Economic theory and philosophy Books

Book SynopsisThe theory of inflation seeks to explain why inflation occurs and why its rate varies, to explain the co-movements betwen the inflation rate and other variables and to permit the design of mechanisms capable of delivering an optimal inflation path.The Theory of Inflation presents in one volume a comprehensive description of the historical inflation record, surveys the current state of knowledge on the fundamental forces that cause inflation and the mechanisms that propagate it, and examines the costs of inflation and the problems of achieving price stability.Professor Parkin's selection draws both upon the contribution of mainstream economists - whose work has been based on market demand and supply - and a new generation whose work has emphasized the importance of technology and preferences. This volume, as the introduction states, indicates that there is much of value to be learnt from both approaches.Table of ContentsPART I THE PHENOMENON TO BE EXPLAINED 1. Anna J. Schwartz (1973), ‘Secular Price Change in Historical Perspective’ 2. E.H. Phelps Brown and Sheila V. Hopkins (1956), ‘Seven Centuries of the Prices of Consumables, compared with Builders’ Wage-Rates’ 3. Nigel W. Duck (1993), ‘Some International Evidence on the Quantity Theory of Money’ PART II SURVEYS OF THE THEORY OF INFLATION 4. David Laidler and Michael Parkin (1975), ‘Inflation: A Survey’ 5. Bennett T. McCallum (1990), ‘Inflation: Theory and Evidence’ PART III INFLATION DYNAMICS 6. Philip Cagan (1956), ‘The Monetary Dynamics of Hyperinflation’ 7. Maurice Obstfeld and Kenneth Rogoff (1983), ‘Speculative Hyperinflations in Maximizing Models: Can We Rule Them Out?’ 8. Thomas J. Sargent and Neil Wallace (1981), ‘Some Unpleasant Monetarist Arithmetic’ PART IV THE COST OF INFLATION 9. Stanley Fischer (1981), ‘Towards an Understanding of the Costs of Inflation: II’ 10. Max Gillman (1993), ‘The Welfare Cost of Inflation in a Cash-in-Advance Economy with Costly Credit’ 11. Wouter J. Den Haan (1990), ‘The Optimal Inflation Path in a Sidraiski-Type Model with Uncertainty’ PART V STOPPING INFLATION 12. Peter Howitt (1990), ‘Zero Inflation as a Long Term Target for Monetary Policy’ 13. Thomas J. Sargent (1982), ‘The Ends of Four Big Inflation’s’ 14. Yoshio Suzuki (1985), ‘Japan’s Monetary Policy Over the Past 10 Years’ 15. Allan H. Meltzer (1993), ‘Some Lessons from the Great Inflation’s’ PART VI THE POSITIVE THEORY OF MONETARY POLICY 16. Robert J. Barro and David B. Gordon (1983), ‘A Positive Theory of Monetary Policy in a Natural Rate Model’ 17. Keith Blackburn and Michael CHRISTENSEN (1989), ‘Monetary Policy and Policy Credibility: Theories and Evidence’ 18. David Romer (1993), ‘Openness and Inflation: Theory and Evidence’ 19. Jakob De Haan and Jan Egbert Sturm (1992), ‘The Case for Central Bank Independence’

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Book SynopsisThis innovative book demonstrates that it is possible to construct a coherent alternative to neoclassical economics based on the contributions of post Keynesian and Kaleckian economists. It identifies elements from the non-orthodox traditions, in particular from the neo-Ricardian school, that can be welded into a convincing alternative theoretical framework. The building blocks of this synthesis are the non-neo-classical microeconomic foundations of the theory of choice and of the firm. By emphasizing the consequences of a world characterized by true uncertainty and oligopolistic dominance, Marc Lavoie extends short-period paradoxes to the analysis of the long period, and bases these macroeconomic results on microeconomic foundations.Trade Review'. . . [provides] excellent expositions for students [and] should allow discussion to concentrate on the theoretical consistency of the various components of the post Keynesian alternative.' -- J.A. Kregel, The Economic Journal'I would have no hesitation in strongly recommending this book to advanced undergraduate and graduate students and scholars who would like an overview of post Keynesian economic theory. . . Its authoritative and comprehensive account of post Keynesian economics and its admirable synthesis of a large body of diverse work into a coherent and compelling whole.'Table of ContentsContents: 1. The Need for an Alternative 2. Theory of Choice 3. Theory of the Firm 4. Credit and Money 5. Effective Demand and Employment 6. Accumulation and Capacity 7. Inflation 8. Concluding Remarks

