Economic theory and philosophy Books

Book SynopsisThorstein Veblen has made an immeasurable impact on the development of economics. His legacy has been to challenge orthodox thinking and inspire the institutionalist and evolutionary school of thought. In this book, a distinguished group of contributors analyses the impact, a century later, of Veblen's 1898 challenge to economics. The authors examine the contribution of Veblen and some of his disciples to heterodox economics. They also reassess other contemporaneous discussions and contributions by other authors - Mitchell, Ayres, Commons, Keynes, Schumpeter, Tinbergen, Frisch - and present an overview of the state of the art in evolutionary economics.Trade Review'This interesting and stimulating volume will help to keep the explication of the Veblenian legacy on the agenda. It contains some excellent essays and offers much food for thought.' -- Geoffrey M. Hodgson, Research in the History of Economic Thought and Methodology'. . . there is much in this volume that is informative and on occasion stimulating, especially for those who have limited familiarity with institutional economics and its development . . . the book contains some important essays that may advance the cause of study of institutional economics.' -- Ray Petridis, Journal of the History of Economic Thought'This impressive collection demonstrates the vibrant prospects of an evolutionary economics but also its problems. Both the strength and the limitations of Veblen's original forays are made clear. The strength of the collection resides in its treatments of important specific areas, such as the firm, rationality, the role and limits of knowledge, the diversity of economic institutions, nonlinear relationships, the relation of institutions to technical processes, the nature of an evolutionary economics, and capitalism as a system. Also impressive is the array of contributors, several new to the topic.' -- Warren J. Samuels, Michigan State University, USTable of ContentsContents: 1. Introduction Part I: Veblen’s Challenge 2. Mind-sets, and Why Veblen was Ineffectual 3. How can Economics be an Institutional-Evolutionary Science? 4. Thorstein Veblen and the Political Economy of the Ordinary 5. Veblen and Theories of the ‘Firm’ 6. Institutional Economics and the Specificity of Social Evolution 7. The Significance of Clarence Ayres and the Texas School 8. Bounded Rationality, Institutionalism and the Diversity of Economic Institutions 9. Is Economics an Evolutionary Science? Part II: The Challenged Reconsidered 10. The Travelling Salesman Returns from the War 11. Is Capitalism Doomed? 12. An Institutionalist Foundation for Development Studies 13. The Future’s Unknowability Part III: Perspectives 14. Instituted Economic Processes, Increasing Returns and Endogenous Growth Index

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Book SynopsisThe globalisation of the world economy is one of the major concepts of our time and is likely to influence thinking and policy making well into the 21st century. Although officially welcomed as a major contribution to world welfare it is held by many to be responsible for low wages and mass unemployment. This book questions the seemingly inevitable progress of globalisation and the role of the state as a powerless institution in a globalised economy. Issues discussed include: trade liberalisation and the role of the World Trade Organisation in providing global responses to global issues the globalisation of finance; in particular the integration of capital markets the role of EMU in limiting the social protection level in member states< the effect of globalisation on the structure of the modern nation-state a challenge to the conventional image of globalisation, which is viewed as being far less widespread than we are led to believe This book will be of interest to scholars of the international economics, international political economy and international finance.Trade Review'Each of the chapters is rigorous in its accumulation of evidence and thoughtful in its application of analysis.' -- Ben Rosamond, DemocratizationTable of ContentsContents: Globalisation and the Nation-State: An Introduction 1. Globalisation of International Trade and Investment 2. Globalisation of Financial Markets 3. Globalisation, Competitiveness, Unemployment and Social Protection Co-ordination 4. Reconstructing the Political in a Globalising World: States, Institutions, Actors and Governance 5. The Tyranny of Globalisation: Myth or Reality? Index

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Book SynopsisEconomics can be inspiring - often taking a stand against convention, achieving challenging results, discussing unorthodox viewpoints and suggesting new policies.Bruno S. Frey illustrates what he perceives to be the inspirational quality of economics and how this differs from the type of economics studied in many academic institutions. He introduces insights into economics from a psychological perspective, dealing with issues such as transformation of anomalies, identification in democracy and crowding effects, and focuses on intrinsic motivation and how it is undermined.Inspiring Economics also looks at the integration of economics and politics, covering topics including popular initiatives and referenda, authoritarian nations and foreign aid, and the way in which the cost of war is reflected on the capital market.This groundbreaking empirical study of human motivation and behaviour will be a fascinating read for those interested in economics and economic theory.Trade Review'I highly recommend this book to all economists. It is well written, informative and a pleasure to read. The first chapter, in particular, 'Inspiring, Dismal or Boring Economics?' should be made required reading for all graduate students in economics, and even more so for their professors, especially at leading universities in the United States.' -- Yew-Kwang Ng, Journal of Economic Literature'Instead of ignoring the challenge to rational behaviour posed by several "anomalies" in behaviour, or abandoning rationality in the face of this challenge, Bruno Frey's Inspiring Economics provides a valuable extension of rational behaviour to incorporate these anomalies. This is an exhilarating study that I strongly recommend to everyone, including those like myself, who believe that the importance of these anomalies are sometimes exaggerated.' -- Gary S. Becker, Stanford University, US'Bruno Frey is one of a number of modern economists who believe (as I do) that economics should be importing rather than exporting ideas from elsewhere in the social sciences. In these sparkling essays, he shows that rational choice theory is enriched and sometimes revised by taking account of non-monetary rewards and incentives. With Frey, economics once again becomes an inspiring behavioural science.' -- The late Mark Blaug, formerly of the University of London and University of Buckingham, UKTable of ContentsContents: Preface Part I: On Economics 1. Inspiring, Dismal or Boring Economics? 2. From Economic Imperialism to Social Science Inspiration Part II: Integrating Psychology 3. Economic Incentives Transform Psychological Anomalies with Reiner Eichenberger 4. Marriage Paradoxes with Reiner Eichenberger 5. From the Price to the Crowding Effect 6. The Old Lady Visits your Backyard: A Tale of Morals and Markets with Felix Oberholzer-Gee and Reiner Eichenberger 7. Motivation, Knowledge Transfer and Organizational Forms with Margit Osterloh Part III: Political Economy 8. Identification in Democratic Society with Iris Bohnet 9. Popular Referenda and Institutional Reform 10. What are the Sources of Happiness? with Alois Stutzer 11. FOCJ: Competitive Governments for Europe with Reiner Eichenberger 12. The Political Economy of Stabilization Programmes in Developing Countries with Reiner Eichenberger 13. Bond Values and World War II Events with Marcel Kucher References Index

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Book SynopsisDarwinism is fast becoming an orthodoxy of modern thought, a framework within which a wide range of knowledge communities conduct their discourse. Ever since its formation, Darwinian theory has experienced a close, though not always comfortable, association with economics. Evolutionary economists now appear to show little concern for the consistency of knowledge in their embrace of Darwinism.Darwinism and Evolutionary Economics brings together contributions from eminent authors who, building on Darwin's own insights and on developments in evolutionary theory, offer challenging views on how economics can use evolutionary ideas effectively.This collection of critical essays provides a thorough examination of the application of Darwinian theory to economic thought, and will appeal to evolutionary economists and all those with an interest in Darwin, innovation and evolutionary science.Trade Review'This outstanding collection of essays by leading scholars helps explain how evolutionary economics has come of age. They show how evolutionary economics offers a progressive and diverse research agenda built on strong foundations. These are essays of lasting value.' -- J. Stanley Metcalfe, University of Manchester, UKTable of ContentsContents: Preface (Richard R. Nelson) 1. Darwinism and Evolutionary Economics Part I: 2. Darwin, Economics and Contemporary Economists 3. The Strange ‘Laissez Faire’ of Alfred Russell Wallace: The Connection between Natural Selection and Political Economy Reconsidered 4. The Evolutionary Economics of Alfred Marshall: An Overview 5. Keynes and Darwinism Part II: 6. Is Social Evolution Lamarckian or Darwinian? 7. Nesting Lamarckism within Darwinian Explanations: Necessity in Economics and Possibility in Biology? 8. The Appearance of Lamarckism in the Evolution of Culture 9. The Human Agent in Evolutionary Economics References Index

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Book SynopsisThis authoritative collection presents the most important published articles on the cultural, legal, philosophical and economic dimensions of property rights. It shows how the economics of property rights has enriched our ability to understand as well as to predict a wide range of real world events.This first volume focuses on the history, development and consequences of property rights as they interact with formal and informal institutions. The second volume considers the effects of alternative property rights on economic performance.This important two-volume collection will be an essential source of reference for both economists and political scientists concerned with property rights.Trade Review'It goes without saying that Professor Pejovich is one of the founding fathers of the economics of property rights. This new theory has revolutionised economic reasoning since the early sixties in two ways: firstly by making law a subject of economic analysis, and secondly by introducing the real world of uncertainty and incomplete knowledge into mainstream economics. Nowadays the Property Rights School is part of the quickly expanding fields of transaction cost analysis and institutional economics. It is rapidly changing our understanding of what is going on in our daily life. The readings in these two volumes cover the classics of property rights economics through to the latest developments in a tremendous area of fresh and informative research. I highly recommend them as a superb collection.' -- Christian Watrin, Universitat zu Koln, GermanyTable of ContentsContents Volume I Acknowledgements Introduction Svetozar Pejovich PART I AN OVERVIEW 1. R.H. Coase (1992), ‘The Institutional Structure of Production’ 2. Armen A. Alchian and Harold Demsetz (1973), ‘The Property Right Paradigm’ 3. Mark Blaug (1998), ‘The Disease of Formalism in Economics, or Bad Games That Economists Play’ PART II THE DEVELOPMENT AND SIGNIFICANCE OF PROPERTY RIGHTS IN VARIOUS CULTURES, RELIGIONS AND PHILOSOPHICAL TRADITIONS 4. Fred D. Miller, Jr. (1982), ‘The Natural Right to Private Property’ 5. Imad A. Ahmad (1994), ‘An Islamic Perspective on the Wealth of Nations’ 6. Douglass C. North (1978), ‘Governments, Voluntary Organizations, and Economic Life: The Preindustrial Development of Western Europe’ 7. Bruce L. Benson (1994), ‘Emerging from the Hobbesian Jungle: Might Takes and Makes Rights’ 8. Silke Stahl (1997), ‘Transition Problems in the Russian Agriculture Sector: A Historical-Institutional Perspective’ 9. Fred S. McChesney (1990), ‘Government as Definer of Property Rights: Indian Lands, Ethnic Externalities, and Bureaucratic Budgets’ PART III PROPERTY RIGHTS AND LAW 10. Richard A. Posner (1998), ‘Property’ 11. Robert C. Ellickson (1986), ‘Adverse Possession and Perpetuities Law: Two Dents in the Libertarian Model of Property Rights’ 12. Douglass C. North and Barry R. Weingast (1989), ‘Constitutions and Commitment: The Evolution of Institutions Governing Public Choice in Seventeenth-Century England’ 13. Henry G. Manne (1997), ‘The Judiciary and Free Markets’ 14. Gary D. Libecap (1989), ‘Contracting for Mineral Rights’ 15. Elizabeth Brubaker (1998), ‘The Common Law and the Environment: The Canadian Experience’ 16. Yoram Barzel (1992), ‘Confiscation by the Ruler: The Rise and Fall of Jewish Lending in the Middle Ages’ 17. James M. Buchanan (1972), ‘Politics, Property, and the Law: An Alternative Interpretation of Miller et al. v. Schoene’ PART IV THE DEVELOPMENT AND ECONOMIC IMPLICATIONS OF ALTERNATIVE PROPERTY RIGHTS: PRIVATE OWNERSHIP, STATE OWNERSHIP, COMMUNAL OWNERSHIP AND AMBIGUOUS OWNERSHIP 18. Ulrich Witt (1991), ‘On the Emergence of Private Property Rights’ 19. Martin J. Bailey (1992), ‘Approximate Optimality of Aboriginal Property Rights’ 20. Terry L. Anderson and Peter J. Hill (1990), ‘The Race for Property Rights’ 21. Richard A. Epstein (1994), ‘On the Optimal Mix of Private and Common Property’ 22. David Schmidtz (1994), ‘The Institution of Property’ 23. Ellen Frankel Paul (1987), ‘Conclusion: Resolving the Constitutional Muddle’ 24. Richard A. Epstein (1998), ‘Habitat Preservation: A Property Rights Perspective’ 25. Armen A. Alchian (1959), ‘Private Property and the Relative Cost of Tenure’ Name Index Volume II Acknowledgements An introduction by the editor to both volumes appears in volume I PART I PROPERTY RIGHTS AND THE USE OF RESOURCES 1. Stanley L. Engerman (1973), ‘Some Considerations Relating to Property Rights in Man’ 2. G. Warren Nutter (1968), ‘Markets Without Property: A Grand Illusion’ 3. Alexander Bajt (1993), ‘The Property Rights School: Is Economic Ownership the Missing Link?’ 4. Clifford G. Holderness (1985), ‘A Legal Foundation for Exchange’ 5. Louis De Alessi (1983), ‘Property Rights, Transaction Costs, and X-Efficiency: An Essay in Economic Theory’ 6. Robert B. Ekelund, Jr., Robert F. Hébert, Robert D. Tollison, Gary M. Anderson and Audrey B. Davidson (1996), ‘Monasteries as Agents of the Corporate Church’ 7. Oliver E. Williamson (1990), ‘A Comparison of Alternative Approaches to Economic Organization’ 8. Michael C. Jensen and William H. Meckling (1979), ‘Rights and Production Functions: An Application to Labor-managed Firms and Codetermination’ 9. Harold Demsetz and Kenneth Lehn (1985), ‘The Structure of Corporate Ownership: Causes and Consequences’ PART II PROPERTY RIGHTS AND ECONOMIC DEVELOPMENT 10. Johan Torstensson (1994), ‘Property Rights and Economic Growth: An Empirical Study’ 11. Viktor Vanberg (1992), ‘Innovation, Cultural Evolution, and Economic Growth’ 12. Svetozar Pejovich (1996), ‘Property Rights and Technological Innovation’ 13. Robert Higgs (1997), ‘Regime Uncertainty: Why the Great Depression Lasted So Long and Why Prosperity Resumed after the War’ 14. Erich Kaufer (1986), ‘The Incentives to Innovate under Alternative Property Rights Assignments with Special Reference to the Patent System’ 15. John H. Moore (1981), ‘Agency Costs, Technological Change, and Soviet Central Planning’ 16. Stefan Voigt (1993), ‘Values, Norms, Institutions and the Prospects for Economic Growth in Central and Eastern Europe’ PART III PROPERTY RIGHTS AND ECONOMIC REFORMS IN EASTERN EUROPE 17. Cass R. Sunstein (1993), ‘On Property and Constitutionalism’ 18. Anthony de Jasay (1993), ‘Ownership, Agency, Socialism’ 19. Enrico Colombatto and Jonathan R. Macey (1997), ‘Lessons from Transition in Eastern Europe: A Property-Right Interpretation’ 20. Svetozar Pejovich (1994), ‘A Property Rights Analysis of Alternative Methods of Organising Production’ 21. Silvana Malle (1994), ‘Privatization in Russia: A Comparative Study in Institutional Change’ 22. László Urbán (1997), ‘Privatization as Institutional Change in Hungary’ 23. Joze Mencinger (1994), ‘Privatization Dilemmas in Slovenia’ PART IV PROPERTY RIGHTS AND ECONOMIC PERFORMANCE OF DIFFERENT COUNTRIES 24. Deepak Lal (1998), ‘The Far East’ 25. Janet Tai Landa (1998), ‘The Co-Evolution of Markets, Entrepreneurship, Laws, and Institutions in China’s Economy in Transition: A New Institutional Economics Perspective’ 26. Joel M. Guttman (1980), ‘The Economics of Tenant Rights in Nineteenth Century Irish Agriculture’ 27. Malcolm R. Fisher (1978), ‘Labor Participation in the Management of Business Firms in Great Britain’ 28. Peter Moser (1994), ‘Constitutional Protection of Economic Rights: The Swiss and U.S. Experience in Comparison’ 29. Thráinn Eggertsson (1992), ‘Analyzing Institutional Successes and Failures: A Millennium of Common Mountain Pastures in Iceland’ 30. Pradeep K. Chhibber and Sumit K. Majumdar (1999), ‘Foreign Ownership and Profitability: Property Rights, Control, and the Performance of Firms in Indian Industry’ 31. Lee J. Alston, Gary D. Libecap and Robert Schneider (1996), ‘The Determinants and Impact of Property Rights: Land Titles on the Brazilian Frontier’ Name Index

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Book SynopsisThis volume brings together the most significant articles which have appeared over the past three decades analyzing the application and effects of price discrimination. Discrimination is a pervasive marketing practice that survives despite the attempts of regulators to limit or eliminate its use; it is widespread also in oligopolistic and imperfectly competitive markets. It is a practice used by firms in pricing their products over product dimensions such as space, time and quality, and it affects the ability of firms to compete in other firms' markets or to protect their own. This collection of articles by leading authors in the field highlights what we know of the motivations for and the welfare implications of price discrimination. It also presents a blueprint for further work in this important area.Table of ContentsContents: Acknowledgements • Introduction Part I: First-Degree Price Discrimination 1. Walter Y. Oi (1971), ‘ A Disneyland Dilemma: Two-Part Tariffs for a Mickey Mouse Monopoly’ 2. Robert D. Willig (1978), Pareto-superior Nonlinear Outlay Schedules’ 3. Richard Schmalensee (1981), ‘Monopolistic Two-Part Pricing Arrangements’ 4. Thomas J. Hoerger (1993), ‘Two-Part Pricing for Experience Goods in the Presence of Adverse Selection’ Part II: Second-Degree Price Discrimination 5. Michael Spence (1977), ‘Nonlinear Prices and Welfare’ 6. Eric Maskin and John Riley (1984), ‘Monopoly with Incomplete Information’ 7. M. Barry Goldman, Hayne E. Leland and David S. Sibley (1984), ‘Optimal Nonuniform Prices’ 8. Esther Gal-Or (1988), ‘Oligopolistic Nonlinear Tariffs’ Part III: Third-Degree Price Discrimination 9. Hal R. Varian (1985), ‘Price Discrimination and Social Welfare’ 10. Marius Schwartz (1990), ‘Third-Degree Price Discrimination and Output: Generalizing a Welfare Result’ 11. Stephen K. Layson (1994), ‘Market Opening under Third-Degree Price Discrimination’ 12. Theon van Dijk (1995), ‘Innovation Incentives through Third-Degree Price Discrimination in a Model of Patent Breadth’ Part IV: Price Discrimination and Product Bundling 13. William James Adams and Janet L. Yellen (1976), ‘Commodity Bundling and the Burden of Monopoly’ 14. Richard Schmalensee (1984), ‘Gaussian Demand and Commodity Bundling’ 15. R. Preston McAfee, John McMillan and Michael D. Whinston (1989), ‘Multiproduct Monopoly, Commodity Bundling and Correlation of Values’ 16. Brooks Pierce and Harold Winter (1996), ‘Pure vs. Mixed Commodity Bundling’ Part V: Applications and Extensions A Spatial Price Discrimination 17. George Norman (1983), ‘Spatial Pricing with Differentiated Products’ 18. Phillip J. Lederer and Arthur P. Hurter, Jr. (1986), ‘Competition of Firms: Discriminatory Pricing and Location’ 19. Barnali Gupta, Amoz Kats and Debashis Pal (1994), ‘Upstream Monopoly, Downstream Competition and Spatial Price Discrimination’ B Intertemporal Price Discrimination 20. Nancy L. Stokey (1979), ‘Intertemporal Price Discrimination’ 21. Louis Phlips (1980), ‘Intertemporal Price Discrimination and Sticky Prices’ 22. Werner Güth, Peter Ockenfels and Klaus Ritzberger (1995), ‘On Durable Goods Monopolies: An Experimental Study of Intrapersonal Price Competition and Price Discrimination Over Time’ C Quality Differentiation 23. Michael Mussa and Sherwin Rosen (1978), ‘Monopoly and Product Quality’ 24. Christos Constantatos and Stylianos Perrakis (1997), ‘Vertical Differentiation: Entry and Market Coverage with Multiproduct Firms’ 25. Jean-Jaskold Gabszewicz, Avner Shaked, John Sutton and Jacques-François Thisse (1986), ‘Segmenting the Market: The Monopolist’s Optimal Product Mix’ 26. John E. Kwoka, Jr. (1992), ‘Market Segmentation by Price-Quality Schedules: Some Evidence from Automobiles’ D Price Discrimination and Competition 27. George Norman (1981), ‘Spatial Competition and Spatial Price Discrimination’ 28. W.B. MacLeod, G. Norman and J.-F. Thisse (1988), ‘Price Discrimination and Equilibrium in Monopolistic Competition’ 29. Thomas J. Holmes (1989), ‘The Effects of Third-Degree Price Discrimination in Oligopoly’ 30. Helmut Bester and Emmanuel Petrakis (1996), ‘Coupons and Oligopolistic Price Discrimination’ Part VI: The Legal Context and Deregulation 31. Norman J. Ireland (1992), ‘On the Welfare Effects of Regulating Price Discrimination’ 32. Mark Armstrong and John Vickers (1993), ‘Price Discrimination, Competition and Regulation’ 33. George Norman and Jacques-François Thisse (1996), ‘Product Variety and Welfare under Tough and Soft Pricing Regimes’ Name Index

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Book SynopsisOne of the most striking paradoxes of our time has been the growing importance of regions in the face of a globalizing economy. This insightful book explains the dynamics of regions in a global economy and sheds light on the role of knowledge in driving regional growth.The author examines the way in which regions grow by receiving knowledge from surrounding regions. Using evolutionary theory, she advances the argument that knowledge spillovers operate locally. Computer-simulations analyse the impact of knowledge spillovers on economic growth across European regions. Finally, the author uses new original data on, among others, patents and research and development to demonstrate differences in economic and innovative activity across regions.Trade Review'. . . this book is a valuable and welcome contribution to the growing field of evolutionary minded models that are concerned with the spatial structure of industrial development . . . Marjolein Caniels deserves particular credit for combining the two dimensions of technological and spatial distance in order to explain the stylized facts of regional economic development.' -- Michael Peneder, Journal of Evolutionary Economics'. . . the book gives a valuable contribution to the understanding of the role of knowledge in the regional growth process, as the methodological approach is eclectic and stimulating. . . the book represents a stimulating contribution to the debate among economists, social scientists, and policymakers on the role of knowledge and knowledge spillovers on the future growth patterns of industrialised countries.' -- Maurizio Baussola, The Economic Journal'The subject of economic growth has emerged in the last several years as the most important topic in economics among academics as well as policymakers. This book makes a valuable and important contribution to identifying a key force driving economic growth in the leading developed countries - knowledge spillovers. After reading this carefully crafted book, no academic economist or policymaker will have any doubt in the primacy of knowledge in the process of economic growth.' -- David B. Audretsch, Indiana University, Bloomington, US and Otto Beisheim School WHU, GermanyTable of ContentsContents: 1. Introduction 2. Knowledge and Location 3. Evolutionary Thinking 4. Introducing Geographical Distance in the Modelling of Technology Spillovers 5. Simulation Results 6. Modelling Technology Spillovers, Introducing Countries 7. GDP per Capita Gaps, the Situation for European Regions 8. The Geographic Distribution of Patents and Value Added across European Regions 9. A Concluding Summary References Index

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Book SynopsisThis ground-breaking book focuses on the implications of the complexity vision, such as that held by economists at the Santa Fe Institute, for the teaching of economics. This complexity vision suggests that answers to questions such as how do markets develop and how do they evolve need to be approached head on. Complexity economics is beginning to do just that. Most of the work in complexity is highly formal and technical; it seems far away from issues such as the teaching of economics. This book is different. The focus of this book is not on the grand theories, or technical aspects, of complexity. Instead it is on the teaching of economics. It asks the question: how would the teaching of economics change if complexity is taken seriously? An outstanding group of contributors, including Brian Arthur, Buz Brock, and Duncan Foley, provide interesting and provocative answers to that question in a non-technical and highly accessible style. It is a book that should be read by all those teaching economics, as well as those who are interested in where the complexity revolution in science might be leading.Trade Review'This book is an impressive collection of essays. . . this is an interesting and challenging book, of interest both to those who want an introduction to the ideas from complexity theory and those who reflect generally on the teaching and future development of economics as a subject.' -- Geoffrey M. Hodgson, Review of Social Economy'It is in the real world where the action is; and if we want to interest students in economics, and make economics more relevant, the teaching of economics must reflect the real world, not abstract deductive models that lead nowhere fast, and may lead nowhere slowly.' -- From the introduction by David ColanderTable of ContentsContents: Introduction Part I: The Complexity Vision and Economics Part II: The Complexity Vision and Economic Policy Part III: Teaching the Complexity Vision in Economics: General Part IV: Teaching the Complexity Vision in Economics: Specifics Part V: Bioeconomics, Complexity and the Teaching of Economics

