Economic theory and philosophy Books
Edward Elgar Publishing Ltd A Modern Guide to the Economics of Crime
Book SynopsisA Modern Guide to the Economics of Crime discusses the evolution of a field, whose growing relevance among scholars and policymakers is partly related to the persistence of crime and violence around the world and partly to the remarkable progress made in recent years in the economic analysis of individual and organised crime. Such progress is related to the so-called “credibility revolution” as well as to the cross-fertilization of economics and other social sciences such as criminology, sociology and political science. With contributions from some of the leading scholars in the economics of crime, the volume highlights a variety of topics, conceptual frameworks and empirical approaches, thus providing a comprehensive overview of the most recent developments of the field.Emphasising the importance of designing crime-reducing policies that are guided by rigorous empirical analyses, the contributions leverage the availability of novel and administrative micro-data, the use of research designs that unveil causal relationships, and the interdisciplinarity of approaches and theoretical frameworks. The Modern Guide moves through four parts: first investigating the role of the police and their effectiveness, then moving on to look at the distinct socio-economic factors that may induce individuals to commit crimes, followed by issues related to crime in specific groups including migrants, women and racial minorities, and finally turning from individual to organized crime.This Modern Guide will be an invigorating read for economics and criminology students and scholars looking at the relationship between the two fields. Policy makers will also benefit from the application of interdisciplinary theory to empirical research in the chapters.Table of ContentsContents: 1 The changing nature of economics of crime 1 Paolo Buonanno, Paolo Vanin and Juan Vargas 2 The economics of policing and crime 12 Federico Masera 3 The geography of crime and policing 30 Matthew Freedman, Emily Owens and Derek Christopher 4 Broken windows policing and crime: Evidence from 80 Colombian cities 55 Daniel Mejía, Ervyn Norza, Santiago Tobón and Martín Vanegas-Arias 5 Decarceration and crime: California’s experience 88 Patricio Dominguez, Magnus Lofstrom and Steven Raphael 6 A note on electronic monitoring and some challenges to its implementation 135 Rafael Di Tella and Ernesto Schargrodsky 7 Education and crime: What we know and where do we go? 150 Joel Carr, Olivier Marie and Sunčica Vujić 8 Unbundling the relationship between economic shocks and crime 184 Eduardo Ferraz, Rodrigo Soares and Juan Vargas 9 Social prevention of crime: Alternatives to policing measures in an urban context 205 Magdalena Domínguez and Daniel Montolio 10 Peer effects in crime 227 Evelina Gavrilova and Marcello Puca 11 New evidence on immigration and crime 243 Paolo Pinotti and Sandra V. Rozo 12 Females in crime 265 Evelina Gavrilova 13 Racial bias in the criminal justice system 286 Jennifer L. Doleac 14 Gangs and organized crime 305 Ben Lessing and Maria Micaela Sviatschi 15 Organised crime, elections and public policies 320 Pasquale Accardo, Giuseppe De Feo and Giacomo De Luca 16 What predicts corruption? 345 Emanuele Colonnelli, Jorge Gallego and Mounu Prem 17 Organised crime, state and the legitimate monopoly of violence 374 Tommy E. Murphy and Paolo Vanin Index 395
£151.00
Edward Elgar Publishing Ltd Advanced Introduction to the Austrian School of
Book SynopsisPresenting a concise overview of the post-war decline in popularity of the Austrian school of economics and its subsequent revival in the late twentieth century, this updated second edition offers a theoretical and historical introduction to the ideas of the Austrian school and its intellectually distinguishing qualities. Featuring fresh and insightful comparisons between the Austrian school and other schools of thought, this enhanced second edition includes an expanded discussion on the evolution of the Austrian school in the 21st century. The Advanced Introduction considers the field's key originators and proponents and reflects on the acceleration in interest in the last two decades. Key features include: An illustration of the key arguments that have defined heterodox economics, including the Austrian school's role in the socialist calculation debate In-depth discussions of entrepreneurship and the role of the firm in the scholarship of the Austrian school New material relating Austrian economics to other schools of thought. Undergraduate and graduate students in economics and political science will find this Advanced Introduction indispensable for understanding the revival of the Austrian school. Policymakers will also benefit from its concise and sharp overview of the school and its insights into the key features and debates. Trade Review'Randall Holcombe accomplishes a heroic feat in this book. In plain and concise language, he sets out the fundamental principles and theories of the Austrian School of Economics. The presentation is coherent and rigorous, without being tedious or pedantic. It can be read with great profit by undergraduates as well as their instructors. Indeed, this book is indispensable reading for anyone who seeks a broad-based and insightful introduction to the doctrines of the Austrian school in a compact format.' --Joseph Salerno, Pace University, US'What book should I read to understand the Austrian School of Economics? It's a question I've been asked at least a hundred times by economics students and business professionals. I've never had a good answer until now. As an introduction to Austrian ideas for those who are economically literate, Randall Holcombe's book is the new gold standard!' --Benjamin Powell, Texas Tech University, US'Economists should strive to think clearly and write clearly in presenting their work to their peers, students and the public. I would go as far as to argue that it is actually a moral responsibility on them to do so. Randall Holcombe never disappoints in this regard as he is an exemplar of a clear thinker and writer. In this revised and updated edition of his wonderful text, he clearly presents the main tenets of the Austrian School of Economics from Carl Menger to contemporary practitioners. Along the way, he explains in clear terms the ideas of others who debated with the Austrians on methodology of social sciences, the methods of analysis with regard to the study of the market process and a capital-using and money-using economic system, and the practical policy implications of these positions with respect to the debate over socialist economic calculation, the debate with Keynes and macroeconomic management, and the debates over interference in the entrepreneurial market process through regulations and various controls. It is a masterful work in clarity of thinking and writing about often complex and complicated issues in philosophy, social science and public policy.' --Peter Boettke, George Mason University, USTable of ContentsContents: Preface 1. The market process 2. Decentralized knowledge: the role of firms and markets 3. Economic calculation 4. Money, banking and business cycles 5. The resurgence of the Austrian school References Index
£98.67
Edward Elgar Publishing Ltd Advanced Introduction to the Austrian School of
Book SynopsisPresenting a concise overview of the post-war decline in popularity of the Austrian school of economics and its subsequent revival in the late twentieth century, this updated second edition offers a theoretical and historical introduction to the ideas of the Austrian school and its intellectually distinguishing qualities. Featuring fresh and insightful comparisons between the Austrian school and other schools of thought, this enhanced second edition includes an expanded discussion on the evolution of the Austrian school in the 21st century. The Advanced Introduction considers the field's key originators and proponents and reflects on the acceleration in interest in the last two decades. Key features include: An illustration of the key arguments that have defined heterodox economics, including the Austrian school's role in the socialist calculation debate In-depth discussions of entrepreneurship and the role of the firm in the scholarship of the Austrian school New material relating Austrian economics to other schools of thought. Undergraduate and graduate students in economics and political science will find this Advanced Introduction indispensable for understanding the revival of the Austrian school. Policymakers will also benefit from its concise and sharp overview of the school and its insights into the key features and debates. Trade Review'Randall Holcombe accomplishes a heroic feat in this book. In plain and concise language, he sets out the fundamental principles and theories of the Austrian School of Economics. The presentation is coherent and rigorous, without being tedious or pedantic. It can be read with great profit by undergraduates as well as their instructors. Indeed, this book is indispensable reading for anyone who seeks a broad-based and insightful introduction to the doctrines of the Austrian school in a compact format.' --Joseph Salerno, Pace University, US'What book should I read to understand the Austrian School of Economics? It's a question I've been asked at least a hundred times by economics students and business professionals. I've never had a good answer until now. As an introduction to Austrian ideas for those who are economically literate, Randall Holcombe's book is the new gold standard!' --Benjamin Powell, Texas Tech University, US'Economists should strive to think clearly and write clearly in presenting their work to their peers, students and the public. I would go as far as to argue that it is actually a moral responsibility on them to do so. Randall Holcombe never disappoints in this regard as he is an exemplar of a clear thinker and writer. In this revised and updated edition of his wonderful text, he clearly presents the main tenets of the Austrian School of Economics from Carl Menger to contemporary practitioners. Along the way, he explains in clear terms the ideas of others who debated with the Austrians on methodology of social sciences, the methods of analysis with regard to the study of the market process and a capital-using and money-using economic system, and the practical policy implications of these positions with respect to the debate over socialist economic calculation, the debate with Keynes and macroeconomic management, and the debates over interference in the entrepreneurial market process through regulations and various controls. It is a masterful work in clarity of thinking and writing about often complex and complicated issues in philosophy, social science and public policy.' --Peter Boettke, George Mason University, USTable of ContentsContents: Preface 1. The market process 2. Decentralized knowledge: the role of firms and markets 3. Economic calculation 4. Money, banking and business cycles 5. The resurgence of the Austrian school References Index
£20.95
Edward Elgar Publishing Ltd A Source Book on Early Monetary Thought: Writings
Book SynopsisThis volume contains thirty-seven contributions from the most significant early developers of monetary economics. Starting with Aristotle, the collection tracks the development of the modern theory of money through the ages by thinkers like Thomas Aquinas, Martin de Azpilcueta, John Locke, Richard Cantillon, David Hume, and A.R.J Turgot. Also included are the first translations of Jean Buridan's writings on money and of Albert the Great's writings on money from Latin. A Source Book on Early Monetary Theory will be of interest to bankers, historians, and macroeconomists and can be used as a supplementary text on courses in macroeconomics, money and banking, and the history of economic thought.Trade Review'Edward Fuller's convenient anthology of contributions to monetary economics by thirty writers before Adam Smith, from Aristotle to Hume and Condillac, will be greatly appreciated by anyone interested in the origins and development of monetary economics. Many of these important writings were previously difficult of access. Now it is easy, and enjoyable, to peruse in a single book the long and rich heritage of monetary analysis in the two millennia from Aristotle to Adam Smith.' -- Robert W. Dimand, Brock University, Canada'A timely book. Edward Fuller leads us back to the intellectual sources of sound thinking on money. His anthology is essential reading in an age of monetary insanity.' -- Guido Hulsmann, Universite d'Angers, France'Money has been making the world go 'round since ancient times. This volume , dealing with monetary thought from Aristotle to Condillac, provides, in one place, an excellent source of and easy access to the ideas of pre-Smithian monetary theorists, including translations of key writings. It should have a prominent place on the bookshelf of professional economists and advanced students alike.' -- Warren Young, Bar Ilan University, Israel and Carnegie-Mellon University, US'It is very useful to have in one volume the highlights of pre-Smithian European monetary theory, including some selections translated into English for the first time. The volume begins with Aristotle's influential (if theoretically dubious) remarks on money, followed by important commentaries they inspired from Albertus Magnus, Thomas Aquinas, and Jean Buridan. Next come choice selections from the brilliant medieval writer critic of debasement, Nicholas Oresme, and from several thoughtful Spanish scholastics including Juan de Mariana. Relevant monetary extracts from the early modern writers Grotius, Pufendorf, Locke, and Cantillon follow. The volume winds up with Scottish and French Enlightenment figures like Hutcheson, Hume, Turgot, and Condillac. Altogether this collection is a welcome resource for teachers and students of monetary history and the history of economic thought.' -- Lawrence H. White, George Mason University, USTable of ContentsContents: Foreword by Jesús Huerta de Soto vii Foreword by Joseph T. Salerno viii 1 Introduction: The Aristotelian Monetary Tradition 1 Edward W. Fuller 2 Aristotle: Nicomachean Ethics (c. 350 BC) 8 3 Aristotle: Politics (c. 350 BC) 11 4 Albert the Great: Commentary on Aristotle’s Nicomachean Ethics (c. 1262) 14 5 Albert the Great: Commentary on Aristotle’s Politics (c. 1263) 21 6 Thomas Aquinas: Commentary on Aristotle’s Nicomachean Ethics (c. 1271) 29 7 Thomas Aquinas: Commentary on Aristotle’s Politics (c. 1272) 34 8 Peter John Olivi: A Treatise on Contracts (c. 1295) 41 9 Jean Buridan: Commentary on Aristotle’s Nicomachean Ethics (c. 1336) 47 10 Jean Buridan: Commentary on Aristotle’s Politics (c. 1349) 54 11 Nicholas Oresme: Treatise on Money (1358) 70 12 Gabriel Biel: On the Power and Utility of Moneys (1495) 89 13 Copernicus: Essay on the Coinage of Money (1526) 96 14 Luís Saravia de la Calle: Instructions for Merchants (1544) 103 15 Martín de Azpilcueta: On Exchange (1556) 105 16 Tomás de Mercado: Manual of Deals and Contracts (1569) 113 17 Sir Thomas Smith: A Discourse of the Commonweal of this Realm of England (1581) 114 18 Francisco García: A Very General and Useful Treatise on Contracts (1583) 120 19 Bernardo Davanzati: A Discourse upon Coins (1588) 123 20 Luís de Molina: A Treatise on Money (1597) 132 21 Leonard Lessius: On Buying and Selling (1605) 134 22 Juan de Mariana: A Treatise on the Alteration of Money (1609) 137 23 Hugo Grotius: The Rights of War and Peace (1625) 168 24 Samuel Pufendorf: The Elements of Universal Jurisprudence (1660) 171 25 Samuel Pufendorf: The Whole Duty of Man (1673) 174 26 John Locke: Some Considerations of the Consequences of the Lowering of Interest, and Raising the Value of Money (1691) 177 27 Dudley North: Discourses upon Trade (1691) 194 28 Isaac Gervaise: The System or Theory of the Trade of the World (1720) 206 29 Richard Cantillon: An Essay on Economic Theory (1730) 217 30 Jacob Vanderlint: Money Answers All Things (1734) 244 31 Francis Hutcheson: Philosophiae Moralis Institutio Compendiaria (1747) 246 32 Ferdinando Galiani: On Money (1751) 248 33 David Hume: Of Money (1752) 260 34 David Hume: Of Interest (1752) 267 35 David Hume: Of the Balance of Trade (1752) 274 36 Joseph Harris: An Essay upon Money and Coins (1757–58) 283 37 A.R.J. Turgot: Reflections on the Formation and Distribution of Wealth (1766) 289 38 Étienne Bonnot de Condillac: Commerce and Government Considered in Their Mutual Relationship (1776) 296 Index 310
£32.95
Edward Elgar Publishing Ltd Can Heterodox Economics Make a Difference?:
Book SynopsisIn a series of in-depth interviews with leading economists and policy-makers from different schools including Austrian, Monetarist, New-Keynesian, Post-Keynesian, Modern Monetary Theory, Marxist and Institutionalist, this intriguing book sheds light upon the behaviour of economists and the sociology of the economics profession by enabling economists to express their views on a wide range of issues. Exploring why the aftermath of the 2008 global financial crisis did not pave the way for an uptake in heterodox economic approaches, these key thinkers consider why mainstream economics still reigns supreme and explore whether an alternative approach can be developed to rival it. The most important issues facing the discipline are addressed, and the book offers a particular focus upon the extent to which radical economists can work together to provide a genuine alternative to orthodoxy. The analytical responses to important questions posed to each interviewee make this a critical read for practising economists both inside and outside of academia. It will also be a thought-provoking book for economics students focusing both on orthodox and heterodox viewpoints, as it offers important insights to the nuances between a vast range of different schools of thought.Trade Review‘If one is a student of this discipline, the range of views presented in full is invaluable. I cannot recommend this text more.’ -- Hannes Ingo Torbohm, The Gower Initiative for Modern Money Studies'Can Heterodox Economics Make a Difference? is a very thought provoking book; a fascinating tour with key thinkers on MMT, heterodox economics, methodology and much more. There are authentic gems in those interviews. Please read on!' --Giuseppe Fontana, University of Leeds, UK and Università del Sannio, Italy'Philip Armstrong's rich conversations with heterodox economists explore, perhaps for the first time in depth, the perceptions and misperceptions of Modern Monetary Theory as seen across the spectrum of Keynesian, Marxian, Structuralist and Austrian thought, alongside the insights and arguments of leading proponents of the MMT school. For reading and reference, a valuable and timely book.' --James K. Galbraith, The University of Texas at Austin, US‘Philip Armstrong's rich conversations with heterodox economists explore, perhaps for the first time in depth, the perceptions and misperceptions of Modern Monetary Theory as seen across the spectrum of Keynesian, Marxian, Structuralist and Austrian thought, alongside the insights and arguments of leading proponents of the MMT school. For reading and reference, a valuable and timely book.’ -- James K. Galbraith, The University of Texas at Austin, US'The reader can ''listen in'' to all these conversations where questions are addressed, and debate engaged, from different perspectives. By engaging vicariously in the exchanges we are encouraged to rethink our own positions, and consider how to strengthen or amend them. Much of the success of the interviews is down to the engaging interview style of Phil Armstrong, whose thoughtful questions, openness to different arguments (at different levels), and eagerness to engage in civil debate, are the hallmarks of pluralism. Enjoy.' --from the Foreword by Sheila Dow, University of Stirling, UK‘These interviews and records are full of illuminations and enrich our understanding of modern economics, its problems as well as its achievements. We are much in Phil’s debt for bringing the interviews together. His enthusiasm and deep thinking run beneath the text of the volume. Please read on.’ -- from the Foreword by Geoff Harcourt, University of New South Wales, AustraliaTable of ContentsContents: Preface Foreword I: Professor Geoffrey Harcourt Foreword II: Professor Sheila Dow Introduction The Biographies of the Interviewees Part 1: Round one (R1) interviews (2018) i. Professor Victoria Chick ii. Professor Tim Congdon CBE iii Professor Paul Davidson iv. Professor Kevin Dowd v. Professor Roger Farmer vi. Professor Charles Goodhart FBA vii. Professor Geoffrey Harcourt viii. Dr. James Juniper ix. Professor Andrew Kliman x. Professor Marc Lavoie xi. Professor William (Bill) Mitchell xii. Warren Mosler xiii. Dr. Thomas Palley xiv. Professor Ricardo Reis xv. Professor Malcolm Sawyer xvi. Professor Willi Semmler xvii. Professor Anwar Shaikh xviii. Professor Englebert Stockhammer xix. Professor Martin Watts xx. Professor L. Randall Wray Part 2: Round Two (R2) 2019 i. Professor David Colander ii. Professor Sheila Dow iii. Professor Scott Ferguson iv. Professor Geoff Hodgson v. Professor Jonathan Joseph vi. Professor Steve Keen vii. Professor Tony Lawson viii. Professor Jamie Morgan ix. Dr. Ioana Negru x. Professor Nick Potts xi. Professor John Smithin Conclusion Bibliography Appendix 1: R1 and R2 questions Appendix 2: MMT White Paper by Warren Mosler Index
