Economic theory and philosophy Books

Book SynopsisHenry George's Progress and Poverty sold more than 3 million copies by the time of its 50th anniversary in 1929 - outselling all other works on economics - yet today economics students can complete their courses without ever having heard of the author's name. This collection redresses this neglect, by presenting a range of perspectives on Henry George's fertile ideas which, it is increasingly argued, merit revisiting in terms of their capacity to contribute towards solutions to current problems including runaway land values, nationalization of land, monopoly control of public assets and environmental degradation. The book also discusses George's significant theoretical contributions, including the 'Henry George Theorem' - named after him by two Nobel prize winning economists - and important insights bearing on the relation of evolutionary theory to economics. The authors also discuss George's powerful influence on the economic development of Australia and New Zealand, and the affinity he felt for these countries is also considered.Henry George's Legacy in Economic Thought will appeal in particular to upper level students and scholars of the history of economic thought and the public sector but also to economists more widely.Trade Review'. . . well-written scholarly volume that is laden not only with George's ideas but also provides an extensive treatment of economic thought and economic history. . . read this book and sample George's many insights into contemporary economic issues.' -- Joseph A. Giacalone, Journal of the History of Economic Thought'Georgists will discover new ideas for discourse and scrutiny. . . everyone interested in the history of economic thought is likely to find something of interest in the eleven chapters in this bold book. . . This book will generate meaningful debate for some time to come.' -- Jim Horner, Journal of Economic Issues'It is. . . refreshing to come across a collection of essays on Henry George's legacy in economic thought that is worth reading. . . Every good research library should own a copy of this publication.' -- Gregory Moore, History of Economics ReviewTable of ContentsContents: Part I: Historical Background 1. Introduction 2. Henry George and Darwin’s Dragon: Thomas Henry Huxley’s Response to Progress and Poverty 3. Tolstoy’s Henry George: ‘A Step on the First Rung of the Ladder. . .’ 4. Henry George: Evolutionary Economist? Part II: Theoretical Issues 5. The Duke of Argyll and Henry George: Land Ownership and Governance 6. The Henry George Theorem and the Entrepreneurial Process: Turning Henry George on his Head 7. Henry George’s Land Reform: The Distinction between Private Ownership and Private Possession Part III: Current Debates 8. The Philosophy and Feasibility of Henry George’s Land-Value Tax: Criticisms and Defences, with Particular Reference to the Problem of the Land-Rich-and-Income-Poor 9. Equal Rights, Competition and Monopoly: Henry George’s Insight into Current Debates on Regulation of Common Use Infrastructure 10. Land Tax in Australia: Principles, Problems and Policies 11. Enduring but Unacknowledged: The Georgist Inheritance in Australia Index

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Book SynopsisThis fully updated new edition continues in the vein of its predecessor by viewing cost-benefit analysis as applied welfare economics, while at the same time building on the earlier framework by extending the theory and providing further applications in each chapter. New for this edition are analyses of theory related applications in mental health, condom social marketing programs, female primary education as a means of preventing HIV/AIDS and the pricing of natural gas. Presented in an integrated manner, the theoretical concepts are constructed around the main building blocks of CBA, such as shadow pricing, distribution weights, the social discount rate and the marginal cost of public funds. This edition will cement the book's place as a major and accessible text in the field and will be of great interest to graduate and undergraduate students of welfare economics and microeconomic theory, as well as government economists involved with any area of public policy.Trade ReviewAcclaim for first edition:'The author succeeds in bringing together many interesting real-life applications of CBA in various areas (including among others health, environment and transportation). The examples are well chosen to illustrate the basic issues and show clearly the crucial importance of theoretical and assumptions. Moreover, they are presented in an accessible amethodologicalnd attractive way. For those who know already the principles of CBA, these applications are stimulating and enjoyable reading.' -- Erik Schokkaert, Tijdschrift voor Economie en ManagementTable of ContentsContents: Preface to the First Edition Preface to the Second Edition Part I 1. Introduction to CBA Part II 2. Compensation Tests 3. Consumer Surplus Part III 4. Shadow Prices 5. External Effects 6. Public Goods 7. Risk and Uncertainty 8. Measurement of Intangibles 9. Marginal Cost of Public Funds Part IV 10. Distribution Weights 11. Social Discount Rate Part V 12. User Fees References Index

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Book SynopsisBenefit-cost analysis (BCA) is the best technique for analyzing proposed or previously enacted projects to determine whether undertaking them is in the public interest, or for choosing between two or more mutually exclusive projects. An introduction to BCA for students as well as practitioners, this accessible volume describes the underlying economic theory and legal and philosophical foundations of BCA. BCA provides an objective framework around which discussion, correction and amendment can take place. Stated simply, it is the calculation of values for all the inputs and outputs from a project and then the subtraction of the first from the second. The authors' goal here is to take the mystery out of the process. They discuss practical issues of market-based valuation and aggregation, non-market valuation, practical applications of general equilibrium models, issues in discounting, and the impacts of risk and uncertainty in BCA. They also provide a list of resources and case studies looking at ethanol and the use of cellular phones by drivers. Straightforward in style and cutting-edge in coverage, this volume will be highly usable both as a text and a reference. Advanced undergraduates and masters students in public policy, public administration, economics and health care administration programs will find this a valuable resource. It will also be of great use to agencies that perform benefit-cost analyses.Table of ContentsContents: 1. Introduction 2. Legal and Philosophical Foundations for Benefit–Cost Analysis 3. Standing in Benefit–Cost Analysis 4. Analyzing Welfare Changes 5. Valuing Inputs Using Market Prices 6. Valuing Outputs Using Market Prices 7. Assigning Monetary Values Using Shadow Values 8. General Equilibrium Analysis 9. Discounting and Net Present Value 10. Risk and Uncertainty 11. Case Studies 12. Resources Index

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Book SynopsisSolidly grounded on Aristotelian anthropology, moral capital develops a set of principles, practices and metrics useful to business leaders and managers, while eliminating the ambiguity of social capital and allowing for the integration of business ethics initiatives into a robust corporate culture.Sison studies a wide range of recent management cases from the viewpoint of moral capital: the sorry state of US airport screeners before 9-11, the Ford Explorer rollovers and Firestone tire failures, the battle for the 'HP way' between Carly Fiorina and the heirs of the founding families, the dynamics of Microsoft's serial monopolistic behavior, the pitfalls of Enron's senior executives, the sincerity of Howard Lutnick's commitment to Cantor Fitzgerald families, how Andersen's loss of reputation proved mortal and a fresh look at Jack Welch's purported achievements during his tenure at GE.He explains the relationship between different structural and operational levels in the human being (actions, habits, character and lifestyle) and in the firm (products, protocols, corporate culture and corporate history). These levels are later associated with different institutions of moral capital (basic currency, interests, investment bonds, estates or legacies). Strategies for measuring, developing and managing moral capital on both a personal and an organizational plane are also discussed.This engaging and provocative study is a must-read for professors, students, and practitioners of business ethics, general management, human resource management and economic theory.Trade Review'Sison offers an ambitious approach for tackling the ever-present concern of corporate ethical behavior. In this timely work, he introduces and defines the concepts of moral and social capital, creating analogies with commonly used financial terminology (e.g. currency and compound interest). Drawing on many examples of contemporary moral behavior in corporations, he carefully crafts an engaging explanation of human-corporate interactions and then connects them with his analogous 'institutions' of moral capital. His concluding chapter offers ways to measure and manage moral capital. Chapter references and an index add value for scholars. . . many complexities are simplified in the well-written discussion. . . Recommended.' -- L.J. Cumbo, Choice'In this book, Alejo Sison takes the notion of 'social capital' very seriously and gives us an 'Aristotelian' analysis of its importance in modern business life. He also gives us diagnoses of some of the worst recent abuses of trust and their terrible cost. It is a timely work, to be recommended.' -- Robert C. Solomon, University of Texas, Austin, US'[This book is] an illuminating and sophisticated exploration of virtues and values, with important implications for leadership and followership in both the economic and political marketplaces. [It is] a major contribution to the growing field of leadership.' -- James MacGregor Burns, William College, USTable of ContentsContents: Foreword Introduction 1. Understanding Labor: From Manpower to Social Capital 2. Moral Capital and Leadership 3. Actions, Moral Capital’s Basic Currency 4. Habits, Moral Capital’s Compound Interest 5. Character, Moral Capital’s Investment Bond 6. Lifestyles and Moral Capital Estates 7. Measuring and Managing Moral Capital Index

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Book SynopsisOn the 100th anniversary of the birth of one of the 20th century's most accomplished and controversial economists, scholars from around the world reflect on the legacy of Joan Robinson's work. Addressing Robinsonian themes in growth, money, trade and methodology, their essays provide fresh perspectives on old questions. Joan Robinson's first priority was not theoretical perfection or abstract rigor. The arcane debates of the profession had little practical relevance and became increasingly tedious to her. Ironically, much of current economic theory embraces the realism she was striving toward. Indeed, as the essays in this volume show, she was in many ways ahead of her time. The volume begins by tracing the intellectual contours of her work and discussing the people and events that shaped her thinking. The succeeding chapters address her theories on accumulation, capital, and equilibrium, her interpretation of Marx, as well as the influence of Piero Sraffa. Several chapters analyze and extend her theory of growth, illustrating the wide applicability of her approach. A compelling exploration of Joan Robinson's contributions, this volume will be of great interest to scholars interested in growth, income distribution, post-Keynesian economics, macroeconomics, history of thought, money, capital theory, international trade and finance.Trade Review'The articles are well written and with clear purpose. The book is thought-provoking for those interested in issues of macroeconomic theory and political economy and for those curious about what the sources of some of the major twentieth-century controversies were, and to some extent still are.' -- Michael Brun, Feminist EconomicsTable of ContentsContents: Foreword by Timothy Nulty Introduction Part I: Retrospective 1. Joan Robinson and her Circle 2. Robinson and Sraffa 3. Robinson on Marx 4. Knowledge Without Pain Part II: A Sense of Realism 5. Robinson on ‘History versus Equilibrium’ 6. Expectations and the Capital Controversy 7. Robinson, History and Equilibrium 8. Equilibrium, Stability and Economic Growth 9. On Different Regimes of Accumulation 10. Class Conflict and the Cambridge Theory of Distribution 11. A Robinson Model for Argentina Part III: Thematic Breadth 12. Beyond the Accumulation of Capital 13. Robinson on Credit, Money and Finance 14. Money in The Accumulation of Capital 15. International Economics after Robinson References Index

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Book SynopsisQuality has never been more important for the future of higher education and the economy than it is today. Unfortunately, the decline in student quality is accompanied by costs that are out of control, a governance system that will not permit any reallocation of resources, and a society that expects higher education to address problems that are well beyond its core competencies. In this timely volume, Robert E. Martin presents a thorough treatment of the social contract between those who fund higher education and those who benefit from it.In-depth discussions include: the institution's role as steward of the higher education social contract the role of transaction costs, risk bearing, production technology, and asset ownership in determining the internal structure of the institution the market for academic charities price, quality, and advertising competition in higher education. Formal models of production and cost, optimal fundraising, the maximization of academic reputation, agency behavior, and the student's enrollment decision are also presented and analyzed.Cost Control, College Access, and Competition in Higher Education will be of great interest to higher education researchers and administrators, economists, and public policymakers.Trade Review'This book is much more interesting, and more important, than its technical-sounding title might suggest. It combines rigorous economic analysis with thoughtful conclusions as to the public purposes and organisational priorities of higher education.' -- Paul Temple, Institute of Education, UK'The book provides an interesting blend of conceptual, theoretical, methodological and empirical aspects on costs of higher education that are key to understanding how higher education institutions operate. The author examines in detail the complexities involved in the application of principles of firms to academic institutions, such as pricing, cost functions, product functions, quality, product differentiation, subsidies, competition, technology, risk bearing, etc. The examination of how charity market works, the economic forces that explain the demand for and supply of endowment funds is quite insightful. By emphasizing the public good nature of higher education, the social purpose it serves, the principle of equality in higher education, the principle of social contract, erosion of public trust, etc., while addressing a broad set of standard issues in economics of higher education relating to costs and quality of higher education, the book indeed forms a special reading on the subject.' -- Jandhyala B.G. Tilak, Journal of Educational Planning and AdministrationTable of ContentsContents: Foreword 1. The Social Contract 2. Foundations 3. Production and Cost 4. The Charity Market 5. An Enterprise Model 6. Price and Product Differentiation 7. College Access 8. Overview References Index

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Book SynopsisThis Companion of nineteen essays, accompanied by the editor's introduction, investigates aspects of the philosophical foundations of Adam Smith's thought as well as his economic analysis and approach to policy. The authors view Adam Smith's work as an interconnected system of thought, which incorporates both moral philosophy and economics. His earlier work in moral philosophy, The Theory of Moral Sentiments receives significant consideration and the contributors also discuss important connections and insights into the sort of economics that Adam Smith is more widely known for in his Wealth of Nations. This book is distinguished from other collections of essays on Adam Smith in that all of the contributors are economists, and the coverage is determined by the interests of contemporary economists and scholars in the history of economic thought.A wide audience will find this Companion of great value and interest, including economists, the general economics profession, political scientists and political theorists, and philosophers with an interest in Adam Smith's work as well as historians of economics. Advanced undergraduate and post-graduate students in these fields will also warmly welcome the book.Trade Review‘The Elgar Companion to Adam Smith contains a set of papers by outstanding scholars, many of whom have made a career of studying Smith and have separately written book-length treatises on him. The reader is thus treated to a mature and nuanced treatment of Smith throughout. . . an outstanding collection by a gifted group of writers, and is highly recommended.' -- Jonathan B. Wright, EH.NET'If you wish to immerse yourself in debates over the wealth of ideas to be found in Adam Smith's writings, this is the book for you.' -- Michael Schneider, History of Economics ReviewTable of ContentsContents: Introduction Jeffrey T. Young Table of Smith’s Primary Works Brendan Long Smith’s Life and Major Works Brendan Long PART I: ADAM SMITH’S SYSTEM AND ITS ANTECEDENTS: PHILOSOPHICAL CONCERNS 1. Adam Smith, the Last of the Former Virtue Ethicists Deirdre McCloskey 2. Adam Smith and Aristotle Gloria Vivenza 3. Agency and Discourse: Revisiting the Adam Smith Problem Vivienne Brown 4. Adam Smith’s Theism Brendan Long 5. Smith’s Philosophy and Economic Methodology Sheila C. Dow 6. The Moral Philosophical Frame of Adam Smith’s Economic Thought Jerry Evensky PART II: ADAM SMITH’S SYSTEM AND ITS ANTECEDENTS: ANALYTICAL ECONOMICS 7. Adam Smith, the Physiocrats and Turgot Peter Groenewegen 8. Wants versus Needs: A Smithian Model of General Equilibrium Amos Witztum 9. Stochastic Demand and the Extent of the Market: Another Piece of the Smith Puzzle James M. Buchanan and Yong J. Yoon 10. Smithian Answers to Some Puzzling Results in the Experimental Literature Maria Pia Paganelli PART III: APPLICATIONS AND POLICY ANALYSIS 11. The Invisible Hand Warren J. Samuels 12. Adam Smith and Economic Development Salim Rashid 13. ‘In the Heat of Writing’: Polemics and the ‘Error of Adam Smith’ in the Matter of the Corn Bounty Glenn Hueckel 14. The Mercantile System Andrew S. Skinner 15. Jeremy Bentham and Adam Smith on the Usury Laws: A ‘Smithian’ Reply to Bentham and a New Problem Samuel Hollander 16. ‘Only Three Duties’: Adam Smith on the Economic Role of Government Steven G. Medema and Warren J. Samuels 17. Adam Smith on the Standing Army versus Militia Issue: Wealth Over Virtue? Leonidas Montes 18. Adam Smith and the Place of Faction David M. Levy and Sandra J. Peart 19. Adam Smith and the Chicago School Steven G. Medema Index

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Book SynopsisDemocracy is the rule of the people. Exchange is supply and demand. Individualism, agreement, tolerance and choice are the underlying values that make possible the productive collaboration of the market and the state. This book assesses the theories of democracy and exchange of five interdisciplinary thinkers who tried to unite political and economic reasoning into a single theory of moderation and pragmatic management.Democracy and Exchange is about the twin pillars of the consultative order. The subject is perennially topical and interesting, both in rich countries and in less-developed countries that are developing their own institutional mix. It also provides an in-depth analysis and comparison of the political economy of five seminal theorists: Adam Smith, Richard Titmuss, T.H. Marshall, J.K. Galbraith and Joseph Schumpeter.David Reisman's book will be of great interest to academics trying to understand the history of economic, political and social ideas, institutional economics, economic sociology and social policy. It is a comprehensive and novel interpretation of two related interrelated concepts, five difficult authors and some of the most pressing issues in present-day debates.Trade Review'This is a remarkable book. The chapters on Schumpeter and Marshall alone are worth the price and effort.' -- Journal of the History of Economic Thought'This is a remarkable book. The chapters on Schumpeter and Marshall alone are worth the price and effort.' -- Charles R. McCann, Jr., Journal of the History of Economic Thought'David Reisman has taken the impressive task to examine the relationship between democracy and exchange. He assesses the theories of the two pillars of political economy of five main figures in the history of economic thought (Schumpeter, Smith, Titmuss, T.H. Marshall and Galbraith). He does so in a very profound way providing a novel interpretation of the concepts of democracy and exchange.' -- European Association for Evolutionary Political Economy'David Reisman has written over a dozen books on important figures in political economy and has brought his subjects and their ideas to life as have few other authors. Now Reisman the historian of economic thought has become Reisman the political economic theorist. He puts to good use the insights of the important figures and of their critics to produce nothing less than the identification of the elements, problems, explanatory chains of reasoning, solutions, and critiques of solutions that issue forth from the transcendent problem of modern political economy: the achievement of democracy, somehow defined, in a world of unequal achievement and power, governance as encompassing more than government, and the manufacture of belief and manipulation of sentiment, with perceptivity and subtlety. It is a book I wish I had written.' -- Warren J. Samuels, Michigan State University, USTable of ContentsContents: 1. Introduction: Democracy and Exchange 2. Schumpeter on Democracy: The Classical Doctrine 3. Schumpeter on Democracy: The Economic Approach 4. Schumpeter: The Preconditions for Politics 5. Schumpeter: States and Systems 6. Galbraith: Ideas and Events 7. T.H. Marshall: Citizenship and Social Thought 8. T.H. Marshall: Citizenship and Social Rights 9. T.H. Marshall: Citizenship and Social Distance 10. T.H. Marshall: Welfare on the Middle Ground 11. Titmuss: Welfare as Good Conduct 12. Conclusion: Adam Smith on Market and State References Index