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Book SynopsisBehavioral finance is the study of how psychology affects financial decision making and financial markets. A valuable resource for both academics and practitioners, this authoritative collection brings together the main works in both psychology and finance, dealing with the debate between proponents of the behavioral school and advocates of the efficient market school. The first volume contains works written by leading psychologists that underlie behavioral finance, focusing on general issues in asset pricing theory, and the studies on over-reaction and under-reaction. The second volume contains key works that develop and extend these themes. Topics include the psychology of prediction, reactions to corporate announcements, the term structure of interest rates, the equity premium, and options prices. The final volume is devoted to the psychology of decisions by individuals, both investors and corporate managers.Table of ContentsContents Volume I Acknowledgements Foreword Richard Roll Introduction Hersh Shefrin PART I BEHAVIORAL FOUNDATIONS 1. Paul Slovic (1972), ‘Psychological Study of Human Judgment: Implications for Investment Decision Making’ 2. Amos Tversky and Daniel Kahneman (1974), ‘Judgment Under Uncertainty: Heuristics and Biases’ 3. Amos Tversky and Daniel Kahneman (1982), ‘Evidential Impact of Base Rates’ 4. Ward Edwards (1982), ‘Conservatism in Human Information Processing’ 5. Dale Griffin and Amos Tversky (1992), ‘The Weighing of Evidence and the Determinants of Confidence’ 6. Stuart Oskamp (1982), ‘Overconfidence in Case-study Judgments’ PART II ASSET PRICING THEORY 7. Hersh Shefrin and Meir Statman (1994), ‘Behavioral Capital Asset Pricing Theory’ 8. Edward M. Miller (1977), ‘Risk, Uncertainty, and Divergence of Opinion’ 9. Lawrence Blume and David Easley (1992), ‘Evolution and Market Behavior’ 10. Andrei Shleifer and Robert W. Vishny (1997), ‘The Limits of Arbitrage’ 11. Terrance Odean (1998), ‘Volume, Volatility, Price, and Profit When All Traders Are Above Average’ PART III STUDIES ABOUT OVERREACTION AND UNDERREACTION 12. Werner F.M. De Bondt and Richard H. Thaler (1987), ‘Further Evidence on Investor Overreaction and Stock Market Seasonality’ 13. Jay R. Ritter (1988), ‘The Buying and Selling Behavior of Individual Investors at the Turn of the Year’ 14. Narasimhan Jegadeesh and Sheridan Titman (1993), ‘Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency’ 15. Josef Lakonishok, Andrei Shleifer and Robert W. Vishny (1994), ‘Contrarian Investment, Extrapolation, and Risk’ 16. Nicholas Barberis, Andrei Shleifer and Robert Vishny (1998), ‘A Model of Investor Sentiment’ 17. Kent Daniel, David Hirshleifer and Avanidhar Subrahmanyam (1998), ‘Investor Psychology and Security Market Under- and Overreactions’ 18. Harrison Hong and Jeremy C. Stein (1999), ‘A Unified Theory of Underreaction, Momentum Trading, and Overreaction in Asset Markets’ PART IV COMPETING VIEWS 19. Eugene F. Fama and Kenneth R. French (1996), ‘Multifactor Explanations of Asset Pricing Anomalies’ 20. Michael E. Solt and Meir Statman (1989), ‘Good Companies, Bad Stocks’ 21. Hersh Shefrin and Meir Statman (1995), ‘Making Sense of Beta, Size, and Book-to-Market’ 22. Kent Daniel and Sheridan Titman (1997), ‘Evidence on the Characteristics of Cross Sectional Variation in Stock Returns’ 23. Jennifer Conrad and Gautam Kaul (1993), ‘Long-term Market Overreaction or Biases in Computed Returns?’ 24. Ray Ball, S.P. Kothari and Jay Shanken (1995), ‘Problems in Measuring Portfolio Performance: An Application to Contrarian Investment Strategies’ 25. Tim Loughran and Jay R. Ritter (1996), ‘Long-term Market Overreaction: The Effect of Low-priced Stocks’ 26. Eugene F. Fama (1998), ‘Market Efficiency, Long-term Returns, and Behavioral Finance’ Name Index Volume II Acknowledgements Introduction Hersh Shefrin PART I PREDICTION 1. Michael E. Solt and Meir Statman (1988), ‘How Useful is the Sentiment Index?’ 2. Werner F.M. De Bondt (1993), ‘ Betting on Trends: Intuitive Forecasts of Financial Risk and Return’ 3. Paul B. Andreassen (1990), ‘Judgmental Extrapolation and Market Overreaction: On the Use and Disuse of News’ 4. Werner F.M. De Bondt (1992), Earnings Forecasts and Share Price Reversals 5. Rafael La Porta (1996), ‘Expectations and the Cross-section of Stock Returns’ 6. Benjamin Czaczkes and Yoav Ganzach (1996), ‘The Natural Selection of Prediction Heuristics: Anchoring and Adjustment versus Representativeness’ 7. Eli Amir and Yoav Ganzach (1998), ‘Overreaction and Underreaction in Analysts’ Forecasts’ PART II MARKET REACTIONS TO THE PREDICTIONS AND ANNOUNCEMENTS 8. Kent L. Womack (1996), ‘Do Brokerage Analysts' Recommendations Have Investment Value?’ 9. Roni Michaely and Kent L. Womack (1999), ‘Conflict of Interest and the Credibility of Underwriter Analyst Recommendations’ 10. Tim Loughran and Jay R. Ritter (1995), ‘The New Issues Puzzle’ 11. Tim Loughran and Jay R. Ritter (1997), ‘The Operating Performance of Firms Conducting Seasoned Equity Offerings’ 12. David Ikenberry, Josef Lakonishok and Theo Vermaelen (1995), ‘Market Underreaction to Open Market Share Repurchases’ 13. David L. Ikenberry, Graeme Rankine and Earl K. Stice (1996), ‘What Do Stock Splits Really Signal?’ 14. Roni Michaely, Richard H. Thaler and Kent L. Womack (1995), ‘Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?’ 15. Peter Klibanoff, Owen Lamont and Thierry A. Wizman (1998), ‘Investor Reaction to Salient News in Closed-end Country Funds’ PART III VOLATILITY IN THE TERM STRUCTURE OF INTEREST RATES 16. Robert J. Shiller (1979), ‘The Volatility of Long-term Interest Rates and Expectations Models of the Term Structure’ 17. John Y. Campbell and Robert J. Shiller (1991), ‘Yield Spreads and Interest Rate Movements: A Bird’s Eye View’ 18. Kenneth A. Froot (1989), ‘New Hope for the Expectations Hypothesis of the Term Structure of Interest Rates’ 19. Werner F.M. De Bondt and Mary M. Bange (1992), ‘Inflation Forecast Errors and Time Variation in Term Premia’ PART IV VOLATILITY IN EQUITY MARKETS 20. John Y. Campbell and Robert J. Shiller (1998), ‘Valuation Ratios and the Long-run Stock Market Outlook’ 21. Franco Modigliani and Richard A. Cohn (1979), ‘Inflation, Rational Valuation and the Market’ 22. Charles M.C. Lee, James Myers and Bhaskaran Swaminathan (1999), ‘What is the Intrinsic Value of the Dow?’ 23. Vernon L. Smith, Gerry L. Suchanek and Arlington W. Williams (1988), ‘Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets’ PART V OPTIONS AND ARBITRAGE 24. John E. Gilster, Jr. (1997), ‘Option Pricing Theory: Is "Risk-free" Hedging Feasible?’ 25. Robert Jarrow (1997), ‘Review of John E. Gilster, Jr. – "Option Pricing Theory: Is ‘Risk-free’ Hedging Feasible?"’ 26. Gary L. Gastineau (1997), ‘Comment on John E. Gilster, Jr. "Option Pricing Theory: Is ‘Risk-free’ Hedging Feasible?"’ 27. Hersh Shefrin (1999), ‘Irrational Exuberance and Option Smiles’ 28. Kenneth A. Froot and Emil M. Dabora (1999), ‘How are Stock Prices Affected by the Location of Trade?’ Name Index Volume III Acknowledgements Introduction Hersh Shefrin PART I FOUNDATION WORKS 1. Harry Markowitz (1952), ‘The Utility of Wealth’ 2. A.D. Roy (1952), ‘Safety First and the Holding of Assets’ 3. Daniel Kahneman and Amos Tversky (1979), ‘Prospect Theory: An Analysis of Decision Under Risk’ 4. Amos Tversky and Daniel Kahneman (1986), ‘Rational Choice and the Framing of Decisions’ 5. Lola L. Lopes (1987), ‘Between Hope and Fear: The Psychology of Risk’ PART II THE STRUCTURE OF INDIVIDUAL INVESTORS’ PORTFOLIOS 6. Hersh Shefrin and Meir Statman (2000), ‘Behavioral Portfolio Theory’ 7. Richard H. Thaler (1999), ‘Mental Accounting Matters’ 8. John J. McConnell and Eduardo S. Schwartz (1992), ‘The Origin of LYONs: A Case Study in Financial Innovation’ 9. Hersh Shefrin and Meir Statman (1993), ‘Behavioral Aspects of the Design and Marketing of Financial Products’ 10. Brad M. Barber and Terrance Odean (2000), ‘Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors’ 11. Werner F.M. De Bondt (1998), ‘A Portrait of the Individual Investor’ 12. Jay R. Ritter (1996), ‘How I Helped to Make Fischer Black Wealthier’ PART III THE DISPOSITION EFFECT 13. Terrance Odean (1998), ‘Are Investors Reluctant to Realize Their Losses?’ 14. Terrance Odean (1999), ‘Do Investors Trade Too Much?’ 15. Jeffrey Heisler (1994), ‘Loss Aversion in a Futures Market: An Empirical Test’ 16. Martin Weber and Colin F. Camerer (1998), ‘The Disposition Effect in Securities Trading: An Experimental Analysis’ 17. Chip Heath, Steven Huddart and Mark Lang (1999), ‘Psychological Factors and Stock Option Exercises’ PART IV INTERTEMPORAL ISSUES 18. Michael S. Rozeff (1994), ‘Lump-sum Investing versus Dollar-averaging’ 19. Meir Statman (1995), ‘A Behavioral Framework for Dollar-cost Averaging’ 20. Laurence Levin (1998), ‘Are Assets Fungible? Testing the Behavioral Theory of Life-cycle Savings’ 21. Shlomo Benartzi and Richard H. Thaler (1995), ‘Myopic Loss Aversion and the Equity Premium Puzzle’ 22. Lola L. Lopes (1996), ‘When Time Is of the Essence: Averaging, Aspiration, and the Short Run’ 23. Stephen A. Ross (1999), ‘Adding Risks: Samuelson’s Fallacy of Large Numbers Revisited’ 24. Kenneth L. Fisher and Meir Statman (1999), ‘A Behavioral Framework for Time Diversification’ 25. Eldar Shafir, Peter Diamond and Amos Tversky (1997), ‘Money Illusion’ 26. Jeffrey Pontiff (1997), ‘Excess Volatility and Closed-end Funds’ PART V MANAGERIAL DECISION-MAKING 27. John Lintner (1956), ‘Distribution of Incomes of Corporations among Dividends, Retained Earnings, and Taxes’ 28. Merton H. Miller (1986), ‘Behavioral Rationality in Finance: The Case of Dividends’ 29. Shlomo Benartzi, Roni Michaely and Richard Thaler (1997), ‘ Do Changes in Dividends Signal the Future or the Past?’ 30. François Degeorge, Jayendu Patel and Richard Zeckhauser (1999), ‘Earnings Management to Exceed Thresholds’ 31. Meir Statman and James F. Sepe (1989), ‘Project Termination Announcements and the Market Value of the Firm’ 32. Jeremy C. Stein (1996), ‘Rational Capital Budgeting in an Irrational World’ Name Index

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Book SynopsisTourism is the world's largest industry and its fastest growing one. It has the potential to contribute significantly to the economic development of most economies, including those of less developed countries and peripheral economic regions. However, it depends heavily on environmental conditions, natural and man-made, for its market and its sustainability. This book analyzes market and political failures in relation to tourism development and the environment, and the implications of those for national gains from international tourism, for public finance and policy, and for the sustainability of tourism. Particular emphasis is placed on ecotourism and the sustainable use of natural sites, methods of evaluating the sustainability of tourism and the impacts of pollution on tourism. Case studies cover both large and small developing countries e.g. Bangladesh, Brazil, China, India and the Maldives, as well as more developed economies. While some attention is given to the evaluation of protected areas, most attention is given to policies in terms of the sustainable recreational use of such areas - examples include scuba diving and encounters of tourists with whale sharks and sea turtles. This is a fascinating book that will be of great use to a wide readership including economists, environmentalists, geographers, tourism scholars and professionals, as well as academics in development studies.Trade Review'. . . the book presents a compendium of experience drawn from several continents, including the island states and, in contrast to other tourism books, emphasizes the economic aspects in a very simple and practical manner with many pointers for policymakers, economic planners, environment managers, and so on.' -- Rolph A. Payet, Progress in Development StudiesTable of ContentsContents: Preface Part I: An Overview Part II: Tourism and the Environment: Market and Political Failures and Public Economics Part III: Tourism in Development and in Less Developed Areas: Mainly Case Studies Part IV: Tourism/Recreational Use of Natural Areas and Wildlife: Issues in Environmental Conservation Index

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Book SynopsisThis volume addresses important issues in economic theory and international trade with contributions from internationally renowned researchers - including some of Murray C. Kemp's many colleagues and former students.Economic Theory and International Trade begins with an examination of classical trade theory and welfare economics. It goes on to discuss international trade policy, including international trading agreements, taxation, tariffs and quotas. Attention then turns to the role of market structure in joint ventures, innovation, tariff policy and political economy. The final section is devoted to economic dynamics and international economics, with an emphasis on learning mechanisms, sustainable growth and immigration.This book will be indispensable to academics and graduate students in the area of international trade. Economic theorists and international trade specialists such as research units and researchers in government will also find this book of great interest.Table of ContentsContents: Introduction Publications of Murray C. Kemp from 1992 Part I: Classical Trade Theory 1. A New Approach to the Theory of International Trade under Increasing Returns: The Two-Commodities Case 2. On the Shape of Production Possibility Loci under Variable Returns to Scale: The n Commodity m Factor Case 3. A Second Correspondence Principle 4. The Welfare Economics of Encouraging More Births Part II: International Trade Policy 5. The Economic Significance of the GATT/WTO Rules 6. Are Special Economic Zones Desirable? 7. Redistributive Taxation in Closed and Open Economies 8. Unilateral Reforms of Trade and Environmental Policy 9. Quotas, Voluntary Export Restraints and Welfare Part III: Market Structure 10. International Joint Ventures, Moral Hazards and Technology Spillovers 11. The Innovation and Market Structure in General Equilibrium 12. Imperfect Substitutes and Strategic Trade Policies under Cournot Duopoly 13. Comparative Static Analysis for Cournot Oligopoly 14. Endogenous Timing and Welfare in the Game of Trade Policies under International Oligopoly 15. Politics and the Nature of Competition in Oligopolistic Markets Part IV: Economic Dynamics 16. Learning in a Generalised Dornbusch Model of Exchange Rate Dynamics 17. International Immigration, Non-Traded Goods and Economic Welfare in an Overlapping Generations Model 18. The Environment, Externalities and Sustainable Growth in an Overlapping Generations Model 19. Why Trade Matters to Development: A Learning Model 20. The Effects of Growth of its Trading Partners on Malaysia Index

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Book SynopsisGiven the increase in large scale mergers throughout the world, this book addresses the growing problem of restricted competition through collusion and the perennial debate surrounding the use of government subsidies for industries to further national interests.The aims of the book are threefold; firstly, to elucidate the antecedents of competition policy in the US and Europe and to demonstrate how far a convergence of principles has developed. Secondly, to outline the theory of industrial organisation as a major tool to devise an appropriate policy, and thirdly, to discuss the practice of competition policy in the US, individual European countries and the EC as a whole, in terms of collusion, mergers and vertical restraints. Manfred Neumann comprehensively explores the economic arguments that justify the need for competition policy. He considers the historical development of competition policy and the relationship between competition policy and the objectives of governmental policy as a whole. In conclusion, he argues that competition policy should be regarded as a constituent part of economic and social policy.This enlightening and comprehensive book will be of great value to students, researchers and practitioners of law, corporate strategy and industrial and political economics.Trade Review'Competition Policy is the only book, of which I am aware, that combines an informed analysis of competition policy in both the United States and Europe with the analytical tools from industrial organization that are needed to understand each topic. Manfred Neumann is one of the leading industrial economics scholars in Europe, and he has done those of us who teach industrial economics a great service by writing this book.' -- Dennis C. Mueller, University of Vienna, Austria'With the publication of Competition Policy, Manfred Neumann breaks new ground. He synthesizes a mixture of historical, theoretical and policy perspectives that only an experienced and accomplished scholar can provide. Most importantly, Neumann manages to combine economic precision with a text that is interesting and thought-provoking. His unique and novel approach to understanding and analyzing competition policy will make this required reading to all scholars, policymakers and students concerned with the subject.' -- David B. Audretsch, Indiana University, Bloomington, US and Otto Beisheim School WHU, Germany'Competition Policy touches on a burning issue which was with us yesterday, which pervades today's discussions and which will, no doubt, be with us for a long time to come.' -- Karl W. Roskamp, Wayne State University, USTable of ContentsContents: Preface 1. Aims and Scope of Competition Policy 2. Industrial Economics as the Foundation of Competition Policy 3. Containing Restraints of Competition 4. The Social Framework and Competition Policy References Index

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Book SynopsisIn this path-breaking book, Richard Zerbe introduces a new way to think about the concept of economic efficiency that is both consistent with its historical derivation and more useful than concepts currently used. He establishes an expanded version of Kaldor-Hicks efficiency as an axiomatic system that performs the following tasks: the new approach obviates certain technical and ethical criticisms that have been made of economic efficiency; it answers critics of efficiency; it allows an expanded range for efficiency analysis; it establishes the conditions under which economists can reasonably say that some state of the world is inefficient. He then applies the new analysis to a number of hard and fascinating cases, including the economics of duelling, cannibalism and rape. He develops a new theory of common law efficiency and indicates the circumstances under which the common law will be inefficient.The book will be of great interest to scholars, students, and practitioners interested in the concept of economic efficiency and how it should be applied to law and economics.Trade Review'Economic Efficiency in Law and Economics is an interesting and worthwhile book.' -- Megan Richardson, Economic Record'Zerbe's new book is high-powered and potentially important.' -- Bill Goodman, Monthly Labor ReviewTable of ContentsContents: 1. History of the Concept of Economic Efficiency 2. The Foundation: A New Measure for Economic Efficiency 3. The Nature of Economic Efficiency 4. The Nature of Inefficiency 5. Rights and the Relationship of Law to Efficiency 6. The Problem of Missing Values in Normative Law and Economic Analysis 7. The Failure of Market Failure 8. Of Distributive Justice and Economic Efficiency: An Integrated Theory of the Common Law 9. The Efficiency of the Common Law: An Economic Analysis of Dueling, Cannibalism, the Gold Rush, Racism, and Antitrust Law 10. A Recapitulation References Index

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Book SynopsisIn the past, economists have not always been able to agree on the idea that copyright is an efficient way of protecting cultural intellectual property. Indeed, many economists argue that copyright is not even necessary. In Copyright and Economic Theory a rigorously extensive yet simplified economic theory of copyright piracy is presented, and used to analyse important aspects of intellectual property transactions including the royalty contract, optimal copyright law, and copyright collectives. The author also analyses important areas of discussion in copyright, such as how can it be that a certain degree of piracy is beneficial, not only socially, but also for copyright holders and producers of originals? Are linear royalty contracts optimal? How many copyright collectives should a given economy have? Would a copyright collective prefer to act as a leader or a follower in a Stackelberg duopoly?The book analyses and contrasts existing theories concerning the economic theory of copyright, and presents a simple economic model in which copyright can be effectively studied, considering all principal areas of interest in copyright.This book will be fascinating reading for academics in economics, law and industrial organisation as well as for legal professionals including lawyers, copyright collectives and relevant governmental organisations.Trade Review'Copyright and Economic Theory is by far the best single source of information on this subject. Containing much original work, the book is a successful synthesis of current scholarship on the economic impacts of such important topical factors as piracy, performing rights societies, optimal royalties and the very purpose of copyright itself. Anyone interested in understanding the current controversies surrounding Napster and the role of copyright in the internet age could not do better than to read this book.' -- Stan Liebowitz, University of Texas, Dallas, USTable of ContentsContents: Preface 1. Introduction 2. The Economics of Copyright Piracy 3. The Royalty Contract 4. Unresolved Issues in Copyright Law 5. An Equilibrium Analysis of Copyright Law 6. Copyright Collectives 7. Shake Hands and Make Up Index

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Book SynopsisThis collection of original essays has been commissioned especially for this volume in honour of the ideas and work of the late Richard M. Cyert who made a seminal contribution to the fields of industrial organization and change. In keeping with the range and significance of his work, the essays in this book examine the economics of decision making, uncertainty, information processing, learning, evolution and organizational structure.The distinguished set of contributors discusses the following topics: behavioural and evolutionary theories of the firm cognitive factors in organization and economic action the place of rules in organizations learning from experience and from the knowledge of others selection in economic change the impact of information technology and the evolution of organizational forms. This coherent and worthy collection emphasizes the adaptive nature of economic action and the links between economies and studies of human information processing and action. It will be essential reading for scholars with an interest in behavioural and adaptive economics, along with industrial organization.Trade Review'The present volume - a major tribute collection in memory of Richard Cyert, co-edited by James March, and containing a paper by the late Herbert Simon - provides a useful roadmap of the influences this group has had on both heterodox and more mainstream thought. . . this book belongs in every university library.' -- Richard N. Langlois, Journal of Economic Literature'This collection is useful reading for scholars working in behavioral and adaptive economics, as well as information processing and learning in organizations. Overall, the essays offer an overview of the state of the art in behavioral and evolutionary theories of the firm and some very interesting new insights.' -- Sampsa Samila, Administrative Science QuarterlyTable of ContentsContents: Preface Introduction Part I: Economics of Choice Part II: Information and the Cognitive Basis of Action Part III: Economics of Change Part IV: Economics of Organization Index

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Book SynopsisIn this fascinating study Gordon Fletcher explores the relationship between the life and work of one of Britain's most distinguished economists, Sir Dennis Holme Robertson (1890-1963). Drawing on a wealth of previously unpublished material, novel forms of evidence - both biographical and literary, together with a fresh reading of Robertson's principal books and essays, Fletcher argues that Robertsonian economics is indelibly stamped with the impression of Robertson the man and that by better understanding the man we shall better understand his economics. He shows that this is particularly the case with respect to the way in which Robertson's thought developed and to its particular characteristics, which have often been described by commentators but never explained. Most interestingly, he accounts for Robertson's breach with his Cambridge colleague J.M. Keynes. With these insights we glimpse the hidden human face of what is all too often regarded as the bloodless discipline, the dismal science.Trade Review'Understanding Dennis Robertson is a fine example of intellectual biography, which lives up to the implicit promise made in its title. By the end of the book, the reader does feel that he or she understands Dennis Robertson, at least as far as possible at this date . . . This is a significant contribution, not only from the perspective of the history of thought, but also in understanding contemporary orthodoxy . . . This book deserves to be widely read, not only by those interested in the history of thought, but also by those claiming to be macroeconomists today.' -- John Smithin, Eastern Economic Journal'The biography . . . is of interest not only to specialists in the field . . . since it presents an interesting psychological portrait of the economist and offers a segment of life at the prestigious Eton College and at the University of Cambridge at the beginning of the 20th century.' -- Daniele Besomi, Azione'Fletcher's piecing together the jigsaw of Robertson's life is a major achievement. Disparate pieces fit together into a remarkable pattern. . . Robertson's main economic writings are integrated into this story resulting in an integration of biography, literature and economics that is fascinating to read. The book is clearly important for anyone seeking to understand Robertson or his work. . . it has transformed my appreciation of Robertson.' -- Roger Backhouse, European Society for the History of Economic Thought Newsletter'This is a notable contribution to the literature. . . Clearly not a complete sentence but the rest is written in the first person.' -- Peter Clarke, University of Cambridge and Master of Trinity Hall, Cambridge, UK'In this fascinating, insightful yet somehow strange book Gordon Fletcher aims at throwing light on the mutual influence between Dennis Robertson's temperament and outlook on life, and his professional writings and the development of ideas.' -- Daniele Besomi, History of Economics Review'. . . this is a magnificent intellectual biography of one of the great mysterious figures of modern macroeconomics.' -- The late Mark Blaug, formerly of the University of London and University of Buckingham, UK’Gordon Fletcher has written a remarkable, completely absorbing, interpretation of Dennis Robertson's contributions to economics and of their relationship to the complex, ultimately tragic figure of their author. Fletcher has great sympathy for and understanding of the traumas and dramas of Robertson's life - external and internal - and admiration for him as an economist. He knows Robertson's writings intimately and he recounts in compelling detail the intellectual and personal relationships between Robertson and Keynes and their respective champions. Fletcher's own deep understanding of economics and of the nature of Keynes and his revolution allow him to be fair to Robertson yet show the ultimate soundness of Keynes's views as opposed to Robertson's. He documents how they could start together yet inevitably grow apart - and why the disagreement homed in on explanations of the rate of interest and its role. Fletcher shows how Robertson's stance was necessary for him to be able to survive, that his fragile nature, so dependent on things past, in economics as much as in the theatre, culture and society and on his reverence for Marshall, made it impossible for him to go with Keynes after the Treatise on Money, or perhaps even with the Treatise on Money itself. Understanding Dennis Robertson is a wonderful example of what intellectual biography should be - complete mastery of the intellectual issues involved combined with sympathetic perception and analysis of the personalities involved and their times.' -- G.C. Harcourt, University of New South Wales, AustraliaTable of ContentsContents: D.H. Robertson: A Brief Chronology Introduction Part I: Robertson The Man Part II: The Mirror of Literature Part III: Robertson’s Economics I: The Foundations Part IV: Robertson’s Economics II: Development Part V: Robertson, Keynes and the Keynesian Revolution Bibliography Index

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Book SynopsisThis volume of new, original essays reflects the lifelong concerns and writings of the person they honor, Professor Howard Sherman. Sherman wrote on a wide range of topics - the causes of recessions, depressions and mass unemployment under capitalism; the difficulties and challenges of establishing viable democratic planning systems under socialism; the down-to-earth realities of economic life in the United States, the Soviet Union and elsewhere; and the theoretical traditions he drew upon to inform these empirical studies, i.e. Keynesianism, institutionalism and, most especially, Marxism. The contributors follow in Sherman's tradition through their careful analysis of topics such as the long-term trends in contemporary global capitalism; the relationship between Marxism and institutionalism; debates over the usefulness of class analysis; the political economy of financial liberalization; lessons from the demise of socialism in the Soviet Union and China; and the possibilities for advancing a workable egalitarian economic agenda.This book demonstrates the continued vibrancy and relevance of radical political economy as a mode of social scientific analysis. Scholars and students in economics, sociology, history, philosophy and political science will find the essays thought-provoking and informative.Trade Review'The diversity of subject matter and high quality of these essays make this book, capably organized and edited by Robert Pollin, a fitting tribute to the career of Howard Sherman. Readers interested in sampling current radical economic thinking on the issues . . . would be well advised to read it.' -- James Crotty, Journal of Economic LiteratureTable of ContentsContents: Introduction Part I: Howard Sherman and the Contemporary State of Radical Political Economy Part II: Marxism and Institutionalism Part III: Class Analysis, Individual Choice, and Economic Theory Part IV: Political Economy of US Capitalism Part V: Political Economy of Socialism Index

