Economic theory and philosophy Books

Book SynopsisPresenting an in-depth overview of the foundations and developments of post-Keynesian macroeconomics since Kalecki and Keynes, this timely book develops a comprehensive post-Keynesian macroeconomic model with the respective macroeconomic policy mix for achieving non-inflationary full employment. The different versions of the model for closed and open economies are concerned with the key areas of macroeconomics, such as full employment, constant inflation and external balance. Eckhard Hein expertly illustrates how to embed these post-Keynesian macroeconomics and macroeconomic policies into the post-Keynesian research programme more generally, whilst also providing a review of its methods and historical roots. Furthermore, the book links post-Keynesian short-run macroeconomics to long-run distribution and growth theories. Finally, it applies these theoretical approaches to the current research on macroeconomic regimes and regime changes within finance-dominated capitalism and on the macroeconomic challenges of the ecological crisis and of the required socio-ecological transformation. This book will be a crucial read for academics and graduate students interested in post-Keynesian macroeconomics. Providing a thought-provoking alternative to orthodox economic policies, this will also be of interest to policy advisers and politicians.Trade Review‘Macroeconomics After Kalecki and Keynes has certainly achieved the task that Eckhard Hein had set for himself, that is, to provide “a comprehensive and teachable post-Keynesian macroeconomic model, which includes the main features of post-Keynesian macroeconomics and from which a full macroeconomic policy mix for monetary policy, fiscal policy and wage or incomes policies can be derived” (Hein, p. ix). The book is a remarkable achievement.’ -- Review of Political Economy (ROPE)‘At a time when conventional macroeconomic theories and policies have visibly failed to promote sustainable and equitable economic growth, Eckhard Hein’s brilliant new book provides the most lucid synthesis to date of a comprehensive and progressive alternative: the post-Keynesian approach. Hein builds a complete short-run macro model connecting money, credit, output, inflation and the balance of payments, which he deftly applies to construct an alternative policy paradigm for stabilizing prices while maintaining full employment and external balance. The author then uses this foundation as a springboard to explore advanced issues about long-run growth, income distribution, financial instability, policy-induced stagnation and ecological sustainability. Hein’s clear presentation and persuasive analysis will make this volume an indispensable reference for university students, professional economists and economic policy makers for years to come.’ -- Robert A. Blecker, American University, Washington DC, US‘Macroeconomics After Keynes and Kalecki is a tour de force. It systematically theorizes the short-term outcomes and required policy responses on which macro instruction – and student interest in the field – typically focuses, linking this analysis to longer-term growth dynamics and associated concerns with financialization and ecological sustainability. The book will be of lasting value to all serious students of macroeconomics.’ -- Mark Setterfield, New School for Social Research, New York, US‘This book provides a great guide to the vibrancy of post Keynesian macroeconomic analysis in the traditions of Kalecki and Keynes. Particularly welcome is that Eckhard Hein shows how post-Keynesian macroeconomic analyses has developed to incorporate issues of inequality and gender, and contributes to the studies of financialisation and confronting the major ecological issues.’ -- Malcolm Sawyer, Emeritus Professor of Economics, University of Leeds, UKTable of ContentsContents: Preface 1. Introduction 2. Introduction to post-Keynesian economics: methods, history and current state 3. The principle of effective demand, money, credit and finance: Marx, Kalecki, Keynes and the monetary circuit school 4. Post-Keynesian constant price macroeconomic models 5. Post-Keynesian macroeconomic models with conflict inflation 6. A post-Keynesian co-ordinated macroeconomic policy mix 7. From short-run macroeconomics to long-run distribution and growth: a systematic comparison of different paradigms and approaches 8. Macroeconomic demand and growth regimes in finance-dominated capitalism, stagnation tendencies and the macroeconomic policy regimes 9. Facing ecological constraints: implications and challenges for short- and long-run macroeconomic stability and macroeconomic policies 10. Perspectives for post-Keynesian economics Index

Read more less

Book SynopsisThis timely book offers a concise summary of new developmentalism, exploring this in the context of both heterodox economics and political economy. It adopts a historical–structural method that is critical of orthodox or Neoclassical Economics. Luis Carlos Bresser-Pereira delves into the roots of new developmentalism from the quasi-stagnation of middle-income countries, covering how it developed from Marxian economics, post-Keynesian economics and Classical Structuralism.Innovative in its approach and coverage, Bresser-Pereira first introduces the method and the schools relevant to new developmentalism, before moving on to look at how it can revolutionise political economy, economics and growth economics. Chapters explore the capitalist revolution, the phases of capitalist development and class coalitions, micro- and macro-economics, and the importance of the exchange rate in determining investment and growth. The book concludes with a forward-looking synopsis of the ways in which new developmentalism is both green and social.This will be a critical read for heterodox economics students and scholars, as well as economics students more widely. Its practical implications will also make this an invigorating read for economists looking to better understand new developmentalism and its potential impacts.Trade Review‘This is the fruit of decades of not only thinking and reading but of the author's experience as a public servant. Ranging from an overview of development thinking to detailed policy proposals, it offers several deeply illuminating analyses and clear-headed, realistic, prescriptions. A magnum opus.’ -- Adam Przeworski, New York University, US‘New Developmentalism will – or should – become a landmark in the literature about economic development. The book places ND in explicit contrast to several other approaches to economics, including neoclassical, Post-Keynesian, and Classical Structuralism – both in abstract terms and in the political-economy conditions in which each became widely accepted, for a time. In particular, ND explains why Latin American countries have quasi-stagnated since the 1980s, while East Asian countries have continued to grow fast. One of the key elements, under-stressed in other approaches, is the managed exchange rate.’ -- Robert H. Wade, London School of Economics, UKTable of ContentsContents: Introduction to New Developmentalism 1 The method and the schools 2 The developmental schools and anti-imperialism 3 The capitalist revolution and the developmental state 4 Forms and phases of capitalist development 5 New developmentalism’s microeconomics 6 Macroeconomics and austerity 7 The interest rate 8 Inflation and the limitations of economics 9 The profit rate and the wage rate 10 Determining the exchange rate 11 Growth and stagnation 12 Policy of current account deficit 13 Foreign exchange, investment and growth 14 The Dutch disease and its neutralization 15 Green and social References

Read more less

Book SynopsisThis accessible guide to the rapidly growing and interdisciplinary field of modern economic sociology offers critical insights into its fundamental concepts and developments. International in scope, contributions from leading economic sociologists and sociologically-minded economists explore the intersections and implications for theory and empirical research in both disciplines. A Modern Guide to Economic Sociology positions contemporary studies in relation to earlier developments, highlighting the importance of understanding how stages of economic sociology have corresponded and converged with institutional, social, political and behavioural economics over time. Chapters offer a broad range of perspectives of topical and pressing themes including: wealth inequality, unsustainable development, ethical consumption, society and work, institutions and the economy, and society and entrepreneurship. Covering both empirical and theoretical aspects of the field, this book will benefit economic sociologists as well as economic sociology students. It will also be an important read for both economics and sociology students looking to better understand the interactions between the two fields and how they depend upon and advance one another.Trade Review'A comprehensive and stimulating guide, written by some of the best known scholars in the field, that shows how the theoretical and empirical findings of economic sociology correspond and complement those of economics, as a sort of countermelody that enriches our knowledge of the relationships between economy and society.' -- Alberto Martinelli, Università degli studi di Milano, Italy and Former President of the International Social Science Council, France'This volume offers a fresh look at central contemporary economic issues. The contributors go beyond sociology and fruitfully bring in both historical and current perspectives from adjacent disciplines to create an exciting scientific composition.' -- Patrik Aspers, University of St. Gallen, SwitzerlandTable of ContentsContents: 1 Introduction to A Modern Guide to Economic Sociology 1 Milan Zafirovski 2 Society and economy: three easy ways to a complex relationship 32 Filippo Barbera 3 Institutions and the economy 52 Geoffrey M. Hodgson 4 Social relations and economy: the effects of social ties and networks on economic behavior 70 David Knoke and Anna Bokun 5 Social stratification and economy: class, power and status factors in economic actions and processes 90 Eric Bjorklund and Ronald L. Breiger 6 Politics, ideology, and the economy 108 David Weakliem 7 Law, regulation and the economy: the impact of legal norms and regulations on economic actions and outcomes 125 Linzi Berkowitz and Harland Prechel 8 A metatheoretical framework for understanding interactions among culture, ecology, art and economics in late modernity 144 Thomas J. Burns, Tom W. Boyd and Carrie M. Leslie 9 Moral economy: moral forces in economic activity 166 Patrick Sachweh and Till Hilmar 10 Society, production and work 186 Christoph Deutschmann 11 Acceptance or aversion? Understanding society’s interplay with wealth inequality 204 Peter D. Brandon 12 Societies and markets: the challenge of unsustainable development 219 Enzo Mingione 13 The evolution of society and the evolution of entrepreneurship: from creative construction to creative destruction 241 Jerald Hage 14 Aesthetic and ethical orientations in consumption and lifestyles 264 Sebastian Weingartner, Patrick Schenk and Jörg Rössel 15 The joyous birth and sad story of the death of Homo Economicus: a perspective from and implications for economic sociology 287 Milan Zafirovski Index 338

Read more less

Book SynopsisIn this innovative book, S. Niggol Seo investigates the intrinsic and intriguing relationship between the fundamental teachings of Buddhism and the principles of economics and happiness. Offering a unique perspective on the topic, Seo delves deep into the theoretical foundations of economics and Buddhist teachings, highlighting how these seemingly polar opposite thought systems cross paths.Seo argues that when it comes to markets, prices, interest rates, growth, poverty, and environmental protection, Buddhism and economics share a number of common economic ideas. Written in an accessible style, Seo presents both a succinct and encompassing description of Buddhism for economists, as well as a comprehensive overview of economics. Buddha, Wisdom and Economics brings together in a balanced and systematic way the common ground between both endeavours. It further examines important topics in the field in light of Buddhist teachings, including economic growth and happiness, poverty and environmental protection.This thought-provoking book will be an invigorating read for undergraduate and postgraduate economics students and to those with a particular interest in development economics, religion, welfare and happiness studies. It also offers ground-breaking insights for economic policy-makers looking to better understand the intersection between Buddhism and economics.Trade Review‘Buddha, Wisdom and Economics: A Contribution to the Art of Happiness by S. Niggol Seo is a complicated and thoughtful treatise of two facets of the author's life. The first has been spent reading and absorbing the thoughts of the three Buddhas. The second has been a long professional education understanding economics and applying that understanding specifically to environmental economics. The aim of the book is to present a deeper understanding of Buddhism to economists and an introduction of economics to Buddhists.' -- Robert Mendelsohn, Yale University, USTable of ContentsContents: Preface viii About the Author 1 Introduction to Buddha, Wisdom and Economics 2 Buddha: a concise introduction with life stories for this audience 3 Perfection of wisdom: a concise introduction for this audience 4 Market: the foundation of economics 5 The value of something: material value versus inner value 6 Capital and interest rate: no possessions or earn profits? 7 Economic growth: happiness versus growth 8 Poverty: all people being equal versus getting people out of poverty 9 Environmental protection: protect all versus protect wisely 10 Personal reflections on bodhisattva deeds in the “reality” of the market Bibliography of the Sutras Cited Index

Read more less

Book SynopsisDrawing on the perspectives of both leading experts and early career academics from China, Senegal, Cuba, Brazil, France, Italy, Spain, and the UK, this 39th issue of Research in Political Economy integrates, articulates, and discusses the concepts of value, profit, money, and capital within a common theoretical and empirical framework. Divided into four distinct parts, chapters highlight: the relevance of value in contemporary Marxist theory the hegemony of the US dollar and its recent erosion major monetary problems currently faced by Africa as a result of colonial legacies alternative monetary and financial tracks being tested in Latin America, including monetary regionalization and resistance to the domination of the dollar the current state of national debt in the Global South, including possible solutions the difficulties in evaluating transnational corporate profit in the era of globalization the evolution of profit rates in the United States, Europe, and Latin America over the past several decades a study of France's rate of profit over more than a century fictitious and financial capital the recent emergence of cryptocurrencies and some of the challenges that this entails Connecting fundamental, theoretical, and empirical subjects with the most current scholarship on value, money, profit and capital today, this book makes sense of our increasingly interconnected global economy, highlighting key issues and proposing real-world solutions from the most knowledgeable researchers in the field.Table of ContentsPART I. VALUE TODAY Chapter 1. Money, Credit and Fictitious Capital in Marx’s Theory of Value; Alfredo Saad-Filho Chapter 2. Critique of Value Criticism ; Fabien Trémeau Chapter 3. Turning One’s Loss into a Win? – The U.S. Trade War with China in Perpective; Zhiming Long, Zhixuan Feng, Bangxi Li, and Rémy Herrera PART II. MONEY TODAY Chapter 4. Colonial Legacy, Monetary Policy and Resource Mobilization for Development in Africa; Demba Moussa Dembele Chapter 5. Surplus Production and Unequal Development in Latin America: A Comparative Study With the U.S. From a Political Economy Perspective; Juan Pablo Mateo Chapter 6. From “Crypto-Alternatives” to a Regional Unit of Account: Monetary Proposals in Latin America for a Greater Shared Autonomy; Joaquín Arriola and Juan Barredo-Zuriarrain PART III. PROFIT TODAY Chapter 7. Multinational Firms’ Practices: An Attempt at a Marxist Theorization; Christian Palloix Chapter 8. Profit Rates: Their Dispersion and Long Term Determination; William Paul Cockshott Chapter 9. Elements for a Study of the Profit Rate: France, 1896-2018; Weinan Ding, Zhiming Long, and Rémy Herrera PART IV. CAPITAL TODAY Chapter 10. Fictitious Capital, Fictitious Profits, and Their Extreme Fetishism; Mauricio de Souza Sabadini and Gustavo Moura de Cavalcanti Mello Chapter 11. Crisis and Fictitious Capital ; Rosa Maria Marques and Paulo Nakatani Chapter 12. Money, Fictitious Capital and Cryptocurrencies: Their Impact on the World Economy; Ernesto Molina Molina

Read more less

Book SynopsisResearch in the History of Economic Thought and Methodology (RHETM) is a book series dedicated to an interdisciplinary approach to a broad range of topics related to the history and methodology of economics.Table of ContentsPART I. A Symposium on John Kennethj Galbraith: Economic Structures and Policies for the Twenty-First Century Chapter 1. Introduction; Richard P. F. Holt Chapter 2. Galbraith and Economic Power; Steven Pressman Chapter 3. Consumer Sovereignty in the Digital Society; Alexandre Chirat Chapter 4. John Kenneth Galbraith’s Social Balancing Theory in the 21st Century; Eric Scorsone Chapter 5. John Kenneth Galbraith on the Military Industrial Complex; Adem Yavuz Elveren Chapter 6. The Social Consequences of Inflation and Unemployment and their Remedies; Alexandre Chirat, Basile Clerc, and Richard P. F. Holt PART II. Essays Chapter 7. Pareto efficiency from Lausanne to the United States: the role of Maurice Allais; Irène Berthonnet Chapter 8. From Regulation to Deregulation and (Perhaps) Back: A Peculiar Continuity in the Analytical Framework; William McColloch and Matías Vernengo

Read more less

Book SynopsisResearch in the History of Economic Thought and Methodology (RHETM) is a book series dedicated to an interdisciplinary approach to a broad range of topics related to the history and methodology of economics.Table of ContentsPART I. A Symposium on Hazel Kyrk's A Theory of Consumption 100 Years after Publication Chapter 1. Introduction; Rebeca Gomez Betancourt Chapter 2. Hazel Kyrk’s intellectual roots: When First-Generation Home Economists Met the Institutionalist Framework; David Philippy, Rebeca Gomez Betancourt, and Robert W. Dimand Chapter 3. Hazel Kyrk’s A Theory of Consumption, Veblen’s Business and Industrial Concerns, and W.C. Mitchell’s Essays on Spending and Money: Conceptual Links; Zdravka Todorova Chapter 4. Hazel Kyrk and her Research on Standards of Consumption; Edith Kuiper Chapter 5. Hazel Kyrk, the Economics of the Social Relevance of Consumption and John Maynard Keynes’ Consumption Function; Atilio Trezzini Chapter 6. What should families want? From Hazel Kyrk to Margaret Reid and beyond; Miriam Bankovsky PART II. Essays Chapter 7. On the Integration of Institutional Themes and Neoclassical Formalism: Locational Economics as a Case Study in Pragmatic Empiricism; Yue Xiao and Joseph Persky Chapter 8. Nutter and Buchanan did not turn against tuition grants for segregated schools in 1965: A comment on Fleury (2023) and Levy and Peart (2023); Daniel Kuehn Chapter 9. Response to Kuehn: Buchanan on the rules for public school funding: Additional thoughts; David Levy and Sandra Peart