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Book SynopsisThis pathbreaking collection brings together a selection of work by Nobel Prize winning authors from the archives of the Institute of Economic Affairs. The laureates whose work is featured made an important contribution to economists' understanding of a market economy. Nevertheless, it is unlikely that the editors, the publishers or the authors of these outstanding articles would have predicted quite how widespread and important their influence would be. The editors have chosen works to demonstrate the challenge raised by these authors to the socialist consensus of the time amongst both academics and politicians. The volumes are organised by theme, examining issues such as monetary policy, unemployment, and government regulation, as well as considering the power of language and ideas.Trade Review'This symposium brings together contributions of many of those who wrote for the IEA over the years and had their courage rewarded by gaining the Nobel Prize in economics. . . The writings of authors such as Hayek and Friedman are as relevant today, both to academics and politicians, as they were thirty years ago. The collection of essays brought together in The Road to Economic Freedom will therefore be welcomed as much by students of history as by all interested in understanding the contemporary political debate.' -- From the foreword by The Rt. Hon. The Baroness ThatcherTable of ContentsContents Volume I Acknowledgements Foreword The Rt. Hon. The Baroness Thatcher Introduction Philip Booth and John Meadowcroft PART I MONETARY POLICY AND PRICE STABILITY 1. Milton Friedman ([1970] 2003), ‘The Counter-Revolution in Monetary Theory’ 2. H. Geoffrey Brennan and James M. Buchanan (1981), Monopoly in Money and Inflation: The Case for a Constitution to Discipline Government 3. F.A. Hayek ([1976] 1990), Denationalisation of Money: The Argument Refined 4. F.A. Hayek (1976), Choice in Currency: A Way to Stop Inflation 5. F.A. Hayek (1986), ‘Market Standards for Money’ 6. J.E. Meade (1985), Wage-Fixing Revisited 7. James E. Meade (1975), ‘An Effective Social Contract’ 8. Milton Friedman (1974), Monetary Correction 9. Milton Friedman (1974), ‘Inflation, Taxation, Indexation’ 10. F.A. Hayek (1974), ‘Inflation: The Path to Unemployment’ 11. Milton Friedman (1986), ‘Keynes’s Political Legacy’ PART II UNEMPLOYMENT 12. F.A. Hayek (1975), Full Employment at Any Price? 13. F.A. Hayek (1980), ‘Trade Unions – The Biggest Obstacle’ 14. F.A. Hayek ([1980] 1984), 1980s Unemployment and the Unions: The Distortion of Relative Prices by Monopoly in the Labour Market 15. Milton Friedman ([1975] 2003), ‘Unemployment versus Inflation? An Evaluation of the Phillips Curve’ 16. Sir John Hicks (1975), ‘The Permissive Economy’ 17. Milton Friedman (1977), Inflation and Unemployment: The New Dimension of Politics. The 1976 Alfred Nobel Memorial Lecture 18. James E. Meade (1971), Wages and Prices in a Mixed Economy Name Index Volume II Acknowledgements An introduction by the editors to both volumes appears in Volume I PART I THE ECONOMICS OF GOVERNMENT 1. James M. Buchanan (1978), ‘From Private Preferences to Public Philosophy: The Development of Public Choice’ 2. James M. Buchanan (1989), ‘Post-Reagan Political Economy’ 3. James M. Buchanan (1990), ‘Europe’s Constitutional Opportunity’ 4. F.A. Hayek (1973), Economic Freedom and Representative Government 5. F.A. Hayek (1978), ‘Will the Democratic Ideal Prevail?’ 6. James M. Buchanan and Gordon Tullock (1981), ‘An American Perspective: From “Markets Work” to Public Choice’ 7. James E. Meade ([1962] 1970), UK, Commonwealth and Common Market: A Reappraisal PART II GOVERNMENT REGULATION AND THE SIZE OF GOVERNMENT 8. James M. Buchanan (1965), The Inconsistencies of the National Health Service 9. Sir John Hicks (1966), ‘After the Boom…: Thoughts on the 1966 Economic Crisis’ 10. James M. Buchanan and Richard E. Wagner (1978), ‘Democracy and Keynesian Constitutions: Political Biases and Economic Consequences’ 11. J.M. Buchanan, J. Burton and R.E. Wagner (1978), ‘Constitutional Options for Fiscal Growth’ 12. George J. Stigler (1982), The Pleasures and Pains of Modern Capitalism 13. F.A. Hayek (1972), ‘The Repercussions of Rent Restrictions’ 14. Milton Friedman and George J. Stigler (1972), ‘Roofs or Ceilings? The Current Housing Problem’ 15. Douglass C. North (1999), Understanding the Process of Economic Change PART III THE POWER OF LANGUAGE AND IDEAS 16. F.A. Hayek (1968), The Confusion of Language in Political Thought 17. Friedrich A. Hayek ([1949] 1998), The Intellectuals and Socialism 18. Milton Friedman (1977), From Galbraith to Economic Freedom 19. George J. Stigler (1963), The Intellectual and the Market Place PART IV SOCIALISM 20. F.A. Hayek (1982), ‘Two Pages of Fiction: The Impossibility of Socialist Calculation’ Appendix Milton Friedman (2001), ‘The IEA’s Influence on Our Times’ Name Index

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Book SynopsisThis book unites diverse heterodox traditions in the study of endogenous money - which until now have been confined to their own academic quarters - and explores their similarities and differences from both sides of the Atlantic.Bringing together perspectives from post-Keynesians, Circuitists and the Dijon School, the book continues the tradition of Keynes's and Kalecki's analysis of a monetary production economy, emphasising the similarities between the various approaches, and expanding the analytical breadth of the theory of endogenous money. The authors open new avenues for monetary research in order to fuel a renewed interest in the nature and role of money in capitalist economies, which is, the authors argue, one of the most controversial, and therefore fascinating, areas of economics.Providing new theoretical and empirical grounds for the construction of a general, policy oriented theory of money, this thought-provoking collection will appeal to academics, researchers and students interested in monetary economics. It will also be welcomed by monetary policymakers and central bank officials.Trade Review'This is a timely book. Being on modern theories of money - essentially the study of traditions of endogenous money - it is a welcome contribution to current thinking on monetary policy. The modern central bank view on money is that the rate of interest should be manipulated by central banks to achieve an inflation target with the money supply being the "residual". Although money is in effect endogenous, there is no theory that explains its behaviour. Modern Theories of Money is a serious attempt to sharpen existing views on the issue and fill gaps in an admirable manner.' -- Philip Arestis, University of Cambridge, UK and Levy Economics Institute, US'One dimension of Keynes's revolution was his insistence that money and finance must be integrated with real factors right from the start of analysis. This collection fits centrally in this tradition, as well as in the post-Keynesian approach which combines the insights of the classical political economists Marx and Sraffa with those of Keynes, Kalecki, and Pasinetti.' -- G.C. Harcourt, University of New South Wales, Australia'Contemporary orthodox economic theory notoriously lacks a viable theory of money, and hence has no means of understanding the role and significance of this key social institution within capitalism. Fortunately, there are now a number of promising heterodox theories of money that may ultimately succeed in filling the gap. Louis-Philippe Rochon and Sergio Rossi have provided an invaluable service to the economics profession in making available this collection of essays on modern monetary theories, including contributions by many of the most interesting writers in the field.' -- John Smithin, York University, CanadaTable of ContentsContents: Introduction Part I: The Post Keynesian Monetary Approach Part II: The Theory of the Monetary Circuit Part III: The Theory of Money Emissions Part IV: Further Contributions to Monetary Analysis Index

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Book SynopsisEmphasising a positive approach to dealing with terrorism (the carrot), this book provides a critique of deterrence policy (the stick) which can be ineffective and even counterproductive, and proposes three alternative and effective anti-terrorist policies: Decentralisation reduces vulnerability to terrorist attacks. A system with many different centres is more stable due to its diversity, enabling one part to substitute for another. Positive incentives can be offered to actual and prospective terrorists not to engage in violent acts. Incentives include: reintegrating terrorists into society, welcoming repentents and offering them valued opportunities. Diverting attention by naming several terrorist groups potentially responsible for a particular terrorist act. The government thus supplies more information than the terrorist responsible would wish.The proposed anti-terrorist policy has two important advantages over a coercive policy. The whole interaction between terrorists and the government transforms into a positive sum game and the strategy undermines the cohesiveness of the terrorist organisation. Surveying empirical results on the effects of terrorism on the economy and society, Bruno Frey demonstrates the strength of an economic approach to terrorism, which will be of great interest to social and also political scientists, public policy scholars, international relations experts and researchers, and above all, economists. The alternatives to deterrence illustrated in the book are advantageous for the general public and politicians, and the actuality that a positive policy is better than a coercive policy will be of great appeal to educators.Trade Review'Bruno Frey has produced a thoughtful and provocative discourse on the application of economic thinking to policies dealing with terrorism.' -- Anthony M. Yezer, Journal of Homeland Security and Emergency Management'The merits of this work lie in the author's innovative use of the economic paradigm to study terrorism and his proposal for an alternative policy to prevent terrorist attacks. This work contains an excellent review of the literature. Recommended.' -- J.R. Hedtke, Choice'Frey provides a useful compilation of the arguments and evidence, pro and con, for various strategies for dealing with terrorism.' -- Richard N. Cooper, Foreign Affairs'Bruno Frey has done it again! He has taken the number one topic on everyone's lips - terrorism - and undertaken a careful and highly relevant analysis of potential causes and ways of extracting ourselves from the curse of terrorism. He presents several options. Scholars who have been distressed with the overcentralized regimes imposed or recommended to many developing countries will be pleased to read his discussion of polycentricism as among the policies that may enhance capabilities to solve underlying grievances associated with terrorism. Social scientists and policymakers will both find this book of considerable value.' -- Elinor Ostrom, Indiana University, Bloomington, US'A powerful plea for tackling terrorism not only by force but by incentives to abandon terrorism.' -- Lord Layard, London School of Economics, UKTable of ContentsContents: Introduction Part I: Terrorism and Anti-Terrorist Policies 1. Terrorism: The Curse of our Times? 2. Using Deterrence Against Terrorism Part II: An Economic Approach to Terrorism 3. Terrorism Analysed 4. Putting Policies into Perspective Part III: Three Positive Policies for Dealing with Terrorism 5. Polycentricity Reduces Vulnerability 6. Providing Positive Incentives Not to Engage in Terrorism 7. Diffusing Media Attention Part IV: What Can Be Done? 8. Comparing Anti-Terrorist Policies 9. Conclusions References Index

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Book SynopsisAs this comprehensive Companion demonstrates, social economics is a dynamic and growing field that emphasizes the key role that values play in the economy and in economic life. Social economics treats the economy and economics as being embedded in the larger web of social and ethical relationships. It also regards economics and ethics as essentially connected, and adds values such as justice, fairness, dignity, well-being, freedom and equality to the standard emphasis on efficiency. The Elgar Companion to Social Economics brings together the leading contributors in the field to elucidate a wide range of recent developments across different subject areas and topics. In so doing the contributors also map the likely trends and directions of future research. This Companion will undoubtedly become a leading reference source and guide to social economics for many years to come.Providing concise discussion and an indication of what to expect in future decades, this interdisciplinary Companion will be of great interest to students and academics of social economics and socio-economics, as well as institutional, evolutionary and heterodox economics. It will also appeal to management scholars and those concerned with business ethics.Trade Review'I highly recommend this volume for all scholars interested in challenging conventional wisdom about how a capitalist economy works, and willing to call into question assumptions that narrow our interpretation, preventing more socially beneficial practices from being implemented.' -- International Sociology'Davis and Dolfsma have edited a volume of 36 essays that provides a first-rate introduction to the recent cutting-edge scholarship in social economics. . . the volume provides an impressive and broad array of articles covering traditional social economic topics. . . Each essay is an excellent point of entry into social economic thought. This volume will be of great interest to economists writing in the heterodox tradition and/or to mainstream economists seeking a richer analysis of socioeconomic relationships. Highly recommended.' -- Q.M. Duroy, ChoiceTable of ContentsContents: Preface Social Economics: An Introduction and a View of the Field John B. Davis and Wilfred Dolfsma PART I: SOCIAL CONCERNS IN ECONOMICS 1. Environment and Sustainability Jouni Paavola and Inge Røpke 2. Institutions, Culture and Values Anne Mayhew 3. Insecurity John Vail 4. The Ethical Dimensions of the ‘Globalization Thesis’ Debate George DeMartino PART II: THE SOCIALLY EMBEDDED INDIVIDUAL 5. Individual Preferences and Decision-Making Shaun P. Hargreaves Heap 6. The Conception of the Socially Embedded Individual John B. Davis 7. The Social Dimension of Internal Conflict David George 8. The Socio-economics of Consumption: Solutions to the Problems of Interest, Knowledge and Identity Metin M. Coşgel PART III: INDIVIDUALS IN CONTEXT 9. Capabilities and Well-being Irene van Staveren 10. Culture, Values and Institutions Paul D. Bush 11. Caste and Diversity in India Ashwini Deshpande 12. Feminism and/in Economics Edith Kuiper PART IV: GROWTH AND (IN-)EQUALITY 13. Income Distribution and Inequality Frank A. Cowell 14. The Social Economics of Growth and Income Inequality Morris Altman PART V: SOCIALLY EMBEDDED EXCHANGE: MARKETS 15. Markets Geoffrey M. Hodgson 16. Are Markets Everywhere? Understanding Contemporary Processes of Commodification Luís Francisco Carvalho and João Rodrigues 17. Work: Its Social Meanings and Role in Provisioning Deborah M. Figart and Ellen Mutari PART VI: SOCIALLY EMBEDDED EXCHANGE: FIRMS 18. Firms: Collective Action and its Supportive Values Helena Lopes and José Castro Caldas 19. Knowledge Spillover Entrepreneurship and Innovation in Large and Small Firms David B. Audretsch and Max Keilbach 20. Firms, Managers and Restructuring: Implications of a Social Economics View Hans Schenk PART VII: SOCIAL RELATIONS IN THE ECONOMY 21. Social Capital: A Critique and Extension Nicolas Sirven 22. Social Networks: Structure and Content Wilfred Dolfsma and Rick Aalbers 23. Communication in the Economy: The Example of Innovation Stefan Kesting 24. Methodological Approaches in Economics and Anthropology Pranab Bardhan and Isha Ray PART VIII: FINANCE, MONEY AND POLICY 25. Saving, Stock Market Investments and Pension Systems Martha A. Starr 26. Monetary Policy Sheila C. Dow 27. Banking, Finance and Money: A Social Economics Approach L. Randall Wray 28. Global Finance and Development: False Starts, Dead Ends and Social Economic Alternatives Ilene Grabel PART IX: THE STATE 29. The Welfare State and Privatization Robert McMaster 30. The States of Social Economics Charlie Dannreuther and Oliver Kessler PART X: LAW AND THE ECONOMY 31. Law and Social Economics: A Coasean Perspective David Campbell and Matthias Klaes 32. Social Law and Economics and the Quest for Dignity and Rights Mark D. White PART XI: THE LONG VIEW 33. Technology and Long Waves in Economic Growth Alfred Kleinknecht and Gerben van der Panne 34. Analysing Regional Development: From Territorial Innovation to Path-Dependent Geography Frank Moulaert and Abid Mehmood 35. Radical Institutionalism William M. Dugger 36. Exploitation and Surplus Philip Anthony O’Hara Index

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Book SynopsisFocussing on the economics of terrorism in the post 9/11 world, this book brings together original research based on the collaborative efforts of leading economists and planners.The authoritative and expert contributors use a variety of methodological approaches and apply them to different types of terrorist attacks (on airports, highways, seaports, electric power infrastructure, for example). They also draw analogies between man-made and natural disasters. The results suggest that these issues are extremely complex and that the economic costs of some types of attack are huge, but that increased understanding and estimation can be used to justify resource investments in prevention, mitigation and response. A primary aim of the book is to contribute to developing more cost-effective anti-terrorist policies. Scholars and researchers in the fields of transportation, public sector economics, urban planning, disaster prevention, mitigation and management, and engineers will find The Economic Impacts of Terrorist Attacks a major contribution to a new and rapidly expanding research area.Trade Review'These papers enhance our understanding of numerous aspects of the terrorism problem.' -- Andrew Haughwout, Papers in Regional Science‘The Economic Impact of Terrorist Attacks exposes the reader to a healthy sampling of the current approaches that researchers have taken in addressing a challenging set of economic problems.' -- Jared C. Carbone, Journal of Regional Science'Knowledgeably compiled and expertly co-edited by the team of Harry W. Richardson, Peter Gordon and James E. Moore II, The Economic Impacts of Terrorist Attacks is a groundbreaking study of the extensive damage done to the American economy as a result of terrorism with a particular focus on the attacks in 2001. . . very highly recommended to students of politics, economics, and the present "war on terrorism".' -- The Midwest Book ReviewTable of ContentsContents: Preface 1. Introduction Harry W. Richardson, Peter Gordon and James E. Moore II 2. Transnational Terrorism: An Economic Analysis Todd Sandler and Walter Enders 3. You Can Only Die Once: Interdependent Security in an Uncertain World Geoffrey Heal and Howard Kunreuther 4. Increasing the Security and Reliability of the US Electricity System Lester B. Lave, Jay Apt, Alex Farrell and M. Granger Morgan 5. Mitigation of Extreme Event Risks: Electric Power Outrage and Infrastructure Failure Interactions Stephanie E. Chang, Timothy L. McDaniels and Dorothy Reed 6. Float Together/Sink Together? The Effect of Connectivity on Power Systems Richard E. Schuler 7. Current and Improved Biodefense Cost–Benefit Assessment Clark C. Abt 8. Improving the Homeland Security Advisory System: An Experimental Analysis of Threat Communication for National Security Philip T. Ganderton, David S. Brookshire and Richard L. Bernknopf 9. Land Markets and Terrorism: Uncovering Perceptions of Risk by Examining Land Price Changes Following 9/11 Christian L. Redfearn 10. Designing Benefit–Cost Analyses for Homeland Security Policies V. Kerry Smith and Daniel G. Hallstrom 11. Analyzing Terrorist Threats to the Economy: A Computable General Equilibrium Approach Adam Rose 12. Evaluating the Viability of 100 per cent Container Inspection at America’s Ports Susan E. Martonosi, David S. Ortiz and Henry H. Willis 13. An Overview of US Port Security Programs Jon D. Haveman, Howard J. Shatz and Ernesto I. Vilchis 14. The Economic Impact of a Terrorist Attack on the Twin Ports of Los Angeles–Long Beach Peter Gordon, James E. Moore II, Harry W. Richardson and Qisheng Pan 15. The Transportation Implications of a Terrorist Attack on Seattle’s Highway Network Chang-Hee Christine Bae, Larry Blain and Alon Bassok Index