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Book SynopsisDrawing upon evolutionary economics and resource-based approaches, the author utilises US patent data from 1930-1990 to examine the persistence of corporate technological competencies and their gradual erosion through diversifying incremental change. The book explores the changing nature of this diversification with respect to firm size, technological relatedness and technological complexity in 32 firms distributed across four broadly defined industrial sectors.The findings suggest that industry and corporate technological profiles remain strong but are becoming blurred by the pervasiveness of general-purpose technologies. Although historically, diversification is associated with an increase in firm size, the author argues that in recent times it results from technological relatedness and complexity.This book will appeal to industrial and business economists, historians of business and technology, and students and scholars of technology management.Trade Review'This book is an important contribution to the field. It provides us with a clear definition of diversification, presenting all the dimensions that can justify the evolution of firms' technological positioning, an interesting theoretical proposition and a deep empirical analysis to support the argumentation. . . without any doubt this book is worth reading to have a clear presentation of a fascinating area of research.' -- Ludovic Dibiaggio, Technovation'Scholars working in the realm of technical change and firm technological strategies should read this book. Here they will find an authoritative work (over the period it covers) and will note the care it takes in unravelling industry and firm history.' -- Lionel Nesta, Journal of Evolutionary Economics'One of the longest-running debates in studies of economic and industrial organization concerns the advantages of specialization versus the advantages of diversification. Confusion over the nature of "diversification" has clouded this debate. By a long-term analysis of technological behaviour in large firms, Felicia Fai is able to bring fresh theoretical and empirical insights to this key question. Her work displays the virtues of looking beyond latest fads to the deeper structural characteristics and determinants of firm behaviour.' -- Nick von Tunzelmann, SPRU - Science and Technology Policy Research, University of Sussex, UKTable of ContentsContents: 1. Introduction 2. The Data 3. Industry-specific Competencies and Industrial Convergence 4. Technological Persistence in the Evolution of Corporate Technological Competence 5. Technological Diversification 6. Scale and Scope in Technology: Influences on Diversification 7. Technological Inter-relatedness and Complex Diversification 8. Conclusions Appendices Bibliography Index

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Book SynopsisThis authoritative series brings together the most significant papers published by leading economists and social scientists in the rapidly developing field of New Institutional Economics. The selection includes theoretical papers as well as applications and empirical studies. It represents the diversity of methodologies used for exploring the fundamental questions of the nature and status of institutions and organizations in market economies. The seven volumes in the series cover the main aspects of research in the field, beginning with an overview of its analytical foundations in Volume 1. The subsequent volumes consider issues in transaction costs and property rights, the nature and role of contracts, the alternative modes of organization, the role and nature of modern corporations, and the political economy of institutions. The series concludes with a review of some major challenges and controversies. This comprehensive series will be an invaluable guide for scholars in economics, social sciences, managerial sciences and law.Trade Review'To those wishing to learn about the New Institutional Economics, this comprehensive collection of articles will be extremely valuable, exhibiting, as it does, the New Institutional Economics in all its variety. To those wishing to contribute to the New Institutional Economics, it will be an indispensable reference source.' -- Ronald H. Coase, University of Chicago Law School, US'For those in economics, and the social sciences generally, who wish to broaden the horizons of their discipline to deal more effectively with the manifold problems we face, the New Institutional Economics offers a promising future. This collection of articles shows just how promising that future can be.' -- Douglass C. North, Washington University, US'These volumes disclose and develop the richness and importance of the New Institutional Economics - in conceptual, theoretical, empirical, and public policy respects. These timely volumes will be widely used by present students of the NIE and by social scientists and public policy analysts more generally.' -- Oliver E. Williamson, University of California, Berkeley, USTable of ContentsContents Volume I: The Foundations of the New Institutional Economics Acknowledgements General Introduction Claude Ménard Introduction Claude Ménard PART I BACKGROUND 1. Bernard Mandeville ([1732] 1988), ‘The Grumbling Hive: or, Knaves turn’d Honest’ 2. Adam Smith ([1776] 1976), ‘Of the Division of Labour’, ‘Of the Principle Which Gives Occasion to the Division of Labour’ and ‘That the Division of Labour is Limited by the Extent of the Market’ PART II CLASSIC REFERENCES 3. R.H. Coase (1937), ‘The Nature of the Firm’ 4. H.B. Malmgren (1961), ‘Information, Expectations and the Theory of the Firm’ 5. Herbert A. Simon (1962), ‘The Architecture of Complexity’ 6. Kenneth J. Arrow (1970), ‘The Organization of Economic Activity: Issues Pertinent to the Choice of Market versus Nonmarket Allocation’ 7. Lance E. Davis and Douglass C. North with the assistance of Calla Smorodin (1971), ‘A Theory of Institutional Change: Concepts and Causes’ 8. Armen A. Alchian and Harold Demsetz (1972), ‘Production, Information Costs, and Economic Organization’ 9. Steven N.S. Cheung (1973), ‘The Fable of the Bees: An Economic Investigation’ 10. Oliver E. Williamson (1979), ‘Transaction-Cost Economics: The Governance of Contractual Relations’ 11. Leonid Hurwicz (1987), ‘Inventing New Institutions: The Design Perspective’ PART III MODELING INSTITUTIONS AND INSTITUTIONAL ARRANGEMENTS 12. Andrew Schotter (1981), ‘The Nature and Function of Social Institutions’ 13. Leonid Hurwicz (1996), ‘Institutions as Families of Game Forms’ 14. Masahiko Aoki (2000), ‘Institutional Evolution as Punctuated Equilibria’ 15. David M. Kreps (1996), ‘Markets and Hierarchies and (Mathematical) Economic Theory’ 16. Michael H. Riordan and Oliver E. Williamson (1985), ‘Asset Specificity and Economic Organization’ 17. Patrick Bajari and Steven Tadelis (2001), ‘Incentives versus Transaction Costs: A Theory of Procurement Contracts’ 18. Kenneth A. Shepsle and Barry R. Weingast (1981), ‘Structure-induced Equilibrium and Legislative Choice’ PART IV SOME MAJOR ISSUES 19. Eirik G. Furubotn and Rudolf Richter (1997), ‘Introductory Observations’ 20. James M. Buchanan (1975), ‘A Contractarian Paradigm for Applying Economic Theory’ 21. Elinor Ostrom (1986), ‘An Agenda for the Study of Institutions’ 22. Mark Granovetter (1992), ‘Economic Institutions as Social Constructions: A Framework for Analysis’ 23. R.C.O. Matthews (1986), ‘The Economics of Institutions and the Sources of Growth’ 24. Masahiko Aoki (1996), ‘Towards a Comparative Institutional Analysis: Motivations and Some Tentative Theorizing’ 25. Claude Ménard (1995), ‘Markets as Institutions versus Organizations as Markets? Disentangling Some Fundamental Concepts’ 26. Ronald Coase (1998), ‘The New Institutional Economics’ Name Index Volume II: Transaction Costs and Property Rights Acknowledgements General Introduction Claude Ménard Introduction Claude Ménard PART I BEHAVIORAL ASSUMPTIONS 1. Douglass C. North (1990), ‘The Behavioral Assumptions in a Theory of Institutions’ 2. Herbert A. Simon (1978), ‘Rationality as Process and as Product of Thought’ 3. Oliver E. Williamson (1993), ‘Calculativeness, Trust, and Economic Organization’ 4. Reinhard Selten (1990), ‘Bounded Rationality’ 5. Ronald A. Heiner (1983), ‘The Origin of Predictable Behavior’ 6. Elinor Ostrom (1998), ‘A Behavioral Approach to the Rational Choice Theory of Collective Action’ PART II TRANSACTION COSTS 7. Douglass C. North (1990), ‘Institutions and a Transaction-Cost Theory of Exchange’ 8. Oliver E. Williamson (1993), ‘Transaction Cost Economics and Organization Theory’ 9. Duncan K. Foley (1970), ‘Economic Equilibrium with Costly Marketing’ 10. Carl J. Dahlman (1979), ‘The Problem of Externality’ 11. Harold Demsetz (1968), ‘The Cost of Transacting’ 12. Yoram Barzel (1982) ‘Measurement Cost and the Organization of Markets’ 13. Keith B. Leffler, Randal R. Rucker and Ian A. Munn (2000), ‘Transaction Costs and the Collection of Information: Presale Measurement on Private Timber Sales’ 14. Douglas W. Allen (2000), ‘Transaction Costs’ PART III PROPERTY RIGHTS 15. R.H. Coase (1960), ‘The Problem of Social Cost’ 16. Yoram Barzel (1997), ‘The Property Rights Model’ 17. Armen A. Alchian (1977), ‘Some Economics of Property Rights’ 18. Harold Demsetz (1967), ‘Toward a Theory of Property Rights’ 19. Lee J. Alston, Gary D. Libecap and Robert Schneider (1996), ‘The Determinants and Impact of Property Rights: Land Titles on the Brazilian Frontier’ 20. Jean Ensminger (1997), ‘Changing Property Rights: Reconciling Formal and Informal Rights to Land in Africa’ 21. Oliver Hart and John Moore (1990), ‘Property Rights and the Nature of the Firm’ 22. Henry Hansmann (1988), ‘Ownership of the Firm’ Name Index Volume III: Contracts in the New Institutional Economics Acknowledgements General Introduction Claude Ménard Introduction Claude Ménard PART I NATURE AND LIMITS OF CONTRACTUAL AGREEMENTS 1. Oliver E. Williamson (1985), ‘Assessing Contract’ 2. Jean Tirole (1999), ‘Incomplete Contracts: Where Do We Stand?’ 3. Victor P. Goldberg (1976), ‘Regulation and Administered Contracts’ 4. Benjamin Klein (1980), ‘Transaction Cost Determinants of “Unfair” Contractual Arrangements’ 5. Oliver E. Williamson (1983), ‘Credible Commitments: Using Hostages to Support Exchange’ 6. Arthur L. Stinchcombe (1990), ‘Organizing Information Outside the Firm: Contracts as Hierarchical Documents’ 7. Yoram Ben-Porath (1980), ‘The F-Connection: Families, Friends, and Firms and the Organization of Exchange’ 8. Stewart Macaulay (1963), ‘Non-Contractual Relations in Business: A Preliminary Study’ PART II CHARACTERISTICS OF CONTRACTS 9. Paul L. Joskow (1987), ‘Contract Duration and Relationship-Specific Investments: Empirical Evidence from Coal Markets’ 10. Scott E. Masten and Keith J. Crocker (1985), ‘Efficient Adaptation in Long-Term Contracts: Take-or-Pay Provisions for Natural Gas’ 11. J. Harold Mulherin (1986), ‘Complexity in Long-term Contracts: An Analysis of Natural Gas Contractual Provisions’ 12. Victor P. Goldberg and John R. Erickson (1987), ‘Quantity and Price Adjustment in Long-Term Contracts: A Case Study of Petroleum Coke’ 13. Thomas M. Palay (1984), ‘Comparative Institutional Economics: The Governance of Rail Freight Contracting’ 14. Keith J. Crocker and Kenneth J. Reynolds (1993), ‘The Efficiency of Incomplete Contracts: An Empirical Analysis of Air Force Engine Procurement’ 15. Stéphane Saussier (2000), ‘Transaction Costs and Contractual Incompleteness: The Case of Électricité de France’ 16. Mary M. Shirley and Lixin Colin Yu (1998), ‘Information, Incentives, and Commitment: An Empirical Analysis of Contracts Between Government and State Enterprises’ PART III ENFORCEMENT ISSUES 17. Avner Greif (1993), ‘Contract Enforceability and Economic Institutions in Early Trade: The Maghribi Traders’ Coalition’ 18. Benjamin Klein and Keith B. Leffler (1981), ‘The Role of Market Forces in Assuring Contractual Performance’ 19. Thomas M. Palay (1985), ‘Avoiding Regulatory Constraints: Contracting Safeguards and the Role of Informal Agreements’ 20. Avner Greif, Paul Milgrom and Barry R. Weingast (1994), ‘Coordination, Commitment, and Enforcement: The Case of the Merchant Guild’ 21. Alan Schwartz (1992), ‘Relational Contracts in the Courts: An Analysis of Incomplete Agreements and Judicial Strategies’ 22. Gary D. Libecap and Steven N. Wiggins (1985), ‘The Influence of Private Contractual Failure on Regulation: The Case of Oil Field Unitization’ 23. Benjamin Klein (1996), ‘Why Hold-Ups Occur: The Self-Enforcing Range of Contractual Relationships’ Name Index Volume IV: Modes of Organization in the New Institutional Economics Acknowledgements General Introduction Claude Ménard Introduction Claude Ménard PART I MARKETS, HIERARCHIES, HYBRID FORMS 1. R.H. Coase (1992), ‘The Institutional Structure of Production’ 2. Oliver E. Williamson (1991), ‘Comparative Economic Organization: The Analysis of Discrete Structural Alternatives’ 3. Steven N.S. Cheung (1983), ‘The Contractual Nature of the Firm’ 4. Bengt Holmstrom (1999), ‘The Firm as a Subeconomy’ 5. James G. March (1962), ‘The Business Firm as a Political Coalition’ 6. Claude Ménard (1997), ‘The Governance of Hybrid Organizational Forms’ 7. George Baker, Robert Gibbons and Kevin J. Murphy (2002), ‘Relational Contracts and the Theory of the Firm’ PART II VERTICAL INTEGRATION 8. Oliver E. Williamson (1971), ‘The Vertical Integration of Production: Market Failure Considerations’ 9. Benjamin Klein, Robert G. Crawford and Armen A. Alchian (1978), ‘Vertical Integration, Appropriable Rents, and the Competitive Contracting Process’ 10. Kirk Monteverde and David J. Teece (1982), ‘Supplier Switching Costs and Vertical Integration in the Automobile Industry’ 11. Scott E. Masten (1984), ‘The Organization of Production: Evidence from the Aerospace Industry’ 12. Paul L. Joskow (1985), ‘Vertical Integration and Long-term Contracts: The Case of Coal-burning Electric Generating Plants’ 13. Bruce R. Lyons (1995), ‘Specific Investment, Economies of Scale, and the Make-or-Buy Decision: A Test of Transaction Cost Theory’ 14. Erin Anderson and David C. Schmittlein (1984), ‘Integration of the Sales Force: An Empirical Examination’ 15. George John and Barton A. Weitz (1988), ‘Forward Integration into Distribution: An Empirical Test of Transaction Cost Analysis’ 16. Paul L. Joskow (1988), ‘Asset Specificity and the Structure of Vertical Relationships: Empirical Evidence’ PART III NON-STANDARD AGREEMENTS 17. William G. Ouchi (1980), ‘Markets, Bureaucracies, and Clans’ 18. Robert G. Eccles (1981), ‘The Quasifirm in the Construction Industry’ 19. Walter W. Powell (1990), ‘Neither Market nor Hierarchy: Network Forms of Organization’ 20. Claude Ménard (1996), ‘On Clusters, Hybrids, and Other Strange Forms: The Case of the French Poultry Industry’ 21. Joanne E. Oxley (1997), ‘Appropriability Hazards and Governance in Strategic Alliances: A Transaction Cost Approach’ 22. Francine Lafontaine and Kathryn L. Shaw (1999), ‘The Dynamics of Franchise Contracting: Evidence from Panel Data’ 23. Bengt Holmström and John Roberts (1998), ‘The Boundaries of the Firm Revisited’ Name Index Volume V: Institutional Dimensions of the Modern Corporation Acknowledgements General Introduction Claude Ménard Introduction Claude Ménard PART I STRUCTURES 1. Alfred D. Chandler, Jr. (1980), ‘The United States: Seedbed of Managerial Capitalism’ 2. Oliver E. Williamson (1981), ‘The Modern Corporation: Origins, Evolution, Attributes’ 3. Masahiko Aoki (1990), ‘Toward an Economic Model of the Japanese Firm’ 4. Henry Ogden Armour and David J. Teece (1978), ‘Organizational Structure and Economic Performance: A Test of the Multidivisional Hypothesis’ 5. Scott E. Masten, James W. Meehan, Jr. and Edward A. Snyder (1991), ‘The Costs of Organization’ PART II CONTROL WITHIN ORGANIZATIONS 6. Roy Radner (1986), ‘The Internal Economy of Large Firms’ 7. Kenneth J. Arrow (1964), ‘Control in Large Organizations’ 8. Oliver E. Williamson (1967), ‘Hierarchical Control and Optimum Firm Size’, 9. Masahiko Aoki (1986), ‘Horizontal vs. Vertical Information Structure of the Firm’ 10. Jean Tirole (1986), ‘Hierarchies and Bureaucracies: On the Role of Collusion in Organizations’ 11. Gary J. Miller (1990), ‘Managerial Dilemmas: Political Leadership in Hierarchies’ 12. Philippe Aghion and Jean Tirole (1997), ‘Formal and Real Authority in Organizations’ 13. Gregory K. Dow (1987), ‘The Function of Authority in Transaction Cost Economics’ 14. Claude Ménard (1994), ‘Organizations as Coordinating Devices’ PART III MOTIVATIONS AND VALUES 15. Jeffrey Pfeffer (1990), ‘Incentives in Organizations: The Importance of Social Relations’ 16. Sherwin Rosen (1988), ‘Transactions Costs and Internal Labor Markets’ 17. Bengt Holmstrom and Paul Milgrom (1991), ‘Multitask Principal-Agent Analyses: Incentive Contracts, Asset Ownership, and Job Design’ 18. David M. Kreps (1990), ‘Corporate Culture and Economic Theory’ 19. Gareth R. Jones (1983), ‘Transaction Costs, Property Rights, and Organizational Culture: An Exchange Perspective’ 20. Mats Alvesson and Lars Lindkvist (1993), ‘Transaction Costs, Clans and Corporate Culture’ PART IV PUBLIC POLICIES AND ORGANIZATION CHOICES 21. Mark J. Roe (2002), ‘Can Culture Constrain the Economic Model of Corporate Law?’ 22. Paul M. Hirsch (1975), ‘Organizational Effectiveness and the Institutional Environment’ 23. Oliver E. Williamson (1976), ‘Franchise Bidding for Natural Monopolies – in General and with Respect to CATV’ 24. Paul L. Joskow (1991), ‘The Role of Transaction Cost Economics in Antitrust and Public Utility Regulatory Policies’ 25. Brian Levy and Pablo T. Spiller (1994), ‘The Institutional Foundations of Regulatory Commitment: A Comparative Analysis of Telecommunications Regulation’ Name Index Volume VI: The Political Economy of Institutions Acknowledgements General Introduction Claude Ménard Introduction Claude Ménard PART I POLITICAL INSTITUTIONS AND SOCIAL NORMS 1. Douglass C. North (1990), ‘A Transaction Cost Theory of Politics’ 2. Randall L. Calvert (1998), ‘Rational Actors, Equilibrium, and Social Institutions’ 3. Terry M. Moe (1990), ‘Political Institutions: The Neglected Side of the Story’ 4. Barry R. Weingast (1995), ‘The Economic Role of Political Institutions: Market-Preserving Federalism and Economic Development’ 5. Barry R. Weingast and William J. Marshall (1988), ‘The Industrial Organization of Congress; or, Why Legislatures, Like Firms, Are Not Organized as Markets’ 6. Arthur T. Denzau and Michael C. Munger (1986), ‘Legislators and Interest Groups: How Unorganized Interests Get Represented’ 7. Avner Greif (1994), ‘Cultural Beliefs and the Organization of Society: A Historical and Theoretical Reflection on Collectivist and Individualist Societies’ 8. Stanley L. Engerman (1997), ‘Cultural Values, Ideological Beliefs, and Changing Labor Institutions: Notes on Their Interactions’ 9. Jon Elster (1989), ‘Social Norms and Economic Theory’ PART II THE INSTITUTIONAL ENVIRONMENT OF A MARKET ECONOMY 10. Douglass C. North and Barry R. Weingast (1989), ‘Constitutions and Commitment: The Evolution of Institutions Governing Public Choice in Seventeenth-Century England’ 11. Barry R. Weingast (1993), ‘Constitutions as Governance Structures: The Political Foundations of Secure Markets’ 12. Peter Murrell and Mancur Olson (1991), ‘The Devolution of Centrally Planned Economies’ 13. Michael McFaul (1999), ‘Lessons from Russia’s Protracted Transition from Communist Rule’ 14. Pranab K. Bardhan (2000), ‘Understanding Underdevelopment: Challenges for Institutional Economics From the Point of View of Poor Countries’ 15. Ross Levine (1997), ‘Financial Development and Economic Growth: Views and Agenda’ 16. Philip Keefer and Stephen Knack (1997), ‘Why Don’t Poor Countries Catch Up? A Cross-National Test of an Institutional Explanation’ PART III LONG RUN PERSPECTIVES 17. Avner Greif (1998), ‘Historical and Comparative Institutional Analysis’ 18. Paul R. Milgrom, Douglass C. North and Barry R. Weingast (1990), ‘The Role of Institutions in the Revival of Trade: The Law Merchant, Private Judges, and the Champagne Fairs’ 19. Lee J. Alston and Joseph P. Ferrie (1993), ‘Paternalism in Agricultural Labor Contracts in the U.S. South: Implications for the Growth of the Welfare State’ 20. Stanley L. Engerman, Stephen H. Haber and Kenneth L. Sokoloff (2000), ‘Inequality, Institutions and Differential Paths of Growth among New World Economies’ 21. Daron Acemoglu, Simon Johnson and James A. Robinson (2001), ‘The Colonial Origins of Comparative Development: An Empirical Investigation’ 22. Douglass C. North (1997), ‘Transaction Costs Through Time’ Name Index Volume VII: Controversies and Challenges in the New Institutional Economics Acknowledgements General Introduction Claude Ménard Introduction Claude Ménard PART I ON ASSUMPTIONS 1. Oliver Hart (1990), ‘Is “Bounded Rationality” an Important Element of a Theory of Institutions?’ 2. Richard N. Langlois (1990), ‘Bounded Rationality and Behavioralism: A Clarification and Critique’ 3. Margaret Levi (2000), ‘When Good Defenses Make Good Neighbors: A Transaction Cost Approach to Trust, the Absence of Trust and Distrust’ 4. Arthur T. Denzau and Douglass C. North (1994), ‘Shared Mental Models: Ideologies and Institutions’ PART II ON THE NATURE OF THE FIRM 5. Alfred D. Chandler, Jr. (1992), ‘What is a Firm? A Historical Perspective’ 6. Harold Demsetz (1988), ‘The Theory of the Firm Revisited’ 7. Armen A. Alchian and Susan Woodward (1988), ‘The Firm is Dead; Long Live the Firm: A Review of Oliver E. Williamson’s The Economic Institutions of Capitalism’ 8. John Moore (1992), ‘The Firm as a Collection of Assets’ 9. Herbert A. Simon (1991), ‘Organizations and Markets’ PART III ON VERTICAL INTEGRATION 10. Benjamin Klein (1988), ‘Vertical Integration as Organizational Ownership: The Fisher Body-General Motors Relationship Revisited’ 11. R.H. Coase (2000), ‘The Acquisition of Fisher Body by General Motors’ 12. Sanford J. Grossman and Oliver D. Hart (1986), ‘The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration’ 13. Michael D. Whinston (2001), ‘Assessing the Property Rights and Transaction-Cost Theories of Firm Scope’ PART IV ON TRANSACTION COSTS 14. William M. Dugger (1983), ‘The Transaction Cost Analysis of Oliver E. Williamson: A New Synthesis?’ 15. Gregory K. Dow (1993), ‘The Appropriability Critique of Transaction Cost Economics’ 16. Paul Milgrom and John Roberts (1990), ‘Bargaining Costs, Influence Costs, and the Organization of Economic Activity’ 17. Yoram Barzel (1985), ‘Transaction Costs: Are They Just Costs?’ 18. Oliver E. Williamson (1990), ‘A Comparison of Alternative Approaches to Economic Organization’ PART V OLD WINE IN NEW BOTTLES? 19. Ernest J. Englander (1988), ‘Technology and Oliver Williamson’s Transaction Cost Economics’ 20. Oliver E. Williamson (1988), ‘Technology and Transaction Cost Economics: A Reply’ 21. Geoffrey M. Hodgson (1993), ‘Institutional Economics: Surveying the “Old” and the “New”’ 22. Terence W. Hutchison (1984), ‘Institutionalist Economics Old and New’ 23. Paul J. DiMaggio and Walter W. Powell (1991), ‘Introduction’ 24. Douglass C. North (1995), ‘Five Propositions about Institutional Change’ PART VI WRAPPING IT UP: ON THE RESEARCH AGENDA [121 pp] 25. Douglass C. North (1981), ‘A Theory of Institutional Change and the Economic History of the Western World’ 26. Jack Knight and Douglass North (1997), ‘Explaining Economic Change: The Interplay Between Cognition and Institutions’ 27. Mark Granovetter (1985), ‘Economic Action and Social Structure: The Problem of Embeddedness’ 28. Paul L. Joskow (2002), ‘Transaction Cost Economics, Antitrust Rules, and Remedies’ 29. Aric Rindfleisch and Jan B. Heide (1997), ‘Transaction Cost Analysis: Past, Present, and Future Applications’ 30. Oliver E. Williamson (2000), ‘The New Institutional Economics: Taking Stock, Looking Ahead’ Name Index

