have gathered leading scholars to present a broad and deep overview of the definitive impact that game theory had and still continues to have on the field of industrial organization over the recent years. Any serious researcher willing to take stock of advances in the field should certainly consider to study the material covered in these volumes, from the more fundamental issues in Volume 1 to the more applied topics presented in Volume 2.' --David Martimort, Paris School of Economics, France'The publication of this Handbook, bringing together game theory and industrial organization, is an occasion worth celebrating. . . . I am truly delighted that there is now a Handbook devoted to this transformative partnership.' --From the foreword by Eric Maskin'Game theoretic methods are central in the study of oligopoly markets. The surveys in this Handbook provide a broad introduction to the relevant game theory topics and their applications in oligopoly theory. There is an emphasis on recent developments, such as lattice theory and supermodular games. The Handbook will be a valuable resource for researchers and students.' --Robert Porter, Northwestern University, USTable of ContentsContents: Foreword by Eric Maskin 1. Introduction Luis C. Corchón and Marco A. Marini PART I BASIC GAMES IN INDUSTRIAL ORGANIZATION 2. Strategic complementarities in oligopoly Xavier Vives 3. On the Cournot and Bertrand oligopolies and the theory of supermodular games Rabah Amir 4. Aggregative games Martin Kaae Jensen 5. Monopolistic competition without apology Jacques-François Thisse and Philip Ushchev 6. Oligopoly and product differentiation Jean J. Gabszewicz and Ornella Tarola 7. Oligopolistic competition and welfare Robert A. Ritz PART II DYNAMIC GAMES IN INDUSTRIAL ORGANIZATION 8. Dynamic games Klaus Ritzberger 9. Strategic refinements Carlos Pimienta 10. Stackelberg games Ludovic A. Julien 11. Entry games and free entry equilibria Michele Polo 12. Evolutionary oligopoly games with heterogeneous adaptive players Gian Italo Bischi, Fabio Lamantia and Davide Radi PART III GAMES OF COLLUSION IN INDUSTRIAL ORGANIZATION 13. Coalitions and networks in oligopolies Francis Bloch 14. TU oligopoly games and industrial cooperation Jingang Zhao PART IV INFORMATION GAMES 15. Trading under asymmetric information: positive and normative implications Andrea Attar and Claude d’Aspremont 16. Moral hazard: Base models and two extensions Inés Macho-Stadler and David Pérez‐Castrillo 17. Learning in markets Amparo Urbano 18. Information sharing in oligopoly Sergio Currarini and Francesco Feri Index

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Book SynopsisIndustrial organization studies how markets allocate resources, specifically when there are few agents or when there are frictions that render the price-taking paradigm unsuitable. Game theory explores situations in which agents interact strategically and provides a useful foundation for studying many traditional industrial organization topics.The first volume of this wide-ranging Handbook contains original contributions by world-class specialists. It provides up-to-date surveys of the main tools of game theory that are used to model industrial organization topics. The Handbook covers numerous subjects in detail including, among others, the tools of lattice programming, supermodular and aggregative games, monopolistic competition, horizontal and vertically differentiated good models, dynamic and Stackelberg games, entry games, evolutionary games with adaptive players, asymmetric information, moral hazard, and learning and information sharing models.Technical yet accessible, this comprehensive resource will be required reading for both established researchers as well as graduate or advanced undergraduate students in industrial economics and game theory.Contributors incude: R. Amir, A. Attar, G.I. Bischi, F. Bloch, L. Corchón, S. Currarini, C. d'Aspremont, F. Feri, J. Gabszewicz, M. Jensen, L. Julien, F. Lamantia, I. Macho-Stadler, M. Marini, E. Maskin, D. Perez-Castrillo, C. Pimienta, D. Radi, R.A. Ritz, K. Ritzberger, O. Tarola, J. Thisse, A. Urbano, P. Ushchev, X. Vives, J. ZhaoTrade Review'With these two volumes, Professors Corchon and Marini have provided an invaluable public good to our profession. Corchon and Marini have gathered leading scholars to present a broad and deep overview of the definitive impact that game theory had and still continues to have on the field of industrial organization over the recent years. Any serious researcher willing to take stock of advances in the field should certainly consider to study the material covered in these volumes, from the more fundamental issues in Volume 1 to the more applied topics presented in Volume 2.' --David Martimort, Paris School of Economics, France'The publication of this Handbook, bringing together game theory and industrial organization, is an occasion worth celebrating. . . . I am truly delighted that there is now a Handbook devoted to this transformative partnership.' --From the foreword by Eric Maskin'Game theoretic methods are central in the study of oligopoly markets. The surveys in this Handbook provide a broad introduction to the relevant game theory topics and their applications in oligopoly theory. There is an emphasis on recent developments, such as lattice theory and supermodular games. The Handbook will be a valuable resource for researchers and students.' --Robert Porter, Northwestern University, USTable of ContentsContents: Foreword by Eric Maskin 1. Introduction Luis C. Corchón and Marco A. Marini PART I BASIC GAMES IN INDUSTRIAL ORGANIZATION 2. Strategic complementarities in oligopoly Xavier Vives 3. On the Cournot and Bertrand oligopolies and the theory of supermodular games Rabah Amir 4. Aggregative games Martin Kaae Jensen 5. Monopolistic competition without apology Jacques-François Thisse and Philip Ushchev 6. Oligopoly and product differentiation Jean J. Gabszewicz and Ornella Tarola 7. Oligopolistic competition and welfare Robert A. Ritz PART II DYNAMIC GAMES IN INDUSTRIAL ORGANIZATION 8. Dynamic games Klaus Ritzberger 9. Strategic refinements Carlos Pimienta 10. Stackelberg games Ludovic A. Julien 11. Entry games and free entry equilibria Michele Polo 12. Evolutionary oligopoly games with heterogeneous adaptive players Gian Italo Bischi, Fabio Lamantia and Davide Radi PART III GAMES OF COLLUSION IN INDUSTRIAL ORGANIZATION 13. Coalitions and networks in oligopolies Francis Bloch 14. TU oligopoly games and industrial cooperation Jingang Zhao PART IV INFORMATION GAMES 15. Trading under asymmetric information: positive and normative implications Andrea Attar and Claude d’Aspremont 16. Moral hazard: Base models and two extensions Inés Macho-Stadler and David Pérez‐Castrillo 17. Learning in markets Amparo Urbano 18. Information sharing in oligopoly Sergio Currarini and Francesco Feri Index

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Book SynopsisThis research review offers an examination and discussion of the seminal contributions by many prominent scholars in the heterodox tradition of post-Keynesian economic thought. The authors explore methodological issues - showing the contrast with orthodox thinking on fundamental grounds, concepts such as credit, money and production - which are crucial to understanding the working of our economic systems, as well as several interrelated macroeconomic issues including employment, distribution, growth, development, asset bubbles, and financial crises. The review provides a unique opportunity to appraise and appreciate the depth and variety of post-Keynesian economics at both theoretical and policy-oriented level.Trade Review‘With the neoclassical mainstream in disarray, this anthology on post-Keynesian economics is very timely, providing a great many building blocks to set up a coherent alternative. Articles on method are followed by contributions on fundamentals: credit, money, production, employment, and distribution. Fascinating themes are taken up: wage-led or profit-led economic growth, financialisation and asset bubbles, and international monetary architecture. The collection brings together the classical (Ricardian) tradition of political economy, revived by Sraffa, along with Keynes’s theory of effective demand, complemented by endogenous money as Joan Robinson had suggested in the 1950s. To systematically realise this project amounts to working out a monetary theory of production as originally envisaged by Keynes in 1933.’ -- Heinrich Bortis, University of Fribourg, SwitzerlandTable of ContentsVolume I: Issues in Methodology - Louis-Philippe Rochon and Sergio Rossi Contents: Introduction Louis-Philippe Rochon and Sergio Rossi PART I WHAT IS POST-KEYNESIAN ECONOMICS? 1. Sheila C. Dow (1988), ‘Post Keynesian Economics: Conceptual Underpinnings’, British Review of Economic Issues, 10 (3), Autumn, 1–18 2. O. F. Hamouda and G. C. Harcourt (1988), ‘Post Keynesianism: From Criticism to Coherence?’, Bulletin of Economic Research, 40 (1), January, 1–33 3. Sheila C. Dow (1990), ‘Post-Keynesianism as Political Economy: A Methodological Discussion’, Review of Political Economy, 2 (3), 345–58 4. Victoria Chick (1995), ‘Is There a Case for Post Keynesian Economics?’, Scottish Journal of Political Economy, 42 (1), February, 20–36 5. Philip Arestis (1996), ‘Post-Keynesian Economics: Towards Coherence’, Cambridge Journal of Economics, 20 (1), January, 111–35 6. Sheila C. Dow (2000), ‘Prospects for the Progress of Heterodox Economics’, Journal of the History of Economic Thought, 22 (2), 157–70 7. Victoria Chick (2004), 'On Open Systems', Brazilian Journal of Political Economy, 24 (1), January–March, 3–16 8. Tony Lawson (2006), ‘The Nature of Heterodox Economics’, Cambridge Journal of Economics, 30 (4), July, 483–505 9. John B. Davis (2006), ‘The Nature of Heterodox Economics’, Post-Autistic Economics Review: Symposium on Reorienting Economics, 40 (1), December, 23–30 PART II POST-KEYNESIAN ECONOMICS AND OTHER HETERODOX TRADITIONS 10. Edward Nell (1990), ‘Keynes and Sraffa: Marshallian or Classical Foundations?’, in Krishna Bharadwaj and Bertram Schefold (eds), Essays on Piero Sraffa: Critical Perspectives on the Revival of Classical Theory, Part II, Chapter 10, London, UK: Unwin Hyman, 352–57 11. Marc Lavoie (1992), ‘Towards a New Research Programme for Post-Keynesianism and Neo-Ricardianism’, Review of Political Economy, 4 (1), 37–78 12. Tony Lawson (1994), ‘The Nature of Post Keynesianism and its Links to Other Traditions: A Realist Perspective’, Journal of Post Keynesian Economics, 16 (4), Summer, 503–38 13. Marc Lavoie (2003), ‘The Tight Links between Post-Keynesian and Feminist Economics’, in Edward Fullbrook (ed.), The Crisis in Economics, The Post Autistic Economics Movement: The First 600 Days, Part 3, London, UK: Routledge, 189–92 14. Marc Lavoie (2006), ‘Do Heterodox Theories Have Anything in Common? A Post-Keynesian Point of View’, European Journal of Economics and Economic Policies: Intervention, 3 (1), May, 87–112 15. J. E. King (2012), ‘Post Keynesians and Others’, Review of Political Economy, 24 (2), April, 305–19 16. John E. King (2013), ‘Should Post-Keynesians Make a Behavioural Turn?’, European Journal of Economics and Economic Policies: Intervention, 10 (2), September, 231–42 PART III POST-KEYNESIAN ECONOMICS AND CRITICAL REALISM 17. Victoria Chick (1998), ‘On Knowing One’s Place: The Role of Formalism in Economics’, Economic Journal, 108 (451), November, 1859–69 18. Sheila C. Dow (1999), ‘Post Keynesianism and Critical Realism: What is the Connection?’, Journal of Post Keynesian Economics, 22 (1), Fall, 15–33 19. Mark Setterfield (2003), ‘Critical Realism and Formal Modelling: Incompatible Bedfellows?’, in Paul Downward (ed.), Applied Economics and the Critical Realist Critique, Part IIA, Chapter 5, London, UK: Routledge, 71–88 20. Therese Jefferson and John E. King (2011), ‘Michal Kalecki and Critical Realism’, Cambridge Journal of Economics, 35 (5), September, 957–72 PART IV MICROECONOMIC FOUNDATIONS OF POST-KEYNESIAN ANALYSIS 21. G. C. Harcourt and Peter Kenyon (1976), ‘Pricing and the Investment Decision’, Kyklos, 29 (3), January, 449–77 22. Alfred S. Eichner (1983), ‘The Micro Foundations of the Corporate Economy’, Managerial and Decision Economics, 4 (3), September, 136–52 23. E. Agliardi (1988), ‘Microeconomic Foundations of Macroeconomics in the Post-Keynesian Approach’, Metroeconomica, 39 (3), October, 275–97 24. Marc Lavoie (1994), ‘A Post Keynesian Approach to Consumer Choice’, Journal of Post Keynesian Economics, 16 (4), Summer, 539–62 25. Marc Lavoie (1996), ‘Mark-up Pricing versus Normal Cost Pricing in Post-Keynesian Models’, Review of Political Economy, 8 (1), January, 57–66 26. Paul Downward (2000), ‘A Realist Appraisal of Post-Keynesian Pricing Theory’, Cambridge Journal of Economics, 24 (2), March, 211–24 27. Claudio Sardoni (2002), ‘On the Microeconomic Foundations of Macroeconomics: A Keynesian Perspective’, in Philip Arestis, Meghnad Desai and Sheila Dow (eds), Methodology, Micrcoeconomics and Keynes: Essays in Honour of Victoria Chick, Volume Two, Chapter 2, London, UK: Routledge, 4–14 28. John E. King (2009), ‘Microfoundations?’ in Eckhard Hein, Torsten Niechoj and Engelbert Stockhammer (eds), Macroeconomic Policies on Shaky Foundations: Whither Mainstream Economics?, Part I, Marburg, Germany: Metropolis-Verlag, 33–53 29. Frederic S. Lee (2010), ‘A Heterodox Teaching of Neoclassical Microeconomic Theory’, International Journal of Pluralism and Economics Education, 1 (3), 203–35 PART V POST-KEYNESIAN ECONOMICS AND ITS CRITICS 30. Philip Arestis, Stephen P. Dunn and Malcolm Sawyer (1999), ‘Post Keynesian Economics and its Critics’, Journal of Post Keynesian Economics, 21 (4), Summer, 527–49 31. Bernard Walters and David Young (1999), ‘Is Critical Realism the Appropriate Basis for Post Keynesianism?’, Journal of Post Keynesian Economics, 22 (1), Fall, 105–23 32. Philip Arestis, Stephen P. Dunn and Malcolm Sawyer (1999), ‘On the Coherence of Post-Keynesian Economics: A Comment on Walters and Young’, Scottish Journal of Political Economy, 46 (3), August, 339–45 33. Frederic S. Lee (2012), ‘Heterodox Economics and its Critics’, Review of Political Economy, 24 (2), April, 337–51 PART VI THE FUTURE OF POST-KEYNESIAN ECONOMICS 34. Giuseppe Fontana (2003), ‘Reflections on the Development of Post Keynesian Economics’, History of Economic Ideas, XI (3), 87–94 35. Giuseppe Fontana and Bill Gerrard (2006), ‘The Future of Post Keynesian Economics’, Banca Nazionale del Lavoro Quarterly Review, LIX (236), March, 49–80 36. Engelbert Stockhammer and Paul Ramskogler (2009), ‘Post-Keynesian Economics – How to Move Forward’, European Journal of Economics and Economic Policies: Intervention, 6 (2), November, 227–46 37. Matías Vernengo (2013), ‘Conversation or Monologue? On Advising Heterodox Economists, with Addendum’, in Frederic S. Lee and Marc Lavoie (eds), In Defense of Post-Keynesian and Heterodox Economics: Responses to their Critics, Chapter 8, Abingdon, UK: Routledge, 158–71 38. Marc Lavoie (2013), ‘After the Crisis: Perspectives for Post-Keynesian Economics’, in Frederic S. Lee and Marc Lavoie (eds), In Defense of Post-Keynesian and Heterodox Economics: Responses to their Critics, Chapter 2, Abingdon, UK: Routledge, 18–41 Volume II: Credit, Money and Production - Louis-Philippe Rochon and Sergio Rossi Contents: Acknowledgements Introduction An introduction by the editors appears in Volume I PART I KEYNES AND KALECKI ON MONEY AND FINANCE 1. Paul Davidson (1965), ‘Keynes’s Finance Motive’, Oxford Economic Papers, 17 (1), March, 47–65 2. A. Asimakopulos (1983), ‘Kalečki and Keynes on Finance, Investment and Saving’, Cambridge Journal of Economics, 7 (3–4), September–December, 221–33 3. Augusto Graziani (1984), ‘The Debate on Keynes’ Finance Motive’, Economic Notes, 13 (1), 5–33 4. Jörg Bibow (1995), ‘Some Reflections on Keynes’s “Finance Motive” for the Demand for Money’, Cambridge Journal of Economics, 19 (5), October, 647–66 5. Louis-Philippe Rochon (1997), ‘Keynes’s Finance Motive: A Re-assessment. Credit, Liquidity Preference and the Rate of Interest’, Review of Political Economy, 9 (3), 277–93 PART II BANKS, CREDIT AND MONEY FROM A POST KEYNESIAN PERSPECTIVE 6. Marc Lavoie (1984), ‘The Endogenous Flow of Credit and the Post Keynesian Theory of Money’, Journal of Economic Issues, XVIII (3), September, 771–97 7. Philip Arestis (1987), ‘Post-Keynesian Theory of Money, Credit and Finance’, Thames Papers in Political Economy, Spring, 1–22 8. Louis-Philippe Rochon and Sergio Rossi (2013), ‘Endogenous Money: The Evolutionary versus Revolutionary Views’, Review of Keynesian Economics, 1 (2), Summer, 210–29 PART III THE THEORY OF THE MONETARY CIRCUIT 9. Edward J. Nell (1967), ‘Wicksell’s Theory of Circulation’, Journal of Political Economy, 75 (4), August, 386–94 10. Augusto Graziani (1989), ‘The Theory of the Monetary Circuit’, Thames Papers in Political Economy, Spring, 1–26 11. Riccardo Bellofiore (1992), ‘Monetary Macroeconomics before the General Theory: The Circuit Theory of Money in Wicksell, Schumpeter and Keynes’, Social Concept, 6 (2), 47–89 12. Jacques Le Bourva (1992), ‘Money Creation and Credit Multipliers’, Review of Political Economy, 4 (4), 447–66 13. Louis-Philippe Rochon (1999), ‘The Creation and Circulation of Endogenous Money: A Circuit Dynamique Approach’, Journal of Economic Issues, XXIII (1), March, 1–21 14. Alain Parguez and Mario Seccareccia (2000), ‘The Credit Theory of Money: The Monetary Circuit Approach’, in John Smithin (ed.), What is Money?, Chapter 5, London, UK: Routledge, 101–23 15. Biagio Bossone (2001), ‘Circuit Theory of Banking and Finance’, Journal of Banking and Finance, 25 (5), May, 857–90 16. Sergio Rossi (2009), ‘Monetary Circuit Theory and Money Emissions’, in Jean-François Ponsot and Sergio Rossi (eds), The Political Economy of Monetary Circuits: Tradition and Change in Post-Keynesian Economics, Chapter 3, Basingstoke, UK and New York, NY, USA: Palgrave Macmillan, 36–55 PART IV THE THEORY OF ENDOGENOUS MONEY: EARLY DEVELOPMENTS 17. Stephen W. Rousseas (1960), ‘Velocity Changes and the Effectiveness of Monetary Policy, 1951–57’, Review of Economics and Statistics, 42 (1), February, 27–36 18. Nicholas Kaldor (1970), ‘The New Monetarism’, Lloyds Bank Review, 97, July, 1–18 19. Paul Davidson and Sidney Weintraub (1973), ‘Money as Cause and Effect’, Economic Journal, 83 (332), December, 1117–32 20. Nicholas Kaldor and James A. Trevithick (1981), ‘A Keynesian Perspective on Money’, Lloyds Bank Review, 139, January, 1–19 PART V THE THEORY OF ENDOGENOUS MONEY: HORIZONTALIST/STRUCTURALIST DEBATES 21. Allin Cottrell (1986), ‘The Endogeneity of Money and Money-Income Causality’, Scottish Journal of Political Economy, 33 (1), February, 2–27 22. Basil J. Moore (1991), ‘Money Supply Endogeneity: “Reserve Price Setting” or “Reserve Quantity Setting”?’, Journal of Post Keynesian Economics, 13 (3), Spring, 404–13 23. Robert Pollin (1991), ‘Two Theories of Money Supply Endogeneity: Some Empirical Evidence’, Journal of Post Keynesian Economics, 13 (3), Spring, 366–96 24. Thomas I. Palley (1994), ‘Competing Views of the Money Supply Process: Theory and Evidence’, Metroeconomica, 45 (1), February, 67–88 25. Sheila C. Dow (1996), ‘Horizontalism: A Critique’, Cambridge Journal of Economics, 20 (4), July, 497–508 26. Marc Lavoie (1996), ‘Horizontalism, Structuralism, Liquidity Preference and the Principle of Increasing Risk’, Scottish Journal of Political Economy, 43 (3), August, 275–300 27. Marc Lavoie (1999), ‘The Credit-Led Supply of Deposits and the Demand for Money: Kaldor’s Reflux Mechanism as Previously Endorsed by Joan Robinson’, Cambridge Journal of Economics, 23 (1), January, 103–13 28. Mario Seccareccia (2003), ‘Pricing, Investment and the Financing of Production within the Framework of the Monetary Circuit: Some Preliminary Evidence’, in Louis-Philippe Rochon and Sergio Rossi (eds), Modern Theories of Money: The Nature and Role of Money in Capitalist Economies, Chapter 9, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 173–97 29. Giuseppe Fontana (2004), ‘Rethinking Endogenous Money: A Constructive Interpretation of the Debate between Horizontalists and Structuralists’, Metroeconomica, 55 (4), November, 367–85 PART VI MODERN MONEY THEORY AND ITS CRITICS 30. Warren Mosler (1997–98), ‘Full Employment and Price Stability’, Journal of Post Keynesian Economics, 20 (2), Winter, 167–82 31. Sergio Rossi (1999), ‘Review of “Understanding Modern Money”’, Kyklos, 52 (3), August, 483–485 32. Stephanie Bell (2000), ‘Do Taxes and Bonds Finance Government Spending?’ Journal of Economic Issues, XXXIV (3), September, 603–20 33. Louis-Philippe Rochon and Matías Vernengo (2003), ‘State Money and the Real World: Or Chartalism and its Discontents’, Journal of Post Keynesian Economics, 26 (1), Fall, 57–67 34. Claude Gnos and Louis-Philippe Rochon (2002), ‘Money Creation and the State: A Critical Assessment of Chartalism’, International Journal of Political Economy, 32 (3), Fall, 41–57 35. Marc Lavoie (2013), ‘The Monetary and Fiscal Nexus of Neo-Chartalism: A Friendly Critique’, Journal of Economic Issues, XLVII (1), March, 1–31 PART VII CENTRAL BANKING, MONETARY POLICY AND INTEREST RATE SETTING 36. Philip Arestis and Malcolm Sawyer (2004), ‘On the Effectiveness of Monetary Policy and of Fiscal Policy’, Review of Social Economy, LXII (4), December, 441–63 37. Giuseppe Fontana and Alfonso Palacio-Vera (2007), ‘Are Long-Run Price Stability and Short-Run Output Stabilization All That Monetary Policy Can Aim For?’, Metroeconomica, 58 (2), May, 269–98 38. Louis-Philippe Rochon and Sergio Rossi (2007), ‘Central Banking and Post-Keynesian Economics’, Review of Political Economy, 19 (4), October, 539–54 39. Louis-Philippe Rochon and Mark Setterfield (2008), ‘The Political Economy of Interest-Rate Setting, Inflation, and Income Distribution’, International Journal of Political Economy, 37 (2), Summer, 5–25 40. Mark Setterfield (2009), ‘Macroeconomics without the LM Curve: An Alternative View’, Cambridge Journal of Economics, 33 (2), March, 273–93 41. Scott T. Fullwiler (2013), ‘An Endogenous Money Perspective on the Post-Crisis Monetary Policy Debate’, Review of Keynesian Economics, 1 (2), Summer, 171–94 Volume III: Employment, Distribution, Growth, Development, Asset Bubbles and Financial Crises - Louis-Philippe Rochon and Sergio Rossi Contents: Acknowledgements Introduction An introduction by the editors appears in Volume I PART I EMPLOYMENT, PRIVATE DEBT AND INCOME DISTRIBUTION 1. Amitava Krishna Dutt (1984), ‘Stagnation, Income Distribution and Monopoly Power’, Cambridge Journal of Economics, 8 (1), March, 25–40 2. Massimo Pivetti (1985), ‘On the Monetary Explanation of Distribution’, Political Economy: Studies in the Surplus Approach, 1 (2), 73–103 3. Amit Bhaduri and Stephen Marglin (1990), ‘Unemployment and the Real Wage: The Economic Basis for Contesting Political Ideologies’, Cambridge Journal of Economics, 14 (4), December, 375–93 4. Amitava Krishna Dutt (1992), ‘Conflict Inflation, Distribution, Cyclical Accumulation and Crises’, European Journal of Political Economy, 8 (4), December, 579–97 5. Steven Pressman and Robert Scott (2009), ‘Consumer Debt and the Measurement of Poverty and Inequality in the US’, Review of Social Economy, LXVII (2), June, 127–48 6. Aldo Barba and Massimo Pivetti (2009), ‘Rising Household Debt: Its Causes and Macroeconomic Implications – a Long-Period Analysis’, Cambridge Journal of Economics, 33 (1), January, 113–37 PART II WAGE-LED OR PROFIT-LED ECONOMIC GROWTH 7. Robert A. Blecker (1989), ‘International Competition, Income Distribution and Economic Growth’, Cambridge Journal of Economics, 13 (3), September, 395–412 8. Marc Lavoie (1995), ‘Interest Rates in Post-Keynesian Models of Growth and Distribution’, Metroeconomica, 46 (2), June, 146–77 9. Robert Boyer (2005), ‘From Shareholder Value to CEO Power: The Paradox of the 1990s’, Competition and Change, 9 (1), March, 7–47 10. Eckhard Hein (2007), ‘Interest Rate, Debt, Distribution and Capital Accumulation in a Post-Kaleckian Model’, Metroeconomica, 58 (2), May, 310–39 11. Amit Bhaduri (2008), ‘On the Dynamics of Profit-Led and Wage-Led Growth’, Cambridge Journal of Economics, 32 (1), January, 147–60 12. Engelbert Stockhammer and Özlem Onaran (2013), ‘Wage-Led Growth: Theory, Evidence, Policy’, Review of Keynesian Economics, 1 (1), Spring, 61–78 PART III THE IMPORTANCE OF FISCAL POLICY 13. Sebastian Dullien (2012), ‘Is New Always Better than Old? On the Treatment of Fiscal Policy in Keynesian Models’, Review of Keynesian Economics: Inaugural Issue, 0 (1), Autumn, 5–23 14. Hassan Bougrine (2012), ‘Fiscal Austerity, the Great Recession and the Rise of New Dictatorships’, Review of Keynesian Economics: Inaugural Issue, 0 (1), Autumn, 109–25 15. Philip Arestis (2012), ‘Fiscal Policy: A Strong Macroeconomic Role’, Review of Keynesian Economics: Inaugural Issue, 0 (1), Autumn, 93–108 16. Nathan Perry and Matías Vernengo (2014), ‘What Ended the Great Depression? Re-evaluating the Role of Fiscal Policy’, Cambridge Journal of Economics, 38 (2), March, 349–67 PART IV SUSTAINABLE DEVELOPMENT AND ENVIRONMENTAL ISSUES 17. Richard P. F. Holt (2005), ‘Post-Keynesian Economics and Sustainable Development’, International Journal of Environment, Workplace and Employment, 1 (2), 174–86 18. Giuseppe Fontana and Malcolm Sawyer (2013), ‘Post-Keynesian and Kaleckian Thoughts on Ecological Macroeconomics’, European Journal of Economics and Economic Policies: Intervention, 10 (2), September, 256–67 19. Neil Perry (2013), ‘Environmental Economics and Policy’, in G. C. Harcourt and Peter Kriesler (eds), The Oxford Handbook of Post-Keynesian Economics, Volume 2: Critiques and Methodology, Chapter 18, New York, NY, USA: Oxford University Press, 391–411 20. Armon Rezai, Lance Taylor and Reinhard Mechler (2013), ‘Ecological Macroeconomics: An Application to Climate Change’, Ecological Economics, 85, January, 69–76 PART V PAYMENT SYSTEMS AND FINANCIAL CRISES 21. Hyman P. Minsky (1977), ‘The Financial Instability Hypothesis: An Interpretation of Keynes and an Alternative to “Standard” Theory’, Challenge, 20 (1), March–April, 20–27 22. James R. Crotty (1990), ‘Owner-Manager Conflict and Financial Theories of Investment Instability: A Critical Assessment of Keynes, Tobin, and Minsky’, Journal of Post Keynesian Economics, 12 (4), Summer, 519–42 23. Martin H. Wolfson (1996), ‘A Post Keynesian Theory of Credit Rationing’, Journal of Post Keynesian Economics, 18 (3), Spring, 443–70 24. Scott T. Fullwiler (2003), ‘Timeliness and the Fed’s Daily Tactics’, Journal of Economic Issues, XXXVII (4), December, 851–80 25. Jan Toporowski (2008), ‘Minsky’s “Induced Investment and Business Cycles”’, Cambridge Journal of Economics, 32 (5), September, 725–37 26. Sergio Rossi (2010), ‘The 2007–9 Financial Crisis: An Endogenous-Money View’, Studi e Note di Economia, XV (3), 413–30 27. Sergio Rossi (2015), ‘Structural Reforms in Payment Systems to Avoid Another Systemic Crisis’, Review of Keynesian Economics, 3 (2), Summer, 213–25 PART VI FINANCIALISATION AND ASSET BUBBLES 28. Engelbert Stockhammer (2004), ‘Financialisation and the Slowdown of Accumulation’, Cambridge Journal of Economics, 28 (5), September, 719–41 29. Gennaro Zezza (2008), ‘U.S. Growth, the Housing Market, and the Distribution of Income’, Journal of Post Keynesian Economics, 30 (3), Spring, 375–401 30. Yongbok Jeon and Matías Vernengo (2008), ‘Puzzles, Paradoxes, and Regularities: Cyclical and Structural Productivity in the United States (1950–2005)’, Review of Radical Political Economics, 40 (3), Summer, 237–43 31. Robert Guttmann (2009), ‘Asset Bubbles, Debt Deflation, and Global Imbalances’, International Journal of Political Economy, 38 (2), Summer, 45–68 32. Dirk J. Bezemer (2010), ‘Understanding Financial Crisis through Accounting Models’, Accounting, Organizations and Society, 35 (7), October, 676–88 33. Özgür Orhangazi (2012), ‘”Financial” vs. “Real”: An Overview of the Contradictory Role of Finance’, Research in Political Economy: Revitalizing Marxist Theory for Today’s Capitalism, 27, 121–48 34. Engelbert Stockhammer (2012), ‘Financialization, Income Distribution and the Crisis’, Investigación Económica, LXXI (279), January–March, 39–70 35. Riccardo Bellofiore (2013), ‘Endogenous Money, Financial Keynesianism and Beyond’, Review of Keynesian Economics, 1 (2), Summer, 153–70 PART VII INTERNATIONAL MONETARY ARCHITECTURE 36. Paul Davidson (1992–1993), ‘Reforming the World’s Money’, Journal of Post Keynesian Economics, 15 (2), Winter, 153–79 37. Jane D’Arista (2004), ‘Dollars, Debt, and Dependence: The Case for International Monetary Reform’, Journal of Post Keynesian Economics, 26 (4), Summer, 557–72 38. Robert Skidelsky (2005), ‘Keynes, Globalisation and the Bretton Woods Institutions in the Light of Changing Ideas about Markets’, World Economics, 6 (1), January–March, 15–30 39. Pietro Alessandrini and Michele Fratianni (2009), ‘Resurrecting Keynes to Stabilize the International Monetary System’, Open Economies Review, 20 (3), July, 339–58 40. Lilia Costabile (2009), ‘Current Global Imbalances and the Keynes Plan: A Keynesian Approach for Reforming the International Monetary System’, Structural Change and Economic Dynamics, 20 (2), June, 79–89 41. Nadia F. Piffaretti (2009), ‘Reshaping the International Monetary Architecture: Lessons from the Keynes Plan’, Banks and Bank Systems, 4 (1), 45–54 42. Sergio Rossi (2009), ‘International Payment Finality Requires a Supranational Central-Bank Money: Reforming the International Monetary Architecture in the Spirit of Keynes’, China-USA Business Review, 8 (11), November, 1–20 43. Anna M. Carabelli and Mario A. Cedrini (2010), ‘Global Imbalances, Monetary Disorder, and Shrinking Policy Space: Keynes’s Legacy for our Troubled World’, European Journal of Economics and Economic Policies: Intervention, 7 (2), November, 303–23 44. Alvaro Cencini (2010), ‘For a New System of International Payments’, Banks and Bank Systems, 5 (1), 47–57 Index