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Book SynopsisThis volume is concerned with the different schools within the discipline of economics (theoretical pluralism) and the relationship of economics to other disciplines, such as sociology, political science and philosophy (interdisciplinarity). It addresses the important implications of pluralism and interdisciplinarity for teaching economics at both undergraduate and graduate level and argues that the economics curriculum should pay equal attention to these new perspectives rather than concentrate on the traditional neoclassical mainstream. The distinguished contributors highlight the inherent challenges of presenting a combination of mainstream economics with more heterodox approaches in such a way that the student is not confused, but better understands the possibilities and limitations of different schools in economics. They go on to demonstrate how to apply these different approaches and show how a more inter-disciplinary approach can be followed once the boundaries of the economics discipline have been reached. The volume attempts to offer insights into the content of such a revised curriculum and the process of how to achieve this.This book will be required reading for every serious teacher and student of economics. It will also be invaluable to anyone who questions the validity of current economic orthodoxy.Trade Review'At once visionary and pragmatic, its 11 essays address how and why economic education ought to be pluralistic, and the pedagogical and institutional challenges of making it pluralistic. . . this collection lays valuable groundwork for conversation among economic educators, orthodox and heterodox, about the ends and means of graduate and undergraduate education.' -- Robert Garnett, Eastern Economic Journal'This book succeeds in its goal: teaching pluralism in economics. Read it as a call for multiple approaches and perspectives in economics. Its contributions are not only refreshing but also critical and insightful. If anyone wonders what pluralism in economics is all about, this is the book to reach for.' -- Arjo Klamer, Erasmus University, The Netherlands'A number of rival schools of thought exist in economics today. Even mainstream economics has fragmented into different approaches. Multiple connections exist between economics and other disciplines. Not only is this story complicated, but also it has major implications for any well-rounded education in economics. This book faces up to these problems squarely, combining insights on the current fragmentation of economics with useful discussions of the implications for the economics curriculum in universities. Only the blinkered and the narrow-minded will fail to see the enormous value of this discussion.' -- Geoffrey M. Hodgson, University of Hertfordshire, UKTable of ContentsContents: 1. On Pluralism and Interdisciplinarity in Economics John Groenewegen 2. Pluralism in Economics Sheila C. Dow 3. Pluralism in Economics: A Public Good or a Public Bad? Hendrik P. van Dalen 4. In Praise of Moderate Plurality Jack Vromen 5. Preaching to the Econ-verted: Why History also Matters Albert Jolink 6. The Impact of the Economics Benchmarking Statement on Pluralism in Economics Teaching in the UK Roberto Simonetti 7. The Principles of Economics: An American’s Experience Daniel Underwood 8. A Practitioner’s Perspective on Interdisciplinarity in Education: The MBT Case Wolter Lemstra 9. Interdisciplinarity and Problem-based Learning in Economics Education: The Case of Infonomics Rifka Weehuizen 10. Heterodox Economics and its Integration in Pluralist Teaching: A German Case Wolfram Elsner 11. On the Relevancy of Institutional Economics for International Economics Ruud Knaack and Henk Jager Index

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Book SynopsisThis book reconsiders and analyses the different approaches historically proposed in the literature on growth and distribution. The contributors have achieved, through a comprehensive and cohesive analysis of the approaches of different schools of thought, a wide-ranging interpretation of a variety of important economic phenomena. The book identifies elements characterising each approach and tries to derive from them a range of insights into the complexity of the growth process.Classical, Neoclassical and Keynesian Views on Growth and Distribution is an original, insightful and thought-provoking book which, it is intended, will generate further research in the area of growth and income distribution.The book will appeal to scholars and researchers at many different levels of academe, and in many different schools of thought, interested in the theory of economic growth and in the analysis of the complexity of growth processes.Table of ContentsContents: Introduction Carlo Panico and Neri Salvadori Part I: Classical Views 1. Growth and Distribution: A Return to the Classical Tradition Renato Balducci 2. Natural Wage Dynamics in a Ricardian Growth Model Davide Fiaschi and Rodolfo Signorino 3. Co-evolution of Population and Natural Resources: A Simple Ricardian Model Simone D’Alessandro 4. Some Aspects of Structural Change in Marx’s Analysis Maria Daniela Giammanco Part II: Neoclassical Views 5. Growth, Income Distribution and Age Heterogeneity in the Neoclassical Economy: A Potential Conflict between Dynamic Efficiency and Equity Luciano Fanti and Piero Manfredi 6. Distribution and Growth in the Neoclassical Traditions Mario Pomini 7. Reconsidering the Early Marginal Productivity Theory of Distribution and Interest Arrigo Opocher 8. Tobin Financial Growth Models: A Reconstruction Michele Limosani Part III: Keynesian Views 9. Unemployment and Growth: A Critical Survey Enrico Bellino 10. Growth, Unemployment and Wages: Disequilibrium Models with Increasing Returns Luciano Boggio 11. Behind Goodwin’s Real Wage Function: Which Kind of Labour Market? Giuseppe Mastromatteo 12. Entry and Stationary Equilibrium Prices in a Post-Keynesian Growth Model Antonio D’Agata 13. Are Kalekian Models Relevant in the Long Run? Pasquale Commendatore Index

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Book SynopsisThis volume is a compilation by one of the most experienced editors in the field of published articles on cultural economics. It includes articles on both the 'traditional' fare of cultural economics - economics of cultural policy, the performing arts, museums and heritage, and artists labour markets - and extends the scope to the economics of creative industries and copyright, topics that are now at the heart of cultural policy. The articles (with one exception) have all been published in the last 10 years and the aim of the book is to bring readers up to date on cultural economics in a range of related fields: cultural and social policy, sociology of the arts and culture, arts management, indeed, anyone with an interest in the 'creative economy'.Recent Developments in Cultural Economics is ideal for undergraduates studying any of these subjects and is essential reading for postgraduates and teachers of cultural economics.Trade Review'This is an extremely useful collection for anyone wishing to find out what currently goes on in the field of cultural economics.'<BR>- Sam Cameron, Economic Issues'For anyone who ever thought economics was the "dismal science" this volume of the latest research on the economics of art and culture will serve as the perfect antidote!' -- Orley C. Ashenfelter, Princeton University, US'Here is a great collection of the most exciting contributions to cultural economics in recent years. They range from competition, diversity and valuation with applications to museums, opera, theatres, popular music, the film industry and copyright problems.' -- Rick van der Ploeg, European University Institute, ItalyTable of ContentsContents: Acknowledgements Introduction Ruth Towse PART I GENERAL 1. Mark Blaug (2001), ‘Where Are We Now in Cultural Economics?’ 2. Bruce A. Seaman (2004), ‘Competition and the Non-Profit Arts: The Lost Industrial Organization Agenda’ 3. William D. Grampp (1989), ‘Rent-seeking in Arts Policy’ 4. Alan Peacock (2004), ‘The Credibility of Cultural Economists’ Advice to Governments’ PART II THEORETICAL DEVELOPMENTS 5. Michael Rushton (1999), ‘Methodological Individualism and Cultural Economics’ 6. David Throsby (2001), ‘Conclusions’ 7. Douglas S. Noonan (2003), ‘Contingent Valuation and Cultural Resources: A Meta-Analytic Review of the Literature’ PART III TICKET PRICING 8. Sherwin Rosen and Andrew M. Rosenfield (1997), ‘Ticket Pricing’ 9. Pascal Courty (2003), ‘Some Economics of Ticket Resale’ 10. Stephen J. Bailey and Peter Falconer (1998), ‘Charging for Admission to Museums and Galleries: A Framework for Analysing the Impact on Access’ PART IV PERFORMING ARTS 11. Louis Lévy-Garboua and Claude Montmarquette (1996), ‘A Microeconometric Study of Theatre Demand’ 12. Susanne Krebs and Werner W. Pommerehne (1995), ‘Politico-Economic Interactions of German Public Performing Arts Institutions’ 13. Ruth Towse (2001), ‘Quis custodiet? Or Managing the Management: The Case of the Royal Opera House, Covent Garden’ PART V MUSEUMS 14. William D. Grampp (1996), ‘A Colloquy about Art Museums: Economics Engages Museology’ 15. Odile Paulus (2003), ‘Measuring Museum Performance: A Study of Museums in France and the United States’ PART VI BUILT HERITAGE 16. David Throsby (1997), ‘Seven Questions in the Economics of Cultural Heritage’ 17. Ilde Rizzo (1998), ‘Heritage Regulation: A Political Economy Approach’ 18. Françoise Benhamou (1996), ‘Is Increased Public Spending for the Preservation of Historic Monuments Inevitable? The French Case’ PART VII THE ART MARKET 19. Neil De Marchi (1999), excerpt from ‘Introduction’ 20. Jianping Mei and Michael Moses (2002), ‘Art as an Investment and the Underperformance of Masterpieces’ 21. R.B. Ekelund, Jr., Rand W. Ressler and John Keith Watson (2000), ‘The “Death-Effect” in Art Prices: A Demand-Side Exploration’ 22. Victor Ginsburgh (2006), ‘The Economic Consequences of Droit de Suite in the European Union’ PART VIII ARTISTS’ LABOUR MARKETS 23. David Throsby (1994), ‘A Work-Preference Model of Artist Behaviour’ 24. Maurizio Caserta and Tiziana Cuccia (2001), ‘The Supply of Arts Labour: Towards a Dynamic Approach’ 25. Tyler Cowen and Alexander Tabarrok (2000), ‘An Economic Theory of Avant-Garde and Popular Art, or High and Low Culture’ 26. Tyler Cowen (1996), ‘Why Women Succeed, and Fail, in the Arts’ PART IX INSTITUTIONS AND CREATIVITY 27. Bruno S. Frey (2003), ‘Creativity, Government and the Arts’ 28. Ruth Towse (2001), ‘Partly for the Money: Rewards and Incentives to Artists’ 29. Xavier Castañer and Lorenzo Campos (2002), ‘The Determinants of Artistic Innovation: Bringing in the Role of Organizations’ PART X CREATIVE INDUSTRIES 30. Richard E. Caves (2003), ‘Contracts Between Art and Commerce’ 31. Jonathan Gander and Alison Rieple (2004), ‘How Relevant is Transaction Cost Economics to Inter-Firm Relationships in the Music Industry?’ 32. F.M. Scherer (2001), ‘An Early Application of the Average Total Cost Concept’ 33. Eric A. Strobl and Clive Tucker (2000), ‘The Dynamics of Chart Success in the U.K. Pre-Recorded Popular Music Industry’ 34. Arthur De Vany and W. David Walls (1999), ‘Uncertainty in the Movie Industry: Does Star Power Reduce the Terror of the Box Office?’ 35. Bruno S. Frey with Isabelle Vautravers-Busenhart (2000), ‘Special Exhibitions and Festivals: Culture’s Booming Path to Glory’ PART XI COPYRIGHT 36. Hal R. Varian (2005), ‘Copying and Copyright’ 37. Stan J. Liebowitz (2004), ‘Will MP3 Downloads Annihilate the Record Industry? The Evidence so Far’ Name Index

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Book SynopsisThis book focuses on the emerging field of evolutionary economic policy, highlighting the interface between the state, markets, and the evolutionary complexity of modern economies. The contributors explore the possibilities and limitations of governance, and provide a unique platform for the advancement of modern evolutionary economic theory. Decision-making is discussed, with particular reference to: economic evolution as an open process self-organization and networks the political economy of complexity. Issues of evolutionary economic governance at various levels of aggregation are also examined. Inspired by evolutionary thinking, a range of models emerge from the study, illustrating the variety and complexity of evolutionary governance of economic systems.Exploring the little investigated aspects of an evolutionary economic policy, this collection of original papers goes beyond the traditional confines of positive theory, making a long overdue contribution to the field of evolutionary economics. It will therefore be invaluable to a wide ranging audience including evolutionary and institutional economists, governmental scientists, management scientists and scholars following an interdisciplinary approach in the social and cognitive sciences.Table of ContentsContents: Introduction Kurt Dopfer Part I: Economic Evolution as Open Process 1. Heterogeneity and Evolutionary Change – Concepts and Measurement Uwe Cantner and Horst Hanusch 2. Is the Notion of Progress Compatible with an Evolutionary View of the Economy? C. Christian von Weizsäcker 3. Reconciling Evolutionary Economics with Liberalism Gerhard Wegner 4. Historical Economics and Evolutionary Economic Policy – Coasean Perspectives Matthias Klaes Part II: Self-organisation and Networks 5. The Concept of Network Organisation – Biotechnology-based Industries as Exemplar Andreas Pyka and P. Paolo Saviotti 6. Sociodynamics – An Integrated Approach to Modelling in the Social Sciences Wolfgang Weidlich 7. The Concept of Space in Trade – Some Evolutionary Basics Carsten Herrmann-Pillath 8. Economic Policy – A Process of Communication Lambert T. Koch 9. Why Endogeneity is Not Enough to Explain Technological Change – A Critique of Paul Romer Malcolm H. Dunn Part III: The Political Economy of Complexity 10. Innovation and the Learning Policy Maker – An Evolutionary Approach Based on Historical Experience Joachim Schwerin and Claudia Werker 11. The National German Innovation System – Its Development in Different Governmental and Territorial Structures Hariolf Grupp, Icíar Dominguez Lacasa and Monika Friedrich-Nishio 12. Emergence and Diffusion of Disastrous Innovations – A Case Study Reiner Peter Hellbrück 13. Applying Evolutionary Economics to Public Policy – The Example of Competitive Federalism in the EU Wolfgang Kerber 14. Can Evolutionary Economics Make a Billion $ Difference for 60 Per Cent of the World’s Poor in Asia? Hans-Peter Brunner Index

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Book SynopsisIn standard economic theory human beings are portrayed as selfish money-maximizing actors. This book investigates the conditions under which people deviate from this prediction and when they are prepared to contribute to the common good in a more altruistic fashion. Based on field experiments from charitable giving, Stephan Meier analyses people's decisions to contribute to public goods. He argues that people are more likely to contribute if their giving is matched by more money - people are generous if their peers also show this trait. He investigates the conditions under which people are willing to voluntarily contribute and draws conclusions on how the empirical findings influence economic theory and policy. Academic economists interested in behavioural economics or public economics will find The Economics of Non-selfish Behaviour of great interest as will the general public interested in developments in economics.Trade Review'The author explores the issues of self-interest versus pro-social behavior through and examination of the willingness of individuals to donate to public goods. . . Meier's book is a succinct statement with empirical examination of the hypothesis about non-selfish motives. If you are feeling altruistic, I recommend that you buy a copy of this book to share with your economist friends and colleagues - a dose of the real world never hurts.' -- Ronnie J. Phillips, Journal of Economic IssuesTable of ContentsContents: Preface by Bruno S. Frey 1. Introduction Part I: Theoretical Considerations 2. A Survey of Economic Theories on Pro-social Behavior Part II: Empirical Analysis 3. Pro-social Behaviour in a Natural Laboratory 4. Social Comparisons and Pro-social Behaviour: A Field Experiment 5. Matching Donations: Subsidizing Pro-social Behaviour 6. Economic Education and Pro-social Behaviour: Selection or Indoctrination? 7. Concluding Remarks References Index

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Book SynopsisEconomics in the Shadows of Darwin and Marx examines the legacies of these two giants of thought for the social sciences in the twenty-first century.Darwin and Marx stand out as the supreme theorists of structural change in complex living systems. Yet their analytical approaches are very different, and the idea that Darwinism has application to the social sciences is not widely appreciated. This collection of essays establishes the importance of Darwinism for economics and other social sciences, and compares the Darwinian legacy with that of Marx. Critical realism is just one of the tendencies within economics influenced by Marxism that is dissected here. The final part of the book adopts a Darwinian evolutionary approach to the analysis of institutions and routines. Geoffrey Hodgson's book will be warmly welcomed and received by evolutionary and institutional economists, methodologists of economics and other social sciences, heterodox economists as well as other social scientists including economic sociologists, organisation scientists and political scientists.Trade Review'As always with Hodgson's work, it is erudite and well referenced to a huge range of authors.' -- Bridget Rosewell, The Business Economist'. . . the book is highly recommended to the potential reader who is interested in current debates on evolution and institutions, along with conceptual and epistemological discourses involved. . . It is a cutting-edge collection of EIE [evolutionary-institutional economics] issues and discourses and an important post in the current EIE discursive landscape. And as is always the case with Hodgson, the book is an invaluable source of a trans-disciplinary and history-of-thought literature that the normal EIE economist might not be able or willing to pursue in his daily work.' -- Wolfram Elsner, Journal of Evolutionary Economics'After the crisis of neo-classical theory, Darwin and Marx have re-emerged as the two key figures who can show the way to be followed to understand the great transformations of our time. Hodgson offers a superb account of the limitations and the insights of Marx and shows how Darwin's theories can help to explain evolution well beyond the realm of natural history. His book is not only a major contribution to the understanding of the roots of institutional economics, it is also a very original contribution to modern institutional theory.' -- Ugo Pagano, University of Siena, Italy'Once again, Geoffrey Hodgson has underlined the importance of deeper awareness of the origins of ideas employed in current economic debates. He shows that current understanding is incomplete without a detailed exploration of the historiography of terminology and its use in primary sources. In this respect, the implications of his comparisons and contrasts between Marx and Darwin extend well beyond modern economics. In my own research field, Hodgson's work has been valuable in enhancing my sensitivity to narratives and metaphors underlying historical accounts of the economy of the Roman Empire. Furthermore, his discussion of habits, routines and institutions in the context of evolutionary theory is pertinent to the study of technology from prehistoric to modern times.' -- Kevin Greene, University of Newcastle upon Tyne, UKTable of ContentsContents: Preface 1. Introduction Part I: Marxism, Darwinism, Institutionalism 2. Darwin and Marx at the Crossroads 3. Social Darwinism in Anglophone Academic Journals 4. Institutionalism versus Marxism: A Debate with Alex Callinicos Part II: Three Essays on Critical Realism 5. The Uncritical Political Affinities of Critical Realism 6. Contestable Claims by Critical Realism in Economics 7. The Problem of Formalism in Economics Part III: Habits and Individuals: Routines and Institutions 8. What are Institutions? 9. The Hidden Persuaders 10. The Complex Evolution of a Simple Traffic Convention 11. The Nature and Replication of Routines References Index