£140.00
Edward Elgar Publishing Ltd Central Banking, Monetary Policy and Income
Book SynopsisPart of The Elgar Series on Central Banking and Monetary Policy, this book explores the relationship between central banking, monetary policy and income distribution. The usual central bank mandate – that of exclusively fighting inflation – is being increasingly questioned by policymakers and academics. Many countries are finding that there is a need for broader mandates that will have an impact on economic activity, unemployment and other economic issues.The chapters present a multitude of theoretical views on this topic, from classical and Marxist views to mainstream and post-Keynesian approaches. They consider the democratic aspects of central banking, critically assess the distributional outcomes of inflation targeting regimes and explore policymaking implications.Policy makers, academics and the financial press will appreciate the relevance of the material and state of the art discussions featured in Central Banking, Monetary Policy and Income Distribution.Trade Review‘Inequality in the distributions of income and wealth continues to rise. Meanwhile, since the global financial crisis, central bankers have become aware that in a monetary-production economy, there’s more to life than “fine tuning” an economy with reference to an inflation target. The time is therefore ripe for reinvigoration of research into the links between monetary policy and distribution. And with its clear focus throughout on the interest rate–income distribution nexus, this book delivers.’ -- Mark Setterfield, New School for Social Research, US‘This book is a very welcome addition to the literature on central banking. Behind all the talk about “inflation targeting”, “dual mandates”, and so forth, it is obvious that monetary policy directly affects income distribution. Maybe this is what it has been about all along? The Editors have invited an impressive list of well-known and emerging scholars who explore the link between monetary policy and income and wealth inequalities in the best tradition of Keynes and post-Keynesian economics.’ -- John Smithin, York University, Canada‘This book blazes new terrain on the role of monetary policy by focusing on its impact on income inequality.’ -- Steven Pressman, Monmouth University, USTable of ContentsContents: Introduction to Central Banking, Monetary Policy and Income Distribution 1 Sylvio Kappes, Louis-Philippe Rochon and Guillaume Vallet PART I THEORY 1 A primer on monetary policy and its effect on income distribution: a heterodox perspective 20 Louis-Philippe Rochon and Mario Seccareccia 2 Monetary policy and functional income distribution: a Marxist view 35 Marcelo Milan 3 Savings glut, secular stagnation, demographic reversal, and inequality: beyond conventional explanations of lower interest rates 57 Matías Vernengo 4 The evolution of monetary institutions and of the theory of money: the value of a monetary theory of production and distribution 81 Michel Betancourt, Santiago Capraro, Carlo Panico and Luis Daniel Torres-González 5 Monetary policy and the distribution of income in a transfer theory of debt 114 Jan Toporowski PART II EVIDENCE 6 Monetary policy and income distribution 128 James K. Galbraith 7 The rate of interest and income distribution: an examination of the Pasinetti index in Latin America 139 Noemi Levy-Orlik and Jorge Bustamante 8 Why central bank policy is not income-distribution ‘neutral’: history, theory and practice 164 Mario Seccareccia and Guillermo Matamoros Romero PART III POLICY 9 Advancing the monetary policy toolkit through outright transfers and tiered reserve remuneration 191 Sascha Bützer 10 On interest and interest-rate policy 242 Massimo Pivetti 11 The distributional impacts of inflation-targeting strategies 261 Sergio Rossi Index
£110.00
Edward Elgar Publishing Ltd Central Banking, Monetary Policy and the
Book SynopsisPart of the Elgar Series on Central Banking and Monetary Policy, this book explores the relationship between central banking, monetary policy and the economy at large. It focuses on the specific relationship between central banking, monetary policy and the environment as central banks wake up to new realities.The book examines not only the impact of changes in interest rates on the environment, but also the impact that the environment and climate change have on monetary policy. New green policies are proposed for central banks to implement as they move forward and navigate the pitfalls of climate change.Scholars and students interested in central banking, monetary policy and the environment will appreciate this take on Central Banking, Monetary Policy and the Environment.Trade Review‘The editors of this book have produced an amazing book for an equally amazing new series on central banking that could not have come out at a better time. Climate change and environmental issues are at the top of our concerns, and many are wondering what role central banks have to play in this saga. The editors have brought together an incredible list of established and younger scholars alike, from a heterodox perspective. They offer a refreshing analysis of the current situation and dare to offer credible and bold solutions for a green way forward. This book must be on the shelf of every student of economics.’ -- Steve Keen, Independent Economist‘More than any other current research topic, climate change exposes the flaws of mainstream approaches to economics while simultaneously highlighting the importance of insights from heterodox approaches, in particular post-Keynesian. Radical uncertainty is pervasive in even the most sophisticated climate models, complexity is inevitable when dealing with a planetary threat, and institutions cannot be abstracted away when political action is at the core of the problem. This remarkable book addresses these challenges head-on from the perspective of central banking, a subject in which the editors have amassed encyclopedic knowledge. It is essential reading for anyone interested in anything starting with the word “green”, including finance, bonds, quantitative easing, transition, or revolution.’ -- Matheus Grasselli, McMaster University, Canada‘Central Banking, Monetary Policy and the Environment provides a quite complete overview of the challenges and opportunities faced today by the financial and monetary systems in light of the vital imperative to fund worldwide sustainability transitions. At distance with the complacency of “green (market) finance”, the book provides clear cut and deep analyses of the conditions under which endogenous money, central banking or even new currencies can help redirect the power of money creation so as to save our natural ecosystems, our resources and our living conditions.’ -- Gael Giraud, Georgetown University, USTable of ContentsContents: Introduction to Central Banking, Monetary Policy and the Environment 1 Louis-Philippe Rochon, Sylvio Kappes and Guillaume Vallet 1 Central banks and the zero-carbon transition: an institutional challenge 21 Robert Guttmann 2 Monetary policy, environmental sustainability and the climate emergency 54 Malcolm Sawyer 3 Endogenous money, green finance and central bank power 72 Basil Oberholzer 4 Monetary and financial policies for an ecological transition: An overview of central banks’ actions and some reflections on post-Keynesian insights 90 Romain Svartzman 5 Environmental change and the international lender of last resort 110 Michel Aglietta and Etienne Espagne 6 Climate change, financial instability and central banking 134 Giada Valsangiacomo 7 Towards an ecological market 154 Wesley C. Marshall 8 Financial regulation, uncertainty and the transition to a net-zero-carbon economy 175 Josh Ryan-Collins 9 Money and the environment 199 Eric Kemp-Benedict 10 A green mandate: The Central Bank of Nigeria and sustainable development 218 Salewa Olawoye-Mann 11 Mind the gap: Monetary policy and financial regulations for supporting green finance 233 Lilit Popoyan and Giorgos Galanis Index
£104.00
Edward Elgar Publishing Ltd Managing the Cooperative Enterprise: The Rise of
Book SynopsisThis book revolves around the idea that capitalism is not a democratic system and that a system of producer cooperatives, or democratically managed enterprises, gives rise to a new mode of production which is authentically socialist in essence and fully consistent with the ultimate rationale underlying Marx's theoretical approach. The author argues that the cooperative firm system outlined in this book offers a rich array of non-economic benefits that justify its classification as a 'genuinely socialist' entity, with real potential for achieving true economic democracy. This book will be required reading for all economists who are not content with the current capitalist economic system, and yet will still provide intriguing and thought-provoking insights for those who are.Trade Review'Bruno Jossa has long been a leading international scholar of worker self-management, socialism and Marxism. This, his most recent book, argues convincingly that, with a global crisis of capitalism looming, it is no longer admissible to contend that there is no alternative. A democratic alternative is within reach. Well worth a careful read.' --David Schweickart, Loyola University Chicago, US'The book by Bruno Jossa, a leading researcher and scholar in the field of the economics of the cooperative enterprise, is an intellectually provocative contribution to the expansion of the economics of cooperation. The central thesis defended is that the capitalist firm is not the only type of enterprise that is compatible with the efficient working of a modern market economy. Jossa's account is at once timely, novel and stimulating. A captivating read.' --Stefano Zamagni, University of Bologna and SAIS Europe, Italy'In this new book, Bruno Jossa reconstructs the theory of labour management and producer cooperatives, centring it around the evolution of Marxian and Marxist thought and giving the gist of revolutionary and reformist thought in the 20th Century, down to the contemporary theory of producer cooperatives, social movements in the 1960s and 70s, and the role of unions. A much-needed contribution to reinventing market-driven liberal socialism.' --Ermanno Tortia, University of Trento, ItalyTable of ContentsContents: Preface Introduction: The Cooperative Firm As An Alternative To The Capital-Owned Business Enterprise 1. Democratic Firms And Socialism 2. An Up-To-Date Model Of Marxism: A Socialist System Without Any Communist Colouring 3. The Revolutionary Impetus Of Marxism Versus Liberalism 4. Do Trade Unions Champion Worker Interests? 5. In What Direction Goes History? 6. The Evolution Of Socialism: From Utopia To Scientific Producer of Cooperative Economics References Index
£86.00
Edward Elgar Publishing Ltd Capital Movements and Corporate Dominance in
Book SynopsisThis book addresses the problems of Latin America, through two of the most important features of the post-Bretton Woods economic order, large corporations and weak financial markets. In turn, it shows that their impact on economic growth and development is feeble and short-lived. This resulted in income concentration and an extremely unequal distribution of wealth in the region. As a result, large corporations and financial markets became central institutions in developing economies. In this context, Latin American countries globalized their economies, modifying their productive and financial structures and strengthening large corporation and non- financial structures.This economic order was a failure, as it was unable to achieve development in Latin America; large capital corporations either re-primarized their productive activity or developed an organization based on assembly manufacture, and, as such, financial markets remained underdeveloped because large corporations did not operate through domestic financial markets.In this book, the effects of these trends are analyzed in regional and country studies, while the impact of the 2008 Great Financial Crisis on Latin American economies are also considered.Researchers and students, especially those interested in a Post-Keynesian or heterodox view of the region, will find these studies illuminating.Trade Review‘This volume provides a useful collection of chapters on the overseas financing of corporates in different Latin American countries that is responsible for both instability and stagnation in the real sectors of these economies. The book, with its rich research material, provides useful input for future research, by academics as well as policy makers.’ -- Sunanda Sen, Review of Political Economy‘Cross-border capital movements and the operations of corporations have major effects on the economic and social paths of developing and emerging economies. This wide-ranging collection of insightful essays brings us knowledge and understanding of the many important dimensions by which globalised financialisation has dominated Latin American economies.’ -- Malcolm Sawyer, Emeritus Professor of Economics, University of Leeds, UKTable of ContentsContents: Introduction: the issues at stake 1 Noemi Levy-Orlik, Jorge Alonso Bustamante-Torres and Louis-Philippe Rochon PART I POST CRISIS NEW CAPITAL MOVEMENT TREND 1 Financial geography and the ‘social reality of finance’: aspatial or ‘real space’ analyses of financial crises? 9 Gary Dymski and Nicole Cerpa Vielma 2 The transmission mechanism of financial crisis to developing countries: why the ‘global financial crisis’ wasn’t global 24 Jan Toporowski 3 Foreign direct investment, inequality, and macroeconomic stability on the eve of the COVID-19 crisis 38 Hanna Szymborska 4 Pension funds and domestic debt markets in emerging economies 55 Jennifer Churchill, Bruno Bonizzi and Annina Kaltenbrunner 5 The distribution of dividends of multinational banks operating in Latin America 72 Mimoza Shabani 6 The unique development of non-financial corporations in Latin America 89 Noemi Levy-Orlik and Jorge Alonso Bustamante-Torres PART II NON-FINANCIAL CORPORATIONS AND ECONOMIC GROWTH 7 Capital flows, the role of non-financial corporations and their macroeconomic implications: an analysis of the case of Chile 107 Esteban Pérez-Caldentey and Nicole Favreau-Negront 8 Foreign direct investment in the Mexican steel industry 120 Samuel Ortiz-Velásquez 9 Excess international liquidity and corporate financing in Mexico: reflections from USA monetary policy of quantitative easing 140 Ximena Echenique-Romero 10 Foreign direct investment in Latin America: effects on growth and development, 1996‒2017 158 Marcelo Varela-Enríquez and Gustavo Adrián Salazar PART III CAPITAL MOVEMENT AND ECONOMIC PATTERNS 11 Latin American international integration and global value chains: what changed after the 2008 global financial crisis 175 Juan Pablo Painceira and Alexis Saludjian 12 From “downpour of investments” to debt crisis: the case of Argentina 2015‒2019 193 Cecilia Allami, Pablo Bortz and Alan Cibils 13 The hegemony of big corporations and the internationalization of capital: a stagnation model with restricted democracy 204 Gonzalo Cómbita-Mora and Álvaro Martín Moreno-Rivas 14 Extractive capitalism: transnational miners and Andean peasants in Peru 222 Alejandro Garay-Huamán Index
£95.00
Edward Elgar Publishing Ltd Central Banking, Monetary Policy and Social
Book SynopsisPart of The Elgar Series on Central Banking and Monetary Policy, this book explores the relationship between central banking, monetary policy and the economy at large. It focuses on the specific relationship between central banking, monetary policy and social responsibility as central banks wake up to new realities.The book examines this relationship not only in connection to the economic, monetary and financial impact of the so-called ‘unconventional’ monetary policies, but also in connection to the functioning of today’s democracies. A new framework and model for central banking is proposed in this rethinking of monetary policy, and the role of central banks as institutions in democracies is considered.Scholars and students interested in central banking and monetary policy, the issue of social responsibility and the relationship between central banks and democracy will benefit from the ideas presented by the editors and authors of Central Banking, Monetary Policy and Social Responsibility.Trade Review‘For the first time in decades, the very purpose of central banking is being debated again, and this time round not only by economists. Reflecting the debate’s breadth, this book will be useful for anyone who wants to form their own views before events drive the answers.’ -- Paul Tucker, Harvard Kennedy School, US, author Unelected Power and former central banker‘This book, a new look at central banks, could not be more timely. The Great Financial Crisis of 2007-2009 and the global Covid pandemic have been among the greatest economic and social challenges to hit the world's economies since the Second World War. As if these were not enough, the global climate crisis (along with the threat of nuclear annihilation) is the worst existential threat society has faced, perhaps in millennia. Central Banks, as one of the most powerful macroeconomic institutions in most countries, have been thrust into the position of needing to help ameliorate these unprecedented problems, and for most, these present dilemmas far beyond traditional trade-offs between inflation and unemployment. How are central banks dealing with these new, highly consequential issues? How should they deal with them? In this book, a refreshing variety of authors – some seasoned, some relatively new, and as a group coming from a range of backgrounds and places – take a number of fresh, thoughtful and thought-provoking looks at contemporary central banks as they grapple with these problems. All students of central banking, and anyone concerned about these major problems, will find something important and valuable in these pages. They can bank on it.’ -- Gerald Epstein, University of Massachusetts Amherst, US‘Central banks are institutions that wield extraordinary power on the economy, whose independence from political pressures has been lauded by professional economists for decades. Yet, the forceful responses by central banks during the Covid-19 and the Global Financial Crisis, have also raised the discomfort with such unelected powerful economics institutions. Central Banking, Monetary Policy and Social Responsibility reveals how professional economists are revisiting their previously held belief, how central banks themselves are coping, and perhaps ought to be coping with this issue. In it, economists and former central bankers are forced to bare their soul and expose their true values. A must read.’ -- Nadine Baudot-Trajtenberg, Former Deputy Governor of the Bank of Israel and Reichman University, IsraelTable of ContentsContents: Introduction to Central Banking, Monetary Policy and Social Responsibility 1 Guillaume Vallet, Sylvio Kappes and Louis-Philippe Rochon 1 Will central bank independence withstand political pressure? 20 Charles Goodhart and Manoj Pradhan 2 Some of the effects of monetary structures, politics, and memories on central banking 35 John H. Wood 3 The whys and how of central bank independence: from legal principles to operational accountability 57 Maqsood Aslam, Etienne Farvaque and Piotr Stanek 4 Bankocracy, or a new age of the European Central Bank 74 Marie Cuillerai 5 Central banking and inequalities: old tropes and new practices 88 François Claveau, Clément Fontan, Peter Dietsch and Jérémie Dion 6 Making environments safer: a safe asset for a green (and financial) new deal and for more responsible central banks – what could, and should, the ECB do? 112 Massimo Amato and Lucio Gobbi 7 Masters of the game: the power and social responsibility of central banks and central bankers in a democracy 136 Louis-Philippe Rochon and Guillaume Vallet 8 The past is already gone, the future is not yet here: the case of the Federal Reserve’s system of money management 159 Jong-Un Song 9 Precautionary monetary policy and democratic legitimacy: tensions and openings 172 Rob Macquarie 10 The social sources of “unelected power”: how central banks became entrapped by infrastructural power and what this can tell us about how (not) to democratize them 195 Timo Walter Index 219