Read more less

Book SynopsisVolume 41A of Research in the History of Economic Thought and Methodology features a symposium on “Religion, the Scottish Enlightenment, and the Rise of Liberalism,” a new research essay by Syed Mohib Ali, and a roundtable on the institutionalist economics of Geoffrey Hodgson.Table of ContentsPART I: A Symposium on Religion, the Scottish Enlightenment, and the Rise of Liberalism; Jordan J. Ballor and Erik W. Matson Chapter 1. Introduction to the Symposium: Religion, the Scottish Enlightenment, and the Rise of Liberalism; Jordan J. Ballor and Erik W. Matson Chapter 2. Believing, Belonging and Understanding: Religion and Philosophy as Narratives and Practice in Adam Smith; Jimena Hurtado Chapter 3. Adam Smith and Religious Mercantilism; Maria Pia Paganelli Chapter 4. The Quest for Adam Smith’s Theodicy; Paul Oslington Chapter 5. The Circumstantiality of Bivariate Relationships in The Theory of Moral Sentiments; Daniel B. Klein Chapter 6. The Anthropology of Liberalism: Smith and Us; Christina McRorie Chapter 7. Opposing Sketches of the Clergy as Literati during the Scottish Enlightenment: Hugh Blair and John Witherspoon; Paul D. Mueller PART II: Essay Chapter 8. Description as Theory: Sen and Sraffa; Syed Mohib Ali PART III: Roundtable on Geoffrey Hodgson's "Discovering Institutionalism: One Person's Journey" Chapter 9. Discovering Institutionalism: One Person’s Journey; Geoffrey Hodgson Chapter 10. Geoffrey Hodgson’s Institutional Economics: Veblenian Origins and Beyond; Felipe Almeida Chapter 11. Can Institutional Economics Still Fascinate Scholars?; Angela Ambrosino Chapter 12. Why is Geoffrey Hodgson So Important for Institutional and Evolutionary Economics? Some Personal Views; Olivier Brette Chapter 13. Geoffrey Hodgson: An Institutionalist's Institutionalist; Daniel H. Cole Chapter 14. Comment on “Discovering Institutionalism: One Person’s Journey” by Geoff Hodgson; Richard N. Langlois Chapter 15. Learning Economics. Discovering Geoff Hodgson; Alain Marciano Chapter 16. The Three Scientific Faults in Some Neo-Institutionalism; Deirdre McCloskey Chapter 17. The Institutional Economics of Geoffrey Hodgson: Some Distinctive Foundations; David Duquech

Read more less

Book SynopsisTopics covered in this volume include, CEO characteristics and CSR, green finance and investment in emerging economies, behavioral finance, intellectual capital, MIS, and financial performance, capital structure during COVID-19, the online search volume index, working capital, stock return, and banks' risk taking, as well as social capital.

Read more less

Book SynopsisRecent Developments in Health Econometrics highlights recent developments in health econometrics, especially in areas of empirical health economics, where Professor Andrew Jones has contributed so significantly.

Read more less

Book SynopsisPost-Keynesian Monetary Theory recaps Marc Lavoie's views on monetary theory over a 35-year period, seen from a post-Keynesian perspective. The book contains a collection of twenty previously published papers, as well as an introduction which explains how these papers came about and how they were received. All of the selected articles avoid mathematical formalism. Readers will find analyses of the earlier advocates of endogenous money such as Nicholas Kaldor and Jacques Le Bourva. They will discover how the arguments in support of the post-Keynesian theory of endogenous money and the credit view of banking have evolved through this 35-year period, and how they have been related to the new procedures pursued by central banks. All these essays show the relevance of the realistic post-Keynesian monetary theory in understanding the subprime and euro crises, quantitative easing and the distributional role of interest rates. Within these pages Marc Lavoie provides an overview of what has happened in post-Keynesian monetary economics over the last three and a half decades for students and scholars with interest in monetary economics, the horizontalist-structuralist debates and the recent history of economic thought.Trade Review'This collection of early essays on endogenous money by Marc Lavoie (and some later ones) is of the utmost importance. Marc s commentary on the essay about Jacques Le Bourva is pivotal - '...a theory [of] the endogeneity of money is insufficient...one also has to reject the existence of a natural rate of interest ...'' --John Smithin, York University, Toronto and Aurora Philosophy Institute, Canada'Marc Lavoie has been a leading post-Keynesian economist for a long time. This book presents a collection of important papers, published over four decades, in one of his areas of specialization, monetary theory. It contains path-breaking contributions to the theory of endogenous money and credit and to monetary policy analysis.' --Eckhard Hein, Berlin School of Economics and Law, Germany'This is a great collection of papers, written over four decades, displaying the many contributions which Marc Lavoie has made to the development of Post-Keynesian monetary theory. A highly recommended read of Marc's in-depth analyses of endogenous money and credit and contributions to policy debates.' --Malcolm Sawyer, Emeritus Professor of Economics, University of Leeds, UKTable of ContentsContents: Foreword Louis-Philippe Rochon Introduction Marc Lavoie PART I EARLIER AND EASIER WRITINGS 1 ‘The Endogenous Flow of Credit and the Post Keynesian Theory of Money’, Journal of Economic Issues , 18 (3), September 1984, 771–97 2 2 ‘The Post Keynesian Theory of Endogenous Money: A Reply’, Journal of Economic Issues , 19 (3), September 1985, 843–8 29 3 ‘Credit and Money: The Dynamic Circuit, Overdraft Economics, and Post- Keynesian Economics’, in M. Jarsulic (ed.), Money and Macro Policy , Kluwer- Nijhoff, Boston, 1985, 63–84 35 4 ‘A Primer on Endogenous Credit-Money’, in L.-P. Rochon and S. Rossi (eds), Modern Theories of Money: The Nature and Role of Money in Capitalist Economies , Edward Elgar, Cheltenham, UK and Northampton, MA, USA, 2003, 506–43 57 PART II INSPIRING AUTHORS 5 ‘Change, Continuity, and Originality in Kaldor’s Monetary Theory’, in E.J. Nell and W. Semmler (eds), Nicholas Kaldor and Mainstream Economics: Confrontation or Convergence? , Macmillan, London, 1991, 259–78 96 6 ‘Jacques Le Bourva’s Theory of Endogenous Credit-Money’, Review of Political Economy , 4 (4), 1992, 436–46 116 7 ‘Eichner’s Monetary Economics: Ahead of Its Time’, in M. Lavoie, L.-P. Rochon and M. Seccareccia (eds), Money and Macrodynamics: Alfred Eichner and Post- Keynesian Economics , M.E. Sharpe, Armonk (NJ), 2010, 155–71 127 PART III IN DEFENSE OF HORIZONTALISM 8 ‘Monetary Policy in an Economy with Endogenous Credit Money’, in G. Deleplace and E.J. Nell (eds), Money in Motion: The Circulation and Post- Keynesian Approaches , Macmillan, London, 1996, 532–45 145 9 ‘Horizontalism, Structuralism, Liquidity Preference and the Principle of Increasing Risk’, Scottish Journal of Political Economy , 43 (3), August, 1996, 275–300 159 10 ‘The Credit-Led Supply of Deposits and the Demand for Money: Kaldor’s Reflux Mechanism as Previously Endorsed by Joan Robinson’, Cambridge Journal of Economics , 23 (1), January 1999, 103–13 185 11 ‘Endogenous Money: Accommodationist’, in P. Arestis and M. Sawyer (eds), Handbook on Alternative Monetary Economics , Edward Elgar, Cheltenham, UK and Northampton, MA, USA, 2006, 17–34 196 PART IV THREE INNOVATING ARTICLES 12 ‘Monetary Base Endogeneity and the New Procedures of the Asset-Based Canadian and American Monetary Systems’, Journal of Post Keynesian Economics , Summer 2005, 27 (4), 689–709 215 13 ‘Towards a Post-Keynesian Consensus in Macroeconomics: Reconciling the Cambridge and Wall Street Views’, in E. Hein, T. Niechoj and E. Stockhammer (eds), Macroeconomic Policies on Shaky Foundations – Whither Mainstream Economics? , Metropolis-Verlag, Marburg, 2009, 75–99 236 14 ‘Fair Rates of Interest in Post-Keynesian Political Economy’, in J. Teixeira (ed.), Issues in Modern Political Economy , University of Brasilia Press, Brasilia, 1997, 123–37 261 PART V AFTER THE GLOBAL FINANCIAL CRISIS 15 ‘Changes in Central Bank Procedures During the Subprime Crisis and Their Repercussions on Monetary Theory’, International Journal of Political Economy , 39 (3), Fall 2010, 3–23 277 16 ‘The Monetary and Fiscal Nexus of Neo-Chartalism: A Friendly Critique’, Journal of Economic Issues , 47 (1), March 2013, 1–31 298 17 ‘The Eurozone: Similarities to and Differences from Keynes’s Plan’, International Journal of Political Economy , 44 (1), Spring 2015, 3–17 329 18 ‘Rethinking Monetary Theory in Light of Keynes and the Crisis’, Brazilian Keynesian Review , 2 (2), 2016, 174–88 344 19 ‘Unconventional Monetary Policies, with a Focus on Quantitative Easing’, European Journal of Economics and Economic Policies: Intervention , Edward Elgar, Cheltenham, UK and Northampton, MA, USA, 15 (2), 2018, 139–46 (with Brett Fiebiger) 359 PART VI A FINAL OVERVIEW 20 ‘Money, Credit and Central Banks in Post-Keynesian Economics’, in E. Hein and E. Stockhammer (eds), A Modern Guide to Keynesian Macroeconomics and Economic Policies , Edward Elgar, Cheltenham, UK and Northampton, MA, USA, 2011, 34–60 368 Index

Read more less

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

Read more less

Book SynopsisPart of The Elgar Series on Central Banking and Monetary Policy, this book explores challenges surrounding central banking today. It goes beyond the immediate concerns with monetary policy and focuses instead on the concept of central banking more generally.Chapter authors explore emerging fields of central bank’s actions, discussing, for instance, how monetary policy can affect income distribution, how it has differentiated impacts according to gender, how it can help to deal with climate change, and how it can promote financial stability and structural change.Policy makers, academics and the financial press will all benefit from the insight in The Future of Central Banking.Trade Review‘Central banking is about the provision of the means of payment, and payment is, whether we like it or not, at the core of the organisation of modern society. Therefore it should not come as a surprise that central banking will have to evolve with society and has to take up its ever changing challenges. The authors of this unique book are thought leaders in the various fields in which central banking has to react or can lead change of the economy and society. For central bankers the book is a rich source of inspiration for the coming years.’ -- Ulrich Bindseil, European Central Bank‘Over the last half century, the art of central banking underwent a significant transformation: from a de facto broadly-defined social role that was bestowed on these publicly-mandated institutions of the early postwar era to conduct monetary policy, via the balancing of numerous social and economic concerns, into what became a single-minded dogma of inflation fighting. Through force majeure, the Great Financial Crisis of 2007-2008 and the COVID-19 crisis have shaken this dogma to its core, thereby slowly leading to a redefining of the role of central banks for the twenty-first century. This book is unique in offering readers a rigorous analysis of some of the most important new and exciting directions in the art of central banking, from a concern with gender and the functional and personal distribution of income and wealth to dealing with the climate/ecological crisis.’ -- Mario Seccareccia, University of Ottawa, Canada and International Journal of Political Economy‘Both well-established and bright young authors have contributed to The Future of Central Banking. The book covers topics about central banking that are usually left out of the literature but that are attracting a growing amount of attention, such as central banking and income distribution, central banking and gender, and central banking and ecological problems. Other chapters also provide an innovative approach to previously-discussed issues such as macroprudential policies or central bank independence and democracy.’ -- Marc Lavoie, University of Ottawa, Canada and University of Sorbonne Paris Nord (CEPN), FranceTable of ContentsContents: Introduction to The Future of Central Banking 1 Sylvio Kappes, Louis-Philippe Rochon and Guillaume Vallet 1 The general ineffectiveness of monetary policy or the weaponization of inflation 20 Louis-Philippe Rochon PART I CENTRAL BANKING AND INCOME DISTRIBUTION 2 Monetary policy and personal income distribution: a survey of the empirical literature 38 Sylvio Kappes 3 Inflation targeting regime and income distribution in emerging market economies 62 Lilian Rolim and Nathalie Marins 4 Monetary policy in the United States and its impact on the functional distribution of income: 1970–2015 84 Ivan Dario Velasquez PART II CENTRAL BANKING AND GENDER 5 Feminist macroeconomics and monetary policy 107 Elissa Braunstein 6 The necessary winds of change: empowering women in central banking 128 Guillaume Vallet PART III CENTRAL BANKING AND ECOLOGICAL CONCERNS 7 Contending views on the role of central banks in the age of climate change: a review of the literature 151 William Oman, Mathilde Salin and Romain Svartzman 8 Climate change, central banking and financial supervision: beyond the risk exposure approach 175 Yannis Dafermos 9 Central banking for a social-ecological transformation 195 Louison Cahen-Fourot PART IV CENTRAL BANKING, MACROPRUDENTIAL POLICIES AND FINANCIAL STABILITY 10 The relationship between central banks and financial regulation: a critique of the mainstream consensus and elements for a post-Keynesian approach 220 Esteban Pérez Caldentey 11 Macroprudential policy of central banks 249 Fábio Henrique Bittes Terra and Gustavo Chagas Goudard PART V CENTRAL BANKING AND STRUCTURAL CHANGE 12 Can monetary policy promote structural change? Analyzing the Brazilian experience from a new-developmental perspective 263 Cristina Helena Pinto de Mello and Paulo Robilloti 13 Currency hierarchy, inflation targeting and structural change: the Brazilian experience 290 Daniela Magalhães Prates, Carolina Troncoso Baltar and Rosângela Ballini 14 Central banks and democracy under long-term changes 316 Jocelyn Pixley PART VI CENTRAL BANKING INDEPENDENCE 15 Monetary policy committees at the Central Bank of West African States (BCEAO) and the Bank of the Central African States (BEAC) 337 Régis Bokino and Edwin Le Heron 16 Central bank independence from banks rather than governments 360 Sergio Rossi Index