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Book SynopsisDon Lavoie's published work encompasses a wide range of subjects - socialism, hermeneutics, information technology, and culture. The subjects appear unrelated, but a close examination of his research reveals an underlying unity of thought and an economics at sharp variance with the post World War II mainstream. The contributors to this volume explore the legacy of his scholarship and its implications for economics. Three themes run throughout Don Lavoie's work and are explored in these chapters, the overarching one being the importance of social intelligence to economics. Second, and related to this, was his belief that certain institutions or practices are better at creating social intelligence than others - what might be termed the primacy of liberty or voluntaryism. Thirdly, he asserted that economics is more closely aligned with the humane disciplines than with the physical. As these essays make clear, if the next generation of economists does integrate economics with the humanities, some of the credit must go to Don Lavoie. Students and scholars of economics, methodology, and the humanities more broadly will find this a provocative and enriching collection.Trade Review'This book highlights Don Lavoie's multidisciplinary approach to the study of economics. In his view, economics is closer to the humanities than to the hard sciences, notwithstanding the claim often made in the literature that economics is indeed "a hard science". True to Lavoie's vision, the book contains theoretical articles and case studies which link economics to several fields of study. It is a delight to see emphasis placed on the "hows and whys" underlying market processes.' -- Alan A. Rabin, University of Tennessee, Chattanooga, US'The authors do well-merited honor to Don Lavoie with carefully written contributions that not only are excellent for a memorial volume but could constitute a selection of outstanding journal articles. They tie together Lavoie's many superficially different interests in, among others, comparative economic systems, market processes, computer programming, and epistemology. In particular, they emphasize how markets and prices enhance and coordinate inevitably dispersed knowledge. So doing, they further develop the contributions of Ludwig von Mises and especially of F.A. Hayek to the debate over socialist calculation.' -- Leland Yeager, Auburn University and University of Virginia, USTable of ContentsContents: PART I: INTRODUCTORY 1. Humane Economics: An Introduction to the Work of Don Lavoie Jack High PART II: SOCIALIST CALCULATION 2. Calculation, Competition and Entrepreneurship Israel M. Kirzner 3. Don Lavoie’s Contributions to Comparative Economics Peter J. Boettke and David L. Prychitko 4. A Typology of Interventionist Dynamics Robert L. Bradley Jr. PART III: INFORMATION TECHNOLOGY 5. Institutions as Abstraction Boundaries Bill Tulloh and Mark S. Miller 6. ‘New’ Collaborative Learning Environments: The Convergence of Hermeneutics and Hypertext Virgil Henry Storr PART IV: PHILOSOPHY 7. Hermeneutics and Liberty: Remembrance of Don Lavoie G.B. Madison 8. Hermeneutics in Economics: On the Status of ‘As-If’ Functions Wayne J. Froman 9. Humility and Truth in Economics Deirdre McCloskey PART V: CULTURAL STUDIES 10. The Development of Cultural Economy: Foundational Questions and Future Direction Emily Chamlee-Wright 11. Innovation of Cardio-Imaging Technology at Hewlett-Packard and HP/Philips Don E. Kash PART VI: APPENDIX 12. Subjective Orientation and Objective Wealth: Entrepreneurship and the Convergence of Groupware and Hypertext Capabilities Don Lavoie Bibliography of Don Lavoie’s Publications Index

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Book SynopsisIn this collection of autobiographical essays, 26 prominent scholars detail their profes sional development, while offering insight into their lives and philosophies. With candor and humor they relate how they came to the field of economics, as well as how their views have evolved over the years.Highlights of the collection include discussions by: Irma Adelman on how World War II shaped her life; Mark Blaug on how Marxism, involvement with the Communist Party, and McCarthyism influenced his scholarship; Victor Fuchs on economic perspective and its applicability to many disciplines; Allan Meltzer on his development as a researcher; and Julian Simon on his eclectic career and untraditional path to economics. Examining the essayists' reflections affords us the opportunity to explore the question of what makes distinctive and exciting scholarship while allowing us to probe the criteria for excellence. These thoughtful essays will be of great value to students of economics and to all those interested in personal recollections of wise and accomplished scholars.Trade Review'This book should be called to the attention of every graduate student in economics if for no other reason than the guidance the authors provide on career choice, the socialization of economists, identifying topics worthy of study, and most important, on alternative views on what and how to teach economics.' -- William Becker, Journal of Economic Literature'We are indebted to Michael Szenberg's persuasive powers in eliciting the self-analyses of economists . . . For these insights, the budding economist as well as the historian of thought should be grateful.' -- From the foreword by Kenneth J. ArrowTable of ContentsContents and Contributors: Foreword by Kenneth J. Arrow Preface Introduction Aron Gottesman, Lall Ramrattan and Michael Szenberg 1. My Life Philosophy Irma Adelman 2. My Life Philosophy Bela Balassa 3. Thinking about Economics Carolyn Shaw Bell 4. Pushing for a More Humane Society Barbara R. Bergmann 5. Not only an Economist – Autobiographical Reflections of a Historian of Economic Thought Mark Blaug 6. Instead of a Philosophy of Life Martin Bronfenbrenner 7. Sex and the Ivy League Graciela Chichilnisky 8. The Story of a Reluctant Economist Richard A. Easterlin 9. My Life and Economics Ronald G. Ehrenberg 10. Education and its Consequences: My Philosophy of Life Victor R. Fuchs 11. A Roundabout Approach to Macroeconomics: Some Autobiographical Reflections Roger W. Garrison 12. My Life Philosophy Eli Ginzberg 13. Reflections of a Policy Economist Edward M. Gramlich 14. My Life Philosophy Everett E. Hagen 15. Political Economy, Politics and Religion: Intertwined and Indissoluble Passions G.C. Harcourt 16. Some Ethical and Methodological Convictions E. Malinvaud 17. Trains of Thought Harry M. Markowitz 18. My Life Philosophy Allan H. Meltzer 19. Following the Indicators Geoffrey H. Moore 20. A View from the Midway Walter Y. Oi 21. What Makes My Mind Tick Mark Perlman 22. To Push and to be Pushed Kurt W. Rothschild 23. An Accidental Schumpeterian F.M. Scherer 24. Philosophy and My Work Life Julian L. Simon 25. Life and Philosophy Hirofumi Uzawa 26. A Life Philosophy Sir Alan Walters

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Book SynopsisThis highly innovative and intriguing book applies principles of microeconomics to unusual settings to inspire students, teachers and scholars alike in the 'dismal science'. Leading experts show how economics reaches into the strangest of places and throws light onto the occasionally dark side of human nature. 'Sins and Needles' examines the economics of drug addiction, prohibition and liberalization; 'Guns and Roses' looks at the contribution economists can make to understanding crime as well as marriage and divorce; 'Body and Soul' investigates the economics of pornography, prostitution, suicide and religion; 'Conception and Rejection' explores the controversial economics of assisted reproduction and abortion; and 'Fun and Games' considers the economics of sport, gambling and music. Not only does Economics Uncut illustrate how economics can be used to promote our understanding of a broad range of human behaviour, but it also draws upon research conducted in other disciplines from the social sciences. As such, this fascinating and highly accessible book will be of great interest to academics, students and researchers in economics, criminology, sociology, and psychology alikeTrade Review'Economics Uncut: A Complete Guide to Life, Death and Misadventure, edited by Simon Bowmaker, contains several delightful chapters on topics central to economics and the family. Although the book's implicit thesis is to dazzle with the catholicity of economics, the chapters on marriage and divorce, reproduction, suicide, and abortion are lively introductions to these family topics, and other chapters make delightful reading on their own.' -- Darius Conger, 'Economics and the American Family: A Review of Recent Literature', Choice'This volume collects a wide array of economic explanations of social issues that are often thought to be beyond the realm of economic explanation. . . . This work will be valuable reading for general readers and undergraduate students. Graduate students in social sciences other than economics will find accessible economic explanations of many issues in their fields. Highly recommended.' -- R.B. Emmett, Choice'Expertly compiled and deftly edited by Simon W. Bowmaker Economics Uncut: A Complete Guide to Life, Death and Misadventure features informed and informative essays and seminal articles by eighteen accomplished economists on a variety of economic issues. . . A superbly organized and presented compendium of seminal studies and commentaries adhering to high academic standards of methodology and reporting, Economics Uncut is an important and strongly recommended addition to academic library Economic Studies reference collection, as well as being quite accessible to the non-specialist general reader with an interest in the economic implications and impacts with respect to the social issues of the present day.' -- Library Bookwatch/Internet Bookwatch'The book's variety of subject matter, combined with its innovative yet academic approach, makes it both entertaining as well as thought-provoking.' -- Emma Winberg, Economic AffairsTable of ContentsContents: Preface Bend it Like Becker Introduction by David D. Friedman Part I: Sins and Needles 1. Economics of Drug Addiction 2. Economics of Drug Prohibition 3. Economics of Drug Liberalization Part II: Guns and Roses 4. Economics of Crime 5. Economics of Marriage and Divorce Part III: Body and Soul 6. Economics of Pornography 7. Economics of Prostitution 8. Economics of Suicide 9. Economics of Religion Part IV: Conception and Rejection 10. Economics of Assisted Reproduction 11. Economics of Abortion Part V: Fun and Games 12. Economics of Sport 13. Economics of Gambling 14. Economics of Rock ‘n’ Roll Index

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Book SynopsisThis book offers a broad perspective on the economics of expectations. Experimental studies are used to analyse how human bounded rationality affects economic performance. The challenges posed for policy making are also addressed.Tobias Rotheli begins by presenting the basic tools and theoretical models necessary to our understanding of rational and boundedly rational expectations and their role in economic life. Key topics discussed include expectations in general equilibrium theory, probabilities and expected utility, heterogeneity of economic agents, behavioural alternatives to forecasting and the effects of expectations heuristics, particularly in financial markets. The author then goes on to explore the fascinating insights behavioural economics - the empirical analysis of economic decision making - has to offer. Here experimental studies illustrate the effects of costly information, the role of pattern recognition as basis of expectations, anticipation and coordination failures, and the role of expectations in determining the general price level. The book also addresses the implications of the experimental findings for applied economics.Aiming to achieve the accessibility of a textbook, this research monograph will appeal to economic researchers interested in economic behaviour and theory, as well as students taking upper-level undergraduate and graduate courses. It will also be of interest to economists working in business and government.Trade Review'To a significant extent, the book is at the cutting edge of much economic thinking in microeconomics. . . it brings together nicely material on uncertainty, expectations and cognitive limitations and relates this to recent work in experimental economics.' -- Geoffrey M. Hodgson, University of Hertfordshire, UK'For more than 200 years, economists have debated the microfoundations of their science. There is only one way forward and that is to carefully examine the nature and the rationality of decision processes. Professor Rotheli's book is unique. He offers an idiosyncratic blend of theoretical analysis and experimental research that enlightens and provokes.' -- Werner F.M. De Bondt, DePaul University, USTable of ContentsContents: Preface Part I: Models and Tools 1. Markets and Expectations 2. Expected Utility Maximization 3. Effects of Heterogeneous Expectations 4. Forecasting Among Alternative Strategies under Uncertainty 5. Expectations in Time Series Models Part II: Experiments and Applications 6. Costly Information and Decision Making 7. Applied Welfare Economics with Boundedly Rational Expectations 8. Pattern Recognition as the Basis of Expectations 9. Pattern-Based Expectations and Financial Markets 10. Anticipations and Coordination Failures 11. Money, Transactions and Expectations References Index

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Book SynopsisIn Debt, Innovations, and Deflation, the authors analyze the deflation theories of Thorstein Veblen, Irving Fisher, Joseph A. Schumpeter, and Hyman Minsky. In so doing, they develop a paradigm for understanding the phenomenon of deflation. They explain how technological, organizational, and financial innovations, combined with developments related to the creation and use of debt, give rise to conditions in which both deflation and inflation can be present in the modern economy.The past several years have ushered in a new era in economic policy issues. After decades of concern over inflation, a series of studies brought to light the potentially greater danger of deflation. In response, the authors provide a critical re-examination of the literature and theories of deflation. A driving question behind the research is whether post-World War II capitalist economies rely on economic policies and institutional reforms to keep an inherent tendency toward deflation in check? And can the theories of Veblen, Fisher, Schumpeter and Minsky shed light on how the creation and use of debt can create a modern economy affected simultaneously by deflation and inflation?Scholars and students of economic history and finance will enjoy this insightful examination of the subject.Trade Review'J. Patrick Raines and Charles G. Leathers have produced a remarkable book on a very timely subject. . . the book is a valuable contribution to the literature on the causes of deflation, and how it has been treated by the Fed.' -- Fadhel Kaboub, EH.NET'Debt, Innovations, and Deflation is an interesting, enriching read for any non-economist curious about the origins of deflation in the 20th and early 21st century American economy. I would also wholeheartedly recommend this book to any undergraduate studying the field of economics.' -- Zachary Nixon, Heterodox Economics NewsletterTable of ContentsContents: Preface 1. Introduction 2. How Deflation Became a Monetary Policy Issue 3. Monetary Theories of Deflation 4. Debt, Innovations, and Deflation in Veblen's Theory 5. Fisher's Debt-Deflation Theory of Great Depressions 6. Innovations, Debt, and Deflation in Schumpeter's Theory 7. Minsky's Financial Instability Hypothesis and Debt-Deflation 8. Deflation Theories and Recent Deflation Concerns Bibliogrpahy Index

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Book SynopsisCapitalism has outperformed all other systems and maintained a positive growth rate since it began. Svetozar Pejovich makes the case within this book that a major reason for the success of capitalism lies in the efficiency-friendly incentives of its basic institutions, which continuously adjust the rules of the game to the requirements of economic progress. The analysis throughout is consistent and is supported by evidence. Key components of the proposed theory are the rule of law, the market for institutions, the interaction thesis, the carriers of change, and the process of changing formal and informal institutions.This book will be of great interest to academics and students of law and economics, new institutional economics, comparative systems and public choice throughout the world and especially in East Asia and South America where institutional issues are being debated.Trade Review'Almost everyone will gain something of value from reading this book. For those who work in the new institutional economics, Pejovich provides a thoughtful treatment of how common-law and civil-law systems affect personal freedoms and rule of law. The book's larger market, however, will comprise educated lay readers, who will gain a deeper appreciation of the foundations of capitalism in the developed world and of the dynamics of interrelated institutional and economic change.' -- Lee J. Alston, The Independent Review'. . . a well written, easily read book which casts light on many aspects of law and on questions which are or should be debated in our law schools. . . well laid out and presented. . . Its subject matter makes it essential reading for all those studying comparative law and of course law and economics and even for those studying legislation. It would be more than useful for those engaged in property law, the law of contract and administrative and public law. In other words it would be useful and challenging reading for just about all law teachers and students as well as practitioners who wish to think about the basics of what they are doing. Its easy combination of history, comparative technique, legal fundamentals and economics with no maths would even make it an excellent reader for LAWS 101.' -- Bernard Robertson, New Zealand Law Journal'Professor Pejovich has written an impressive lot on comparative economic systems, institutions, policies and broader social aspects of economic development. . . His long work in the field quite predictably made him able to present his views and findings in an ever clearer, more orderly and more profoundly argued way. . . This is one of the rare books in which the author is well aware of what he is talking about and makes sure that the same goes for his readers.' -- Ljubomir Madzar'Professor Pejovich has ranged expertly across such seemingly disparate areas as legal systems, culture, economics and public choice theory to give us a thoroughly convincing roadmap for a nation's economic success. The rule of law, enforcement of private contracts, private property rights and an independent judiciary are the basic building blocks. But the common law system, as compared to the civil law system emanating from the European continent, also gets a lot of the credit. This is an erudite, yet happily readable work that takes a lot of the mystery out of differential economic performance among nations.' -- Henry G. Manne, George Mason University School of Law, USTable of ContentsContents: Foreword by Leonard P. Liggio Preface and Acknowledgments PART I: BASIC ECONOMIC CONCEPTS 1. The Game and the Rules of the Game 2. Transaction Costs PART II: TRANSFORMATION OF THE MEDIEVAL COMMUNITY INTO MODERN SOCIETY: THE RISE OF CLASSICAL LIBERALISM, THE RULE OF LAW AND CAPITALISM 3. From the Middle Ages to Capitalism 4. Capitalism and the Rule of Law Appendix: Afraid to be Free: Dependency as Desideraturm James M. Buchanan 5. The Law of Contract and the Judiciary 6. The Economic Functions of the Constitution 7. Private Property Rights 8. Capitalism, Economic Freedom and Performance 9. The Rule of Law and Capitalism: An Overview PART III: TOWARD A THEORY OF INSTITUTIONAL CHANGE 10. The Method of Analysis 11. The Interaction Thesis 12. The Carriers of Change: The Role of Entrepreneurs 13. Formal Institutions 14. Informal Institutions or Cultural Traditions: The Role of Pathfinders 15. Efficiency-Friendly Institutional Change within the Structure of Tradition Index