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Book SynopsisThe degree of international financial integration achieved by capital flows remains a matter of debate. Furthermore, it evolves over time as markets become more and less integrated. Policymakers want to have a precise knowledge of the extent and direction of international capital flows because such flows influence the incentives for tax evasion, international redistribution and the vulnerability of the economy to external shocks. These volumes bring together a comprehensive selection of classic and contemporary readings on international financial integration. First, there is a review of the literature on measuring cross-border capital mobility followed by formal tests of the degree of international financial integration. Second, there is an examination of what factors actually determine the extent of cross-border capital mobility, and hence international financial integration. This authoritative collection will be invaluable for both students and specialists.Trade Review'Market integration, in Europe and elsewhere, is reshaping financial markets at the national and world level, with far-reaching implications for macroeconomic activity, corporate choices and household behavior. By bringing together the best articles on this issue, this book provides an essential reference, that will be of great service to policymakers and researchers alike.' -- Marco Pagano, Universita di Salerno, ItalyTable of ContentsContents: Volume I Acknowledgements Introduction Sylvester C.W. Eijffinger and Jan J.G. Lemmen PART I DEVIATIONS FROM INTEREST RATE PARITY 1. Jeffrey A. Frankel (1992), ‘Measuring International Capital Mobility: A Review’ 2. Jeffrey A. Frankel and Alan T. MacArthur (1988), ‘Political vs. Currency Premia in International Real Interest Differentials: A Study of Forward Rates for 24 Countries’ 3. Michael Mussa and Morris Goldstein (1993), ‘The Integration of World Capital Markets’ 4. Sylvester C.W. Eijffinger and Jan J.G. Lemmen (1995), ‘Money Market Integration in Europe’ 5. Helen Popper (1993), ‘Long-term Covered Interest Parity: Evidence from Currency Swaps’ 6. Philippe Bacchetta (1996), ‘Capital Controls and the Political Discount: The Spanish Experience in the Late 1980s’ 7. Barry Eichengreen, James Tobin and Charles Wyplosz (1995), ‘Two Cases for Sand in the Wheels of International Finance’ 8. Peter Garber and Mark P. Taylor (1995), ‘Sand in the Wheels of Foreign Exchange Markets: A Sceptical Note’ 9. Peter B. Kenen (1995), ‘Capital Controls, the EMS and EMU’ 10. Sebastian Edwards (1999), ‘How Effective are Capital Controls?’ PART II CORRELATIONS BETWEEN SAVINGS AND INVESTMENT 11. Martin Feldstein and Charles Horioka (1980), ‘Domestic Saving and International Capital Flows’ 12. Martin Feldstein (1983), ‘Domestic Saving and International Capital Movements in the Long Run and the Short Run’ 13. Michael Dooley, Jeffrey Frankel and Donald J. Mathieson (1987), ‘International Capital Mobility: What Do Saving-Investment Correlations Tell Us?’ 14. Peter J. Montiel (1994), ‘Capital Mobility in Developing Countries: Some Measurement Issues and Empirical Estimates’ 15. Tamim A. Bayoumi and Andrew K. Rose (1993), ‘Domestic Savings and Intra-national Capital Flows’ 16. Jan J.G. Lemmen and Sylvester C.W. Eijffinger (1995), ‘The Quantity Approach to Financial Integration: The Feldstein-Horioka Criterion Revisited’ 17. W. Jos Jansen (1996), ‘Estimating Saving-Investment Correlations: Evidence for OECD Countries Based on an Error Correction Model’ 18. Robert Krol (1996), ‘International Capital Mobility: Evidence from Panel Data’ 19. Atish R. Ghosh (1995), ‘International Capital Mobility Amongst the Major Industrialised Countries: Too Little or Too Much?’ 20. Jerry Coakley, Farida Kulasi and Ron Smith (1998), ‘The Feldstein-Horioka Puzzle and Capital Mobility: A Review’ 21. Philip R. Lane and Gian Maria Milesi-Ferretti (2001), ‘The External Wealth of Nations: Measures of Foreign Assets and Liabilities for Industrial and Developing Countries’ Name Index Volume II Acknowledgements An introduction by the editors to both volumes appears in Volume I PART I CROSS-COUNTRY CONSUMPTION GROWTH CORRELATIONS 1. Maurice Obstfeld (1986), ‘Capital Mobility in the World Economy: Theory and Measurement’ 2. Maurice Obstfeld (1989), ‘How Integrated are World Capital Markets? Some New Tests’ 3. Maurice Obstfeld (1994), ‘Are Industrial-country Consumption Risks Globally Diversified?’ 4. Tamim Bayoumi and Ronald MacDonald (1995), ‘Consumption, Income, and International Capital Market Integration’ 5. J.J.G. Lemmen and S.C.W. Eijffinger (1998), ‘Financial Integration in Europe: Evidence from Euler Equation Tests’ 6. Eric van Wincoop (1994), ‘Welfare Gains from International Risksharing’ 7. Karen K. Lewis (1996), ‘What Can Explain the Apparent Lack of International Consumption Risk Sharing?’ 8. Bent E. Sørensen and Oved Yosha (1998), ‘International Risk Sharing and European Monetary Unification’ PART II DETERMINANTS 9. George M. von Furstenberg (1998), ‘From Worldwide Capital Mobility to International Financial Integration: A Review Essay’ 10. Gerald A. Epstein and Juliet B. Schor (1992), ‘Structural Determinants and Economic Effects of Capital Controls in OECD Countries’ 11. Alberto Alesina, Vittorio Grilli and Gian Maria Milesi-Ferretti (1994), ‘The Political Economy of Capital Controls’ 12. Gian Maria Milesi-Ferretti (1998), ‘Why Capital Controls? Theory and Evidence’ 13. Jan J.G. Lemmen and Sylvester C.W. Eijffinger (1996), ‘The Fundamental Determinants of Financial Integration in the European Union’ 14. Maurice Obstfeld (1998), ‘The Global Capital Market: Benefactor or Menace?’ 15. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert W. Vishny (1997), ‘Legal Determinants of External Finance’ 16. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert W. Vishny (1998), ‘Law and Finance’ 17. Richard Portes, Hélène Rey and Yonghyup Oh (2001), ‘Information and Capital Flows: The Determinants of Transactions in Financial Assets’ 18. Mark Stephens (2000), ‘Convergence in European Mortgage Systems Before and After EMU’ Name Index

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Book SynopsisThis book brings together over thirty of the most influential previously published articles on the economics of advertising. Topics covered include an exploration of the welfare consequences of persuasive advertising and informative advertising; an analysis of informative advertising in search-goods markets and as a signal of quality in experience-goods markets; and an examination of the use of advertising to deter entry to the market by rivals, to pre-empt rivals or conversely to collude with them. The volume features both theoretical and empirical contributions to these topics.Trade Review'A unique feature of the book is the systematic and integrative approach used in the presentation of a necessary theoretical framework in the area under study before providing any empirical evidence.'<BR>- M.M. Anand, Global Business Review 'This volume collects the classic articles on the economics of advertising together with some of the best recent papers. Advertising is often thought of as being either persuasive or informative, and both views are represented in this collection. There is also a good balance between theoretical and empirical work.' -- Robert Porter, Northwestern University, USTable of ContentsContents: Acknowledgements Introduction Kyle Bagwell PART I ADVERTISING: PERSUASION AND WELFARE 1. Nicholas Kaldor (1950), ‘The Economic Aspects of Advertising’ 2. Avinash Dixit and Victor Norman (1978), ‘Advertising and Welfare’ 3. Carl Shapiro (1980), ‘Advertising and Welfare: Comment’ 4. Franklin M. Fisher and John J. McGowan (1979), ‘Advertising and Welfare: Comment’ 5. Gary S. Becker and Kevin M. Murphy (1993), ‘A Simple Theory of Advertising as a Good or Bad’ PART II ADVERTISING: INFORMATION AND WELFARE 6. George J. Stigler (1961), ‘The Economics of Information’ 7. Lester G. Telser (1964), ‘Advertising and Competition’ 8. Phillip Nelson (1970), ‘Information and Consumer Behavior’ 9. Phillip Nelson (1974), ‘Advertising as Information’ PART III ADVERTISING AND SEARCH GOODS: THEORY 10. Gerard R. Butters (1977), ‘Equilibrium Distributions of Sales and Advertising Prices’ 11. Gene M. Grossman and Carl Shapiro (1984), ‘Informative Advertising with Differentiated Products’ 12. Jacques Robert and Dale O. Stahl, II (1993), ‘Informative Price Advertising in a Sequential Search Model’ 13. Kyle Bagwell and Garey Ramey (1994), ‘Coordination Economies, Advertising, and Search Behavior in Retail Markets’ PART IV ADVERTISING AND SEARCH GOODS: EMPIRICAL 14. Lee Benham (1972), ‘The Effect of Advertising on the Price of Eyeglasses’ 15. John F. Cady (1976), ‘An Estimate of the Price Effects of Restrictions on Drug Price Advertising’ 16. John E. Kwoka, Jr. (1984), ‘Advertising and the Price and Quality of Optometric Services’ 17. Jeffrey Milyo and Joel Waldfogel (1999), ‘The Effect of Price Advertising on Prices: Evidence in the Wake of 44 Liquormart’ PART V ADVERTISING AND PRODUCT QUALITY INFORMATION: THEORY 18. Richard Schmalensee (1978), ‘A Model of Advertising and Product Quality’ 19. Richard E. Kihlstrom and Michael H. Riordan (1984), ‘Advertising as a Signal’ 20. Paul Milgrom and John Roberts (1986), ‘Price and Advertising Signals of Product Quality’ 21. Mark N. Hertzendorf (1993), ‘I’m Not a High-Quality Firm – But I Play One on TV’ PART VI ADVERTISING AND PRODUCT QUALITY INFORMATION: EMPIRICAL 22. Gerard J. Tellis and Claes Fornell (1988), ‘The Relationship Between Advertising and Product Quality Over the Product Life Cycle: A Contingency Theory’ 23. Richard E. Caves and David P. Greene (1996), ‘Brands’ Quality Levels, Prices, and Advertising Outlays: Empirical Evidence on Signals and Information Costs’ 24. Louis Thomas, Scott Shane and Keith Weigelt (1998), ‘An Empirical Examination of Advertising as a Signal of Product Quality’ PART VII ADVERTISING AND MARKET STRUCTURE: THEORY 25. Robert Dorfman and Peter O. Steiner (1954), ‘Optimal Advertising and Optimal Quality’ 26. A. Michael Spence (1980), ‘Notes on Advertising, Economies of Scale, and Entry Barriers’ 27. Richard Schmalensee (1983), ‘Advertising and Entry Deterrence: An Exploratory Model’ 28. Kyle Bagwell and Garey Ramey (1988), ‘Advertising and Limit Pricing’ 29. Avner Shaked and John Sutton (1987), ‘Product Differentiation and Industrial Structure’ PART VIII ADVERTISING AND MARKET STRUCTURE: EMPIRICAL 30. William S. Comanor and Thomas A. Wilson (1979), ‘The Effect of Advertising on Competition: A Survey’ 31. F. Gasmi, J.J. Laffont, Q. Vuong (1992), ‘Econometric Analysis of Collusive Behavior in a Soft-Drink Market’ 32. Vrinda Kadiyali (1996), ‘Entry, Its Deterrence, and Its Accommodation: A Study of the U.S. Photographic Film Industry’ 33. Margaret E. Slade (1995), ‘Product Rivalry with Multiple Strategic Weapons: An Analysis of Price and Advertising Competition’ 34. Timothy F. Bresnahan (1992), ‘Sutton’s Sunk Costs and Market Structure: Price Competition, Advertising, and the Evolution of Concentration’ Name Index

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Book SynopsisRecent changes in the world economy have made the pursuit of entrepreneurial opportunity increasingly important to wealth creation. Moreover, as business schools worldwide have embraced the study of entrepreneurship, a conceptual framework for the field is beginning to emerge. This book examines the discovery, evaluation, and exploitation of opportunities to create future goods and services. It also evaluates the impact of entrepreneurial activity on individuals, firms and society at large.It will be an essential reference for students, researchers and professionals who are interested in this increasingly important field of study.Trade Review'This carefully assembled collection contains all the key articles needed for theoretical insight into the factors that influence entrepreneurship. It is an important set of readings for any program of study in entrepreneurship which calls for theoretical understanding of the phenomenon.' -- Ian C. Macmillan, University of Pennsylvania, USTable of ContentsContents: Volume I Acknowledgements Introduction Scott Shane PART I OVERVIEW OF THE FIELD 1. Scott Shane and S. Venkataraman (2000), ‘The Promise of Entrepreneurship as a Field of Research’ 2. S. Venkataraman (1997), ‘The Distinctive Domain of Entrepreneurship Research’ PART II THE ENTREPRENEURIAL PROCESS 3. Frank H. Knight (1964), ‘Theories of Profit; Change and Risk in Relation to Profit’, ‘Structures and Methods for Meeting Uncertainty’ and ‘Enterprise and Profit’ 4. Joseph A. Schumpeter (1961), in The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle 5. Joseph A. Schumpeter (1976), ‘The Process of Creative Destruction’ PART III THE EXISTENCE OF ENTREPRENEURIAL OPPORTUNITIES 6. Peter F. Drucker (1985), ‘Purposeful Innovation and the Seven Sources for Innovative Opportunity’ 7. Peter F. Drucker (1985), ‘Source: The Unexpected’ 8. Peter F. Drucker (1985), ‘Source: Incongruities’ 9. Peter F. Drucker (1985), ‘Source: Process Need’ 10. Peter F. Drucker (1985), ‘Source: Industry and Market Structures’ 11. Peter F. Drucker (1985), ‘Source: Demographics’ 12. Peter F. Drucker (1985), ‘Source: Changes in Perception’ 13. Peter F. Drucker (1985), ‘Source: New Knowledge’ 14. Peter F. Drucker (1985), ‘The Bright Idea’ 15. Alvin K. Klevorick, Richard C. Levin, Richard R. Nelson and Sidney G. Winter (1995), ‘On the Sources and Significance of Interindustry Differences in Technological Opportunities’ 16. Israel M. Kirzner (1997), ‘Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach’ PART IV THE DISCOVERY OF ENTREPRENEURIAL OPPORTUNITIES 17. F.A. Hayek (1945), ‘The Use of Knowledge in Society’ 18. Scott Shane (2000), ‘Prior Knowledge and the Discovery of Entrepreneurial Opportunities’ 19. Lowell W. Busenitz and Jay B. Barney (1997), ‘Differences Between Entrepreneurs and Managers in Large Organizations: Biases and Heuristics in Strategic Decision-Making’ 20. D.K. Sarasvathy, Herbert A. Simon and Lester Lave (1998), ‘Perceiving and Managing Business Risks: Differences Between Entrepreneurs and Bankers’ PART V HUMAN EXPERIENCE AND THE DECISION TO EXPLOIT 21. Raphael Amit, Eitan Muller and Iain Cockburn (1995), ‘Opportunity Costs and Entrepreneurial Activity’ 22. David S. Evans and Linda S. Leighton (1989), ‘Some Empirical Aspects of Entrepreneurship’ 23. Glenn R. Carroll and Elaine Mosakowski (1987), ‘The Career Dynamics of Self-Employment’ PART VI THE NATURE OF THE ENTREPRENEUR AND THE DECISION TO EXPLOIT 24. Richard E. Kihlstrom and Jean-Jacques Laffont (1979), ‘A General Equilibrium Entrepreneurial Theory of Firm Formation Based on Risk Aversion’ 25. David C. McClelland (1961), ‘Entrepreneurial Behavior’ and ‘Characteristics of Entrepreneurs’ 26. Kelly G. Shaver and Linda R. Scott (1991), ‘Person, Process, Choice: The Psychology of New Venture Creation’ Name Index Volume II Acknowledgements An introduction by the editor to both volumes appears in Volume I PART I THE LOCUS OF EXPLOITATION 1. Wesley M. Cohen and Richard C. Levin (1989), ‘Empirical Studies of Innovation and Market Structure’ 2. David J. Teece (1986), ‘Profiting from Technological Innovation: Implications for Integration, Collaboration, Licensing and Public Policy’ 3. Bengt Holmstrom (1989), ‘Agency Costs and Innovation’ PART II ENTREPRENEURSHIP THROUGH MARKET MECHANISMS 4. Kenneth J. Arrow (1962), ‘Economic Welfare and the Allocation of Resources for Invention’ 5. Mark Casson (1982), ‘The Market for Information’ 6. David B. Audretsch (1997), ‘Technological Regimes, Industrial Demography and the Evolution of Industrial Structures’ PART III THE FIRM FORMATION PROCESS 7. William B. Gartner (1985), ‘A Conceptual Framework for Describing the Phenomenon of New Venture Creation’ 8. Jerome Katz and William B. Gartner (1988), ‘Properties of Emerging Organizations’ 9. Andrea Larson (1992), ‘Network Dyads in Entrepreneurial Settings: A Study of the Governance of Exchange Relationships’ 10. Howard E. Aldrich and C. Marlene Fiol (1994), ‘Fools Rush In? The Institutional Context of Industry Creation’ PART IV ENVIRONMENTAL INFLUENCES ON FIRM FORMATION 11. Howard E. Aldrich (1990), ‘Using an Ecological Perspective to Study Organizational Founding Rates’ 12. William J. Baumol (1990), ‘Entrepreneurship: Productive, Unproductive, and Destructive’ 13. Richard E. Caves (1998), ‘Industrial Organization and New Findings on the Turnover and Mobility of Firms’ 14. Sidney G. Winter (1984), ‘Schumpeterian Competition in Alternative Technological Regimes’ PART V FINANCIAL RESOURCE ASSEMBLY 15. Kenneth J. Arrow (1974), ‘Insurance, Risk and Resource Allocation’ 16. David S. Evans and Boyan Jovanovic (1989), ‘An Estimated Model of Entrepreneurial Choice Under Liquidity Constraints’ 17. William A. Sahlman (1990), ‘The Structure and Governance of Venture-Capital Organizations’ 18. Raphael Amit, Lawrence Glosten and Eitan Muller (1990), ‘Entrepreneurial Ability, Venture Investments, and Risk Sharing’ 19. Toby E. Stuart, Ha Hoang and Ralph C. Hybels (1999), ‘Interorganizational Endorsements and the Performance of Entrepreneurial Ventures’ PART VI HUMAN RESOURCE ASSEMBLY 20. Jerome A. Katz (1993), ‘The Dynamics of Organizational Emergence: A Contemporary Group Formation Perspective’ 21. James N. Baron, M. Diane Burton and Michael T. Hannan (1996), ‘The Road Taken: Origins and Evolution of Employment Systems in Emerging Companies’ PART VII THE DESIGN OF NEW ORGANIZATIONS 22. Warren P. Boeker (1988), ‘Organizational Origins: Entrepreneurial and Environmental Imprinting at the Time of Founding’ 23. James N. Baron, Michael T. Hannan and M. Diane Burton (1999), ‘Building the Iron Cage: Determinants of Managerial Intensity in the Early Years of Organizations’ 24. Scott A. Shane (1998), ‘Making New Franchise Systems Work’ PART VIII THE CREATION OF NEW MARKETS 25. Kenneth J. Arrow (1974), ‘Limited Knowledge and Economic Analysis’ 26. Eric von Hippel (1988), ‘Users as Innovators’ and ‘Predicting the Source of Innovation: Lead Users’ 27. Everett M. Rogers (1983), ‘Innovativeness and Adopter Categories’ Name Index

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Book SynopsisThis outstanding collection spanning three decades comprises a superb selection of Charles R. Plott's work in experimental economics. Market Institutions and Price Discovery contains papers which define problems, create laboratory methodology and produce the first results in many areas of experimental economics.Primarily, the volume attempts to explain what is learned from applications of experimental methods, using examples taken from the first stages of the early experimental literature. It goes on to include the first applications of newly developed laboratory methods to matters of national policy, and progresses to examine institutions such as the posted price and to other more complex institutions including opportunities for conspiracy.The focus then shifts to explore the process through which markets find a price, and then discusses the double auction which has enabled experiments to be used to study more complex environments than the single market experiments that existed formerly. The principles of stability are then used in an attempt to learn more about the dynamics of how markets adjust.This pathbreaking volume will be of enormous interest to academics, scholars and researchers involved in experimental economics, the methodology of economics, political theory, and political economy.Trade Review'Charles R. Plott has a formidable armoury of experience backed up with an inquiring and rigorous intellect: an economist interested in getting clear answers to important questions. Before effectively becoming a full-time experimental economist, he enjoyed a fine reputation as a theorist in the area between political science and economics. By 1986 Plott had acquired a reputation as an insightful experimentalist - inspired and encouraged by Vernon Smith with whom he worked for a period before establishing his own experimental laboratory. Plott's contributions to the field of experimental economics are impressive. From 1981, since the Social Science Citation Index records begin, he has a total of 44 publications listed in this and related fields, many with co-authors who themselves are now established experimentalists. He has clearly stimulated a whole generation of economists into doing high quality experimental research. Many of these 44 papers are classics of their kind. The skill, energy and efficiency with which he operates is impressive.' -- John Hey, University of York, UK and University of Bari, ItalyTable of ContentsContents: Acknowledgements Introduction Part I: Introduction and Overviews Part II: Market Institutions, Facilitating Practices and Industrial Organization Part III: Nature of Equilibrium: Price Discovery, Expectations and Stability Index

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Book SynopsisInformation, Finance and General Equilibrium brings together the seminal papers on which Charles R. Plott has founded our understanding of experimental economics and political science.These works reflect the broad and overlapping nature of economics, public economics, public choice and political science. They examine the fundamental problem encountered in of all these subject areas - understanding the nature of allocation under conditions of limited resources and how decision processes, institutions and procedures shape these allocations.In particular, this volume contains papers placed at the two extremes of economic phenomena: the largest system and the smallest system - multiple markets and the individual. It contains the first evidence that multiple market systems can equilibrate to the general competitive equilibrium while allocating risk bearing and information. It is here that the experimental foundations for rational expectations models are discovered and developed. A challenging paradox results, which leads Plott to question why the behaviour of a system so complex as a multiple market system can be modelled so well when individuals can exhibit behaviours that are so at odds with the theory.This fascinating work, from a writer at the forefront of experimental economics, will be warmly welcomed by academics, scholars and researchers involved in experimental economics, the methodology of economics, political theory, and political economy.Trade Review'Charles R. Plott has a formidable armoury of experience backed up with an inquiring and rigorous intellect: an economist interested in getting clear answers to important questions. Before effectively becoming a full-time experimental economist, he enjoyed a fine reputation as a theorist in the area between political science and economics. By 1986 Plott had acquired a reputation as an insightful experimentalist - inspired and encouraged by Vernon Smith with whom he worked for a period before establishing his own experimental laboratory. Plott's contributions to the field of experimental economics are impressive. From 1981, since the Social Science Citation Index records begin, he has a total of 44 publications listed in this and related fields, many with co-authors who themselves are now established experimentalists. He has clearly stimulated a whole generation of economists into doing high quality experimental research. Many of these 44 papers are classics of their kind. The skill, energy and efficiency with which he operates is impressive.' -- John Hey, University of York, UK and University of Bari, ItalyTable of ContentsContents: Acknowledgements Introduction Part I: Introduction Part II: Information and Assets Part III: General Equilibrium Part IV: Individual Behavior in Systems Index