£99.00
Edward Elgar Publishing Ltd Handbook on Critical Political Economy and Public
Book SynopsisThis comprehensive and stimulating Handbook examines the contribution of political economy to public policy. It provides an overview of several strands of critical political economy, supported by case studies from OECD countries, Latin America, South Africa, and South and East Asia.With discussions on key theories of political economy, the Handbook introduces cultural and feminist political economies, engaging critically with ordoliberalism and New Public Management. Chapters feature discussions on political economic approaches to the global division of labor, financialization and dispossession in Latin America, ecological perspectives on sustainability in China, global exploitation chains in agriculture, and postcolonial criticisms of economic development. The Handbook concludes with an exploration of the relationship between political economy and social policy, global health, and public policies.Providing a combination of critical engagement with the various theories of political economy and their application to key economic policies, this will be essential reading for students and academics in comparative politics, economics and finance, international relations, political economy, public policy, and political science. Policymakers interested in addressing socially and environmentally unsustainable practices will also find this an illuminating and informative resource.Trade Review‘Critical political economy has done much to debunk mainstream myths surrounding the “efficiency” of the market, the neutrality of the international division of labour, the desirability of “liberalisation”, and the implication that there are no alternatives to neoliberalism. Those criticisms are explained clearly in this brilliant volume; but the authors also sketch the contours of democratic and socially responsible forms of production, exchange, and social organisation. This is an indispensible volume for students, scholars, and activists working on global development.’ -- Alfredo Saad-Filho, King’s College London, UK‘This Handbook is a much needed response to the surge in scholarship on political economy over the past decade. It lays out the theoretical roots, the range of methodological approaches, and addresses a host of highly relevant issues, including labor, finance, and health care in different parts of the world. An exciting contribution to the ongoing debate.’ -- Katharina Pistor, Columbia Law School, USTable of ContentsContents: 1 Introduction to the Handbook on Critical Political Economy and Public Policy 1 Christoph Scherrer, Ana Garcia and Joscha Wullweber PART I THEORIES OF POLITICAL ECONOMY WITH PUBLIC POLICY IMPLICATIONS 2 Plurality of political economy approaches to the global division of labor 20 Christoph Scherrer 3 The cultural political economy approach to public policy 36 Bob Jessop and Ngai-Ling Sum 4 Institutionalist, regulationist and dependency approaches to transition countries’ economic policies 49 Joachim Becker 5 COVID-19 and the gender dilemma: blind spots in both macroeconomics and feminist economics 65 Brigitte Young 6 Ordoliberalism’s advice for economic policymaking 80 Pavlos Roufos 7 What is neoliberal about new public management? 95 Sahil Jai Dutta, Samuel Knafo and Ian Lovering PART II METHODS 8 Historical-materialist policy analysis of climate change policies 110 Etienne Schneider, Alina Brad, Ulrich Brand, Mathias Krams and Valerie Lenikus 9 Beyond methodological Fordism: the case for incorporated comparisons 127 Alexander Gallas PART III ENVIRONMENT 10 Land grabbing, financialization and dispossession in the 21st century: new and old forms of land control in Latin America 144 Karina Kato and Sergio Leite 11 Extractive economies and public policies: critical perspectives from Latin America 159 Bruno Milanez and Ana Garcia 12 Ecological perspectives on sustainability in China 176 Lau Kin Chi 13 Looking south: megaprojects, borders and (in)mobilities 186 Ana Esther Ceceña and Sergio Prieto Díaz PART IV FINANCE 14 Challenges for monetary policies in the 21st century: financial crises and shadow banking 204 Joscha Wullweber 15 Governance of the eurozone in the face of transnational crises dynamics 219 Hans-Jürgen Bieling 16 Chinese capitalism and the global economic order: the impact of China’s rise on global economic regulation 232 Jenny Simon 17 Taming dollarization hysteresis: evidence from post-socialist countries 247 Ia Eradze PART V LABOUR 18 Global exploitation chains in agriculture 262 Praveen Jha and Paris Yeros 19 The development of labor policies in China: from passive revolution to eroding hegemony 279 Elaine Sio-ieng Hui 20 The political economy of minimum wage policies 293 Hansjörg Herr 21 Just transitions: a historical relations analysis 310 Dimitris Stevis PART VI TAXATION 22 Critical political economy of taxation 327 Hanna Lierse 23 Global tax governance 341 Matti Ylönen and Lauri Finér 24 Globalization, international tax policy and the OECD 356 Lyne Latulippe PART VII TRADE AND ECONOMIC DEVELOPMENT 25 Postcolonial critique of economic development 374 Aram Ziai 26 Economic cycles and rural policies in the People’s Republic of China 387 Sit Tsui, Yan Xiaohui, He Zhixiong and Wen Tiejun 27 Trade and investment agreements from a critical international political economy perspective 402 Luciana Ghiotto 28 South Africa’s failed privatization, commercialization and deregulation of network infrastructure 413 Greg Ruiters and Patrick Bond PART VIII WELFARE 29 Care in global value chains 430 Christa Wichterich 30 The cultural political economy of housing policy in the era of the Islamist Justice and Development Party in Turkey 446 Ismail Doga Karatepe 31 The financialization of social policy: an overview 461 Lena Lavinas, Lucas Bressan, Pedro Rubin and Ana Carolina Cordilha 32 The political economy of global health and public policies 476 Jameson Martins and Deisy de Freitas Lima Ventura Index
£215.00
Edward Elgar Publishing Ltd Toward a Political Economy of the Commons: Simple
Book SynopsisSince Garrett Hardin published ‘The Tragedy of the Commons’ in 1968, critics have argued that population growth and capitalism contribute to overuse of natural resources and degradation of the global environment. They propose coercive, state-centric solutions. This book offers an alternative view. Employing insights from new institutional economics, the authors argue that property rights, competitive markets, polycentric political institutions, and social institutions such as trust, patience and individualism enable society to conserve natural resources and mitigate harms to the global environment.The authors support their argument by considering several types of commons: forests, fisheries, minerals, and the global environment. The central lesson of these empirical studies is that following a simple set of rules – definition and enforcement of property rights in response to local conditions, creating and maintaining democracy at the local level, and establishing markets to allocate resources – improves ecological and environmental sustainability.This book will appeal to scholars of natural resources, economics, political science and public policy as well as policymakers who are interested in environmental governance and the ways markets contribute to sustainability.Trade Review‘Toward a Political Economy of the Commons is an excellent volume. The authors have managed the remarkable feat of writing a concise and yet thorough account of one of the most complex problems in political economy. The book offers a great balance between theoretical discussions and in-depth case studies. The book also showcases the great explanatory power of the Ostromian approach to political economy which weaves together property rights economics, polycentric governance, and attention to civil society alongside formal politics.’ -- Vlad Tarko, The Independent Review: A Journal of Political Economy‘The cosmopolitan, self-governing, and dynamic vision provided in the book offers the most humane solution to some of society’s most challenging problems.’ -- Joshua Ammons, Public Choice‘This book is a unique and masterful attempt to combine an introduction to the problem of the commons with a critical analysis of some of the most relevant and interesting aspects related to their nature, variety of forms, and governance arrangements. The book is made even more remarkable by the fact that, in the analysis, it engages into an exemplary methodical use of the institutional theory and political economy apparatus, within an interdisciplinary setting.’ -- Paul Dragos Aligica, University of Bucharest, Romania and George Mason University, US‘This is a superb account of why discussions about sustainability cannot be divorced from an understanding of how alternative institutional arrangements condition the knowledge individuals and communities have about environmental dilemmas and their incentives to address them. Too often, debates about “commons problems” are clouded by analytical confusions and ideological blinders. While this book's authors have a point of view, their analysis does much to clear the confusion and to allow the sunlight of political economy to shine through.’ -- Mark Pennington, King's College London, UKTable of ContentsContents: Preface 1. The puzzle of the commons 2. The political economy of the commons 3. Governing forests 4. Governing fisheries 5. Governing minerals 6. Governing the global environment 7. Simple rules to manage the commons References Index
£90.76
Edward Elgar Publishing Ltd Neoliberal Social Justice: Rawls Unveiled
Book SynopsisThis timely and provocative book challenges the conventional wisdom that neoliberal capitalism is incompatible with social justice. Employing public choice and market process theory, Nick Cowen systematically compares and contrasts capitalism with socialist alternatives, illustrating how proponents of social justice have decisive reasons to opt for a capitalism guided by neoliberal ideas. Cowen shows how general rules of property and voluntary exchange facilitate widespread cooperation. Revisiting the works of John Rawls, he offers an interdisciplinary reconciliation of Rawlsian principles with liberal democracy by introducing 'robust property-owning democracy', a new form of governance that aims to achieve social justice via practical, liberal means. Chapters address the knowledge problem and the incentive problem that emerge when aiming for a fair distribution of social resources and demonstrate how everyday political bargaining can help achieve just outcomes for all. Utilising insights from philosophy, politics and economics to show the role of market institutions and constitutional government in producing social justice, this book is crucial reading for academics, researchers and students of PPE and the political sciences. Its practical policy proposals will further benefit policymakers interested in mechanisms that spread the benefits of economic growth equitably.Trade Review’Neoliberal Social Justice brings important considerations like the knowledge problem and entrepreneurial discovery into debates about how the just society “should” be organized. The result is an analysis and set of public policy recommendations that are much more classically liberal than the ones that have emerged from the Rawlsian tradition. Economic liberties, Cowen argues, are a lot more “basic” than many political philosophers seem to think, and utopia—to paraphrase Georgetown University political philosopher Jason Brennan’s Why Not Capitalism?—is classically liberal.’ -- Art Carden, Regulation’It’s a very compelling and persuasive book, and it’s a very important contribution to how we think about inequality and institutions.’ -- Aeon J. Skoble, Independent Review‘Nick Cowen’s Neoliberal Social Justice can be regarded as an intellectual accomplishment. It not only contributes significantly to the growing research sub-field of PPE, but provides unique insights with regard to collective decision-making and the formulation of rules for an economic–socio–political order that works for all people. This book is required reading for all those interested in the pursuit of a freer and fairer world.’ -- Mikayla Novak, Public Choice‘To sum up, Neoliberal Social Justice is an important book, and I hope it receives the attention that it is due. Cowen makes two contributions that should change the discourse surrounding the ever-present Rawls and his theory of justice. First, for those who choose to work within ideal theory, Cowen shows that Rawls’s theory of justice is not as hostile to markets as initially seems to be the case. There are compelling arguments for a greater reliance on markets even if one accepts the ideal theorist’s sanguine behavioral assumptions. And second, for those who walk the relatively uncharted terrain of non-ideal theory, there is still much in Rawls to hold on to. Rawls’s theory can be made to work within the confines of more realistic behavioral assumptions, but the institutional implications of doing so are far different from what Rawls and his followers anticipated.’ -- Brian Kogelmann, The Review of Austrian Economics'Neoliberal Social Justice is a remarkable book. Nick Cowen shows that John Rawls's normative commitments, if complemented by institutional and market-process economics, actually support classical liberal public policies. This is a unique and extremely valuable achievement.' -- Mario Rizzo, New York University, US'The problem any political group faces is how to generate morally binding political choice that somehow reconciles the conflicting plans and purposes of many citizens. The ''first-wave'' Rawlsians argued that consensus necessarily emerges from the reasoned consideration of shared goals. The ''second-wave'', including Tom Christiano, Gerald Gaus, and others, used Rawlsian methods but amended Rawls's conclusions, suggesting concrete procedures by which a binding consensus could be generated. In this book, Cowen proposes a novel third approach: expand Rawls's approach to incorporate the limitations of real political arrangements to solve the problem of discovery and incentives. Cowen's conclusion, that even - and perhaps especially - doctrinaire Rawlsians should support liberal institutions such as market systems and capitalist profit and loss, is sure to generate controversy. But the book is well-argued, and the argument is firmly situated in substantive arguments in political philosophy. Cowen's work is a landmark in our understanding of the relationship between ethical theories and practical politics.' -- Michael C. Munger, Duke University, US'From Rousseau and Smith to John Rawls and Milton Friedman, liberalism has wished humans to be equal. In his closely argued yet lucid book, Nick Cowen melds the left and right of liberalism. Such an equality requires a plausible theory of what’s economically and politically possible. This Cowen elegantly supplies.' -- Deirdre Nansen McCloskey, author of Why Liberalism WorksTable of ContentsContents: 1. Introduction PART I WHY INSTITUTIONS MATTER IN IDEAL THEORY 2. Ideal theory and the basic structure 3. Knowledge, not incentives PART II DISTRIBUTIVE JUSTICE AND THE KNOWLEDGE PROBLEM 4. Rawls’ neoclassical economics 5. The burdens of knowledge 6. Why capitalism 7. Why not market socialism 8. Why not economic democracy PART III DISTRIBUTIVE JUSTICE AND THE INCENTIVE PROBLEM 9. Fairness failure 10. The constitutional point of view 11. The robust case for behavioural symmetry PART IV DISTRIBUTIVE JUSTICE AND ECONOMIC LIBERTY 12. Basic economic liberties and the moral powers 13. The subjective and objective conditions of the circumstances of justice 14. Developing moral capacities PART V ROBUST PROPERTY-OWNING DEMOCRACY 15. Defining property-owning democracy 16. The robustness critique of property-owning democracy 17. The case for a robust property-owning democracy 18. Conclusion Index
£94.00
Edward Elgar Publishing Ltd Central Banking, Monetary Policy and the Future