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Book SynopsisJamee Moudud provides a new microfoundational explanation for the Harrodian long-run or warranted growth rate. The author, emphasizing the role of Keynesian uncertainty, shows that the growth model is anchored in a new interpretation of the Oxford Economists? Research Group?s microeconomic analysis and a variant of the stock-flow consistent framework. In a distinctly Kaldorian vein, Jamee Moudud discusses the relationship between capital budgeting, public investment, and taxation policy as it relates to the warranted growth rate and its impact on long-term involuntary unemployment. Combining ideas from theorists involved in the Oxford Economists? Research Group (especially Sir Roy Harrod, P.W.S. Andrews, and others), Kaldor, and Keynes, Jamee Moudud offers original insights into the impact of government spending and taxation policies on output. The book discusses and extends Harrod?s taxation-cum-public investment proposals to raise the warranted growth rate and strengthen the social safety net. Other topics explored in the text include: reasons that higher government spending/GDP shares have opposite short- and long-run effects, whether money supply can ever be different from money demand in a stock-flow consistent framework, and the effects of changes in the composition of government spending on the long-run growth path.The book provides the theoretical basis for new policy insights regarding the role of the state dealing with mass unemployment and poverty.Professional economists, graduate and advanced undergraduate students in economics, and policy researchers in international organizations will find this work a stimulating and thought-provoking addition to the field.Trade Review’Economists from all heterodox traditions of political economy will benefit from reading this book - both for its confirmation of many of the basic precepts of classical, Marxian and Harrodian economics and the challenges it poses for its trenchant Post-Keynesian/Kaleckian critics, for whom short-period analytics of effective demand can and should be extended to long-period analysis. While his critique of the principle of effective demand for the long run would leave many Post-Keynesians uncompromising, the strong Keynesian view held by the author on the necessity for public-sector capital budgeting, and a developmental state upon which ought to be grafted a long-term growth policy based on public investment would certainly find strong resonance in the context of the global economic crisis.' -- Mario Seccareccia, University of Ottawa, Canada and Editor of the International Journal of Political Economy'The pillar upon which this magnificent must-read volume was erected is strategic competition, a theory that cogently authenticates the concentration and centralization of capital. This stands in stark contrast against the fanciful neoclassical "perfect completion" and its methodological double, "imperfect competition." In Strategic Competition, Dynamics, and the Role of the State, Jamee Moudud has taken a novel approach to the study of macrodynamics. Here turbulence and crisis are deemed inseparable from the dynamics of capitalist economies and the last three decades of neoliberal policies are eloquently called into question. Moudud also provides a timely and effective critique of both new Keynesian and post-Keynesian approaches to macroeconomic theory and policy.' -- Cyrus Bina, University of Minnesota (Morris Campus), US and an Editor of the Journal of Critical Studies on Business and Society'This is a very timely, refreshing and challenging book, an excellent contribution in the areas of competition and growth. It blends beautifully the microeconomic analysis of the Oxford Research Group, at the center of which is the idea of strategic competition; and an extension of Harrod's work on growth. The discussions of uncertainly and excess capacity, and the interpretation of Harrod's work are outstanding. This combination leads one to think about policy issues such as taxation or public investment in a novel way, as the implications differ not only from those that derive from neoclassical models, but also from Post-Keynesian models. Moudud provides a very serious alternative for thinking systemically about key microeconomic questions, as well as problems of growth, political economy, including development, the role of the State, and applied policymaking. I have no reservations in recommending this excellent book.' -- Jesus Felipe, Asian Development Bank, Philippines'. . . exposes the theoretical shortcomings of both neoclassical and neoliberal economic policies, and expands on existing Post-Keyensian and heterodox theories.' -- Tazewell V. Hurst III, Eastern Economic JournalTable of ContentsContents: Foreword by Anwar M. Shaikh 1. Introduction 2. The Microfoundations of Long-run Growth: Controversies on Capacity Utilization and Competition 3. A Review of the Literature on Growth 4. A Model of Disequilibrium Dynamics 5. Warranted Growth and the Role of the State 6. Conclusion: The Relevance of Microfoundations and Politics References Index

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Book SynopsisThis important two-volume set presents the most influential papers published in the field of trust research since the early 1960s. It reflects the key ideas on trust which have developed in various disciplines, including management studies, social psychology, organizational sociology and economics. The many topics covered include the foundations of trust research, the role of trust in economic exchange and trust as a fundamental social coordination mechanism. This reference collection will be invaluable to scholars wishing to keep abreast of progress in this most exciting and rapidly growing field.Trade Review‘With a heightened awareness of the myriad risks of modern societies, the significance of trust becomes more critical. This comprehensive collection draws together and organises key contributions from disparate research literatures, all of which help to show how trust is of key importance for diverse aspects of business and management.’ -- Hugh Willmott, Cardiff University, UKTable of ContentsContents: Volume I Acknowledgements Introduction Reinhard Bachmann and Akbar Zaheer PART I ORIGINS OF TRUST RESEARCH 1. Morton Deutsch (1962), ‘Cooperation and Trust: Some Theoretical Notes’ 2. Julian B. Rotter (1967), ‘A New Scale for the Measurement of Interpersonal Trust’ 3. Dale E. Zand (1972), ‘Trust and Managerial Problem Solving’ 4. Lynne G. Zucker (1986), ‘Production of Trust: Institutional Sources of Economic Structure, 1840–1920’ 5. Diego Gambetta (1988), ‘Can We Trust Trust?’ 6. J. David Lewis and Andrew Weigert (1985), ‘Trust as a Social Reality’ 7. Susan P. Shapiro (1987), ‘The Social Control of Impersonal Trust 8. Annette Baier (1986), ‘Trust and Antitrust’ 9. Partha Dasgupta (1988), ‘Trust as a Commodity’ 10. Niklas Luhmann (1988), ‘Familiarity, Confidence, Trust: Problems and Alternatives’ 11. Jeffrey L. Bradach and Robert G. Eccles (1989), ‘Price, Authority and Trust: From Ideal Types to Plural Forms’ PART II TRUST AS A FUNDAMENTAL SOCIAL COORDINATION MECHANISM 12. Sim B. Sitkin and Nancy L. Roth (1993), ‘Explaining the Limited Effectiveness of Legalistic “Remedies” for Trust/Distrust’ 13. Christel Lane and Reinhard Bachmann (1996), ‘The Social Constitution of Trust: Supplier Relations in Britain and Germany’ 14. Joyce Berg, John Dickhaut and Kevin McCabe (1995), ‘Trust, Reciprocity and Social History’ 15. Jörg Sydow (1998), ‘Understanding the Constitution of Interorganizational Trust’ 16. Alessandro Arrighetti, Reinhard Bachmann and Simon Deakin (1997), ‘Contract Law, Social Norms and Inter-Firm Cooperation’ 17. Anoop Madhok (1995), ‘Revisiting Multinational Firms’ Tolerance for Joint Ventures: A Trust-Based Approach’ 18. Sandra L. Robinson (1996), ‘Trust and Breach of the Psychological Contract’ 19. Guido Möllering (2001), ‘The Nature of Trust: From Georg Simmel to a Theory of Expectation, Interpretation and Suspension’ 20. Chris Grey and Christina Garsten (2001), ‘Trust, Control and Post-bureaucracy’ 21. Reinhard Bachmann (2001), ‘Trust, Power and Control in Trans-Organizational Relations’ 22. Bill McEvily, Vincenzo Perrone and Akbar Zaheer (2003), ‘Trust as an Organizing Principle’ 23. Nicole A. Gillespie and Leon Mann (2004), ‘Transformational Leadership and Shared Values: The Building Blocks of Trust’ 24. Srilata Zaheer and Akbar Zaheer (2006), ‘Trust Across Borders’ Name Index Volume II Acknowledgements An introduction by the editors to both volumes appears in Volume I PART I THE ROLE OF TRUST IN ECONOMIC EXCHANGE 1. Oliver E. Williamson (1993), ‘Calculativeness, Trust and Economic Organization’ 2. Bart Nooteboom (1996), ‘Trust, Opportunism and Governance: A Process and Control Model’ 3. Akbar Zaheer, Bill McEvily and Vincenzo Perrone (1998), ‘Does Trust Matter? Exploring the Effects of Interorganizational and Interpersonal Trust on Performance’ 4. Bart Nooteboom, Hans Berger and Niels G. Noorderhaven (1997), ‘Effects of Trust and Governance on Relational Risk’ 5. Edward Lorenz (1999), ‘Trust, Contract and Economic Cooperation’ 6. Roy J. Lewicki, Daniel J. McAllister and Robert J. Bies (1998), ‘Trust and Distrust: New Relationships and Realities’ 7. Mari Sako and Susan Helper (1998), ‘Determinants of Trust in Supplier Relations: Evidence from the Automotive Industry in Japan and the United States’ PART II TRUST: FORMS AND CONTEXTS 8. Daniel J. McAllister (1995), ‘Affect- and Cognition-based Trust as Foundations for Interpersonal Cooperation in Organizations’ 9. Walter W. Powell (1996), ‘Trust-based Forms of Governance’ 10. Patrick A. Saparito, Chao C. Chen and Harry J. Sapienza (2004), ‘The Role of Relational Trust in Bank-Small Firm Relationships’ 11. Martin Gargiulo and Mario Benassi (2000), ‘Trapped in your own Net? Network Cohesion, Structural Holes and the Adaptation of Social Capital’ 12. Julia Porter Liebeskind and Amalya Lumerman Oliver (1998), ‘From Handshake to Contract: Intellectual Property, Trust and the Social Structure of Academic Research’ 13. Mark Casson and Marina Della Giusta (2004), ‘The Costly Business of Trust’ PART III TRUST DEVELOPMENT 14. D. Harrison McKnight, Larry L. Cummings and Norman L. Chervany (1998), ‘Initial Trust Formation in New Organizational Relationships’ 15. Peter Smith Ring and Andrew H. Van de Ven (1994), ‘Developmental Processes of Cooperative Interorganizational Relationships’ 16. Ranjay Gulati (1995), ‘Does Familiarity Breed Trust? The Implications of Repeated Ties for Contractual Choice in Alliances’ 17. Roy J. Lewicki and Barbara Benedict Bunker (1996), ‘Developing and Maintaining Trust in Work Relationships’ 18. T.K. Das and Bing-Sheng Teng (1998), ‘Between Trust and Control: Developing Confidence in Partner Cooperation in Alliances’ 19. John Child (1998), ‘Trust and International Strategic Alliances: The Case of Sino-Foreign Joint Ventures’ PART IV TRUST RESEARCH: PERSPECTIVES AND MEASUREMENT 20. Roger C. Mayer, James H. Davis and F. David Schoorman (1995), ‘An Integrative Model of Organizational Trust’ 21. Russell Hardin (1993), ‘The Street-Level Epistemology of Trust’ 22. Steven C. Currall and Timothy A. Judge (1995), ‘Measuring Trust between Organizational Boundary Role Persons’ 23. Denise M. Rousseau, Sim B. Sitkin, Ronald S. Burt and Colin Camerer (1998), ‘Not So Different After All: A Cross-Discipline View of Trust’ 24. L.L. Cummings and Philip Bromiley (1996), ‘The Organisational Trust Inventory (OTI): Development and Validation’ 25. Roderick M. Kramer (1999), ‘Trust and Distrust in Organizations: Emerging Perspectives, Enduring Questions’ 26. Kurt T. Dirks and Donald L. Ferrin (2002), ‘Trust in Leadership: Meta-Analytic Findings and Implications for Research and Practice’ 27. Steven C. Currall and Andrew C. Inkpen (2002), ‘A Multilevel Approach to Trust in Joint Ventures’ 28. Michael I. Reed (2001), ‘Organization, Trust and Control: A Realist Analysis’ Name Index

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Book SynopsisThe endogenous nature of money is a fact that has been recognized rather late in monetary economics. Today, it is explained most comprehensively by post-Keynesian economic analysis. This book revisits the nature of money and its endogeneity, featuring a number of the protagonists who took part in the original debates in the 1980s and 1990s, as well as new voices and analyses. Expert contributors revisit long-standing discussions from the position of both horizontalism and structuralism, and prescribe new areas of research and debate for post-Keynesian scholars to explore.Louis-Philippe Rochon and Sergio Rossi eloquently situate the nature of money and its endogeneity in an historical context, before bringing together an engaging array of chapters written by contemporary leading scholars. These chapters put forth detailed analyses of money creation; central bank operations and the role of monetary authorities; a link between interest rates and income distribution; a stock-flow analysis of monetary economies of production; and finally, a reinterpretation of horizontalism and structuralism. Post-Keynesian and heterodox economists, institutionalist economists, scholars of money and finance, and graduate students studying economics will all find this an enlightening read. Contributors include: A. Cottrell, P. Dalziel, P. Docherty, G. Fontana, S.T. Fullwiler, E. Hein, J.E. King, J. Knodell, M. Lavoie, N. Levy-Orlik, C.J. Niggle, T.I. Palley, Y. Panagopoulos, L.-P. Rochon, C. Rogers, S. Rossi, M. Sawyer, M. Setterfield, J. Smithin, A. SpiliotisTable of ContentsContents: Introduction: the need to discuss endogenous money again Louis-Philippe Rochon and Sergio Rossi PART I ENDOGENOUS MONEY IN THE REAL WORLD 1. Money endogeneity before central banking: perspectives from monetary history Jane Knodell 2. Modern central bank operations: the general principles Scott T. Fullwiler 3. The theory of endogenous money and the LM schedule: prelude to a reconstruction of IS–LM Thomas I. Palley 4. Money and interest rate determination in a system with no reserve requirements Sergio Rossi 5. New insights on the money-supply-endogeneity debate and the new ‘equity’ multiplier: some evidence from the euro area Yannis Panagopoulos and Aristotelis Spiliotis 6. Liquidity, finance, and economic growth: some unresolved issues for developing economies Noemi Levy-Orlik PART II ENDOGENOUS MONEY IN THE ECONOMIC THOUGHT 7. Money endogeneity and the quantity theory: the case of commodity-money Allin Cottrell 8. Nicholas Kaldor and the war on monetarism John E. King 9. The principle of effective demand and the state of post-Keynesian monetary economics Colin Rogers 10. Endogenous money and the tyranny of demand and supply Malcolm Sawyer 11. An evolutionary–institutionalist re-appraisal of the endogenous-money-supply theory Christopher J. Niggle 12. Interest rate determination and endogenous money John Smithin PART III ENDOGENOUS MONEY IN POST-KEYNESIAN ANALYSIS 13. The analytical role of endogenous money and the horizontalist–structuralist debate Peter Docherty 14. The horizontalist debate: lessons from New Zealand Paul Dalziel 15. The rate of interest as a macroeconomic distribution parameter: horizontalism and post-Keynesian models of distribution and growth Eckhard Hein 16. Assessing some structuralist claims through a coherent stock–flow framework Marc Lavoie 17. Horizontalism and structuralism: a suggested re-interpretation Louis-Philippe Rochon and Sergio Rossi 18. An essay on horizontalism, structuralism and historical time Mark Setterfield 19. A revisitation of the debate between the horizontalist and structuralist analyses of endogenous money: single-period analysis versus continuation analysis Giuseppe Fontana Index

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Book SynopsisContrary to the commonly perpetuated belief that Keynes's theory is appropriate only to economic depressions, the author of this provocative book maintains that Keynes provided a complete set of macroeconomic relations and the ingredients of a new theoretical model, much more reflective of and analytically appropriate to the 21st century than those on which current macroeconomics is based.With the perspective of Keynes as the backdrop, the author begins with a discussion of the characteristics of the financial crises of 2008 and the 1930s. He then goes on to show that Keynes provided a novel, general theory, constructed as the EC-SP model (different from that of the Classicals' Labour Theory of Value model and the neoClassicals' antithetical IS-LM model), a theory yet unrecognized as being behind both A Treatise on Money and The General Theory. He presents here the premises of Keynes's contributions which still await use by a generation of economists to reassess macroeconomics and orient it in a new direction.This unique and authoritative look at Keynes's body of work will be an essential read for scholars and students of economics. Anyone trying to understand the state of the 'entrepreneurial economy', of which the 2008 financial crisis is but one manifestation prone to recurrence, will find the work an important resource.Trade Review'Professor Hamouda's book is very timely and thought provoking and should be an eye opener for students of economics who were brought up in the anti-Keynesian last decades of the twentieth century, or were taught the garbled rather than updated revived Keynesianism which has recently become popular.' -- Y.S. Brenner, Retired Professor of Economics, Utrecht University, The NetherlandsTable of ContentsContents: Preface Introduction 1. The Financial Crisis of 2008 and the UnKeynesian Keynes 2. Money, Price, and Interest 3. Keynes’s Semantic Shifts: The Shock of A Treatise on Money 4. Keynes’s Theoretical Shift: Casualty of the Criticism of the Treatise 5. Keynes’s Causal Relations: The General Theory Derailed 6. Inflation/Deflation and the Policy of the General General Theory Conclusion Appendices Index

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Book SynopsisWe are facing a failing economy, unstable banking institutions, closing businesses and rampant home repossessions. There is war, crime, environmental damage and general unhappiness. The cause of all our problems is our current financial system, which is wasteful, cruel and brings out the worst in human nature. Money affects the quality of the food we eat, the relationships we pursue or end, the way we treat animals, motivates the destruction of our planet and supports a neo-feudal social structure. There is a viable alternate to our money based economy and only now, with the technology and knowledge we have, can we sweep away the terrible problems of the world by dealing with the cause. All it takes is a collective resolve, a willingness to challenge convention and the maturity to make it happen. This book not only explains the reasons for war, starvation and our sham democracy ignoring our wishes, but reveals how the public can take back control of politics and change society for the better.Trade ReviewHenry Ford is quoted as saying, "It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. " Well, if there is any hope for a revolution, it is in "The Failing Logic of Money" by Duane Mullin. Despite its serious subject matter, the conversational tone makes this book friendly and accessible. Even readers with no previous understanding of the true nature of money and the insidious cruelty inherent in the monetary system will be able to comprehend how it makes economic slaves of us all. Perhaps it will stir enough to action, so that a system based not on a lust for greed and power but one based on the equitable distribution of resources and respect for the environment can have a chance. (Kate Mucci, Host and Producer The Matrix News Network.)