Read more less

Book SynopsisElgar Research Agendas outline the future of research in a given area. Leading scholars are given the space to explore their subject in provocative ways, and map out the potential directions of travel. They are relevant but also visionary. In recent years, an explosive rise in computing power and the digitization of data has allowed researchers in new institutional economics (NIE) to investigate questions that could never before be systematically analysed. This book explores key issues for future research in the field, analysing both traditional areas of focus in NIE and more recent areas of interest. Consisting of 30 concise chapters written by top NIE scholars, this Research Agenda probes issues at the forefront of NIE, including government, contracts, property rights, norms, culture, and beliefs. Analysing rapid changes in technology and the environment, such as the rise of social media and the effects of climate change in agriculture, this book offers unique insights into key contemporary issues. Written in non-technical terms, this book will inform and inspire students and those starting their careers in economics, law and political science. NIE scholars will also find the book invaluable in updating their understanding of crucial research questions and seeking new areas to explore. Contributors: J.S. Ahlquist, J.E. Aldy, D.W. Allen, J. Bednar, J.C. Cardenas, P. Castaneda Dower, R. Fernandez, S. Gehlbach, R. Gil, M.A. Golden, C. Guerriero, S. Iyer, P. Keefer, K. Kosec, R. Kunneke, C. Long, R. Macchiavello, K.J. Mayer, C. Menard, T. Mogues, M.W. Moszoro, B. Mueller, S. Oh, D. Parker, J. Prufer, P. Prufer, M. Servatka, M.M. Shirley, E. Simison, F. Sobbrio, J. Teorell, T. Terpstra, M. Vatiero, S. Voigt, S. Wallsten, G. Zanarone, D. ZiblattTrade Review'This book is about the variety of institutions that govern economic life. It has stunning breadth: political institutions, regulatory institutions, the law and practice of contracts, property rights and more are discussed with intelligence and rigor. Whether your interest is in the history of institutions or current practice, whether in rich countries or poor, you will learn much from this book.' --Sam Peltzman, University of Chicago, Booth School of Business, US'This volume brings 30 chapters on a variety of topics, usefully examined from a transaction cost framework. As Coase argued, transaction costs move economic outcomes from the idealized simple to the more complex.' --Gary Libecap, University of California, Santa Barbara, National Bureau of Economic Research and Hoover Institution, Stanford University, USTable of ContentsContents: Introduction Claude Ménard and Mary M. Shirley Part I Government Institutions 1. Collective Action and Government: Still a Mystery Philip Keefer 2. What’s Next for the Study of Non-democracy? Scott Gehlbach 3. The Power and Limits of Federalism Emilia Simison and Daniel Ziblatt 4. Evaluating the Performance of Regulations and Regulatory Institutions, Joseph E. Aldy 5. Public Goods Provision in Developing Countries: A Research Agenda for New Institutional Economics Katrina Kosec and Tewodaj Mogues Part II Contracts and Organizations 6. A Mutually Beneficial Relationship: Relational Contracts in Developing Countries Rocco Macchiavello 7. Contracting in Innovative Industries Ricard Gil and Giorgio Zanarone 8. Interrelated technical and institutional coordination: The case of network infrastructures Rolf Künneke 9. Cognition and Governance: A Research Agenda for the New Institutional Economics Kyle J. Mayer 10. Tools and Approaches in Public Contracting Research Marian W. Moszoro 11. Transaction and Transactors’ Choices: What We Have Learned and What We Need To Explore Massimiliano Vatiero Part III Laws and Property Rights 12. Questions of Property Rights Dominic Parker 13. (Real) Behavior meets (Real) Institutions: Towards a research agenda on the Study of the Commons Juan Camilo Cardenas 14. Property Rights and Economic Development: Taking Stock, Looking Ahead, Carmine Guerriero 15. The China Experience: An Institutional Approach Cheryl Long Part IV Norms, Culture, and Beliefs 16. Internal Institutions: The Major Unknowns in Institutional Economics Stefan Voigt 17. The Coevolution of Institutions and Culture Bernardo Mueller 18. Modelling the Institutional Matrix: Norms, Culture, and Robust Design Jenna Bednar 19. Corruption and the New Institutional Economics Miriam A. Golden 20. Religion and Institutions Sriya Iyer Part V Institutions in a rapidly changing world 21. Family and Gender: Questions for the NIE Raquel Fernández 22. Research Frontiers in the Institutional Analysis of Work John S. Ahlquist 23. Challenges of Agricultural Organization to Growth and Climate Paul Castañeda Dower 24. Is Blockchain Hype, Revolutionary, or Both? What We Need to Know. Sarah Oh and Scott Wallsten 25. New Media, New Issues Francisco Sobbrio Part VI New Approaches and New Tools 26. Neo-Institutionalism in Ancient Economic History: The Road Ahead Taco Terpstra 27. Measuring Institutions: What We Do Not Know Jan Teorell 28. Data Science for Institutional and Organizational Economics Jens Prüfer and Patricia Prüfer 29. How Do Experiments Inform Collective Action Research? Maroš Servátka 30. Recognizing and Solving Institutional Puzzles Douglas W. Allen Index

Read more less

Book SynopsisPlato was the first of the great thinkers to integrate the economy into a wide-ranging synthesis of ethical absolutes and human interaction. In this original and stimulating book, David Reisman assesses his influential contribution to the political economy of production, consumption, distribution and exchange.Drawing on the whole of Plato's published work, this book explores Plato's insights into the core philosophical concerns of stability, hegemony, justice and balance. It situates Plato's economics in the context of fourth century Athens. It argues that the transition from oligarchy to democracy in the wake of the disastrous war with Sparta had reinforced the attraction of justice, moderation and the middle way to a political philosopher who wanted to reverse the decay in popular standards of right and wrong.Analytical but accessible, this book is crucial reading for students and scholars of economic and social thought. Researchers and practitioners interested in social and public policy will also benefit from this book's comprehensive and interdisciplinary approach.Trade Review'Historians of economic thought have traditionally questioned whether the ancient Greek philosophers understood the market system. In this highly perceptive book David Resiman argues that Plato appreciated how markets could set prices; he just did not make markets the focus of his economics. Rather, Reisman offers a convincing case that Plato employed a broad-based political economy where the market economy was contained within a social economy and a moral economy. Using his prior studies in the history of economic thought Reisman draws out the parallels and conflicts between Plato and such economic thinkers as Marshall, Veblen and Galbraith to show that Plato still has lessons for the modern world and especially for the post-modern world.' -- Donald Stabile, St. Mary's College of Maryland, USTable of ContentsContents: 1. Introduction 2. Justice 3. The divided soul 4. The part and the whole 5. Education 6. Form and philosophy 7. The political order 8. The social cycle 9. The economic system 10. A happy end References Works by Plato By other authors Index

Read more less

Book Synopsis'In Economics as Anatomy Peter Swann has produced a wonderful sequel to his earlier 2006 classic, Putting Econometrics into Its Place. In this powerful new book, Peter Swann shows how key ideas from the economics of innovation can reconstruct economics as an empirical science. The challenge for mainstream economists is to embrace diversity and help rebuild the subject of economics so that it is no less innovative and dynamic than the economy itself. Economists need to go back to their roots and build something different.'- Kevin Dowd, Durham University, UK'This is an important, thought-provoking, well-argued and provocative work which questions the methodological basis of, and the status accorded to, econometric analyses. . . This book will prove useful to all economic researchers, whatever the stage of their career - from undergraduates to longstanding professors. This book should stimulate a lively debate and should result in all researching economists to reflect critically on their current approaches and become more open to methods other than the strictly econometric.'- Adrian Darnell, Durham University, UKThere are two fundamentally different approaches to innovation: incremental and radical. In Economics as Anatomy, G.M. Peter Swann argues that economics as a discipline needs both perspectives in order to create the maximum beneficial effect for the economy.Chapters explore how and why mainstream economics is very good at incremental innovation but seems uncomfortable with radical innovation. Swann argues that economics should follow the example of many other disciplines, transitioning from one field to a range of semi-autonomous sub-disciplines. In this book, he compares the missing link in empirical economics to being the economic equivalent of anatomy, the basis of medical discourse.Working as a sequel to Swann's Putting Econometrics in its Place, this book will be a vital resource to those who are discontent with the state of mainstream economics, especially those actively seeking to promote change in the discipline. Students wishing to see progress in the teaching of economics will also benefit from this timely book.Trade ReviewEconomics as Anatomy is a superb sequel to Peter Swann's earlier book, Putting Econometrics in its Place. It is filled with educated common sense. It critiques the profession without condemnation, and provides some excellent and well-reasoned suggestions for how the profession can (and should) do better. --David Colander, Middlebury College, US'Peter Swann's call for economics to embrace a federation of approaches to economics, akin to the diversity one finds in medicine, is a thoughtful insider's response to the calls for pluralism in economics by internal and external critics after the financial crisis of 2008. His demonstration that the signal to noise ratio in the vast majority of econometric studies is far too low to rely on econometrics alone as a way to evaluate economic theories should be read and appreciated by all econometricians. Humility may be the first necessary step in the reform of economics.' --Steve Keen, Kingston University London, UK'Swann applies ideas from the economics of innovation and standards plus entertaining analogies from medicine and Sherlock Holmes to make a persuasive case for improving empirical economics. He shows how this can be done by adopting a wider variety of methods and embracing free trade and a division of labour with other disciplines.' --Ron Smith, Birkbeck, University of London, UKTable of ContentsContents: Preface PART I RE-APPRAISAL 1. Introduction 2. How Good are Econometric Results? 3. Assumptions in Empirical Economics 4. Three Types of Rigour 5. Misinterpreting Kelvin’s Maxim 6. Myths about Case Studies 7. Discontent in the Academy 8. Wider Discontent PART II INNOVATION 9. Economics of Innovation 10. Incremental Innovation in Economics 11. Radical Innovation in Economics PART III THE FEDERATION 12. Why Emulate Medicine? 13. Economic Anatomy 14. Economic Physiology 15. Economic Pathology 16. Pathology in the Economics Discipline 17. Multidisciplinary Hybrids 18. Practitioner Hybrids 19. And Many Others … 209 20. Will the Federation Survive? References Index

Read more less

Book SynopsisElgar Research Agendas outline the future of research in a given area. Leading scholars are given the space to explore their subject in provocative ways, and map out the potential directions of travel. They are relevant but also visionary.Providing a critical overview of cultural economics, this Research Agenda explores the current state of affairs in the field, suggesting methods of improvement for the coherency and progressiveness of future research. Situating work in this area in its historical context, Samuel Cameron draws together a range of international contributors to explore the development of cultural economics.Undertaking a thorough examination of matters of data quality, statistical methodology and the challenge of new developments in technology, chapters examine the different approaches to cultural economics. The book explores the myriad ways in which the topic has been neglected by mainstream economics, and examines reasons why it needs to be considered, evaluated and explored in more detail in our modern world. Current researchers in cultural economics, as well as cultural policies and leisure studies will find this book an invaluable read in exploring different ways to integrate cultural economics into mainstream studies. This Research Agenda will also be an invaluable aid for advanced students to create discussions suitable for essay topics and dissertations. Contributors include: S. Cameron, C. Peukert, J. Snowball, H. Sonnabend, M. ZiebaTrade Review'Exemplary in their commitment to pushing the field into the future, Cameron and colleagues take on many of the elephants in the room for cultural economics: global digital monopolies, technological change, new business models, and social media. Brave, probing, exciting work.' --Stuart Cunningham, Queensland University of Technology, Australia'This seminal work finds no fixed boundaries in cultural economics. Professor Cameron and cohorts plumb the impact on the field of digital technology, integrating metrics with other disciplines, the limits of pricing models and global tourism. It is essential reading for all associated with this important and exciting field.' --Robert Ekelund, Auburn University, USTable of ContentsContents: 1. Why do we need a Cultural Economics? History and Development of the Field Samuel Cameron 2. Contemporary Challenges to Cultural Economics Samuel Cameron 3. Individual Choice Behaviour Samuel Cameron 4. Flexible digital supply behaviour Christian Peukert, 5. Pricing Hendrik Sonnabend, 6. Government policy Jen Snowball 7. Global trade in cultural tourism services Marta Zieba 8. What is the agenda for cultural economics? Samuel Cameron Index

Read more less

Book SynopsisAnswering the strong call for theory application and development in purchasing and supply management (PSM) and supply chain literature, this Handbook is an essential reference that provides extensive guidance on which theories to apply, how to apply them, and when to build theory.Introductory chapters present the background of theory in PSM, providing a mapping of major types of theory to deliver guidance on appropriate theory application and when a new theory or mid-range theory development is required. Featuring more than 25 theories with relevance across management research, each chapter presents an excellent overview for beginning the exploration of a certain theory. The authors discuss assumptions about different theories such as agency theory, transaction cost, and game theory, and explore levels of analysis, unit of analysis, variables and relationships, as well as key research findings. In addition, chapters include lists of selected seminal literature for further reading.The Handbook will be a key reference for scholars in management and marketing fields, particularly empirical researchers in operations and management sciences.Trade Review'This Handbook is a valuable asset for new and seasoned scholars, alike. It is jam packed with useful theories to better understand past research and guide future research projects.' -- Christopher W. Craighead, University of Tennessee, USTable of ContentsContents: 1 Introduction to the Handbook of Theories for Purchasing, Supply Chain and Management Research 1 Wendy L. Tate, Lisa M. Ellram and Lydia Bals 2 Foundations of theory 12 Barbara B. Flynn, Mark Pagell, Brian Fugate and David E. Cantor 3 Developing purchasing and supply management theory 29 Mark Pagell, Barbara B. Flynn, Brian Fugate and David E. Cantor 4 Theories relevant to purchasing and supply management research: status quo and future suggestions 48 Larry Giunipero and Reham Eltantawy 5 Systems levels in purchasing and supply chain management (PSCM) research: exploring established and novel theories to address PSCM problems and challenges 63 Christine M. Harland and Jens K. Roehrich 6 Enhancing theorizing in purchasing and supply management through middle-range theories 80 Jenny Bäckstrand and Árni Halldórsson 7 Transaction cost economics 94 Wendy L. Tate and Lisa M. Ellram 8 Resource-based view 106 Lydia Bals and Eugenia Rosca 9 The knowledge-based view 118 Tobias Schoenherr 10 Resource-advantage theory 140 Donna F. Davis and Teresa M. McCarthy-Byrne 11 Resource and natural resource dependence theories in supply chains 153 Lojain Alkhuzaim, Mahtab Kouhizadeh and Joseph Sarkis 12 Resource orchestration: managers’ role in developing and deploying resources to create distinctive advantage 168 Stan E. Fawcett, Yao ‘Henry’ Jin, Sebastian Brockhaus, Diego Vega and Amydee M. Fawcett 13 Agency theory in purchasing and supply management 186 George A. Zsidisin 14 Playing to win: applying game theory to purchasing and supply management 199 Steven Carnovale and Myles D. Garvey 15 Paradox theory 221 Sajad Fayezi 16 Contingency theory and the information processing view 248 Virpi Turkulainen 17 Social exchange theory 267 Carl Marcus Wallenburg and Robert Handfield 18 The relational view 283 Feigao (Kelly) Huang, Eugena Rosca, Lydia Bals and Wendy Tate 19 Supply networks: dyads, triads and networks 295 Zhaohui Wu and Thomas Y. Choi 20 Stakeholder theory 310 Gyöngyi Kovács 21 Institutional theory 320 Katri Kauppi 22 Complex adaptive systems 335 Kevin J. Dooley 23 Factor market rivalry: a general theory of supply chain management 345 Peter M. Ralston, Matthew A. Schwieterman and John E. Bell 24 The industrial network approach and purchasing and supply management research 360 Björn Axelsson, Lars-Erik Gadde and Finn Wynstra 25 Dynamic capabilities theory 378 Anna Land, Tim Gruchmann, Erik Siems and Philip Beske-Janssen 26 Supply chains as complex adaptive systems 399 Anurag Tewari and Richard Wilding 27 Cluster theory and purchasing science: geographical proximity as a strategic decision factor in sourcing 412 Holger Schiele 28 Organizational learning theory and its application to purchasing management and supply chain management research 425 Arash Azadegan and Javad Feizabadi 29 Signalling theory 445 Christian von Deimling, Michael Eßig and Andreas H. Glas 30 Portfolio theory 471 Cees J. Gelderman 31 Supply chains as dynamic socio-technical systems 491 John Gattorna and William Pasmore 32 Panarchy theory 502 Amanda Bille and Andreas Wieland 33 Preferred customer theory: benefiting from preferential treatment from suppliers through measures on buyer attractiveness and supplier satisfaction 515 Holger Schiele 34 On theories for researching sustainability 531 Thomas E. Johnsen and Federico Caniato Index