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Book SynopsisLudwig von Mises is not the most well-known classical liberal political economist of the twentieth century. He has remained relatively obscure because both methodologically and ideologically his thinking went against the prevailing mood and on a personal level he was more difficult to approach than other thinkers of his time. However, among those in the know, he is considered to be the architect of Austrian economic thought, the most ardent defender of classical liberalism in the last century and history's strongest critic of socialism.This new collection of previously published writings has three main aims: to introduce the reader to von Mises and the core of his ideas; to provide a number of essays which project the Misesian spirit, contribute to Mises's system and suggest areas for future research based on his insight and thought; and to establish an interest in Mises's ideas among those not already familiar with them.This pathbreaking book seeks to be the definitive collection documenting the intellectual legacy of Ludwig von Mises in modern political economy. Its intended readership is scholars in the history of political economy and in particular those interested in the Austrian school of economics.Trade Review‘The Legacy of Ludwig von Mises will prove useful to both the expert in so-called Austrian economics as well as the novice who wonders what all the fuss is about. . . Boettke and Leeson have performed a valuable service in the history of economic thought, by providing a collection that will benefit both expert and novice.' -- Robert P. Murphey, Journal of the History of Economic Thought'The profoundly original Ludwig von Mises made pioneering contributions to our understanding of the modern economy in a number of areas: the problem of economic calculation under socialism, the dynamics of the mixed economy, the ordering role of market forces in banking and finance, and the monetary-shock theory of the business cycle. Editors Peter Boettke and Peter Leeson have usefully brought together a wide-ranging collection of papers - including some surprising choices - to exemplify fruitful research along Misesian lines. These volumes will help to give to Mises's insights the greater prominence among economists that they richly deserve.' -- Lawrence H. White, University of Missouri, St. Louis, USTable of ContentsContents Volume I: Theory Acknowledgements Introduction The Economist as System Builder – Ludwig von Mises as the Architect of the Science of Economics and Political Economy Peter J. Boettke and Peter T. Leeson PART I THE MISESIAN SYSTEM 1. F.H. Knight (1941), ‘Professor Mises and the Theory of Capital’ 2. L.M. Lachmann (1951), ‘The Science of Human Action’ 3. Murray N. Rothbard (1971), ‘Ludwig von Mises and the Paradigm for Our Age’ 4. Joseph T. Salerno (1999), ‘The Place of Mises’s Human Action in the Development of Modern Economic Thought’ 5. Peter J. Boettke (2002), ‘The Place of Nationalökonomie: Theorie des Handelns und Wirtschaftens in Modern Political Economy’ PART II METHODOLOGY 6. Fritz Machlup ([1956] 1994), ‘The Inferiority Complex of the Social Sciences’ 7. Alfred Schuetz (1953), ‘Common-Sense and Scientific Interpretation of Human Action’ 8. Murray N. Rothbard (1976), ‘Praxeology: The Methodology of Austrian Economics’ 9. Israel M. Kirzner (1976), ‘On the Method of Austrian Economics’ 10. Robin Cowan and Mario J. Rizzo (1996), ‘The Genetic-Causal Tradition and Modern Economic Theory’ PART III MARKET THEORY AND THE PRICE SYSTEM 11. F. Machlup (1958), ‘Equilibrium and Disequilibrium: Misplaced Concreteness and Disguised Politics’ 12. Murray N. Rothbard ([1956] 1994), ‘Toward a Reconstruction of Utility and Welfare Economics’ 13. Israel M. Kirzner (1990), ‘The Meaning of Market Process’ 14. Ludwig M. Lachmann (1976), ‘From Mises to Shackle: An Essay on Austrian Economics and the Kaleidic Society’ 15. G.A. Selgin (1988), ‘Praxeology and Understanding: An Analysis of the Controversy in Austrian Economics’ PART IV MONEY, CAPITAL AND BUSINESS CYCLES 16. Gottfried Haberler (1932), ‘Money and the Business Cycle’ 17. Roger W. Garrison (1984), ‘Time and Money: The Universals of Macroeconomic Theorizing’ 18. George Selgin (1994), ‘On Ensuring the Acceptability of a New Fiat Money’ PART V SOCIALISM, INTERVENTIONISM AND LIBERALISM 19. Joseph T. Salerno (1990), ‘Ludwig von Mises as Social Rationalist’ 20. Israel M. Kirzner (1988), ‘The Economic Calculation Debate: Lessons for Austrians’ 21. Peter J. Boettke (1998), ‘Economic Calculation: The Austrian Contribution to Political Economy’ 22. Henry M. Oliver, Jr. (1960), ‘Von Mises on the Harmony of Interests’ PART VI ASSESSMENT 23. Israel M. Kirzner (1996), ‘Reflections on the Misesian Legacy in Economics’ Name Index Volume II: History Acknowledgements Introduction Understanding the Economic World: Applications of Misesian Theory Peter J. Boettke and Peter T. Leeson PART I PRICE CONTROLS AND INTERVENTIONISM 1. Donald C. Lavoie (1982), ‘The Development of the Misesian Theory of Interventionism’ 2. Milton Friedman and George J. Stigler ([1946] 1981), ‘Roofs or Ceilings? The Current Housing Problem’ 3. Sanford Ikeda (1995), ‘The Use of Knowledge in Government and Market’ 4. Hugh Rockoff (1981), ‘Price and Wage Controls in Four Wartime Periods’ PART II SOCIALISM 5. Peter J. Boettke (1988), ‘The Soviet Experiment with Pure Communism’ 6. Vladimir Mau (1996), ‘The Road to Perestroika: Economics in the USSR and the Problems of Reforming the Soviet Economic Order’ 7. John Howard Wilhelm (1993), ‘The Soviet Economic Failure: Brutzkus Revisited’ 8. Murray N. Rothbard (1992), ‘How and How Not to Desocialize’ PART III THE GREAT DEPRESSION AND BUSINESS CYCLES 9. Robert Higgs (1997), ‘Regime Uncertainty: Why the Great Depression Lasted So Long and Why Prosperity Resumed after the War’ 10. Roger W. Garrison (1993), ‘The Roaring Twenties and the Bullish Eighties: The Role of Government in Boom and Bust’ 11. Richard E. Wagner (1980), ‘Boom and Bust: The Political Economy of Economic Disorder’ 12. William N. Butos (1993), ‘The Recession and Austrian Business Cycle Theory: An Empirical Perspective’ 13. Catherine England (1993), ‘The Savings and Loan Debacle’ PART IV POLITICAL ECONOMY 14. Murray N. Rothbard (1972), ‘War Collectivism in World War I’ 15. Murray N. Rothbard (1981), ‘The Laissez-Faire Radical: A Quest for the Historical Mises’ 16. Walter Block (1983), ‘Public Goods and Externalities: The Case of Roads’ 17. Hans-Hermann Hoppe (1995), ‘The Political Economy of Monarchy and Democracy, and the Idea of a Natural Order’ PART V “POST-MISESIAN” ESSAYS ON INSTITUTIONS AND HISTORICAL PROCESSES 18. Bruce L. Benson (1989), ‘The Spontaneous Evolution of Commercial Law’ 19. Avner Greif (1989), ‘Reputations and Coalitions in Medieval Trade: Evidence on the Maghribi Traders’ 20. Robert C. Ellickson (1993), ‘Property in Land’ 21. Andrei Shleifer (1997), ‘Government in Transition’ PART VI ASSESSMENT 22. Richard M. Ebeling (2002), ‘The Economist as the Historian of Decline: Ludwig von Mises and Austria between the Two World Wars’ Name Index

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Book SynopsisThis is a unique, comprehensive and international history of the post Keynesian approach to economics since 1936. The author locates the origins of post Keynesian economics in the conflicting initial interpretations of Keynes's General Theory and in the complementary work of Michal Kalecki. The book begins by focusing on Cambridge Growth, Distribution and Capital theory and early post Keynesian thought in the US. The failure of post Keynesian theory to supplant the neo-classical paradigm in the 1970s is also discussed, along with an overview of post Keynesian thinking in other countries. The book then deals with the search for coherence between various strands of post Keynesian thought and other schools of economic thought. The author concludes by assessing the progress made by post Keynesian economics since 1936 and considers several possible alternative futures for the post Keynesians.Historians of economic thought as well as post Keynesian and other heterodox economists will warmly welcome A History of Post Keynesian Economics.Trade Review‘A History of Post Keynesian Economics Since 1936 offers a thoughtful and readable account of the debates following the publication of Keynes's General Theory of Employment, Interest and Money. It provides a topical narrative that incorporates the national origins of the participants. . . [King's] volume deserves shelf space in the personal libraries of heterodox economists of all persuasions and, hopefully, will also be read by more than a few neoclassicals.' -- Ingrid Rima, Eastern Economic Journal'This is an important and well-written book, particularly for those who believe that the economy should be studied within a social, historical and political framework. John King is to be commended for preserving the history of this movement.' -- Peter Kriesler, Australian Journal of Political Science'. . . the volume is a fine book about the evolution of PKE. It is well written and very informative. . . This book is a wonderful attempt to elucidate the work of several generations of dissenting economists who have laboured hard on developing and extending the original theoretical insights of Keynes.' -- Giuseppe Fontana, History of Economic Ideas'One cannot help having high expectations about a book on the history of Post Keynesian economics (PKE) written by John E. King. . . And indeed, the reader will not be disappointed. The book will undoubtedly become the standard history of PKE. Written with a rich and intimate knowledge of the debates and their participants, the book swiftly takes the reader through decades of debate and tours various areas of PK research.' -- Engelbert Stockhammer, Intervention'King's book does not just provide an excellent history of post Keynesian economics, warts and all; it also shows that there is a future to work for. His book belongs on the bookshelves of all post Keynesian and all heterodox economists, without exception.' -- Frederic S. Lee, Journal of the History of Economic Thought'John E. King provides students and young scholars with a book that will answer most of their questions concerning the emergence, the strengthening and the spreading of post Keynesianism all around the world. This innovative work is very valuable for its historical perspective.' -- Eric Tymoigne, Oeconomicus'King provides an accessible and comprehensive history of post Keynesian (PK) thought since publication of J.M. Keynes's General Theory. . . . the book will make an excellent text in graduate-level theory courses. Further, the depth and clarity of the analysis makes this essential reading even for those quite familiar with the PK approach. . . . an excellent book loaded with insightful analysis and citations to most of the relevant literature.' -- L. Randall Wray, Journal of Economic Literature'Displaying scholarship of the highest calibre, King provides a broad and comprehensive history of post Keynesian economics from The General Theory up to the present day . . . The book is well written and contains many good anecdotes and tidbits. It will prove to be the standard history of post Keynesian economics for many years to come, thus making it an invaluable and indispensable reference source. Very highly recommended for all academic collections, lower-division undergraduate through faculty.' -- Steve Pressman, Choice'A thorough, thoughtful, issue-related history such as this is just the thing to contribute to the growing maturity of post Keynesian economics, clarifying where we have got to now, and indicating how the approach might develop in the future. By making sense of the twists and turns of post Keynesian thought, John King provides a sense of coherence out of a complex process.' -- Sheila C. Dow, University of Stirling, UK'This book provides a thorough account of the evolution of post Keynesian economics from its origins in interpretations of the General Theory in the late 1930s through to the present day. During this period the character of post Keynesian economics has changed from denoting the ideas of a small number of interpreters of Keynes to a more organised dissenting group spread across several continents. John King's book will interest anyone who wants to understand this transition or who has an interest in the more general question of how and why heterodox traditions have been established in economics.' -- Roger E. Backhouse, University of Birmingham, UKTable of ContentsContents: Introduction 1. First Reactions to The General Theory 2. An Economist from Poland 3. Generalizing The General Theory 4. Those Cambridge Controversies 5. Outside Cambridge: The First US Post Keynesians 6. Against the Mainstream: Post Keynesian Economics in the 1970s 7. Economic Heresy Around the World 8. Money and the Monetarists 9. Uncertainty, Expectations and Method 10. Keynes, Kalecki, Sraffa: Coherence? 11. Post Keynesians and Other Deviants 12. A Promise that Bounced? References Index

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Book SynopsisThis two-volume anthology contains many of the classic articles from the public choice/rational politics field and includes a new introduction prepared by the editor.Volume I is divided into four parts: The Nature of Democratic Government, Majority Rule, Other Voting Rules and Clubs and Local Politics. Volume II is divided into the following four parts: Representative Democracy, Bureaucracy, Political Business Cycles, and Democratic Dilemmas. Included are excerpts from such classic pieces as Buchanan and Tullock's Calculus of Consent, Downs's Economic Theory of Democracy, Olson's Logic of Collective Action and Niskanen's Bureaucracy and Representative Government, as well as articles by Coase, May, Black, McKelvey, Groves, Ledyard, Vernon Smith, Tiebout, Breton, Stigler, Romer, Rosenthal, Arrow, Sen, Satterthwaite, Gibbard and many more.Trade Review'. . . this new Elgar's collection of writings on public choice is a great monument to this new scientific area of economics. In addition, what makes it very useful is that the framework followed by Dennis Mueller reflects very closely the way he organised the contents of his volume on public choice, which makes these volumes a good complement to his landmark on the subject.' -- Domenico da Empoli, Journal of Public Finance and Public ChoiceTable of ContentsContents: Volume I Acknowledgements Introduction Dennis C. Mueller PART I THE NATURE OF DEMOCRATIC GOVERNMENT 1. Knut Wicksell (1896/1967), ‘The Principle of (Approximate) Unanimity and Voluntary Consent in Taxation’ 2. James M. Buchanan and Gordon Tullock (1962), ‘The Organization of Human Activity’ 3. James M. Buchanan (1975), ‘Constitutional Contract: The Theory of Law’ 4. James M. Buchanan (1954), ‘Individual Choice in Voting and the Market’ 5. James M. Buchanan (1965), ‘Ethical Rules, Expected Values, and Large Numbers’ 6. Mancur Olson, Jr. (1965/71), ‘A Theory of Groups and Organizations’ 7. Ronald Coase (1960), ‘The Problem of Social Cost’ 8. Carl J. Dahlman (1979), ‘The Problem of Externality’ PART II MAJORITY RULE 9. Kenneth O. May (1952), ‘A Set of Independent Necessary and Sufficient Conditions for Simple Majority Decision’ 10. Douglas W. Rae (1969), ‘Decision-Rules and Individual Values in Constitutional Choice’ 11. Duncan Black (1948), ‘On the Rationale of Group Decision-Making’ 12. H.P. Young (1988), ‘Condorcet’s Theory of Voting’ 13. David Austen-Smith and Jeffrey S. Banks (1996), ‘Information Aggregation, Rationality, and the Condorcet Jury Theorem’ 14. Otto A. Davis, Morris H. DeGroot and Melvin J. Hinich (1972), ‘Social Preference Orderings and Majority Rule’ 15. Ted C. Bergstrom (1979), ‘When Does Majority Rule Supply Public Goods Efficiently?’ 16. Theodore C. Bergstrom and Robert P. Goodman (1973), ‘Private Demands for Public Goods’ 17. Gerald H. Kramer (1973), ‘On a Class of Equilibrium Conditions for Majority Rule’ 18. Peter Bernholz (1973), ‘Logrolling, Arrow Paradox and Cyclical Majorities’ 19. Thomas Stratmann (1992), ‘The Effects of Logrolling on Congressional Voting’ 20. Richard D. McKelvey (1976), ‘Intransitivities in Multidimensional Voting Models and Some Implications for Agenda Control’ PART III OTHER VOTING RULES 21. H.P. Young (1974), ‘An Axiomatization of Borda’s Rule’ 22. Steven J. Brams and Peter C. Fishburn (1978), ‘Approval Voting’ 23. E.A. Thompson (1966), ‘A Pareto Optimal Group Decision Process’ 24. Theodore Groves and John Ledyard (1977), ‘Optimal Allocation of Public Goods: A Solution to the "Free Rider" Problem’ 25. Vernon L. Smith (1977), ‘The Principle of Unanimity and Voluntary Consent in Social Choice’ 26. T. Nicolaus Tideman and Gordon Tullock (1976), ‘A New and Superior Process for Making Social Choices’ 27. Dennis C. Mueller (1978), ‘Voting by Veto’ 28. Hervé Moulin (1981), ‘Prudence versus Sophistication in Voting Strategy’ PART IV CLUBS AND LOCAL POLITICS 29. Charles M. Tiebout (1956), ‘A Pure Theory of Local Expenditures’ 30. Frank Flatters, Vernon Henderson and Peter Mieszkowski (1974), ‘Public Goods, Efficiency, and Regional Fiscal Equalization’ 31. Wallace E. Oates (1969), ‘The Effects of Property Taxes and Local Public Spending on Property Values: An Empirical Study of Tax Capitalization and the Tiebout Hypothesis’ 32. Wallace E. Oates and Robert M. Schwab (1988), ‘Economic Competition Among Jurisdictions: Efficiency Enhancing or Distortion Inducing?’ 33. James M. Buchanan (1965), ‘An Economic Theory of Clubs’ 34. Martin McGuire (1974), ‘Group Segregation and Optimal Jurisdictions’ 35. Mancur Olson, Jr. and Richard Zeckhauser (1966), ‘An Economic Theory of Alliances’ Name Index Volume II Acknowledgements An introduction by the editor to both volumes appears in Volume I PART I REPRESENTATIVE DEMOCRACY 1. Anthony Downs (1957), ‘The Statics and Dynamics of Party Ideologies’ 2. Otto A. Davis, Melvin J. Hinich and Peter C. Ordeshook (1970), ‘An Expository Development of a Mathematical Model of the Electoral Process’ 3. Nicholas R. Miller (1980), ‘A New Solution Set for Tournaments and Majority Voting: Further Graph-Theoretical Approaches to the Theory of Voting’ 4. Nicholas R. Miller (1983), ‘The Covering Relation in Tournaments: Two Corrections’ 5. Peter Coughlin and Shmuel Nitzan (1981), ‘Electoral Outcomes with Probabilistic Voting and Nash Social Welfare Maxima’ 6. John O. Ledyard (1984), ‘The Pure Theory of Large Two-Candidate Elections’ 7. Albert Breton and Gianluigi Galeotti (1985), ‘Is Proportional Representation Always the Best Electoral Rule?’ 8. Norman Schofield (1987), ‘Stability of Coalition Governments in Western Europe: 1945–86’ PART II BUREAUCRACY 9. William A. Niskanen, Jr. (1971), ‘Budget and Output Behaviour’ 10. Jean-Luc Migué and Gérard Bélanger (1974), ‘Toward a General Theory of Managerial Discretion’ 11. Gary J. Miller and Terry M. Moe (1983), ‘Bureaucrats, Legislators, and the Size of Government’ 12. Thomas Romer and Howard Rosenthal (1979), ‘Bureaucrats Versus Voters: On the Political Economy of Resource Allocation by Direct Democracy’ 13. Barry R. Weingast and William J. Marshall (1988), ‘The Industrial Organization of Congress; or, Why Legislatures, Like Firms, Are Not Organized as Markets’ PART III POLITICAL BUSINESS CYCLES 14. Gerald H. Kramer (1971), ‘Short-Term Fluctuations in U.S. Voting Behavior, 1896–1964’ 15. George J. Stigler (1973), ‘General Economic Conditions and National Elections’ 16. William D. Nordhaus (1975), ‘The Political Business Cycle’ 17. Bennett T. McCallum (1978), ‘The Political Business Cycle: An Empirical Test’ 18. Bruno S. Frey and Friedrich Schneider (1978), ‘A Politico-Economic Model of the United Kingdom’ 19. Douglas A. Hibbs, Jr. (1982), ‘On the Demand for Economic Outcomes: Macroeconomic Performance and Mass Political Support in the United States, Great Britain, and Germany’ 20. Alberto Alesina (1987), ‘Macroeconomic Policy in a Two-Party System as a Repeated Game’ 21. Alberto Alesina and Nouriel Roubini (1992), ‘Political Cycles in OECD Economies’ PART IV DEMOCRATIC DILEMMAS 22. Kenneth J. Arrow (1950), ‘A Difficulty in the Concept of Social Welfare’ 23. James M. Buchanan (1954), ‘Social Choice, Democracy, and Free Markets’ 24. Mark Allen Satterthwaite (1975), ‘Strategy-Proofness and Arrow’s Conditions: Existence and Correspondence Theorems for Voting Procedures and Social Welfare Functions’ 25. Allan Gibbard (1973), ‘Manipulation of Voting Schemes: A General Result’ 26. Murray C. Kemp and Yew-Kwang Ng (1976), ‘On the Existence of Social Welfare Functions, Social Orderings and Social Decision Functions’ 27. Robert P. Parks (1976), ‘An Impossibility Theorem for Fixed Preferences: A Dictatorial Bergson-Samuelson Welfare Function’ 28. Amartya Sen (1970), ‘The Impossibility of a Paretian Liberal’ 29. Wulf Gaertner, Prasanta K. Pattanaik and Kotaro Suzumura (1992), ‘Individual Rights Revisited’ 30. Dennis C. Mueller (1974), ‘Achieving the Just Polity’ Name Index

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Book SynopsisApplied welfare economics proceeds from the assumption that preferences are fixed and independent of social context. Social psychologists and anthropologists, in contrast, interpret preferences as being strongly shaped by culture and the prevailing social norms. This viewpoint is supported by a wealth of evidence from ethnographies, social surveys, and experimental studies.Integrating theory and evidence from a range of social sciences, the authors argue that the satisfaction derived from material goods depends upon their symbolic meaning, as people use goods to reinforce a positive social identity. They further contend that this calls for the incorporation of status preferences in economic models. The book finds that concerns over social status may lead decision makers to significantly overvalue consumption and undervalue the natural environment. In addition, income and consumption taxes that are normally regarded as 'distortionary' may be necessary to address the social costs of status signalling. Based on the available evidence, the authors argue that failing to account for status preferences can lead to flawed policy prescriptions in debates over optimal taxation, the economics of climate change and Environmental Kuznets Curves. To address this bias, the book offers a tractable, operational, and theoretically grounded approach to the economics of social status. Students and scholars of ecological, environmental and resource economics will find Status, Growth and the Environment to be a highly original and fascinating read. It will also be of great relevance to anyone with an interest in applied welfare economics.Trade Review‘Status, Growth and the Environment is an impressive book. It employs a series of well-known mathematical models to explore ideas that have previously been discussed in a qualitative way.' -- Journal of Economic Psychology'This is an important and creative extension of economic theory, asking fundamental questions about the relationship between the happiness of individuals and the future of the global environment, human welfare and economic growth. The book is a prescient synthesis of social science and economics, and is both wide-ranging and very readable. This work has implications far beyond economic theory, turning much perceived wisdom on its head through rigorous analysis.' -- Richard Wilk, Indiana University, US'Economics has occasionally recognised, but usually ignored, the common sense truth that human well-being depends on many things other than absolute consumption or wealth. Key among these is the status gained from prosperity relative to others, which makes prosperity both a private benefit and a social cost. After carefully surveying social psychology and anthropology as well as economics, Brekke and Howarth conclude that at least a third of prosperity's effect on well-being comes from status. Armed with this number, they show how status effects dramatically alter the policy prescriptions of standard economic models of taxation, growth and the environment. Once taken seriously, this short book should have a long-term effect on economic policy and teaching.' -- Jack Pezzey, Australian National University, Australia'For many years to come this book will be the natural reference point for modern research on economics and the environment, where behavioural aspects are taken seriously. The authors impressively combine important insights from many social sciences, such as psychology, sociology and anthropology, without losing rigour in their economic analysis. I most strongly recommend this book to all serious scholars of our profession.' -- Olof Johansson-Stenman, Goteborg University, Sweden'Here are two economists who are not afraid to question their discipline's facile assumption that each individual is the best judge of his or her own interests. In a rigorously reasoned analysis, the authors explore instructively the implications for economic growth and environmental policy when economic theory is expanded to incorporate well-established findings by other disciplines of social interdependence. Highly recommended.' -- Richard A. Easterlin, University of Southern California, USTable of ContentsContents: Preface 1. Introduction 2. Consumption, Identity and Behavioral Motivation 3. The Psychology of Well-Being 4. Modelling Socially Contingent Preferences 5. Status Signalling and Environmental Externalities 6. Status Signalling and Taxation 7. Status Signalling and Climate Change 8. Status Signalling and Economic Growth 9. Status Signalling and Environmental Kuznets Curves 10. Social Status in Applied Welfare Economics: Models and Rhetoric Bibliography Index

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Book SynopsisThe essays in this volume describe, analyse and compare the achievements and the failures of societies that adopted market-based economies within a democratic polity after a long period of communist rule (Russia and Eastern Europe) or military authoritarianism (Latin America). Together, they also trace the rocky course of liberal economic policies over the whole twentieth century. Area experts from various disciplines seek to establish the extent to which the historical experience of the several countries explains successful transitions as well as the less successful efforts to adapt institutions to the needs of a market economy. The papers further show the dilemmas faced in both Eastern Europe and Latin America in reconciling the efficiency benefits of market economies and the need to achieve or maintain socially acceptable patterns of income distribution among the strata of income receivers. In addition to the essays themselves, comments are provided to further explore specific issues.Researchers and students in economics, economic history, political science and regional studies, and others interested in the economics of transition to a market system will find this comprehensive collection an invaluable resource.Trade Review'The manuscript fills a vacuum in the current literature on liberalization. It goes beyond the concept to unearth sources of economic and political disruptions which have shaped past performance and will more than likely impact future outcomes.' -- Attiat F. Ott, Clark University, US'The last quarter of the 20th century witnessed dramatic attempts at transition and liberalization (widely interpreted). The effects have not always been in the desired direction. Indeed in some cases they have been devastating. It thus makes it imperative to study this experience closely. The book by Werner Baer and Joseph Love entitled Liberalization and its Consequences is very timely. It adopts an interdisciplinary approach in an effective way to examine the experience of Latin America and Eastern Europe concentrating on the last decade of the 20th century. The constraints imposed on the State in this era of neo-liberalism and globalization are discussed along with the implications this entails. Further institutional implications, such as that of the strength of the legal system, rising social inequalities, privatization in the absence of markets and regulatory infrastructure, and others, are also addressed. The comparative perspective of the book is particularly welcome and adds to its value significantly. The book does well in enabling the reader to appreciate this experience of liberalization and its consequences. The approach of the book is squarely within the political economy mould of analysis.' -- Philip Arestis, The Levy Economics Institute of Bard College, USTable of ContentsContents: 1. Introduction 2. Economic Performance and the State in Latin America 3. Rethinking Economic Performance in Central and Eastern Europe, 1870–1989 4. Economic Transition in Eastern Europe 5. How Much Does the Past Count? 6. Hungary’s Post-communist Development in Comparative Perspective 7. Trajectories of East European Transformation 8. Neo-Liberalism Revisited in the Light of the Brazilian Crisis 9. The Russian Oligarchs 10. Privatizing the Commons 11. Privatizing and the Public Interest 12. The Neo-Liberal Experiment in Latin America 13. Institutions and Property Rights Across Time and Space Index

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Book SynopsisThis authoritative collection presents the most important published articles on barter and countertrade from early scepticism to the recent sophisticated theoretical models and empirical evidence.The papers selected focus upon the policy and managerial implications of barter and countertrade and explain the reasoning behind these arrangements in an environment characterized by transaction difficulties. They demonstrate that appropriately designed transactional governance is crucial for the efficiency of successful trading relationships between different parties.The Economics of Barter and Countertrade is a timely collection due to the resurgence of barter and countertrade following the Russian and Asian financial crises. It is an essential reference source for those with an interest in trade and international economic relations.Trade Review'Countertrade is a more common phenomenon than many people realise, especially in East-West and North-South trade. Yet, superficially, countertrade is inefficient in comparison to monetary trade. The paradox of how an apparently inefficient trading mechanism can become so dominant attracted increasing theoretical interest in the 1970s and 1980s. The editors of this volume were amongst the intellectual leaders in the field. The literature on countertrade is quite diffuse, and the editors have performed a major service by bringing together the important contribution in a single volume. This will be an important source of reference for many years to come.' -- Mark Casson, University of Reading, UK'Mirus and Yeung have been pioneers in showing that countertrade is economically efficient. Here, a surprisingly large literature supports their insight. The papers use aspects of transaction cost economics to examine the efficiency aspects of countertrade.' -- Alan M. Rugman, University of Reading, UKTable of ContentsContents: Acknowledgements Introduction Rolf Mirus and Bernard Yeung PART I COUNTERTRADE: FORMS AND CHALLENGE OF THE CONVENTIONAL WISDOM 1. Robert E. Weigand (1980), ‘Barters and Buy-backs: Let Western Firms Beware!’ 2. Rolf Mirus and Bernard Yeung (1987), ‘Countertrade and Foreign Exchange Shortages: A Preliminary Assessment’ 3. Jean-François Hennart (1990), excerpt from ‘Some Empirical Dimensions of Countertrade’ PART II COUNTERTRADE AS SOLUTION TO TRANSACTIONAL DIFFICULTIES: EARLY ANALYTICAL LITERATURE 4. Peter Murrell (1982), ‘Product Quality, Market Signaling and the Development of East–West Trade’ 5. Bruce Kogut (1986), ‘On Designing Contracts to Guarantee Enforceability: Theory and Evidence from East–West Trade’ 6. Rolf Mirus and Bernard Yeung (1986), ‘Economic Incentives for Countertrade’ 7. Jean-François Hennart (1989), ‘The Transaction-cost Rationale for Countertrade’ PART III THE LITERATURE IN THE NINETIES: DOUBLE MORAL HAZARD, HOSTAGE EXCHANGE, AND QUANTITY STIPULATION 8. Dalia Marin and Monika Schnitzer (1995), ‘Tying Trade Flows: A Theory of Countertrade with Evidence’ 9. Dalia Marin and Monika Schnitzer (1998), ‘Economic Incentives and International Trade’ 10. Raissa Chan and Michael Hoy (1991), ‘East–West Joint Ventures and Buyback Contracts’ 11. Chong J. Choi and Daniel Maldoom (1992), ‘A Simple Model of Buybacks’ PART IV RISK SHARING 12. Erwin Amann and Dalia Marin (1994), ‘Risk-sharing in International Trade: An Analysis of Countertrade’ PART V PRICE DISCRIMINATION 13. Richard E. Caves (1974), ‘The Economics of Reciprocity: Theory and Evidence on Bilateral Trading Arrangements’ 14. Ellen Magenheim and Peter Murrell (1988), ‘How to Haggle and to Stay Firm: Barter as Hidden Price Discrimination’ 15. Richard E. Caves and Dalia Marin (1992), ‘Countertrade Transactions: Theory and Evidence’ PART VI POLICY IMPLICATIONS 16. Abla M. Abdel-Latif and Jeffrey B. Nugent (1994), ‘Countertrade as Trade Creation and Trade Diversion’ 17. Abla M. Abdel-Latif and Jeffrey B. Nugent (1993), ‘Countertrade, Licensing and Direct Foreign Investment: Comparative Effects on LDCS and MNES’ 18. Tore Ellingsen and Lars A. Stole (1996), ‘Mandated Countertrade as a Strategic Commitment’ PART VII MANAGERIAL ASPECTS 19. C.W. Neale, D. Shipley and P. Sercu (1992), ‘Motives for and the Management of Countertrade in Domestic Markets’ 20. Rolf Mirus and Bernard Yeung (1989), ‘Buy-back and Technology Transfer -Some Theoretical Considerations’ PART VIII DOMESTIC BARTER IN THE ABSENCE OF CREDIBLE FIAT MONEY 21. Joseph A. Ritter (1995), ‘The Transition from Barter to Fiat Money’ 22. Steve Williamson and Randall Wright (1994), ‘Barter and Monetary Exchange Under Private Information’ PART IX CONCLUSION 23. Rolf Mirus and Bernard Yeung (1993), ‘Why Countertrade? An Economic Perspective’ Name Index