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Book SynopsisOne of the most striking phenomena in all of economics is the absence of a deep tradition of criticism focused on Keynesian economic theory. There have been critics but they are few and far between, even though Keynesian demand management has been at the centre of some of the worst economic outcomes in history, from the great stagflation of the 1970s to the twenty-year 'lost decade' in Japan that has been ongoing since the 1990s, and now, once again, the dismal recoveries that have followed the Global Financial Crisis. This book brings together some of the most vocal critics of Keynesian economics of the present time.Each author attempts to explain what is wrong with Keynesian theory for those seeking guidance on where to turn for a more accurate explanation of the business cycle and what to do when recessions occur. The contributions are by scholars from a wide number of schools of economics, include but are not restricted to Austrian, monetarist and classical perspectives. Written not just for economists, this accessible book is one of the few anti-Keynesian texts available and explains the inability of public spending and lower interest rates to have restored robust economic growth and full employment after the GFC. The collection offers an antidote to contemporary macroeconomic theory. It is an essential text for anyone wishing to understand why no stimulus has been able to bring recovery to any economy in which it has been tried.Contributors include: P.Boettke, P.L. Bylund, T. Congdon, R.M. Ebeling, R.W. Garrison, S. Horwitz, S. Kates, A. Kling, A.B. Laffer, P. Newman, G. Reisman, D. Simpson, M. Skousen, P. SmithTable of ContentsContents: Introduction 1. The Keynesian Liquidity Trap: An Austrian Critique Peter Boettke and Patrick Newman 2. What the Entrepreneurial Problem Reveals about Keynesian Macroeconomics Per L. Bylund 3. A Critique of Two Key Concepts in Keynesian Textbooks Tim Congdon 4. The Misdirection of Keynesian Aggregates for Understanding Monetary and Cyclical Processes Richard M. Ebeling 5. Cycles and Slumps in an Overly Aggregated Theoretical Framework Roger W. Garrison 6. The Problems with Keynesianism: A View from Austrian Capital Theory Steven Horwitz 7. The Dangers of Keynesian Economics Steven Kates 8. The Problem of Keynesian Aggregation Arnold Kling 9. What’s Wrong with Keynesian Economists? Arthur B. Laffer 10. Capital, Saving and Employment George Reisman 11. What’s Wrong With Keynesian Economics? David Simpson 12. Move Over Keynes: Replacing Keynesianism with a Better Model Mark Skousen 13. The Conclusive Fault Line in Keynesian Economics Peter Smith Index

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Book SynopsisOne of the most striking phenomena in all of economics is the absence of a deep tradition of criticism focused on Keynesian economic theory. There have been critics but they are few and far between, even though Keynesian demand management has been at the centre of some of the worst economic outcomes in history, from the great stagflation of the 1970s to the twenty-year 'lost decade' in Japan that has been ongoing since the 1990s, and now, once again, the dismal recoveries that have followed the Global Financial Crisis. This book brings together some of the most vocal critics of Keynesian economics of the present time.Each author attempts to explain what is wrong with Keynesian theory for those seeking guidance on where to turn for a more accurate explanation of the business cycle and what to do when recessions occur. The contributions are by scholars from a wide number of schools of economics, include but are not restricted to Austrian, monetarist and classical perspectives. Written not just for economists, this accessible book is one of the few anti-Keynesian texts available and explains the inability of public spending and lower interest rates to have restored robust economic growth and full employment after the GFC. The collection offers an antidote to contemporary macroeconomic theory. It is an essential text for anyone wishing to understand why no stimulus has been able to bring recovery to any economy in which it has been tried.Contributors include: P.Boettke, P.L. Bylund, T. Congdon, R.M. Ebeling, R.W. Garrison, S. Horwitz, S. Kates, A. Kling, A.B. Laffer, P. Newman, G. Reisman, D. Simpson, M. Skousen, P. SmithTable of ContentsContents: Introduction 1. The Keynesian Liquidity Trap: An Austrian Critique Peter Boettke and Patrick Newman 2. What the Entrepreneurial Problem Reveals about Keynesian Macroeconomics Per L. Bylund 3. A Critique of Two Key Concepts in Keynesian Textbooks Tim Congdon 4. The Misdirection of Keynesian Aggregates for Understanding Monetary and Cyclical Processes Richard M. Ebeling 5. Cycles and Slumps in an Overly Aggregated Theoretical Framework Roger W. Garrison 6. The Problems with Keynesianism: A View from Austrian Capital Theory Steven Horwitz 7. The Dangers of Keynesian Economics Steven Kates 8. The Problem of Keynesian Aggregation Arnold Kling 9. What’s Wrong with Keynesian Economists? Arthur B. Laffer 10. Capital, Saving and Employment George Reisman 11. What’s Wrong With Keynesian Economics? David Simpson 12. Move Over Keynes: Replacing Keynesianism with a Better Model Mark Skousen 13. The Conclusive Fault Line in Keynesian Economics Peter Smith Index