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Book SynopsisThis book comprises contributions on recent developments in China from a law and economics perspective. For the first time Chinese and European scholars jointly discuss some important attributes of China's legal and economic system, and some recent problems, from this particular viewpoint.The authors apply an economic analysis of law not only to general characteristics of China's social order, such as the specific type of federal competition, the efficiency of taxation and regulation, and the importance of informal institutions (Guanxi), but also to distinct areas of Chinese law such as competition policy, professional regulation, corporate governance and capital markets, oil pollution, intellectual property rights and internet games. The contributors discuss to what extent the law and economic models that have so far been employed within the context of developed countries can be applied to a country like China as well. The European scholars use law and economics in order to determine what China could learn from the European experience. The Chinese scholars discuss whether law and economics can be of any use in analysing the particular features of the Chinese legal system today.Economic Analysis of Law in China will appeal to lawyers, economists and social scientists in China interested in developing legal institutions with an eye on economic efficiency. Scholars generally interested in the economic analysis of law, as well as in the comparison and transition of economic systems, will also find much in this book that will be of interest to them.Trade Review'This book is an exemplary multi-disciplinary and multi-institutional study of contemporary Chinese law. A collective effort by a group of European and Chinese scholars, it skillfully tests the relationships between law and economics in the Chinese context.' -- The China Journal'This is an extremely valuable collection of essays on modern Chinese law viewed through the lens of the law and economics movement. China is developing very rapidly and law is now understood to provide the essential framework for economic development - provided the law itself is economically rational. The essays in this volume are excellent examples of how economics can be used to clarify and guide the law applicable to the essential dimensions of the economy. I recommend it wholeheartedly and without reservations.' -- Richard A. Posner, United States Court of Appeals for the Seventh Circuit and University of Chicago Law School, US'This book brings together important applications of law and economics to China and covers a wide range of issues, including such basic concerns as property rights, intellectual property, and taxation, as well as competition law and corporate and securities law. Because of its breadth of coverage, its focus on the particulars of Chinese law, and the expertise of its scholars - both Western and Chinese - it should serve as a valuable reference work for years to come.' -- Steven Shavell, Harvard Law School, US'This book is an important step toward a Chinese scholarship in law and economics, written by leading law and economics researchers from China and Europe.' -- Hans-Bernd Schaefer, Universitat Hamburg, GermanyTable of ContentsContents: Preface PART I: BASIC FEATURES OF THE CHINESE ECONOMIC SYSTEM 1. A Comparison of Chinese and European-Style Federalism from a Law and Economics Perspective Thomas Eger and Margot Schüller 2. The Road to Efficient Taxation in China Pierre Garello 3. Legal Pluralism in the Governance of Transitional China Jianwei Zhang and Yijia Jing PART II: SPECIFIC ASPECTS OF THE CHINESE LEGAL SYSTEM FROM AN ECONOMIC PERSPECTIVE 4. The Economics of Competition Policy and the Draft of the Chinese Competition Law Roger Van den Bergh 5. The Law and Economics of Professional Regulation: What Does the Theory Teach China? Niels J. Philipsen 6. Regulatory Arrangements and Incentives for Opportunistic Behaviour Anthony I. Ogus 7. Special Treatment (ST) Firms and Administrative Governance of Capital Markets in China Julan Du, Lucy Liu Yajun and Sonia M.L. Wong 8. Monitoring Problems versus Fiduciary Duties in Chinese Stock Companies: An Economic and Comparative Analysis on Corporate Governance Qing-Yun Jiang 9. The Stable Self-Enforcement and Distribution of Property Right: The Right to Virtual Property in MMORPG Jian Wei and Shanguo Xue PART III: CHINA IN THE WORLD ECONOMY 10. Intellectual Property Law and Policy and Economic Development with Special Reference to China Anselm Kamperman Sanders 11. Economic Analysis of Compensation for Oil Pollution Damage in China Michael Faure and Wang Hui PART IV: CONCLUDING REMARKS 12. Conclusions Thomas Eger, Michael Faure and Zhang Naigen Index

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Book SynopsisEconomics is a matter of choice and growth, of interaction and exchange among individuals. Because property rights define the rules of these interactions and the objects of exchange, it is vital to fully understand the institutions and implications of the various property-rights regimes. With over 20 original and specially commissioned chapters, this book takes the reader from the historical and moral foundations of the discipline to the frontiers of scholarly research in the field.This Companion is both an introduction to the economics of property rights and a guide to help understand and analyse policy issues by making use of the powerful conceptual tools offered by this increasingly popular branch of economics. Following a comprehensive introduction by the editor, the book is divided in to three broad sections which examine the birth and evolution of property rights, investigate the relationship between property rights and the law, and explore contemporary economic issues from a property rights perspective. Together, the chapters in the book do not claim to offer a standard solution to the institutional questions raised by the property-rights issue. Instead, they present the theoretical tools and real-world examples needed to allow the reader to develop new ideas and evaluate existing problems.Non-technical in nature and including a distinguished list of authors from across the spectrum of economic thinking, The Elgar Companion to the Economics of Property Rights makes an invaluable contribution to the literature on economics, law, political science and public choice. For any serious scholar or student of these disciplines, this book will prove to be the ultimate reference companion.Trade Review'The present collection of papers in Elgar's Companion series provides a very useful overview of research on the functions and implications of property rights.' -- Wolfgang Grassl, Journal of Markets and Morality'In 22 well-written chapters, this volume illuminates the major accomplishments of the economics of property rights. While they differ in the scope and extent of their coverage, contributions to this book are focused, carefully researched, well argued, and quite readable. In my judgment, the book takes us to the frontier of the growing stock of knowledge on the origins and consequences of alternative property rights.' -- From the foreword by Steve PejovichTable of ContentsContents: Foreword Steve Pejovich Introduction Enrico Colombatto PART I: THE BIRTH AND EVOLUTION OF PROPERTY RIGHTS 1. Cultural and Religious Foundations of Private Property Leonard P. Liggio and Alejandro A. Chafuen 2. The Ethics and Economics of Private Property Hans Hermann Hoppe 3. The Origins and Evolution of Property Right Systems Francesco Parisi 4. Empirical Issues in Culture and Property Rights Seth W. Norton 5. The Effect of Transaction Costs in the Definition and Exchange of Property Rights: Two Cases from the American Experience Gary Libecap PART II: PROPERTY RIGHTS AND THE LAW 6. Judicial System and Property Rights Christian Barrère 7. On the Coexistence of Different Property-Right Systems – and its Consequences for Economic Growth and Development Stefan Voigt 8. Property Rights in Common and Civil Law Norman Barry 9. Can Constitutions Protect Private Property Against Governmental Predation? Andrzej Rapaczynski 10. Property Rights Systems and the Rule of Law Ronald A. Cass PART III: CURRENT ISSUES FROM A PROPERTY RIGHTS PERSPECTIVE 11. Are Property Rights Relevant for Development Economics? On the Dangers of Western Constructivism Enrico Colombatto 12. Germline Engineering: Whose Right? Lloyd Cohen 13. The Contractual Nature of the Environment Terry L. Anderson and Bobby McCormick 14. Government Regulation and Property Rights Dwight R. Lee 15. Corruption Bruce L. Benson and Fred S. McChesney 16. Insider Trading, Takeovers and Property Rights Pierre Garello 17. The New Property Rights Theory of the Firm Pierre Garrouste 18. On Intellectual Property Rights: Patents versus Free and Open Development Alan G. Isaac and Walter G. Park 19. The Governance of Localized Technological Knowledge and the Evolution of Intellectual Property Rights Cristiano Antonelli 20. Property Rights in the Digital Space Eric Brousseau 21. Collective Property Rights for Economic Development: The Case of the Ceramics Cultural District in Caltagirone, Sicily Tiziana Cuccia and Walter Santagata 22. Property Rights in Higher Education Ryan C. Amacher and Roger E. Meiners Index

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Book SynopsisFor this important collection, Professor O'Hara has selected some cutting-edge previously-published work on the application of economic analysis to the conflict of laws. This authoritative two-volume set offers theoretical and empirical insights into existing approaches to choice of law and the effects of conflicting choice-of-law approaches on judicial decision-making. It investigates several competing proposals for more efficient choice-of-law systems, including a special section on torts. Further topics include evaluations of contract clauses (including choice-of-law and choice-of-forum provisions), and the effects of party choice on jurisdictional competition by states to provide more desirable laws, with examples relating to securities regulation, bankruptcy rules, law firm rules of ethics, same-sex marriage laws and asset protection trust law. A game theoretic analysis of interstate judgment recognition is also included.These two volumes will be an extremely useful resource for students and for scholars wishing to contribute to the next generation of the economics of conflict of laws.Trade Review'This work undeniably offers a wide-ranging and in-depth analysis of the economics of conflicts of law. It is an essential book for scholars and students.' -- Fadi Moghaizel, International Company and Commercial Law ReviewTable of ContentsContents: Volume I Acknowledgements Introduction Erin O’Hara PART I ECONOMIC AND EMPIRICAL ANALYSIS OF EXISTING APPROACHES A Theoretical Insights 1. William F. Baxter (1963), ‘Choice of Law and the Federal System’ 2. Larry Kramer (1991), ‘On the Need for a Uniform Choice of Law Code’ B Empirical Insights 3. Michael E. Solimine (2002), ‘The Law and Economics of Conflict of Laws’ 4. Patrick J. Borchers (1992), ‘The Choice-of-Law Revolution: An Empirical Study’ 5. Stuart E. Thiel (2000), ‘Choice of Law and the Home-Court Advantage: Evidence’ PART II PROPOSALS FOR MORE EFFICIENT CHOICE-OF-LAW SYSTEMS A Alternative Efficiency-based Approaches to Choice of Law 6. Larry Kramer (1990), ‘Rethinking Choice of Law’ 7. Erin A. O’Hara and Larry E. Ribstein (2000), ‘From Politics to Efficiency in Choice of Law’ 8. Andrew T. Guzman (2002), ‘Choice of Law: New Foundations’ 9. Erin Ann O’Hara (2002), ‘Economics, Public Choice, and the Perennial Conflict of Laws’ 10. Paul B. Stephan (2002), ‘The Political Economy of Choice of Law’ 11. Andrew T. Guzman (2002), ‘Public Choice and International Regulatory Competition’ B Choice of Law for Torts 12. Bruce L. Hay (1992), ‘Conflicts of Law and State Competition in the Product Liability System’ 13. Michael J. Whincop and Mary Keyes (1999), ‘The Market Tort in Private International Law’ 14. Michael Whincop and Mary Keyes (1998), ‘Economic Analysis of Conflict of Laws in Torts Cases: Discrete and Relational Torts’ Name Index Volume II Acknowledgements An introduction by the editor to both volumes appears in Volume I PART I CHOICE OF LAW AND FORUM PROVISIONS A Choice-of-Law Clauses 1. Paul B. Stephan (2000), ‘Choice of Law and its Consequences: Constitutions for International Transactions’ 2. Michael J. Whincop and Mary E. Keyes (1998), ‘Statutes’ Domains in Private International Law: An Economic Theory of the Limits of Mandatory Rules’ 3. Erin Ann O’Hara (2000), ‘Opting Out of Regulation: A Public Choice Analysis of Contractual Choice of Law’ 4. Larry E. Ribstein (2003), ‘From Efficiency to Politics in Contractual Choice of Law’ B Choice-of-Forum Provisions 5. Erin Ann O’Hara (2002), ‘The Jurisprudence and Politics of Forum-Selection Clauses’ PART II CHOICE OF LAW AND JURISDICTIONAL COMPETITON A Securities Regulation 6. Roberta Romano (1998), ‘Empowering Investors: A Market Approach to Securities Regulation’ B Bankruptcy Rules and Courts 7. Robert K. Rasmussen (2000), ‘Resolving Transnational Insolvencies through Private Ordering’ C Law Firm Rules of Ethics 8. Larry E. Ribstein (2001), ‘Ethical Rules, Law Firm Structure and Choice of Law’ D Same-Sex Marriage 9. F.H. Buckley and Larry E. Ribstein (2001), ‘Calling a Truce in the Marriage Wars’ E Asset-Protection Trusts 10. Stewart E. Sterk (2000), ‘Asset Protection Trusts: Trust Law’s Race to the Bottom?’ PART III JUDGMENT RECOGNITION AND CHOICE OF LAW 11. Michael Whincop (1999), ‘The Recognition Scene: Game Theoretic Issues in the Recognition of Foreign Judgments’ Name Index

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Book SynopsisIn his 'New Guide' to The General Theory, Mark G. Hayes presents Keynes's illustrious work as a sophisticated Marshallian theory of the competitive equilibrium of the economy as a whole. This unique book takes full account of the nature of time and money and illustrates that The General Theory remains highly relevant to the teacher and advanced student of modern macroeconomics. The Economics of Keynes introduces several interpretative innovations to resolve many puzzles presented in the literature of the last 70 years. It is designed to be read in parallel with The General Theory and will allow modern readers to find their bearings before plunging into an in-depth analysis of major themes contained in The General Theory. The key areas in which this 'New Guide' differs from the familiar exposition of current macroeconomics textbooks are also explicitly identified. The author reaches positive and hopeful conclusions for the development of economic theory and policy.Promoting a thorough understanding of the legitimate domain of equilibrium analysis and a renewed commitment to the possibility of genuinely full employment, this book will provide an illuminating and fascinating read for anyone wishing to appreciate fully the value of The General Theory. More specifically, academics and advanced students of macroeconomics across the board - classical, orthodox, Post Keynesian and heterodox - interested in a fresh attempt to connect The General Theory with modern macroeconomics will find this book to be the ideal tool.Trade Review'Hayes has succeeded in bringing a fresh and stimulating look to Keynes's classic work. I recommend this book to his fellow economists.' -- Paul Dalziel, Economic Issues'Designed to be read along with The General Theory, The Economics of Keynes is an ideal companion to enhance one's understanding of that classic work. A must for anyone who truly wants to call themselves an expert on economics.' -- Midwest Book Review'Hayes's guide to The General Theory is very much better than most, and is strongly recommended. . .' -- J.E. King, History of Economics Review'Mark Hayes has thought long and deeply about Keynes's General Theory and has developed a refreshingly original viewpoint which is bound to stimulate lively discussion and debate.' -- Victoria Chick, University College London, UKTable of ContentsContents: Foreword Preface Five Propositions of The General Theory Prologue 1. Two Theories of Employment 2. Definitions and Ideas 3. The Propensity to Consume 4. The Inducement to Invest 5. Employment, Money and the Price-Level 6. Policy Implications Epilogue References Index

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Book SynopsisIt is now widely acknowledged that institutions are a crucial factor in economic performance. Major developments have been made in our understanding of the nature and evolution of economic institutions in the last few years. This book brings together some key contributions in this area by leading internationally renowned scholars including Paul A. David, Christopher Freeman, Alan P. Kirman, Jan Kregel, Brian J. Loasby, J. Stanley Metcalfe, Bart Nooteboom and Ugo Pagano. This essential reader covers topics such as the relationship between institutions and individuals, institutions and economic development, the nature and role of markets, and the theory of institutional evolution. The book not only outlines cutting-edge developments in the field but also indicates key directions of future research for institutional and evolutionary economics.Vital reading on one of the most dynamic and rapidly growing areas of research today, The Evolution of Economic Institutions will be of great interest to researchers, students and lecturers in economics and business studies.Trade Review'This volume documents in a unique manner the momentum the institutionalist, evolutionary research agenda has regained over the past two decades. The thought-provoking contributions come from prominent authors with a rather heterogeneous theoretical background. Nonetheless, they all convene in elaborating on issues that have always been at the core of the institutionalist agenda and show how these issues relate to cutting edge research in modern economics.' -- Ulrich Witt, Max Planck Institute of Economics, Jena, Germany'This excellent EAEPE Reader brings together a range of perspectives on the role of institutions in economics. It is very well structured, with parts on microeconomics, macroeconomics, markets and economic evolution. Each part contains chapters written by renowned experts in their respective fields and there is an authoritative introductory chapter by the editor. This Reader is invaluable for economics students and academic economists wishing to better understand how institutions and individual behaviours interact in the economic system. Much of standard economic analysis either ignores institutions or makes overly restrictive assumptions about them - the authors in this book show, persuasively, that economics, without an adequate treatment of institutions and institutional change, is of very little scientific worth.' -- John Foster, The University of Queensland, Australia'This is a great set of essays. To get the richness they contain, the reader must be already familiar with the broad orientation of the literature on economic institutions. Given that background, I can think of no collection or essays that frame, illuminate, and probe modern institutional economics as well as does this set. Geoffrey Hodgson, who chose the collection, and the authors of the essays, are to be congratulated and thanked.' -- Richard R. Nelson, Columbia University, USTable of ContentsContents: Preface 1. Introduction Geoffrey M. Hodgson PART I: INDIVIDUALS, INTERACTIONS AND INSTITUTIONS 2. Bounded Rationality and Institutionalism Ugo Pagano 3. Individual and Aggregate Behaviour: Of Ants and Men Alan P. Kirman 4. Governance of Transactions: A Strategic Process Model Bart Nooteboom PART II: ECONOMIC DEVELOPMENT AND PATH DEPENDENCE 5. The Political Economy of the Long Wave Christopher Freeman 6. Instituted Economic Processes, Increasing Returns and Endogenous Growth J. Stanley Metcalfe 7. Path Dependence, its Critics, and the Quest for ‘Historical Economics’ Paul A. David PART III: THE MARKET IN ECONOMIC THOUGHT 8. Financial Markets and Economic Development: Myth and Institutional Reality Jan Kregel 9. The Meaning of the Market: Comparing Austrian and Institutional Economics Philippe Dulbecco and Véronique Dutraive PART IV: COMPARATIVE EVOLUTIONARY PERSPECTIVES 10. Uncertainty, Intelligence and Imagination: George Shackle’s Guide to Human Progress Brian J. Loasby 11. Evolutionary Themes in the Austrian Tradition: Menger, von Wieser and Schumpeter on Institutions and Rationality Richard Arena and Sandye Gloria-Palermo 12. The Relevance Today of Edith Penrose’s Theory of the Growth of the Firm Margherita Turvani 12. The Naturalist View of Universal Darwinism: An Application to the Evolutionary Theory of the Firm J.W. Stoelhorst Bibliography Index