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Book SynopsisThis authoritative collection explores Piero Sraffa's contributions to economics. The volumes cover the discussions around Sraffa's criticism of the Marshallian partial equilibrium method; his attack on Hayek's monetary overinvestment theory of the business cycle; his edition of Ricardo's works and correspondence and his clarification of the analytical structure of the classical theory of value and distribution; his reformulation of the classical theory; and the role of his work in the debates about the theory of capital and income distribution.Trade Review'This is a welcome addition to the literature on Sraffa. It brings together a large number of important papers by distinguished researchers representing an influential and widely shared interpretation of his work. It will be of great use to scholars who are closely familiar with Sraffa and to those who are not. The collection is likely to generate increased interest in Sraffa and add to the high level of expectation and anticipation directed toward the eventual publication of Sraffa's unpublished papers.' -- David R. Andrews, Journal of the History of Economic Thought'. . . this is a very fine collection of papers, which should be of great interest to every economist who is interested in the history and future of economic theory. . . this reference collection will make a very valuable addition to your research library.' -- Christian Gehrke, Economic Systems ResearchTable of ContentsContents: Volume I Acknowledgements Introduction Heinz D. Kurz and Neri Salvadori PART I CRITIQUE OF MARSHALL’S THEORY OF VALUE 1. Piero Sraffa ([1925] 1998), ‘On the Relations between Cost and Quantity Produced’ 2. Piero Sraffa (1926), ‘The Laws of Returns under Competitive Conditions’ 3. A.C. Pigou (1928), ‘An Analysis of Supply’ 4. Peter Newman (1960), ‘The Erosion of Marshall’s Theory of Value’ and ‘Comment’ 5. Krishna Bharadwaj (1978), ‘The Subversion of Classical Analysis: Alfred Marshall’s Early Writing on Value’ 6. Peter Newman and Spyros Vassilakis (1988), ‘Sraffa and Imperfect Competition’ 7. Ian Steedman (1988), ‘Sraffian Interdependence and Partial Equilibrium Analysis’ 8. Carlo Panico (1991), ‘Some Notes on Marshallian Supply Functions’ 9. Paul A. Samuelson (1991), ‘Sraffa’s Other Leg’ 10. Alessandro Roncaglia (1991), ‘Sraffa’s 1925 Article and Marshall Theory’ 11. Carlo Panico and Neri Salvadori (1994), ‘Sraffa, Marshall and the Problem of Returns’ 12. Gary Mongiovi (1996), ‘Sraffa’s Critique of Marshall: A Reassessment’ 13. Giuseppe Freni (2001), ‘Sraffa’s Early Contribution to Competitive Price Theory’ 14. Rodolfo Signorino (2000), ‘Method and Analysis in Piero Sraffa’s 1925 Critique of Marshallian Economics’ 15. Rodolfo Signorino (2001), ‘An Appraisal of Piero Sraffa’s "The Laws of Returns under Competitive Conditions"’ PART II MONEY AND BANKING 16. Marcello de Cecco (1993), ‘Piero Sraffa’s "Monetary Inflation in Italy During and After the War": An Introduction’ 17. Piero Sraffa ([1920] 1993), ‘Monetary Inflation in Italy During and After the War’ 18. Piero Sraffa (1922), ‘The Bank Crisis in Italy’ 19. Carlo Panico (1988), ‘Sraffa on Money and Banking’ PART III KEYNES, THE CIRCUS AND THE CONTROVERSY WITH HAYEK 20. Ludwig M. Lachmann (1986), ‘Austrian Economics Under Fire: The Hayek-Sraffa Duel in Retrospect’ 21. Michael Syron Lawlor and Bobbie L. Horn (1992), ‘Notes on the Sraffa-Hayek Exchange’ 22. Heinz D. Kurz (2000), ‘The Hayek-Keynes-Sraffa Controversy Reconsidered’ 23. Maria Cristina Marcuzzo (2001), ‘Sraffa and Cambridge Economics, 1928–1931’ 24. Marco Dardi (2001), ‘Why Did Sraffa Lose Interest in Imperfect Competition? A Comment on Marcuzzo’ 25. Fabio Ranchetti (2001), ‘On the Relationship between Sraffa and Keynes’ PART IV THE RICARDO EDITION 26. Piero Sraffa (1951), ‘"Mr. -----" of the Bullion Report’ 27. Brian H. Pollitt (1988), ‘The Collaboration of Maurice Dobb in Sraffa’s Edition of Ricardo’ 28. George J. Stigler (1953), ‘Sraffa’s Ricardo’ 29. Luigi L. Pasinetti (1960), ‘A Mathematical Formulation of the Ricardian System’ 30. Paul A. Samuelson (1978), ‘The Canonical Classical Model of Political Economy’ 31. Samuel Hollander (1973), ‘Ricardo’s Analysis of the Profit Rate, 1813–15’ 32. P. Garegnani (1982), ‘On Hollander’s Interpretation of Ricardo’s Early Theory of Profits’ 33. R. Prendergast (1986), ‘Malthus’s Discussion of the Corn Ratio Theory of Profits’ 34. Giancarlo de Vivo (1985), ‘Robert Torrens and Ricardo’s "Corn-Ratio" Theory of Profits’ 35. Giancarlo de Vivo (1996), ‘Ricardo, Torrens, and Sraffa: A Summing Up’ 36. Pier Luigi Porta (1992), ‘Piero Sraffa, «Superb Editor»’ 37. Annalisa Rosselli (2001), ‘Sraffa’s Edition of Ricardo’s Works: Reconstruction of a Reconstruction’ 38. Mark Blaug (1999), ‘Misunderstanding Classical Economics: The Sraffian Interpretation of the Surplus Approach’ Name Index Volume II Acknowledgements An introduction by the editors to both volumes appears in Volume I PART I PRODUCTION OF COMMODITIES BY MEANS OF COMMODITIES: REVIEWS 1. R.F. Harrod (1961), ‘Review of Production of Commodities by Means of Commodities. Prelude to a Critique of Economic Theory. By P. Sraffa’ 2. Piero Sraffa (1962), ‘Production of Commodities: A Comment’ 3. P. Sraffa and Peter Newman (1970), Appendix to K. Bharadwaj, ‘On the Maximum Number of Switches Between Two Production Systems’ 4. Ronald L. Meek (1961), ‘Mr Sraffa’s Rehabilitation of Classical Economics’ 5. Joan Robinson (1961), ‘Prelude to a Critique of Economic Theory’ 6. Krishna R. Bharadwaj (1963), ‘Value Through Exogenous Distribution’ 7. Maurice Dobb (1970), ‘The Sraffa System and Critique of the Neo-Classical Theory of Distribution’ PART II PRODUCTION OF COMMODITIES BY MEANS OF COMMODITIES: AN ASSESSMENT 8. Luigi L. Pasinetti ([1985] 1998), ‘Piero Sraffa: An Italian Economist at Cambridge’ 9. Bertram Schefold (1985), ‘Cambridge Price Theory: Special Model or General Theory of Value?’ 10. Paul A. Samuelson (1990), ‘Revisionist Findings on Sraffa’ 11. John Eatwell (1990), ‘Comment’ 12. Pierangelo Garegnani (1990), ‘Comment’ 13. Bertram Schefold (1990), ‘Comment’ 14. Paul A. Samuelson (1990), ‘Reply’ 15. Alessandro Roncaglia (2001), ‘Production of Commodities by Means of Commodities between Criticism and Reconstruction: The Given Quantities Assumption’ 16. Pierangelo Garegnani (1988), ‘Capital and Effective Demand’ PART III PRODUCTION OF COMMODITIES BY MEANS OF COMMODITIES: SPECIFIC ASPECTS 17. Philippe Mongin ([1979] 2003), ‘On the Ricardian Problem of an "Invariable Standard of Value"’ 18. Heinz D. Kurz and Neri Salvadori (1993), ‘The "Standard Commodity" and Ricardo’s Search for an "Invariable Measure of Value"’ 19. Takahiro Miyao (1977), ‘A Generalization of Sraffa’s Standard Commodity and Its Complete Characterization’ 20. Christian Bidard and Neri Salvadori (1995), ‘Duality between Prices and Techniques’ 21. Christian Bidard (1998), ‘Laws on Long-term Prices’ 22. Luigi L. Pasinetti (1986), ‘Sraffa’s Circular Process and the Concept of Vertical Integration’ 23. Neri Salvadori and Ian Steedman (1988), ‘Joint Production Analysis in a Sraffian Framework’ 24. Alberto Quadrio-Curzio (1980), ‘Rent, Income Distribution, and Orders of Efficiency and Rentability’ PART IV PRODUCTION OF COMMODITIES BY MEANS OF COMMODITIES AND THE CAPITAL CONTROVERSY 25. Heinz D. Kurz (1985), ‘Sraffa’s Contribution to the Debate in Capital Theory’ 26. G.C. Harcourt ([1969] 1986), ‘Some Cambridge Controversies in the Theory of Capital’ 27. Pierangelo Garegnani (1976), ‘On a Change in the Notion of Equilibrium in Recent Work on Value and Distribution: A Comment on Samuelson’ 28. Ian Steedman and J.S. Metcalfe (1977), ‘Reswitching, Primary Inputs and the Heckscher-Ohlin-Samuelson Theory of Trade’ 29. Heinz D. Kurz and Neri Salvadori (1998), ‘Reverse Capital Deepening and the Numeraire: A Note’ 30. J. Eatwell ([1987] 1998), ‘Walras’s Theory of Capital’ 31. Frank Hahn (1982), ‘The Neo-Ricardians’ 32. G. Duménil and D. Lévy (1985), ‘The Classicals and the Neoclassicals: A Rejoinder to Frank Hahn’ 33. Pierangelo Garegnani (1990), ‘Sraffa: Classical versus Marginalist Analysis’ 34. Fabio Petri (1999), ‘Professor Hahn on the "Neo-Ricardian" Criticism of Neoclassical Economics’ PART V ON SRAFFA’S UNPUBLISHED PAPERS 35. P. Garegnani ([1998] 2003), ‘On Piero Sraffa’s Manuscripts’ 36. Jonathan Smith (1998), ‘An Archivist’s Apology: The Papers of Piero Sraffa at Trinity College, Cambridge’ 37. Heinz D. Kurz (1998), ‘Against the Current: Sraffa’s Unpublished Manuscripts and the History of Economic Thought’ Name Index

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Book SynopsisThe literature on the character, determinants and relative performance of the leading industrial economies has developed rapidly of late. However many of the most important pieces of writing are now slipping from view because they were originally published in different, often inaccessible and highly specialised academic journals. These three volumes bring together those key articles and provide a new introductory commentary on the literature.This authoritative collection provides the reader with easy access to the full range of arguments now being developed to explain why some forms of economic organisation prospered best in the immediate past, and why some models now seem more effective than others in responding to the new global conditions of intensified international competition and rapid capital mobility. These volumes will be an indispensable reference source for students and researchers specialising in modern capitalism.Trade Review'Gathered together in this collection are all the main scholarly contributions to a set of crucial debates concerning the degree of convergence and divergence in the trajectory of modern capitalism, and the viability of different models of capitalism. Scholars working at the boundaries of political science, economics and sociology will find this three-volume collection indispensable for both research and teaching purposes.' -- Chris Howell, Oberlin College, USTable of ContentsContents: Volume I: Capitalist Models: Divergence and Convergence Acknowledgements Introduction David Coates PART I TYPOLOGIES OF NATIONAL SYSTEMS 1. Barbara Stallings and Wolfgang Streeck (1995), ‘Capitalisms in Conflict? The United States, Europe, and Japan in the Post-Cold War World (1995)’ 2. Will Hutton (1994), ‘The Political Economy of the World’s Capitalisms’ 3. Harold Perkin (1996), ‘The Third Revolution and Stakeholder Capitalism: Convergence or Collapse?’ 4. William Lazonick (1992), ‘Business Organization and Competitive Advantage: Capitalist Transformations in the Twentieth Century’ 5. Robert A. Boyer (2001), ‘The Diversity and Future of Capitalisms: A Régulationnist Analysis’ 6. David Soskice (1990), ‘Reinterpreting Corporatism and Explaining Unemployment: Co-ordinated and Non-co-ordinated Market Economies’ PART II TYPOLOGIES OF NATIONAL SUB-SYSTEMS 7. Chris Freeman (1995), ‘The "National System of Innovation" in Historical Perspective’ 8. Richard Whitley (1994), ‘Dominant Forms of Economic Organization in Market Economies’ 9. John Zysman (1983), ‘Finance and the Politics of Industry’ 10. Ian Holliday (2000), ‘Productivist Welfare Capitalism: Social Policy in East Asia’ 11. Stephen J. Frenkel (1986), ‘Industrial Sociology and Workplace Relations in Advanced Capitalist Societies’ PART III THE CONVERGENCE OF NATIONAL SYSTEMS 12. James E. Cronin (2000), ‘Covergence by Conviction: Politics and Economics in the Emergence of the "Anglo-American" Model’ 13. John Zysman (1996), ‘The Myth of a Global Economy: Enduring National Foundations and Emerging Regional Realities’ 14. Colin Hay (2000), ‘Contemporary Capitalism, Globalization, Regionalization and the Persistence of National Variation’ 15. Herbert Kitschelt, Peter Lange, Gary Marks and John D. Stephens (1999), ‘Convergence and Divergence in Advanced Capitalist Democracies’ 16. Ronald Dore, William Lazonick and Mary O’Sullivan (1999), ‘Varieties of Capitalism in the Twentieth Century’ 17. Hugo Radice (1998), ‘"Globalization" and National Differences’ PART IV THEORIZING CONVERGENCE AND DIFFERENCE 18. Bruno Amable (2000), ‘Institutional Complementarity and Diversity of Social Systems of Innovation and Production’ 19. Hugo Radice (2000), ‘Globalization and National Capitalisms: Theorizing Convergence and Differentiation’ Name Index Volume II: Capitalist Models Under Challenge Acknowledgements Introduction David Coates PART I JAPANESE CAPITALISM 1. Ronald Dore (1993), ‘What Makes the Japanese Different?’ 2. Michael Gerlach (1989), ‘Keiretsu Organization in the Japanese Economy: Analysis and Trade Implications’ 3. Knuth Dohse, Ulrich Jürgens and Thomas Malsch (1985), ‘From "Fordism" to "Toyotism"? The Social Organization of the Labor Process in the Japanese Automobile Industry’ 4. Paul Burkett and Martin Hart-Landsberg (1996), ‘The Use and Abuse of Japan as a Progressive Model’ 5. William K. Tabb (1999), ‘The End of the Japanese Postwar System’ 6. Ronald Dore (1998), ‘Asian Crisis and the Future of the Japanese Model’ PART II EAST ASIAN INDUSTRIALIZATION: THE CASE OF SOUTH KOREA 7. Richard Child Hill and Kuniko Fujita (1996), ‘Flying Geese, Swarming Sparrows or Preying Hawks? Perspectives on East Asian Industrialization’ 8. Jeffrey Henderson (1993), ‘Against the Economic Orthodoxy: On the Making of the East Asian Miracle’ 9. Alice H. Amsden (1990), ‘Third World Industrialization: "Global Fordism" or a New Model?’ 10. Stephen Haggard and Jongryn Mo (2000), ‘The Political Economy of the Korean Financial Crisis’ 11. Dic Lo (1999), ‘The East Asian Phenomenon: The Consensus, the Dissent, and the Significance of the Present Crisis’ 12. Linda Weiss (1999), ‘State Power and the Asian Crisis’ PART III THE GERMAN MODEL 13. Michel Albert and Rauf Gonenc (1996), ‘The Future of Rhenish Capitalism’ 14. Wolfgang Streeck (1997), ‘German Capitalism: Does it Exist? Can it Survive?’ 15. Wendy Carlin and David Soskice (1997), ‘Shocks to the System: The German Political Economy Under Stress’ 16. Anke Hassel (1999), ‘The Erosion of the German System of Industrial Relations’ 17. Pepper D. Culpepper (1999), ‘The Future of the High-Skill Equilibrium in Germany’ 18. Kathleen Thalen and Ikuo Kume (1999), ‘The Effects of Globalization on Labor Revisited: Lessons from Germany and Japan’ PART IV THE SWEDISH MODEL 19. Rudolf Meidner (1993), ‘Why Did the Swedish Model Fail?’ 20. Jonas Pontusson (1992), ‘At the End of the Third Road: Swedish Social Democracy in Crisis’ 21. Stuart Wilks (1996), ‘Class Compromise and the International Economy: The Rise and Fall of Swedish Social Democracy’ PART V EUROPEAN WELFARE CAPITALISM 22. Assar Lindbeck (1985), ‘What is Wrong with the West European Economies?’ 23. Ian Gough (1996), ‘Social Welfare and Competitiveness’ 24. John Grahl and Paul Teague (1997), ‘Is the European Social Model Fragmenting?’ Name Index Volume III: The Ascendancy of Liberal Capitalism Acknowledgements Introduction David Coates PART I LIBERAL CAPITALISM: USA 1. J. Rogers Hollingsworth (1997), ‘The Institutional Embeddedness of American Capitalism’ 2. Stephen D. Cohen (1995), ‘Does the United States Have an International Competitiveness Problem?’ 3. Moses Abramovitz and Paul A. David (1996), ‘Convergence and Deferred Catch-up: Productivity Leadership and the Waning of American Exceptionalism’ 4. David M. Gordon (1994), ‘Chickens Home to Roost: From Prosperity to Stagnation in the Postwar U.S. Economy’ 5. Julie Froud, Colin Haslam, Sukhdev Johal, Jean Shaoul and Karel Williams (1996), ‘Sinking Ships? Liberal Theorists and the American Economy’ 6. Richard B. Freeman (2000), ‘The US Economic Model at Y2K: Lodestar for Advanced Capitalism?’ 7. Robert Brenner (2000), ‘The Boom and the Bubble’ PART II: LIBERAL CAPITALISM: THE UK 8. Bernard Elbaum and William Lazonick (1984), ‘The Decline of the British Economy: An Institutional Perspective’ 9. David Finegold and David Soskice (1988), ‘The Failure of Training in Britain: Analysis and Prescription’ 10. Jill Rubery (1994), ‘The British Production Regime: A Societal-specific System?’ 11. Christel Lane (1992), ‘European Business Systems: Britain and Germany Compared’ 12. Martha Prevezer (1994), ‘Overview: Capital and Control: City-Industry Relations’ 13. Karel Williams, John Williams and Colin Haslam (1990), ‘The Hollowing Out of British Manufacturing and Its Implications for Policy’ 14. Hugo Radice (1999), ‘Britain Under "New Labour": A Model for European Restructuring?’ 15. David Coates (1999), ‘Models of Capitalism in the New World Order: The UK Case’ PART III THE MODELS COMPARED 16. J. Rogers Hollingsworth (1997), ‘Continuities and Changes in Social Systems of Production: The Cases of Japan, Germany and the United States’ 17. William Lazonick and Mary O’Sullivan (1997), ‘Finance and Industrial Development. Part I: The United States and the United Kingdom’ 18. William Lazonick and Mary O’Sullivan (1997), ‘Finance and Industrial Development. Part II: Japan and Germany’ 19. Robert Buchele and Jens Christiansen (1998), ‘Do Employment and Income Security Cause Unemployment?: A Comparative Study of the US and the E-4’ 20. Ronald Dore (2000), ‘Will Global Capitalism be Anglo-Saxon Capitalism?’ Name Index

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Book SynopsisDespite their common emphasis upon uncertainty as a key economic variable, Frank Knight and John Maynard Keynes viewed its role from different ethical perspectives. These attitudes were derived from contrasting formative influences and differing views regarding the role of economic theory as applied to the real world.William Greer reveals that the intellectual atmosphere into which Keynes was born led him to consider individual and collective action positively, enabling policymakers to take purposeful, deliberate action, in the face of an uncertain, non-ergodic future. The conservative, theological era from which Knight emerged left him accepting of a predetermined, ergodic world in which the government should assume a minimal role in ensuring the smooth operation of a system of otherwise free markets.Ethics and Uncertainty explores how two economists, who both placed 'uncertainty' at the heart of their economic theories, come to drastically different and opposing policy recommendations. The volume illustrates that the important lesson to learn from both Knight and Keynes is that ethics and the desire to improve mankind should be the focus of economic enquiry.This fascinating volume will be essential reading for followers of Keynes and Knight. The book will also be welcomed by scholars in the field of economic thought, and those interested in the development of modern macroeconomics and microeconomics.Table of ContentsContents: Preface Introduction 1. Background and Direction 2. Contrasting Theological and Intellectual Influences 3. Probability and Uncertainty to Knight and to Keynes 4. The Ethical Implications of Uncertainty to Knight and to Keynes 5. The Purpose and Method of Economics to Knight and to Keynes 6. Contrasting Economic Outlooks and Policy Recommendations 7. Conclusion Bibliography Index

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Book SynopsisIntelligent Transportation Systems (ITS) are expected to add considerable productivity to existing transportation infrastructure and to therefore partially reduce the need for more physical infrastructure such as additional lanes of roadway. But there are huge barriers to achieving this vision ranging from the technical to the institutional. In this book a new outcome oriented methodology is developed and applied to a diverse set of ITS case studies in an effort to gain insight into the barriers to deployment. The case studies, most from the National Capital Region (Washington) in the US, include but are not limited to evaluation of electronic tolling, truck roll over warning systems, Advanced Traffic Information Systems (ATIS), variable message signs (VMS), ITS enhanced emergency management systems and ITS bridge operations. The evaluation methodology bears similarity to the benefit/cost balance sheet approach. Full cost (benefit) assessment is adopted with multiple externalities (environment, economic development, social equity issues, etc.) formally included in each of the individual evaluations. Transportation policymakers as well as scholars and students of economic, public policy and political science will find this study useful and informative.Trade Review'The macro-focus makes the book a nice complement to already existing texts on more disaggregate issues. I believe the book offers a wealth of information on ITS applications operating in the DC region. It thus offers stimulating reading for those involved in the design, evaluation and research of ITS applications and other types of transport policy projects.' -- Erik T. Verhoef, The Economic JournalTable of ContentsContents: 1. Introduction Part I: A Multi-criteria ITS Evaluation Methodology and Applications 2. Methodological and Technical Challenges in Regional Evaluation of ITS: Induced and Direct Effects 3. Electronic Toll Collection (ETC) in the Dulles Corridor 4. The Variable Message Sign System of Northern Virginia 5. Automatic Truck Rollover Warning System 6. The Montgomery County Advanced Transportation Management System Part II: Applications of Alternative Methodologies to ITS 7. Smart Flexible Integrated Real-time Enhanced System (SaFIRES) 8. The Woodrow Wilson Bridge 9. Incident Management and Intelligent Transportation Systems Technology: Estimating Benefits for Northern Virginia Index

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Book SynopsisEconomic Growth is an advanced undergraduate text written specifically for one semester courses in growth theory and for first year graduate students to refresh their knowledge. It will also be of great use for scholars and professional economists as the text contains many references to practical policy issues. The author condenses the fundamental issues of growth theory and covers the new ideas in a highly entertaining text, written in a clear and accessible style.Trade Review'Valdes gets the subject across very clearly, with neat original touches. He covers the main topics very well, again with interesting variations. Along the way he teaches a good attitude towards economic theory. I think this will be an excellent text.' -- Robert M. Solow, Massachusetts Institute of Technology, US and Nobel Prize Winner'This would be an excellent book for an advanced undergraduate course on growth theory. Using both theory and empirical evidence it outlines the key topics in a clean and unified way.' -- Timothy J. Kehoe, University of Minnesota, US'Benigno Valdes has written a wonderful text on modern growth theory. Because of his sense of humor, restrained use of formal mathematics, and emphasis on connecting growth theory to empirical facts and policy implications, this book will be a highly useful textbook for sophisticated undergraduates and graduate students. They will be challenged by the problems ending most chapters. . . . Professional economists who have not yet studied recent developments in growth theory will find in Professor Valdes's book a comprehensive and accessible survey of contemporary growth models and a useful discussion of convergence trends and growth accounting. A highly recommended read.' -- Richard W. England, University of New Hampshire, USTable of ContentsContents: Part I: Introduction 1. The “Stylized Facts” of Economic Growth Part II: The Theory of Economic Growth with “Exogenous” Technical Progress 2. The Neoclassical Model of Economic Growth 3. The Hypothesis of Convergence (I): Economies with the Same Steady State 4. The Hypothesis of Convergence (II): Economies with Different Steady States 5. Economic Growth and Social Welfare: The “Golden Rules” of Accumulation 6. Growth Accounting and the Solow Residual Part III: The Theory of Economic Growth with “Endogenous” Technical Progress 7. Learning-by-doing, Knowledge Spillovers and Economic Growth 8. Schumpeterian Models of Economic Growth Part IV: Concluding Remarks 9. Theories of Economic Growth: “Old” and “New” Mathematical Appendices References Index