Book SynopsisPart of The Elgar Series on Central Banking and Monetary Policy, this book explores the relationship between central banking, monetary policy and the economy at large, focusing on the specific relationship between central banking, monetary policy and the future of money.The book explores the complexity of the current monetary policy transmission channels and the issue of confidence in money. Scholars examine the specific relationship between central banking, monetary policy and the future of money, with a particular insight on digital and local currencies. Scholars and students interested in central banking and monetary policy, the digitalization of money and the relationship between central banks and the growth of local currencies will value this timely take on the new realities of central banking.entralTrade Review‘Research about the future of money is too often biased or incomplete because the potentialities of a single type of money (crypto-asset, central bank digital currency or local complementary currency) are analyzed by making technological development the main force for change. The authors of Central Banking, Monetary Policy and the Future of Money take up the challenge of approaching these potentialities by considering how the plurality of both material and institutional forms (public, private and community) evolves in various socio-economic and cultural contexts. We discover the possible scenarios in a future that is multiple and uncertain because it is constantly being reframed by the ever-changing present contexts.’ -- Jean-Michel Servet, Graduate Institute, Geneva, Switzerland‘The rapid evolution of forms of digital money has stimulated a vast wide-ranging literature on the “future” of money, especially the impact of the proliferation of cryptocurrencies on the relationships between monetary authorities and central banks. In contrast to the superficial speculative nature of much of the debate, the editors and contributors in this collection bring sound, meticulous scholarship and a thorough understanding of monetary theory and policy, setting an exemplary standard for future research.’ -- Geoffrey Ingham, University of Cambridge, UK‘This book on central banking, monetary policy and the future of money is driven by three talented economists under the auspices of post-Keynesian economics. Gathering many authors in its eleven chapters, the book largely explores the future under the heading of cryptocurrencies. Most articles deal with central bank digital currencies (CBDC), either theoretically or in describing this innovation in some countries. The theoretical underpinning, echoing Keynes’s view, is that CBDCs recover the sovereignty of money in the digital world.’ -- Michel Aglietta, Centre d’Études Prospectives et d’Informations Internationales (CEPII), FranceTable of ContentsContents: Introduction to Central Banking, Monetary Policy and the Future of Money 1 Guillaume Vallet, Sylvio Kappes and Louis-Philippe Rochon 1 Cryptocurrencies and the future of money 23 Matheus R. Grasselli and Alexander Lipton 2 Bitcoin design, theory of money and implications: a Keynesian assessment 57 Matheus Trotta Vianna 3 Cryptocurrencies, Big Techs, central bank digital currencies and the changing role of banks in the payment industry: old wine in new bottles? 76 Léo Malherbe and Matthieu Montalban 4 Is CBDC strengthening the monetary transmission mechanism? 94 Kristóf Lehmann, Zoltán Szalai and Pál Péter Kolozsi 5 CBDC: functional scope, pricing and controls 120 Ulrich Bindseil, Fabio Panetta and Ignacio Terol 6 Money creation and liquid funding needs are compatible 154 Marco Gross and Christoph Siebenbrunner 7 The Swedish e-krona: a means of guaranteeing the possibility of making payments for all 187 Eva Julin 8 Programmable central bank digital currency for monetary circuits of production 209 Andrés Arauz 9 Large-scale currency circuits as anti-crisis mechanism: the Argentine Redes de Trueque 221 Georgina M. Gómez 10 Community-based alternative currencies as drivers of new monetary arrangements 245 Jérôme Blanc and Marie Fare 11 ‘In money we trust’: the issue of confidence in money in the Swiss WIR system 272 Guillaume Vallet Index 302
£114.00
Edward Elgar Publishing Ltd Advanced Introduction to Bounded Rationality
Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business 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.Offering an engaging overview of the concepts of bounded rationality and their applications, this stimulating Advanced Introduction engages with the topic in a constructively critical manner to introduce new ideas. Chapters cover key topics including: optimally imperfect decisions; ecological rationality; the role of bounded rationality in evolutionary economics; satisficing as a response to bounded rationality; desirable types of economic decisions; the relational exercise of foresight; and the impact of bounded rationality on the efficiency of organizations.Key Features: Demonstrates the progress made in the field over the last century Presents a unique, succinct and useful coverage of the core issues in the topic Outlines different concepts of rationality and specifies factors that result in limited rationality Postgraduate and advanced undergraduate economics and business management students will find this a stimulating read. The easy-to-follow exposition of the topic and careful use of diagrams will also make this an interesting book for decision makers, business managers and policy makers who have studied economics or business administration. Trade Review‘This book is essential reading for those interested in bounded rationality as a framework to understand economic decision making. This well-written book explains how Herbert Simon’s original insight of bounded rationality underlies some of the most basic concepts of economics including constrained optimization, satisficing, and the cross-cultural regularities in human decision making uncovered by behavioral economics.’ -- John Gowdy, Rensselaer Polytechnic Institute, US‘This is a very scholarly and comprehensive look at bounded rationality, a core subject in the behavioural sciences. . . Essential reading. . . It provides an unusually balanced view of the subject.’ -- Konstantinos Katsikopoulos, University of Southampton, UK
£98.67
Edward Elgar Publishing Ltd Advanced Introduction to Bounded Rationality
Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business 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.Offering an engaging overview of the concepts of bounded rationality and their applications, this stimulating Advanced Introduction engages with the topic in a constructively critical manner to introduce new ideas. Chapters cover key topics including: optimally imperfect decisions; ecological rationality; the role of bounded rationality in evolutionary economics; satisficing as a response to bounded rationality; desirable types of economic decisions; the relational exercise of foresight; and the impact of bounded rationality on the efficiency of organizations.Key Features: Demonstrates the progress made in the field over the last century Presents a unique, succinct and useful coverage of the core issues in the topic Outlines different concepts of rationality and specifies factors that result in limited rationality Postgraduate and advanced undergraduate economics and business management students will find this a stimulating read. The easy-to-follow exposition of the topic and careful use of diagrams will also make this an interesting book for decision makers, business managers and policy makers who have studied economics or business administration. Trade Review‘This book is essential reading for those interested in bounded rationality as a framework to understand economic decision making. This well-written book explains how Herbert Simon’s original insight of bounded rationality underlies some of the most basic concepts of economics including constrained optimization, satisficing, and the cross-cultural regularities in human decision making uncovered by behavioral economics.’ -- John Gowdy, Rensselaer Polytechnic Institute, US‘This is a very scholarly and comprehensive look at bounded rationality, a core subject in the behavioural sciences. . . Essential reading. . . It provides an unusually balanced view of the subject.’ -- Konstantinos Katsikopoulos, University of Southampton, UK
£21.00
Edward Elgar Publishing Ltd Teaching the Essentials of Law and Economics
Book SynopsisTeaching the Essentials of Law and Economics covers the core areas of law and economics, also known as the economic analysis of law, in non-technical terms with guiding notes throughout the text. Replete with cases and illustrations, it may be used both as a lecture guide for instructors, and as a basic text for students. The author provides an up-to-date and succinct account of the application of economic analysis to legal doctrines, institutions and legal reform. Classic cases taken from Anglo-American common law, with some consideration of civil law, along with more recent material, are used to illustrate the analysis. The book has a non-technical, built-in system designed to guide teaching as well as private study of the material. Professors and instructors teaching this growing field of inquiry as well as legal scholars interested in the influence of economics on American law, economists analyzing the incentive structure of legal systems and doctrines, public-policy students considering legal reform and judges and legal personnel seeking a succinct treatment of economics of law will be indebted to the author for this guide to Teaching Essentials of Law and Economics.Trade Review'Professor Antony Dnes has written a few books in Law and Economics to general audiences in the last decades. But this is not just another book introducing law and economics to lawyers, economists, social scientists and policy makers. This is a different book in teaching the essentials of law and economics. Why different? The reason is that it provides for a unique combination of the standard introduction to law and economics, as typically taught in advanced degrees in universities across the world, with a novel approach to focusing on fundamental concepts and practical examples. Furthermore, each chapter concludes with a thorough state-of-the-art literature review offering different perspectives. The book can be explored alongside more traditional study materials, thus benefitting students and instructors. It can be used by legal practitioners as a quick access to specific topics or notions in law and economics. It can be read by the general public looking for a simple, yet rigorous, explanation for economic insights to legal policy.' --Nuno Garoupa, George Mason University, USTable of ContentsContents Preface 1. What is “Law and Economics?” 2. Property rights. 3. Conflicts over property rights 4. Contracts, information and trade 5. Breach of contract 6. Essential economics of tort law 7. Crime and punishment Index
£29.95
Liverpool University Press Un philosophe des Lumières entre Naples et Paris:
Book SynopsisCélèbre pour ses travaux d’économie politique ainsi que pour son activité diplomatique, Ferdinando Galiani (1728-1787) incarne un type singulier de ‘philosophe’, s’attribuant et reniant cette appellation en fonction des contextes. Bien que refusant de construire un système ordonné d’idées, Galiani produit un savoir philosophique qui accompagne et enrichit ses projets politiques. Située au carrefour de l’histoire, de la littérature et de la philosophie, cette monographie étudie ainsi le parcours de Galiani en mesurant la finalité sociale et politique de sa production philosophico-littéraire, et en saisissant son identité de ‘philosophe’ entre Naples et Paris. Quelles influences ces deux milieux socioculturels ont-ils eu sur sa pensée et sur sa carrière? Cette interrogation constitue le cœur d’une analyse souhaitant reconsidérer conjointement les contextes napolitain et parisien, où les termes de ‘philosophe՚ et de ‘filosofo՚ se chargent de significations, de pratiques et d’emplois différenciés. A l’aune des discours, des pratiques et des représentations que cet auteur construit tout au long de sa vie, ce livre inscrit Galiani dans la dimension concrète du travail philosophique, en étudiant sa manière de vivre en philosophe, là où les batailles philosophiques, les succès éditoriaux et la gloire cohabitent sans antagonisme avec des inquiétudes d’ordre matériel, des craintes concernant sa réputation ou encore des échecs. --- Famous for his works on political economy as well as for his diplomatic activity, Ferdinando Galiani (1728-1787) embodies a singular type of 'philosopher', attributing and denying himself this designation according to the context. Although he refused to construct an ordered system of ideas, Galiani produced a philosophical knowledge that accompanied and enriched his political projects. Situated at the crossroads of history, literature and philosophy, this monograph studies Galiani's career by measuring the social and political purpose of his philosophical-literary production, and by establishing his identity as a 'philosopher' between Naples and Paris. What influences did these two socio-cultural milieus have on his thought and his career? This question constitutes the core of an analysis that aims to simultaneously reconsider the Neapolitan and Parisian contexts, where the terms ‘philosophe՚ and ‘filosofo՚ take on different meanings, practices and uses. In the light of the discourses, practices and representations that this author constructed throughout his life, this book places Galiani in the real dimension of philosophical work, studying his way of life as a philosopher, where philosophical battles, editorial successes and fame coexist without conflict with material worries, fears about his reputation or even failures.
£87.18
Edward Elgar Publishing Ltd Marx: Key Concepts
Book SynopsisThis scholarly book conducts an extensive exploration into the central ideas of Karl Marx, focussing on the key concepts that have defined his thought and legacy. Bringing together a wealth of internationally renowned contributors, across different generations, Marx: Key Concepts analyses in depth Marx’s theories of (surplus) value, money, and capital, and their reception in classical and contemporary economic, sociological and philosophical debates. Chapters cover Marx’s core writings on the meaning of critique of political economy, materialism, dialectical method, real abstraction, absolute value, money, automatic Subject, reproduction, original accumulation, material interchange, domination, social reproduction, and pre-capitalist modes of production.Rediscovering the theoretical stratified density of the basic notions in Capital, the book provides crucial insight into the complexity and global significance of Marx’s ideas and their relevance for the understanding of contemporary society, politics and economy. This book will be essential reading for academics, scholars and researchers interested in the history and the methodology of economic thought, social science, political economy, sociology, and political theory.Trade Review‘In Marx: Key Concepts, fourteen internationally well-known scholars, true experts in Marx's profound ideas, delve into and amplify the critical concepts of his remarkable thought. This groundbreaking book is an innovative exploration in Marx’s laboratory and a must-read for passionate specialists, enthusiastic activists, and curious readers yearning to unravel the intricate tapestry of our world.’ -- Massimiliano Tomba, University of California, Santa Cruz, US‘This state-of-the-art book is witness to a renaissance of interest in Marx, covering the new directions of emerging research and exploring the liveliness of ongoing debates. The arguments are immensely interesting, supported by sophisticated philosophical understanding and an in-depth knowledge of Marx’s work.’ -- Christopher J. Arthur, formerly University of Sussex, UKTable of ContentsContents: Introduction to Marx: Key Concepts xi Riccardo Bellofiore and Tommaso Redolfi Riva 1 Critique 1 Tommaso Redolfi Riva 2 Materialism and dialectics 16 Stefano Breda 3 Finite Marxism 32 Frieder Otto Wolf 4 The economic cell form 49 Bob Jessop 5 Absolute value 67 Riccardo Bellofiore 6 Money, measurement and quantification 108 Frank Engster 7 Automatic subject 128 Luca Micaloni 8 Reproduction 145 Roberto Fineschi 9 Primitive accumulation 156 Sebastiano Taccola 10 Domination 169 Chris O’Kane 11 Real abstraction 187 Gianluca Pozzoni 12 Social reproduction 203 Kirstin Munro 13 Material interchange 217 Vittorio Morfino 14 Ethnological notebooks 228 Emanuela Conversano
£100.00
Edward Elgar Publishing Ltd Thirlwall's Law at 40
Book Synopsis2019 marked the 40th anniversary of the publication of Anthony P. Thirlwall's classic paper that laid out what became known as Thirlwall''s law. This article introduced and provided empirical evidence in favor of the proposition that the long-run rate of growth of an economy compatible with balance-of-payments equilibrium can be approximated by the simple rule of the ratio of the growth of exports to the income elasticity of demand for imports.Thirlwall's law provides a theoretical underpinning for several of the arguments traditionally espoused by the heterodox followers of Keynes. In addition, Thirlwall's law can also be viewed as a guide to policy-making. It has spurred a rich research agenda at both the theoretical and empirical levels. Theoretically the core model has been extended to include the different components of the current account of the balance of payments. Empirically, it has withstood the test of time and has been corroborated, with perhaps a few exceptions, for a variety of developed and developing countries under different historical contexts and different periods of time.This re-release of the special issue of the Review of Keynesian Economics brings together experts and researchers to present the latest developments and debates on Thirlwall's law. Students, economists and policy makers will find this volume enlightening.Table of ContentsContents: Symposium: Thirlwall’s Law at 40 Thirlwall’s law at 40 1 Esteban Pérez Caldentey and Matías Vernengo Why Thirlwall’s law is not a tautology: more on the debate over the law 3 J.S.L. McCombie Endogenous growth, capital accumulation and Thirlwall’s dynamics: the case of Latin America 18 Ignacio Perrotini-Hernández and Juan Alberto Vázquez-Muñoz Thirlwall’s law and the terms of trade: a parsimonious extension of the balance-of-payments-constrained growth model 37 Esteban Pérez Caldentey and Juan Carlos Moreno-Brid Thirlwall’s law, external debt sustainability, and the balance-ofpayments- constrained level and growth rates of output 60 Gustavo Bhering, Franklin Serrano and Fabio Freitas Growth transitions and the balance-of-payments constraint 72 Excellent Mhlongo and Kevin S. Nell New Structuralism and the balance-of-payments constraint 91 Gabriel Porcile and Giuliano Toshiro Yajima Is Indonesia’s growth rate balance-of-payments-constrained? A timevarying estimation approach 111 Jesus Felipe, Matteo Lanzafame and Gemma Estrada Thoughts on balance-of-payments-constrained growth after 40 years 128 A.P. Thirlwall
£82.00
Edward Elgar Publishing Ltd Liberal Solidarity: The Political Economy of
Book SynopsisThe twenty-first century has seen major challenges to freedom and democracy. Authoritarianism is on the rise and democracy is in retreat. Some promote individualism and markets as the solution to almost every problem. On the other side there are those who champion collectivism and full public ownership. Neither side is convincing. Unrestrained capitalism has exacerbated inequality. Socialism in practice has ended democracy. Effective defenders of liberty and human flourishing must find a different course. This book argues for a pragmatic, social democratic liberalism that avoids unrealistic extremes and tackles major problems such as inequality and climate change.This book is a topical and powerful statement of social democratic liberalism. It will be of interest to anyone concerned about modern politics, including those in universities and political partiesTrade Review'Large-scale socialism has failed, but markets alone are not the solution, says Geoffrey Hodgson in this highly engaging and readable book. To meet the many challenges we face today, what we need is ''liberal solidarity,'' or what he also calls a regenerated form of ''social democratic liberalism''. We must begin by recognizing one essential fact: Bentham was wrong. Human beings are not just pleasure-seeking, utility-maximizing creatures. They have deep moral sentiments and dispositions that cause them to understand their obligations to others. Full of insights and suggestions, this is a compelling read.' -- Helena Rosenblatt, City University of New York, USTable of ContentsContents: Preface 1. Introduction to Liberal Solidarity: The Political Economy of Social Democratic Liberalism 2. On the evolution and diversity of liberalisms 3. On the rights and wrongs of individualism 4. Liberty, autonomy and needs 5. The worm that is gnawing at the insides of our civilization 6. The evolution of human nature and moral judgment 7. Markets, motivations and morality 8. Is everything already a market? 9. The necessity of democracy – and its limits 10. Capitalism, socialism and the climate crisis 11. Reducing inequality – and a general conclusion References Index