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Book SynopsisThis comprehensive research review recaps major literary contributions to the economic theory of incentives. These carefully selected papers, both classic and contemporary, analyse collective decision problems in the context of asymmetric information, moral hazard and incomplete contracting. This review is an essential tool for any serious scholar and student in the field. Table of ContentsContents: Introduction David Martimort PART I COLLECTIVE DECISION PROBLEMS UNDER ASYMMETRIC INFORMATION A. Public Goods and the Free Riding Problem 1. Claude d’Aspremont and Louis-André Gérard-Varet (1979), ‘Incentives and Incomplete Information’, Journal of Public Economics, 11 (1), February, 25–45 2. Jerry Green and Jean-Jacques Laffont (1977), ’Characterization of Satisfactory Mechanisms for the Revelation of Preferences for Public Goods’, Econometrica, 45 (2), March, 427–38 3. Theodore Groves (1973), ‘Incentives in Teams’, Econometrica, 41 (4), July, 617–31 4. Jean-Jacques Laffont and Eric Maskin (1979), ‘A Differential Approach to Expected Utility Maximizing Mechanisms’, in Jean-Jacques Laffont (ed.), Aggregation and Revelation of Preferences: Studies in Public Economics Volume 2, Part IV, Chapter 16, Amsterdam, the Netherlands, New York, NY, USA and Oxford, UK: North-Holland Publishing Company, 289–308 5. Jean-Jacques Laffont and Eric Maskin (1980), ‘A Differential Approach to Dominant Strategy Mechanisms’, Econometrica, 48 (6), September, 1507–20 6. George J. Mailath and Andrew Postlewaite (1990), ‘Asymmetric Information Bargaining Problems with Many Agents’, Review of Economic Studies, 57 (3), July, 351–67 B. Incentive Compatibility and the Revelation Principle 7. Allan Gibbard (1973), ‘Manipulation of Voting Schemes: A General Result’, Econometrica, 41 (4), July, 587–601 8. Partha Dasgupta, Peter Hammond and Eric Maskin (1979), ‘The Implementation of Social Choice Rules: Some General Results on Incentive Compatibility’, Review of Economic Studies, 46 (2), April, 185–216 9. Roger B. Myerson (1979), ‘Incentive Compatibility and the Bargaining Problem’, Econometrica, 47 (1), January, 61–73 10. Roger B. Myerson (1982), ‘Optimal Coordination Mechanisms in Generalized Principal-Agent Problems’, Journal of Mathematical Economics, 10 (1), June, 67–81 C. Full Implementation 11. Joel S. Demski and David Sappington (1984), ‘Optimal Incentive Contracts with Multiple Agents’, Journal of Economic Theory, 33 (1), June 152–71 12. Eric Maskin (1999), ‘Nash Equilibrium and Welfare Optimality’, Review of Economic Studies, Special Issue: Contracts, 66 (1), January, 23–38 13. Eric Maskin and John Moore (1999), ‘Implementation and Renegotiation’, Review of Economic Studies, Special Issue: Contracts, 66 (1), January, 39–56 14. John Moore and Rafael Repullo (1988), ‘Subgame Perfect Implementation’, Econometrica, 56 (5), September, 1191–1220 15. John Moore and Rafael Repullo (1990), ‘Nash Implementation: A Full Characterization’, Econometrica, 58 (5), September, 1083–99 16. Thomas R. Palfrey and Sanjay Srivastava (1989), ‘Implementation with Incomplete Information in Exchange Economies’, Econometrica, 57 (1), January, 115–34 17. Dilip Mookherjee and Stefan Reichelstein (1990), ‘Implementation via Augmented Revelation Mechanisms’, Review of Economic Studies, 57 (3), July, 453–75 D. Interim Efficiency 18. Bengt Holmström and Roger B. Myerson (1983), ‘Efficient and Durable Decision Rules with Incomplete Information’, Econometrica, 51 (6), November, 1799–1819 19. John O. Ledyard and Thomas R. Palfrey (1999), ‘A Characterization of Interim Efficiency with Public Goods’, Econometrica, 67 (2), March, 435–48 E. Auctions 20. Jacques Crémer and Richard P. McLean (1988), ‘Full Extraction of the Surplus in Bayesian and Dominant Strategy Auctions’, Econometrica, 56 (6), November, 1247–57 21. Philippe Jehiel and Benny Moldovanu (2001), ‘Efficient Design with Interdependent Valuations’, Econometrica, 69 (5), September, 1237–59 22. Eric Maskin and John Riley (1989), ‘Optimal Multi-unit Auctions’, in Frank Hahn (ed.), The Economics of Missing Markets, Information, and Games, Chapter 14, Oxford, UK: Clarendon Press, 312–35 23. Roger B. Myerson (1981), ‘Optimal Auction Design’, Mathematics of Operations Research, 6 (1), February, 58–73 24. John G. Riley and William F. Samuelson (1981), ‘Optimal Auctions’, American Economic Review, 71 (3), June, 381–92 F. Robust Mechanism Design 25. Dirk Bergemann and Stephen Morris (2005), ‘Robust Mechanism Design’, Econometrica, 73 (6), November, 1771–1813 26. Philippe Jehiel, Moritz Meyer-ter-Vehn, Benny Moldovanu and William R. Zame (2006), ‘The Limits of Ex Post Implementation’, Econometrica, 74 (3), May, 585–610 27. Dilip Mookherjee and Stefan Reichelstein (1992), ‘Dominant Strategy Implementation of Bayesian Incentive Compatible Allocation Rules’, Journal of Economic Theory, 56 (2), April, 378–99 28. Zvika Neeman (2004), ‘The Relevance of Private Information in Mechanism Design’, Journal of Economic Theory, 117 (1), July, 55–77 29. Robert Wilson (1987), ‘Game-Theoretic Analyses of Trading Processes’, in Truman F. Bewley (ed.), Advances in Economic Theory: Fifth World Congress, Chapter 2, Cambridge, UK, New York, NY, USA and Melbourne, Australia: Cambridge University Press, 33–70 G. The Coase Theorem under Asymmetric Information: Scope and Value 30. Roger B. Myerson and Mark A. Satterthwaite (1983), ‘Efficient Mechanisms for Bilateral Trading’, Journal of Economic Theory, 29 (2), April, 265–81 31. Peter Cramton, Robert Gibbons and Paul Klemperer (1987), ‘Dissolving a Partnership Efficiently’, Econometrica, 55 (3), May, 615–32, 1493 (Erratum) 32. Steven R. Williams (1999), ‘A Characterization of Efficient, Bayesian Incentive Compatible Mechanisms’, Economic Theory, 14 (1), July, 155–8 PART II COLLECTIVE DECISION PROBLEMS UNDER MORAL HAZARD A. Moral Hazard in Teams 33. Bengt Holmström (1982), ‘Moral Hazard in Teams’, Bell Journal of Economics, 13 (2), Autumn, 324–40 34. Patrick Legros and Steven A. Matthews (1993), ‘Efficient and Nearly-Efficient Partnerships’, Review of Economic Studies, 60 (3), July, 599–611 35. Eric Rasmusen (1987), ‘Moral Hazard in Risk-Averse Teams’, RAND Journal of Economics, 18 (3), Autumn, 428–35 36. David Rahman (2012), ‘But Who Will Monitor the Monitor?’, American Economic Review, 102 (6), October, 2767–97 B. The Firm as a Hierarchy: Relative or Joint Performance Evaluations? 37. Yeon-Koo Che and Seung-Weon Yoo (2001), ‘Optimal Incentives for Teams’, American Economic Review, 91 (3), June, 525–41 38. Edward P. Lazear and Sherwin Rosen (1981), ‘Rank-Order Tournaments as Optimum Labor Contracts’, Journal of Political Economy, 89 (5), October, 841–64 39. Hideshi Itoh (1991), ‘Incentives to Help in Multi-Agent Situations’, Econometrica, 59 (3), May, 611–36 40. Dilip Mookherjee (1984), ‘Optimal Incentive Schemes with Many Agents’, Review of Economic Studies, LI (3), July, 433–46 41. Barry J. Nalebuff and Joseph E. Stiglitz (1983), ‘Prizes and Incentives: Towards a General Theory of Compensation and Competition’, Bell Journal of Economics, 14 (1), Spring, 21–43 42. Ching-To Ma (1988), ‘Unique Implementation of Incentive Contracts with Many Agents’, Review of Economic Studies, LV (4), October, 555–71 Volume II Contents: Introduction An introduction by the editor appears in Volume I PART I COLLECTIVE DECISION PROBLEMS: INCOMPLETE CONTRACTING AND THE NON-VERIFIABILITY PARADIGM A. Property Rights, Authority and Capital Structure 1. Philippe Aghion and Patrick Bolton (1992), ‘An Incomplete Contracts Approach to Financial Contracting’, Review of Economic Studies, 59 (3), July, 473–94 2. Philippe Aghion and Jean Tirole (1997), ‘Formal and Real Authority in Organizations’, Journal of Political Economy, 105 (1), February, 1–29 3. Aaron S. Edlin and Stefan Reichelstein (1996), ‘Holdups, Standard Breach Remedies, and Optimal Investment’, American Economic Review, 86 (3), June, 478–501 4. Mathias Dewatripont and Jean Tirole (1994), ‘A Theory of Debt and Equity: Diversity of Securities and Manager-Shareholder Congruence’, Quarterly Journal of Economics, 109 (4), November, 1027–54 5. Sanford J. Grossman and Oliver D. Hart (1986), ‘The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration’, Journal of Political Economy, 94 (4), August, 691–719 6. Oliver Hart and John Moore (1990), ‘Property Rights and the Nature of the Firm’, Journal of Political Economy, 98 (6), December, 1119–58 [40] 7. Jean Tirole (1986), ‘Procurement and Renegotiation’, Journal of Political Economy, 94 (2), April, 235–59 B. The Foundations of Incomplete Contracts 8. Ilya Segal (1999), ‘Complexity and Renegotiation: A Foundation for Incomplete Contracts’, Review of Economic Studies, Special Issue: Contracts, 66 (1), January, 57–82 9. Eric Maskin and Jean Tirole (1999), ‘Unforeseen Contingencies and Incomplete Contracts’, Review of Economic Studies, Special Issue: Contracts, 66 (1), January, 83–114 C. Relational Contracts and Subjective Evaluations 10. Jonathan Levin (2003), ‘Relational Incentive Contracts’, American Economic Review, 93 (3), June, 835–57 11. W. Bentley MacLeod and James M. Malcomson (1989), ‘Implicit Contracts, Incentive Compatibility, and Involuntary Unemployment’, Econometrica, 57 (2), March, 447–80 12. W. Bentley MacLeod (2003), ‘Optimal Contracting with Subjective Evaluation’, American Economic Review, 93 (1), March, 216–40 PART II COLLECTIVE DECISION PROBLEMS: THE MULTI-CONTRACTING ORGANIZATION A. Collusion: When Agents Share Information and Coordinate Actions 13. Hideshi Itoh (1993), ‘Coalitions, Incentives, and Risk Sharing’, Journal of Economic Theory, 60 (2), August, 410–27 14. Jean-Jacques Laffont and David Martimort (1999), ‘Separation of Regulators against Collusive Behavior’, RAND Journal of Economics, 30 (2), Summer, 232–62 15. Jean-Jacques Laffont and Jean Tirole (1991), ‘The Politics of Government Decision-Making: A Theory of Regulatory Capture’, Quarterly Journal of Economics, 106 (4), November, 1089–1127 16. Jean Tirole (1986), ‘Hierarchies and Bureaucracies: On the Role of Collusion in Organizations’, Journal of Law, Economics, and Organization, 2 (2), Fall, 181–214 17. Hal R. Varian (1990), ‘Monitoring Agents With Other Agents’, Journal of Institutional and Theoretical Economics, 146 (1), March, 153–74 B. Collusion with Asymmetric and Soft Information 18. Yeon-Koo Che and Jinwoo Kim (2006), ‘Robustly Collusion-Proof Implementation’, Econometrica, 74 (4), July, 1063–1107 19. Jean-Jacques Laffont and David Martimort (1997), ‘Collusion under Asymmetric Information’, Econometrica, 65 (4), July, 875–911 C. Hierarchies and Decentralization 20. Sandeep Baliga and Tomas Sjöström (1998), ‘Decentralization and Collusion’, Journal of Economic Theory, 83 (2), December, 196–232 21. David P. Baron and David Besanko (1992), ‘Information, Control, and Organizational Structure’, Journal of Economics and Management Strategy, 1 (2), Summer, 237–75 22. Jean-Jacques Laffont and David Martimort (1998), ‘Collusion and Delegation’, RAND Journal of Economics, 29 (2), Summer, 280–305 23. Nahum D. Melumad, Dilip Mookherjee and Stefan Reichelstein (1995), ‘Hierarchical Decentralization of Incentive Contracts’, RAND Journal of Economics: Symposium on the Economics of Organization, 26 (4), Winter, 654–72 24. Dilip Mookherjee and Masatoshi Tsumagari (2004), ‘The Organization of Supplier Networks: Effects of Delegation and Intermediation’, Econometrica, 72 (4), July, 1179–1219 D. Multilateral Contracting and Common Agency 25. B. Douglas Bernheim and Michael D. Whinston (1986), ‘Menu Auctions, Resource Allocation, and Economic Influence’, Quarterly Journal of Economics, CI (1), February, 1–31 26. B. Douglas Bernheim and Michael D. Whinston (1986), ‘Common Agency’, Econometrica, 54 (4), July, 923–42 27. David Martimort and Lars Stole (2002), ‘The Revelation and Delegation Principles in Common Agency Games’, Econometrica, 70 (4), July, 1659–73 28. David Martimort and Lars Stole (2009), ‘Market Participation in Delegated and Intrinsic Common-Agency Games’, RAND Journal of Economics, 40 (1), Spring, 78–102 29. Ilya Segal (1999), ‘Contracting with Externalities’, Quarterly Journal of Economics, CXIV (2), May, 337–88 E. Endogenous Common Agency 30. B. Douglas Bernheim and Michael D. Whinston (1998), ‘Exclusive Dealing’, Journal of Political Economy, 106 (1), February, 64–103 31. David Martimort (1996), ‘Exclusive Dealing, Common Agency, and Multiprincipals Incentive Theory’, RAND Journal of Economics, 27 (1), Spring, 1–31 Index

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Book SynopsisHans-Peter Brunner has produced here a very thoughtful piece of scholarship. This important book is genuinely innovative and very well executed. It addresses a very significant problem - how the integration and inter-linkage of national markets through regional cooperation and integration adds to productivity growth. The book goes on to define a meaningful theoretical framework, describes relevant regional experiences, and then presents a road map for cluster development. As such, it will be of value to academics, practitioners and policy makers alike.'- Kislaya Prasad, University of Maryland, College Park, USThe rise of Asia, as well as the future of regional cooperation and integration (RCI) the world over, will be profoundly influenced by the challenges of slowing productivity growth, increasing economic inequalities and systemic vulnerabilities. Such structural reform issues will require RCI policies that complement domestic policy reform. This unique book explains what drives the regional economic integration of nations and their contribution to national knowledge capital. It also lays out how such beneficial integration can generate broad-based, equitable wealth in Europe and Asia.Unique in the regional economic integration literature, this comprehensive book identifies the set of drivers of integration for productivity growth. Importantly, it describes and compares the experiences of the Baltic Sea Region with Asia's use of a set of institutionalized consensual knowledge and decision tools to drive inclusive and productive growth throughout a period dominated by the global economic crisis.Original and enlightening, Innovation Networks and the New Asian Regionalism will be vital reading for academics and researchers interested in regional integration and innovation. Policy makers and practitioners in regional development and economic geography will also find it to be an invaluable resource.Trade Review‘Hans-Peter Brunner has produced here a very thoughtful piece of scholarship. This important book is genuinely innovative and very well executed. It addresses a very significant problem – how the integration and inter-linkage of national markets through regional cooperation and integration adds to productivity growth. The book goes on to define a meaningful theoretical framework, describes relevant regional experiences, and then presents a road map for cluster development. As such, it will be of value to academics, practitioners and policy makers alike.’ -- Kislaya Prasad, University of Maryland, College Park, US‘In conclusion, this book provides an interesting and original study of current and future RCI developments. It is unique in its attempts to identify and compare the experiences of the BSR with Asia's regionalism initiatives.’ -- Journal of Southeast Asian EconomiesTable of ContentsContents: 1. The Impact of Regional Cooperation and Integration Drivers on Economic Productivity and Welfare, with Particular Attention to Southeast Asia 2. The View from the Baltic Sea Region 3. The View from the Greater Mekong Subregion, Association of Southeast Asian Nations Economic Community, and the Central Asia Regional Economic Cooperation Region 4. Roadmap To Innovation and Skill-Based Cluster Ecology Development Initiatives Appendix 1. Detailed Description of Computable General Equilibrium Model Exercises and Data Matrices Appendix 2. Mapping of Baltic Sea Region Tools Appendix 3. Usage Case for the Design of an Asian Regional Economic Integration Observatory Appendix 4. Details and Data Related to Asian Regional Integration Observatory with Greater Mekong Subregion / Association of Southeast Asian Nations Economic Community Cluster Demonstration [Also Central Asian Regional Economic Cooperation Demonstration] Index

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Book SynopsisGeoff Hodgson has made substantial contributions to institutional and evolutionary economics, economic methodology, the history of economic thought and social theory. To mark his seminal work, this book features original contributions by world-leading scholars from fields that have played a significant role in influencing his thinking or represent key debates to which he has contributed. Building on some of the central philosophical and methodological foundations underlying Hodgson's thinking, the book is organized around the recurring themes of institutions, evolution and capitalism. The contributors explore key connections between philosophy, the history of economic thought, and institutional and evolutionary economics in the light of Hodgson's often path-breaking work. A vital read for institutional, evolutionary and heterodox economists, this book sheds new light on Hodgson's position in these fields. Drawing together critical insights, this is also an important book for economics scholars looking to improve their understanding of current theory. Contributors include: M.C. Becker, C. Camic, J.B. Davis, S. Deakin, K. Dopfer, G. Dosi, S. Dow, F. Gagliardi, D. Gindis, J. Groenewegen, G.M. Hodgson, T. Knudsen, R.N. Langlois, T. Lawson, L. Marengo, C. Ménard, J.S. Metcalfe, P. Mirowski, A. Nuvolari, U. Pagano, J. Potts, J.W. Stoelhorst, A. Tylecote, V.J. Vanberg, J. VromenTrade Review'We are in an era when fundamental debates about the nature of the economy and economics are not mere academic curiosities but an urgent necessity for society. Long-dominant theories have crumbled and major challenges loom. Bold new thinking is required and few have been bolder than Geoffrey Hodgson. This volume, by a distinguished group of scholars, gives new insights into Hodgson's decades-long body of work and will surely spark new ideas and debate. The economy is an evolutionary system and someday future historians will say ''Hodgson was right.''' --Eric Beinhocker, University of Oxford, UK and author of The Origin of Wealth'This impressive collection is a fitting tribute to Geoff Hodgson, with substantial contributions from senior colleagues covering the many areas in economics in which he has worked over the course of a long and successful career.' --Jochen Runde, University of Cambridge, UK'Geoffrey Hodgson has for some time been one of the most creative and provocative writers arguing for a more evolutionary economics that paid more attention to the institutions driving and molding economic change. This collection of essays in his honor is of broad scope and high quality. They provide a pleasurable, informative read.' --Richard R. Nelson, Columbia University, USTable of ContentsContents: PART I INTRODUCTION 1 Institutions and evolution of capitalism in Geoff Hodgson’s work 2 Francesca Gagliardi and David Gindis PART II FOUNDATIONS 2 Geoff Hodgson on pluralism and historical specificity 14 Sheila C. Dow 3 Mathematical modelling in economics: seeking a rationale 29 Tony Lawson 4 Dissembling nature, elusive economy 44 Philip Mirowski 5 The rest of the resume: Veblen’s teaching and service activities 62 Charles Camic 6 Hodgson, cumulative causation and reflexive economic agents 78 John B. Davis PART III INSTITUTIONAL ECONOMICS 7 Bridging Original and New Institutional Economics? 93 John Groenewegen 8 Dimensionalizing institutions 110 Claude Ménard 9 Juridical ontology and the theory of the firm 127 Simon Deakin 10 The corporation is not a nexus of contracts: it’s an iPhone 142 Richard N. Langlois 11 Property, possession and knowledge 157 Ugo Pagano 12 Near misses – a capitalist aborted take-off and a no-show: the United Provinces and Ming China 178 Andrew Tylecote 13 Institutions are neither autistic maximizers nor flocks of birds: self-organization, power and learning in human organizations 194 Giovanni Dosi, Luigi Marengo and Alessandro Nuvolari PART IV EVOLUTIONARY ECONOMICS 14 Industry and Trade : Marshall’s magnificent dynamics 215 J. Stanley Metcalfe 15 Generalized Darwinism, the nature of selection and market efficiency 231 J.W. Stoelhorst 16 Cultural evolution, group selection and downward causation 250 Viktor J. Vanberg 17 Generalized Darwinism, routines and morality 264 Jack Vromen 18 The ubiquity of habits and routines and their contribution to management theory 282 Markus C. Becker 19 The role of selection processes in organizational evolution 299 Thorbjørn Knudsen 20 Why is evolutionary economics not an empirical science? 314 Kurt Dopfer and Jason Potts PART V GEOFF HODGSON ON GEOFF HODGSON 21 A conversation with Geoff Hodgson 328 Francesca Gagliardi, David Gindis and Geoffrey M. Hodgson Index 353

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Book SynopsisEconomists have rightly been criticized for not having foreseen the crisis that exploded in 2007-2008. As Giancarlo Bertocco eloquently argues, responsibility does indeed rest heavily on their shoulders. By developing a theory which excluded the possibility that a catastrophic crisis could ever happen, the economics profession has justified decisions and behaviours that caused the Great Recession. This book presents an alternative theoretical approach built on the lessons of Marx, Keynes, Schumpeter, Kalecki, Kaldor and Minsky, which highlights the structural instability of a capitalist economy and the endogenous nature of the current crisis. This fascinating book has several distinctive features. It begins by highlighting the limits of traditional economic theory and reveals the contradictions found in mainstream explanations as to the origins of the crisis. The author goes on to argue that economists not only failed to foresee the crisis but actually ignored the warning signs of instability that emerged during the Great Moderation. Bertocco presents an original interpretation of Keynes's argument that underlines the importance of Schumpeter's theory of credit in order to explain the relationship between money and crisis which characterizes a Keynesian monetary theory of production. Finally, he demonstrates that the nature of the crisis has important policy consequences and proposes a specific set of measures that take into account its structural nature. The comprehensive analysis and enlightening theoretical approaches will make this book vital reading for economists, policymakers and students seeking a clear understanding of the nature of the current crisis and the structure of the neoliberal economic system in which we live.Trade Review'Giancarlo Bertocco's Crisis and the Failure of Economic Theory is an old-fashioned volume, and all the better for that. The author identifies a major historical episode of malfunctioning in the advanced capitalist world, asks what light mainstream economic theory throws on it, explains clearly its approach and structure, and why with these attributes failure was inevitable. He then sets about developing an alternative approach and structure that not only illuminates what happened but also suggests how it may be avoided in the future. He sets out honestly and clearly the limitations and imponderables in his contributions, acknowledges in a scholarly manner the many sources of his ideas, and discusses the likely political constraints within which more relevant and enlightened policies will have to be pursued. Painting on such a broad canvas in a deep manner calls to mind the great names of our discipline-Adam Smith, Karl Marx, Maynard Keynes. Readers may not agree with the details of Giancarlo Bertocco's book, but they will be challenged to absorb the ideas from his narrative and hopefully to build on them.' --(G.C. Harcourt, University of New South Wales, Australia)'Mainstream economists could not see the Global Financial Crisis coming because their theories rule out the possibility of crisis. Their ex post apologies rely on stories of black swans with fat tails and compare the crisis to an unpredictable but inevitable earthquake. Professor Bertocco relies, instead, on the analyses of Schumpeter and Minsky to understand the forces that plunged the global economy into crisis almost a decade ago. The crisis was foreseeable, it could have been prevented, and policymakers could have mounted a more effective response - if they had adopted a Schumpeterian-Minskyan analysis.' --(L. Randall Wray, University of Missouri-Kansas City and Levy Economics Institute)Table of ContentsContents: PART I THE CRISIS AND THE MAINSTREAM THEORY 1. A Brief Description of the Crisis 2. The Mainstream Economists and the Crisis 3. The Limits of the Mainstream Theory PART II AN ALTERNATIVE THEORETICAL APPROACH 4. Keynes and the Monetary Theory of Production 5. Finance and Risk 6. Savings Decisions, Wealth and Speculation 7. Money and Crisis PART III THE ENDOGENOUS NATURE OF THE CRISIS AND THE POLICIES FOR A GOOD LIFE 8. The Endogenous Nature of the Subprime Crisis 9. Overcoming the Crisis: Which Policies? Index

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Book Synopsis'While market activity and political activity are often analyzed independently of each other, Wagner demonstrates their interdependence. His novel analysis shows that politics has a level of complexity well beyond the way it is typically depicted in the social sciences, and shows that political activity has more in common with market activity than is commonly recognized. The book offers a wide range of insights and pushes readers to take a more nuanced view of politics.'- Randall G. Holcombe, Florida State University, USEconomists typically treat government as something outside the business realm, a sort of 'Lord of the Manor'. Richard Wagner argues that this is the wrong approach and can ultimately be destructive to capitalism and to society.Modern governments are a peculiar form of business enterprise. They face the same problems as regular businesses, such as ascertaining demand and organizing production, and act within the system in a way that can lead to a parasitical relationship with the market. Largely rooted in political economy, this book develops new theoretical ideas and formulations to explain why democracy is a difficult form of government to maintain. The author explores how and why limited governments can morph into a system of destructive politics, and looks at ways to escape this process.This dynamic book will be useful for public choice scholars, economists, political scientists, and lawyers who are interested in political economy in its various guises.Trade Review'There is more to the theory of entangled political economy than just noting superficial similarities to, say, particle physics. In this, I believe, the author has succeeded. He has devised an intriguing theoretical framework and applied it to interesting issues in public choice and public finance, and I am comfortable recommending it to all scholars working on these topics, broadly conceived.' --Alexander William Salter, Public Choice'Wagner sees a complex web of interrelations ("entanglements") between the public and private spheres of human action in which neither set of actors operates independently of the other. Combining insights from Austrian economics, such as the impossibility of economic calculation in the absence of explicit price and profit signals, the methodological individualism of public choice scholars and an analytical approach that rejects partial equilibrium models in favor of ''systems thinking'' about markets and governments, Politics as a Peculiar Business ranges widely to ask and answer important questions about the foundations of a free society, including how to undo the "Faustian bargain" between citizens and an overweening state.' --William F. Shughart II, Utah State University, US'Political competition, like market competition, is a discovery process. But politics involves many people paying different costs to settle on one outcome, where markets involve many people responding in different ways to a single market price. As Wagner points out in this lively book, the two processes are ''entangled,'' so analyses that separate politics and markets mislead. Worse, politics have ensnared markets, as mechanisms created to protect economic liberty increasingly promote political control instead. Politics in the US is a business, a peculiar business. And Wagner's book is a profound step toward understanding the reasons, and implications, of this fact.' --Michael C. Munger, Duke University, USTable of ContentsContents: 1. Public Choice and the Virginia Tradition of Political Economy 2. Alternative Paths for a Theory of Political Economy 3. Systems Theory and Parts-to-whole Relationships 4. The Logic of Economizing Action: Universal Form and Particular Practice 5. Reason, Sentiment, and Electoral Competition 6. Parasitical Political Calculation 7. Societal Tectonics and the Art of the Deal 8. Moral Imagination and Constitutional Arrangement Index