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Book SynopsisThis is a carefully edited selection of the most important articles concerning the impact of privatisation on corporate performance. It consists of 26 of the most significant papers on the subject previously published in leading journals around the world.Following a new introductory overview of the subject by the editor, Privatisation and Corporate Performance is divided into four main sections. Part I features material on the theory of privatisation. Part II follows with empirical studies of state and private ownership. Part III consists of papers on empirical studies of privatisation. The final part focuses on outstanding issues of privatisation and corporate performance and includes pointers to future research.This authoritative collection will be of particular interest to academics and students of privatisation and to managers, policymakers and consultants who are concerned with designing privatisation programmes.Table of ContentsContents: Acknowledgements Introduction David Parker PART I THE THEORY OF PRIVATISATION 1. James M. Buchanan (1978), ‘From Private Preferences to Public Philosophy: The Development of Public Choice’ 2. David E. Sappington and Joseph E. Stiglitz (1987), ‘Privatization, Information and Incentives’ 3. Carl Shapiro and Robert D. Willig (1990), ‘Economic Rationales for the Scope of Privatization’ 4. John Vickers and George Yarrow (1991), ‘Economic Perspectives on Privatization’ 5. Jean-Jacques Laffont and Jean Tirole (1991), ‘Privatization and Incentives’ 6. Giovanni De Fraja (1993), ‘Productive Efficiency in Public and Private Firms’ 7. Ellen M. Pint (1991), ‘Nationalization vs. Regulation of Monopolies: The Effects of Ownership on Efficiency’ 8. Johan Willner (1996), ‘A Comment on Bradburd: “Privatisation of Natural Monopolies”’ 9. Maxim Boycko, Andrei Shleifer and Robert W. Vishny (1996), ‘A Theory of Privatisation’ PART II EMPIRICAL STUDIES OF STATE AND PRIVATE OWNERSHIP 10. Thomas E. Borcherding, Werner Pommerehne and Friedrich Schneider (1982), ‘Comparing the Efficiency of Private and Public Production: The Evidence from Five Countries’ 11. Robert Millward (1982), ‘The Comparative Performance of Public and Private Ownership’ 12. Anthony Boardman, Ruth Freedman and Catherine Eckel (1986), ‘The Price of Government Ownership: A Study of the Domtar Takeover’ 13. Anthony E. Boardman and Aiden R. Vining (1989), ‘Ownership and Performance in Competitive Environments: A Comparison of the Performance of Private, Mixed, and State-Owned Enterprises’ 14. Matthew Bishop and David Thompson (1992), ‘Regulatory Reform and Productivity Growth in the UK’s Public Utilities’ 15. Jonathan Haskel and Stefan Szymanski (1993), ‘Privatization, Liberalization, Wages and Employment: Theory and Evidence for the UK’ PART III EMPIRICAL STUDIES OF PRIVATISATION 16. Ahmed Galal, Leroy Jones, Pankaj Tandon and Ingo Vogelsang (1994), extract from ‘Divestiture: Questions and Answers’ and ‘Synthesis of Cases’ 17. William L. Megginson, Robert C. Nash and Matthias van Randenborgh (1994), ‘The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis’ 18. David Parker and Stephen Martin (1995), ‘The Impact of UK Privatisation on Labour and Total Factor Productivity’ 19. V. Bhaskar and Mushtaq Khan (1995), ‘Privatization and Employment: A Study of the Jute Industry in Bangladesh’ 20. Carl Greenidge (1997), ‘A Case of the Curate’s Egg: The Political Economy of Privatization in Guyana’ 21. Narjess Boubakri and Jean-Claude Cossett (1998), ‘The Financial and Operating Performance of Newly Privatized Firms: Evidence from Developing Countries’ 22. Giovanni Fraquelli and Fabrizio Erbetta (2000), ‘Privatization in Italy: An Analysis of Factor Productivity and Technical Efficiency’ PART IV PRIVATISATION AND CORPORATE PERFORMANCE: SOME OUTSTANDING ISSUES 23. J.A. Kay and D.J. Thompson (1986), ‘Privatisation: A Policy in Search of a Rationale’ 24. Keith Cowling and Roger Sugden (1993), ‘A Strategy for Industrial Development as a Basis for Regulation’ 25. Dieter Bös (1999), ‘Theoretical Perspectives on Privatisation: Some Outstanding Issues’ 26. John Nellis (1999), ‘Time to Rethink Privatization in Transition Economies?’ Name Index

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Book SynopsisThe computer revolution of the 1960s ushered in a golden period of econometric model building. Lawrence Klein was constantly in the forefront of this development. He was awarded the Alfred Nobel Memorial Prize in Economics for this and other contributions to applied econometrics.The 20th century witnessed a great expansion of economics as a scholarly discipline. The editor has chosen a selection of papers which sparked his interest as a student, a teacher and a researcher. This key volume includes both classic articles as well as lesser known papers which Professor Klein judges will stand the test of time.Table of ContentsContents: Acknowledgements Preface Mark Blaug Introduction Lawrence R. Klein 1. A.W. Phillips (1957), ‘Stabilisation Policy and the Time-Forms of Lagged Responses’ 2. A.W. Philips (1958), ‘The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861–1957’ 3. Michal Kalecki (1990), ‘A Macro-dynamic Theory of Business Cycles’ 4. Michal Kalecki (1990), ‘A Theory of the Business Cycle’ 5. Evsey D. Domar (1944), ‘The "Burden of the Debt" and the National Income’ 6. R.F. Harrod (1937), ‘Studies in the Theory of Economic Expansion’ 7. R.F. Harrod (1939), ‘An Essay in Dynamic Theory’ and ‘Errata’ 8. Joan Robinson (1933), ‘A Parable on Savings and Investment’ 9. Joan Robinson (1933), ‘The Theory of Money and the Analysis of Output’ 10. R.F. Kahn (1931), ‘The Relation of Home Investment to Unemployment’ 11. J.M. Keynes (1937), ‘The General Theory of Employment’ 12. R.M. Goodwin (1950), ‘A Non-linear Theory of the Cycle’ 13. R.M. Goodwin (1951), ‘The Nonlinear Accelerator and the Persistence of Business Cycles’ 14. Eugen Slutzky (1937), ‘The Summation of Random Causes as the Source of Cyclic Processes’ 15. Edmond Malinvaud (1969), ‘Capital Accumulation and Efficient Allocation of Resources’ 16. Leif Johansen (1972), ‘On the Optimal Use of Forecasts in Economic Policy Decisions’ 17. William Brainard (1967), ‘Uncertainty and the Effectiveness of Policy’ 18. Leonid Hurwicz (1944), ‘Stochastic Models of Economic Fluctuations’ 19. Leonid Hurwicz (1946), ‘Theory of the Firm and of Investment’ 20. J.v. Neumann (1945), ‘A Model of General Economic Equilibrium’ 21. Jacob Marschak (1947), ‘Economic Structure, Path, Policy, and Prediction’ 22. N. Kaldor (1940), ‘A Model of the Trade Cycle’ 23. Nicholas Kaldor (1941), ‘Rationing and the Cost of Living Index’ 24. Bert G. Hickman, Robert M. Coen and Michael D. Hurd (1975), ‘The Hickman-Coen Annual Growth Model: Structural Characteristics and Policy Responses’ 25. Knut Wicksell (1907), ‘The Influence of the Rate of Interest on Prices’ 26. Irving Fisher (1911), ‘"The Equation of Exchange", 1896–1910’ 27. Irving Fisher (1923), ‘The Business Cycle Largely a "Dance of the Dollar"’ 28. J.J. Polak (1939), ‘International Propagation of Business Cycles’ 29. Paul S. Armington (1969), ‘A Theory of Demand for Products Distinguished by Place of Production’ 30. P.J. Verdoorn (1951), ‘On an Empirical Law Governing the Productivity of Labor’ 31. P.J. Verdoorn (1956), ‘Complementarity and Long-Range Projections’ 32. P. de Wolff (1941), ‘Income Elasticity of Demand, a Micro-Economic and a Macro-Economic Interpretation’ 33. D.G. Champernowne (1953), ‘A Model of Income Distribution’ 34. William J. Baumol (1952), ‘The Transactions Demand for Cash: An Inventory Theoretic Approach’ 35. Oskar Lange (1938), ‘The Rate of Interest and the Optimum Propensity to Consume’ 36. Abba P. Lerner (1943), ‘Functional Finance and the Federal Debt’ 37. Abba P. Lerner (1944), ‘Interest Theory – Supply and Demand for Loans or Supply and Demand for Cash’ 38. Paul H. Douglas (1948), ‘Are There Laws of Production?’ 39. A.B. Atkinson (1997), ‘Bringing Income Distribution in From the Cold’ 40. Michio Morishima (1960), ‘Economic Expansion and the Interest Rate in Generalized von Neumann Models’ Name Index

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Book SynopsisRobert Solow has made a seminal contribution in the field of aggregative economics. This authoritative volume will be an important starting point for any researcher or professional economist seeking to understand how this branch of economics advanced in the twentieth century.Table of ContentsContents: Acknowledgements Preface Mark Blaug 1. F.P. Ramsey (1928), ‘A Mathematical Theory of Saving’ 2. Evsey D. Domar (1946) ‘Capital Expansion, Rate of Growth and Employment’ 3. R.F. Harrod (1948), ‘Fundamental Dynamic Theorems’ 4. T.W. Swan (1956), ‘Economic Growth and Capital Accumulation’ 5. Kenneth J. Arrow (1962), ‘The Economic Implications of Learning by Doing’ 6. Peter A. Diamond (1965), ‘National Debt in a Neoclassical Growth Model’ 7. David Cass (1965), ‘Optimum Growth in an Aggregative Model of Capital Accumulation’ 8. Robert E. Lucas, Jr (1988), ‘On the Mechanics of Economic Development’ 9. Paul M. Romer (1990), ‘Endogenous Technological Change’ 10. Philippe Aghion and Peter Howitt (1992), ‘A Model of Growth Through Creative Destruction’ 11. Alwyn Young (1993), ‘Invention and Bounded Learning By Doing’ Name Index

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Book SynopsisJames Buchanan has been a key figure in the integration of the analysis of political decision-making into the corpus of economic theory, the source for what is now called 'public choice economics'. This notable volume seeks to identify for future generations the landmark contributions to this area made in the twentieth century.Table of ContentsContents: Acknowledgements Foreword James M Buchanan Preface Mark Blaug 1. Armen A. Alchian (1950), ‘Uncertainty, Evolution, and Economic Theory’ 2. Armen A. Alchian (1977), ‘Some Economics of Property Rights’, 3. Frank H. Knight (1923), ‘The Ethics of Competition’ 4. F.H. Knight (1924), ‘Some Fallacies in the Interpretation of Social Cost’ 5. Frank H. Knight (1935), ‘The Ricardian Theory of Production and Distribution’ 6. Rutledge Vining (1956), Economics in the United States of America: A Review and Interpretation of Research 7. Allyn Young (1928), ‘Increasing Returns and Economic Progress’ 8. Henry C. Simons (1934), A Positive Program for Laissez Faire: Some Proposals for a Liberal Economic Policy 9. Henry C. Simons (1936), ‘Rules versus Authorities in Monetary Policy’ 10. Howard R. Bowen (1944), ‘The Interpretation of Voting in the Allocation of Economic Resources’ 11. Paul A. Samuelson (1954), ‘The Pure Theory of Public Expenditure’ 12. Milton Friedman (1949), ‘The Marshallian Demand Curve’ 13. Milton Friedman (1968), ‘The Role of Monetary Policy’ 14. R.H. Coase (1937), ‘The Nature of the Firm’ 15. Ronald H. Coase (1960), ‘The Problem of Social Cost’ 16. F.A. Hayek (1945), ‘The Use of Knowledge in Society’ 17. George J. Stigler (1961), ‘The Economics of Information’ 18. Ragnar Frisch (1959), ‘On Welfare Theory and Pareto Regions’ 19. Amartya Sen (1970), ‘The Impossibility of a Paretian Liberal’ 20. Duncan Black (1948), ‘On the Rationale of Group Decision-Making’ 21. Gordon Tullock (1959), ‘Problems of Majority Voting’ 22. Gordon Tullock (1967), ‘The Welfare Costs of Tariffs, Monopolies, and Theft’ 23. Jack Wiseman (1953), ‘Uncertainty, Costs, and Collectivist Economic Planning’ 24. J. Wiseman (1957), ‘The Theory of Public Utility Price – An Empty Box’ 25. Mark V. Pauly (1970), ‘Risk and the Social Rate of Discount’ 26. William J. Baumol (1967), ‘Macroeconomics of Unbalanced Growth: The Anatomy of Urban Crisis’ 27. Charles R. Plott (1967), ‘A Notion of Equilibrium and Its Possibility Under Majority Rule’ 28. Marilyn R. Flowers and Patricia M. Danzon (1984), ‘Separation of the Redistributive and Allocative Functions of Government: A Public Choice Perspective’ 29. Anne O. Krueger (1974), ‘The Political Economy of the Rent-Seeking Society’ Name Index

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Book SynopsisAsset pricing lies at the heart of financial economics, being not only the foundation of every other field in this subject area but also having prime relevance for practical decision-making.For this two-volume collection the editor has selected some of the most influential articles which have been published on this topic since the 1970s. These papers offer an overview of the theories of asset pricing, an investigation and critique of the empirical tests applied to these theories and an examination of five particular models: the mean-variance CAPM, the linear risk tolerance CAPM, the intertemporal CAPM, the consumption-based CAPM and the arbitrage pricing theory.Robert Grauer has written a major new introduction which gives a balanced discussion of the competing theories and highlights the invigorating controversy that surrounds both the design of the empirical tests and the interpretation of the results.Table of ContentsContents: Volume I: Acknowledgements Foreword Richard Roll Introduction Robert R. Grauer PART I AN OVERVIEW OF ASSET PRICING THEORY 1. William F. Sharpe (1991), ‘Capital Asset Prices with and without Negative Holdings’ 2. Mark Rubinstein (1974), ‘An Aggregation Theorem for Securities Markets’ 3. Robert C. Merton (1973), ‘An Intertemporal Capital Asset Pricing Model’ 4. Mark Rubinstein (1976), ‘The Valuation of Uncertain Income Streams and the Pricing of Options’ 5. Douglas T. Breeden (1979), ‘An Intertemporal Asset Pricing Model with Stochastic Consumption and Investment Opportunities’ 6. John Y. Campbell (1993), ‘Intertemporal Asset Pricing without Consumption Data’ 7. Stephen A. Ross (1977), ‘Return, Risk, and Arbitrage’ PART II PRE-1990 TESTS OF THE MEAN-VARIANCE CAPITAL ASSET PRICING MODEL 8. Michael R. Gibbons, Stephen A. Ross and Jay Shanken (1989), ‘A Test of the Efficiency of a Given Portfolio’ 9. Michael C. Jensen (1972), ‘Capital Markets: Theory and Evidence’ 10. Richard Roll (1977), ‘A Critique of the Asset Pricing Theory’s Tests. Part I: On Past and Potential Testability of the Theory’ 11. Pao L. Cheng and Robert R. Grauer (1980), ‘An Alternative Test of the Capital Asset Pricing Model’ 12. Pao L. Cheng and Robert R. Grauer (1982), ‘An Alternative Test of the Capital Asset Pricing Model: Reply’ 13. Barr Rosenberg and James A. Ohlson (1976), ‘The Stationary Distribution of Returns and Portfolio Separation in Capital Markets: A Fundamental Contradiction’ PART III POST-1990 TESTS OF THE MEAN-VARIANCE CAPITAL ASSET PRICING MODEL: ANOMALIES AND FAMA AND FRENCH’S THREE-FACTOR MODEL 14. Eugene F. Fama (1991), ‘Efficient Capital Markets: II’ 15. Eugene F. Fama and Kenneth R. French (1992), ‘The Cross-Section of Expected Stock Returns’ 16. Eugene F. Fama and Kenneth R. French (1996), ‘Multifactor Explanations of Asset Pricing Anomalies’ Name Index Volume II: Acknowledgements An Introduction by the editor to both volumes appears in Volume I PART IV POST-1990 TESTS OF THE MEAN-VARIANCE CAPITAL ASSET PRICING MODEL: CRITICISMS OF TESTING METHODS TOGETHER WITH BEHAVIORAL AND CONDITIONAL ALTERNATIVES TO THE MEAN-VARIANCE AND THREE-FACTOR MODELS 1. Andrew W. Lo and A. Craig MacKinlay (1990), ‘Data-Snooping Biases in Tests of Financial Asset Pricing Models’ 2. A. Craig MacKinlay (1995), ‘Multifactor Models Do Not Explain Deviations from the CAPM’ 3. S.P. Kothari, Jay Shanken and Richard G. Sloan (1995), ‘Another Look at the Cross-section of Expected Stock Returns’ 4. Richard Roll and Stephen A. Ross (1994), ‘On the Cross-sectional Relation between Expected Returns and Betas’ 5. Shmuel Kandel and Robert F. Stambaugh (1995), ‘Portfolio Inefficiency and the Cross-section of Expected Returns’ 6. Robert R. Grauer (1999), ‘On the Cross-sectional Relation between Expected Returns, Betas, and Size’ 7. Raymond Kan and Chu Zhang (1999), ‘Two-Pass Tests of Asset Pricing Models with Useless Factors’ 8. Josef Lakonishok, Andrei Shleifer and Robert W. Vishny (1994), ‘Contrarian Investment, Extrapolation, and Risk’ 9. Ravi Jagannathan and Zhenyu Wang (1996), ‘The Conditional CAPM and the Cross-section of Expected Returns’ 10. Wayne E. Ferson and Campbell R. Harvey (1999), ‘Conditioning Variables and the Cross Section of Stock Returns’ PART V TESTS OF THE LINEAR RISK TOLERANCE CAPMS 11. Robert R. Grauer (1978), ‘Generalized Two Parameter Asset Pricing Models: Some Empirical Evidence’ PART VI TESTS OF THE CONSUMPTION-BASED CAPM 12. Douglas T. Breeden, Michael R. Gibbons and Robert H. Litzenberger (1989), ‘Empirical Tests of the Consumption-Oriented CAPM’ 13. John Y. Campbell (2000), ‘Asset Pricing at the Millennium’ PART VII TESTS OF THE ARBITRAGE PRICING THEORY 14. Richard Roll and Stephen A. Ross (1980), ‘An Empirical Investigation of the Arbitrage Pricing Theory’ 15. Nai-Fu Chen, Richard Roll and Stephen A. Ross (1986), ‘Economic Forces and the Stock Market’ 16. Jay Shanken (1982), ‘The Arbitrage Pricing Theory: Is it Testable?’ PART VIII TESTS OF AN INVESTMENT-BASED CAPM USING THE GENERALIZED METHOD OF MOMENTS 17. John H. Cochrane (1996), ‘A Cross-Sectional Test of an Investment-Based Asset Pricing Model’ 18. Raymond Kan and Guofu Zhou (1999), ‘A Critique of the Stochastic Discount Factor Methodology’ Name Index

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Book SynopsisThis is an authoritative collection on comparative law and economics, a new research field in which differences among legal systems are analysed using an economic methodology. Comparative law and economics brings comparative law to a higher scientific level, and enriches traditional comparative economics, in which insufficient attention has been paid to legal environments.This comprehensive three-volume collection covers the following subjects: general theories and general historical perspectives, regulatory competition and legal transplants, legal systems and economic growth, property, tort law and restitution, contracts and consumer protection, corporate law and organizations, and procedural law.Comparative Law and Economics will be an indispensable reference source for those with an interest in these fields.Trade Review'This is an extremely fine, wide-ranging anthology of essays applying economic analysis to comparative law. Comparative law - the comparison of the world's extraordinarily diverse legal systems - with special reference to the legal challenges facing developing nations offers an enormous and underexplored field for the application of economics. These essays demonstrate the promise of the economic approach and will go far to stimulate further research, thinking, and reform.' -- Richard A. Posner, United States Court of Appeals for the Seventh Circuit and University of Chicago Law School, USTable of ContentsContents: Volume I Acknowledgements Introduction Gerrit De Geest and Roger Van den Bergh PART I GENERAL THEORIES AND GENERAL HISTORICAL PERSPECTIVES 1. Saul Levmore (1986), ‘Rethinking Comparative Law: Variety and Uniformity in Ancient and Modern Tort Law’ 2. Ugo Mattei (1997), ‘The Competitive Relationship among Sources of Law’ 3. Anthony Ogus (2002), ‘The Economic Basis of Legal Culture: Networks and Monopolization’ 4. Edward L. Glaeser and Andrei Shleifer (2002), ‘Legal Origins’ 5. Richard A. Posner (1981), ‘The Economic Theory of Primitive Law’ 6. Francesco Parisi (2001), ‘The Genesis of Liability in Ancient Law’ PART II REGULATORY COMPETITION AND LEGAL TRANSPLANTS 7. Wallace E. Oates and Robert M. Schwab (1988), ‘Economic Competition Among Jurisdictions: Efficiency Enhancing or Distortion Inducing?’ 8. Roger Van den Bergh (2000), ‘Towards an Institutional Legal Framework for Regulatory Competition in Europe’ 9. Edgardo Buscaglia and William Ratliff (2000), ‘Legal and Economic Integration: The Cases For and Against Legal Transplants’ 10. Gerrit De Geest (2002), ‘Information Problems Caused by Regulatory Competition, and Their Solution: International Standard Codes’ 11. Daniel Berkowitz, Katharina Pistor and Jean-Francois Richard (2003), ‘The Transplant Effect’ PART III LEGAL SYSTEMS AND ECONOMIC GROWTH 12. Douglass C. North and Robert Paul Thomas (1973), ‘The Issue’ and ‘France and Spain – The Also-rans’ 13. Mancur Olson (1982), ‘The Developed Democracies Since World War II’ 14. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert W. Vishny (1999), ‘The Quality of Government’ 15. Paul G. Mahoney (2001), ‘The Common Law and Economic Growth: Hayek Might Be Right’ Name Index Volume II Acknowledgements An introduction by the editors to all three volumes appears in Volume I PART I PROPERTY 1. Harold Demsetz (1967), ‘Toward a Theory of Property Rights’ 2. Saul Levmore (1987), ‘Variety and Uniformity in the Treatment of the Good-Faith Purchaser’ 3. J. Mark Ramseyer (1989), ‘Water Law in Imperial Japan: Public Goods, Private Claims, and Legal Convergence’ 4. Kathryn Firmin-Sellers (2000), ‘Custom, Capitalism, and the State: The Origins of Insecure Land Tenure in West Africa’ 5. Michael A. Heller (1998), ‘The Tragedy of the Anticommons: Property in the Transition from Marx to Markets’ 6. Francesco Parisi (2002), ‘Entropy in Property’ PART II TORT LAW AND RESTITUTION 7. Michelle J. White (1989), ‘An Empirical Test of the Comparative and Contributory Negligence Rules in Accident Law’ 8. J. Finsinger, T. Hoehn and A. Pototschnig (1991), ‘The Enforcement of Product Liability Rules: A Two-Country Analysis of Court Cases’ 9. Boudewijn Bouckaert and Gerrit De Geest (1995), ‘Private Takings, Private Taxes, Private Compulsory Services: The Economic Doctrine of Quasi Contracts’ 10. Claus Ott and Hans-Bernd Schäfer (1997), ‘Negligence as Untaken Precaution, Limited Information, and Efficient Standard Formation in the Civil Liability System’ 11. Mauro Bussani, Vernon Valentine Palmer and Francesco Parisi (2003), ‘Liability for Pure Financial Loss in Europe: An Economic Restatement’ PART III CONTRACTS AND CONSUMER PROTECTION 12. Steven N.S. Cheung (1969), ‘Transaction Costs, Risk Aversion, and the Choice of Contractual Arrangements’ 13. Janet T. Landa (1981), ‘A Theory of the Ethnically Homogeneous Middleman Group: An Institutional Alternative to Contract Law’ 14. Heidi Kroll (1987), ‘Breach of Contract in the Soviet Economy’ 15. Wouter P.J. Wils (1993), ‘Who Should Bear the Costs of Failed Negotiations? A Functional Inquiry into Precontractual Liability’ 16. Hein Kötz (2000), ‘Precontractual Duties of Disclosure: A Comparative and Economic Perspective’ 17. Ronald J. Gilson (1999), ‘The Legal Infrastructure of High Technology Industrial Districts: Silicon Valley, Route 128, and Covenants Not to Compete’ 18. Pamaria Rekaiti and Roger Van den Bergh (2000), ‘Cooling-off Periods in the Consumer Laws of the EC Member States. A Comparative Law and Economics Approach’ Name Index Volume III Acknowledgements An introduction by the editors to all three volumes appears in Volume I PART I CORPORATE LAW AND ORGANIZATIONS 1. Mark J. Roe (1993), ‘Some Differences in Corporate Structure in Germany, Japan, and the United States’ 2. Michelle J. White (1996), ‘The Costs of Corporate Bankruptcy: A U.S.-European Comparison’ 3. Henry Hansmann and Ugo Mattei (1998), ‘The Functions of Trust Law: A Comparative Legal and Economic Analysis’ 4. Rafael La Porta, Florencio Lopez-de-Silanes and Andrei Shleifer and Robert W. Vishny (1998), ‘Law and Finance’ 5. Bernard Black, Reinier Kraakman and Anna Tarassova (2000), ‘Russian Privatization and Corporate Governance: What Went Wrong?’ 6. Henry Hansmann and Reinier Kraakman (2001), ‘The End of History for Corporate Law’ 7. John C. Coffee, Jr. (2001), ‘Do Norms Matter? A Cross-country Evaluation’ PART II PROCEDURAL LAW 8. Geoffrey P. Miller (1997), ‘The Legal-Economic Analysis of Comparative Civil Procedure’ 9. J. Mark Ramseyer and Minoru Nakazato (1989), ‘The Rational Litigant: Settlement Amounts and Verdict Rates in Japan’ 10. Michael Adams (1995), ‘The Conflict of Jurisdictions – An Economic Analysis of Pre-trial Discovery, Fact Gathering and Cost Shifting Rules in the United States and Germany’ 11. Richard A. Posner (1996), ‘Lecture Three: Functional, Systemic Comparisons of Legal Systems’ 12. Robert D. Cooter and Tom Ginsburg (1996), ‘Comparative Judicial Discretion: An Empirical Test of Economic Models’ 13. Edgardo Buscaglia and Thomas Ulen (1997), ‘A Quantitative Assessment of the Efficiency of the Judicial Sector in Latin America’ Name Index