£109.00
Edward Elgar Publishing Ltd Liberal Solidarity: The Political Economy of
Book SynopsisThe twenty-first century has seen major challenges to freedom and democracy. Authoritarianism is on the rise and democracy is in retreat. Some promote individualism and markets as the solution to almost every problem. On the other side there are those who champion collectivism and full public ownership. Neither side is convincing. Unrestrained capitalism has exacerbated inequality. Socialism in practice has ended democracy. Effective defenders of liberty and human flourishing must find a different course. This book argues for a pragmatic, social democratic liberalism that avoids unrealistic extremes and tackles major problems such as inequality and climate change.This book is a topical and powerful statement of social democratic liberalism. It will be of interest to anyone concerned about modern politics, including those in universities and political partiesTrade Review'Large-scale socialism has failed, but markets alone are not the solution, says Geoffrey Hodgson in this highly engaging and readable book. To meet the many challenges we face today, what we need is ''liberal solidarity,'' or what he also calls a regenerated form of ''social democratic liberalism''. We must begin by recognizing one essential fact: Bentham was wrong. Human beings are not just pleasure-seeking, utility-maximizing creatures. They have deep moral sentiments and dispositions that cause them to understand their obligations to others. Full of insights and suggestions, this is a compelling read.' -- Helena Rosenblatt, City University of New York, USTable of ContentsContents: Preface 1. Introduction to Liberal Solidarity: The Political Economy of Social Democratic Liberalism 2. On the evolution and diversity of liberalisms 3. On the rights and wrongs of individualism 4. Liberty, autonomy and needs 5. The worm that is gnawing at the insides of our civilization 6. The evolution of human nature and moral judgment 7. Markets, motivations and morality 8. Is everything already a market? 9. The necessity of democracy – and its limits 10. Capitalism, socialism and the climate crisis 11. Reducing inequality – and a general conclusion References Index
£27.95
Edward Elgar Publishing Ltd Teaching Cultural Economics
Book SynopsisCultural economics deals with many aspects of the creative economy including the art market, heritage, live performing arts and cultural industries. Teaching Cultural Economics introduces the range and scope of these subjects through short chapters by experienced teachers who are expert in the topic of their chapters. The guide starts out with chapters on the experience of teaching cultural economics by leading exponents in the field. Chapters then follow grouped by general topic: financing cultural production, artists' labour markets, consumer behaviour in the cultural sector, digitisation and copyright and case studies of creative industries. The breadth of material provided within these pages is invaluable to teachers who wish to offer courses in cultural economics and are seeking guidance for developing a new course, as well as for teachers who are already teaching cultural economics and are seeking inspiration for new case studies. The material can also be used by teachers of other courses who wish to teach cultural economics as part of their curriculum. Contributors include: V. Ateca-Amestoy, H. Bakhshi, A. Baldin, F. Benhamou, T. Bille, E. Bjørnsen, R. Buijze, S. Cameron, L. Champarnaud, D.C. Chisholm, M.J. del Barrio-Tellado, L. Delomeaux, J. Denis, P. Di Caro, L. Di Gaetano, J. Farchy, K. Goto, C. Handke, S.J.C. Hemels, L.C. Herrero- Prieto, P. Kaszynska, E. Lazzaro, I. Mazza, J. McKenzie, A. Mignosa, T. Navarrete, T. Orme, G. Pignataro, I. Rizzo, B. Seaman, R. TowseTrade Review‘This is a rich and extremely useful guide on why to teach cultural economics, how it should be taught and what to teach.’ -- Jen Snowball, Journal of Cultural Economics'This book, composed by three leading scholars in the field, includes 38 articles that are most useful for courses in the Economics of Culture. They cover a broad range of topics, among them various relationships to digitization. I highly recommend it.' --Bruno S. Frey, University of Basel, SwitzerlandTable of ContentsContents: 1 Introduction 1 Trine Bille, Anna Mignosa and Ruth Towse 2 Teaching cultural economics 3 Ruth Towse 3 Cultural economics – in research and teaching 10 Trine Bille 4 Why a(nother) book on cultural economics? 20 Anna Mignosa 5 My approach to teaching cultural economics: Why, how, what? 25 Franҫoise Benhamou 6 Teaching cultural economics: The perspective of a decade 27 Bruce A. Seaman PART I ECONOMICS OF PUBLIC SUPPORT FOR ARTS AND CULTURAL ORGANIZATIONS 7 Economic arguments for public support of arts and culture 42 Trine Bille 8 Cultural value and economic value in arts and culture 51 Patrycja Kaszynska 9 Performance assessment in cultural institutions 58 Luis César Herrero-Prieto and María José del Barrio-Tellado 10 Economic impact studies 69 Trine Bille PART II FINANCING CULTURAL PRODUCTION 11 Tax incentives for the cultural sector 79 Sigrid Hemels 12 Tax incentives for international giving to the cultural sector 86 Renate Buijze 13 Philanthropy 91 Luigi Di Gaetano and Isidoro Mazza 14 The economics of crowdfunding 99 Franҫoise Benhamou PART III ARTISTS’ LABOUR MARKETS 15 Artists’ earnings and labour markets 106 Trine Bille 16 Contracts for creators and performers in the creative industries 115 Ruth Towse 17 Busking as a source of income 122 Samuel Cameron 18 Creators’ and performers’ earnings from copyright 129 Ruth Towse 19 Superstars 140 Luc Champarnaud PART IV CONSUMER BEHAVIOUR IN THE CULTURAL SECTOR 20 Demand for cultural goods: Key concepts and a hypothetical case study 149 Bruce A. Seaman 21 Consumer theory, market segmentation and audience research on cultural goods 157 Victoria Ateca-Amestoy 22 Consumer behaviour in the performing arts 166 Andrea Baldin 23 Digital consumption of cultural goods and services 175 Jordi McKenzie 24 Strategies for and experiences of audience development 182 Egil Bjørnsen 25 Big Data: The new avenue for measuring cultural consumption? 189 Lydia Deloumeaux PART V DIGITIZATION AND COPYRIGHT 26 Artificial intelligence and cultural creation 198 Joëlle Farchy and Juliette Denis 27 Digitization in museums 204 Trilce Navarrete 28 Paying for digital music 214 Christian Handke 29 The economics of e-books 220 Françoise Benhamou 30 BBC3 goes digital 225 Ruth Towse PART VI TOPICS IN ECONOMICS OF CULTURAL AND CREATIVE INDUSTRIES 31 Measuring the creative economy 230 Hasan Bakhshi 32 Art at the crossroads between creativity, innovation, digital technology and business, a case study 238 Elisabetta Lazzaro 33 Art galleries as market makers 244 Paolo Di Caro and Isidoro Mazza 34 Film economics 253 Tylor Orme and Darlene C. Chisholm 35 Cinema economics 258 Tylor Orme and Darlene C. Chisholm 36 Intangible cultural heritage 262 Kazuko Goto and Anna Mignosa 37 The economics of craft 268 Kazuko Goto and Anna Mignosa 38 Conservation of historical buildings: The rehabilitation of the Benedettini Monastery in Catania 275 Giacomo Pignataro and Ilde Rizzo Index 282
£31.30
Edward Elgar Publishing Ltd A Modern Guide to Post-Keynesian Institutional
Book SynopsisThis book advances Post-Keynesian Institutional economics, an integrative tradition - inspired by keen economic observers such as John Kenneth Galbraith, Joan Robinson, and Hyman Minsky - that bridges Institutional and Post Keynesian economics. The tradition proved its worth by addressing the global financial crisis of 2007-2009, as well as by analyzing long-term trends accompanying the evolution of investor-driven (“money manager”) capitalism, including financialization, spreading worker insecurity, and rising inequality. This Modern Guide begins with the history and contours of Post-Keynesian Institutionalism, and then breaks new ground, extending recent analyses of contemporary economic problems, sharpening concepts and methods, sketching new theories, and synthesizing ideas across research traditions. Written by leading scholars, this authoritative collection identifies policy-relevant frontiers—on matters ranging from social capital and economic democracy to feminism and environmental sustainability—thereby setting an ambitious agenda for further Post-Keynesian Institutionalist research.In addition to being useful as a statement of current Post-Keynesian Institutionalist issues and research, the book serves as both a valuable reference volume and a source of material appropriate for course adoption for undergraduate and graduate students. Policymakers and policy analysts dissatisfied with the status quo should also find the book of interest. It will likely be especially relevant to those concerned with financial instability, worker insecurity, and inequality, problems that in recent years have had considerable economic and political consequences.Trade Review‘Charles Whalen and his contributors have distilled the core strengths of Post Keynesian, Evolutionary, and Institutionalist economics into a state-of-the-art review of Post-Keynesian Institutionalism. This book makes the strongest case for placing that tradition in the contemporary arsenal of scholars of economics and political economy.’ -- Anastasia Nesvetailova, United Nations Conference on Trade and Development, Switzerland‘In A Modern Guide to Post-Keynesian Institutional Economics, Charles Whalen assembles the valuable insights of a generation of Institutional economists whose research, in sharp contrast to Neoclassical orthodoxy, reveals how the real-world economic system actually evolves, operates, and performs.’ -- William Lazonick, University of Massachusetts, Lowell, US‘This Modern Guide offers a smart collection of essays on the intersection of economic growth, wealth and debt inequality, and financial stability, with plenty of attention to Hyman Minsky’s warning that institutions matter. Well-edited with great tables and graphics.’ -- Teresa Ghilarducci, The New School for Social Research, US‘Minsky always insisted that his theory was an elaboration of the evolution of the “financial structure,” while most only consider his idea of financial instability. This book is especially welcome as an elaboration of the idea of the evolving financial structure and how its institutions not only support economic expansion, but also produce financial instability.’ -- Jan Kregel, Levy Economics Institute of Bard College, USTable of ContentsContents: PART I INTRODUCTION 1 Introduction to the history, contours, and frontiers of Post-Keynesian Institutional economics 2 Charles J. Whalen PART II MONEY MANAGER CAPITALISM 2 The transition from managerial to money manager capitalism: the role of risk and its distribution 36 David A. Zalewski 3 Financialization and employment: a Post-Keynesian Institutionalist understanding of the transnational corporation under money manager capitalism 59 Avraham I. Baranes 4 Money manager capitalism and the coronavirus pandemic 89 Yan Liang and Charles J. Whalen 5 Wealth inequality, household debt, and macroeconomic instability 121 Christian E. Weller and Emek Karakilic 6 Labor-market institutions matter: inequality, wage policy, and worker well-being 144 Oren M. Levin-Waldman PART III CONCEPTS AND METHODS 7 Social capital and public policy: the role of civil society in transforming the state 173 Asimina Christoforou 8 Constructing an economically democratic society in the former Soviet Union: Post-Keynesian Institutionalist insights in historical perspective 194 Anna Klimina 9 A Post-Keynesian Institutionalist perspective from Latin America: the monetary circuit across stages of development 216 Alicia Girón 10 What do economists really mean? Post-Keynesian Institutionalists as economic translators 230 Timothy A. Wunder 11 Stock-flow consistent macroeconomic modeling and Post-Keynesian Institutionalism 253 Marc Lavoie PART IV THEORIES AND SYNTHESES 12 The market for labor in Post-Keynesian Institutionalism: a theoretical framework 274 Eduardo Fernández-Huerga 13 The cyclical evolution of financial regulation: a theoretical explanation 299 Samba Diop 14 From Public Choice to Minskyan collective action: the case for macro rationality-based financial regulation 322 Faruk Ülgen 15 Women’s work and its conceptualization in Post-Keynesian Institutionalism 339 Anna Zachorowska-Mazurkiewicz 16 Toward real sustainability: incorporating insight from Ecological economics into Post-Keynesian Institutionalism 359 Charles J. Whalen Index
£151.00
Edward Elgar Publishing Ltd Classical Economic Theory and the Modern Economy
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
£31.30
Edward Elgar Publishing Ltd The Supermultiplier: A Cornerstone of the New
Book SynopsisThis timely book presents a nuanced investigation into the idiosyncrasies of the supermultiplier model, examining its application to residential investment, exports and fiscal policy. It offers an accessible introduction to this growth model, hypothesising that it is one of the cornerstones of modern macroeconomics. By highlighting what this unique model adds to other heterodox systems that share common elements, such as structural growth models, this insightful book strengthens the current theoretical understanding of the new macroeconomics. Utilising important case studies such as open and decarbonised economies to encapsulate key messages gained from the study of this model, it fully acknowledges that the supermultiplier is still a work in progress and may be developed further. The Supermultiplier will be hugely influential for finance and economics graduate students focusing on an alternative macroeconomics approach. It will also appeal to academics within the same fields searching for a model that permits direct application within spreadsheets.Trade Review‘The Supermultiplier is a wonderful and much-needed book. It is wonderful because it is thoughtful, scholarly and well-written and it is much-needed because it takes the ideas, theories and models of the Post-Keynesian movement in today's economics and develops their implications for policy and social development, centring the analysis on the idea of the supermultiplier. The result is an excellent piece of economic writing: highly readable, yet deeply thoughtful.’ -- Edward J. Nell, The New School, US‘This is an excellent book that offers a new perspective on macroeconomics by utilising the theoretical tools of modern contributions based on the surplus approach. Dejuán admirably and didactically links various topics around the supermultiplier as a unifying concept to capture the permanent state of things. Therefore, this book is indispensable for understanding the current economy and tackling economic policy.’ -- Josep M. Bricall, University of Barcelona, Spain‘Finally, a thorough discussion on the supermultiplier has arrived. This is an important book that examines many aspects of the supermultiplier. It is a well-researched, well-documented and well-written book, arriving at a time when the topic is gaining prominence across all heterodox approaches. Indeed, all heterodox economists will find much to agree with in this book, which potentially can unite many heterodox voices. It deserves to be in the hands of all those interested in the future development of heterodox economics.’ -- Louis-Philippe Rochon, Laurentian University, CanadaTable of ContentsContents: 1. Introduction to The Supermultiplier: a cornerstone of the new macroeconomics 2. Demand-constrained systems and the supermultiplier in the history of economic thought 3. The supply side of the SM model: the warranted rate of growth 4. The demand side: the nucleus of the SM model 5. The financial side: endogenous money and the supermultipliercum-finance 6. The public sector: the SM of fiscal and monetary policies 7. The open economy: exports-led growth and balance of payment constraint in the SM model 8. Distribution, inflation, and growth in the SM model 9. Technical change and the structure of production in the SM growth model 10. A disaggregated SM in an input–output setting: application to the decarbonisation process 11. Key ideas and messages from the SM model References Index
£90.00
Edward Elgar Publishing Ltd Organization in the Economic Firm
Book SynopsisDonald W. Katzner explores concepts, their properties, and the implications of those properties that underlie many of the current approaches to the economics of firm organization. The book examines these matters in important new ways and in ways that have not been fully considered in the existing literature.Topics covered include authority structures, the social interaction (including supervision) among employees required to fulfill the responsibilities of their jobs, participatory decision making to the extent that it occurs, the impact of time, and certain kinds of complexity and efficiency, all of which are fundamental to analyses of the internal organization of the economic firm. The author provides a clear and extensive presentation of the basic ideas, and examines how they relate to the firm’s operation and profitability. He also develops and employs measures of the dimensions of pyramidal authority structures and analyzes the relationship between them.This book should be of interest to graduate students and scholars interested in the economic fundamentals of firm organization. It is relevant for an introductory graduate course in organization theory in economics departments and business schools. It will also appeal to scholars in such fields as sociology and psychology who work in organization theory from the perspective of their own disciplines.Trade Review‘I am not going to buy a copy of Organization in the Economic Firm: I am going to purchase two. One shall sit on my bookshelves, ready to be used when the other – which will be constantly on my desk for consultation – will be worn out. Don Katzner has managed to write yet another masterpiece.’ -- Roberto Veneziani, Queen Mary University of London, UKTable of ContentsContents: Preface 1. Introduction to Organization in the Economic Firm PART I THE STRUCTURE OF AUTHORITY 2. Rank, level, and control 3. Height and thickness 4. Supervision 5. Time, order, and firm organization PART II ORGANIZATIONAL COMPLEXITY 6. Complexity and responsiveness 7. Complexity, output, and profit PART III PARTICIPATION IN DECISION MAKING 8. Collective decision making 9. Participatory decision making 10. The location of decision making 11. The need to restructure PART IV ORGANIZATIONAL EFFICIENCY 12. Administrative efficiency 13. Allocative efficiency 14. The efficiency of organizational forms 15. Conclusion to Organization in the Economic Firm Index
£94.00
Edward Elgar Publishing Ltd Neoliberalism and the Road to Inequality and