Read more less

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

Read more less

Book SynopsisTaxes on the wealthy are a topic sure to incite venomous rants from both right-wing and left-wing ideologues. The topic attracts conflicting interpretations and policy recommendations, and generates proposals for tax reform that consume political debate. All this activity takes place against an opaque backdrop of empirical evidence dealing with the distribution of wealth and income, and tax avoidance and tax evasion by corporations and wealthy individuals. Rethinking Wealth and Taxes explores these problems and considers the possibilities for increasing taxes on wealth to address the increasingly unequal distribution of wealth, and income. Concerned with exploring the implications of globalization for government revenue policy and increasing inequality in wealth and income, it identifies the connection between ongoing inequality and the ability of the wealthy to avoid income taxes by exploiting differential treatment of capital income and wage income. The author explores the various ways in which the emergence of globalization has impacted the traditional national model of raising income tax revenue. He then offers policy recommendations that shift government revenue sources to taxes that are difficult for the wealthy to avoid and that better capture the goals of vertical and horizontal tax equity. This book will appeal to those directly involved in industry and public policy and may be used in university courses at all levels in public finance, financial economics, actuarial science and management. It will also be of interest to research libraries, individuals working in government and readers in the general public curious about topics such as 'the one percent'.Trade Review'An excellent book offering comprehensive discussions on the roots and policy issues of wealth inequality! The book ably demonstrates that, due to limitations in available wealth measures and the failure to account for globalization, wealth inequality is likely more than reported. Real challenges to the practical implementation of taxation schemes to capture gains in wealth and income are identified. I will surely use it as a reading assignment for my students.' --Donald Lien, University of Texas at San Antonio, US'If you want to understand the complicated relation between wealth, income and taxes this is the book to read. In a profound and impartial presentation Poitras argues that alleviating increases in wealth and income inequality raises complicated economic, political and ethical issues that reach to the heart of how the modern, globalized capitalist economy functions.' --Eduardo Schwartz, University of California, Los Angeles, US, Simon Fraser University, Canada and National Bureau of Economic Research, US'There is little doubt that taxing wealth is a controversial issue. There is also little doubt that there are many aspects of wealth taxation that are not well understood. By providing a broad perspective on the history of wealth taxation, together with an insightful analysis of recent research of wealth taxation, this book is an essential source for understanding the current debate on taxing wealth.' --James Alm, National Tax Association and Tulane University, USTable of ContentsContents: Introduction: Wealth and Taxes Part I The Wealthy and State Revenue Generation 1. Defining Wealth and Taxes on the Wealthy 2. Raising Government Revenue 3. State Revenue from Antiquity to the Modern Income Tax Part II Rethinking Taxation of the Wealthy 4. Public Economics of Taxing the Wealthy 5. Taxing the Wealthy across Jurisdictions 6. Reforming Taxes on Equity Capital References Index

Read more less

Book SynopsisExploring magic as a creative necessity in contemporary business, this book clarifies the differences between magic as an organizational resource and magic as fakery, pretence and manipulation. Using this lens, it highlights insights into the relationship between anthropology and business, and organizational studies. The Magic of Organization looks at our economy and its dependence on magic, as success depends on innovation and creativity to produce the unexpected and amazing; but perhaps also the bogus and deceitful. Exposing the unpredictability of magic, the book reveals clear links between magic and uncontrollable and non-linear ways of organizing. Chapters discuss the double-edged sword of magic: while organizations, economies and finance depend on magical thought and actions for inspiration and surprise, they also fear them; what if the magic is real? With its clarity on how the turn-to-ontology in anthropology is significant for organizational studies, this book will be an illuminating read for students of creativity and innovation.Table of ContentsContents: List of contributors vii 1 Introduction 1 Hugo Letiche, Stephen A. Linstead and Jean-Luc Moriceau PART I MAGIC AND IMAGINATION 2 Introductory chapter to Part I – magic and imagination: taking strategy into the unknown 26 Per Olof Berg 3 The return of the Magi: image magic and the institutionalisation of kitsch therapeutic fantasy 59 James Fairhead 4 The persistence of magic: management and the new alchemy 82 Iain Munro 5 The intra-act of accounting 99 Ivo De Loo, Alan Lowe and Philip Smith 6 Risk management and the magical arts: rituals of risk calculation in the banking industry 125 Peter Case and Peter Pelzer 7 Markets and machines: the magic of predicting, obscuring and securing value 143 Geoff Lightfoot and Simon Lilley PART II MAGIC AND ITS TRANSGRESSIONS 8 Introductory chapter to Part II – magic being re-understood 160 Hugo Letiche 9 Grammarye, grammatization, grammatology: interviewing technique as a magic trick 190 Jean-Luc Moriceau 10 Artaud’s dissolute magic: some thoughts on ambivalent desires 207 Heather Höpfl 11 Magification as bunny(-fication) 224 Hugo Letiche 12 Magic or the presence of absence 239 Michael Lazarin 13 Schwung magic: aesthetic subversion of organization in the philosophy of Deleuze and Guattari 263 Pierre Guillet de Monthoux Afterword 275 Hugo Letiche, Stephen A. Linstead and Jean-Luc Moriceau

Read more less

Book SynopsisExamining the fundamental thinking underpinning the foundation for economic studies of happiness, this book explores the theories of key economists and philosophers from the Greek philosophers to more modern schools of thought. Lall Ramrattan and Michael Szenberg explore the general measures of happiness, utility as a method, metrical measures of happiness, happiness in literature and the scope of happiness in this concise book. Fundamentals of Happiness builds on major moral and philosophical theories from the ancient, medieval and modern schools that form the foundation of utility analysis. The authors classify the economics of happiness based on psychological, individual, social and institutional views of happiness, revealing how historical schools of thought implicitly or explicitly deal with this. The book also focuses on the relationship between happiness and society and welfare, analysing the measurement of subjective well-being. This will be an invigorating read for economics students, in particular those studying the history of economic thought, looking to understand the basic principles underlying the economics of happiness.Trade Review'There is no doubt that today we need to better understand what happiness means to individuals and society. In Fundamentals of Happiness: An Economic Perspective, Ramrattan and Szenberg have not only produced a comprehensive analysis of economic thought about happiness, they have also taken up the challenging task of examining philosophical and psychological views of this very complex subject. The result is a tour de force that is destined to be a reference for many years to come.' -- Alan Zimmerman, City University of New York, - College of Staten Island, US'In their eye-opening book, Ramrattan and Szenberg provide a thorough investigation of the economics of happiness. The authors explore old and new theories of welfare economics and the generalization of individual happiness to welfare happiness, shining a positive light on the possibility that individual happiness can, in fact, project itself to general happiness across markets. This book is an impactful contribution to the literature. By stimulating our intellectual curiosity, the reader thinks in new ways about happiness and welfare as it relates to society. To better understand the complexities of happiness, you must read this book!' -- Cathyann D. Tully, Wagner College, US‘Happiness and the pursuit of it have been the focus of humankind since ancient times. In their thought-provoking Fundamentals of Happiness Lall Ramrattan and Michael Szenberg present the contrasting and converging views on happiness of different schools of thought starting with Socrates, Plato, and Aristotle. Your own perspective on happiness may change after reading this fascinating book.’ -- Iuliana Ismailescu, Pace University, US

Read more less

Book SynopsisEconomic theory and philosophy have discussed concepts of fairness, but the criteria of fairness are in each case absolute: a situation is either fair or it is not. This book draws on these literatures to propose two criteria of relative fairness, and a hierarchical rule for the priority of application of these criteria, with a view to comparison of practicable alternatives in public policy. A veil-of-ignorance device of representation of rational fairness is used to argue that these criteria are normatively relevant. Applications to intergenerational fairness, fairness among regions in the context of migration, externalities and Pigovian taxes, to fair prices and wages, and to relative fairness in the status of racial and caste groups are sketched. The book is designed with real world public policy practice.Scholars with an interest in the economic evaluation of public policy will find this compelling book essential reading.Trade Review'Roger McCain's new book develops an original analysis of relative fairness or ''quasifairness'' to compare stable social situations as objects of public policy. Employing bounded rationality, Rawls, and a game-theoretic understanding of social stability, the book's applications are far-reaching and penetrating. Strongly recommended as a new strategy for re-grounding normative economics.' -- John B. Davis, Marquette University, US and University of Amsterdam, the NetherlandsTable of ContentsContents: 1. Fairness in a system of cooperative, joint production 2. Decision, cooperation and stability 3. Side payments in effectivity analysis of cooperative games 4. Efficiency and fairness 5. The veil of ignorance 6. Intergenerational transfers 7. Intergenerational transfers: some complications 8. Interregional fairness, migration and efficiency 9. Policy, externality, gilets jaunes and interregional fairness 10. Fairness from the perspective of an individual or group 11. Fair wages and prices 12. Fairness from the perspective of a caste or race 13. Concluding summary Index

Read more less

Book SynopsisElgar Research Agendas outline the future of research in a given area. Leading scholars are given the space to explore their subject in provocative ways, and map out the potential directions of travel. They are relevant but also visionary.Presenting state-of-the-art reviews on classical and novel research fields in economic psychology, this Research Agenda studies the fundamentals, perceptions and understanding of economic phenomena and behaviour. Internationally renowned experts as well as the next generation of researchers summarize the field and outline promising avenues of future research. Research topics are addressed from an interdisciplinary perspective, providing a broad spectrum of thought on economic psychology. Exploring important gaps in research, chapters include theoretical as well as applied themes and cover novel research fields, to keep the reader abreast of contemporary developments. These include the psychology of money, product design, financial capabilities, sustainable consumption, diet, ethical conduct, gender inequality, the sharing economy, basic income, happiness, and tax psychology. Researchers and advanced students of economics and psychology looking to update their knowledge and refresh their thinking on future research will greatly benefit from this timely book.Contributors include: S. Asbach, J.M. Bauer, J. Bosak, S. Diefenbach, K. Gangl, A. Gasiorowska, B. Hartl, M. Hassenzahl, D. Hilton, E. Hofmann, J. Khan, E. Kirchler, C. Kulich, C. Loibl, T.L. Milfont, K. Patel, L.A. Reisch, G. Rivers, D. Schwartz, M. Sommer, D. Stimmler, O. Stravrova, C. Tanner, I. VlaevTrade Review'This book presents a highly interesting collection of economic-psychological contributions on important contemporary topics in society. What makes this book outstanding is that it combines an applied, problem-oriented perspective (e.g., on indebtedness, gender inequality, tax evasion) with up-to-date reviews and stimulating ideas for research. It incorporates many current developments (e.g., digital transformation, sharing economy) and debates (e.g., corporate responsibility, basic income), and therefore provides a valuable overview on current economic psychology.' --Erik Hölzl, University of Cologne, Germany'The chapters are succinct, offering straightforward and accessible reviews of research areas in economic psychology. Some of the topics are familiar ones including chapters on money, debt, tax, wealth and happiness, while others are more novel such as those which cover the influence of digital technology on product design and the 'Sharing Economy'. This is a book which mainly deals with applying Psychology to economic behaviour, which it succeeds in doing. This applied focus includes providing policy advice about changing behaviour in order to encourage healthier eating habits and the more efficient management of household finances.' --Alan Lewis, University of Bath, UKTable of ContentsContents: 1. Economic psychology: Selected contributions to an emerging discipline Katharina Gangl and Erich Kirchler 2. Lay people’s and children’s theories of money Agata Gasiorowska 3. Improving financial capability Krishane Patel and Ivo Vlaev 4. Role of ‘owned’ money and rational spending Jashim Khan and Gary Rivers 5. Debts and over-indebtedness of private households Cäzilia Loibl 6. Psychology in product design Sarah Diefenbach and Marc Hassenzahl 7. The interplay between intrinsic motivation, financial incentives and nudges in sustainable consumption Daniel Schwartz, Taciano L. Milfont and Denis Hilton 8. Behavioural mechanisms and (un)healthy dietary choices: A research agenda for better evidence Jan M. Bauer and Lucia A. Reisch 9. Preventing wrongdoing and promoting ethical conduct: A regulatory focus approach to corporate ethical culture Diana Stimmler and Carmen Tanner 10. The persistence of gender inequality in the workplace: Still a long way to go? Clara Kulich and Janine Bosak 11. Sharing economy Barbara Hartl and Eva Hofmann 12. Basic income: Insights from social experiments and simulations Maximillian Sommer 13. Status quo and future research avenues of tax psychology Katharina Gangl 14. Happiness and economic prosperity Olga Stravrova and Simon Asbach Index

Read more less

Book SynopsisStudents in economics are ever more distressed by the disconnect between mainstream economics and the real world. This book shows how post-Keynesian economics constitutes a coherent heterodox alternative, based on realistic assumptions and the integration of the financial and real sides of the economy, with an emphasis on the many paradoxes that arise in a truly macroeconomic analysis.The book is a considerably revised and updated version of the widely used and frequently cited 2014 edition. It provides a comprehensive account of post-Keynesian theory and policy. Topics covered include its methodological foundations, consumer theory and choice under fundamental uncertainty, firms and pricing, money and credit, effective demand and employment, growth theory, open-economy issues, inflation theory. It also links with ecological economics. Scholars of economics, particularly post-Keynesian and heterodox economists, will find this comprehensive look at the field a necessary addition to their libraries, while students and instructors will find it a perfect text for any class on post-Keynesian economics.Trade ReviewWinner of the EAEPE Myrdal Prize (now the Joan Robinson Prize)‘Marc Lavoie’s thoroughly revised Post-Keynesian Economics provides an irrefutable critique of mainstream economics, which is becoming ever more recondite and irrelevant. But the book does much more, offering the clear prospect of an intellectual renewal of both micro- and macroeconomics, firmly founded on realistic assumptions relevant for a world of fundamental uncertainty and integrating finance and the real economy. Lavoie’s Post-Keynesian Economics, unparalleled in its coverage of establishment and post-Keynesian micro- and macroeconomics, is a work of lasting importance. An amazing feat.’ -- Servaas Storm, Delft University of Technology, the NetherlandsAcclaim for the first edition:‘I am delighted to have been invited to present a discussion of Marc Lavoie’s Post-Keynesian Economics: New Foundations. I was contemplating whether to give my short review, “it’s a brilliant book, you must buy it”, or my longer and more considered review, “it’s a brilliant book, you must buy it and I wish I had written it!” . . . It is a book every economist should have on his (or her) shelf, placed within easy reach.’ -- John McCombie, European Journal of Economics and Economic Policies: InterventionTable of ContentsContents: Notation used in the book Preface to the Second Edition 1. Essentials of heterodox and post-Keynesian economics 2. Theory of choice 3. Theory of the firm 4. Credit, money and central banks 5. Effective demand and employment 6. Accumulation and capacity 7. Open-economy macroeconomics 8. Inflation theory 9. Concluding remarks References Index