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Book SynopsisThe Status of Women in Classical Economic Thought is the first volume to explore how the classical economists explained the status of women in society. As the essays show, the focus of the classical school was not nearly as limited to the activities of men as conventional wisdom has supposed. The contributors explore their insights and how they illuminate contemporary economic debates regarding women's status.The classical school specified a number of fundamental research themes which have since dominated how economists approach this topic. A sophisticated response was developed to the question: why is it that in all human societies women have suffered a lower status than that enjoyed by men? Those who theorized on the question are covered here and include: Poulain de la Barre, John Locke, Montesquieu, Adam Smith, Nicolas and Sophie de Condorcet, Jeremy Bentham, Priscilla Wakefield, Jean-Baptiste Say, Nassau Senior, John Stuart Mill and Harriet Taylor Mill, Harriet Martineau, William Thompson and Anna Wheeler.Economists interested in the history of their discipline as well as women's studies scholars from history, philosophy and politics will find this an enlightening volume. Non-technical in nature, it will also appeal to anyone interested in how economists have explained the economic and social status of women.Trade Review'Seven authors contributed to this well-edited volume that explores the publications, lectures, public comments, and correspondence of several well- and lesser-known classical thinkers regarding women's role in society, politics, and the economy. . . . anyone interested in gender scholarship and/or economic thought will find the collection interesting and long overdue. . . . very informative and insightful. I would say it is a book every economist and serious student with an interest in the history of thought and/or gender analysis should read, and of course it will also be beneficial for historians of feminist thought. As a teaching tool, it will make a useful companion to a traditional history of economic thought text.' -- Jennifer Ball, Research in the History of Economic Thought and Methodology'Focusing on the relatively unstudied status of women in classical political economy, this important collection of essays will inform, delight, and even surprise the reader. The essays provide a testimony both to the intellectual richness of the period, as well as the extraordinary social and political events of the time. The most striking unifying theme of the work is how social and political contexts served to generate the economic ideas of and about women.' -- Sandra J. Peart, Research in the History of Economic Thought and Methodology'The Status of Women in Classical Economic Thought contains 15 essays, all of good quality and most by well-known scholars. . . it is the only work of its kind and will be indispensable for scholarly use.' -- Athol Fitzgibbons, Economic Analysis and Policy'Each of the contributors, Annie L. Cot, Evelyn Forget, Peter Groenewegen, Thomas Heenan, and David Levy, in addition to the two editors, provide analyses that enlighten us about the nature of classicists' interest in the sources of gender inequalities, and the possibilities for readdressing them.' -- Ingrid H. Rima, EH.Net'A worthwhile volume for those interested in the history of the economic status of women, and as a basic reference for all academic libraries. Highly recommended.' -- E.P. Hoffman, ChoiceTable of ContentsContents: 1. Gender Relations and Classical Economics – The Evolution of a Tradition 2. Poulain de la Barre and the Rationalist Analysis of the Status of Women 3. John Locke, Equality of Rights and Diversity of Attributes 4. Biology and Environment: Montesquieu’s Relativist Analysis of Gender Behaviour 5. Adam Smith, Stage Theory and the Status of Women 6. Women’s Progress and ‘the End of History’ 7. Condorcet and Equality of the Sexes: One of Many Fronts for a Great Fighter for Liberty of the Eighteenth Century 8. Cultivating Sympathy: Sophie Condorcet’s Letters on Sympathy 9. ‘Let There be no Distinction Between the Sexes’: Jeremy Bentham on the Status of Women 10. An Eighteenth-Century English Feminist Response to Political Economy: Priscilla Wakefield’s Reflections (1798) 11. The Market for Virtue: Jean-Baptiste Say on Women in the Economy and Society 12. Women in Nassau Senior’s Economic Thought 13. William Thompson and Anna Doyle Wheeler: A Marriage of Minds on Jeremy Bentham’s Doorstep 14. Taking Harriet Martineau’s Economics Seriously 15. John Stuart Mill, Harriet Taylor and French Social Theory Index

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Book SynopsisThis comprehensive three-volume edition brings together the most important contributions in capital theory, from its classical origins to its modern manifestation in endogenous growth models. The readings examine the recurring controversies, and the two incisive, and sharply contrasting introductions by Bliss and by Cohen and Harcourt provide the reader with context and guidance for making sense of this central, contentious and often difficult literature.These authoritative volumes will be an invaluable source of reference for all of those with an interest in this subject.Trade Review'. . . a book like this one is very welcome and much needed to recall old unsolved debates. . . Capital Theory should be on the shelves of all libraries and should be read particularly by our younger colleagues. . .' -- EAEPE Newsletter'Capital theory has been the most difficult and contentious area in the whole of economics for a long time. That is why it keeps falling out of favour. But no matter how hard they try to bypass its many pitfalls, up-to-date economic theorists and historians of economic thought alike can never quite manage the trick. Bliss, Cohen and Harcourt's collection addresses the topic's intrinsic difficulties head on, but because it is beautifully balanced and thoughtfully organised, it makes the many complexities of capital theory accessible to anyone willing to make the effort to work through it. And that ought to be all of us.' -- David Laidler, University of Western Ontario, CanadaTable of ContentsContents: Volume I Acknowledgements Introduction: The Theory of Capital: A Personal View Christopher Bliss Introduction: Capital Theory Controversy: Scarcity, Production, Equilibrium and Time Avi J. Cohen and G.C. Harcourt PART I CLASSICAL AND MARXIAN CONCEPTIONS OF CAPITAL 1. K.H. Hennings ([1987] 1990), ‘Capital as a Factor of Production’ 2. David Ricardo (1951), ‘IV. The Chapter on Value in Edition I’ excerpt from ‘Introduction’, excerpt from ‘On Value’ and ‘On Machinery’ 3. Karl Marx ([1891] 1972), ‘Wage Labour and Capital’ 4. Luigi L. Pasinetti (1983), ‘The Accumulation of Capital’ PART II FOUNDATIONS OF NEOCLASSICAL CAPITAL THEORY: IMPATIENCE AND PRODUCTIVITY 5. Nassau William Senior ([1836] 1938), ‘Instruments of Production’ and ‘Capital’ 6. Ian Steedman (1972), ‘Jevons’s Theory of Capital and Interest’ 7. Syed Ahmad (1998), ‘Rae, Böhm-Bawerk, and Fisher on the Supply and Demand of Capital’ 8. Eugen von Böhm-Bawerk (1959), ‘The Problem of Interest’, ‘Final Conclusions’ and ‘Present and Future in Economic Life’ 9. John B. Clark (1891), ‘Distribution as Determined by a Law of Rent’ 10. John Bates Clark (1899), ‘Kinds of Capital and of Capital-Goods’ 11. Christopher Bliss (1990), ‘Alfred Marshall and the Theory of Capital’ 12. Knut Wicksell ([1934] 1961), ‘Capitalistic Production’ 13. Knut Wicksell ([1934] 1961), ‘Real Capital and Interest (continued): A Mathematical Analysis of Dr. Åkerman’s Problem’ 14. Paul A. Samuelson (1967), Excerpts from ‘Irving Fisher and the Theory of Capital’ 15. Joseph A. Schumpeter ([1934] 1983), ‘Interest on Capital’ PART III SOME AUSTRIAN AND NEO-AUSTRIAN CONTRIBUTIONS TO CAPITAL THEORY 16. Carl Menger ([1871] 1976), Excerpt from ‘The Laws Governing the Value of Goods of Higher Order’ 17. Frank A. Fetter (1902), ‘The “Roundabout Process” in the Interest Theory’ PART IV EARLY NEOCLASSICAL CAPITAL CONTROVERSIES 18. Thorstein Veblen (1908), ‘Professor Clark’s Economics’ 19. Avi J. Cohen (1998), ‘Frank Knight’s Position on Capital and Interest: Foundation of the Knight/Hayek/Kaldor Debate’ 20. Ian Steedman (1994), ‘On The Pure Theory of Capital by F.A. Hayek’ 21. Murray Milgate (1979), ‘On the Origin of the Notion of “Intertemporal Equilibrium”’ 22. J. Fred Weston (1951), ‘Some Perspectives on Capital Theory’ Name Index Volume II Acknowledgements Introductions by the editors to all three volumes appear in Volume I PART I CAPITAL IN ONE-COMMODITY NEOCLASSICAL GROWTH MODELS 1. D.G. Champernowne (1945–1946), ‘A Note on J. v. Neumann's Article on “A Model of Economic Equilibrium”’ 2. F.P. Ramsey (1928), ‘A Mathematical Theory of Saving’ 3. Robert M. Solow (1956), ‘A Contribution to the Theory of Economic Growth’ PART II VARIATIONS ON SIMPLE NEOCLASSICAL GROWTH MODELS: HETEROGENEOUS CAPITAL GOODS, TWO-SECTOR MODELS AND MORE 4. R. Dorfman, P.A. Samuelson and R.M. Solow (1971), ‘Efficient Programmes of Capital Accumulation’ 5. Robert M. Solow (1963), ‘The Rate of Return on Investment’ 6. W.E.G. Salter (1966), ‘A Model of the Delay in the Utilisation of New Techniques of Production’ 7. F.H. Hahn and R.C.O. Matthews (1964), ‘Two-sector Models', excerpt from 'The Theory of Economic Growth: A Survey’ 8. Milton Friedman (1976), ‘The Theory of Capital and the Rate of Interest’ PART III PRODUCTION FUNCTIONS AND AGGREGATE CAPITAL 9. Charles W. Cobb and Paul H. Douglas (1928), ‘A Theory of Production’ 10. Joan Robinson (1953–1954), ‘The Production Function and the Theory of Capital’ 11. D.G. Champernowne (1953–1954), ‘The Production Function and the Theory of Capital: A Comment’ 12. Robert M. Solow (1955–56), ‘The Production Function and the Theory of Capital’ 13. Franklin M. Fisher (1971), ‘Aggregate Production Functions and the Explanation of Wages: A Simulation Experiment’ PART IV KEYNES AND THE CAMBRIDGE SCHOOL 14. R.F. Kahn (1959), ‘Exercises in the Analysis of Growth’ 15. Colin Rogers (1989), excerpts from ‘Wicksellian Monetary Theory’ PART V SRAFFA AND SRAFFIANS 16. Piero Sraffa (1936), Letter to Joan Robinson, 27 October, Archives, King’s College, Cambridge 17. Piero Sraffa (1960), ‘Reduction to Dated Quantities of Labour' and 'Fixed Capital’ 18. Duncan K. Foley (2001), ‘Value, Distribution and Capital: A Review Essay’ PART VI DISAGGREGATED CAPITAL, ACCUMULATION AND GENERAL EQUILIBRIUM 19. Edmond Malinvaud (1953), ‘Capital Accumulation and Efficient Allocation of Resources’ 20. F.H. Hahn (1966), ‘Equilibrium Dynamics with Heterogeneous Capital Goods’ 21. C.J. Bliss (1975), ‘The Orthodox Vision’ 22. Avinash Dixit (1977), ‘The Accumulation of Capital Theory’ PART VII CAPITAL AND OVERLAPPING GENERATIONS 23. Paul A. Samuelson (1958), ‘An Exact Consumption-Loan Model of Interest With or Without the Social Contrivance of Money’ 24. Peter A. Diamond (1965), ‘National Debt in a Neoclassical Growth Model’ 25. J.E. Stiglitz (1969), ‘Distribution of Income and Wealth Among Individuals’ Name Index Volume III Acknowledgements Introductions by the editors to all three volumes appear in Volume I PART I RESWITCHING AND CAPITAL REVERSING 1. Paul A. Samuelson (1962), ‘Parable and Realism in Capital Theory: The Surrogate Production Function’ 2. Luigi L. Pasinetti (1966), ‘Changes in the Rate of Profit and Switches of Techniques’ 3. P. Garegnani (1970), ‘Heterogeneous Capital, the Production Function and the Theory of Distribution’ 4. Paul A. Samuelson (1966), ‘A Summing Up’ 5. Luigi L. Pasinetti (1969), ‘Switches of Technique and the “Rate of Return” in Capital Theory’ 6. Robert M. Solow (1970), ‘On the Rate of Return: Reply to Pasinetti’ 7. Luigi L. Pasinetti (1970), ‘Again on Capital Theory and Solow’s “Rate of Return”’ 8. Edwin Burmeister (1976), ‘Real Wicksell Effects and Regular Economies’ PART II ASSESSMENTS OF THE CAMBRIDGE CAPITAL THEORY CONTROVERSIES 9. G.C. Harcourt ([1969] 1986), ‘Some Cambridge Controversies in the Theory of Capital’ 10. Mark Blaug (1975), ‘A Final Judgement’ 11. Amit Bhaduri (1969), ‘On the Significance of Recent Controversies on Capital Theory: A Marxian View’ 12. Joan Robinson ([1974] 1979), ‘History versus Equilibrium’ 13. Joan Robinson (1975), ‘The Unimportance of Reswitching’ 14. G.C. Harcourt (1976), ‘The Cambridge Controversies: Old Ways and New Horizons – Or Dead End?’ 15. Frank Hahn (1982), ‘The Neo-Ricardians’ 16. Avi J. Cohen (1989), ‘Prices, Capital, and the One-commodity Model in Neoclassical and Classical Theories’ PART III CAPITAL, INCREASING RETURNS AND ENDOGENOUS GROWTH 17. Frank H. Knight (1944), ‘Diminishing Returns from Investment’ 18. Kenneth J. Arrow (1962), ‘The Economic Implications of Learning by Doing’ 19. Paul M. Romer (1986), ‘Increasing Returns and Long-Run Growth’ 20. Paul M. Romer (1990), ‘Endogenous Technological Change’ 21. Kevin M. Murphy, Andrei Shleifer and Robert W. Vishny (1989), ‘Industrialization and the Big Push’ 22. Robert J. Barro and Xavier Sala-i-Martin (1992), ‘Convergence’ 23. Philippe Aghion and Peter Howitt (1998), ‘Market Structure’ 24. Robert M. Solow (2000), ‘Lessons and Suggestions for Aggregative Growth Theory’ Name Index

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Book SynopsisIn the 1990s, institutional and evolutionary economics emerged as one of the most creative and successful approaches in the modern social sciences. This timely reader gathers together seminal contributions from leading international authors in the field of institutional and evolutionary economics including Eileen Appelbaum, Benjamin Coriat, Giovanni Dosi, Sheila C. Dow, Bengt-Ake Lundvall, Uskali Maki, Bart Nooteboom and Marc R. Tool. The emphasis is on key concepts such as learning, trust, power, pricing and markets, with some essays devoted to methodology and others to the comparison of different forms of capitalism. An extensive introduction places the contributions in the context of the historical and theoretical background of recent developments in economics and the social sciences.Essential reading for lecturers, researchers, graduates and advanced undergraduates in economics, business studies and sociology, this diverse yet complementary collection of essays will also find a broad readership amongst those wanting to understand the manifest changes apparent within modern socio-economic systems.Table of ContentsContents: Introduction by Geoffrey M. Hodgson I LEARNING, TRUST, POWER AND MARKETS 1 Marc R. Tool, ‘Contributions to an institutionalist theory of price determination’, in Geoffrey M. Hodgson and Ernesto Screpanti (eds) (1991), Rethinking Economics: Markets, Technology and Economic Evolution, Aldershot: Edward Elgar, pp. 19–39 2 Bengt-Åke Lundvall, ‘The learning economy: challenges to economic theory and policy’, in Klaus Nielsen and Björn Johnson (eds) (1998), Institutions and Economic Change: New Perspectives on Markets, Firms and Technology, Cheltenham: Edward Elgar, pp. 33–54 3 David Young, ‘The meaning and role of power in economic theories’, in John Groenewegen, Christos Pitelis and Sven-Erik Sjöstrand (eds) (1995), On Economic Institutions: Theory and Applications, Aldershot: Edward Elgar, pp. 85–100 4 Sandye Gloria-Palermo, ‘Discovery versus creation: implications of the Austrian view of the market process’, in John Groenewegen and Jack Vromen (eds) (1999), Institutions and the Evolution of Capitalism: Implications of Evolutionary Economics, Cheltenham: Edward Elgar, pp. 78–91 5 Hans Berger, Niels G. Noorderhaven and Bart Nooteboom, ‘Determinants of supplier dependence: an empirical study’, in John Groenewegen, Christos Pitelis and Sven-Erik Sjöstrand (eds) (1995), On Economic Institutions: Theory and Applications, Aldershot: Edward Elgar, pp. 195–212 II PLURALISM AND COMPARATIVE PARADIGMS 6 Benjamin Coriat and Giovanni Dosi, ‘The institutional embeddedness of economic change: an appraisal of the “evolutionary” and “regulationist” research programmes’, in Klaus Nielsen and Björn Johnson (eds) (1998), Institutions and Economic Change: New Perspectives on Markets, Firms and Technology, Cheltenham: Edward Elgar, pp. 3–32 7 Uskali Mäki, ‘The one world and the many theories’, in Andrea Salanti and Ernesto Screpanti (eds) (1997), Pluralism in Economics: New Perspectives in History and Methodology, Aldershot: Edward Elgar, pp. 37–47 8 Sheila C. Dow (1997), ‘Methodological pluralism and pluralism of method’, in Andrea Salanti and Ernesto Screpanti (eds) (1997), Pluralism in Economics: New Perspectives in History and Methodology, Aldershot: Edward Elgar, pp. 89–99 III VARIETIES OF CAPITALISM 9 Eileen Appelbaum and Ronald Schettkat, ‘Institutions and employment performance in different growth regimes’, in Jonathan Michie and Angelo Reati (eds) (1998), Employment, Technology and Economic Needs: Theory, Evidence and Public Policy, Cheltenham: Edward Elgar, pp. 91–114 10 Bernard Chavance and Eric Magnin, ‘Emergence of pathdependent mixed economies in Central Europe’, in Ash Amin and Jerzy Hausner (eds) (1997), Beyond Market and Hierarchy: Interactive Governance and Social Complexity, Cheltenham: Edward Elgar, pp. 196–232 11 Geoffrey M. Hodgson, ‘Varieties of capitalism and varieties of economic theory’, in Klaus Nielsen and Björn Johnson (eds) (1998), Institutions and Economic Change: New Perspectives on Markets, Firms and Technology, Cheltenham: Edward Elgar, pp. 215–42 Index

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Book SynopsisThis unique book demonstrates how instruments of economics can be usefully employed to analyse social policy. The merits and limits of social policy programmes are discussed as answers to problems of market societies.Taking this enlightened approach, the author addresses key issues such as access to health services, pension programmes, unemployment, poverty and family support. Microeconomic tools are used to evaluate the rationale behind these programmes, underpinning the theoretical propositions with strong empirical research. Unusually, economic values are shown to harmonise with, rather than condemn, ideas of social protection.Providing information about institutional structures of social policy programmes in many countries, this book will be a must for academics and students interested in social policy and the welfare state. Furthermore, those who want to follow the political and scientific discussion of social policy matters will find this book invaluable.Trade Review'This is going to be a most useful book. . . It is sensible, informed, well-argued, and clear, and there is a good balance between theory and the results of empirical research. . . For both teachers and students this will prove to be a valuable textbook; and for politicians, commentators, and others, it will be a helpful resource, showing how useful economic theory can be when social policy is discussed, and also what its proper limits are.' -- Citizen's IncomeTable of ContentsContents: Preface 1. Introduction 2. Equilibrium, Welfare, Uncertainty 3. Economic Aspects of Social Policy 4. Social Health Policy 5. The Economics of Pensions 6. Social Policy and the Labour Market 7. Families, Children and Gender 8. Poverty Index

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Book SynopsisFor individual actors involved in economic activities (i.e. production, exchanges), conventions and structures represent two different types of opportunity or constraint. Conventions refer to values, rules and representations that influence economic behaviour. Structures refer to patterns of resource interdependencies existing among members of any social system. This book contributes to the current rapprochement between economics and sociology. It examines the fact that individuals use rules and interdependencies to forward their own interests, while living in social environments where everyone does the same. The authors argue that to construct durable organizations and viable markets, they need to be able to handle both. However, thus far, economists and sociologists have not been able to reconcile the relationship between these two types of constraints on economic activity. Conventions and Structures in Economic Organization seeks to bridge this gap and will appeal to students and scholars in both economics and sociology, offering them new ideas about how they can co-operate in unsuspected ways and combine their interdisciplinary efforts.Trade Review'One of the most exciting developments in recent European economic thought is the emergence of the approach known as 'the economics of convention'. No better introduction to this school of thought, with its interesting mixture of economics and sociology, could be had than this anthology, which is edited by economist Olivier Favereau and sociologist Emmanuel Lazega.' -- Richard Swedberg, Stockholm University, SwedenTable of ContentsContents: Introduction Emmanuel Lazega and Olivier Favereau 1. No Man is an Island: The Research Program of a Social Capital Theory Henk Flap 2. Conventionalist Approaches to Enterprise François Eymard-Duvernay 3. Institutional Embeddedness of Economic Exchange: Convergence Between New Institutional Economics and the Economics of Conventions Christian Bessy 4. Transaction Cost Economics and Governance Structures: Applications, Developments and Perspectives Didier Chabaud and Stéphane Saussier 5. Organizational Ecology David N. Barron 6. Interdependent Entrepreneurs and the Social Discipline of their Cooperation: A Research Programme for Structural Economic Sociology in a Society of Organizations Emmanuel Lazega and Lise Mounier 7. Employer/Employee Relationship Regulation and the Lessons of School/Work Transition in France Alain Degenne 8. Where Do Markets Come From? From (Quality) Conventions! Olivier Favereau, Olivier Biencourt and François Eymard-Duvernay 9. Market Profiles: A Tool Suited to Quality Orders? An Empirical Analysis of Road Haulage and the Theatre Olivier Biencourt and Daniel Urrutiaguer 10. Solidarity, its Microfoundations and Macrodependence. A Framing Approach Siegwart Lindenberg Conclusion: Quality is a System Property. Downstream Harrison C. White Index

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Book SynopsisThis volume investigates the relationship between globalization, inequality and social capital, and reveals that although strongly related, these ideas are also highly contested. The authors elucidate the interactions between these concepts, looking in detail at the conflicts and competitiveness which can arise at both the national and organizational level.The authors examine public and private sector reforms in relation to globalization and inequality, highlight the tensions between global governance and societal resistance, and demonstrate how social capital contributes to systemic competitiveness. More specifically, a number of topical case studies, which focus on a variety of issues, clearly show the contested experiences of globalization, inequality and social capital. These include the introduction of ISO standards; the transformation of the Czech Republic; reforms in the British National Health Service; a comparison of the adoption of new forms of management in the US and the Netherlands; and the role of consultancies in regional economic development. These studies highlight the formal and informal boundaries which exist between different groups in society. Although these boundaries do resist change, at the same time they are flexible and - so the authors argue - can therefore play a significant role in shaping the dynamics of society and the economy.The multidisciplinary approach and the variety of case studies will make this book required reading for institutional and international economists, political and social scientists, and scholars of international relations, management and organization.Trade Review'The editors have managed amazingly well to bring coherence in a wide range of topics and approaches connecting globalization and social capital.' -- Irene van Staveren, Journal of Economic IssuesTable of ContentsContents: Preface 1. The Possibility of Deglobalization 2. Globalization, Social Capital and Inequality: An Introduction 3. Social Capital and Systemic Competitiveness 4. Transformation, Integration and Inequality: The Case of the Czech Republic 5. Technical Consultancies and Regional Competences 6. Collective Learning, Knowledge Articulation and Routinization in the Food Industry: The Case of ISO 9002 Quality Standard 7. Globalization of the Employment Relationship: Evidence for Continuing Divergence 8. The Process of Market Orientation in the UK’s National Health Service 9. Contested Boundaries: Globalization, Social Capital and Inequality Index

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Book SynopsisModern evolutionary economics is now nearly two decades old and in this excellent book, a distinguished group of evolutionary economists identify the most important developments and discuss the direction of future research.By moving away from traditional concerns with the operation of selection mechanisms towards a preoccupation with the manner in which the novelty and variety provide fuel for such mechanisms, the authors identify a key development in the field. Evolutionary economists have been drawn into the modern complexity science literature which attempts to provide an understanding of how and why 'complex adaptive systems' engage in processes of self-organization. The goal is to provide an integrated analysis of both selection and self-organization that is uniquely economic in orientation. After a brief overview of the many key achievements and continuing challenges, the first part of the book deals with theoretical perspectives, discussing institutional change, social constructions, complexity, selection and self-selection and the usefulness of theory. Part two deals with empirical perspectives and includes discussion of replicator dynamics, the measurement of heterogeneity and complexity, and modelling organizations as complex adaptive systems. This unique book will appeal to evolutionary and industrial economists and policymakers involved with issues of innovation and management scientists.Trade Review'This compilation by leading protagonists is a must for a greater understanding of the world we are living in and wanting to see change for the better.' -- Gerry Sweeney, PrometheusTable of ContentsContents: Preface Part I: Theoretical Perspectives Part II: Empirical Perspectives Index

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