Book SynopsisTom Palley has made a significant contribution to understanding the meaning and significance of neoliberalism. This chronicle collects some of his best work to explain how global adoption of neoliberal policies over the past thirty years has increased income inequality and created tendencies to stagnation.The book explores the impact of neoliberal policies on the US, Europe, and global economy. It shows how the 2008 financial crisis and Great Recession were predictable outcomes of the neoliberal policy experiment, as is the emergence of global "race to the bottom" competition. It also explains how Europe's economic fragility is connected to the neoliberal design of the euro. Neoliberalism creates a particular variety of capitalism. It is a political choice. That means society is tacitly engaged in a "war of ideas", the outcome of which will determine our future political economic trajectory.Students, scholars, and readers in economics and political science will find this rich collection illuminating in their efforts to better understand the policy matrix that currently dominates the political landscape.Trade Review‘Tom Palley is a lighthouse – bright, clear, solid and unshakable – in his warnings over many years against the perils of neoclassical economics and neoliberal policy.’ -- James K. Galbraith, The University of Texas at Austin, USTable of ContentsContents: Preface viii 1 Introduction: Neoliberalism as a Variety of Capitalism 1 PART I THE UNITED STATES 2 ‘Economic Contradictions Coming Home to Roost? Does the U.S. Economy Face a Long-Term Aggregate Demand Generation Problem?’, Journal of Post Keynesian Economics, 25 (1), Fall, 2002, 9–32 10 3 ‘The Questionable Legacy of Alan Greenspan’, Challenge, 48 (6), November/ December, 2005, 17–31 34 4 ‘The Fallacy of the Revised Bretton Woods Hypothesis: Why Today’s Global Financial System is Unsustainable and Suggestions for a Replacement’, International Journal of Political Economy, 36 (4), Winter, 2007–2008, 36–52 49 5 ‘The U.S. Economy after Bush’, Challenge, 51 (6), November/December, 2008, 26–37 66 6 ‘America’s Exhausted Paradigm: Macroeconomic Causes of the Financial Crisis and Great Recession’, New School Economic Review, 4 (1), 2010, 15–43 78 7 ‘The US Economy: Explaining Stagnation and Why it Will Persist’, in A. Gallas, H. Herr, F. Hoffer and C. Scherrer (eds), Combatting Inequality: The Global North and South, Chapter 8, London: Routledge, 2016, 113–31 107 PART II EUROPE 8 ‘Europe’s Crisis Without End: The Consequences of Neoliberalism’, Contributions to Political Economy, 32, 2013, 29–50 127 9 ‘The European Monetary Union Needs a Government Banker’, Challenge, 54 (4), July/August, 2011, 5–21 149 10 ‘Fixing the Euro’s Original Sins: The Monetary–Fiscal Architecture and Monetary Policy Conduct’, Real-World Economics Review, 81, September, 2017, 1–12 166 PART III THE GLOBAL ECONOMY 11 ‘Capital Mobility and the Threat to American Prosperity’, Challenge, 37 (6), November/December, 1994, 31, 34–9 179 12 ‘The Free Trade Debate: A Left Keynesian Gaze’, Social Research, 61 (2), Summer, 1994, 379–94 186 vi Neoliberalism and the Road to Inequality and Stagnation 13 ‘The Economics of Globalization: Problems and Policy Responses’, in Toward Reducing Unemployment, 5th Plenary Session, Vatican City: Pontifical Academy of Social Sciences, 1999, 202–216 [originally 185–205] 202 14 ‘Developing the Domestic Market’, Challenge, 49 (6), November/December, 2006, 20–34 217 15 ‘The Rise and Fall of Export-led Growth’, Investigación Económica, LXXI (280), April–June, 2012, 141–61 232 16 ‘A Labor Perspective on Globalization’, Internationale Politik und Gessellschaft (International Politics and Society), April, 2009, 22–39 253 17 ‘Labor in the Global Economy: The Globalization Clock’, Dollars & Sense, May/June, 2006, 12–13. Revised in 2018 and republished as ‘The Globalization Clock’, Article 7.1 in Real World Globalization, 19th edition, edited by Armağan Gezici, Elizabeth T. Henderson, Jeannette Mitchell, Jawied Nawabi, and the Dollars and Sense Collective, Economic Affairs Bureau Inc., December 2020, 177–9 271 PART IV THE WAR OF IDEAS 18 ‘After the Bust: The Outlook for Macroeconomics and Macroeconomic Policy’, Real-World Economics Review, 49, March, 2009, 22–35 275 19 ‘The War of Ideas: A Comparison of the U.S. and Europe’, with Gustav A. Horn in Restoring Shared Prosperity: A Policy Agenda From Leading Keynesian Economists, CreateSpace.com, 2013, 289–93 [originally 7–14] 289 20 ‘Inequality and Stagnation by Policy Design: Mainstream Denialism and its Dangerous Political Consequences’, Challenge, 62 (2), 2019, 128–43 294 Index
£111.00
Edward Elgar Publishing Ltd Anti-Blanchard Macroeconomics: A Comparative
Book SynopsisOlivier Blanchard, former chief economist of the International Monetary Fund (IMF), is author of one of the most important standard macroeconomics textbooks, which is used throughout the world. Endorsed by Blanchard himself, Anti-Blanchard Macroeconomics critically analyzes prevailing economic theory and policy in comparison with alternative approaches. This thoroughly revised edition represents a field of research that has developed through intense theoretical debates, continual empirical testing and the resultant disputes about economic policy.Emiliano Brancaccio and Andrea Califano succinctly explore the relationship between theoretical models and economic policies, providing readers with examples and empirical exercises, and showing how the conclusions of different theories can be empirically tested. This updated second edition examines the links between the issues at the core of macroeconomic debate, including economic growth, economic crises, labour market reforms, government debt sustainability, the behaviour of central banks and the stock market, among many others.Key features: Contains an analysis of the economic policies, consequences and theories surrounding the Covid-19 pandemic Examines the connection between contemporary issues in world politics, economic theory and policymaking It overcomes the typical contradiction between the opportunity to offer students a preliminary mainstream education and the need to nurture rather than crush their critical spirit It helps students to understand that economics is not a discipline that changes in a smooth, linear manner but, on the contrary, represents a dynamic field of research that develops through intense theoretical debate and continual empirical testing, and is shaped by the resultant disputes concerning economic policy Includes the typescript of a lively and informative debate between Emiliano Brancaccio and Olivier Blanchard, together with comparative economic policy examples. Trade ReviewAcclaim for the first edition:‘When Emiliano asked me to endorse Anti-Blanchard Macroeconomics, I was a bit taken aback. You can guess why. But I agree with him that we should always question our assumptions, confront them with the facts, and be open to change if the facts dictate it. Questions such as whether we can expect the economy to return to health by itself, whether recessions have permanent adverse effects, whether the interest rate channel of monetary policy works, are essential ones. For the time being, I stand by the conclusions of my textbook, but I am happy and indeed eager to see them challenged.’ -- Olivier J. BlanchardTable of ContentsContents: Presentation to the first edition Mauro Gallegati Preface to the first edition Robert Skidelsky 1. Introduction 2, Blanchard’s AS–AD model 3. The alternative model 4. Blanchard’s “new approach”: the IS–LM–PC model 5. The competing approaches: theory and policy Appendix 1 Labour flexibility and unemployment Appendix 2 Contractionary fiscal policy and fiscal multipliers Appendix 3 On the pandemic trade-off between health and production Index
£94.00
Edward Elgar Publishing Ltd Understanding Economic Inequality: Bigger Pies
Book SynopsisOver the last 25 years, nearly two billion people across the globe have risen out of poverty and income levels have risen worldwide. Yet in the US, the top 1% earn twice the amount of income as the poorest 50% of the population. In the midst of rising prosperity, economic dissatisfaction--driven by the persistent fear felt by many that they are ''falling behind''--is higher than at any point since the 1930s. In Understanding Economic Inequality, the author brings an economist's perspective informed by new, groundbreaking research on inequality from philosophy, sociology, psychology, and political science and presents it in a form that it is accessible to those who want to understand our world, our society, our politics, our paychecks, and our neighbors' paychecks better. As any history of the 21st century would be incomplete without understanding ''the 99% versus the 1%'', the insights provided by the author will prove valuable to any reader. This book also provides the foundation for undergraduate courses on wealth and income inequality, and an essential reading for introductory economics, labor economics, public policy, law, or sociology courses.Table of ContentsContents: Preface 1. How Do We Measure Unequal? The Who, Where, What, When, and How of Inequality 2. How Unequal Are We? Six Major Facts 3. Why Might Inequality be Necessary? Incentives, Freedom, and Efficiency 4. Why Does Unequal Matter? The Economic Externalities of Inequality 5. Why has Domestic Inequality Risen, and Fallen, and Risen? 6. Why are the Three Most Important Factors in Global Inequality Location, Location, and Location? 7. Is Inequality a Problem We Can Solve? 8. What is the Future of Economic Inequality? Bibliography Index
£31.30
Edward Elgar Publishing Ltd Controversies in Economics and Finance: Puzzles
Book SynopsisIn this fascinating book, Imad A. Moosa challenges existing preconceptions surrounding normative economics, arguing that what some economists see as undisputed facts of life may be myths caused by dogmatic thinking.With this in mind, Moosa argues that the alleged puzzles found in the economics and finance literature are not puzzles at all, because they can be explained intuitively, without the need for complex models or the extravaganza of econometrics. Plausible explanations are suggested for puzzles in various areas of economics and finance, such as the home bias puzzle, the PPP puzzle and the presidential puzzle. The author explains why some common beliefs are, in fact, myths, including those of the power of the market, inefficiency of the public sector and the use of low-interest policy to combat the depression caused by the Covid-19 outbreak. Controversies in Economics and Finance is a thought-provoking and stimulating read that exposes common flaws in economic analysis. It will be of great benefit to academics, graduate students and policy-makers looking to understand the limits of economic analysis.Trade Review'Everyone loves a good puzzle. Moosa (re)introduces the reader to puzzles across a wide range of economics and finance topics and provides serious investigation, interpretation, discussion, and solutions for each. At bottom-line, he argues that most of these puzzles and paradoxes are neither and that one researcher's myth is another's indisputable fact. Moosa's presentation is extraordinarily lucid and logically constructed. He brings clarity to confusion and insight where it has been missing. Researchers, young and old, will benefit from the incisive examination Moosa brings to these Controversies.' -- Ronald D. Ripple, PhD, Mervin Bovaird Professor of Energy Business and Finance (retired), University of Tulsa, US'Professor Imad Moosa’s text will be welcomed by anyone who values and seeks clear thinking in relation to those areas of the social sciences that determine the social and economic environment in which we live. To this end, the text succeeds in penetrating the discipline’s fabric of “received wisdom” with its bogus puzzles and perpetrated myths. In doing so, the text shines a much-needed light on the corrupted nature of academic publishing that continues to masquerade as meaningful academic research. If a first step to achieving meaningful academic institutions in our society is the recognition of the failures of the current system, then this text represents just such a step.’ -- Michael Dempsey, Tan Duc Thang (TDT) University, VietnamTable of ContentsContents: Preface 1. Puzzles and Myths: A General Overview 2. Puzzles in International Finance 3. Puzzles in International Economics and Macroeconomics 4. Puzzles in Finance 5. The Myths of Econometrics 6. The Myths of Laissez Faire 7. The Myths of Financial Economics 8. The Myths of Macroeconomics 9. The Mother of all Myths: Do the Royals Attract Tourists? 10. Epilogue: Puzzles and Myths in Economics and Finance References Index
£31.95
Edward Elgar Publishing Ltd The Legal Foundations of Micro-Institutional
Book SynopsisThe aim of The Legal Foundations of Micro-Institutional Performance is to introduce the reader to a different way of thinking about economics that will allow them to both understand and apply legal concepts to economic analysis. To this end, it adopts and further develops Wesley Hohfeld’s legal framework of jural (legal) relations as a tool of analysis. This analytical tool, as built into the Legal-Economic Performance framework, provides specific direction in identifying and describing interdependence among economic agents (including rights, duties, liberties and exposure to various acts).The framework adopted and developed in this book relies on the concept of interdependence--that all economic agents are tied together in a legal system given the inherent interdependent nature of transactions in a complex modern global economy. The authors start by developing this framework and then apply it to a variety of settings and empirical examples. Using this new method, economists will be able to reshape their analysis to account for how legal systems and specific legal rules impact economic performance and outcomes. This approach will be of great interest to graduate and advanced undergraduate social science scholars, faculty interested in the intersections of law and economics and the application of legal concepts to impact analysis, and practitioners in the fields of policy, law and economics. Trade Review‘This book represents a major advance in law and economics. Combining insight from generations of Great Lakes institutionalists with a fresh look at legal concepts by Wesley Hohfeld, the authors introduce a powerful Legal-Economic Performance framework and demonstrate its relevance to a variety of contemporary policy issues.’ -- Charles J. Whalen, University at Buffalo, USTable of ContentsContents: Preface Introduction: Institutional law and economics PART I INSTITUTIONS, LAW AND ECONOMICS 1. Institutions 2. The underlying legal structure of economic relationships 3. Applying Hohfeld to economics 4. The Legal-Economic Performance framework PART II APPLICATIONS 5. Uber versus drivers 6. Masterpiece Cakeshop, Ltd. v. Colorado Civil Rights Commission 7. Cedar Point Nursery v. Hassid (CA Agricultural Labor Relations Board) 8. Common property and fisheries management in the Northeast Canyons and Seamounts national marine area 9. Conclusion: Themes from Legal-Economic Performance Facts of the case References Index
£83.00
Edward Elgar Publishing Ltd Rethinking Public Choice
Book SynopsisInnovative in its approach, Rethinking Public Choice reviews the concept of public choice since the 1950s post-war period and the application of economics to political practices and institutions, as well as its evolution in recent years attracting contributions from political science and philosophy. Examining the growing variety of theoretical orientations on the topic, such as entangled political economy and additive political economy, the book provides new analytical insights into combining the old and new to establish a more unified political economy. Richard E. Wagner expertly highlights the key issues an entangled economy can bring, including incomplete information and its constant evolution as it reflects ever changing public choice ideas. Wagner seeks to extend the reach of public choice by distinguishing the formal idea of rationality that has dominated public choice from the immensely varied practice of human action that opens up now directions for public choice. This insightful approach will prove an excellent resource for academics and scholars of economics and political science, as well as those within the field of public administration as it offers an excellent blend of all subjects.Trade Review‘Richard Wagner adds insight to public choice theory by depicting the complex relationships among political and economic actors that social scientists often overlook. Wagner’s approach to public choice will lead readers to a more realistic and complete understanding of the nature of political processes.’ -- Randall Holcombe, Florida State University, US‘Rethinking Public Choice is an elegantly written book of thoughtful and deep insights that present a powerful vision of economics as a social science. Wagner's modern framework of entangled political economy unifies public choice theory, constitutional economics, political economy and evolutionary economics. This is the perfect companion for students of public choice.’ -- Jason Potts, RMIT University, Australia‘Critics of Public Choice often attack absurdly simplified, “straw man” versions of the approach. Wagner offers an important and timely corrective, giving the intellectual (and, importantly, MORAL) foundations of public choice and its offspring, “entangled” political economy. This fascinating book is an essential overview of where public choice came from, and where it might go next.’ -- Michael Munger, Duke University, USTable of ContentsContents: Preface 1. Public choice as the economics of politics: its post-war origin 2. Rational action, human association, and the primacy of the social in human affairs 3. Thinking with models: an inescapable conundrum 4. Concepts and categories: how they influence where we look and what we see 5. Simple stipulation vs. complex emergence as modes of inquiry 6. Parasitical tectonics within entangled systems of political economy 7. The peculiar language of the public policy shell game 8. The multiple faces of federal government 9. Bureaucracy and the economic organization of political enterprise 10. What do central banks do within an entangled system of political economy? 11. Public choice, redistribution, and the relevance of the “Social Question” today 12. Eden, Babel, and some dialectics of constituting social order References Index
£90.76
Edward Elgar Publishing Ltd Rethinking Economics as Social Theory