Read more less

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

Read more less

Book SynopsisThese two landmark volumes - prepared by leading authorities in the field - locate bureaucracy in its proper historical and theoretical context. They demonstrate that far from being a spent force bureaucratic organisations and processes are, and will continue to be, of central importance in the new millennium.Volume I outlines both the changing historical forms of bureaucracy and its operation in contemporary political systems before moving on to examine the detail of bureaucratic structures and processes. Volume II discusses bureaucrats in action and the political dimensions of bureaucratic power. In addition it explores the various critiques of bureaucracy before analysing the recent agendas for bureaucratic reform and the strengths and weaknesses of alternative structures.These two authoritative volumes will be essential reading for political scientists, historians, organisational and administrative theorists and students of public sector management old and new.Trade Review'When the review editor asked me whether I was interested in examining two volumes of edited articles with a total of around 1,500 pages my heart sank - another doorstop was on its way. Happily I can report to readers that these two volumes would be a worthwhile investment for anyone interested in the field of public administration and public policy. They provide a "one-stop shop" of all the major journal articles including some of the seminal pieces, in this area. . . Overall, these volumes make an excellent addition to any collection on public administration. The collection is comprehensive, the selection appropriate and the historical breadth wide. . . Put an order in now. You could do far worse, but you will rarely do much better than having these volumes in easy reach.' -- Scott Prasser, Public Administration TodayTable of ContentsContents: Volume I Acknowledgements Introduction Bill Jenkins and Edward C. Page PART I BUREAUCRACY: BLESSING OR CURSE? 1. M.W. Jackson (1986), ‘Bureaucracy in Hegel’s Political Theory’ 2. Stephen Miller (1977/78), ‘Bureaucracy Baiting’ 3. Herbert Kaufman (1981), ‘Fear of Bureaucracy: A Raging Pandemic’ 4. Richard Hartwig (1990), ‘The Paradox of Malevolent/Benevolent Bureaucracy’ 5. John Greenaway (1992), ‘British Conservatism and Bureaucracy’ PART II CHANGING HISTORICAL FORMS OF BUREAUCRACY 6. Karl A. Wittfogel (1957), excerpt from Oriental Despotism: A Comparative Study of Total Power 7. William C. Beyer (1959), ‘The Civil Service of the Ancient World’ 8. C. Warren Hollister and John W. Baldwin (1978), ‘The Rise of Administrative Kingship: Henry I and Philip Augustus’ 9. Brian Chapman (1959), ‘Historical Introduction’ 10. C.J. Freidrich (1939), ‘The Continental Tradition of Training Administrators in Law and Jurisprudence’ 11. S.E. Finer (1952), ‘Patronage and the Public Service: Jeffersonian Bureaucracy and the British Tradition’ 12. John Markoff (1975), ‘Governmental Bureaucratization: General Processes and an Anomalous Case’ 13. Richard Rose (1976), ‘On the Priorities of Government: A Developmental Analysis of Public Policies’ PART III BUREAUCRACY IN CONTEMPORARY POLITICAL SYSTEMS 14. Alfred G. Meyer (1961), ‘USSR, Incorporated’ 15. Gerd Spittler, ‘Administrative Despotism in Peasant Societies’ 16. George J. Szablowski and Hans-Ulrich Derlien (1993), ‘East European Transitions, Elites, Bureaucracies, and the European Community’ 17. Klaus H. Goetz and Helen Z. Margetts (1999), ‘The Solitary Center: The Core Executive in Central and Eastern Europe’ 18. Ibnomer Mohamed Sharfuddin (1987), ‘Toward An Islamic Administrative Theory’ 19. Fred W. Riggs (1993), ‘Fragility of the Third World’s Regimes’ 20. Fred W. Riggs (1997), ‘Modernity and Bureaucracy’ 21. Susan L. Shirk (1992), ‘The Chinese Political System and the Political Strategy of Economic Reform’ PART IV STRUCTURES OF BUREAUCRACY A Traditional/Hierarchical 22. Richard H. Hall (1963), ‘The Concept of Bureaucracy: An Empirical Assessment’ B Organizational/Corporate 23. Paul J. DiMaggio and Walter W. Powell (1983), ‘The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields’ C Professional 24. Henry Mintzberg (1979), ‘The Professional Bureaucracy’ D Decentralization 25. Michel Crozier and Jean-Claude Thoenig (1976), ‘The Regulation of Complex Organized Systems’ E Post-Modern 26. R.A.W. Rhodes (1997), ‘Towards a Post-modern Public Administration: Epoch, Epistemology or Narrative?’ PART V PROCESSES OF BUREAUCRACY A Recruitment/Socialization 27. S.N. Eisenstadt (1959), ‘Bureaucracy, Bureaucratization, and Debureaucratization’ B Decision-Making 28. Charles E. Lindblom (1979), ‘Still Muddling, Not Yet Through’ C Motivation 29. Anthony Downs ([1967] 1994), ‘Officials’ Milieu, Motives, and Goals’ D Leadership 30. Robert D. Behn (1998), ‘What Right Do Public Managers Have to Lead?’ E Implementation 31. Michael Hill (1997), ’Implementation Theory: Yesterday's Issue?’ F Entrepreneurship 32. Carl J. Bellone and George Frederick Goerl (1992), ‘Reconciling Public Entrepreneurship and Democracy’, Larry D. Terry (1993), ‘Why We Should Abandon the Misconceived Quest to Reconcile Public Entrepreneurship with Democracy: A Response to Bellone and Goerl’s “Reconciling Public Entrepreneurship And Democracy”’, Carl J. Bellone and George Frederick Goerl (1993), ‘In Defence of Civic-Regarding Entrepreneurship or Helping Wolves to Promote Good Citizenship’ Name Index Volume II Acknowledgements An introduction by the editors to both volumes appears in Volume I PART I BUREAUCRATS IN ACTION A Advice 1. Simon James (1986), ‘The Central Policy Review Staff, 1970–1983’ B Secrecy 2. Clive Ponting (1985), ‘The Battle for the Truth’ C Conflict 3. Ezra N. Suleiman (1974), ‘The Minister and His Administration: Relationship’ D Ethics 4. John A. Rohr (1991), ‘Ethical Issues in French Public Administration: A Comparative Study’ E Assumptive Worlds/Street-Level Bureaucrats 5. Michael Lipsky (1971), ‘Street-Level Bureaucracy and the Analysis of Urban Reform’ F Careers 6. Christopher Hood (1998), ‘Individualized Contracts For Top Public Servants: Copying Business, Path-Dependent Political Re-Engineering or Trobriand Cricket?’ PART II CRITIQUES AND PATHOLOGIES OF BUREAUCRACY A Rules/Red Tape 7. C. Northcote Parkinson ([1957] 1986), ‘Parkinson’s Law or the Rising Pyramid’ B Personality Development 8. Robert K. Merton (1940), ‘Bureaucratic Structure and Personality’ C Goal Conflict 9. Edward Gross (1969), ‘The Definition of Organizational Goals’ D Adaption to Change 10. Michel Crozier (1964), ‘The French Bureaucratic System of Organization’ E Suppression of Entrepreneurship 11. Milton Friedman (1976), ‘The Line We Dare Not Cross: The Fragility of Freedom at “60%”’ F Corruption 12. Ralph Braibanti (1962), ‘Reflections on Bureaucratic Corruption’ PART III BUREAUCRACY AND THE POLITICAL PROCESS A Bureaucracy and Politicians 13. Richard Rose (1987), ‘Steering the Ship of State: One Tiller but Two Pairs of Hands’ B Bureaucracy and Parliaments 14. Max Weber (1968), ‘The Right of Parliamentary Inquiry and the Recruitment of Political Leaders’ C Bureaucracy and Interest Groups 15. A. Grant Jordan (1981), ‘Iron Triangles, Woolly Corporatism and Elastic Nets: Images of the Policy Process’ PART IV POWER, POLITICS AND BUREAUCRACY 16. Bill Jenkins and Andrew Gray (1983), ‘Bureaucratic Politics and Power: Developments in the Study of Bureaucracy’ 17. Edward Rhodes (1994), ‘Do Bureaucratic Politics Matter? Some Disconfirming Findings from the Case of the U.S. Navy’ 18. Patrick Dunleavy (1997), ‘Explaining the Centralization of the European Union: A Public Choice Analysis’ 19. Robert E. Goodin (1982), ‘Rational Politicians and Rational Bureaucrats in Washington and Whitehall’ 20. Christopher Hood, Meg Huby and Andrew Dunsire (1984), ‘Bureaucrats and Budgeting Benefits: How Do British Central Government Departments Measure Up?’ PART V BUREAUCRACY AND DEMOCRACY 21. Jerry Frug (1990), ‘Alternatives to Bureaucratic Forms of Organization: Administrative Democracy’ 22. Douglas C. Pitt (1979), ‘The End of Bureaucracy: The Beginning of Ideology?’ 23. R.A.W. Rhodes (1997), ‘From Marketization to Diplomacy: It's the Mix that Matters’ 24. Linda Deleon (1998), ‘Accountability in a “Reinvented” Government’ PART VI BEYOND BUREAUCRACY: REFORM AND ALTERNATIVES 25. William G. Ouchi (1980), ‘Markets, Bureaucracies, and Clans’ 26. Wolf V. Heydebrand (1989), ‘New Organizational Forms’ 27. Paul S. Adler and Bryan Borys (1996), ‘Two Types of Bureaucracy: Enabling and Coercive’ 28. George Ritzer (1996), ‘The McDonaldization Thesis: Is Expansion Inevitable?’ 29. Paul Hoggett (1996), ‘New Modes of Control in the Public Service’ 30. B. Guy Peters and Vincent Wright (1996), ‘Public Policy and Administration, Old and New’ 31. Peter Aucoin (1997), ‘The Design of Public Organizations for the 21st Century: Why Bureaucracy Will Survive in Public Management’ Name Index

Read more less

Book SynopsisIn this carefully chosen selection of essays, Linsu Kim - one of Korea's foremost social scientists, who is advising the Korean government on reform strategy in light of the recent crisis - identifies the evolutionary processes and patterns of learning, capability building, and innovation in catch-up countries. He suggests that catch-up economies display different patterns of learning and innovation to more advanced countries.Using the example of Korea, he examines industries such as consumer electronics, machinery, pharmaceuticals, automobiles and semiconductors, all of which have been important contributors to Korea's economic growth and development. Linsu Kim analyses both the formal and informal mechanisms Korea has used in acquiring technologies from, mainly, advanced countries. He considers how these technologies are assimilated rapidly into the local economy, and in some cases improved to increase Korea's international competitiveness. This examination and extension of the theory of learning and innovation has many useful implications for both catch-up economies and also advanced countries. It offers analytical frameworks which policymakers and managers can use in formulating and evaluating public policies and corporate strategies.Learning and Innovation in Economic Development will be of interest to a wide audience including those working in the fields of technology management, innovation studies and development economics.Trade Review'Learning and Innovation in Economic Development is an ideal read for newcomers to the subject, as well as those who consider themselves experts in this field. . . the book provides a detailed commentary on how Korea has successfully industrialized over a relatively short period of time, as well as what possible lessons this may have been for other developing countries. . . given the attempts of developing countries to "catch up" with developed ones, this book will appeal to policymakers and practitioners who are involved in research and development. . . this book will also appeal to economic historians and development economists who are interested in NICs.' -- Marcus Powell, Asia Pacific Business Review'Kim being one of the leading scholars on the theme of the book and on Korea, there can hardly be any comment on the quality and content of the articles. Through this book the job of the upcoming researcher in the field of science policy and innovation studies made a lot easier. It is also one of the good starters for scholars studying the innovation in the developing countries. . . The presentation and organisation of the articles make the book interesting to read.' -- S. Visalakshi, Journal of Scientific and Industrial Research'Linsu Kim is one of the most perceptive scholars of economic development in general, and the development of Korea in particular. This book brings together a collection of his most important, and interesting articles. Together they form a fascinating and powerful book on the nature of the economic development process in countries like Korea that have been very successful at it.' -- Richard Nelson, Columbia University, USTable of ContentsContents: Introduction Part I: Learning and Innovation in Industries 1. ‘Stages of Development of Industrial Technology in a Developing Country: A Model’ 2. ‘Innovation in a Newly Industrializing Country: A Multiple Discriminant Analysis’ 3. ‘Reflections on The Republic of Korea’s Acquisition of Technological Capability’ 4. ‘Innovation Strategy of Local Pharmaceutical Firms in Korea: A Multivariate Analysis’ 5. ‘Patterns of Technological Change in a Rapidly Developing Country: A Synthesis’ 6. ‘Pros and Cons of International Technology Transfer: A Developing Country’s View’ 7. ‘The Dynamics of Samsung’s Technological Learning in Semiconductors’ 8. ‘Crisis Construction and Organizational Learning: Capability Building in Catching-up at Hyundai Motor’ Part II: National System and Public Policy 9. ‘Technology Policy for Industrialization: An Integrative Framework and Korea’s Experience’ 10. ‘National System of Industrial Innovation: Dynamics of Capability Building in Korea’ 11. ‘The Dynamics of R&D in Industrial Development: Lessons from the Korean Experience’ 12. ‘Absorptive Capacity and Industrial Growth: A Conceptual Framework and Korea’s Experience’ Index

Read more less

Book SynopsisThis book pays tribute to the late Irving Fisher by discussing a range of issues on which he worked throughout his life. It serves as an excellent introduction to the contributions of one of the great economists spanning the late nineteenth and mid-twentieth centuries.The book begins with an overview of Irving Fisher's life including his contribution to the economics profession as well as details of his personal interests and beliefs. The contributors then go on to examine, from a modern perspective, some of the major topics Irving Fisher worked on including: macroeconomics and the quantity theory the management of monetary policy and reform of the monetary system debt-deflation and the Great Depression statistics, econometrics and index numbers capital, income and the rate of interest value, prices and financial assets policy advice to government This book will be of interest to those working in the fields of the history of economic thought, monetary economics and economics and statistics.Trade Review'. . . the book provides an authoritative and up-to-date account of Fisher's impressive achievements in the most important fields of economic theory and policy and convincingly argues that his legacy is extremely relevant also for contemporary research.' -- Giovanni Pavanelli, History of Economic Ideas'This excellent collection of papers delivered to the Irving Fisher Gesellschaft in 1997 deserves to be read by serious specialists in monetary and macro economics as well as the history of economic thought . . . The editors deserve praise as well as the contributors. They have managed to produce a disciplined collection of essays, while at the same time respecting the views of contributors. The Economics of Irving Fisher is well worth reading.' -- Murray Wolfson, Journal of Economic LiteratureTable of ContentsContents: Introduction Part I: Irving Fisher’s Works and Correspondence Part II: Macroeconomics and the Quantity Theory Part III: Monetary Policy, Monetary Reform, and Constructive Income Taxation Part IV: Debt-Deflation and the Great Depression Part V: Statistics, Econometrics, and Index Numbers Part VI: Capital, Income, and Interest Part VII: Value, Prices, and Financial Assets

Read more less

Book SynopsisThis collection of essays examines the methodological problems confronting economists in the face of two major developments in the second half of the twentieth century. The first is the vast increase in the number and variety of writings on the methodology or 'philosophy' of economics, especially from those intensively specialising in methodology. This has led to the virtual breakdown in communication between methodologists and mainstream economists, with methodology becoming increasingly isolated from mainstream economics. The second major development has been what Benjamin Ward first called 'the formalist revolution' which he, not unjustifiably, described as 'more important than the Keynesian Revolution'. Professor Hutchison attempts to contribute to serious methodological analysis of this 'revolution' and, at the same time, suggests how communication between mainstream economists and methodologists might be improved.Trade Review'. . . the book is excellent and the reader will find in it all the ingredients that gave the author his fame.' -- Piero Barucci, History of Economic Ideas'Terence Hutchison is one of the most eminent economists currently writing on economic methodology.' -- Daniel Hausman, Economic Record'Terence Hutchison has been a prominent contributor to the literature on economic methodology for the past sixty years. This collection, which includes several new essays, focuses on a consistent theme in his work - the limitations of excessively abstract and formal theorizing and the importance of bringing empirical evidence to bear on economic problems. Sixty years on, his critique of economists' excessive claims for their discipline is as hard-hitting as ever. This is a volume that deserves to be widely read and discussed.' -- Roger E. Backhouse, University of Birmingham, UK'Terence Hutchison is the godfather of economic methodologists the world over. His brilliant first book The Significance and Basic Postulates of Economic Theory started us all off. It was written over sixty years ago but he has never ceased to elaborate it, to refine it, and, occasionally, to revise it. He has always written well but in recent years his writings have reached a new level of cogency and a new level of passionate intensity. This collection will be devoured by every economist with the slightest interest in methodological issues. Would that all economists read it: it might transform our subject.' -- The late Mark Blaug, formerly of the University of London and University of Buckingham, UKTable of ContentsContents: 1. Introduction: The Methodology of Economics and the Formalist Revolution 2. On the Relations Between Philosophy and Economics: Part I: Frontier Problems in an Era of Departmentalized and Internationalized ‘Professionalism’ Part II: To what Kind of Philosophical Problems should Economists Address Themselves? 3. On Prediction and Economic Knowledge 4. ‘Crisis’ in the 1970s: The Crisis of Abstraction 5. The Keynesian Revolution, Uncertainty, and Deductive General Theory 6. The Limitations of General Theories in Macroeconomics 7. Changing Aims in Economics 8. Ultra-deductivism from Nassau Senior to Lionel Robbins and Daniel Hausman 9. Two Cheers for Formalism?: No: One, at Most 10. From The Wealth of Nations to Modern General Equilibrium ‘Theory’: Methodological Comparisons and Contrasts Index