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Book Synopsis'It is a serious piece of scholarship. Integrating economic history, economic thought, patent-hoarding, venture capital and the changing global economy, Kingston asks if modern capitalism might be an internally inconsistent system. Like Schumpeter, he is concerned that creative innovation might be stagnating into institutional ossification. It is an interesting argument, well presented, cross-disciplinary and thought-provoking.'- David Reisman, University of Surrey, UK and Nanyang Technological University, Singapore Capitalism has been sustained by inherited moral values that are now all but exhausted. A unique combination of a new belief in individualism and a long tradition of property rights had traditionally ensured that self-interested action also produced public benefit. However, these rights, including the laws underwriting economic and financial innovation and parliamentary democracy, were gradually captured and shaped by those who could benefit most from them. This fascinating book shows that the outcome is a reduced ability to generate real wealth combined with exceptional inequality, as well as a worldwide breach of the vital trust between voters and their representatives. Capitalism's injuries are both self-inflicted and fatal. William Kingston uniquely deals with capitalism from a property rights standpoint, providing the first convincing explanation of economic cycles in terms of changes to these rights. The lucid exploration of the historical evolution of property includes a remarkable precursor of modern capitalism in medieval culture and pays particular attention to intellectual property. The book also calls attention to the harm that inaccurate measurement of economic activity can cause, both at the micro-level (auditing of corporations) and macro-level (the Kuznets GDP/GNP system). In conclusion, it argues that the exceptional levels of inequality today have been caused primarily by allowing financiers to escape from the laws that traditionally prevented them from 'generating money from nothing'. Challenging the orthodox thinking, this is an essential book for economists and political scientists in academia, the public sector and industry. It offers an imperative warning that capitalism's next crash is coming sooner rather than later.Trade Review'William Kingston is a prolific and thoughtful economic historian who has relied on such longstanding giants as Marx and Schumpeter, and new ones such as Minsky, to show how financial innovation has replaced technological innovation, and how this process is destroying the economic fabric of society. Kingston's deep understanding of the 'free-market economy' makes this book a must-read.' --(Jorge Niosi, Universite du Quebec a Montreal, Canada)'Kingston's history of the evolution of property rights, and on how property rights regimes influence and reflect the kind of economic activity people engage in, and how they regard economic activity, is interesting and provocative in its own right. Others have argued that capitalism seems to have lost much of the power to increase the productivity of economic activity that it once had, and the workings of modern financial systems are a good part of the problem. But no one else has tied these propositions closely to the evolution of property rights.' --(Richard R. Nelson, Columbia University)'This sweeping account of the rise and projected fall of capitalism is as original as it is gripping. Kingston locates the hinge that moves capitalism as the institutions governing property rights, and argues persuasively that the system is now undermining itself as innovation shifts from the technological to the financial domain.' --(John A. Mathews, Macquarie Graduate School of Management, Sydney)Table of ContentsContents: Preface 1. What Capitalism Was 2. Where Capitalism Came From 3. The Capture of Market Power 4. The Fatal Capture of Money 5. Could Anything Have Saved it? Epilogue: The Centre Could Not Hold Index

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Book SynopsisThis book makes the bold attempt at proposing a new general theory of economic development founded on the fact-based perspective of economic behaviour. The main premise is that economic institutions and policies must embody 'economic discrimination' if there is to be any chance of real economic development. By economic discrimination, the author means 'treating differences differently' by selecting and supporting economic entities and behaviour that contribute positively to the economy. By presenting a general theory that goes beyond mainstream and ad hoc economic theories, Sung-Hee Jwa provides a new way to look at capitalism beyond the Marxian interpretation, explaining why some economies develop and others don't. The book identifies markets, government and corporations as the 'holy trinity of economic development', that is, the three most important institutions that must work together via economic discrimination to steer the economy towards real transformative progress. It also warns against the current trend of economic egalitarianism or 'not treating differences differently' because it destroys economic incentives and results in an array of economic problems including growth stagnation and worsening income distribution. The theory presented in this book and its implications for development management will be an invaluable resource for development economists, scholars, instructors, researchers and policymakers.Trade Review‘A General Theory of Economic Development is both ambitious and provoking. It sets out to specify the drivers of economic development, challenge mainstream economic theories, consolidate the Eastern and Western developmental experiences, combine economic and political perspectives, better integrate business management and economics for the goal of economic growth, give advice on public policies for sustainable economic development, and identify and solve the causes for economic polarization and growth stagnation. Author Sung-Hee Jwa tackles this hefty agenda with confidence and takes a strong stance on many contentious issues.’ -- Nelly Stratieva, Asian Journal of Law and SocietyTable of ContentsContents: 1. Introduction 2. Peculiarities of economic development 3. Critique of existing theories and a new beginning 4. Western extended economic development 5. Eastern condensed economic development 6. Corporations in economic development 7. A General Theory of Economic Development 8. A positive theory of political economy with applications 9. Concluding Chapter Index

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Book SynopsisWith the Chinese government planning a comprehensive and detailed reform of regulatory law, the European experience is likely to contribute significantly. This timely book analyses comparative Chinese and EU regulatory reform from a Law and Economics perspective. With eminent international contributors, Regulatory Reform in China and the EU sets out a reform agenda by addressing financial markets, social and administrative regulation, and environmental protection. The first part of the book discusses the banking sector reform and the stock market regulation concerning institutional investors, insider trading and private enforcement. A second part discusses contract law and considers how EU state aid policy could also influence reform on (local) government in other jurisdictions. Thirdly, environmental pollution and the need for stricter regulation are considered, with a focus on the possibilities of investment in new technology, such as offshore carbon capture and storage, economic growth and the nexus between WTO law and climate change. The fourth and final part of the book provides an essay by Jonathan Klick on the empirical analysis of regulation, with a particular focus on field experiments in China. Academics and postgraduate students of both Economics and Law with a particular interest in regulation will find this book valuable and compelling. Policy-makers and practitioners will also benefit from the insights revealed by the collaboration of lawyers and economists.Contributors include: R. Chen, Y. Chen, J. Dai, M.G. Faure, S. Feng, B. Gui, H. Jiye, J. Klick, W. Li, R.A. Partain, N. Philipsen, X. Tao, S. Weishaar, G. Xu, W. Xu, T. Zhou, Q. ZhouTrade Review'The Republic of China's economy may have advanced in leaps and bounds but does it have the regulatory framework to meet the needs of the 21st century? Against the background of an important Chinese initiative for regulatory reform, this important set of essays, drawing on law and economics and regulatory theory, reviews developments in the Chinese regulation of finance, the environment and other sectors, comparing them with the EU experience. A ''must'' for scholars and policymakers alike.' --Anthony Ogus, Professor Emeritus, University of Manchester, UK and Erasmus University Rotterdam, the NetherlandsTable of ContentsContents: Introduction Wenming Xu, Stefan E. Weishaar and Niels Philipsen PART I Financial Markets 2. Money, Banks, and the Commercial Banking Law: A Framework for Law and Economics Analysis Tao Xi 3. Rethinking China’s Capital Market and Financial Stability after the Global Financial Crisis: The Significance of Institutional Investors Jiye Hu and Yang Chen 4. Unpredictable Enforcement: A Study on CSRC’s Approach to Insider Trading in China Tianshu Zhou and Wenjing LI 5. Private Enforcement of Securities Law in China: An Empirical Analysis of SPC’s 2002 Notice on A/B Share Markets Jiajia Dai, Shiting Feng and Wenming Xu PART II SOCIAL AND ADMINISTRATIVE REGULATION 6. What can economists learn from contract lawyers? Qi Zhou 7. Evolving Goals of EU State Aid Policy and Possible Lessons for China: A Law and Economics Approach Niels Philipsen PART III ENVIRONMENTAL REGULATION 8. Development of a Regulatory Framework for CDM-Enabled Offshore Carbon Capture and Storage (OCCS) in China Roy A. Partain and Michael G. Faure 9. Does the Environmental Kuznets Curve Hold for China? An Empirical Examination Binwei Gui, Michael G. Faure, and Guangdong Xu 10. Carbon labels: Climate Change Regulation and Legal Risks and Opportunities under WTO Law Stefan E. Weishaar and Ruohong Chen PART IV RESEARCH AGENDA 11. Empirical Analysis of Regulation: The Promise of Field Experiments in China Jonathan Klick 12. Regulatory Reform in China and the EU: Comparative and Concluding Remarks Niels Philipsen, Stefan E. Weishaar and Wenming Xu Index

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Book SynopsisThis book examines the three historical master tales and questions their validity and relevance in today's moment of global disorientation and lack of convincing and dominant economic narrative. Investigating the ideological dimension and exploring the continued impact of Marx, Keynes and Hayek, the authors demonstrate how these three economic narratives became entangled over time and under increasing complexity, overlapping and competing with each other. The book reflects on the meaning of the historical legacy of the three narratives and investigates their significance today. All three outlined the prospects of a better and more economically efficient world with increased social justice, Magnusson and Strath argue that they constitute a legacy on which a new economic tale must be based, a legacy to draw on or confront. A concise and engaging work, this is an ideal resource for students and academics interested in economics, political science, history and global studies. A Brief History of Political Economy presents a powerful economic history of the last 170 years as a basis for economic reconsideration.Trade Review'Two of Scandinavia's most illustrious scholars have produced a highly readable guide to political economy. By focusing on the competing narratives of Marx, Keynes, and Hayek, their book makes sense of the last century of economic history and provides a powerful diagnosis of the crises that have wracked the global economy over the last decade.' --Fred Block, University of California at Davis'This excellent volume portrays Marx, Keynes and Hayek not only as great economists, but also as visionary thinkers who tried to come to grips with the changes and crises of their time. The book serves as a reminder that economics must be about the real world challenges, rather than simply the construction of models. It also show how much we can still learn from this diverse but fascinating trio of giants.' --Geoffrey M. Hodgson, University of Hertfordshire, UKTable of ContentsContents: 1. The Tale of Marx 2. The Tale of Keynes 3. The Tale of Hayek Epilogue:Towards a New Tale? Index

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Book SynopsisFollowing rapid economic growth in recent decades, Asia and the Pacific experienced an impressive reduction in extreme poverty, but this drop was not uniform and achievements are still incomplete. Vulnerability to natural disasters, the increasing impact of climate change and economic crises should all be taken into account. There is also a need to consider the multidimensional nature of poverty and the non-uniformity of the decrease across different ethnic groups. This book explores the Asian 'poverty miracle' and argues for the development and use of an Asia-specific poverty line.This is a timely and multidimensional assessment of the much neglected issues of, and links between, poverty, vulnerability and ethnicity in Asia. It will be of great interest to lecturers and researchers of Asian development and economics, along with policymakers, public and private institutions, NGOs and international aid agencies.Contributors include: V. Berenger, S.R. Chakravarty, N. Chattopadhyay, T. Fujii, C. Gradín, L. Hohfeld, S. Klasen, J. Silber, H. Waibel, G. WanTrade ReviewThis book introduces a number of recent methodological advances in the measurement of poverty - including on poverty lines, on incorporating vulnerability into poverty indices, and on socio-politically salient groupings - and applies them to the Asian context. The authors include some of the global leaders in this new literature. The volume will prove useful to students of poverty and to analysts of Asian development.' --Ravi Kanbur, Cornell University'What do we mean by poverty? Why is it so difficult to measure? We have often grappled with these questions which are both pertinent yet difficult to answer because poverty has many facets. In this edited collection, Silber and Wan address four important but distinct aspects of poverty - namely absolute and relative poverty, vulnerability, and multidimensionality. Asia has undoubtedly achieved an unprecedented reduction in poverty, however, as the book argues, this achievement is incomplete unless different aspects of poverty are considered. It is essential reading for those interested in the subject of poverty in Asia.' --Nanak Kakwani, University of New South Wales, AustraliaTable of ContentsContents: Introduction Jacques Silber and Guanghua Wan PART I: Is There a Case for a Poverty Line Specific to Asia? 1. An Asian Poverty Line? Issues and Options Stephan Klasen 2. A Poverty Line Contingent on Reference Groups: Implications for the Extent of Poverty in Some Asian Countries Satya R. Chakravarty, Nachiketa Chattopadhyay, and Jacques Silber PART II: Poverty and Vulnerability in Asia 3. Concepts and Measurement of Vulnerability to Poverty and Other Issues: A Review of Literature Tomoki Fujii 4. Measuring the Impact of Vulnerability on the Number of Poor: A New Methodology with Empirical Illustrations Satya R. Chakravarty, Nachiketa Chattopadhyay, Jacques Silber, and Guanghua Wan 5. Climate Change and Vulnerability to Poverty: An Empirical Investigation in Rural Indonesia Tomoki Fujii PART III: The Multidimensionality of Poverty in Asia 6. Measuring Multidimensional Poverty in Three Southeast Asian Countries Using Ordinal Variables Valérie Bérenger 7. Poverty and Nutrition: A Case Study of Rural Households in Thailand and Viet Nam Hermann Waibel and Lena Hohfeld PART IV: Poverty and Inequity 8. Poverty and Ethnicity in Asian Countries Carlos Gradín Index

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Book SynopsisImad Moosa challenges convention with this comprehensive and compelling critique of the limitations and abuses of econometrics, condemning the common practices of misapplied statistical methods in both economics and finance. After reviewing the Keynesian, Austrian and mainstream criticisms of econometrics, it is demonstrated that by using standard econometric techniques, methods and models can be manipulated to produce any desired result. These hazardous analyses may then be relied upon to support flawed policy recommendations, ideological beliefs and private interests. Moosa proposes that the way forward should instead be to rely on clear thinking, intuition and common sense rather than continue with the reliance upon econometrics. The mathematization of economics has limited the accessibility and participation in economic discussion by making the area into a complex `science' when it should not be. Appealing to both academics and practitioners of economics and finance, this book serves to challenge the acceptance of econometrics as offering trustworthy analysis. Any individual interested in this sort of empirical work will find this book a captivating read on the limitations of econometrics.Trade Review'Professor Moosa argues that the dominance of econometrics has damaged economics as a discipline. I entirely agree. Moosa is refreshingly blunt: ''(econometrics) is a con art that can be used to prove almost anything''. Any applied economist concerned about the low regard in which our discipline is held should read this lively and hard-hitting critique.' --Peter Swann, Nottingham University Business School, UK'Econometrics as a Con Art is the best book I have read for a long time. Economists are fond of hailing econometrics as a major success, but it has achieved nothing of value. The truth is that beneath its ''sciency'' veneer economists regularly use econometrics to produce stir-fry regressions that can prove any nonsense. They can prove that eating margarine leads to more divorces or that more guns lead to fewer homicides. They can use it to prove or debunk any proposition, they can prove the obvious, they can prove what cannot be true and they can test the untestable. In this wonderful book Imad Moosa brilliantly debunks this industry for the junk science scam that it is. Every economist should read it but please not as a how-to manual. It is high time economists took the con out of econometrics; we have all suffered long-enough.' --Kevin Dowd, Durham University, UKTable of ContentsContents: 1. The Nature and Evolution of Econometrics 2. Components, Functions and Related Disciplines 3. Econometrics as a Science 4. The Laws of Economics and Science 5. Econometric Analysis: Loopholes and Shortcomings 6. Criticism of Econometrics: Keynes, Leamer, Lucas and the Austrians 7. Stir-Fry Regressions as a Con Job 8. Cointegration Analysis: Principles and Fallacies 9. Cointegration Analysis: Applications and Illustrations 10. Sensitivity and Insensitivity of Empirical Results 11. The Forecasting Fiasco 12. Concluding Thoughts Index

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Book SynopsisThe 2008 financial crisis presented the opportunity to overturn and rethink much of the stale or misguided parts of economic theory and, in so doing, build a rich and empirically meaningful social science. This never happened. By reconsidering the classical-Marxian tradition using modern tools of economic analysis, this book offers an alternative to the mainstream understanding of notions of value, price, and competition, concepts which serve as the foundation for a theoretically and empirically robust economic theory. Providing a unique synthesis of modern input-output analysis and classical political economics, this book combines current economic theory with historical economic thought. In this way, Value, Competition and Exploitation offers a deeper and more nuanced understanding of today's economic problems than can be gained through mainstream approaches. With a rigorous and empirically informed approach to classical theories of value and price, this book demonstrates that Marx's labor theory of value remains a valuable tool in understanding the structure and dynamics of capitalist economies. Written in an accessible style and presented with a clear structure, this book will be invaluable to economics students of all levels. The topics analyzed will also be of interest to scholars of classical and Marxian economics, as well as scholars of economics more widely.Trade Review'Economics has been searching for a new paradigm to understand the world around us. The Great Moderation failed. Now comes the most innovative response to the challenge of constructing that new paradigm. The authors reinvent the classical and Marxian paradigm, give it a rigorous mathematical structure, and demonstrate its effective superiority to the Walrasian alternative. The outstanding merit of this book is that it is able to relate the theoretical structure to contemporary data for the German economy. There are fruitful insights on productivity growth, technical progress, and profitability. This book will be a great asset to teachers, research students, and the next generation of budding economists.' --Lord Meghnad Desai, London School of Economics, UK'This innovative book elucidates a foundation for applying the Marxian labor theory of value to the modern economy. Drawing on ideas of one of the authors (Peter Flaschel of the Bielefeld School of Economics), it both explicates precursors of Marx's work starting with Quesnay and brings it up to date in light of arguments made by Okishio, Steedman, Foley, and others about such controversies as the transformation problem.' --J. Barkley Rosser Jr., James Madison University, US'Often Marxian economics is used to evaluate contemporary economic theory and current capitalism. This book reverses the perspective and asks the question: can long-standing puzzles in Marxian economics be resolved using modern Input-Output economics, pioneered by Wassily Leontief, and the Richard Stone System of National Accounts. The authors very competently take on these issues in this book which will be a very important work for economic historians as well as for contemporary economists.' --Willi Semmler, New School for Social Research, USTable of ContentsContents: Preface General Introduction Part I Classical Competition: Theory, Evidence, and Criticism 1. François Quesnay: The Circular Flow of Income and Input-Output Analysis 2. Adam Smith: The ‘Invisible Hand’ and Accumulation 3. Adam Smith II: The ‘Invisible Hand’ and ‘Natural Prices’ 4. David Ricardo: Long-Period Prices, Accumulation, and the Invariable Measure of Value 5. The von Neumann-Sraffa Model Part II Value and Exploitation: Marx’s Legacy 6. Labor Values: An Axiomatic Approach 7. Labor Productivity and the Law of Decreasing Labor Content 8. The Sources of Aggregate Profitability: Marx’s Theory of Surplus Value Revisited 9. Actual Labor Values with Multiple Activities 10. Joint Production in a (Marxian) System of National Accounts 11. Actual Labor Values with Joint Production 12. Production Prices and Imperfect Competition, Part I 13. Production Prices and Imperfect Competition, Part II 14. Conclusions References Index