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Book SynopsisIn this thought-provoking collection, Professor Epstein brings together the leading articles which explore the economic approach to the two major issues of constitutionalism. The first volume deals with structural protections that are afforded by the separation of powers, the use of checks and balances, and the institutions of federalism. The second volume deals with the protection of individual rights in connection with property, speech, religion, due process and equality. Both volumes focus on the extent to which assumptions about self-interest and human nature influence the choice of social institutions. They offer extensive comparisons between the classical liberal and social democratic views of constitutional law. Professor Epstein's lengthy and careful introduction seeks to weave together the diverse approaches to constitutional law exhibited in these volumes.Trade Review‘Richard Epstein has compiled a brilliant collection of essays that explore the insights of economic theory on such diverse constitutional issues as separation of powers, federalism, takings, free speech, freedom of religion, and due process of law. These essays illuminate and challenge fundamental questions about the meaning and application of our constitution.’ -- Geoffrey Stone, University of Chicago Law School, USTable of ContentsContents: Volume I: The Structural Constitution Acknowledgements Introduction The Law and Economics of Constitutionalism Richard A. Epstein PART I: SELF-INTEREST AND CONSTITUTIONS 1. James Madison ([1787] 1961), ‘The Federalist. No X. (The Union as a Safeguard Against Domestic Faction and Insurrection Continued)’ 2. Cass R. Sunstein (1985), ‘Interest Groups in American Public Law’ 3. Robert Cooter (2002), ‘Constitutional Consequentialism: Bargain Democracy versus Median Democracy’ PART II THE STRUCTURAL CONSTITUTION A Separation of Powers 4. Saul Levmore (1992), ‘Bicameralism: When are Two Decisions Better than One?’ 5. Susan Rose-Ackerman (1992), ‘Judicial Review and the Power of the Purse’ 6. Eric R. Claeys (2004), ‘Progressive Political Theory and Separation of Powers on the Burger and Rehnquist Courts’ 7. Jide Nzelibe (2006), ‘A Positive Theory of the War-Powers Constitution’ B Federalism 8. Barry R. Weingast (1995), ‘The Economic Role of Political Institutions: Market-Preserving Federalism and Economic Development’ 9. Richard A. Epstein (1987), ‘The Proper Scope of the Commerce Power’ 10. Michael W. McConnell (1988), ‘Contract Rights and Property Rights: A Case Study in the Relationship Between Individual Liberties and Constitutional Structure’ 11. J. Robert S. Prichard with Jamie Benedickson (1983), ‘Securing the Canadian Economic Union: Federalism and Internal Barriers to Trade’ 12. Jonathan H. Adler (2001), ‘The Ducks Stop Here? The Environmental Challenge to Federalism’ 13. Jack L. Goldsmith and Alan O. Sykes (2001), ‘The Internet and the Dormant Commerce Clause’ C Unconstitutional Conditions 14. Richard A. Epstein (1988), ‘Unconstitutional Conditions, State Power, and the Limits of Consent’ Name Index Volume II: Individual Rights Acknowledgements An introduction by the editor to both volumes appears in Volume I PART I PROPERTY AND CONTRACT 1. Richard A. Epstein (1986), ‘An Outline of Takings’ 2. Margaret Jane Radin (1988), ‘The Liberal Conception of Property: Cross Currents in the Jurisprudence of Takings’ 3. Daniel A. Farber (1992), ‘Economic Analysis and Just Compensation’ 4. William A. Fischel (1991), ‘Exploring the Kozinski Paradox: Why is More Efficient Regulation a Taking of Property?’ 5. Thomas W. Merrill (1986), ‘The Economics of Public Use’ 6. Abraham Bell and Gideon Parchomovsky (2006), ‘The Uselessness of Public Use’ 7. William A. Fischel (1987), ‘The Economics of Land Use Exactions: A Property Rights Analysis’ 8. Daniel R. Fischel and Alan O. Sykes (1999), ‘Governmental Liability for Breach of Contract’ 9. Richard A. Epstein (1987), ‘The Public Trust Doctrine’ PART II FREEDOM OF SPEECH AND RELIGION 10. R.H. Coase (1977), ‘Advertising and Free Speech’ 11. Fred S. McChesney (1988), ‘A Positive Regulatory Theory of the First Amendment’ 12. Michael W. McConnell and Richard A. Posner (1989), ‘An Economic Approach to Issues of Religious Freedom’ 13. Daniel A. Farber (1991), ‘Free Speech without Romance: Public Choice and the First Amendment’ PART III DUE PROCESS AND EQUAL PROTECTION 14. Cass R. Sunstein (1984), ‘Naked Preferences and the Constitution’ 15. Herbert Hovenkamp (1988), ‘The Political Economy of Substantive Due Process’ Name Index

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Book SynopsisKeynes, the Keynesians and Monetarism is a major contribution to the continuing debate on macroeconomic policy-making. Tim Congdon has been a strong supporter of monetarist economic principles for over 30 years. His writings - in the newspapers and for parliamentary committees, as well as in academic journals - played an influential role in the transformation of British macroeconomic policy in the 1980s and 1990s. This book brings together the main papers written by the author since his 1992 collection, Reflections on Monetarism. It challenges several 'conventional wisdoms' about UK macroeconomic policy (and thinking about policy), arguing - for example - that the Keynesians' advocacy of incomes policy and fiscal activism in the immediate post-war decades did not have a clear basis in Keynes's own writings. The book denies that the UK had a 'Keynesian revolution', in the sense of a deliberately pursued fiscal activism to promote 'full employment'. Implicit throughout the volume is a distinctive view of how the economy works, with an account of the transmission mechanism (from money to the economy) in which movements in asset prices and aggregate demand are strongly influenced by the quantity of money. Congdon uses this approach to demonstrate that monetary policy has had more powerful effects on macroeconomic activity in the post-war period than fiscal policy. He also suggests that the now fashionable 'New Keynesian' view of policy-making acknowledges the primacy of monetary policy and would be better termed 'output gap monetarism'. In short, Keynes, the Keynesians and Monetarism contends that monetarism defeated Keynesianism in the battle of ideas in the 1970s and 1980s. The achievement of greater macroeconomic stability in the last 15 years is largely due to the impact of monetarist thinking on policy-making.The book is clearly and attractively written, and covers topics that are fundamental to macroeconomic thinking and policy-making. It will be a provocative and appealing read for scholars at all levels of economics, macroeconomics and monetary theory. It will also find an audience among policymakers in central banks and finance ministries, business economists working in companies, and financial economists in the City of London and other centres.Trade Review'For anyone interested in the macroeconomic policy debates of the last fifty years, this is a very interesting book. It is well-written and draws on a wide range of sources which it treats with respect. One does not have to accept the argument to get a great deal of value from it.' -- Peter Howells, Economic Issues'. . . there is a very useful and good-length introduction with a long appendix on the output gap. . . For anyone trying to understand the post-war British economy some understanding of these debates is essential. Certainly, economists and economic historians will want to read them but others too with an interest in British history and politics and current events will both benefit from and enjoy this collection.' -- Forrest Capie, Economic Affairs'Keynes, the Keynesians and Monetarism is an intriguing miscellaneous of essays by one of Britain's leading monetarist economists in the 1980s and in the 1990s. The book indeed brings together the main academic papers written by the author revising and up-to-dating the previous collection titled, Reflections on Monetarism, with the new papers published in the first years of 2000. The book by this "advocate" of monetarism is very often appealing and provocative, covering topics that are fundamental to macroeconomic thinking and policy-making. . . certainly appealing for macroeconomists and researchers. . .' -- Lino Sau, History of Economic Ideas'In the context of the current economic climate, this volume provides an excellent opportunity for reappraising the arguments on both sides of the debate. . . The importance of this volume is that it provides the interested reader with an excellent summary of the monetarist position prior to the current crisis.' -- Economic Outlook and Business ReviewTable of ContentsContents: Preface Introduction: What Were (and are) the Debates All About? PART I: KEYNES AND THE KEYNESIANS 1. Were the Keynesians Loyal Followers of Keynes? 2. What was Keynes’s Best Book? 3. Keynes, the Keynesians and the Exchange Rate PART II: THE SO-CALLED ‘KEYNESIAN REVOLUTION’ 4. Did Britain have a ‘Keynesian Revolution’? 5. Is Anything Left of the ‘Keynesian Revolution’? PART III: DEFINING BRITISH MONETARISM 6. The Political Economy of Monetarism 7. British and American Monetarism Compared PART IV: THE DEBATE ON THE 1981 BUDGET 8. Do Budget Deficits ‘Crowd Out’ Private Investment? 9. Did the 1981 Budget Refute Naïve Keynesianism? 10. An Exchange 25 Years Later between Professor Stephen Nickell and Tim Congdon PART V: DID MONETARISM SUCCEED? 11. Assessing the Conservatives’ Record 12. Criticizing the Critics of Monetarism 13. Has Macroeconomic Stability Since 1992 Been Due to Keynesianism, Monetarism or What? PART VI: HOW THE ECONOMY WORKS 14. Money, Asset Prices and Economic Activity 15. Some Aspects of the Transmission Mechanism Index

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Book SynopsisThis book focuses on arrangements for redistributing consumption opportunities over the life cycle and for providing compensation for income losses or large expenditures due to reasons such as illness and unemployment. After extensive coverage of the nature of inequalities in income and wealth in a market economy, and various notions of social justice, the author discusses public and private transfers in cash or in kind related to old age, childhood, illness and the like. Importantly, the book takes into account both equity and efficiency aspects.This concise discussion of the welfare state and its alternatives will be of great interest to students of economics at the intermediate level as well as to graduate students of sociology, social work and other social sciences. It will also appeal to politicians and civil service managers with an interest in the fundamentals of social policy.Trade Review'This book will be of interest to anyone interested in the technical detail of funding mechanisms, and those not so inclined will still find plenty of thought-provoking material to explore. . . This book is a treasure-trove of empirical data, theoretical discussion, and practical application, and also as a useful indicator of how much of Europe understands social protection.' -- Citizen's IncomeTable of ContentsContents: Preface 1. Introduction 2. Inequality 3. Social Justice 4. Pensions: Basic Model 5. Pensions: Extended Model 6. Liquidity Constraints 7. Income Security 8. Benefits in Kind References Index

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Book SynopsisThis book restates the importance of the study of the history of ideas, in the context of the writings of economists. After an initial statement, a case study involving five methodological detours is considered. This is followed by an analysis of a flawed attempt to remedy the manifest deficiencies of the static general equilibrium model. A general overview of classical economics is followed by an account of the world of Alfred Marshall who did so much to bridge the gap between classical and neo-classical economics. The work of two great historians of economics, Edwin Cannan and J.R. McCulloch, is discussed, as well as that of Paul Samuelson who while a leading theorist has defied the narrow essentialism now fashionable, and remained a scholar. There are also three chapters dealing with one of the most learned writers on economics, Friedrich Hayek.Illustrated by discussions of methodological and historical issues, the book will be essential reading for economists, researchers and students of the history of economic thought.Trade Review'O'Brien is an exemplary economist, being at the forefront of the senior generation of economists who have made seminal contributions to the history of thought as part of a broader career in economics, in his case with important papers on customs union theory and industrial economics.' -- Roger Middleton, Journal of the History of Economic ThoughtTable of ContentsContents: Preface Part I: Introduction 1. Introduction Part II: Methodology 2. History of Economic Thought as an Intellectual Discipline 3. Five Methodological Detours 4. Information and Investment in a Wider Context Part III: History of Economic Thought 5. Classical Economics: An Overview 6. Marshall’s World in His Correspondence 7. Cannan: Theory and the History of Economic Thought 8. Friedrich August von Hayek 9. Hayek: The Union of Law and Economics 10. Hayek in the History of Economic Thought 11. McCulloch and the Literature of Economics 12. Samuelson: The Theorist as Historian of Economic Thought Bibliography Index

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Book SynopsisFocussing on the economics of terrorism in the post 9/11 world, this book brings together original research based on the collaborative efforts of leading economists and planners.The authoritative and expert contributors use a variety of methodological approaches and apply them to different types of terrorist attacks (on airports, highways, seaports, electric power infrastructure, for example). They also draw analogies between man-made and natural disasters. The results suggest that these issues are extremely complex and that the economic costs of some types of attack are huge, but that increased understanding and estimation can be used to justify resource investments in prevention, mitigation and response. A primary aim of the book is to contribute to developing more cost-effective anti-terrorist policies. Scholars and researchers in the fields of transportation, public sector economics, urban planning, disaster prevention, mitigation and management, and engineers will find The Economic Impacts of Terrorist Attacks a major contribution to a new and rapidly expanding research area.Trade Review'These papers enhance our understanding of numerous aspects of the terrorism problem.' -- Andrew Haughwout, Papers in Regional Science‘The Economic Impact of Terrorist Attacks exposes the reader to a healthy sampling of the current approaches that researchers have taken in addressing a challenging set of economic problems.' -- Jared C. Carbone, Journal of Regional Science'Knowledgeably compiled and expertly co-edited by the team of Harry W. Richardson, Peter Gordon and James E. Moore II, The Economic Impacts of Terrorist Attacks is a groundbreaking study of the extensive damage done to the American economy as a result of terrorism with a particular focus on the attacks in 2001. . . very highly recommended to students of politics, economics, and the present "war on terrorism".' -- The Midwest Book ReviewTable of ContentsContents: Preface 1. Introduction Harry W. Richardson, Peter Gordon and James E. Moore II 2. Transnational Terrorism: An Economic Analysis Todd Sandler and Walter Enders 3. You Can Only Die Once: Interdependent Security in an Uncertain World Geoffrey Heal and Howard Kunreuther 4. Increasing the Security and Reliability of the US Electricity System Lester B. Lave, Jay Apt, Alex Farrell and M. Granger Morgan 5. Mitigation of Extreme Event Risks: Electric Power Outrage and Infrastructure Failure Interactions Stephanie E. Chang, Timothy L. McDaniels and Dorothy Reed 6. Float Together/Sink Together? The Effect of Connectivity on Power Systems Richard E. Schuler 7. Current and Improved Biodefense Cost–Benefit Assessment Clark C. Abt 8. Improving the Homeland Security Advisory System: An Experimental Analysis of Threat Communication for National Security Philip T. Ganderton, David S. Brookshire and Richard L. Bernknopf 9. Land Markets and Terrorism: Uncovering Perceptions of Risk by Examining Land Price Changes Following 9/11 Christian L. Redfearn 10. Designing Benefit–Cost Analyses for Homeland Security Policies V. Kerry Smith and Daniel G. Hallstrom 11. Analyzing Terrorist Threats to the Economy: A Computable General Equilibrium Approach Adam Rose 12. Evaluating the Viability of 100 per cent Container Inspection at America’s Ports Susan E. Martonosi, David S. Ortiz and Henry H. Willis 13. An Overview of US Port Security Programs Jon D. Haveman, Howard J. Shatz and Ernesto I. Vilchis 14. The Economic Impact of a Terrorist Attack on the Twin Ports of Los Angeles–Long Beach Peter Gordon, James E. Moore II, Harry W. Richardson and Qisheng Pan 15. The Transportation Implications of a Terrorist Attack on Seattle’s Highway Network Chang-Hee Christine Bae, Larry Blain and Alon Bassok Index

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Book SynopsisDedicated to the goal of furthering evolutionary economic analysis, this book provides a coherent scientific approach to deal with the real world of continual change in the economic system. Expansive in its scope, this book ranges from abstract discussions of ontology, analysis and theory to more practical discussions on how we can operationalize notions such as 'capabilities' from what we understand as 'knowledge'. Simulation techniques and empirical case studies are also used.Sharpening the focus of the relationship between economic evolution and economic complexity, the book will be of great interest to academics, students and researchers of evolutionary economics.Trade Review'This book provides a useful introduction to evolutionary economics.' -- Adam Gifford, Journal of Bioeconomics'With this important collection of fine new papers, Foster and Metcalfe have brought together another volume that will make an impact on the newly unfolding science-of-complexity approach to economics. Ranging from the theoretical foundations to modeling tools and concrete empirical applications, the contributions cover all relevant areas. The reader is being offered exciting new views on variety generating and selecting mechanisms in the economy and their role for technological and commercial change.' -- Ulrich Witt, Max Planck Institute, Jena, GermanyTable of ContentsContents: Introduction PART I: THEORETICAL PERSPECTIVES 1. Evolutionary Foundations of Economics Kurt Dopfer and Jason Potts 2. On the Methodology of Assessing Agent-Based Evolutionary Models in the Social Sciences Paul Ormerod and Bridget Rosewell 3. What do Firms Learn? Capabilities, Distribution and the Division of Labour Paolo Ramazzotti 4. Dynamic Capabilities, Tacit Knowledge and Absorption Peter Hall PART II: MODELLING COMPLEXITY 5. The Complexity of Structure, Strategy and Decision Making Peter M. Allen 6. Knowledges, Specialization and Economic Evolution: Modelling the Evolving Division of Human Time Esben Sloth Andersen PART III: EMPIRICAL PERSPECTIVES 7. Erring to be Right: The Paradox of Error in the Foundation of Probability in Economics Francisco Louçã 8. Technological and Economic Mobility in Large German Manufacturing Firms Uwe Cantner and Jens J. Krüger 9. A Conceptual Framework to Model Long-run Qualitative Change in the Energy System Andreas Pyka, Bernd Ebersberger and Horst Hanusch Index

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Book SynopsisThis comprehensive volume provides a state-of-the-art overview of regulatory economics and reviews the main theories, tools, and domains of regulation. The book is divided into six parts: regulation in general; tools of regulation; social regulation; regulation of public utilities; regulation of non-natural-monopolies, and regulation of professions. Regulation and Economics begins with a valuable introductory chapter on the law and economics of regulation followed by 17 concise chapters on specific subjects in regulation including highly topical matters such as regulation of banking, finance and insurance; energy markets and telecommunications; and environmental and risk regulation. Providing an overview of the most important insights in regulatory economics and providing a useful access point to the more specialized literature in this area, this unique book will particularly benefit students of law and economics, as well as academics and government officials of regulatory agencies. Contributors: A. Arcuri, D. Black, K.J. Cseres, P.M. Danzon, A. de Hauteclocque, J. den Hertog, M.G. Faure, C. Gibson, D. Heremans, W. Jacobs, B. Kuipers, J.H. Love, C. McKean, B. Moselle, J.S. Netz, R.N. Olsen, A.M. Pacces, Y. Perez, N.J. Philipsen, H. Piffaut, D. Porrini, A. Renda, N. Rickman, P.H. Rubin, F.H. Stephen, R.J. Van den Bergh, M. WhiteTrade Review'This book of essays on the economics of regulation is comprehensive and authoritative, and is particularly noteworthy for its emphasis on European as well as American regulatory methods. The international perspective is important because of the long history of regulatory failures on both continents, the increasing integration of the economies of both continents, and the resulting need of both regulatory cultures to learn from each other.' --Richard A. Posner, Judge, United States Court of Appeals for the Seventh Circuit and University of Chicago Law School, US'Law students as well as students of economics and policy makers within government departments - indeed anyone concerned with the genesis and implementation of regulatory environments will find this book of exemplary special interest.' --Phillip Taylor MBE and Elizabeth Taylor, The Barrister MagazineTable of ContentsContents: An Introduction to the Law and Economics of Regulation Alessio M. Pacces and Roger J. Van den Bergh PART I: REGULATION IN GENERAL 1. Economic Theories of Regulation Johan den Hertog PART II: REGULATORY TOOLS 2. Price Regulation: Theory and Performance Janet S. Netz 3. Regulation of Information and Advertising Paul H. Rubin PART III: SOCIAL REGULATION 4. Consumer Protection in the European Union Katalin J. Cseres 5. Environmental Regulation Michael G. Faure 6. Risk Regulation Alessandra Arcuri PART IV: REGULATION OF PUBLIC UTILITIES 7. Telecommunications Regulation Andrea Renda 8. Electricity Regulation Adrien de Hauteclocque and Yannick Perez 9. Regulation of the Natural Gas Industry Boaz Moselle, David Black, Martin White and Henri Piffaut 10. Regulation of Water and Wastewater Colm Gibson, Cameron McKean and Henri Piffaut 11. Regulation of the Global Transport Industry: An Institutional Account Wouter Jacobs and Bart Kuipers PART V: REGULATION OF NON-NATURAL MONOPOLIES 12. Insurance Regulation Donatella Porrini 13. Regulation of Banking and Financial Markets Dirk Heremans and Alessio M. Pacces 14. Regulation of the Biopharmaceutical Industry Patricia M. Danzon PART VI: REGULATION OF PROFESSIONS 15. Regulation of the Legal Profession Frank H. Stephen, James H. Love and Neil Rickman 16. Regulation of Medical Professions Reed Neil Olsen 17. Regulation of Accountants Niels J. Philipsen Index