Read more less

Book SynopsisThis major two volume collection of previously published articles assesses the intellectual legacy of Michal Kalecki (1899-1970), combining a selection of Kalecki's own writings with papers which evaluate and extend his work.Volume I focuses on Kalecki's work on capitalist economies, notably the effective demand, pricing and distribution of income based on the degree of monopoly, cycles and growth and the political economy of full employment. Discussion of capitalist economies, with an emphasis on money, finance and taxation continues in Volume II, which also considers Kalecki's work on socialist economies and developing economies.In the centenary year of Kalecki's birth, these volumes provide a fitting tribute to his important contributions in the fields of economics and politics.Table of ContentsContents: Volume I: Acknowledgements • Introduction Part I: General 1. P. Kriesler and B. McFarlane (1993), ‘Michal Kalecki on Capitalism’ 2. Ferdinando Targetti and Bogulslawa Kinda-Hass (1982), ‘Kalecki’s Review of Keynes’ 3. Simon Chapple (1995), ‘The Kaleckian Origins of the Keynesian Model’ 4. Simon Chapple (1991), ‘Did Kalecki Get There First?’ 5. Joseph Halevi and Peter Kriesler (1991), ‘Kalecki, Classical Economics and the Surplus Approach’ 6. Ian Steedman (1992), ‘Questions for Kaleckians’ 7. Malcolm C. Sawyer (1992), ‘Questions for Kaleckians: A Response’ 8. A. Asimakopulos (1989), ‘Kalecki and Robinson: An “Outsider’s” Influence’ Part II: Effective Demand, Investment, Profits and Distribution of Income 9. M. Kalecki (1990), ‘The Essence of the Business Upswing’ 10. Marc Lavoie (1997), ‘Real Wages, Employment Structure, and the Aggregate Demand Curve in a Kaleckian Short-Run Model’ 11. A. Asimakopulos (1977), ‘Profits and Investment: A Kaleckian Approach’ 12. A. Asimakopulos (1975), ‘A Kaleckian Theory of Income Distribution’ 13. Steven M. Fazzari and Tracy L. Mott (1986/7), ‘The Investment Theories of Kalecki and Keynes: An Empirical Study of Firm Data, 1970–1982’ 14. Amitava Krishna Dutt (1984), ‘Stagnation, Income Distribution and Monopoly Power’ 15. Amitava Krishna Dutt (1990), ‘Competition, Monopoly Power and the Prices of Production’ Part III: Pricing and the Degree of Monopoly 16. M. Kalecki (1991), ‘Class Struggle and Distribution of National Income’ 17. Peter Kriesler (1988), ‘Kalecki’s Pricing Theory Revisited’ 18. Liliana Basile and Neri Salvadori (1984/5), ‘Kalecki’s Pricing Theory’ 19. P.A. Riach (1971), ‘Kalecki’s “Degree of Monopoly” Reconsidered’ 20. Martin Riese (1982), ‘Raw Material Prices and Kalecki’s Wage Share Theory’ Part IV: Cycles and Growth 21. M. Kalecki (1991), ‘Trend and the Business Cycle’ 22. M. Kalecki (1993), ‘Theories of Growth in Different Social Systems’ 23. Stanislaw Gomulka, Adam Ostaszewski and Ray O. Davies (1990), ‘The Innovation Rate and Kalecki’s Theory of Trend, Unemployment and the Business Cycle’ 24. Malcolm Sawyer (1996), ‘Kalecki on the Trade Cycle and Economic Growth’ 25. Josef Steindl (1990), ‘Some Comments on the Three Versions of Kalecki’s Theory of the Trade Cycle’ 26. Marc Lavoie (1995), ‘The Kaleckian Model of Growth and Distribution and its neo-Ricardian and neo-Marxian Critiques’ Part V: Political Economy of Full Employment 27. M. Kalecki (1990), ‘Political Aspects of Full Employment’ 28. M. Kalecki (1990), ‘Three Ways to Full Employment’ 29. Andrew Henley (1988), ‘Political Aspects of Full Employment: A Reassessment of Kalecki’ 30. George R. Feiwel (1974), ‘Reflection on Kalecki’s Theory of Political Business Cycle’ Name Index Volume II: Part I: Money and Finance 1. A. Asimakopulos (1983), ‘Kalecki and Keynes on Finance, Investment and Saving’ 2. M. Kalecki (1990), ‘The Principle of Increasing Risk’ 3. Marcello Messori (1991), ‘Financing in Kalecki’s Theory’ Part II: Taxation 4. Michal Kalecki (1990), ‘A Theory of Commodity, Income and Capital Taxation’ 5. A. Asimakopulos and J.B. Burbidge (1974), ‘The Short-Period Incidence of Taxation’ 6. D. Damania and D. Mair (1992), ‘The Short-Period Incidence of Taxation Revisited’ 7. Anthony J. Laramie and Douglas Mair (1996), ‘Taxation and Kalecki’s Theory of the Business Cycle’ 8. Anthony J. Laramie (1991), ‘Taxation and Kalecki’s Distribution Factors’ 9. Anthony J. Laramie, Douglas Mair, Anne Miller and Theo Stratopoulos (1997), ‘The Impact of Taxation on Gross Private Nonresidential Fixed Investment in a Kaleckian Model: Some Empirical Evidence’ Part III: Socialism 10. D.M. Nuti (1986), ‘Michal Kalecki’s Contribution to the Theory and Practice of Socialist Planning’ 11. Alberto Chilosi (1971), ‘The Theory of Growth of a Socialist Economy of M. Kalecki’ 12. L. Mainwaring (1987), ‘Foreign Trade in the Kaleckian Perspective Plan’ 13. M. Kalecki (1992), ‘Workers’ Councils and Central Planning’ 14. Jan Toporowski (1996), ‘Kalecki, Marx and the Economics of Socialism’ 15. Alfred Zauberman (1966), ‘A Few Remarks on Kalecki’s Theory of Economic Growth Under Socialism’ 16. Wlodzimierz Brus (1977), ‘Kalecki’s Economics of Socialism’ 17. Josef Goldman (1980), ‘The Role of Investment in the Context of the Kalecki Model of Economic Growth Under Socialism’ 18. George R. Feiwel (1970), ‘Towards a Theory of Growth of a Centrally Planned Economy’ Part IV: Development 19. M. Kalecki (1993), ‘The Problem of Financing Economic Development’ 20. M. Kalecki (1993), ‘Observations on Social and Economic Aspects of “Intermediate Regimes”’ 21. E.V.K. FitzGerald (1990), ‘Kalecki on Financing Development: An Approach to the Macroeconomics of the Semi-Industrialised Economy’ 22. E.V.K. FitzGerald (1988), ‘Kalecki on Planned Growth in the Mixed Economy’ 23. Thanos Skouras (1978), ‘The ‘Intermediate Regime’ and Industrialization Prospects’ 24. Kenneth P. Jameson (1981), ‘Socialist Cuba and the Intermediate Regimes of Jamaica and Guyana’ 25. Ignacy Sachs (1977), ‘Kalecki and Development Planning’ Name Index

Read more less

Book SynopsisThis major volume presents a collection of the most important published articles in the field, including influential papers by key economists on competition, monopoly and regulation.Competition follows the development of the idea, as an analytical tool and also as a policy ideal, from Adam Smith through the marginal revolution to the modern concept of perfect competition. The editor's original introductory essay shows how the scope of competition has narrowed in modern times. It also emphasizes the distinctions between competition as an end state and competition as a process.This volume will be of interest to economists, policy makers and business persons who are concerned with competition and related subjects.Trade Review'The concept of "Competition" is one of the most important, foundational terms in economics. Alas, it has so many meanings that statements using the term lack specificity; it is a primitive term allowing different readers to interject their own meanings. This and much more is made evident in Jack High's splendid collection of original materials. The collection could usefully serve as the basis for a semester's critical analysis.' -- Warren J. Samuels, Michigan State University, USTable of ContentsContents: Acknowledgements Introduction Split Personality: A Brief History of Competition in Economic Theory Jack High PART I CLASSICAL PERIOD 1. Adam Smith (1976), excerpts from ‘Of the Natural and Market Price of Commodities’, excerpts from ‘Of Wages and Profit in the Different Employments of Labour and Stock’, excerpt from ‘Of Money Considered as a Particular Branch of the General Stock of the Society or of the Expence of Maintaining the National Capital’ and excerpt from ‘Of Colonies’ 2. David Ricardo (1911/1943), excerpt from ‘On Natural and Market Price’, excerpt from ‘On Foreign Trade’, excerpt from ‘Taxes on Raw Produce’, excerpt from ‘Taxes on Wages’ and excerpt from ‘On Machinery’ 3. Augustin Cournot (1838/1927), ‘Of the Competition of Producers’, and ‘Of Unlimited Competition’ 4. John Stuart Mill (1848/1973), ‘Of Competition and Custom’ and excerpt from ‘On the Probable Future of the Labouring Classes’ 5. Karl Marx (1909), excerpts from ‘Some After Remarks,’ and ‘The Trinitarian Formula’ 6. Willi Semmler (1987), ‘Competition: Marxian Conceptions’ PART II NEOCLASSICAL PERIOD 7. Carl Menger (1871/1950), ‘The Theory of Price’ 8. Léon Walras (1954/1965), excerpt from ‘The Market and Competition. Problem of Exchange of Two Commodities for Each Other’, ‘The Elements and Mechanism of Production’ and excerpt from ‘The Principle of Free Competition. The Law of the Variation of Prices of Products and Services. Purchase and Sales Curves of Services; Price Curves of Products’ 9. Francis Ysidro Edgeworth (1881/1967), excerpt from ‘Economical Calculus’ 10. Alfred Marshall (1890/1964), excerpt from ‘Introduction’, excerpt from ‘Preliminary Survey of Distribution’, ‘The Distribution of National Income’ and excerpt from ‘The Growth of Free Industry and Enterprise’ 11. Alfred Marshall (1925/1966), ‘Some Aspects of Competition (1890)’ 12. John Bates Clark (1899), excerpt from ‘Wages in a Static Social State the Specific Product of Labor’ PART III PERFECT COMPETITION 13. Frank H. Knight (1921), excerpts from ‘The Theory of Choice and of Exchange’ 14. George J. Stigler (1957), ‘Perfect Competition, Historically Contemplated’ 15. Paul J. McNulty (1967), ‘A Note on the History of Perfect Competition’ PART IV IMPERFECT COMPETITION 16. Joan Robinson (1933/1969), excerpt from ‘Introduction’ and ‘Competitive Equilibrium’ 17. Edward Hastings Chamberlin (1933/1962), excerpt from ‘Product Differentiation and the Theory of Value’ 18. J.M. Clark (1940), ‘Toward a Concept of Workable Competition’ PART V COMPETITION AS A PROCESS 19. Joseph A. Schumpeter (1943/1992), ‘The Process of Creative Destruction’ 20. Friedrich A. Hayek (1948), ‘The Meaning of Competition’ 21. Israel M. Kirzner (1973), excerpt from ‘Competition and Monopoly’ PART VI COMPETITION AND SOCIETY 22. Walton H. Hamilton (1930/1937), ‘Competition’ 23. Ludwig Von Mises (1949), ‘Competition’ PART VII COMPETITION AND STRATEGY 24. John Von Neumann and Oskar Morgenstern (1944/1953), excerpts from ‘Formulation of the Economic Problem’ 25. Michael E. Porter (1980), ‘The Structural Analysis of Industries’ 26. Adam M. Brandenburger and Barry J. Nalebuff (1996/1998), excerpts from ‘Co-opetition’, and ‘Players’ PART VIII COMPETITION AND ANTITRUST 27. Robert Liefmann (1915), ‘Monopoly or Competition as the Basis of a Government Trust Policy’ 28. Joe S. Bain (1956/1965), ‘The Condition of Entry and the Public Policy: Designed to Secure Workable Competition’ 29. Thomas J. DiLorenzo and Jack C. High (1988), ‘Antitrust and Competition, Historically Considered’ Name Index

Read more less

Book SynopsisThis revised edition of Ryuzo Sato's seminal work illustrates the timeless nature of his contribution to economics. It is as pertinent today as when it was originally conceived, over twenty years ago.This book deals with a variety of topics in economic theory, ranging from the analysis of production functions to the general recoverability problem of optimal dynamic behavior. They are unified in the theme of 'transformation and invariance'. This book demonstrates the first application of the Lie theory to modern economics and provides a revealing analysis of market behavior and economic invariance.This book will be of interest to scholars of industrial economics, innovation, econometrics and microeconomics.Trade Review'Not until economists have given his impressive treatise a thorough reading shall we be in a position to put useful bounds on the value added to economics by this powerful and elegant technique. The ball is now in our court.' -- From the original preface by Paul A. Samuelson'Ryuzo Sato is a mathematical pioneer, and when Lie group theory is finally recognized as the natural language for the discussion of technical change and many other pivotal questions in the behavior of maximizing systems, this book will be seen as providing the foundation for the new approach.' -- Tom Russell, Santa Clara University, USTable of ContentsContents: Preface 1. An Overview 2. Holotheticity of a Technology 3. A Theory of Endogenous Technical Progress 4. “G-Neutral” Technical Change, Comparative Statics, and Integrability Conditions 5. Holotheticity of an Implicit Technology 6. Self-Dual Preferences and Technologies 7. Dynamic Symmetries and Economic Conservation Laws 8. A Lie Group Approach to the Index Number Problems 9. The Group Structure and the Theory of Observable Market Behavior Appendix: A Brief Survey of Lie’s Theory of Continuous Transformation Groups Index

Read more less

Book SynopsisSince the 1980s there has been a renewed interest in attempts to introduce a sense of history into economic literature. In this book, the authors argue that it is not possible to explain a state of the world without first analysing the processes that lead to that state. The contributions collected in this volume share a critical stance towards the timelessness and a historical theorizing of mainstream economics. Past states in the development of an economic process set the range of possibilities for future development and can be used to construct theories based on the irreversibility of economic time. Many of these notable contributors argue that the study of the history of economic thought is important in two ways. Firstly, because it provides important insights into the ways that economists of the past attempted to address the problems of history and secondly, because it helps us to understand the present state of economics as being itself the outcome of a path dependent process.Evolutionary economists, economic theorists and historians, as well as economists interested in the evolution of economic and other social institutions, will find this challenging collection of papers essential reading.Trade Review'The editors are to be congratulated for assembling a volume with considerable thematic integrity. It should be required reading for all those interested in path dependence and represents a useful starting place for those who want to know what all the fuss is about.' -- Mark Setterfield, Eastern Economic JournalTable of ContentsContents: 1. Evolution and Path Dependence in Economic Ideas: Past and Present 2. Path Dependence, Its Crisis, and the Quest for ‘Historical Economics’ 3. The Meaning of Market: Comparing Austrian and Institutional Economics 4. Schumpeter and the Pendulum: How Evolution was Whipped out in the Construction of Canonical Economics 5. Veblen and Commons on Private Property: An Institutionalist Discussion Around a Capitalist Foundation 6. Competition, Competitive Selection and Economic Evolution 7. Evolutionary Themes in the Austrian Tradition: Menger, Wieser and Schumpeter on Institutions and Rationality 8. Reading Edith Penrose’s The Theory of the Growth of the Firm Forty Years On (1959–1999) 9. Economic Analysis of Human Effort in Organizations: A Historical and Critical Perspective 10. Path Dependence in Scientific Evolution 11. Reflections on the Progress of Heterodox Economics Index

Read more less

Book SynopsisMaking the Environment Count brings together, in one accessible volume, an outstanding selection of Alan Randall's essays published over the past 30 years. It explores ideas on making the environment count from a conceptual perspective and addresses a range of topics pertinent to the study of environmental economics including: the limits of markets in reflecting environmental quality, and the implications of this for policy and institutional design cost-benefit analysis, with emphasis on its welfare-theoretic foundations, and its ability to reflect the public's demand for environmental quality conservation, biodiversity and sustainability developments in methodology the ethical foundations of public policy conceptual foundations of empirical methods of valuing the environment By improving access to Alan Randall's many important contributions, this volume makes a significant addition to the literature and will be welcomed by environmental economists.Table of ContentsContents: Introduction Part I: Market Failure Part II: Benefit Cost Analysis Part III: Sustainability and Biodiversity Part IV: Methodology Index

Read more less

Book SynopsisThe horizontalist perspective is an extension of the post-Keynesian approach, that has hitherto focused on a theory of credit and money. This book extends horizontalism beyond its traditional boundaries and makes it consistent with the post-Keynesian theories of output and the open economy.The authors compare and contrast the horizontalist position with various orthodox and non-orthodox views on money. They argue that horizontalism is perfectly compatible with liquidity preference, credit constraints, and a flexible interest-rate mark-up, and address recent developments in banking that reinforce the validity of a horizontal schedule of credit-money. The overall intention is to place horizontalism within the current heterodox tradition as a general theory of the creation of money that is consistent with the post-Keynesian view on macroeconomic policy.Credit, Interest Rates and the Open Economy is essential reading for those who wish to expand their theoretical understanding of international financial issues and will be of great interest to those involved in macroeconomics, money and banking and radical economics.Trade Review'This is a very pleasant volume on credit, interest rates, and the open economy. It would be useful to anyone interested in gaining knowledge of the major issues in the horizontalist interpretation of the endogenous money hypothesis.' -- Giuseppe Fontana, Eastern Economic Journal'This book should be on the reading list of every graduate course in monetary economics. The distinguished contributors not only examine and discuss the nature of money and the conduct of monetary policy in a modern credit economy, but also take an historical perspective through the writings of Cassel, Wicksell, Sraffa and Hicks, as well as Keynes and Kaldor, and extend the theory of money endogeneity (or "horizontalism") to the open economy and economic growth. Interested readers have a feast before them.' -- A.P. Thirlwall, University of Kent at Canterbury, UKTable of ContentsContents: Preface: Anthony Thirlwall Introduction Part I: Setting the Record Straight 1. Some Reflections on Endogenous Money 2. Horizontalism Part II: Debates on Horizontalism 3. Money without Scarcity 4. Money Endogeneity and Monetary Non-Neutrality 5. Horizontalism and New Keynesian Economics Part III: Horizontalism and History of Thought Issues 6. The German Balance of Payments School and the Latin American Neo-Structuralists 7. Horizontalism and Inflation Accommodation 8. Notes on Hicks on Money and Monetary Theory 9. Bank Creation of Money and Endogenous Money Supply as the Outcome of the Evolution of the Banking System Part IV: Horizontalism and the Open Economy 10. The Reflux Mechanism and the Open Economy 11. Monetary Autonomy and Financial Integration 12. Foreign Exchange, Interest and Prices Index