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Book SynopsisThis stimulating research review analyses how the theory of the firm evolved from several core concepts and building blocks that underpin this important area of economics. It discusses a variety of perspectives from leading scholars in the field, including the basic elements of: risk and uncertainty; information and knowledge; bounded rationality and decision making; motives and incentives; resources and capabilities; and transactions. The review goes on to examine how the various elements are integrated into the modern Theory of the Firm with the notion of organization coming increasingly to the fore. It focuses on norms; rules and routines; the entrepreneur; governance; hierarchies; co-operation, teams and networks; innovation and appropriability. This comprehensive review will be an invaluable reference tool for all researchers and students with an interest in the modern theory of the firm, highlighting how it needs to evolve further to address the important management and policy issues of our time.Trade Review‘From Coase to Williamson to Hart and Holmström, the theory of the firm has not only evolved but also been duly celebrated. But these ideas have important applications besides firms (e.g., Ostrom on polycentric governance, to name just one) and the formalization of these ideas during this evolution has, as always, been a double-edged sword - sharpening logic and testing, while narrowing causal mechanisms and behavioral assumptions. Teece and Kay do a wonderful job curating the wide range of ideas, approaches, and applications that may fall by the wayside if future researchers learn only from those most celebrated thus far. One might guess that the future evolution of the theory of the firm is more likely to have roots in these volumes than in the canon to date.’ -- Robert Gibbons, Massachusetts Institute of Technology, USTable of ContentsContents: Acknowledgements Introduction David J. Teece and Neil M. Kay PART I OVERVIEWS 1. Nicolai J. Foss, Henrik Lando and Steen Thomsen (2000), ‘The Theory of the Firm’, in Boudewijn Bouckaert and Gerrit De Geest (eds), Encyclopedia of Law and Economics, Volume III: The Regulation of Contracts, Article No. 5610, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 631–58 2. Fritz Machlup (1967), ‘Theories of the Firm: Marginalist, Behavioral, Managerial’, American Economic Review, LVII (1), March, 1–33 3. Oliver Hart (1989), ‘An Economist’s Perspective on the Theory of the Firm’, Columbia Law Review: Contractual Freedom in Corporate Law, 89 (7), November, 1757–74 4. Harold Demsetz (1988), ‘The Theory of the Firm Revisited’, Journal of Law, Economics, and Organization, 4 (1), Spring, 141–61 5. Brian J. Loasby (1971), ‘Hypothesis and Paradigm in the Theory of the Firm’, Economic Journal, 81 (324), December, 863–85 PART II RISK AND UNCERTAINTY 6. Frank H. Knight ([1921] 1964), ‘The Meaning of Risk and Uncertainty’, in Risk, Uncertainty and Profit, Part Three, Chapter VII, New York, NY, USA: Augustus M. Kelley, 197–232 7. John Maynard Keynes (1936), ‘The State of Long-Term Expectation’, in The General Theory of Employment, Interest and Money, Book IV, Chapter 12, New York, NY, USA: Harcourt, Brace and World, 147–64 8. Armen A. Alchian (1950), ‘Uncertainty, Evolution, and Economic Theory’, Journal of Political Economy, 58 (3), June, 211–21 9. Richard N. Langlois and Metin M. Cosgel (1993), ‘Frank Knight on Risk, Uncertainty, and the Firm: A New Interpretation’, Economic Inquiry, XXXI (3), July, 456–65 10. Kenneth J. Arrow (1982), ‘Risk Perception in Psychology and Economics’, Economic Inquiry, XX (1), January, 1–9 11. David Teece, Margaret Peteraf and Sohvi Leih (2016), ‘Dynamic Capabilities and Organizational Agility: Risk, Uncertainty, and Strategy in the Innovation Economy’, California Management Review, 58 (4), Summer, 13–35 PART III INFORMATION AND KNOWLEDGE 12. Michael Polanyi ([1966] 2009), ‘Tacit Knowing’, in The Tacit Dimension, with a new foreword by Amartya Sen, Chapter 1, Chicago, IL, USA and London, UK: University of Chicago Press, 3–25 13. Kenneth J. Arrow (1962), ‘Economic Welfare and the Allocation of Resources for Invention’, in Universities-National Bureau Committee for Economic Research and Committee on Economic Growth of the Social Science Research Council (eds), The Rate and Direction of Inventive Activity: Economic and Social Factors, Part VI, Princeton, NJ, USA: Princeton University Press and New York, NY, USA: National Bureau of Economic Research, 609–26 14. F. A. Hayek (1945), ‘The Use of Knowledge in Society’, American Economic Review, XXXV (4), September, 519–30 15. Ikujiro Nonaka, Ryoko Toyama and Akiya Nagata (2000), ‘A Firm as a Knowledge-creating Entity: A New Perspective on the Theory of the Firm’, Industrial and Corporate Change, 9 (1), March, 1–20 16. David J. Teece (1981), ‘The Multinational Enterprise: Market Failure and Market Power Considerations’, Sloan Management Review, 22 (3), Spring, 3–17 17. Bruce Kogut and Udo Zander (1993), ‘Knowledge of the Firm and the Evolutionary Theory of the Multinational Corporation’, Journal of International Business Studies, 24 (4), December, 625–45 PART IV BOUNDED RATIONALITY AND DECISION-MAKING 18. Herbert A. Simon (1972), ‘Theories of Bounded Rationality’, in C. B. McGuire and Roy Radner (eds), Decision and Organization: A Volume in Honor of Jacob Marschak, Chapter 8, Amsterdam, the Netherlands: North-Holland Publishing Company, 161–76 19. Richard M. Cyert and James G. March ([1963] 1992), ‘A Summary of Basic Concepts in the Behavioral Theory of the Firm’, in A Behavioral Theory of the Firm, 2nd edn, Chapter 7, Cambridge, MA, USA and Oxford, UK: Blackwell Publishers, 161–76 20. Brian J. Loasby (1967), ‘Long-Range Formal Planning in Perspective’, Journal of Management Studies, 4 (3), October, 300–308 21. Linda Argote and Henrich R. Greve (2007), ‘A Behavioral Theory of the Firm – 40 Years and Counting: Introduction and Impact’, Organization Science, 18 (3), May–June, 337–49 22. Oliver Hart (1990), ‘Is “Bounded Rationality” an Important Element of a Theory of Institutions?’, Journal of Institutional and Theoretical Economics, 146 (4), December, 696–702 23. Amos Tversky and Daniel Kahneman (1981), ‘The Framing of Decisions and the Psychology of Choice’, Science, 211 (4481), 30th January, 453–58 PART V MOTIVES AND INCENTIVES 24. Dale T. Miller (1999), ‘The Norm of Self-Interest’, American Psychologist, 54 (12), December, 1053–60 25. Michael C. Jensen (1994), ‘Self-Interest, Altruism, Incentives, and Agency Theory’, Journal of Applied Corporate Finance, 7 (2), Summer, 40–45 26. Oliver E. Williamson (1993), ‘Opportunism and its Critics’, Managerial and Decision Economics, 14 (2), March–April, 97–107 27. Charles W. L. Hill (1990), ‘Cooperation, Opportunism, and the Invisible Hand: Implications for Transaction Cost Theory’, Academy of Management Review, 15 (3), July, 500–13 28. Michael L. Barnett and Robert M. Salomon (2012), ‘Does it Pay to be Really Good? Addressing the Shape of the Relationship between Social and Financial Performance’, Strategic Management Journal, 33 (11), November, 1304–20 29. Alexander Pepper and Julie Gore (2015), ‘Behavioral Agency Theory: New Foundations for Theorizing About Executive Compensation’, Journal of Management, 41 (4), May, 1045–68 PART VI RESOURCES AND CAPABILITIES 30. Edith T. Penrose (1960), ‘The Growth of the Firm – A Case Study: The Hercules Powder Company’, Business History Review, 34 (1), Spring, 1–23 31. Kathleen R. Conner (1991), ‘A Historical Comparison of Resource-Based Theory and Five Schools of Thought Within Industrial Organization Economics: Do We Have a New Theory of the Firm?’, Journal of Management, 17 (1), March, 121–54 32. Jeroen Kraaijenbrink, J.-C. Spender and Aard J. Groen (2010), ‘The Resource-Based View: A Review and Assessment of Its Critiques’, Journal of Management, 36 (1), January, 349–72 33. David J. Teece, Gary Pisano and Amy Shuen (1997), ‘Dynamic Capabilities and Strategic Management’, Strategic Management Journal, 18 (7), August, 509–33 34. David J. Teece (2014), ‘The Foundations of Enterprise Performance: Dynamic and Ordinary Capabilities in an (Economic) Theory of Firms’, Academy of Management Perspectives: Symposium, 28 (4), November, 328–52 35. David J. Teece (2019), ‘A Capability Theory of the Firm: An Economics and (Strategic) Management Perspective’, New Zealand Economic Papers, 53 (1), 1–43 PART VII TRANSACTIONS 36. John R. Commons (1932), ‘The Problem of Correlating Law Economics and Ethics’, Wisconsin Law Review, 8, 3–26 37. Ian R. Macneil (1978), ‘Contracts: Adjustment of Long-Term Economic Relations under Classical, Neoclassical, and Relational Contract Law’, Northwestern University Law Review, 72 (6), 854–905 38. Oliver E. Williamson (1981), ‘The Economics of Organization: The Transaction Cost Approach’, American Journal of Sociology, 87 (3), November, 548–77 39. Sumantra Ghoshal and Peter Moran (1996), ‘Bad for Practice: A Critique of the Transaction Cost Theory’, Academy of Management Review, 21 (1), January, 13–47 40. Neil M. Kay (2015), ‘Coase and the Contribution of “The Nature of the Firm”’, Managerial and Decision Economics, Special Issue: Coase and the Theory of the Firm, 36 (1), January, 44–54 41. David J. Teece (1980), ‘Economies of Scope and the Scope of the Enterprise’, Journal of Economic Behavior and Organization, 1 (3), September, 223–47 42. David J. Teece (1982), ‘Towards an Economic Theory of the Multiproduct Firm’, Journal of Economic Behavior and Organization, 3 (1), March, 39–63 43. Kirk Monteverde and David J. Teece (1982), ‘Supplier Switching Costs and Vertical Integration in the Automobile Industry’, Bell Journal of Economics, 13 (1), Spring, 206–13 44. David J. Teece (1986), ‘Transactions Cost Economics and the Multinational Enterprise: An Assessment’, Journal of Economic Behavior and Organization, 7 (1), March, 21–45 Index Volume II Contents Acknowledgements Introduction An introduction to both volumes by the editors appears in Volume I PART I NORMS, RULES AND ROUTINES 1. Douglass C. North (1986), ‘The New Institutional Economics’, Journal of Institutional and Theoretical Economics: 3rd Symposium on The New Institutional Economics, 142 (1), March, 230–37 2. Oliver Hart (2001), ‘Norms and the Theory of the Firm’, University of Pennsylvania Law Review, Symposium: Norms and Corporate Law, 149 (6), June, 1701–15 3. Markus C. Becker (2005), ‘The Concept of Routines: Some Clarifications’, Cambridge Journal of Economics, 29 (2), March, 249–62 4. Richard R. Nelson and Sidney G. Winter (1982), ‘Organizational Capabilities and Behavior’, in An Evolutionary Theory of Economic Change, Part II, Chapter 5, Cambridge, MA, USA and London, UK: Belknap Press of Harvard University Press, 96–136, references PART II THE ENTREPRENEUR 5. Joseph A. Schumpeter ([1934] 1983), ‘Entrepreneurial Profit’, in The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle, trans. by Redvers Opie, with a new introduction by John E. Elliott, Chapter IV, New Brunswick, NJ, USA and London UK: Transaction Publishers, 128–56 6. Joseph A. Schumpeter ([1942] 1962), ‘Crumbling Walls’, in Capitalism, Socialism and Democracy, Part II, Chapter XII, New York, NY, and Evanston, IL, USA: Harper and Row Publishers, 131–42 7. Edith Tilton Penrose (1959), ‘The Productive Opportunity of the Firm and the “Entrepreneur”’, in The Theory of the Growth of the Firm, Chapter III, New York, NY, USA: John Wiley and Sons, 31–42 8. Richard N. Langlois (2007), ‘The Entrepreneurial Theory of the Firm and the Theory of the Entrepreneurial Firm’, Journal of Management Studies, Special Issue: The Entrepreneurial Theory of the Firm, 44 (7), November, 1107–24 9. Mark Casson (2005), ‘Entrepreneurship and the Theory of the Firm’, Journal of Economic Behavior and Organization, 58 (2), October, 327–48 10. B. J. Loasby (1982), ‘The Entrepreneur in Economic Theory’, Scottish Journal of Political Economy, 29 (3), November, 235–45 11. Sharon A. Alvarez and Jay B. Barney (2007), ‘The Entrepreneurial Theory of the Firm’, Journal of Management Studies, Special Issue: The Entrepreneurial Theory of the Firm, 44 (7), November, 1057–63 12. David J. Teece (2016), ‘Dynamic Capabilities and Entrepreneurial Management in Large Organizations: Toward a Theory of the (Entrepreneurial) Firm’, European Economic Review, 86, July, 202–16 PART III GOVERNANCE 13. Alfred Marshall ([1890] 1920), ‘Industrial Organization, Continued. Business Management’, in Principles of Economics: An Introductory Volume, 8th edn, Book IV, Chapter XII, London, UK: Macmillan and Co., 291–313 14. Adolf A. Berle, Jr. and Gardiner C. Means ([1932] 1933), ‘The Divergence of Interest between Ownership and Control’, in The Modern Corporation and Private Property, Book I, Chapter VI, New York, NY, USA: The Macmillan Company, 119–25 15. Harold Demsetz (1983), ‘The Structure of Ownership and the Theory of the Firm’, Journal of Law and Economics: Corporations and Private Property: A Conference Sponsored by the Hoover Institution, XXVI (2), June, 375–90 16. Oliver E. Williamson (2002), ‘The Theory of the Firm as Governance Structure: From Choice to Contract’, Journal of Economic Perspectives, 16 (3), Summer, 171–95 17. Thomas Donaldson and Lee E. Preston (1995), ‘The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications’, Academy of Management Review, 20 (1), January, 65–91 18. Albert O. Hirschman (1980), ‘Exit, Voice, and Loyalty: Further Reflections and a Survey of Recent Contributions’, Milbank Memorial Fund Quarterly: Health and Society, 58 (3), Summer, 430–53 19. David J. Teece (2012), ‘Management and Governance of the Business Enterprise: Agency, Contracting, and Capabilities Perspectives’, in Dennis C. Mueller (ed.), The Oxford Handbook of Capitalism, Part III, Chapter 8, New York, NY, USA: Oxford University Press, 220–49 PART IV HIERARCHIES 20. Alfred D. Chandler, Jr. ([1962] 1990), ‘Conclusion – Chapters in the History of the Great Industrial Enterprise’, in Strategy and Structure: Chapters in the History of the American Industrial Enterprise, Cambridge, MA, USA and London, UK: MIT Press, 383–96, notes 21. Alfred D. Chandler, Jr. (1991), ‘The Functions of the HQ Unit in the Multibusiness Firm’, Strategic Management Journal, Special Issue: Fundamental Research Issues in Strategy and Economics, 12 (S2), Winter, 31–50 22. Oliver E. Williamson (1975), ‘The Multidivisional Structure’, in Markets and Hierarchies: Analysis and Antitrust Implications, Chapter 8, New York, NY, USA: The Free Press, 132–54, references PART V CO–OPERATION, TEAMS AND NETWORKS 23. Armen A. Alchian and Harold Demsetz (1972), ‘Production, Information Costs, and Economic Organization’, American Economic Review, 62 (5), December, 777–95 24. William G. Ouchi (1980), ‘Markets, Bureaucracies, and Clans’, Administrative Science Quarterly, 25 (1), March, 129–41 25. Candace Jones, William S. Hesterly and Stephen P. Borgatti (1997), ‘A General Theory of Network Governance: Exchange Conditions and Social Mechanisms’, Academy of Management Review, 22 (4), October, 911–45 26. J. Carlos Jarillo (1988), ‘On Strategic Networks’, Strategic Management Journal, 9 (1), January–February, 31–41 27. Walter W. Powell (1987), ‘Hybrid Organizational Arrangements: New Form or Transitional Development?’, California Management Review, 30 (1), Fall, 67–87 28. Sumantra Ghoshal and Christopher A. Bartlett (1990), ‘The Multinational Corporation as an Interorganizational Network’, Academy of Management Review, 15 (4), October, 603–25 PART VI INNOVATION AND APPROPRIABILITY 29. Thorstein Veblen (1898), ‘Why is Economics not an Evolutionary Science?’, Quarterly Journal of Economics, 12 (4), July, 373–97 30. Joseph A. Schumpeter ([1942] 1962), ‘The Process of Creative Destruction’, in Capitalism, Socialism and Democracy, Part II, Chapter VII, New York, NY, and Evanston, IL, USA: Harper and Row Publishers, 81–86 31. W. Brian Arthur (1989), ‘Competing Technologies, Increasing Returns, and Lock-In by Historical Events’, Economic Journal, 99 (394), March, 116–31 32. Giovanni Dosi (2013), ‘Innovation, Evolution, and Economics: Where We Are and Where We Should Go’, in Jan Fagerberg, Ben R. Martin and Esben Sloth Andersen (eds), Innovation Studies: Evolution and Future Challenges, Part I, Chapter 5, New York, NY, USA: Oxford University Press, 111–33 33. David J. Teece (1986), ‘Profiting from Technological Innovation: Implications for Integration, Collaboration, Licensing and Public Policy’, Research Policy, 15 (6), December, 285–305 34. David J. Teece (2006), ‘Reflections on “Profiting from Innovation”’, Research Policy, 35 (8), October, 1131–46 35. David J. Teece (2010), ‘Technological Innovation and the Theory of the Firm: The Role of Enterprise-Level Knowledge, Complementaries, and (Dynamic) Capabilities’, in Bronwyn H. Hall and Nathan Rosenberg (eds), Handbook of the Economics of Innovation, Volume I, Part III, Chapter 16, Amsterdam, the Netherlands: North-Holland Publishing Company, 679–730 36. Sidney G. Winter (2006), ‘The Logic of Appropriability: From Schumpeter to Arrow to Teece’, Research Policy, 35 (8), October, 1100–106 PART VII FUTURE DIRECTIONS 37. Paul Milgrom and John Roberts (1988), ‘Economic Theories of the Firm: Past, Present, and Future’, Canadian Journal of Economics, XXI (3), August, 444–58 38. Christos N. Pitelis and David J. Teece (2009), ‘The (New) Nature and Essence of the Firm’, European Management Review, 6 (1), Spring, 5–15 39. Pierre Garrouste and Stéphane Saussier (2005), ‘Looking for a Theory of the Firm: Future Challenges’, Journal of Economic Behavior and Organization, 58 (2), October, 178–99 Index