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Book SynopsisNetworks have a widespread economic significance. They structure the way that market traders interact and configure relations within and between social groups, urban centres and nation states. Networks also determine patterns of authority and dominance in hierarchical organisations such as governments. This authoritative selection of recent work on the economics of networks will appeal to researchers in microeconomics, spatial and business economics as well as international economics and development. Social scientists and natural scientists will also find the book useful as a guide to the increasing wealth of economic literature on networks.Trade Review‘We citizens of the 21st century are surrounded by networks: economic and social networks, real and virtual networks, business and personal networks, formal and informal networks, local and international networks. The Economics of Networks valuably assembles a fine collection of articles that illuminates the operations of networks from both social and economic perspectives. Read it and join the network of those who understand networks.’ -- Carl Shapiro, University of California and Berkeley, US‘I am delighted to see the publication of this volume. The choice of papers in the book superbly displays the multi-dimensional nature of network behaviour. Such networks are seen to operate on many different levels and in many different contexts of human behaviour. This volume will be an essential resource for social scientists of many disciplines who are interested in the communication and organizational behaviour of diverse types of agents.’ -- Philip McCann, University of Waikato, New Zealand and University of Reading, UKTable of ContentsContents: Acknowledgements Introduction Mark Casson and Marina Della Giusta 1. Harald Baldersheim, Jan Bucek and Pawel Swianiewicz (2002), ‘Mayors Learning across Borders: The International Networks of Municipalities in East-Central Europe’ 2. Ashok Deo Bardhan and Subhrajit Guhathakurta (2004), ’Global Linkages of Subnational Regions: Coastal Exports and International Networks’ 3. René Belderbos and Leo Sleuwaegen (1996), ‘Japanese Firms and the Decision to Invest Abroad: Business Groups and Regional Core Networks’ 4. Mark Brayshay, Mark Cleary and John Selwood (2005), ‘Interlocking Directorships and Trans-national Linkages within the British Empire, 1900–1930’ 5. Ronald S. Burt (1999), ‘Private Games are too Dangerous’ 6. Mark Casson and Howard Cox (1997), ‘An Economic Model of Inter-Firm Networks’ 7. Howard Cox, Simon Mowatt and Martha Prevezer (2003), ‘New Product Development and Product Supply within a Network Setting: The Chilled Ready-Meal Industry in the UK’ 8. Niek de Jong and Rob Vos (1995), ‘Regional Blocs or Global Markets? World Accounting Approach to Analyze Trade and Financial Linkages’ 9. Sarah Drakopoulou Dodd and Eleni Patra (2002), ‘National Differences in Entrepreneurial Networking’ 10. Peter Sheridan Dodds, Duncan J. Watts and Charles F. Sabel (2003), ‘Information Exchange and the Robustness of Organizational Networks’ 11. Mika Kallioinen (2004), ‘Information, Communication Technology, and Business in the Nineteenth Century: The Case of a Finnish Merchant House’ 12. Douglas S. Massey (1987), ‘Understanding Mexican Migration to the United States’ 13. Larry Neal and Stephen Quinn (2001), ‘Networks of Information, Markets, and Institutions in the Rise of London as a Financial Centre, 1660–1720’ 14. M.E.J. Newman and Juyong Park (2003), ‘Why Social Networks are Different from other Types of Networks’ 15. Lucy Newton (2003), ‘Capital Networks in the Sheffield Region, 1850–1885’ 16. Rebeca Raijman, Silvina Schmmah-Gesser and Adriana Kemp (2003), ‘International Migration, Domestic Work, and Care Work: Undocumented Latina Migrants in Israel’ 17. Kenneth D. Roberts and Michael D.S. Morris (2003), ‘Fortune, Risk, and Remittances: An Application of Option Theory to Participation in Village-Based Migration Networks’ 18. Janet W. Salaff and Arent Greve (2004), ‘Can Women’s Social Networks Migrate?’ 19. Ma Ángeles Serrano and Marián Boguñá (2003), ‘Topology of the World Trade Web’ 20. David A. Smith and Michael F. Timberlake (2001), ‘World City Networks and Hierarchies, 1977–1997: An Empirical Analysis of Global Air Travel Links’ 21. Barney Warf (1995), ‘Telecommunications and the Changing Geographies of Knowledge Transmission in the Late 20th Century’ 22. Tamar Diana Wilson (1998), ‘Weak Ties, Strong Ties: Network Principles in Mexican Migration’ Name Index

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Book SynopsisThere was a time when theologians and economists knew much more about each other's work than they do today. This book is dedicated to reconnecting two disciplines that study different dimensions of the human condition. The well respected contributors - economists, theologians, some both - explore the interaction of Christian theology and market economics, from the earliest times to the modern day. There is much to surprise, puzzle and edify serious students of theology and economics as well as the merely curious.This unique work has a historical time-span reaching from Aristotle to the modern day, thus appealing to those interested in the history of ideas and economic thought as well as the links between theological and economic thought. Economists studying the intellectual roots of their discipline, as well as Christians researching the links between Christian beliefs and the worldly philosophy governing everyday commercial lives will also welcome it.Trade Review'. . . the volume provides a number of strong essays that can help economists and others understand the intricate relationship that economics has historically had to theology and Christian religion.' -- Daniel K. Finn, History of Economic Ideas'This book is a significant contribution to Christian discussion of economics.' -- Gordon Preece, Zadok Perspectives'Theologians wanting to start the journey about what it means to think Christianly about economic issues will find this text a useful introduction. Protestants, unfamiliar with Catholic teaching on economics, will benefit from the mature reflection exhibited by the Catholic Church's long ecclesiastical memory. The authors deftly avoid controversies that presently divide Christians into difference communions. . . the authors are to be commended for their lucid call for theologians to engage in the complex world of money and markets.' -- Stephen M. Vantassel, Journal of Markets & Morality'Christian Theology and Market Economics is a welcome and important contribution to the dialogue between serious Christian thinking and market economics.' -- Bishop Robert Forsyth, PolicyTable of ContentsContents: Introduction Ian R. Harper and Samuel Gregg PART I: CHRISTIANITY AND THE HISTORY OF ECONOMIC THOUGHT 1. Aristotle’s Science of Economics Ricardo F. Crespo 2. Christianity’s Pre-Enlightenment Contribution to Economic Thought Stephen J. Grabill 3. Commercial Order and the Scottish Enlightenment: The Christian Context Samuel Gregg 4. Christianity’s Post-Enlightenment Contribution to Economic Thought Paul Oslington PART II: CHRISTIANITY AND ECONOMIC THEORY 5. Christian Theology and Economics: Convergence and Clashes Geoffrey Brennan and Anthony M.C. Waterman 5. Economics as Identity Gordon Menzies PART III: CHRISTIANITY AND MODERN BUSINESS 7. Business as a Moral Enterprise Michael J. Miller 8. Modern Business and its Moral and Ethical Dilemmas in a Globalized World Philip Booth 9. Treating ‘Affluenza’: The Moral Challenge of Affluence Ian R. Harper and Eric L. Jones 10. The Role of Business in the Fight Against Poverty Peter S. Heslam Bibliography Index

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Book SynopsisThe Austrian school of economics was founded in 1871 with the publication of Carl Menger's Principles of Economics. In his book, Menger argued that economic analysis is universally applicable and that the appropriate unit of analysis is man and his choices. These choices, he wrote, are determined by individual subjective preferences and the margin on which decisions are made. The logic of choice, he believed, is the essential building block to the development of a universally valid economic theory. The home of the field moved first to Britain and then on to the US, and at present a diverse mix of intellectual traditions in economic science is obvious in contemporary Austrian school economists. While one could argue that a unique Austrian school of economics operates within the economic profession today, one could also sensibly argue that the label 'Austrian' no longer possesses any substantive meaning. This Handbook looks through the lens of the latest generation of scholars at the main propositions believed by so-called 'Austrians'. Each contributing author addresses key tenets of the school of thought, and outlines its ongoing contribution to economics and to the social sciences. Contributors: S.A. Beaulier, P.J. Boettke, C.J. Coyne, A.J. Evans, P.T. Leeson, S.C. Miller, B. Powell, F. Sautet, V.H. Storr, E.P. Stringham, J.R. SubrickTable of ContentsContents: Introduction Peter J. Boettke PART I: THE SCIENCE OF ECONOMICS 1. Only Individuals Choose Anthony J. Evans 2. Economics as the Study of Coordination and Exchange Christopher J. Coyne 3. The Facts of the Social Sciences are what People Believe and Think Virgil Henry Storr PART II: MICROECONOMICS 4. Economic Value and Costs are Subjective Edward P. Stringham 5. Price: The Ultimate Heuristic Stephen C. Miller 6. Without Private Property, There Can Be No Rational Economic Calculation Scott A. Beaulier 7. The Competitive Market is a Process of Entrepreneurial Discovery Frederic Sautet PART III: MACROECONOMICS 8. Money is Non-neutral J. Robert Subrick 9. Some Implications of Capital Heterogeneity Benjamin Powell 10. Anarchy Unbound: How Much Order Can Spontaneous Order Create? Peter T. Leeson PART IV: CONCLUSION 11. Back to the Future: Austrian Economics in the Twenty-first Century Peter J. Boettke Index

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Book Synopsis'Herrmann-Pillath's work attempts to bring to bear upon the discipline of economics perspectives from other discourses which have been burgeoning recently -- namely, thermodynamics, evolutionary biology, and semiotics, aiming at a consilience contextualized by economic activity and problems. This marks the work as a contemporary example of natural philosophy, which is now at the doorstep of a revival. The overall perspective is that human economic activity is an aspect of the ecology of the earth s surface, viewing it as an evolving physical system mediated through distributed mentality as expressed in technology evolution. Knowledge is taken to be ''physical'' with a performative function, as in Peirce's pragmaticism. Thus, the social meanings of expectations, prices and credit are found to be rooted in energy flows. The work draws its foundation from Hegel and C.S. Peirce and its immediate guidance from Hayek, Veblen and Georgescu-Roegen. The author generates an energetic theory of economic growth, guided by Odum's maximum power principle. Economic discourse itself is reworked in the final chapter, in light of the examinations of the previous chapters, naturalizing economics within an extremely powerful contemporary framework.'- Stanley N. Salthe, Binghamton University, SUNYTrade Review'This book is an ambitious intellectual enterprise to build a naturalistic foundation for economics, with amazingly vast knowledge of physical, biological, social sciences and philosophy. Readers will discover that approaches and insights emergent in institutional studies, (social)-neuroscience, network theory, ecological economics, bio-culture dualistic evolution, etc. are persuasively placed in a grand unified frame. It is written in a good Hayekian tradition. I recommend this book particularly to young readers who aspire to go beyond a narrowly specified discipline in the age of expanding communicability of knowledge and ideas.' --Masahiko Aoki, Stanford University'Carsten Herrmann-Pillath's new book is an in-depth application of natural philosophy to economics that draws up an entirely new framework for economic analysis. It offers path-breaking insights on the interactions between human economic activity and nature and outlines a convincing solution to the long-standing reductionism controversy. A must-read for everyone interested in the philosophical underpinnings of economics as a science.' --Ulrich Witt, Max Planck Institute of Economics, Jena, Germany'''Big picture'' philosophy of economics drifted into a dull cul-de-sac as it became obsessively focused on falsifiability and rationality. In this book Carsten Herrmann-Pilath pushes the field back onto the open highway by locating economics in the larger frameworks of metaphysics, evolutionary dynamics and information theory. This is large-scale, ambitious synthesis of ideas of the kind we expect from time to time to see devoted to physics and biology. Why should economics merit anything less? But of course this kind of intellectual tapestry must await the appearance of an unusually devoted scholar with special patience and eccentric independence from the pressure for quick returns that characterizes academic life. In the person of Hermann-Pilath this scholar has appeared. No one who wants to examine economics whole and in its richest context should miss his virtuoso performance in this book.' --Don Ross, University of Cape Town, South Africa and Georgia State UniversityTable of ContentsContents: Preface 1. Ontology 2. Causation 3. Evolution 4. Individuals 5. Networks 6. Institutions 7. Technology 8. Markets References Index

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Book Synopsis`In Alfred Marshall's theory of the human mind, the development of knowledge is conditioned, though not determined, by the context in which it occurs; by a natural extension, so is the interpretation, response to and use of knowledge. That is the organising principle of this book, and no one is better equipped to apply it than the team which produced The Elgar Companion to Alfred Marshall. What we can learn from these studies has wide application in economics - and beyond.'---Brian Loasby, University of Stirling, UK`The team responsible for producing the exemplary Elgar Companion to Alfred Marshall in 2006 has now assembled this complementary volume which contains an equally authoritative collection of studies dealing with the fortuna or intellectual and cultural impact of Marshallian economics in Britain, Europe, North America, Australasia, and Asia. Together the books make an invaluable contribution to the reassessment of Marshall's reputation and the diffusion of his economic ideas.'---Donald Winch, University of Sussex, UKThis is a unique and detailed book which surveys the diffusion and reception of Alfred Marshall's ideas and the ways they have influenced the development of economic science up to the present day.This is an accessible and extremely readable work offering an interesting perspective on the national traditions of economic thought, in both English and non-English speaking countries, as well as on the work of leading economists. As this work demonstrates, the variety of responses elicited by Alfred Marshall's thought testifies to its richness as well as to the plurality of conceptions of the role and tasks of economics in different times and places. This book complements the authors' previous work The Elgar Companion to Alfred Marshall.The Impact of Alfred Marshall's Ideas will appeal to researchers and academics at all levels of economics and especially the history of economic thought.Trade Review‘The book . . . offer's a "systematic country-by-country study of the impact of Marshall's ideas over the course of the last century." . . . while the volume contributes to the field of the history of economic thought, it also provides the reader with strong and valuable insights in the fields of intellectual and academic history. Overall, this book is a great supplement to post-Marshallian studies.’ -- Lisa Arena, Journal of the History of Economic Thought‘. . . this book is a worthy companion to the Elgar Companion to Alfred Marshall, although each chapter might very well be expanded into something more grand and fitting as tribute to the influence of Alfred Marshall.’ -- C.R. McCann Jr., History of Economic Ideas‘In Alfred Marshall’s theory of the human mind, the development of knowledge is conditioned, though not determined, by the context in which it occurs; by a natural extension, so is the interpretation, response to and use of knowledge. That is the organising principle of this book, and no one is better equipped to apply it than the team which produced The Elgar Companion to Alfred Marshall. What we can learn from these studies has wide application in economics - and beyond.’ -- Brian Loasby, University of Stirling, UK‘The team responsible for producing the exemplary Elgar Companion to Alfred Marshall in 2006 has now assembled this complementary volume which contains an equally authoritative collection of studies dealing with the fortuna or intellectual and cultural impact of Marshallian economics in Britain, Europe, North America, Australasia, and Asia. Together the books make an invaluable contribution to the reassessment of Marshall’s reputation and the diffusion of his economic ideas.’ -- Donald Winch, University of Sussex, UKTable of ContentsContents: Introduction PART I: ‘CONVENTIONAL’ AND ‘NEW’ VIEWS OF ALFRED MARSHALL 1. Alfred Marshall’s Place in the History of Economic Thought: The ‘Conventional’ Interpretation Anthony Brewer 2. Recent Marshallian Scholarship: An Overview Peter D. Groenewegen PART II: THE HOME RECEPTION 3. Marshall at Cambridge Carlo Cristiano 4. Marshall and Marshallian Economics in Britain Keith Tribe PART III: MARSHALL IN ENGLISH-SPEAKING COUNTRIES 5. Marshall in Canada Robert W. Dimand and Robin Neill 6. The Reception of Marshall in the United States Roger E. Backhouse, Bradley W. Bateman and Steven G. Medema 7. Marshall and Australia Peter D. Groenewegen 8. Marshallian Economics in New Zealand, c. 1890–1940 Anthony M. Endres PART IV: MARSHALL IN CONTINENTAL EUROPE 9. Marshall’s Influence on Swedish Economic Thought Bo Sandelin 10. Marshall in Norway Tore Jørgen Hanisch and Arild Sæther 11. Marshall in Poland Michal Brzezinski 12. Marshall in Russia Irina Eliseeva 13. Marshall in German-speaking Countries Volker Caspari 14. Alfred Marshall and Economic Theory in Holland Arnold Heertje 15. Marshall in Belgium Guido Erreygers 16. Marshall in France Michel Quéré 17. Marshall in Italy Mauro Gallegati and Riccardo Faucci 18. Marshall in Spain, 1890–1950 Lluis Argemí 19. Marshallian Industrial Districts in Portugal: A Conceptual Solution for Empirical Analyses’ Pressures José Reis PART V: MARSHALL IN ASIAN COUNTRIES 20. Influence of Alfred Marshall on Indian Economic Thought Nita Mitra 21. Alfred Marshall’s Ideas in China Paul B. Trescott 22. Marshall in Japan Mikio Nishioka PART VI: MARSHALL IN THE VIEWS OF SOME ‘ITINERANT’ ECONOMISTS 23. Pareto’s ‘Third Way’ between Marshall and Walras Marco Dardi and Alberto Zanni 24. Schumpeter on Marshall Harald Hagemann 25. Nicholas Georgescu-Roegen and the Mecca of the Economist Andrea Maneschi Index

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