Read more less

Book SynopsisThis extraordinary book provides a critical review of the work of Nicholas Georgescu-Roegen in conventional economics, environmental economics and methodology. Particular attention is paid to the role of thermodynamics in Georgescu-Roegen's economics.Trade Review'Georgescu-Roegen was a truly great economist . . . This welcome exposition of his major ideas by Beard and Lozada should help economists understand Georgescu, both the revolutionary boldness and originality of many of his ideas and the careful logic with which he developed them. I believe Beard and Lozada have done an excellent job, both of selection and of exposition . . . My hope is that this book will do for Georgescu's ideas what Alvin Hansen did for the ideas of John Maynard Keynes with his A Guide to Keynes published back in 1953. In my view Georgescu's intellectual contribution will be even greater than that of Keynes.' -- From the foreword by Herman Daly, University of Maryland, College Park, USTable of ContentsContents: Foreword by Herman E. Daly 1. Introduction 2. Nicholas Georgesçu-Roegen: A Scholarly Refugee 3. Georgesçu-Roegen’s Epistemology and Economic Methodology 4. Georgesçu-Roegen and “Normal Science” 5. An Economist’s Primer on Thermodynamics 6. Thermodynamics and Georgesçu-Roegen’s Economics 7. Bioeconomics 8. Conclusion Bibliography References Index

Read more less

Book SynopsisThis book applies a critical focus on the extent to which methodological practices in mainstream economic theory impede our understanding of substantive economic phenomena as the products of human action. Economists, in general, work with a concept and representation of the human agent that is palpably unrealistic. Most do so, not out of ignorance, but rather to maintain the pretence that economics is the only true science among the social sciences because it enforces the use of rigorous and formalist methods of argument.Allen Oakley's inquiry pursues ideas of social ontology pertinent to reconstructing economic theory in a way that addresses this lack of realism. These ideas take the form of a revised metatheory for a humanistic economics in which priority is given to properly understanding and depicting the human origins of economic phenomena, rather than to meeting the imposed demands of scientistic rigour. Indeed, he demonstrates that many ontological ideas pertinent to such a reconstruction are extant in the literature of social philosophy and theory, a literature largely neglected by economic theorists.Economists and social scientists concerned about the nature and problems of mainstream economic theory will gain a great deal from reading this challenging book.Trade Review'Oakley offers an effective critique of mainstream economic thought throughout this book. . . . Oakley's topic is important and his approach is novel and promising.' -- Rachel Douchant, Markets & MoralityTable of ContentsContents: Preface 1. Introduction 2. Alfred Schutz: Individuals as Human Agents 3. Schutz and Socially Situated Agents 4. Karl Popper’s Ontology of Situated Human Agency 5. George Shackle and the Temporal Conditioning of Human Agency 6. Shackle’s Theory of Choice and Action Under Uncertainty 7. Shackle and the Situational Conditioning of Choice and Action 8. Herbert Simon and the Limits of Agent Rationality 9. Human Agency, Situational Analysis and the Reconstruction of Economic Theory Bibliography Index

Read more less

Book SynopsisModelling Learning in Economics provides a comprehensive study of how learning processes can be modelled in an economic context.This innovative book investigates the processes involved in economic learning by categorizing different ways of learning, and using mathematical models for their description. The author distinguishes three types of learning processes - non-cognitive, routine-based and associative learning - and, for each of these, a model is proposed. Thomas Brenner also provides an overview of the psychological literature on learning and on the learning models most frequently used in economics. He then goes on to present applications of these models of learning to various economic topics including evolutionary game theory, consumption behaviour, investment behaviour of savers and the diffusion of innovation. In applying the models to economic topics, the author not only presents new insights into learning but also contributes to many topics within economic research.This book will be of interest to economic psychologists and economists working in the areas of game theory, consumer and investment behaviour and the diffusion of innovation.Trade Review'I like this book because it attempts to tackle many difficult problems of applying learning theory that have not been satisfactorily dealt with in the literature. . . this book is an impressive achievement for so young a researcher in such a rapidly growing field. It contains many not yet fully exploited ideas, and, economic applications. This book should be useful for those seeking to reseach economic applications of learning models. I am glad to have read the book, and I think it makes a useful addition to the literature on learning in economics.' -- R. Sarin, Journal of Economics/Zeitschrift fur Nationalokonomie'This is a book that anybody interested in the role of learning in economics will find informative. Its particular strength lies in the fact that the author has made a genuine attempt to knit together the formalism so vaunted by economists with the understanding of human decision processes that resides in the domain of psychologists.' -- Tim Wakeley, Journal of Economic Psychology'I found this one of the most readable treatments of the enormously interesting and rapidly evolving area of learning in economics. Thomas Brenner has managed to combine a reasonably comprehensive account of a very large and rather amorphous literature with an insightful and engaging literary style, while at the same time not sacrificing anything in terms of mathematical rigour. I think that this book will be found useful by many who want to get an overview of an exciting area.' -- John D. Hey, University of York, UK and Universita Degli Studi di Bari, ItalyTable of ContentsContents: 1. Introduction Part I: Theoretical Aspects of Learning 2. Categorisation of Learning 3. Modelling Learning Processes 4. Mathematical Prerequisites for Modelling Learning Part II: Learning in Diverse Economic Contexts 5. Learning of Preferences 6. Reinforcement Learning in Games 7. Reinforced Consumer Behaviour 8. Routine-based Choices of Assets 9. Learning and Diffusion 10. Associative Learning and the Evolution of Cooperation 11. Learning in Economic Research Bibliography Index

Read more less

Book SynopsisThis highly original new book examines the scientific status of economics from the perspective of practising economists. It studies how they evaluate their theories, the relationship between those theories and the phenomena they are intended to represent, and the philosophy, methodology and scientific credentials of economics. It examines the tension between economics as the logic of rational choice and as a predictive science, that is reason and reality respectively.It surveys the five most influential schools of thought in the methodology of economics, with special emphasis on theory appraisal: logical positivism, instrumentalism, a priorism, scientific realism and rhetorical analysis. Professor Fox assesses the extent to which economists have followed the precepts and consequences of their methodological position. He extends the discussion to consider the purpose of such economic inquiry, the scope of application and the appropriate structure of economic theory, as the legitimate sources of economic knowledge. In conclusion he argues that a resolution of existing and emerging methodological controversies in economics must begin with a better understanding of the various voices within the discipline.Intended as an introduction to the major schools of thought in economics, this book will be of interest to students and scholars of economics, philosophy and economic methodology.Trade Review'Economists are producers of economic knowledge. But what is the relation of that knowledge to the object of inquiry and to the mode of analysis? The status of a statement of knowledge depends on the positions economists accept in such matters. But economists have quite different perceptions of both the object of inquiry and their mode(s) of analysis. Glenn Fox presents the issues and the positions involved in these matters in a rich and lucid manner. His book is a superb introduction to methodological issues for the beginner and a suggestive review for the specialist.' -- Warren J. Samuels, Michigan State University, USTable of ContentsContents: 1. Is there a Crisis in Economics? 2. How do Economists Know What They Know? 3. What is Methodology? 4. Economics as Positivism and Falsificationism 5. Economics as Prediction 6. Economics as Deduction 7. Economics as Realism 8. Economics as Conversation and Rhetoric 9. Is Economics a Science? Index

Read more less

Book SynopsisThis unorthodox book derives and tests a simple theory of economic time series using several well-known empirical economic puzzles, from stock market bubbles to the failure of conventional economic theory, to explain low levels of inflation and unemployment in the US.Professor Stanley develops a new econometric methodology which demonstrates the explanatory power of the behavioral inertia hypothesis and solves the pretest/specification dilemma. He then applies this to important measures of the world's economies including GDP, prices and consumer spending. The behavioral inertia hypothesis claims that inertia and randomness (or 'caprice') are the most important factors in representing and forecasting many economic time series. The development of this new model integrates well-known patterns in economic time series data with well-accepted ideas in contemporary philosophy of science.Academic economists will find this book interesting as it presents a unified approach to economic time series, solves a number of important empirical puzzles and introduces a new econometric methodology. Business and financial analysts will also find it useful because it offers a simple, yet powerful, framework in which to study and predict financial market movements.Table of ContentsContents: Preface 1. Introduction 2. Empirical Paradox and the Behavioral Inertia Hypothesis 3. Economic Inertia as Humean Habit and Stylized Fact 4. Caprice: Dostoevsky’s Uncertainty Principle 5. Empirical Economics? An Econometric Dilemma with only a Methodological Solution 6. Ain’t Misbehavin’ – Capricious Consumption or Permanent Income? 7. Prices, Inflation, Unemployment, and Okun’s Law 8. An Empirical Critique of the Lucas Critique 9. Meta-Analysis of Ricardian Equivalence: New Wine in Old Bottles 10. The Trouble with Testing: Bubbles, Inertia and Experience in Experimental Asset Markets 11. Dénouement: What’s the Difference? References Index

Read more less

Book SynopsisDenis O'Brien has made an outstanding contribution to economics, and the history of economic thought in particular. This selection of original essays, by a distinguished group of contributors, pays tribute to his work in the areas of the history of economic analysis and methodology.The book opens with a preface by R.D. Collison Black which is followed by a biographical introduction to Denis O'Brien's career and his contributions to economics, including a full list of his publications. The authors then explore areas where Denis O'Brien has made an important mark: classical economics, the history of monetary economics, Marshall and microeconomics, and economic methodology.This book will be welcomed by academics and students of economic history, the history of economic thought and methodology.Table of ContentsContents: Preface Foreword 1. Introduction Part I: Monetary Economics 2. Historical Origins of the Cost-push Fallacy 3. The Classical Theory of Commodity Money under a Microscope 4. Pre-war Developments in Portfolio Theory Part II: Classical Economics 5. Does Luxury Consumption Promote Growth? 6. Adam Smith and Physiocracy 7. Adam Smith on Classes and Saving Part III: Marshall and Microeconomics 8. The Generational Contract in Classical and neoclassical Economic Thought 9. The Theory of Exchange in Retrospect 10. Marshall’s Theory of the Firm 11. Marshall on Marketing Part IV: Methodology 12. Institutionalism as ‘Scientific’ Economics 13. Adam Smith and General Equilibrium Theory 14. The Formalist Revolution or What Happened to Orthodox Economics after World War II? 15. Modelling Invention Index

Read more less

Book Synopsis'Capitalism is Change'. This famous expression of Joseph Schumpeter was not only characteristic of his time, but is certainly relevant as we enter the twenty-first century. The transition of Eastern Europe and the former Soviet Union, the Asian crisis and European integration all characterise the continuous change of capitalism. What is the role of entrepreneurs in capitalist society? How effective are technological policies in changing institutions? Are the economic systems of the United States, Europe and Asia converging? In answer to these questions distinguished contributors - including Paul Krugman - focus on the theoretical foundations of the evolution of capitalist institutions. They apply these theoretical insights to the firm, sectors and economic systems.The combination of recent developments in theory with empirical studies will ensure that this book is essential reading for all those interested in evolutionary and institutional economics, political economy, technology policy, innovation and knowledge.Trade Review'This book is an important contribution to the growing literature on evolutionary economics, concentrating, as it does, on the human factor in economic evolution and avoiding the unconvincing arguments based almost entirely on mere analogy with biological processes of much of the writing in this field.' -- John Laurent, History of Economics ReviewTable of ContentsContents: 1. Implications of Evolutionary Economics; Theory, Method and Policies 2. What Economists Can Learn from Evolutionary Theorists – and Vice Versa 3. Discontinuous Changes in Institutional Systems 4. The Legacy of J.R. Commons’ Conception of Economics as a Science of Behaviour 5. Discovery Versus Creation 6. Uncertainty, Intelligence and Imagination 7. The Diffusion of Organisational Innovations 8. The Variety and the Dynamics of Capitalism 9. Understanding Varieties in the Structure and Performance of National Innovation Systems 10. Capabilities, Tacit Knowledge and Systematic Change 11. An Evolutionary Analysis of Technology Policy Index

Read more less

Book SynopsisThe Economics of the Mind addresses economics from the perspective of real men and women: how they assess things, decide and act. It looks at the choices we make, and calls for the assumptions which make up the foundations of economic theory to be consistent with the mechanisms which guide the workings of the human mind.The author begins by presenting an historical analysis of the role of knowledge and decision-making, taking into account the work of Hayek and Simon. Salvatore Rizzello then reconstructs the birth and development of neo-institutionalism, experimental economics and evolutionary economics. He discusses economic and social institutions and how these simplify the individual's choices related to knowledge and tasks. Specifically, he examines rules, learning and evolution in neo-institutional economics. The book breaks new ground on the role of the social sciences, and economics in particular, and suggests a move away from neoclassical economics towards a more definite link between economics, psychology and the artificial sciences.The book will be warmly welcomed by institutional and evolutionary economists, and those working in the field of economic psychology.Trade Review'This is an interesting and valuable book. Drawing on contributions from economics, psychology and the cognitive sciences, the book presents a critique of some unrealistic hypotheses of neoclassical economics, and defends instead a broadly defined "neoinstitutionalist" approach to decision-making . . . The Economics of the Mind . . . deserves to be read by those concerned with the foundations of an alternative economic theory.' -- David Dequech, Review of Political Economy'Rizzello must be given credit for drawing our attention to ongoing research in this fascinating and exciting area.' -- Jack Vromen, The Economic Journal'To put it simply: Rizzello's book is of great interest to those interested in behavioural and psychological aspects of economics, and he does not need to get drawn into categorising his own contribution, or those upon which he draws, as for or against some position that may be deemed established . . . Rizzello's book is worthy of serious consideration because it connects the individual and institutional analyses of Hayek and Simon with cognitive and neurobiological research in psychology. It provides fascinating insights into decision-making procedures within institutional and organisational contexts.' -- John H. Finch, Journal of Economic Psychology'In the last decades, psychological factors have been introduced to enrich the economic analysis of decision-making. Professor Rizzello suggests an important next step: based on Hayek's intuitive insights and Simon's radical departure from maximizing, suggesting human behaviour must incorporate neurobiological elements. While it would be too early to expect empirical results, Salvatore Rizzello indicates what can thereby be gained for institutional, industrial and evolutionary economics. A real challenge for future research.' -- Bruno S. Frey, University of Zurich, SwitzerlandTable of ContentsContents: Foreword (Massimo Egidi) Introduction Part I: Hayek’s Criticism to the Neoclassical Paradigm 1. Neoclassical Paradigm and the Anomaly of the Austrian School 2. Hayek on Competition and Knowledge 3. Mind and Institutions Part II: Simon’s Criticism: From Substantive Rationality to Procedural Rationality 4. Bounded Rationality 5. Optimizing and “Satisficing” 6. Problem-Solving 7. Decision-Making Process: Procedural Rationality and Learning 8. Economics and Psychology Part III: Neoinstitutionalism: Rules, Learning and Evolution 9. The Implications of the Neurobiological Approach for Economic Theory (I): The Decision-Making Process 10. The Implications of the Neurobiological Approach for Economic Theory (II): The Process of Exchange 11. The Implications of the Neurobiological Approach for Economic Theory (III): “Path-Dependency” 12. Transaction Costs and the New Theory of the Firm 13. Evolution, Organizations and Institutions References Index