Book SynopsisTaking an innovative look at the origins of economics, this forward-thinking book relocates economics from a materialistic general theory of rational action into an idealistic theory of social organization and individual action. Adding new insightful analytical methods such as complexity theory, graph theory and computational modelling to the original insights of the Scottish Enlightenment, Richard Wagner explores economics in an ever-changing society, looking at the key civilizing processes and the important social questions. Rethinking Economics as Social Theory moves away from the traditional review of analytical exercises and associated data and illustrates an enlightening scheme of thought where human societies are heterogeneous and not homogeneous and where change is continually in motion. Furthermore, Wagner theorises that economizing is a universal form of human action that plays out in numerous substantive directions and shows cooperation and conflict to have a yin-and-yang relationship. This illuminating book will prove an excellent resource for economists interested in working outside of comparative statics as well as social scientists looking for a broader vision of economics. Philosophers and those working in the field of biological sciences will also find this an informative read.Trade Review‘In Rethinking Economics as Social Theory, Richard E. Wagner offers an erudite and profound alternative to Max U, one that seeks to recover and embellish the insights of the Scottish Enlightenment. He invites us to consider social problems encompassing moral elements and to make room for complexity and time. In the spirit of Frank Knight, Wagner studies a “cacophonous” subject—society—comprising ever-shifting groups and subgroups and he reminds us that social systems are constantly in motion.’ -- Sandra J Peart, University of Richmond US‘Richard Wagner creates an ingenious form of social theory that both integrates and transcends a variety of orthodoxies and heterodoxies. Using insights from complexity theory, network theory, and computational modeling, Wagner brings new life to ideas about spontaneous ordering within societies initially articulated during the Scottish Enlightenment, showing those insights to be as relevant today as when they were initially articulated.’ -- Paul Dragos Aligica, George Mason University, US‘Taking seriously the task of rethinking economics, Richard Wagner has gone to the center of it. We are spirited beings capable of hoping, hating, learning, and doing, not flesh-covered robots enslaved to our programming. Our liberty of self-construction is hell on administrators, but endlessly fascinating for the true student of society. Buy this book, read it all, and walk away wiser.’ -- Roger Koppl, Syracuse University, US‘“Economic theory began as social theory,” writes Richard Wagner, and in this new book he restores the analytical connections. Wagner exposes the limitations of most contemporary theorizing to grapple successfully with the complexity of the human condition, which gives rise to both social cooperation and coalitional conflict. Market–state dualism, in both theory and practice, has led to an expansion of public ordering, but Wagner suggests that it is only by broadening the scope of private ordering that we can invite human spiritedness back to the drama of our lives in society.’ -- Lenore T. Ealy, Universidad Francisco Marroquín, GuatemalaTable of ContentsContents: Preface 1. Society as analytical object: some methodological challenges 2. Systems theory and parts-to-whole relationships 3. Cooperation, conflict, and the social organization of human activity 4. Rationality and the Janus-faced character of human reason 5. Markets, law, and moral imaginations: order theory redux 6. Main Street, Wall Street, and City Hall: exploring their entanglement 7. Civilizing processes and the social question reprised 8. Thymology, spiritedness, and the social organization of human activity 9. Rationality within systems: how time integrates subjective and objective probability 10. A portmanteau of themes in closing References Index
£88.00
Edward Elgar Publishing Ltd The Behavioral Economics of John Maynard Keynes:
Book SynopsisKeynes’ macroeconomic revolution is based on his microfoundations of economic behavior derived from ‘casual’ observations but impressively substantiated by rigorous research in behavioral economics and neurology. Ronald Schettkat argues that the allegation of the missing microfoundations in Keynes’ theory is false. Instead, both Keynes’ theory and behavioral economics relate to humans in ‘the economy we live in’, differing substantially in their fundamentals from the neoclassical model.Showing that Keynes’ micro has much in common with Behavioral Economics, the book starts with the fundamentals ranging from the methodological approach to economics as a real versus an axiomatic science and the consequences for knowledge building methods (interviews, observations, experiments), the rationality and equilibrium concepts to the functioning of markets, before delving into the topics in greater detail.Providing a thorough theoretical grounding in economics, this book will be a discerning read for economists, students of economics, political science, sociology and psychology as well as for the general public.Table of ContentsContents: 1. Introduction to The Behavioural Economics of John Maynard Keynes 2. Fundamentals of economics 3. Rational choice: a normative concept 4. Choice under uncertainty: animal spirits 5. Expectations over time 6. Socially embedded individuals 7. The resurrection and fall of homo oeconomicus 8. Conclusion: the economy we live in References Index
£83.00
Edward Elgar Publishing Ltd Post-Keynesian Growth Theory: Selected Essays
Book SynopsisPost-Keynesian Growth Theory is the second volume of Marc Lavoie's Selected Essays, and is a collection of 18 articles published between 1995 and 2020, on themes touching growth and distribution. The book contains an extended foreword by Eckhard Hein, and an introduction by Lavoie that recalls how he became attracted to post-Keynesian growth theory more than 45 years ago, and explains how and why this book came about.The collection includes a number of papers showing Lavoie's evolving approach to neo-Kaleckian models of growth and distribution, incorporating hysteresis, overhead labour, monetary issues, price inflation, as well as various sources of autonomous non-capacity creating expenditures. It shows how all of these interact with alternative Marxian or Sraffian approaches as well.A section of the book is also devoted to two-sector models, in particular the issue of the traverse from one equilibrium to another, extending the Kaleckian model but also providing insights into the works of Hicks and Pasinetti.Both professors and graduate students will benefit from the decades of experience and wisdom amassed and presented in Post-Keynesian Growth Theory.Trade Review‘The essays in this book show the promises, fruits and avenues for future research in post-Keynesian growth theory. Far from an exhausted paradigm, this book shows that PKE has maintained its vitality and relevance in advancing support for a demand-led view of long-run economic growth. Professors and students will benefit from the many insights and remarks of this book, as a whole or in specific chapters, as a guide for approaching the dynamics of modern economies.’ -- Pablo G. Bortz, Review of Political Economy‘Post-Keynesian Growth Theory by Marc Lavoie is a fascinating collection of essays showing us how a leading post-Keynesian economist got involved in working on growth and distribution. It is an essential volume for researchers and students alike to explore the key contributions in post-Keynesian theories of growth and distribution in historical context as the controversies and debates evolve.’ -- Ozlem Onaran, University of Greenwich, UK‘Even before now it could easily have been said of Marc Lavoie that he had “written the book” on Post-Keynesian growth theory. And now he really has. This collection of essays displays remarkable breadth, rigour, and coherence, and is a must-read for any serious scholar in the field.’ -- Mark Setterfield, New School For Social Research, USTable of ContentsContents: Foreword Eckhard Hein ix Introduction Marc Lavoie xvii PART I BASIC KALECKIAN MODELS OF GROWTH AND DISTRIBUTION 1 ‘The Kaleckian Model of Growth and Distribution and its Neo-Ricardian and Neo-Marxian Critiques’, Cambridge Journal of Economics, 19 (6), December 1995, 789–818 2 2 ‘Traverse, Hysteresis, and Normal Rates of Capacity Utilization in Kaleckian Models of Growth and Distribution’, Review of Radical Political Economics, 28 (4), 1996, 113–47 32 3 ‘Kaleckian Effective Demand and Sraffian Normal Prices: Towards a Reconciliation’, Review of Political Economy, 15 (1), January 2003, 53–74 67 4 ‘Cadrisme within a Post-Keynesian Model of Growth and Distribution’, Review of Political Economy, 21 (3), July 2009, 369–91 89 5 ‘The Origins and Evolution of the Debate on Wage-Led and Profit-Led Regimes’, European Journal of Economics and Economic Policies: Intervention, 14 (2), 2017, 200–221. 112 6 ‘Interest Rates in Post-Keynesian Models of Growth and Distribution’, Metroeconomica, 46 (2), June 1995, 146–77 134 7 ‘The Neo-Pasinetti Theorem in Cambridge and Kaleckian Models of Growth and Distribution’, Eastern Economic Journal, 24 (4), Fall 1998, 419–36 166 8 ‘Capacity Utilization, Inflation, and Monetary Policy: The Duménil and Lévy Macro Model and the New Keynesian Consensus’, with P. Kriesler, Review of Radical Political Economics, 39 (4), Fall 2007, 586–98 184 PART II KALECKIAN MODELS WITH AUTONOMOUS NON-CAPACITY CREATING EXPENDITURES 9 ‘Convergence Towards the Normal Rate of Capacity Utilization in Neo-Kaleckian Models: The Role of Non-Capacity Creating Autonomous Expenditures’, Metroeconomica, 67 (1), 2016, 172–201 198 10 ‘Long-Run Convergence in a Neo-Kaleckian Open-Economy Model with Autonomous Export Growth’, with W.J. Nah, Journal of Post Keynesian Economics, 40 (2), 2017, 223–38 228 11 ‘Convergence in a Neo-Kaleckian Model with Endogenous Technical Progress and Autonomous Demand Growth’, with W.J. Nah, Review of Keynesian Economics, 7 (3), September 2019, 275–91 244 12 ‘The Role of Autonomous Demand Growth in a Neo-Kaleckian Conflicting- Claims Framework’, with W.J. Nah, Structural Change and Economic Dynamics, 51, December 2019, 427–44 261 13 ‘Overhead Labour Costs in a Neo-Kaleckian Growth Model with Autonomous Non-Capacity Creating Expenditures’, with W.J. Nah, Review of Political Economy, 32 (4), 2020, 511–37 279 14 ‘Trends and Business Cycles with External Markets: Non-Capacity Generating Semi-Autonomous Expenditures and Effective Demand’, with B. Fiebiger, Metroeconomica, 70 (2), May 2019, 247–62. 306 PART III TWO-SECTOR GROWTH MODELS 15 ‘The Hicksian Traverse as a Process of Reproportioning: Some Structural Dynamics’, with J. Henry, Structural Change and Economic Dynamics, 8 (2), June 1997, 157–75 323 16 ‘Pasinetti’s Vertically Hyper-Integrated Sectors and Natural Prices’, Cambridge Journal of Economics, 21 (4), July 1997, 453–68 342 17 ‘Traverse in a Two-Sector Kaleckian Model of Growth with Target-Return Pricing’, with P. Ramírez-Gastón, Manchester School of Economic and Social Studies, 65 (2), March 1997, 145–69 357 18 ‘Demand-Led Growth and Long-Run Convergence in a Neo-Kaleckian Two- Sector Model’, with J.H. Kim, Korean Economic Review, 33 (1), Summer 2017, 179–206 382 Index
£125.00
Edward Elgar Publishing Ltd Handbook of Teaching Ethics to Economists: A
Book SynopsisDrawing on the knowledge of highly experienced academics, this authoritative Handbook explains how ethics can inform the teaching of economics. It includes state-of-the-art moral theory alongside traditional approaches to emphasise why ethics should be an important consideration for economic practitioners. The Handbook of Teaching Ethics to Economists keenly demonstrates how economic analysis can reflect implicit moral judgements. Chapters include guidance on course design and lesson content, providing insight into important topics such as ecological and grassroots economics. They offer pedagogical advice alongside philosophical analyses, setting out teaching guidance and significant case-study profiles on key theories, such as Kantian and Aristotelian ethics. Importantly, they reflect on the potential of economics to cause harm and use ethics to mitigate this possibility. This expansive Handbook will be essential for academics preparing to teach courses relating to ethics and economics. Due to its detailed explanations of the societal role of economics, students of economics and finance will additionally find this Handbook to be incredibly useful.Trade Review‘Economists see “two roads”: the road taken, and the opportunity cost of the road not taken. In positivist-utilitarian economics, that is, the classrooms of most colleges and universities worldwide, these same “roads,” both heuristic and real, articulate economic decision-making and outcomes without any reference to ethics or ethical conflict. Negru, Duckworth and Meyenburg offer a much-needed corrective, a Handbook of Teaching Ethics to Economists, which will help to correct this sorry state of affairs.’ -- Stephen T. Ziliak, Professor of Economics and Social Justice Studies, Roosevelt University, US‘This important book balances criticisms of mainstream economics and its unrealistic dichotomy of positive and normative economics with alternative ethics perspectives. It can be seen as a response to the global Rethinking Economics student movement with its demand for real-world economy teaching and pluralist perspectives in the classroom.’ -- Irene van Staveren, Erasmus University Rotterdam, the NetherlandsTable of ContentsContents: 1 Introduction to the Handbook of Teaching Ethics to Economists 1 Ioana Negru, Craig Duckworth and Imko Meyenburg 2 The fate of moral philosophy in the age of economic scientism 13 Peter J. Boettke 3 Teaching economic harm to economists, in three diagrams 34 George DeMartino 4 Is it ethical to teach economics without ecological economics in the context of a climate emergency? 48 Jamie Morgan 5 Accounting as applied ethics 68 Wilfred Dolfsma 6 Aristotle, Marx, and the ethical implications of the systemic critique of capitalism 78 Dennis Badeen 7 Is it ethical to teach pluralist economics curricula, particularly in the Global South? 90 Michelle Meixieira Groenewald 8 Articulating the social role of the economist: a synthesis of Alfred North Whitehead’s philosophy of education and John Maynard Keynes’s economics 113 Dennis Badeen 9 Teaching ethics in a decision-making module: a guide for lecturers 129 Malcolm Brady and Marta Rocchi 10 Ethics and grassroots economics: a quest for collective meaning 145 Ferda Dšnmez-Atbaşõ and Irene Sotiropoulou 11 Theoretical and ethical reductionism and the neglect of subjectivity in economics and economic education 163 Giancarlo Ianulardo and Aldo Stella 12 On the analytical relationship between ethics and economics: some implications for teaching ethics to economists 188 Félix-Fernando Muñoz and María-Isabel Encinar 13 Racism, the economy, and ethics: where does it all begin? 208 Paolo Ramazzotti 14 Keeping alive non-individualistic ethics in political economy: a review of concepts from Aquinas to Habermas 226 Stefano Solari 15 Teaching ethics to economics students in one lesson 244 Huei-chun Su and David Colander 16 The kidney market debate: a retrospective on Becker and Elías 259 Jonathan B. Wight 17 A Kantian perspective on teaching ethics to economists 278 Mark D. White 18 Teaching economics and ethics 293 John B. Davis Index
£155.00
Edward Elgar Publishing Elgar Encyclopedia of Public Choice
£349.81
Edward Elgar Publishing Ltd Modern Monetary Theory: Key Insights, Leading
Book SynopsisProviding an up-to-date account of Modern Monetary Theory (MMT) with contributions from the world’s leading experts, each chapter offers new insights on the topic, building upon MMT’s established body of work. This innovative book analyses key economic issues from a wide set of regions including the UK, Europe and the Global South, addressing previous concerns that MMT is too US-focused.Alongside ground-breaking research written by MMT’s original developers and leading academics, the book also includes contributions from economic historians and public policy campaigners, highlighting how MMT contributes to challenging neoliberalism and the hegemony of mainstream macroeconomics. Offering an examination of the existing legal, institutional and policy framework which governs the UK Exchequer in particular, it examines how the central claims of MMT map onto the financial activities of the UK government.This will be key reading for undergraduate and postgraduate economics students, as well as more advanced scholars of the discipline, particularly for those looking into theories of finance, money and banking. It will also have a wider appeal across the social sciences, including politics and sociology students.Trade Review‘This is a fascinating, eclectic group of professional papers in which the reader may explore both the first principles of Modern Monetary Theory and many institutional and historical details that lend weight to the conceptual framework. This book is a landmark in the development of MMT, a boon for “useful” economists -- and a profound challenge to all the others.’ -- James K. Galbraith, The University of Texas at Austin, US‘This book brings together insights from MMT scholars from all over the world, examining the economy of the UK as well as the global economy and providing us with much needed insights about how to manage our economies.’ -- Dirk Ehnts, Fachhochschule Magedburrg-Stendal, GermanyTable of ContentsContents: Preface xiii Phil Armstrong Introduction to Modern Monetary Theory: Key Insights, Leading Thinkers xvii Sara Holland, Claire Jackson-Prior and Prue Plumridge 1 How does the government spend? A functional model of the UK Exchequer 1 Andrew Berkeley, Richard Tye and Neil Wilson 2 Credit and the Exchequer since the Restoration 41 Richard Tye 3 Sovereign nations face resource constraints, not financial constraints 67 Yeva Nersisyan and L. Randall Wray 4 A framework for the analysis of the price level and inflation 87 Warren Mosler 5 The external economy 94 William Mitchell 6 Modern Monetary Theory, the United Kingdom and pound sterling 125 John T. Harvey 7 The Eurozone and Brexit 152 Stuart Medina Miltimore and William Mitchell 8 Modern Monetary Theory as post-neoliberal economics: the role ofmethodology-philosophy 182 Phil Armstrong and Jamie Morgan 9 Tax as a hygiene factor: setting UK taxation policy using Modern Monetary Theory 207 Neil Wilson 10 Checklist of an employment guarantee programme: the Plan Jefes de Hogar from Argentina revisited 20 years later 226 Daniel Kostzer 11 Three lessons from government spending and the postpandemic recovery 253 Pavlina R. Tcherneva 12 MMT and public policy in the United Kingdom 263 Deborah Harrington and Jessica Ormerod Postscript: thoughts on MMT’s insights 289 L. Randall Wray Index
£115.00
Edward Elgar Publishing Ltd The Elasticity of Taxable Income: Theory and
Book SynopsisThis timely book analyses the elasticity of taxable income, a central concept in public finance with a rapidly growing wealth of literature. Combining original empirical research with rigorous theoretical modelling of tax revenue and optimal tax policy, this innovative study examines the complexities and new methods of estimating the elasticity of taxable income.Clarifying the role of the elasticity of taxable income in influencing total tax revenue in a complex multi-rate structure, John Creedy divides the change in revenue into various components to derive revenue-maximising rates. He examines the welfare effects and ‘excess burden’ of income taxation, and considers the role of the elasticity in ‘optimal’ tax rates and administrative policy aiming to reduce tax evasion. The book concludes with a discussion concerning the problems and various methods of elasticity estimation, including regression and bunching.With detailed illustrations to expand and engage, this will prove an invaluable read for students and scholars of economics, particularly those focusing on the economics of taxation and tax policy. The empirical analyses and practical insights will also benefit public sector economists and policy analysts concerned with tax design.Trade Review‘This book by Professor Creedy provides an in-depth review of the elasticity of taxable income, a concept that nowadays has become a powerful parameter in the economic analysis of taxation. Undoubtedly, this highly recommended volume is an unavoidable reference for public finance researchers and those interested in the proper design of taxes.’ -- José Félix Sanz-Sanz, Universidad Complutense de Madrid, SpainTable of ContentsContents: I Introduction 1. The Elasticity of Taxable Income 2. Some Basic Analytics II Tax Revenue and Welfare 3. Decomposing Revenue Changes 4. Revenue-Maximising Elasticities 5. Optimal Tax Rates and the ETI 6. Optimal Tax Enforcement III Empirical Estimation 7. Income Share and Difference-in-Difference Estimates 8. Regression Estimates of the Elasticity 9. Income Effects and the ETI 10. Bunching Estimates of the ETI IV The ETI and Couples 11. Couples and the Elasticity Bibliography Index