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Book SynopsisThe international fragmentation of current production processes has led to an explosion of trade in intermediate products, indirectly impacting jobs, income, resources, energy, and emissions. Much of what is consumed is produced via global value chains contributing to climate change via carbon dioxide emissions. The editors comprehensively present research that has advanced the state of the art in input-output analysis over the past two decades, along with an original introduction. Also provided is analysis of the complex interdependent international production structures and their links to social inequality and the environment, which has led to a demand for international input-output tables.Trade Review‘We were very pleased to learn of this ambitious new two-volume compendium of key contributions over the last twenty years or so to the field of input–output analysis, compiled by seasoned veteran input-output researchers Erik Dietzenbacher, Michael Lahr and Manfred Lenzen. The input-output field is experiencing a notable renaissance of methodological developments and applications, especially in conjunction with the growing collection of global data sets, to evaluate economic, environmental, and social policy issues. These recent developments are captured very effectively in the collection, which draws on a wide range of both traditional and newer, specialized journals with which some readers may be less familiar. The new compendium stands as an excellent resource on its own, and it will also serve as an especially useful companion to existing texts in the field.’ -- Peter Blair, National Academies of Sciences, Engineering and Medicine and Ronald E. Miller, University of Pennsylvania, USTable of ContentsContents: Volume I Introduction: Introducing the Recent Developments in Input–Output Analysis Erik Dietzenbacher, Michael L. Lahr and Manfred Lenzen xiv PART I DATA: INPUT–OUTPUT GOING GLOBAL 1. Jan A. van der Linden and Jan Oosterhaven (1995), ‘European Community Intercountry Input–Output Relations: Construction Method and Main Results for 1965–85’, Economic Systems Research, 7 (3), 249–69 2 2. Bo Meng, Yaxiong Zhang and Satoshi Inomata (2013), ‘Compilation and Applications of IDE-JETRO’s International Input–Output Tables’, Economic Systems Research, 25 (1), March, 122–42 23 3. Erik Dietzenbacher, Bart Los, Robert Stehrer, Marcel Timmer and Gaaitzen de Vries (2013), ‘The Construction of World Input–Output Tables in the WIOD Project’, Economic Systems Research, 25 (1), March, 71–98 44 4. Arnold Tukker, Evgueni Poliakov, Reinout Heijungs, Troy Hawkins, Frederik Neuwahl, José M. Rueda-Cantuche, Stefan Giljum, Stephan Moll, Jan Oosterhaven and Maaike Bouwmeester (2009), ‘Towards a Global Multi-Regional Environmentally Extended Input–Output Database’, Ecological Economics, 68 (7), May, 1928–37 72 5. Manfred Lenzen, Keiichiro Kanemoto, Daniel Moran and Arne Geschke (2012), ‘Mapping the Structure of the World Economy’, Environmental Science and Technology, 46 (15), 8374–81 82 6. Martin Bruckner, Stefan Giljum, Christian Lutz and Kirsten Svenja Wiebe (2012), ‘Materials Embodied in International Trade – Global Material Extraction and Consumption between 1995 and 2005’, Global Environmental Change, 22 (3), August, 568–76 90 7. Glen P. Peters, Robbie Andrew and James Lennox (2011), ‘Constructing an Environmentally-Extended Multi-Regional Input– Output Table Using the GTAP Database’, Economic Systems Research, 23 (2), June, 131–52 99 PART II TRADE 8. Faye Duchin (2005), ‘A World Trade Model Based on Comparative Advantage with m Regions, n Goods, and k Factors’, Economic Systems Research, 17 (2), June, 141–62 122 vi Recent Developments in Input–Output Analysis I 9. David Hummels, Jun Ishii and Kei-Mu Yi (2001), ‘The Nature and Growth of Vertical Specialization in World Trade’, Journal of International Economics, 54 (1), June, 75–96 144 10. Robert Koopman, Zhi Wang and Shang-Jin Wei (2014), ‘Tracing Value-Added and Double Counting in Gross Exports’, American Economic Review, 104 (2), February, 459–94 166 11. Robert C. Johnson and Guillermo Noguera (2012), ‘Accounting for Intermediates: Production Sharing and Trade in Value Added’, Journal of International Economics, 86 (2), March, 224–36 202 12. Bart Los, Marcel P. Timmer and Gaaitzen J. de Vries (2015), ‘How Global are Global Value Chains? A New Approach to Measure International Fragmentation’, Journal of Regional Science, Special Issue: Local Consequences of Global Production Processes, 55 (1), January, 66–92 215 13. Jeffrey J. Reimer (2006), ‘Global Production Sharing and Trade in the Services of Factors’, Journal of International Economics, 68 (2), March, 384–408 242 14. Daniel Trefler and Susan Chun Zhu (2010), ‘The Structure of Factor Content Predictions’, Journal of International Economics, 82 (2), November, 195–207 267 15. Erik Dietzenbacher and Isidoro Romero (2007), ‘Production Chains in an Interregional Framework: Identification by Means of Average Propagation Lengths’, International Regional Science Review, 30 (4), October, 362–83 280 16. Pol Antràs, Davin Chor, Thibault Fally and Russell Hillberry (2012), ‘Measuring the Upstreamness of Production and Trade Flows’, American Economic Review: Papers and Proceedings, 102 (3), May, 412–16 302 PART III STRUCTURAL DECOMPOSITION ANALYSIS 17. Erik Dietzenbacher and Bart Los (1998), ‘Structural Decomposition Techniques: Sense and Sensitivity’, Economic Systems Research, 10 (4), December, 307–23 308 18. Mark De Haan (2001), ‘A Structural Decomposition Analysis of Pollution in the Netherlands’, Economic Systems Research, 13 (2), June, 181–96 325 19. Jan Oosterhaven and Alex R. Hoen (1998), ‘Preferences, Technology, Trade and Real Income Changes in the European Union: An Intercountry Decomposition Analysis for 1975–1985’, Annals of Regional Science, 32 (4), November, 505–24 341 20. Yan Xia, Ying Fan and Cuihong Yang (2015), ‘Assessing the Impact of Foreign Content in China’s Exports on the Carbon Outsourcing Hypothesis’, Applied Energy, 150, July, 296–307 361 Recent Developments in Input–Output Analysis I vii 21. Xuemei Jiang, Erik Dietzenbacher and Bart Los (2014), ‘A Dissection of the Growth of Regional Disparities in Chinese Labor Productivity between 1997 and 2002’, Annals of Regional Science, 52 (2), March, 513–36 373 PART IV STRUCTURAL CHANGE AND PRODUCTIVITY 22. Thijs ten Raa and Edward N. Wolff (2001), ‘Outsourcing of Services and the Productivity Recovery in U.S. Manufacturing in the 1980s and 1990s’, Journal of Productivity Analysis, 16 (2), September, 149–65 398 23. Antonio F. Amores and Thijs ten Raa (2014), ‘Firm Efficiency, Industry Performance and the Economy: Three-Way Decomposition with an Application to Andalusia’, Journal of Productivity Analysis, 42 (1), August, 25–34 415 24. Masahiro Kuroda and Koji Nomura (2004), ‘Technological Change and Accumulated Capital: A Dynamic Decomposition of Japan’s Growth’, in Erik Dietzenbacher and Michael L. Lahr (eds), Wassily Leontief and Input–Output Economics, Chapter 15, Cambridge, UK: Press Syndicate of the University of Cambridge, 256–93 425 25. Yasuhide Okuyama, Michael Sonis and Geoffrey J.D. Hewings (2006), ‘Typology of Structural Change in a Regional Economy: A Temporal Inverse Analysis’, Economic Systems Research, 18 (2), June, 133–53 463 26. Philip R. Israilevich, Geoffrey J.D. Hewings, Michael Sonis and Graham R. Schindler (1997), ‘Forecasting Structural Change with a Regional Econometric Input– Output Model’, Journal of Regional Science, 37 (4), November, 565–90 484 PART V HYPOTHETICAL EXTRACTIONS 27. Ronald E. Miller and Michael L. Lahr (2001), ‘A Taxonomy of Extractions’, in Regional Science Perspectives in Economic Analysis: A Festschrift in Memory of Benjamin H. Stevens, Chapter 21, Bingley, UK: Emerald Group Publishing Ltd, 407–41 511 28. Yu Song, Chunlu Liu and Craig Langston (2006), ‘Linkage Measures of the Construction Sector Using the Hypothetical Extraction Method’, Construction Management and Economics, 24 (6), 579–89 546 29. Carsten A. Holz (2011), ‘The Unbalanced Growth Hypothesis and the Role of the State: The Case of China’s State-Owned Enterprises’, Journal of Development Economics, 96 (2), November, 220–38 557 30. Erik Dietzenbacher and Michael L. Lahr (2013), ‘Expanding Extractions’, Economic Systems Research, 25 (3), September, 341–60 576 viii Recent Developments in Input–Output Analysis I PART VI UPDATING AND PROJECTIONS 31. Wenfeng Huang, Shintaro Kobayashi and Hajime Tanji (2008), ‘Updating an Input–Output Matrix with Sign-Preservation: Some Improved Objective Functions and their Solutions’, Economic Systems Research, 20 (1), March, 111–23 597 32. Umed Temurshoev and Marcel P. Timmer (2011), ‘Joint Estimation of Supply and Use Tables’, Papers in Regional Science, 90 (4), November, 863–82 610 33. Sherman Robinson, Andrea Cattaneo and Moataz El-Said (2001), ‘Updating and Estimating a Social Accounting Matrix Using Cross Entropy Methods’, Economic Systems Research, 13 (1), March, 47–64 630 34. Manfred Lenzen, Maria Cecilia Pinto de Moura, Arne Geschke, Keiichiro Kanemoto and Daniel Dean Moran (2012), ‘A Cycling Method for Constructing Input–Output Table Time Series from Incomplete Data’, Economic Systems Research, 24 (4), December, 413–32 648 PART VII DISASTERS 35. Adam Rose, Juan Benavides, Stephanie E. Chang, Philip Szczesniak and Dongsoon Lim (1997), ‘The Regional Economic Impact of an Earthquake: Direct and Indirect Effects of Electricity Lifeline Disruptions’, Journal of Regional Science, 37 (3), August, 437–58 669 36. Joost R. Santos and Yacov Y. Haimes (2004), ‘Modeling the Demand Reduction Input–Output (I–O) Inoperability Due to Terrorism of Interconnected Infrastructures’, Risk Analysis, 24 (6), December, 1437–51 691 37. Sungbin Cho, Peter Gordon, James E. Moore II, Harry W. Richardson, Masanobu Shinozuka and Stephanie Chang (2001), ‘Integrating Transportation Network and Regional Economic Models to Estimate the Costs of a Large Urban Earthquake’, Journal of Regional Science, 41 (1), February, 39–65 706 38. Yasuhide Okuyama (2004), ‘Modeling Spatial Economic Impacts of an Earthquake: Input–Output Approaches’, Disaster Prevention and Management: An International Journal, 13 (4), 297–306 733 PART VIII DATA: OTHER NEW INITIATIVES 39. Tomohiro Okadera, Masataka Watanabe and Kaiqin Xu (2006), ‘Analysis of Water Demand and Water Pollutant Discharge Using a Regional Input–Output Table: An Application to the City of Chongqing, Upstream of the Three Gorges Dam in China’, Ecological Economics, 58 (2), June, 221–37 744 Recent Developments in Input–Output Analysis I ix 40. Geoffrey J.D. Hewings, Yasuhide Okuyama and Michael Sonis (2001), ‘Economic Interdependence within the Chicago Metropolitan Area: A Miyazawa Analysis’, Journal of Regional Science, 41 (2), May, 195–217 761 41. Xiannuan Lin and Karen R. Polenske (1998), ‘Input–Output Modeling of Production Processes for Business Management’, Structural Change and Economic Dynamics, 9 (2), June, 205–26 784 42. Vito Albino, Carmen Izzo and Silvana Kühtz (2002), ‘Input– Output Models for the Analysis of a Local/Global Supply Chain’, International Journal of Production Economics, 78 (2), July, 119–31 806 43. Xikang Chen, Leonard K. Cheng, K. C. Fung, Lawrence J. Lau, Yun-Wing Sung, K. Zhu, C. Yang, J. Pei and Y. Duan (2012), ‘Domestic Value Added and Employment Generated by Chinese Exports: A Quantitative Estimation’, China Economic Review, 23 (4), December, 850–64 819 44. Robert Koopman, Zhi Wang and Shang-Jin Wei (2012), ‘Estimating Domestic Content in Exports when Processing Trade is Pervasive’, Journal of Development Economics, 99 (1), September, 178–89 834 45. Chris Bachmann, Matthew J. Roorda and Chris Kennedy (2015), ‘Developing a Multi-Scale Multi-Region Input–Output Model’, Economic Systems Research, 27 (2), June, 172–93 846 46. Manfred Lenzen, Arne Geschke, Thomas Wiedmann, Joe Lane, Neal Anderson, Timothy Baynes, John Boland, Peter Daniels, Christopher Dey, Jacob Fry, Michalis Hadjikakou, Steven Kenway, Arunima Malik, Daniel Moran, Joy Murray, Stuart Nettleton, Lavinia Poruschi, Christian Reynolds, Hazel Rowley, Julien Ugon, Dean Webb and James West (2014), ‘Compiling and Using Input– Output Frameworks through Collaborative Virtual Laboratories’, Science of the Total Environment, 485–486, July, 241–51 868 47. G. Papaconstantinou, N. Sakurai and A. Wyckoff (1998), ‘Domestic and International Product-Embodied R&D Diffusion’, Research Policy, 27 (3), July, 301–14 879 Volume II Introduction An introduction to both volumes by the editors appears in Volume I PART I INTRODUCTION 1. Faye Duchin (1992), ‘Industrial Input–Output Analysis: Implications for Industrial Ecology’, Proceedings of the National Academy of Sciences of the USA, 89 (3), February, 851–55 2 2. Sangwon Suh and Shigemi Kagawa (2005), ‘Industrial Ecology and Input–Output Economics: An Introduction’, Economic Systems Research, 17 (4), December, 349–64 7 3. Edgar G. Hertwich (2005), ‘Consumption and Industrial Ecology’, Journal of Industrial Ecology, 9 (1–2), January, 1–6 23 4. Rutger Hoekstra and Jeroen C.J.M. van den Bergh (2006), ‘Constructing Physical Input–Output Tables for Environmental Modeling and Accounting: Framework and Illustrations’, Ecological Economics, 59 (3), September, 375–93 29 PART II HISTORICAL BACKGROUND 5. Walter Isard, Kenneth Bassett, Charles Choguill, John Furtado, Ronald Izumita, John Kissin, Eliahu Romanoff, Richard Seyfarth and Richard Tatlock (1968), ‘On the Linkage of Socio-Economic and Ecologic Systems’, Papers of the Regional Science Association, 21 (1), December, 79–99 49 6. Herman E. Daly (1968), ‘On Economics as a Life Science’, Journal of Political Economy, 76 (3), May–June, 392–406 70 7. Robert U. Ayres and Allen V. Kneese (1969), ‘Production, Consumption, and Externalities’, American Economic Review, 59 (3), June, 282–97 85 8. Wassily Leontief and Daniel Ford (1972), ‘Air Pollution and the Economic Structure: Empirical Results of Input–Output Computations’, in A. Brody and A.P. Carter (eds), Input–Output Techniques, Amsterdam, the Netherlands: North-Holland Publishing Co./American Elsevier, 9–30 101 9. Bruce Hannon (1973), ‘The Structure of Ecosystems’, Journal of Theoretical Biology, 41 (3), October, 535–46 123 10. Werner Antweiler (1996), ‘The Pollution Terms of Trade’, Economic Systems Research, 8 (4), December, 361–65 135 vi Recent Developments in Input–Output Analysis II 11. Steven J. Keuning, Jan van Dalen and Mark de Haan (1999), ‘The Netherlands’ NAMEA: Presentation, Usage and Future Extensions’, Structural Change and Economic Dynamics, 10 (1), January, 15–37 140 12. Mònica Serrano and Erik Dietzenbacher (2010), ‘Responsibility and Trade Emission Balances: An Evaluation of Approaches’, Ecological Economics, 69 (11), September, 2224–32 163 PART III RESOURCES AND ENERGY 13. Graham J. Treloar (1997), ‘Extracting Embodied Energy Paths from Input–Output Tables: Towards an Input–Output-Based Hybrid Energy Analysis Method’, Economic Systems Research, 9 (4), December, 375–91 173 14. Klaus Hubacek and Stefan Giljum (2003), ‘Applying Physical Input–Output Analysis to Estimate Land Appropriation (Ecological Footprints) of International Trade Activities’, Ecological Economics, 44 (1), February, 137–51 190 15. Kuishuang Feng, Ashok Chapagain, Sangwon Suh, Stephan Pfister and Klaus Hubacek (2011), ‘Comparison of Bottom-Up and Top- Down Approaches to Calculating the Water Footprints of Nations’, Economic Systems Research: Input–Output and Water, 23 (4), December, 371–85 205 16. Thomas O. Wiedmann, Heinz Schandl, Manfred Lenzen, Daniel Moran, Sangwon Suh, James West and Keiichiro Kanemoto (2015), ‘The Material Footprint of Nations’, PNAS – Proceedings of the National Academy of Sciences of the USA, 112 (20), 19th May, 6271–76 220 17. Manfred Lenzen, Daniel Moran, Anik Bhaduri, Keiichiro Kanemoto, Maksud Bekchanov, Arne Geschke, Barney Foran (2013), ‘International Trade of Scarce Water’, Ecological Economics, 94, October, 78–85 226 18. Jun Lan, Arunima Malik, Manfred Lenzen, Darian McBain and Keiichiro Kanemoto (2016), ‘A Structural Decomposition Analysis of Global Energy Footprints’, Applied Energy, 163 (1), February, 436–51 234 PART IV CLIMATE CHANGE 19. Jesper Munksgaard and Klaus Alsted Pedersen (2001), ‘CO2 Accounts for Open Economies: Producer or Consumer Responsibility?’, Energy Policy, 29 (4), March, 327–34 251 Recent Developments in Input–Output Analysis II vii 20. J.C. Minx, T. Wiedmann, R. Wood, G.P. Peters, M. Lenzen, A. Owen, K. Scott, J. Barrett, K. Hubacek, G. Baiocchi, A. Paul, E. Dawkins, J. Briggs, D. Guan, S. Suh and F. Ackerman (2009), ‘Input–Output Analysis and Carbon Footprinting: An Overview of Applications’, Economic Systems Research: Carbon Footprint and Input–Output Analysis, 21 (3), September, 187–216 259 21. Thomas Wiedmann, Richard Wood, Jan C. Minx, Manfred Lenzen, Dabo Guan and Rocky Harris (2010), ‘A Carbon Footprint Time Series of the UK – Results from a Multi-Region Input–Output Model’, Economic Systems Research, 22 (1), March, 19–42 289 22. Steven J. Davis and Ken Caldeira (2010), ‘Consumption-Based Accounting of CO2 Emissions’, PNAS – Proceedings of the National Academy of Sciences of the USA, 107 (12), 23rd March, 5687–92 313 23. Glen P. Peters, Jan C. Minx, Christopher L. Weber and Ottmar Edenhofer (2011), ‘Growth in Emission Transfers via International Trade from 1990 to 2008’, PNAS – Proceedings of the National Academy of Sciences of the USA, 108 (21), 24th May, 8903–8 319 24. Kuishuang Feng, Steven J. Davis, Laixiang Sun, Xin Li, Dabo Guan, Weidong Liu, Zhu Liu and Klaus Hubacek (2013), ‘Outsourcing CO2 within China’, PNAS – Proceedings of the National Academy of Sciences of the USA, 110 (28), 9th July, 11654–59 325 PART V OTHER ENVIRONMENTAL INDICATORS AND ECOSYSTEMS 25. Shinichiro Nakamura and Yasushi Kondo (2002), ‘Input–Output Analysis of Waste Management’, Journal of Industrial Ecology, 6 (1), January, 39–63 332 26. Sangwon Suh (2005), ‘Theory of Materials and Energy Flow Analysis in Ecology and Economics’, Ecological Modelling, 189 (3–4), December, 251–69 357 27. Azusa Oita, Arunima Malik, Keiichiro Kanemoto, Arne Geschke, Shota Nishijima and Manfred Lenzen (2016), ‘Substantial Nitrogen Pollution Embedded in International Trade’, Nature Geoscience, 9 (2), February, 111–15 376 28. Mulin Hui, Qingru Wu, Shuxiao Wang, Sai Liang, Lei Zhang, Fengyang Wang, Manfred Lenzen, Yafei Wang, Lixiao Xu, Zhongtian Lin, Hai Yang, Yan Lin, Thorjorn Larssen, Ming Xu and Jiming Hao (2017), ‘Mercury Flows in China and Global Drivers’, Environmental Science and Technology, 51 (1), January, 222–31 381 PART VI SUB-NATIONAL IO STUDIES 29. Dabo Guan and Klaus Hubacek (2007), ‘Assessment of Regional Trade and Virtual Water Flows in China’, Ecological Economics, 61 (1), February, 159–70 392 viii Recent Developments in Input–Output Analysis II 30. Erik Dietzenbacher and Esther Velázquez (2007), ‘Analysing Andalusian Virtual Water Trade in an Input– Output Framework’, Regional Studies, 41 (2), 185–96 404 31. Yang Yu, Klaus Hubacek, Kuishuang Feng and Dabo Guan (2010), ‘Assessing Regional and Global Water Footprints for the UK’, Ecological Economics, 69 (5), March, 1140–47 416 32. Manfred Lenzen and Greg M. Peters (2010), ‘How City Dwellers Affect Their Resource Hinterland: A Spatial Impact Study of Australian Households’, Journal of Industrial Ecology, Special Issue: Sustainable Consumption and Production, 14 (1), January– February, 73–90 424 33. Jan Minx, Giovanni Baiocchi, Thomas Wiedmann, John Barrett, Felix Creutzig, Kuishuang Feng, Michael Förster, Peter-Paul Pichler, Helga Weisz and Klaus Hubacek (2013), ‘Carbon Footprints of Cities and Other Human Settlements in the UK’, Environmental Research Letters, 8 (035039), September, 1–10 442 34. Ryoji Hasegawa, Shigemi Kagawa and Makiko Tsukui (2015), ‘Carbon Footprint Analysis through Constructing a Multi-Region Input–Output Table: A Case Study of Japan’, Journal of Economic Structures, 4 (5), December, 1–20 452 35. Makiko Tsukui, Shigemi Kagawa and Yasushi Kondo (2015), ‘Measuring the Waste Footprint of Cities in Japan: A Interregional Waste Input–Output Analysis’, Journal of Economic Structures, 4 (18), December, 1–24 472 PART VII IO-BASED LIFE-CYCLE ASSESSMENT 36. Satish Joshi (1999), ‘Product Environmental Life-Cycle Assessment Using Input–Output Techniques’, Journal of Industrial Ecology, 3 (2–3), April, 95–120 497 37. H. Scott Matthews and Mitchell J. Small (2000), ‘Extending the Boundaries of Life-Cycle Assessment through Environmental Economic Input–Output Models’, Journal of Industrial Ecology, 4 (3), July, 7–10 523 38. Sangwon Suh, Manfred Lenzen, Graham J. Treloar, Hiroki Hondo, Arpad Horvath, Gjalt Huppes, Olivier Jolliet, Uwe Klann, Wolfram Krewitt, Yuichi Moriguchi, Jesper Munksgaard and Gregory Norris (2004), ‘System Boundary Selection in Life-Cycle Inventories Using Hybrid Approaches’, Environmental Science and Technology, 38 (3), February, 657–64 527 39. Sangwon Suh and Shinichiro Nakamura (2007), ‘Five Years in the Area of Input–Output and Hybrid LCA’, International Journal of Life Cycle Assessment, 12 (6), September, 351–52 535 Recent Developments in Input–Output Analysis II ix 40. Edgar G. Hertwich (2011), ‘The Life Cycle Environmental Impacts of Consumption’, Economic Systems Research, 23 (1), March, 27–47 537 41. Shigemi Kagawa, Klaus Hubacek, Keisuke Nansai, Minori Kataoka, Shunsuke Managi, Sangwon Suh and Yuki Kudoh (2013), ‘Better Cars or Older Cars?: Assessing CO2 Emission Reduction Potential of Passenger Vehicle Replacement Programs’, Global Environmental Change, 23 (6), December, 1807–18 558 PART VIII TEMPORAL AND STRUCTURAL ANALYSIS 42. Iñaki Arto and Erik Dietzenbacher (2014), ‘Drivers of the Growth in Global Greenhouse Gas Emissions’, Environmental Science and Technology, 48 (10), May, 5388–94 571 43. Dabo Guan, Glen P. Peters, Christopher L. Weber and Klaus Hubacek (2009), ‘Journey to World Top Emitter: An Analysis of the Driving Forces of China’s Recent CO2 Emissions Surge’, Geophysical Research Letters, 36 (4), February, 1–5 578 44. Haiyan Zhang and Michael L. Lahr (2014), ‘China’s Energy Consumption Change from 1987 to 2007: A Multi-Regional Structural Decomposition Analysis’, Energy Policy, 67, April, 682–93 583 45. Jan Weinzettel and Jan Kovanda (2011), ‘Structural Decomposition Analysis of Raw Material Consumption: The Case of the Czech Republic’, Journal of Industrial Ecology, 15 (6), December, 893–907 595 46. Arnold Tukker, Tanya Bulavskaya, Stefan Giljum, Arjan de Koning, Stephan Lutter, Moana Simas, Konstantin Stadler and Richard Wood (2016), ‘Environmental and Resource Footprints in a Global Context: Europe’s Structural Deficit in Resource Endowments’, Global Environmental Change, 40, September, 171–81 610 47. Manfred Lenzen (2007), ‘Structural Path Analysis of Ecosystem Networks’, Ecological Modelling, 200 (3–4), January, 334–42 621 48. Richard Wood and Manfred Lenzen (2009), ‘Structural Path Decomposition’, Energy Economics, 31 (3), May, 335–41 630 PART IX ENVIRONMENTAL AND RESOURCE POLICY 49. Erik Dietzenbacher and Kakali Mukhopadhyay (2007), ‘An Empirical Examination of the Pollution Haven Hypothesis for India: Towards a Green Leontief Paradox?’, Environmental and Resource Economics, 36 (4), April, 427–49 638 x Recent Developments in Input–Output Analysis II 50. Glen P. Peters and Edgar G. Hertwich (2008), ‘Post-Kyoto Greenhouse Gas Inventories: Production versus Consumption’, Climatic Change, 86 (1–2), January, 51–66 661 51. Michael Jakob, Jan Christoph Steckel and Ottmar Edenhofer (2014), ‘Consumption- Versus Production-Based Emission Policies’, Annual Review of Resource Economics, 6, November, 297–318 677 52. John Barrett, Glen Peters, Thomas Wiedmann, Kate Scott, Manfred Lenzen, Katy Roelich and Corinne Le Quéré (2013), ‘Consumption- Based GHG Emission Accounting: A UK Case Study’, Climate Policy, 13 (4), 451–70 699 53. Haiyan Zhang, Michael L. Lahr and Jun Bi (2016), ‘Challenges of Green Consumption in China: A Household Energy Use Perspective’, Economic Systems Research, 28 (2), June, 183–201 719 54. Faye Duchin, Stephen H. Levine and Anders Hammer Strømman (2016), ‘Combining Multiregional Input–Output Analysis with a World Trade Model for Evaluating Scenarios for Sustainable Use of Global Resources, Part I: Conceptual Framework’, Journal of Industrial Ecology, 20 (4), August, 775–82 738 55. Arjan de Koning, Gjalt Huppes, Sebastiaan Deetman and Arnold Tukker (2016), ‘Scenarios for a 2 °C World: A Trade-Linked Input– Output Model with High Sector Detail’, Climate Policy, 16 (3), 301–17 746 PART X SOCIAL ASPECTS: RESPONSIBILITY AND FOOTPRINTS 56. Albert E. Steenge (1999), ‘Input–Output Theory and Institutional Aspects of Environmental Policy’, Structural Change and Economic Dynamics, 10 (1), January, 161–76 764 57. Roxana Juliá and Faye Duchin (2007), ‘World Trade as the Adjustment Mechanism of Agriculture to Climate Change’, Climatic Change, 82 (3–4), June, 393–409 780 58. Darian McBain and Ali Alsamawi (2014), ‘Quantitative Accounting for Social Economic Indicators’, Natural Resources Forum: Special Section on Oceans and Seas, 38 (3), August, 193–202 797 59. Ali Alsamawi, Joy Murray and Manfred Lenzen (2014), ‘The Employment Footprints of Nations: Uncovering Master–Servant Relationships’, Journal of Industrial Ecology, 18 (1), February, 59–70 807 60. Moana S. Simas, Laura Golsteijn, Mark A.J. Huijbregts, Richard Wood and Edgar G. Hertwich (2014), ‘The “Bad Labor” Footprint: Quantifying the Social Impacts of Globalization’, Sustainability, 6 (11), October, 7514–40 819 Recent Developments in Input–Output Analysis II xi 61. Daniel Moran, Darian McBain, Keiichiro Kanemoto, Manfred Lenzen and Arne Geschke (2015), ‘Global Supply Chains of Coltan: A Hybrid Life Cycle Assessment Study Using a Social Indicator’, Journal of Industrial Ecology, 19 (3), June, 357–65 846 62. Alexandre Tisserant and Stefan Pauliuk (2016), ‘Matching Global Cobalt Demand under Different Scenarios for Co-Production and Mining Attractiveness’, Journal of Economic Structures, 5 (4), December, 1–19 855 63. Jorge Gómez-Paredes, Ali Alsamawi, Eiji Yamasue, Hideyuki Okumura, Keiichi N. Ishihara, Arne Geschke and Manfred Lenzen (2016), ‘Consuming Childhoods: An Assessment of Child Labor’s Role in Indian Production and Global Consumption’, Journal of Industrial Ecology, Special Issue: Linking Local Consumption to Global Impacts, 20 (3), June, 611–22 874