Read more less

Book SynopsisThe Economics of Demand-Led Growth is a collection of specially written essays that develop and apply the theory of demand-led growth.Long-run growth is usually portrayed as a supply-determined process. The contributions to this volume, however, are rooted in the theory of demand-led growth. In addition to general discussions of the role of demand in the long-run, the volume contains essays in the Kaldorian and Kaleckian traditions, and a section on the relationship between demand-led growth and structural change. The conclusion reached is that current neglect of the role of demand in analyses of long-run growth is unwarranted. This book will prove indispensable to academic economists and graduate students in economics for its contributions to the field of macrodynamics and, in particular, its development of non-neoclassical approaches to macrodynamics.Trade Review'Demand-led growth theories call our attention to the powerful effects of factors usually neglected by neoclassical growth economics, including income distribution, institutions, structural change, history, path dependency and demand management policy. . . Setterfield's Demand-led Growth provides a useful introduction to this literature. It should be on the syllabus of graduate macroeconomics courses; most of the essays are suitable for advanced undergraduates as well.' -- Christopher J. Niggle, Review of Political Economy'As Keynes noted 65 years ago, the "great puzzle of effective demand" disappeared from economics for a century between Malthus and Keynes. It has recently been in danger of disappearing again. These lucid essays help assure that it will not. They ably summarize growth theory from the demand-side perspective, and in particular, they highlight for a new generation the continuing vital importance of Nicholas Kaldor's ideas.' -- James K. Galbraith, University of Texas, Austin, USTable of ContentsContents 1 Introduction: a dissenter’s view of the development of growth theory and the importance of demand-led growth Mark Setterfield PART ONE FUNDAMENTAL ISSUES IN THE THEORY OF DEMAND-LED GROWTH 2 Keynesian macroeconomics and the theory of economic growth: putting aggregate demand back in the picture Thomas I. Palley 3 The exogeneity of investment: from systemic laws of accumulation and growth to effective demand conditions Joseph Halevi and RŽduane Taouil 4 Growth and fluctuations in the USA: a demand-oriented explanation H. Sonmez Atesoglu PART TWO KALDORIAN MODELS OF DEMAND-LED GROWTH 5 A neo-Kaldorian perspective on the rise and decline of the Golden Age Mark Setterfield and John Cornwall 6 The role of the balance of payments in economic growth J.S.L. McCombie and Mark Roberts 7 Pitfalls in the theory of growth: an application to the balanceof-payments-constrained growth model Thomas I. Palley PART THREE KALECKIAN MODELS OF DEMAND-LED GROWTH 8 Distribution, demand and growth in neo-Kaleckian macro-models Robert A. Blecker 9 Longer-run aspects of Kaleckian macroeconomics Tracy Mott 10 The Kaleckian growth model with target return pricing and conflict inflation Marc Lavoie 11 Conflict, inflation, distribution and terms of trade in the Kaleckian model Mario Cassetti PART FOUR TRAVERSE ANALYSIS AND DEMAND-LED GROWTH 12 A model of Kaldorian traverse: cumulative causation, structural change and evolutionary hysteresis Mark Setterfield PART FIVE STRUCTURAL CHANGE AND DEMAND-LED GROWTH 13 Endogenous demand in the theory of transformational growth George Argyrous 14 Notes on the transformational growth of demand Edward J. Nell 15 Is a biased technological change fuelling dualism? Pascal Petit and Luc Soete Index

Read more less

Book SynopsisIn this book, internationally renowned scholars, including two Nobel Laureates, have been drawn together to celebrate Arnold Heertje's rich contribution to the field of economics. Their essays reflect his influence in the areas of economic theory and policy. In particular, they follow in the tradition of his work on oligopoly and price theory, welfare theory and policy, growth theory, environmental economics, technical change and the history of economic thought and methodology.The contributors offer penetrating insights into the structure and functioning of different types of market structures and the character of technical change. In addition, they address current topics such as the recent problems in East Asian economies, the money supply in the European Monetary Union and economic development. Finally, they pay tribute to Arnold Heertje's work on the history of economic thought, discussing the writings of David Ricardo, the German historical school, Herbert Robinson, Alfred Marshall and Herbert Foxwell.This book will attract economic theorists, and scholars and students who are interested in the history of economic thought or in empirical subjects such as the policy implications of studies of labour markets, property rights and European Monetary Union.Table of ContentsFull Contents: Introduction Part I: Economic Theory 1. A Cooperative Theory of Duopoly 2. A Commodity Flow Model of Flexible Exchange Rates with Overshooting in Response to Inflation 3. The Market for Oranges 4. Complications in the Model of a Perfectly Competitive Firm and Industry 5. Models of the Market 6. Revisiting the Schumpeter-Hypotheses: Firm Size, Market Structure and Technological Regime 7. Technical Change and Economic Growth: The Case of “Catch-up” 8. Coordination, Technical Progress and Economic Growth 9. Reswitching: Simplifying a Famous Example Part II: Economic Policy and Applied Economics 10. Labour Market ‘Flexibility’ and Welfare 11. On Substitutability among Domestic Money and Cross-Border Deposits 12. The Role of International Financial Institutions in the Current Global Economy 13. The Coase Theorem and the Cooperative Nash Bargaining Game 14. On Property Rights and Their Modification 15. Economic Development in Europe, 1960–1996 16. Different Data Sources for Studying Behaviour 17. Economy and Morality: A Conceptual Framework Part III: History of Economic Thought 18. Ricardo’s Misunderstood Value Theory and the Readability of the Principles 19. Sherlock Holmes and the Swarthy German: The Case of Inanely ‘Transforming’ Mehrwert to Prices 20. Alfred Marshall and Herbert Somerton Foxwell: A Tale of Two Libraries 21. The After-glow of the German Historical School, 1945–1960 22. An Economist Turned Entrepreneur 23. Authority Systems and Schools of Economic Thought Index

Read more less

Book SynopsisIn this fully revised second edition of a well-regarded and popular text, Patrick McNutt presents more ideas and challenges to all those interested in political economy and public choice. The author evaluates a range of public choice concepts including rent-seeking, voting and voter behaviour, and the growth of government and bureaucracy. New material in this second edition includes: the introduction of a moral choice set and a new methodology for the treatment of the concept of fairness a positive theory of rent-seeking with empirical estimates the issue of legal barriers to entry and related themes; in particular how a legal barrier can affect consumer welfare a critical evaluation of the exchange and allocation of economic power and income inequality in developing countries an overview of the global political economy which identifies the contribution of public choice. Trade ReviewAcclaim for the second edition:'This is a careful and knowledgeable exploration of the field. The book's stimulating lesson is that in public choice economics, matters are far more complex and subtle than they appear. Other contributors to the arena will want to turn to this text for directions for original work of their own.' -- William J. Baumol, New York University and Princeton University, USAcclaim for the first edition:'An excellent introduction to the topic for people who have not previously studied it . . . and useful as a review for specialists in the field and in particular for those sub-specialists who are working only in part of the public choice field, and would benefit in being brought up-to-date on other parts.' -- Gordon Tullock, The Economic Journal'This authoritative text offers a refreshing insight into traditional public choice territory, using diagrammatic exposition coupled with insightful commentary. Each chapter develops its arguments from the first principles to a comprehensive review of the main issues.' -- Public Administration, Development, and Environment'A new, insightful and up-to-date survey that covers both the social and public choice literature and the game theoretic approaches to each.' -- Dennis C. Mueller, Universitat Wien, AustriaTable of ContentsContents: Preface Preface to the Second Edition 1. An Overview 2. A Moral Public Choice Set 3. Social Choice and Voting 4. The Political Economy of Voting 5. The Growth of Government 6. Bureaucracy and Government Output 7. Classic Rent-seeking 8. Legal Barriers to Entry and Compensation 9. Economic Analysis of Clubs 10. The Anarchy of Legitimacy 11. The Conspiracy of Equality 12. Global Political Economy References Index

Read more less

Book SynopsisThis two-volume set brings together a selection of the most significant contributions to the field of gender and development. The key emphasis is on economic analysis, with some articles informed by an interdisciplinary approach. The volumes cover a variety of topics, including conceptual and methodological questions, statistical accounting of women's work, issues related to the family, households and caring labour, poverty, employment and labour markets, structural adjustment policies and social change. The collection will be useful for economists as well as for other social scientists interested in the field of development, women's work, labor markets, and feminist economics.Although the volumes are addressed to an academic audience interested in development issues in general and gender and development in particular, they will also be of interest to government agencies, international organizations, NGOs and other institutions and individuals working on development, policy-making and action from a gender perspective.Trade Review'. . . a tremendously thorough, carefully considered and organized work, with 54 articles published between 1977 and 2000 presented chronologically by field. . . BenerIa's introductory overview immeasurably helps what may at first seem like the daunting task of taking all this work. In it, we are given a succinct narrative of conceptual developments in the field, as well as a brief summary of each of the volumes' ten parts. . . It is an invaluable and impressive resource for anyone working in or thinking about gender and development; I recommend it highly.' -- Elissa Braunstein, Feminist Economics'This massive, two-volume collection of key articles on the economics of gender and development fills a need for a major reference work in this growing field of research and practice . . . the collection will surely serve its intended function as an essential reference work for students and practitioners of gender relations in developing economies.' -- Susan Greenhalgh, Population and Development ReviewTable of ContentsContents: Volume I Acknowledgements • Introduction Lourdes Benería PART I ECONOMIC DEVELOPMENT AND GENDER 1. Ingrid Palmer (1977), ‘Rural Women and the Basic-Needs Approach to Development’ 2. Lourdes Benería and Gita Sen (1982), ‘Class and Gender Inequalities and Women’s Role in Economic Development – Theoretical and Practical Implications’ 3. Nancy Folbre (1986), ‘Cleaning House: New Perspectives on Households and Economic Development’ 4. Irene Tinker (1990), ‘The Making of a Field: Advocates, Practitioners and Scholars’ 5. Lourdes Benería (1995), ‘Toward a Greater Integration of Gender in Economics’ 6. Diane Elson (1999), ‘Theories of Development’ PART II METHODOLOGICAL APPROACHES 7. Caroline O.N. Moser (1989), ‘Gender Planning in the Third World: Meeting Practical and Strategic Gender Needs’ 8. Naila Kabeer (1992), ‘Evaluating Cost–Benefit Analysis as a Tool for Gender Planning’ 9. Diane Elson (1993), ‘Gender-Aware Analysis and Development Economics’ 10. Kalpana Bardhan and Stephan Klasen (1999), ‘UNDP’s Gender-Related Indices: A Critical Review’ PART III ACCOUNTING FOR WOMEN’S WORK 11. Ruth B. Dixon (1982), ‘Women in Agriculture: Counting the Labour Force in Developing Countries’ 12. Lourdes Benería (1999), ‘The Enduring Debate over Unpaid Labour’ 13. Maria Sagrario Floro (1995), ‘Women’s Well-Being, Poverty and Work Intensity’ 14. Duncan Ironmonger (1996), ‘Counting Outputs, Capital Inputs and Caring Labour: Estimating Gross Household Product’ PART IV FAMILIES AND HOUSEHOLDS 15. Amartya Sen (1983), ‘Economics and the Family’ 16. Nancy Folbre (1988), ‘The Black Four of Hearts: Toward a New Paradigm of Household Economics’ 17. Nahid Aslanbeigui and Gale Summerfield (1989), ‘Impact of the Responsibility System on Women in Rural China: An Application of Sen’s Theory of Entitlements’ 18. Diane Wolf (1990), ‘Daughters, Decisions and Domination: An Empirical and Conceptual Critique of Household Strategies’ 19. Elizabeth Katz (1991), ‘Breaking the Myth of Harmony: Theoretical and Methodological Guidelines to the Study of Rural Third World Households’ 20. Jeanne Koopman (1991), ‘Neoclassical Household Models and Modes of Household Production: Problems in the Analysis of African Agricultural Households’ 21. Bina Agarwal (1997), ‘"Bargaining" and Gender Relations: Within and Beyond the Household’ PART V PROJECT IMPLEMENTATION AND EMPOWERMENT STRATEGIES 22. Mayra Buvinic (1986), ‘Projects for Women in the Third World: Explaining Their Misbehaviour’ 23. Ela Bhatt (1989), ‘Toward Empowerment’ 24. Sally Baden and Anne Marie Goetz (1998), ‘Who Needs [Sex] When You Can Have [Gender]?: Conflicting Discourses on Gender at Beijing’ 25. Naila Kabeer (1999), ‘Resources, Agency, Achievements: Reflections on the Measurement of Women’s Empowerment’ Name Index Volume II Acknowledgements An introduction by the editor to both volumes appears in Volume I PART I WOMEN’S ACCESS TO RESOURCES, GENDER AND POVERTY 1. Bina Agarwal (1986), ‘Women, Poverty and Agricultural Growth in India’ 2. Gillian Hart (1992), ‘Household Production Reconsidered: Gender, Labor Conflict, and Technological Change in Malaysia’s Muda Region’ 3. Carmen Diana Deere (1995), ‘What Difference Does Gender Make?: Rethinking Peasant Studies’ 4. Anne Marie Goetz and Rina Sen Gupta (1996), ‘Who Takes the Credit? Gender, Power, and Control over Loan Use in Rural Credit Programs in Bangladesh’ 5. Cecile Jackson (1998), ‘Rescuing Gender from the Poverty Trap’ PART II GENDER, EMPLOYMENT AND LABOUR MARKETS 6. Aline K. Wong (1981), ‘Planned Development, Social Stratification, and the Sexual Division of Labor in Singapore’ 7. Linda Y.C. Lim (1983), ‘Capitalism, Imperialism, and Patriarchy: The Dilemma of Third-World Women Workers in Multinational Factories’ 8. Catherine Hein (1986), ‘The Feminisation of Industrial Employment in Mauritius: A Case of Sex Segregation’ 9. Nilüfer Çagatay and Günseli Berik (1990), ‘Transition to Export-Led Growth in Turkey: Is There a Feminization of Employment?’ 10. Jean Larson Pyle and Leslie Dawson (1990), ‘The Impact of Multinational Technological Transfer on Female Workforces in Asia’ 11. Ruth Pearson (1991), ‘Male Bias and Women’s Work in Mexico’s Border Industries’ 12. Adrian Wood (1991), ‘North–South Trade and Female Labour in Manufacturing: An Asymmetry’ 13. Irma Arriagada (1994), ‘Changes in the Urban Female Labour Market’ 14. Guy Standing (1999), ‘Global Feminization Through Flexible Labor: A Theme Revisited,’ PART III STRUCTURAL ADJUSTMENT AND ECONOMIC RESTRUCTURING 15. Lawrence Haddad, Lynn R. Brown, Andrea Richter and Lisa Smith (1995), ‘The Gender Dimensions of Economic Adjustment Policies: Potential Interactions and Evidence to Date’ 16. Diane Elson (1995), ‘Gender Awareness in Modeling Structural Adjustment’ 17. Nilüfer Çagatay and Sule Ozler (1995), ‘Feminization of the Labor Force: The Effects of Long-Term Development and Structural Adjustment’ 18. William Darity, Jr. (1995), ‘The Formal Structure of a Gender-Segregated Low-Income Economy’ 19. Maria Sagrario Floro and Kendall Schaefer (1998), ‘Restructuring of Labor Markets in the Philippines and Zambia: The Gender Dimension’ 20. Lourdes Benería (1999), ‘Structural Adjustment Policies’ PART IV GENDER AND MARKETS 21. Gita Sen (1996), ‘Gender, Markets and States: A Selective Review and Research Agenda’ 22. Nilüfer Çagatay (1996), ‘Gender and International Labor Standards in the World Economy’ 23. Barbara Harriss-White (1998), ‘Female and Male Grain Marketing Systems: Analytical and Policy Issues for West Africa and India’ PART V INSTITUTIONAL AND SOCIAL CHANGE 24. Carmen Diana Deere (1985), ‘Rural Women and State Policy: The Latin American Agrarian Reform Experience’ 25. Nan Wiegersma (1991), ‘Peasant Patriarchy and the Subversion of the Collective in Vietnam’ 26. Bina Agarwal (1994), ‘Gender and Command Over Property: A Critical Gap in Economic Analysis and Policy in South Asia’ 27. Amy Lind (1997), ‘Gender, Development and Urban Social Change: Women’s Community Action in Global Cities’ 28. Mieke Meurs (1998), ‘Imagined and Imagining Equality in East Central Europe: Gender and Ethnic Differences in the Economic Transformation of Bulgaria’ 29. Valentine M. Moghadam (2000), ‘Gender and Economic Reforms: A Framework for Analysis and Evidence from Central Asia, the Caucasus, and Turkey’ Name Index

Read more less