£104.00
Edward Elgar Publishing Ltd Tax and Transfer Policy Using Behavioural
Book SynopsisCombining theoretical and practical aspects of policy analysis, this book evaluates actual and proposed policy reforms to income tax and transfer systems, using a behavioural tax microsimulation model. It highlights how these models allow for the full details of tax systems and the considerable population heterogeneity that is found in practice.John Creedy and Penny Mok look at how such models can be used to obtain summary measures that are relevant in tax debates. These include elasticities of labour supply and measures of the welfare effects of tax changes, in terms of excess burdens. Chapters further examine how models can be used to search systematically, across a range of policy changes, for revenue-neutral reforms which result in an improvement, in terms of an explicit evaluation function.This will be a timely read for students of public finance, welfare and labour economics. The careful attention paid to metrics used in policy evaluations will also make this a useful book for researchers and policy advisors concerned with income taxation, social transfers, inequality and poverty measurement.Trade Review‘As in his many previous contributions, John Creedy – here with co-author Penny Mok – succeeds in combining recent progress in behavioural tax simulation models and large micro-datasets with an explicit normative framework of individual and social welfare to shed light on hot and important tax policy questions. Students in public finance, government officials and academic colleagues will highly benefit from this lucidly written assessment of past and planned tax reforms through the lens of up-to-date microsimulation models.’ -- André Decoster, KU Leuven, Belgium‘This book is a real joy to read for a practitioner of public finance. In addition to providing practical guidance for the microsimulation analyst, I appreciate the authors’ careful placement of their contributions in the literature.’ -- Thor O. Thoresen, Statistics Norway and University of Oslo, NorwayTable of ContentsContents: 1. Introduction 2. Designing Direct Tax Reforms 3. Labour Supply Elasticities 4. The Welfare Costs of Direct Taxation 5. A Benefit Reform: Working for Families 6. The 2010 Tax Changes 7. Welfare-Improving Tax Reforms 8. A Minimum Wage Increase Bibliography Index
£94.00
Emerald Publishing Limited Research in the History of Economic Thought and
Book SynopsisThe centerpiece of Volume 40B of Research in the History of Economic Thought and Methodology is a symposium on the work of William Baumol, edited by Erwin Dekker. The symposium includes contributions from Alex Tabarrok, Jochen Hartwig and Hagen M. Krämer, Alexandre Chirat, Victor A. Beker, Caroline Colton, Magnus Henrekson and Mikael Stenkula, and Anna Noci. Volume 40B also features new general-research essays from Juan Pablo Castilla and Fabrizio Bientinesi.Table of ContentsPART I: A Symposium on the Work of William J. Baumol: Heterodox Inspirations and Neoclassical Models; Erwin Dekker Chapter 1. Introduction - The Work of William J. Baumol: Heterodox Inspirations and Neoclassical Models; Erwin Dekker Chapter 2. William Baumol and the Cost Disease; Alex Tabarrok Chapter 3. Baumol’s Cost Disease in Times of Rising Income Inequality; Jochen Hartwig and Hagen M. Krämer Chapter 4. The Correspondence between Baumol and Galbraith (1957–1958): An Unsuspected Source of Managerial Theories of the Firm; Alexandre Chirat Chapter 5. Baumol´s Contribution to Telecommunications Regulation; Victor A. Beker Chapter 6. William Baumol and Contestability: From AT&T to Platforms; Caroline Colton Chapter 7. William J. Baumol: Innovative Contributor to Entrepreneurship Economics; Magnus Henrekson and Mikael Stenkula Chapter 8. So, What did Marx ‘Really’ mean? The Methodenstreit between Baumol and Samuelson on the History of Economic Thought; Anna Noci PART II: Essays Chapter 9. To Kill a Black Swan: The Credibility Revolution at Cede, 2000-2018; Juan Pablo Castilla Chapter 10. A Bias for Bias? The Impact of “Authoritarian” Politics as shown by Italian International Trade Debate Experience, 1913-1942; Fabrizio Bientinesi
£78.99
Edward Elgar Publishing Ltd The Political Economy and Feasibility of Bitcoin
Book SynopsisIn The Political Economy and Feasibility of Bitcoin and Cryptocurrencies Spencer J. Pack brings his authority as a scholar and advisor to this study of bitcoin and cryptocurrencies from the perspective of the history of economic thought. Major theorists analyzed in depth include Aristotle, Smith, Law, Marx, Keynes, Rothbard and Hayek, and the book draws extensively upon the ideas of Schumpeter, Galbraith and Sraffa.The book argues for reconceptualization of the basic microeconomic categories into rental, sale and financial asset prices along with a reconsideration of Keynes’ general theory to his special theory and Rothbard’s relationship to Rousseau. The author posits that intense theoretical and practical struggles will continue over who should control the quantity of money, the cause of the capitalist economy’s instability, and who or what is more dangerous: concentrated centers of private wealth and private enterprises or the contemporary state. He concludes that in terms of the quality of money, the cryptocurrency community is probably correct, with new forms of money potentially being better than sovereign fiat currency.The book’s relevance will appeal to members of the history of economic thought community, economic theorists, and political science and political theory scholars as well as to policy makers and members of the cryptocurrency community.Trade Review‘At a time when the history of economic thought is unfortunately neglected, it is refreshing to see this book in which Spencer Pack deals brilliantly with a critical contemporaneous and practical issue from the perspective of the history of economic thought. The analysis fills a big gap in the literature on bitcoin and cryptocurrencies.’ -- Imad Moosa, RMIT, AustraliaTable of ContentsContents: Preface PART I ESSENTIAL FOUNDATIONS: BEFORE THE FRENCH REVOLUTION 1. Introduction to The Political Economy and Feasibility of Bitcoin and Cryptocurrencies 2. Aristotle’s (384–322 BCE) seminal contributions to the economics tradition 3. Adam Smith (1723–1790) on money 4. John Law (1671–1729): the financial engineer as social engineer PART II SOME ESSENTIAL DEBATES AND DEVELOPMENTS IN THE MODERN ERA 5. Marx’s (1818–1883) monetary theory: mainstream conservative theory; yet radical, revolutionary challenge 6. Keynes (1883–1946): monetary theorist as capitalism’s saviour – the key issues PART III BLOWBACK 7. The surprising rise of libertarianism and the libertarian response: starring Murray Rothbard (1926–1995) – What Has Government Done to Our Money? 8. On the road again: Friedrich A. Hayek’s (1899–1992) Denationalisation of Money PART IV CURRENT ISSUES ON THE POLITICAL ECONOMY OF BITCOINS AND CRYPTOCURRENCIES 9. Issues raised by bitcoins and cryptocurrencies for monetary theory 10. Issues raised by monetary theory concerning bitcoins and cryptocurrencie References Index
£94.00
Edward Elgar Publishing Ltd Post Keynesian Economics: Key Debates and
Book SynopsisThis erudite book offers an extensive overview of the key debates taking place amongst Post Keynesian economists, acknowledging the vital contribution Post Keynesian scholarship has made to theoretical and policy discourse in the 21st century.Bringing together distinguished experts from across the globe, Post Keynesian Economics: Key Debates and Contending Perspectives discusses the profound questions of heterodox economic theory and the far-reaching implications for economic policy. Chapters consider the relationship between Post Keynesianism and other schools of heterodox economics; modern monetary theory and its links to Post Keynesian economics; as well as exploring issues of gender, race, climate change, and the growth of inequality in the distribution of income and wealth. In a time of global financial and political uncertainty, this book presents alternative views on monetary theory and policy, providing a much-needed antidote to ongoing economic debates.This book will be of great interest to students, academics and researchers focussing on heterodox economics, Post Keynesian economics, and the history of economic thought. Highlighting the critical relationships between finance, politics and sociology, this book will also be beneficial to academics and researchers interested in sociology, politics and political science.Trade Review‘The editors and authors of this excellent volume are to be applauded for putting together highly timely contributions that apply a traditional Keynes-Kalecki perspective to the most pressing socio-economic problems of the 21st century. In doing so, the authors shed light on potential pathways out of the permanent and manifold capitalist crises that coin current economic developments.’ -- Jakob Kapeller, University Duisburg-Essen, Germany‘Post Keynesian Economics: Key Debates and Contending Perspectives, edited by Therese Jefferson and John E. King, contains some stimulating contributions to current economic and economic policy debates. It provides important alternative views to the orthodoxy on pressing issues, such as inequality, racial and gender stratification, the COVID crisis, the ecological crisis, and macroeconomic and other policies to address them.’ -- Eckhard Hein, Berlin School of Economics and Law, GermanyTable of ContentsContents: 1 Introduction to Post Keynesian Economics 1 Therese Jefferson and John E. King 2 On the compatibility of post-Keynesian, Sraffian and evolutionary economics 14 Neil Hart and Peter Kriesler 3 Credit, money, and production: post-Keynesian economics and the circuit traditions 29 Louis-Philippe Rochon 4 The contribution of modern monetary theory to heterodox economics 48 Philip Armstrong 5 Modern Monetary Theory: the good, the bad and the ugly 72 Marc Lavoie 6 Identity, risk, and financial capitalism: a post Keynesian research agenda on racial and gender stratification in the U.S. 90 Melanie G. Long 7 The Green New Deal in a Kaleckian model of growth and distribution 111 Neil Perry 8 The Green New Deal: economic analysis and practical policy 131 Jonathan M. Harris 9 Macroeconomic theory and policy in the capitalism of “permanent catastrophe” 146 Riccardo Bellofiore and Giovanna Vertova 10 Lessons from COVID-19: UK experience 167 Malcolm Sawyer 11 Inequality after Piketty 191 John E. King 12 Piketty, Post Keynesian economics and income distribution 207 Steven Pressman 13 Concluding thoughts to Post Keynesian Economics 226 Therese Jefferson and John E. King
£100.00
Edward Elgar Publishing Advanced Introduction to the Economics of
Book SynopsisThis incisive book presents a succinct overview of the economics of organization. Combining traditional approaches with more challenging, cutting-edge perspectives, Richard N. Langlois critically examines the ways in which tasks and transactions in the economy are organized.
£80.75
Edward Elgar Publishing Advanced Introduction to the Economics of
Book SynopsisThis incisive book presents a succinct overview of the economics of organization. Combining traditional approaches with more challenging, cutting-edge perspectives, Richard N. Langlois critically examines the ways in which tasks and transactions in the economy are organized.
£16.45
Edward Elgar Publishing Central Banking Monetary Policy and the Political
Book SynopsisIn this prescient book, expert contributors from academic and policymaking circles explore dollarization in both theoretical and practical terms. They provide a fundamental resource for understanding the many forms in which dollarization can occur.
£115.00
Edward Elgar Publishing Ltd Reforming Capitalism for the Common Good: Essays
Book SynopsisThis book of selected essays presents constructive analyses of vital economic problems confronting the United States since the 1970s, giving special attention to challenges facing working families. The analyses, produced by Charles Whalen over three decades, address the causes and consequences of macroeconomic instability, job offshoring, community economic dislocation, financialization, and income inequality. They also explore the various dimensions of worker insecurity and underscore the dynamics of an ever-changing economy. The result is a compelling case for reforming capitalism by addressing workers’ interests as an integral part of the common good, and for reconstructing economics in the direction of post-Keynesian institutionalism.Whalen’s reformist approach builds not only on the institutional economics of John R. Commons, but also on the post-Keynesianism of Hyman Minsky, who stressed that society should be democratic and humane. To that end, the book gives attention to policy-making processes as well as policy details.Scholars and students of economics and labor studies will appreciate the incisive analyses and real-world focus. Historians and economic sociologists will be interested in the book’s attention to the evolution of US capitalism; and policy analysts and concerned citizens will welcome its emphasis on economic reform and optimistic vision for our economic future.Trade Review‘This is an outstanding collection relevant to a large audience. A talent Whalen has demonstrated throughout his career is the ability to undertake complex economic analysis in approachable prose, making this text relevant and accessible. Its pluralist approach broadens the potential audience, overcoming disciplinary silos. Its accessibility makes this an excellent option for those teaching undergraduate courses, wanting their students to get a deep understanding of the works of Commons, Minsky, and ultimately a Post-Keynesian Institutionalist approach without having to wade through many primary texts. This text offers a starting point for graduate students, early career academics, and anyone interested in gaining a deep understanding of Post-Keynesian Institutional analysis.’ -- Jacob Powell, Review of Keynesian Economics‘Long before the problems of increasing inequality and worker insecurity captured the attention of the mainstream, Charles Whalen’s work offered unique insights into these problems. Deploying a synthesis of institutional and post-Keynesian economics, which he helped develop, Whalen identifies the culprits: financialization and the rise of money manager capitalism. This volume will delight the reader with a rich historical and evolutionary analysis of the most pressing issues of our time.’ -- Pavlina R. Tcherneva, Bard College and Levy Economics Institute, US‘The essays in Charles Whalen's book are a thoughtful and original exploration of institutional and post-Keynesian economics. Whalen draws fresh insights from the writings of John R. Commons, Hyman Minsky, and others, offering them as correctives to the anomic libertarianism of mainstream economics. Throughout his career, Whalen has honed his analytical approach to devise economic policies for a more stable and equitable economy.’ -- Sanford M. Jacoby, University of California, Los Angeles, US‘Shortcomings of contemporary capitalism in the US and beyond confront us crisis after crisis. Extending Veblen, Commons, Keynes, Minsky and other institutionalists, Whalen offers a pathway towards a reformed capitalism, consistent with democracy, the common good and advancing worker well-being. This collection is essential reading on heterodox economics explanations of economic insecurity, inequality and how to address the consequences of neoliberalism and financialization through stakeholder engagement in public policy formulation.’ -- Robin Mansell, London School of Economics and Political Science, UK‘The articles and essays collected in this volume offer an original and insightful perspective on contemporary economic debates. They develop a way of thinking about the economy almost totally eclipsed in the last several decades by neoliberal market fundamentalism. The book is written in a language which is easily accessible to the layman, but is also a serious scholarly endeavor, which seeks to bridge the gap between microeconomics and the macroeconomic theory that grew out of Keynes's General Theory, a gap the bulk of the profession has tried to overcome with an increasingly arcane market theory.’ -- Michael J. Piore, Massachusetts Institute of Technology, US‘This volume brings together 30 years of perceptive essays by Charles Whalen that, taken together, exhibit the breadth and depth of his thinking. Whalen keeps a steady focus on real world challenges facing American workers—challenges that rhyme over the decades if they don’t exactly repeat—and on policy reforms that would improve their well-being.’ -- Eileen Appelbaum, Center for Economic and Policy Research, US‘Whalen draws on a wealth of experience as researcher, journalist and policy analyst to offer a reconstructed blend of post-Keynesian institutional economics. That’s the right mix and definitely worth exploring.’ -- Lawrence Mishel, Economic Policy Institute, US‘Charles Whalen, one of the very rare co-authors of Hyman Minsky, is among the main representatives of the institutionalist strand of post-Keynesian economics. Here, inspired by John R. Commons and Minsky, he offers 30 years of reflections and engagement about the evolution of capitalist economies and their economic policies.’ -- Marc Lavoie, University of Ottawa, Canada and University of Sorbonne Paris Nord, FranceTable of ContentsContents: Foreword Glen Atkinson PART I INTRODUCTION 1. Reforming capitalism: economics at the crossroads of institutionalism and post-Keynesianism PART II RECONSTRUCTING ECONOMICS 2. Economics must change: workforce insecurity and the need for a new political economy 3. The institutional approach to political economy 4. Post-Keynesian economics: a pluralistic alternative to conventional economics PART III EXPLORING THE CONTEMPORARY RELEVANCE OF JOHN R. COMMONS 5. Economic insecurity and the problem-solving approach of John R. Commons 6. Saving capitalism by making it good: the monetary economics of John R. Commons 7. Social security: a view from beyond the beltway 8. Sending jobs offshore from the United States: what are the consequences? 9. Social unionism in western New York: the case of the Economic Development Group 10. Full employment with liberty: John R. Commons’s perspective and its continuing relevance 11. Human resources: the key to institutional economics after the Great Recession 12. John R. Commons and government as employer of last resort: three paths to a progressive right to work 13. The “middle way” of John R. Commons: pursuing reasonable value in the age of unreason PART IV STANDING ON THE SHOULDERS OF HYMAN MINSKY 14. Stabilizing the unstable economy: Minsky and Simons on business cycle theory and policy 15. Budget amendment offers toxin, not tonic 16. Destabilizing an unstable economy: the erosion of automatic stabilizers Co-authored by Jeffrey Wenger 17. Money manager capitalism and the end of shared prosperity 18. Integrating Schumpeter and Keynes: Hyman Minsky’s theory of capitalist development 19. Money manager capitalism: still here, but not quite as expected 20. A Minsky perspective on the global recession of 2009 21. Economic policy for the real world 22. Minsky goes to Buffalo—and takes on the economics establishment PART V INTEGRATING INSTITUTIONAL AND POST‑KEYNESIAN ECONOMICS 23. Post‑Keynesian institutionalism: past, present, and future 24. The post-Keynesian institutionalism of Wallace Peterson 25. Financialization and income inequality: a post-Keynesian institutionalist analysis Co-authored by David A. Zalewski 26. Post-Keynesian institutionalism and the failure of neoliberalism Index
£132.29