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Book SynopsisWhile creative destruction and disruptive innovation change the entrepreneurial landscape, regulation - especially regulation of sectorial markets and competition regulation - can delay this change or even bring it to a halt. Grounded in a particular understanding of the economic concept of the market as a series of processes, this book explores the implications of creative destruction, competition regulation and the role that businesses play. Instead of discussing this in a purely abstract manner, this book uses Uber as a case study. Uber plays an active role between these two forces: first as an agent of creative destruction and then possibly as a champion of regulation on its own terms. Henrique Schneider analyses Uber as an economic phenomenon, investigates the fundamental problems with competition regulation, and explores the intermediation of idle capacity through technology. Ultimately, Schneider concludes that the more Uber is regulated, the less innovative it becomes. This groundbreaking book will appeal to a broad and varied readership including economists, educators, students and law professionals.Trade Review'Henrique Schneider's Creative Destruction and the Sharing Economy: Uber as Disruptive Innovation discusses the business model of Uber and the evolution of the company through a market process framework. The author provides an insightful analysis on the nature between innovation and regulation, while also drawing on the history of taxi regulations. Anyone interested in 'Uber-nomics' and the economic implications of regulation and innovation should read this book.' --Liya Palagashvili, Purchase College, State University of New York, USTable of ContentsContents: Preface Introduction 1. What is the Economics of Uber (and of this Book)? 2. What is Uber’s Business Model? 3. What are Creative Destruction and Disruption Innovation? 4. Are Innovation and Regulation Opposites? Conclusion: Destroying Uber, The Destroyer? References Index

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Book SynopsisEconomic theory reached its highest level of analytical power and depth in the middle of the nineteenth century among John Stuart Mill and his contemporaries. This book explains classical economics when it was at its height, followed by an analysis of what took place as a result of the ensuing Marginal and Keynesian Revolutions that have left economists less able to understand how economies operate. Chapters explore the false mythology that has obscured the arguments of classical economists, clouding to the point of near invisibility the theories they had developed. Steven Kates offers a thorough understanding of the operation of an economy within a classical framework, providing a new perspective for viewing modern economic theory from the outside. This provocative book not only explains the meaning of Say's Law in an accessible way, but also the origins of the Keynesian revolution and Keynes's pathway in writing The General Theory. It provides a new look at the classical theory of value at its height that was not based, as so many now wrongly believe, on the labour theory of value. A crucial read for economic policy-makers seeking to understand the operation of a market economy, this book should also be of keen interest to economists generally as well as scholars in the history of economic thought.Trade Review‘Classical Economic Theory and the Modern Economy should be a welcome addition to the reading lists of both amateurs and professional economists, whether one’s interest is in macroeconomics or the history of economic thought. Although the book is a worthwhile read on its own without familiarity with Kates’s work, this reviewer believes it really shines when read as a sequel and conclusion to the author’s previous contributions.’ -- Per L Bylund, The Quarterly Journal of Austrian Economics'In Classical Economic Theory and the Modern Economy, Kates seeks to correct this dangerous intellectual detour economists took due to Keynes and finally get modern economists to practice economics beyond the shadow of Keynes. It is a Herculean task, but armed with J.B. Say and especially J.S. Mill, Steven Kates makes as strong an effort for resurrection of classical economy theory as can be marshaled. This will be a must read for all students of economics, and a compelling contribution to the history of economic doctrine.' --Peter Boettke, George Mason University, US'This book delivers hard blows to the tenets of modern economics, retells its history and evolution, and pokes holes at our misperceptions of classical economic theory. The result is as much a burial of the macroeconomics of Keynes as it is a resuscitation of the classical economics of J.S. Mill.' --Per Bylund, Oklahoma State University, USTable of ContentsContents: Introduction 1. The Purpose of this Book and Why Only I could Write It 2. The Background 3. The Keynesian Revolution and Classical Theory 4. Understanding Classical Presuppositions, Terminology and Concepts 5. The Classical Theory of Value and the Marginal Revolution 6. Keynesian Theory Overruns the Classics 7. The Basis for Keynes’s Success: Why Keynes was Able to Succeed 8. Classical Theory and the Role of Government 9. Austrian Economics and Classical 10. An Overview of Classical Economic Theory Afterword Bibliography Index

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Book SynopsisThis biography of the applied English economist Arthur (A.J.) Brown, an English economist from the late 1930s to the 1980s, sets his work in the context of the Great Depression, the emergence of Oxford University as centre of applied economic research, the contraction of British colonialism in Africa, the enlarging of the UK university system, the post-war arms race, the UK joining the Common Market, and significant changes in the industrial structure of Britain.Brown's approach epitomized the role the applied economist. His career included pioneering analysis in Keynesian economics, serving on official bodies concerned with decolonisation, and membership in the UN's group to examine the economic implications of disarmament, the UK's Hunt Committee, and the EEC's MacDougall Commission. He was also heavily involved in building the Economics Department at Leeds University and serving on the University Grants Committee. Through Brown's experiences, we are granted a unique perspective on applied economics research at Oxford University in 1930s as well as reviews of early debates over the Phillips Curve, the role of economics in British decolonisation policy, and the importance of UK regional policy in the 1970s.Arthur Brown's appreciation of both the technical side of economics and the need for practical, real-world advice for decision-makers makes this a important resource for academics interested in the history of economic ideas, inflation, liquidity preference, Keynesian economics, regional policy, decolonisation, and university finances, as well as economists working in government and industry.Trade Review'Arthur Brown was one of the finest applied economists of his generation. I benefitted from his wisdom both as a student and a colleague. His favourite aphorism that ''the economy is made for man, not man for the economy'' was his guiding principle. Ken Button has done a splendid job in highlighting the importance of applied economic research through the life and work of one of its foremost practitioners.' --Tony Thirlwall, Keynes College, University of Kent, UKTable of ContentsContents: Preface Foreword by Henry Brown and William Brown 1. Introduction 2. The development of an applied economist 3. Early career and Keynesianism 4. Building an economics department 5. African decolonization and world disarmament 6. The “Phillips Curve” and inflation 7. Domestic policy advisor 8. Regional economic policy and the Hunt Committee 9. Brown’s later activities References Index

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Book SynopsisIt is now widely acknowledged that history is useful, even essential, because it helps us predict the future. The history of ideas in economics, as in other fields of inquiry, plays an important role in enlightening current researchers as they endeavour to understand contemporary events and anticipate the future of human societies. This book brings together a fine collection of chapters that span contributions from forgotten classics to the most recent new thinking about critical issues such as growth, wealth, its creation and its distribution among members of society. It is A Brief History of Economic Thought, but it will certainly go a long way in helping undergraduate students and other researchers who are curious about the evolution of economic ideas over the last five centuries. Chapters offer discussions on the main tenets of post-Keynesian economics, and focus on issues of growth, wealth and income distribution. The debate on the role of government versus the market is brought to the fore within the context of economic thought from the Physiocrats to the post-Keynesians.The editors have created an essential read for scholars and students interested in the history of economic thought and post-Keynesian economics.Trade Review‘At a time when mainstream economists have practically abandoned the teaching of the history of economic thought in numerous economics undergraduate university programs internationally, professors Hassan Bougrine and Louis-Philippe Rochon should be commended for trying to reverse this tendency. They have brought together a truly first-class international group of distinguished non-mainstream economists to counter this growing collective amnesia in the economics profession by presenting and reassessing not only past developments in economic thinking going as far back as the eighteenth century, but also by analyzing contemporary schools of thought. This is a book that can be used as a textbook or as an additional source of stimulating reading, especially appropriate for students enrolled in any undergraduate course covering the broad field of economic thought, both historical and contemporary.’ -- Mario Seccareccia, University of Ottawa, Canada and Editor of the International Journal of Political Economy‘Economics claims to be a regularly advancing science. Its history will be a story of progress. We look to the early thinkers – the Classics – largely for anticipations of our advanced scientific work. Not so in this book; it does show the progress of the mainstream – but it is progress up a blind alley; and we see a return to the Classics, but it is to find the point at which the discipline went off the rails. An alternative, vigorous and progressive picture of the economy is presented in well-written and well-researched articles, focusing on a good selection of the greatest economists. The book presents a good account of the actual state of the discipline; far from being a regularly advancing science, it is a sometimes chaotic scene of intellectual conflict, fascinating and very exciting at times!’ -- Edward J. Nell, New School for Social Research, US‘It’s always a good time to read a book on the history of economic thought. At least for the sake of history, which revives the narratives rooted in both language and imagination; and suggests the taste for adventure, grounded in research and discovery. The merit of this book is to bring us into this journey using fourteen suggestions cast in a thematic way. Taken as a whole, the book unearths economics as a sort of lost civilization; read just in specific chapters, each appears as an intriguing detail inspiring for further inquiries. Structure and brilliant exposure make the book interesting to students and scholars. They are both exposed to the evidence of a process that through successive stratifications built the meaning of economics: by the exercise of memory all fragments become pillars of knowledge. No need to decide winners or losers, just the same ambivalent emotion to discover that the open questions for our future are still so like those of the great thinkers who preceded us.’ -- Anna-Maria Variato, University of Bergamo, ItalyTable of ContentsContents: Introduction to A Brief History of Economic Thought 1 Hassan Bougrine and Louis-Philippe Rochon PART I THE HISTORY OF ECONOMICS BEFORE KEYNES 1 The Mercantilists and Physiocrats 4 Hassan Bougrine 2 The Classical School 14 Suranjana Nabar-Bhaduri and Matías Vernengo 3 Karl Marx and the Marxist School 35 Scott Carter 4 The Neoclassical School 54 Hassan Bougrine PART II KEYNES AND HIS CONTEMPORARIES 5 John Maynard Keynes 74 Amitava Dutt 6 Michał Kalecki 94 Malcolm Sawyer 7 Thorstein Bunde Veblen 112 Guglielmo Forges Davanzati 8 Joseph Alois Schumpeter 125 Nicola De Liso 9 Karl Polanyi: The Place of the Economy in Society 148 Claus Thomasberger PART III THE HISTORY OF ECONOMICS AFTER KEYNES 10 The Keynesian School and the Neoclassical Synthesis 173 John E. King 11 Milton Friedman and the Monetarist School 193 Sergio Rossi 12 The Rational Expectations School 211 William McColloch and Matías Vernengo 13 The New Keynesian School 228 Steven Pressman 14 The Post-Keynesian School 246 Louis-Philippe Rochon Author index 273 Subject index 278

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Book SynopsisThis volume presents a compilation of key papers chronicling the evolution of the economics of information into the economics of knowledge. It traces the unfolding of the fertile ambiguity and ambivalence of the notion of information with the identification and eventual separation of its two basic, quite distinct meanings: knowledge and signals. It documents the progressive understanding that it is not only necessary to search, screen and understand signals, but also to assess and select them so as to distinguish between true, false and fake ones. The capability to process signals and transform them into actual information stems from the stock of competence and knowledge that individuals and organizations possess and mobilize. The success of information economics paves the way to the economics of knowledge and this review will be an indispensable research tool for all those working and studying in the field. Table of ContentsContents: Acknowledgements Introduction From the Economics of Information to the Economics of Knowledge Cristiano Antonelli PART I THE STATE OF THE ART 1. Michael Spence (2002), ‘Signaling in Retrospect and the Informational Structure of Markets’, American Economic Review, 92 (3), June, 434–59 2. George A. Akerlof (2002), ’Behavioral Macroeconomics and Macroeconomic Behavior’, American Economic Review, 92 (3), June, 411–33 3. Joseph E. Stiglitz (2002), ‘Information and the Change in the Paradigm in Economics’, American Economic Review, 92 (3), June, 460–501 PART II APPLICATIONS AND EXTENSIONS 4. John G. Riley (2001), ‘Silver Signals: Twenty-Five Years of Screening and Signaling’, Journal of Economic Literature, XXXIX (2), June, 432–78 5. Kenneth J. Arrow (1996), ‘The Economics of Information: An Exposition’, Empirica, 23 (2), June, 119–28 6. W. Bentley MacLeod (2007), ‘Reputations, Relationships, and Contract Enforcement’, Journal of Economic Literature, XLV (3), September, 595–628 7. Bengt Holmström (1999), ‘Managerial Incentive Problems: A Dynamic Perspective’, Review of Economic Studies, Special Issue: Contracts, 66 (1), January, 169–82 8. Jeffrey C. Ely and Juuso Välimäki (2003), ‘Bad Reputation’, Quarterly Journal of Economics, CXVIII (3), August, 785–814 9. Johannes Hörner (2002), ‘Reputation and Competition’, American Economic Review, 92 (3), June, 644–63 10. Mathias Dewatripont and Jean Tirole (2005), ‘Modes of Communication’, Journal of Political Economy, 113 (6), December, 1217–38 11. Richard Rogerson, Robert Shimer and Randall Wright (2005), ‘Search-Theoretic Models of the Labor Market: A Survey’, Journal of Economic Literature, XLIII (4), December, 959–88 12. Dean Karlan, Markus Mobius, Tanya Rosenblat and Adam Szeidl (2009), ‘Trust and Social Collateral’, Quarterly Journal of Economics, 124 (3), August, 1307–61 13. Abhijit V. Banerjee (1992), ‘A Simple Model of Herd Behavior’, Quarterly Journal of Economics, CVII (3), August, 797–817 14. Yannis M. Ioannides and Linda Datcher Loury (2004), ‘Job Information Networks, Neighborhood Effects, and Inequality’, Journal of Economic Literature, XLII (4), December, 1056–93 15. Matthew O. Jackson (2014), ‘Networks in the Understanding of Economic Behaviors’, Journal of Economic Perspectives, 28 (4), Fall, 3–22 16. H. Peyton Young (2009), ‘Innovation Diffusion in Heterogeneous Populations: Contagion, Social Influence, and Social Learning’, American Economic Review, 99 (5), December, 1899–924 17. Sushil Bikhchandani, David Hirshleifer and Ivo Welch (1992), ‘A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades’, Journal of Political Economy, 100 (5), October, 992–1026 18. Roland Benabou and Guy Laroque (1992), ‘Using Privileged Information to Manipulate Markets: Insiders, Gurus, and Credibility’, Quarterly Journal of Economics, CVII (3), August, 921–58 PART III TOWARDS THE ECONOMICS OF KNOWLEDGE 19. Joseph E. Stiglitz (2000), ‘The Contributions of the Economics of Information to Twentieth Century Economics’, Quarterly Journal of Economics, 115 (4), November, 1441–78 20. Kenneth J. Arrow (1969), ‘Classificatory Notes on the Production and Transmission of Technological Knowledge’, American Economic Review: Papers and Proceedings, 59 (2), May, 29–35 21. Larry Samuelson (2004), ‘Modeling Knowledge in Economic Analysis’, Journal of Economic Literature, XLII (2), June, 367–403 22. Bo Carlsson and Gunnar Eliasson (1994), ‘The Nature and Importance of Economic Competence’, Industrial and Corporate Change, 3 (3), 687–711 23. Patrick Bolton and Mathias Dewatripont (1994), ‘The Firm as a Communication Network’, Quarterly Journal of Economics, CIX (4), November, 809–39 24. Luis Garicano (2000), ‘Hierarchies and the Organization of Knowledge in Production’, Journal of Political Economy, 108 (5), October, 874–904 25. Alice Lam (2000), ‘Tacit Knowledge, Organizational Learning and Societal Institutions: An Integrated Framework’, Organization Studies, 21 (3), May, 487–513 26. Luis Garicano and Yanhui Wu (2012), ‘Knowledge, Communication, and Organizational Capabilities’, Organization Science, 23 (5), September–October, 1382–97 27. Robin Cowan and Nicolas Jonard (2004), ‘Network Structure and the Diffusion of Knowledge’, Journal of Economic Dynamics and Control, 28 (8), June, 1557–75 28. Richard Blundell and Thomas M. Stoker (2005), ‘Heterogeneity and Aggregation’, Journal of Economic Literature, XLIII (2), June, 347–91 29. Simon Loertscher, Leslie M. Marx and Tom Wilkening (2015), ‘A Long Way Coming: Designing Centralized Markets with Privately Informed Buyers and Sellers’, Journal of Economic Literature, 53 (4), December, 857–97 30. Simone Landini, Mauro Gallegati and Joseph E. Stiglitz (2015), ‘Economies with Heterogeneous Interacting Learning Agents’, Journal of Economic Interaction and Coordination: Special Issue in Honor of Masanao Aoki, 10 (1), April, 91–118 31. Alan Kirman (1997), ‘The Economy as an Evolving Network’, Journal of Evolutionary Economics, 7 (4), December, 339–53 32. Alan Kirman (2011), ‘Learning in Agent-based Models’, Eastern Economic Journal: Symposium on Agent-based Computational Economics, 37 (1), Winter, 20–27 33. David Colander, Peter Howitt, Alan Kirman, Axel Leijonhufvud and Perry Mehrling (2008), ‘Beyond DSGE Models: Toward an Empirically Based Macroeconomics’, American Economic Review: Papers and Proceedings, 98 (2), May, 236–40 Index

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Book SynopsisDavid Colander has been writing about economic methodology for over 30 years. His pragmatic approach sees applied policy methodology as rooted in what economists actually do, not in what methodologists say they should do. It sees applied policy methodology as constantly evolving as analytic and computational technology changes, evolving far too fast to be subject to any rigid scientific methodology.That problem is that economists generally think of applied policy analysis as applied science. Colander argues that using a scientific methodology to guide applied policy undermines good policy analysis. Instead, he contends that economists should use a much looser engineering methodology that blends science, heuristics, inescapable moral judgments, and creativity into what he calls the art and craft of economics. Here, Huei-chun Su has selected seventeen of Colander's articles that spell out and capture his arguments at various levels - some formal academic articles dealing with cutting edge methodology, and some more popular articles making the case for his approach. An original introduction and annotated bibliography serve as excellent resources for further exploring his arguments. Clear, well-structured, and written in plain English with little jargon, the book is approachable and suitable for anyone interested in the current and future state of economics and the economics profession. This includes students at any level as well as methodologists, applied economists, historians and critics of modern economics.Trade Review'How Economics Should Be Done is an excellent book that discusses the methodological approaches of economics and economic policy.. . . The text demonstrates how a better understanding of the methodological framework used in economics and the economic profession can help the reader to have a better insight into the ways that real-world problems can be better approached and investigated.' --Economic IssuesTable of ContentsContents: Preface Introduction Part I Methodological Framework and Methodology For Economic Policy As Art 1. “Why Aren’t Economists as Important as Garbagemen?” 2. ‘Vision, Judgment, and Disagreement among Economists’ 3. ‘Retrospectives: The Lost Art of Economics’ 4. ‘The Systemic Failure of Economic Methodologists’ 5. ‘The Death of Neoclassical Economics’ Part II Methodology for Microeconomics 6. ‘Applied Policy, Welfare Economics, and Mill’s Half-truths’ 7. ‘A Failure to Communicate: The Fact-Value Divide and the Putnam-Dasgupta Debate’ 8. ‘Framing the Economic Policy Debate’ 9. ‘Complexity economics and workaday economic policy’ Part III Methodology For Macroeconomics 10. ‘The Macrofoundations of Micro’ 11. ‘Post Walrasian Macro Policy and the Economics of Muddling Through’ 12. ‘How Economists Got It Wrong: A Nuanced Account’ 13. ‘Economists, Incentives, Judgment, and the European CVAR Approach to Macroeconometrics’ 14. ‘Beyond DSGE Models: Toward an Empirically Based Macroeconomics’ Part IV Pragmatic Methods For Doing Economics As A Profession 15. ‘Written Testimony of David Colander, Submitted to the Congress of the United States, House Science and Technology Committee, July 20th, 2010’ 16. ‘Moving Beyond the Rhetoric of Pluralism: Suggestions for an “Inside-the-Mainstream” Heterodoxy’ 17. ‘Creating Humble Economists: A Code of Ethics for Economists’ Annotated Bibliography of Colander’s Methodological Work List of Book Reviews

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Book SynopsisIn this volume, Louis-Philippe Rochon and Hassan Bougrine bring together key post-Keynesian voices in an effort to push the boundaries of our understanding of banks, central banking, monetary policy and endogenous money. Issues such as interest rates, income distribution, stagnation and crises - both theoretical and empirical - are woven together and analysed by the many contributors to shed new light on them. The result is an alternative analysis of contemporary monetary economies, and the policies that are so needed to address the problems of today. Students and professors of economics, policymakers interested in alternative policies, academics and scholars in all fields will benefit from the explorations therein, and would also appreciate the companion publication, Economic Growth and Macroeconomic Stabilization Policies in Post-Keynesian Economics, also published by Edward Elgar Publishing. Contributors include: R. Bellofiore, H. Bougrine, J. Chen, L. Cordonnier, E. Correa, S. Dow, T. Ferguson, G. Fontana, C. Gnos, R. Guttmann, P.D. Jorgensen, P. Kriesler, E. Le Heron, J. Leclaire, V. Monvoisin, A. Parguez, E. Pérez Caldentey, P. Petit, J.-F. Ponsot, L.-P. Rochon, S. Rossi, S. Thabet, J. Toporowski, M. VernengoTrade Review'This is an outstanding, wide-ranging collection of seventeen state-of-the-art essays on endogenous money, banking and monetary policy. The riveting essays are deeply engaging, well written, with a keen eye on current real-world developments and great clarity in exposition. The analyses are solidly grounded in the history of economic thought and all authors bring a commendable commitment to not just understand the world of money and banking, but also to improve the workings of our monetary economies for the common good. A must read.' --Servaas Storm, Delft University of Technology, the NetherlandsTable of ContentsContents: INTRODUCTION Louis-Philippe Rochon and Hassan Bougrine PART 1: MONEY, INCOME DISTRIBUTION AND POST-KEYNESIAN ECONOMICS 1. Celebrating Pioneers Louis-Philippe Rochon and Hassan Bougrine 2. Understanding Credit-Money: Lavoie and Seccareccia’s Contribution to Monetary Theory Robert Guttmann 3. Money, State and Growth of Welfare: Fighting the dangerous transformation of capitalism Alain Parguez and Slim Thabet 4. Two Easy Pieces Riccardo Bellofiore 5. The Role of Stabilization Policies in the New Consensus Macroeconomics (NCM): Modern Lessons from John Kenneth Galbraith Giuseppe Fontana 6. The Macroeconomic Dimension of Money Virginie Monvoisin and Jean-Francois Ponsot 7. The Theory of Money, Interest and Unemployment Hassan Bougrine 8. International Money: Where do we stand? Claude Gnos and Sergio Rossi 9. Endogenous Money, Liquidity Preference and Confidence: For a qualitative theory of money Edwin Le Heron 10. High Finance, Political Money, and the U.S. Congress: A Quantitative Assessment of the Campaign to Roll Back Dodd-Frank Thomas Ferguson, Paul Jorgensen, and Jie Chen 11. International Rentiers, Finance and Income Distribution: A Latin American and post-Keynesian Perspective Esteban Pérez Caldentey and Matías Vernengo PART 2: CRISES AND POST-KEYNESIAN ECONOMICS 12. Is Macro in Crisis? Sheila Dow 13. Stagnation and Crisis: Understanding Credit Flows in Latin America from a Circuitist Perspective Eugenia Correa and Wesley Marshall 14. Secular Stagnation and the Curse of Contemporary Eldorados: What ever happened to broad-impact products? Laurent Cordonnier 15. Seccareccia and Lavoie on Financial Crises: Linking the Real and Financial Sectors of the Economy: The Major Contribution of Post-Keynesians Joelle Leclaire 16. On the changing nature and geography of crises: lessons for a sustainable internationalization Pascal Petit 17. Banking and Financial Crises Jan Toporowski Index

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Book SynopsisHassan Bougrine, Louis-Philippe Rochon and the expert contributors to this book explore issues of economic growth and full employment; presenting a clear explanation to stagnation, recessions and crises, including the latest Global Financial Crisis of 2007-8. With a central focus on the role played by government spending, deficits and debt as well as the setting of interest rates, the chapters propose alternative policies that can be used by central banks and fiscal authorities to deal with problems of income inequality, unemployment and slow productivity. Students and professors of economics, policymakers interested in alternative policies, academics and scholars in all fields will benefit from the explorations therein and would do well to seek out the companion publication, Credit, Money and Crises in Post-Keynesian Economics, also published by Edward Elgar Publishing. Contributors include: P. Arestis, R.A. Blecker, S. Cesaratto, O. Costantini, J.J. da Silveira, M. Dufour, A.K. Dutt, G. Epstein, G. Fujii-Gambero, M. García-Ramos, J. Halevi-Haifa, G.C. Harcourt, E. Hein, E. Kam, J.E. King, P. Kriesler, G.T. Lima, J.A. Montecino, T.I. Palley, F.J. Prante, M. Sawyer, M. Setterfield, J. Smithin, J. Stanford, S. StormTrade Review'This volume brings together some of the finest cutting-edge research in contemporary macroeconomics. It's a fitting tribute to Marc Lavoie and Mario Seccareccia, but beyond that it will become an invaluable resource for anyone seeking to understand current patterns of economic growth and development across the world.' --Jayati Ghosh, Jawaharlal Nehru University, New DelhiTable of ContentsContents: Acknowledgments INTRODUCTION: Economic policies for growth and development Hassan Bougrine and Louis-Philippe Rochon PART 1: ECONOMIC GROWTH AND POST-KEYNESIAN ECONOMICS 1. Celebrating Pioneers Louis-Philippe Rochon and Hassan Bougrine 2. Autonomous demand growth, distribution and fiscal and monetary policy in the short and long Runs Amitava Krishna Dutt 3 Functional distribution and wage inequality in recent Kaleckian growth models Eckhard Hein and Franz J. Prante 4 Trade and growth in middle-income economies: Mexico, Korea and China Gerardo Fujii-Gambero, Julio López-Gallardo and Manuel García-Ramos 5 Household Debt and the Rentiers’ Share of Income Orsola Costantini 6 Secular stagnation, loanable funds and demography: why the Zero-Lower Bound (ZLB) is not the problem Servaas Storm 7 Hicks on Hayek, Keynes, and Wicksell John Smithin and Eric Kam 8 Garegnani, Ackley and the years of high theory at Svimez Sergio Cesarrato 9 The Role of Destabilising Expectations in the 2000-2001 Turkish Crisis: A Behavioural Economics Complement to the Financial Fragility Hypothesis Mathieu Dufour PART 2: MACRO-STABILIZATION POLICIES AND POST-KEYNESIAN ECONOMICS 10 Long-term shifts in demand and distribution in neo-Kaleckian and neo-Goodwinian models Robert A. Blecker 11 The Problematic Nature of the Macroeconomic Policies of the Economic and Monetary Union Philip Arestis and Malcom Sawyer 12 The Political Economy of QE and the Fed: Who Gained, Who Lost and Why did it End? Juan Antonio Montecino and Gerald Epstein 13 Central Bank Independence Revisited Geoffrey. C. Harcourt, Peter Kriesler and Joseph Halevi 14 The Case for a Capital Levy John E. King 15 Negative interest rate policy (NIRP) and the fallacy of the natural rate of interest: Why NIRP may worsen Keynesian unemployment Tom I. Palley 16 Dimensions and Implications of the Slowdown in OECD Business Investment Jim Stanford 17 The Great Deception: The ‘Science’ of Monetary Policy and the Great Moderation Revisited Gilberto Tadeu Lima , Mark Setterfield and Jaylson Jair da Silveira Index

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Book SynopsisThis book is devoted to examining the lasting impact of The General Theory and Keynes?'s thought on macroeconomic theory, methodology and its relevance for understanding the financial and economic challenges of the 21st Century. A number of contributions take their departure from Keynes?'s presentation during the 1930s of his new macroeconomic understanding and its policy implications. The book also discusses pluralistic views of Keynes?'s ideas and their importance for contemporary debates. The General Theory and Keynes for the 21st Century develops the analysis of money and banking, and the intertwined relationship between financial and real-world activities throughout. It demonstrates how vital Keynes?s work is to understanding the failure of the globalised financial system as well as pointing to an alternative way forward. The broad scope and richness of the contributions are reminders of how most books severely misrepresent The General Theory and therefore fail to act as a guide to 21st Century policy. As such, this book is a necessary tool for scholars, researchers and advanced students of economics, as well as policy makers who wish to create a more just society in the face of the current deregulated global market economy.Contributors include: G.M. Ambrosi, A.M. Carabelli, M.A. Cedrini, V. Chick, T. Congdon, A. Denis, R. Desai, S. Dow, G.C. Harcourt, M.G. Hayes, J. Jespersen, P. Kriesler, H.D. Kurz, M.C. Marcuzzo, J.W. Nevile, R. Skidelsky, T.D. Togati, A. VercelliTrade Review'A fresh and deep dive into a host of outstanding issues in the canon of Keynes studies, from Indian Finance to IS-LM and beyond.' --James K. Galbraith, The University of Texas at Austin, US'The economic ruptures that began in 2007 have revealed how profoundly mistaken were the sustained efforts to remove Keynes's General Theory from its central place in macroeconomic theory and policy. Drawing on the celebrated work of Victoria Chick, our ablest interpreter of that enigmatic volume, the essays gathered here build new bridges from Keynes's insights to our current policy dilemmas.' --Gary Dymski, University of Leeds, UKTable of ContentsContents: Introduction 1. On the relevance of The General Theory at 80: economic change and economic theory Victoria Chick 2. Against twisting The General Theory Maria Cristina Marcuzzo 3. The Keynesian unblocking Robert Skidelsky 4. The attacks on The General Theory: how Keynes’s theory was lost G.C. Harcourt, Peter Kriesler and J.W. Nevile 5. What future for ‘Macroeconomics after Keynes’? A road map to restore the generality of The General Theory Teodoro Dario Togati 6. Expectations, equilibrium and time in The General Theory Anna M. Carabelli and Mario A. Cedrini 7. Weight of argument and liquidity preference Alessandro Vercelli 8. On some principles to fix the quantity of bank money Tim Congdon 9. John Maynard Pangloss: Indian currency and finance in imperial context Radhika Desai 10. Keynes on domestic and international monetary reform Sheila Dow 11. The ‘Gibson Paradox’, The General Theory and beyond Gerhard Michael Ambrosi 12. Sraffa’s prices of production understood in terms of Keynes’s state of short-term expectation M. G. Hayes 13. Keynes and Marx: some points of contact Andy Denis 14. No invitation to ‘Alles Walzer!’: Schumpeter on The General Theory Heinz D. Kurz Index

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Book SynopsisArguably one of the most important economists who has lived, Ricardo's impact on the economics profession is immense. This unique and comprehensive Companion elucidates his significance and continuing legacy. Ricardo made major contributions to all fields of the subject, from monetary issues to value and income distribution, from capital accumulation, technical progress and economic growth to foreign trade and international specialization, and from taxes to public debt. What he called the main problem of political economy, the distribution of income and wealth, is again back on the political and economic agenda with a vengeance. Leading experts in the field explore his influence and offer novel interpretations of received doctrines.The concise yet comprehensive entries are arranged alphabetically for ease of use with cross references and suggestions for further reading. The Companion will serve as the standard reference work for all those engaged in the field of classical economics. It will also be essential reading for scholars and researchers interested in the history of economic thought, macroeconomics and political economy.Contributors include: R. Arena, T. Aspromourgos, M.S. Aßländer, R.E. Backhouse, I. Barens, E. Bellino, C. Bidard, S. Blankenburg, C. Casarosa, R. Ciccone, S. Cremaschi, M. Dardi, G. Deleplace, T. Dome, G. Erreygers, G. Faccarello, R. Faucci, D. Fiaschi, S. Fratini, G. Freni, C. Gehrke, A.F. Gilbert, G. Gilibert, P. Groenewegen, D. Haas, H. Hagemann, A. Heertje, J.E. King, H. Klausinger, H.D. Kurz, A. Maneschi, M.C. Marcuzzo, F. Meacci, M. Milgate, G. Mongiovi, F. Moseley, D.P.O'Brien, A. Opocher, A. Palumbo, S. Parrinello, C. Perrotta, M. Pivetti, P.L. Porta, A. Quadrio Curzio, S.A.T. Rizvi, A. Rosselli, C. Rotondi, N. Salvadori, R. Signorino, N. Sigot, M. Smith, A. Stirati, R. Sturn, P. Trabucchi, H.-M. Trautwein, P. Tubaro, K. WataraiTrade Review‘Heinz D. Kurz and Neri Salvadori have prepared a superb companion that mirrors their deep understanding of classical economics and additionally their familiarity with the international scene of scholars who have worked on Ricardo’s work and his life.’ -- Volker Caspari, Œconomia‘Although there are serious concerns, it cannot be denied that no other individual, or team, could invite so many commentators from all over the world to contribute articles and compile them into a volume on so many aspects of this genuine economist.? The geographical distribution of contributors stretches from USA and UK? ?through (most densely) continental Europe to Australia and Japan, thanks to which? ?the monolingual Anglo-American reader can access the rich non English literature? ?and tradition. The subject coverage extends not only to Ricardo’s? ?economics, pure or? ?applied, and to later economists on him, but also to his life, family, friends, business,? ?religion, politics, and other subjects - a liberal materialization of the editors’ conviction? ?that there is no essential variance between rational and historical reconstruction? ?in the historiography of economics.? ?The reader using this as a reference book should? ? consult as many entries as possible, with the aid of the “See also” sections at the end? ?of each entry. This volume seems, unlike the Ricardian world, to yield increasing? ?returns to scale.?‘ -- Shin Kubo, ?Journal of the History of Economic Thought’As the contributions demonstrate, these scholars from different countries are authorities in their respective areas of Ricardian theory and often for the history of economic thought in general, as are the editors. . . it is encouraging that even nowadays there are still scholars with an intimate knowledge of the roots of our discipline. And, we should be grateful to the editors that they encouraged these authorities, brought together in this volume, to pass on their knowledge to future generations. They contributed to a volume that can be recommended emphatically as a true Companion because it belongs to the sort of books you will not read only once and then put it away. Actually, it should be on one’s book shelf because it is the sort of volume that merits consultation time and again.’ -- History of Economics Review‘. . .Kurz and Salvadori have done researchers on Ricardo a great service with their compilation of these essays.’ -- EH.NetTable of ContentsContents: 1. Accumulation of Capital Enrico Bellino 2. Belsham, Thomas, and Ricardo Sergio Cremaschi 3. Bentham Jeremy and Ricardo Nathalie Sigot 4. Biaujeaud, Huguette, on Ricardo Gilbert Abraham-Frois 5. Blaug, Mark, on Ricardo Roger E. Backhouse 6. Böhm-Bawerk, Eugen von, on Ricardo Heinz D. Kurz 7. Bortkiewicz, Ladislaus von, on Ricardo Heinz D. Kurz 8. Bullionist Controvercy Ghislain Deleplace 9. Capital and Profits Giorgio Gilibert 10. Colonies Davide Fiaschi and Rodolfo Signorino 11. Comparative Advantage Gilbert Faccarello 12. Competition Richard Arena and Stephanie Blankenburg 13. Corn Laws Andrea Maneschi 14. Corn Model Roberto Ciccone and Paolo Trabucchi 15. Demand and Supply Antonella Palumbo 16. Dmitriev, Vladimir Karpovich, on Ricardo Christian Gehrke 17. Endogeneous Growth Heinz D. Kurz and N. Salvadori 18. Essay on Profits Rodolfo Signorino 19. Exchange Value and Utility S. Abu Turab Rizvi 20. Exhaustible Resources and Mines Heinz D. Kurz and Neri Salvadori 21. Foreign Trade Sergio Parrinello 22. Funding System Rodolfo Signorino 23. General Glut Harald Hagemann 24. Gold Alberto Quadrio Curzio and Claudia Rotondi 25. Hayek, Friedrich von, on Ricardo Hansjoerg Klausinger 26. Hicks on Ricardo Carlo Casarosa 27. Historical Schools on Ricardo Riccardo Faucci 28. Hollander, Jacob Harry, on Ricardo Christian Gehrke 29. Improvements in Production Christian Gehrke 30. Invariable Measure of Value Heinz D. Kurz and Neri Salvadori 31 Jevons, William Stanley, on Ricardo David Haas 32. Jewish Background Arnold Heertje 33. Kaldor, Nicholas, on Ricardo John E. King 34. Keynes, John Maynard, on Ricardo Ingo Barens 35. Labour and Wages Antonella Stirati, 36. Labour Theory of Value Gilbert Faccarello 37. Land and Rent Christian Bidard and Guido Erreygers 38. Life and Activities Arnold Heertje 39. Limiting and Regulating Principles Heinz D. Kurz 40. Malthus-Ricardo Debate Sergio Cremaschi 41. Marshall, Alfred, on Ricardo Marco Dardi 42. Marx, Karl Heinrich, on Ricardo Fred Moseley 43. Mathematical Formulations of Ricardian Economics Giuseppe Freni 44. McCulloch, John Ramsay, and Ricardo Katsuyoshi Watarai 45. Member of Parliament Murray Milgate 46. Mill, James, and Ricardo Sergio Cremaschi 47. Mill, John Stuart, on Ricardo Michael S. Aßländer 48. Monetary Theory Ghislain Deleplace 49. National Debt D.P.O'Brien 50. Natural and Market Prices Rodolfo Signorino 51. Natural Quantity of Money Maria Cristina Marcuzzo and Annalisa Rosselli 52. Non-English Editions of Ricardo’s Works Christian Gehrke 53. Notes on Malthus Pier Luigi Porta 54. Papers on Money and Banking Ghislain Deleplace 55. Pasinetti, Luigi Lodovico, on Ricardo Enrico Bellino 56. Poor Laws Arrigo Opocher 57. Population Arrigo Opocher 58. Porter, Sarah Ricardo Sergio Cremaschi 59. Principles of Political Economy and Taxation Heinz D. Kurz and N. Salvadori 60. Rate of Interest Massimo Pivetti 61. Recent Interpretations Gary Mongiovi 62. Revenue Giorgio Gilibert 63. Ricardian Dynamics Christian Bidard and Guido Erreygers 64. Ricardian Equivalence Richard Sturn 65. Ricardian Socialists John E. King 66. Ricardo Editions Christian Gehrke 67. Ricardo on Adam Smith Tony Aspromourgos 68. Ricardo's Emancipation from Smith's Theory of Prices Katsuyoshi Watarai 69. Ricardo's Four Magic Numbers Andrea Maneschi 70. Riches and Value Cosimo Perrotta 71. Samuelson, Paul Anthony on Ricardo Heinz D. Kurz and N. Salvadori 72. Say Jean-Baptiste and Ricardo Christian Gehrke 73. Say's Law Ferdinando Meacci 74. Schumpeter, Joseph Alois, on Ricardo Heinz D. Kurz 75. Sraffa, Piero, on Ricardo Heinz D. Kurz and N. Salvadori 76. Surplus Saverio M.Fratini 77. Taxation Takuo Dome 78. Technical Change Heinz D. Kurz 79. Tooke, Thomas, and Ricardo Matthew Smith 80. Torrens, Robert, and Ricardo Gary Mongiovi 81. Tozer, John Edward, on Ricardo Paola Tubaro 82. Trower, Hutches, and Ricardo Peter Groenewegen 83. Walras, Marie-Esprit-Léon, on Ricardo Heinz D. Kurz and N. Salvadori 84. Wealth Ferdinando Meacci 85. Whewell William on Ricardo Christian Gehrke 86. Wicksell, Knut on Ricardo Hans-Michael Trautwein Index

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Book SynopsisResponding to the growing importance of economic reasoning in legal scholarship, this innovative work provides an essential introduction to the economic tools which can usefully be employed in legal reasoning. It is geared specifically towards those without a great deal of exposure to economic thinking and provides law students, legal scholars and practitioners with a practical toolbox to shape their writing, understanding and case preparation.The book's clear focus on economic methods poses a refreshing change to conventional textbooks in this area, which tend to focus on content-related theories. Recognizing that it is often difficult to derive adequate conclusions for legal arguments without first understanding the methodological limitations of economic studies, this book provides a comprehensive coverage of the most important economic concepts in order to bridge this gap. These include: game theory public choice and social choice theory behavioural economics empirical research design basic statistics Owing to its concise and accessible style, Economic Methods for Lawyers will provide an invaluable companion for legal scholars or practitioners who wish to utilise economic methods for developing legal argument.Contributor include: M. Englerth, S. J. Goerg, S. Magen, A. Morell, N. Petersen, K.U. Schmolke, E.V. TowfighTrade Review'Narrow-minded lawyers think they need no economics. Negligent lawyers think they need no help for understanding economics. Smart lawyers treat economic arguments as challenging but tractable, and turn to this book for advice. They will find themselves powerfully retooled.' --Christoph Engel, Max Planck Institute, Germany'For lawyers, getting familiar with "the economic approach" implies a heavy investment as they need to learn a new language (that of economics) and the various methods used by economists. This is where Economic Methods for Lawyers comes in: the most important methods needed to become versatile in law and economics are presented in a fashion perfectly fitted to the needs of lawyers.' --Stefan Voigt, University of Hamburg, GermanyTable of ContentsContents: Preface 1. Economic Methods and Legal Reasoning Niels Petersen and Emanuel V. Towfigh 2. The Economic Paradigm Emanuel V. Towfigh 3. Demand, Supply and Markets Alexander Morell 4. Game Theory and Collective Goods Stefan Magen 5. Contract Theory and the Economics of Contract Law Klaus Ulrich Schmolke 6. Public and Social Choice Theory Emanuel V. Towfigh and Niels Petersen 7. Empirical Research and Statistics Sebastian J. Goerg and Niels Petersen 8. Behavioral Law and Economics Markus Englerth Index

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