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Book SynopsisThe Economics of Restructuring and Intervention carries forward the work of Marx, Kalecki, Keynes and Kaldor in analysing questions of growth, distribution and government intervention. It will be essential reading for all those wishing to understand the massive economic and political shifts as we enter the 1990s - the globalization of markets and production, continued growth of the Third World and East European debt, the emerging digital economy. Political debates thrown up by these economic, industrial and technological developments are subject to rigorous scrutiny and critique - from the employment effects of wage cuts to the calls for ‘supply side socialism’.Table of ContentsContents: Introduction Part I: The Global Economy 1. The Modern Dialectic: Ideology and Economic Reality (John Kenneth Galbraith) 2. The Economic Instability of the 1980s (Ferdinando Targetti) 3. East European Debt: A Comparative Perspective (Hans van Zon) Part II: Kalecki and Kaldor 4. Kalecki and Kaldor on Development Finance (Laurence Harris) 5. Kaldor's Vision of the Growth and Development Process (A.P. Thirlwall) 6. Analysing the Operation of Market Economies in the Spirit of Kaldor and Kalecki (Malcolm C. Sawyer) Part III: Wages and Prices 7. The Search for a 'Stylised Fact' of Cyclical Wages (Jonathan Michie) 8. Efficiency Wages: Mark-up Pricing and Effective Demand (Peter Skott) 9. The Economic of Shortage: A Post-Kaleckian Approach (Malcolm C. Sawyer) Part IV: Supply Side Socialism 10. Industrial Restructuring and Public Intervention (Nicholas Costello, Jonathan Michie and Seumas Milne) 11. Supply Side Socialism in the UK: A Post-Keynesian Perspective (Philip Arestis)

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Book SynopsisThis important new book - the first of its kind - provides a detailed analysis and critical appraisal of the neo-Ricardian Keynesians and the post Keynesians. After placing them in the context of modern schools of macroeconomics, it discusses their contributions including the neo-Ricardian synthesis of Sraffa's ideas on the heterogeneity of capital goods and Keynes's ideas on effective demand, and the post Keyensian analysis of the role of historical time, money and uncertainty in Keynes's work. In conclusion, it suggests a synthesis of their views which could be seen as a starting point for an important challenge to mainstream economics.Trade Review'Professors Dutt and Amadeo have produced a book that will serve as a useful introduction to some difficult and very confusing terrain in modern economics, namely, post Keynesian and neo-Ricardian economics.' -- Ali Al-Nowaihi, The Times Higher Education Supplement

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Book SynopsisTrade Review‘Perspectives on the History of Economic Thought presents a careful selection of the most important and original contributions to the annual proceedings of the History of Economics Society. This series is essential to any serious student of the history of economics and to the collection of any University library supporting research in economic thought.’ -- The late Mark Blaug, formerly of the University of London and University of Buckingham, UK’. . . volume V can certainly be recommended to economists with an interest in classical and pre-classical thought, whilst those with an interest in Keynes will profit from reading volume VI.’ -- Roger E. Backhouse, The Economic JournalTable of ContentsContents: Part I: Interpretations of Keynes's Political and Early Economic Writing Part II: The Reception of Keynes's The Economic Consequences of the Peace Part III: Critiques of the Keynesian Perspective Part V: Supplementary Modern Topics

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Book SynopsisControversies in Post Keynesian Economics proves that it is possible to meet the most exacting scholarly standards while also managing to make economics enjoyable to read. Professor Davidson provides a lucid review of the debates between neoclassical Keynesians, monetarists and post Keynesians. These debates have been rekindled as a result of the revitalisation of the post Keynesian tradition coupled with the failure of the monetarist approach to explain economic developments in the 1980s. He develops this history of the struggle for the minds of economists, as well as explaining in intelligible language, the different roles assigned to money, contracts and the uncertainty of the inflationary process. In conclusion, he discusses which of these theories is likely to be most relevant to the economic problems that will be facing the free world in the 21st century. Trade Review’Useful supplementary reading for upper-level undergraduates.’

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Book SynopsisMark Blaug has made a seminal contribution to economic methodology, the history of economic thought and the economics of education. This volume celebrates Professor Blaug’s achievement with a series of high quality essays, written by a distinguished list of economists. An essential purchase for any library specializing in economics.Table of ContentsContents: Introduction 1. Conversations with My History of Economics Critics (P.A. Samuelson) 2. On the General Theory (D. Patinkin) 3. A Glimpse of the Invisible Hand (W.J. Baumol) 4. The Direction of Economic Research (G.J. Stigler) 5. The Underworld of Economics: Heresy and Heterodoxy in Economic Thought (M. Desai) 6. The Macroeconomics of Thomas Joplin (D.P. O’Brien) 7. How Inflation Undermines Economic Performance (W. Eltis) 8. The Methodology of Scientific Research Programs in Economics: Criticisms and Conjectures (B.J. Caldwell) 9. Popper, the Rationality Principle and Economic Explanation (D.W. Hands) 10. What’s So Special About General Equilibrium Theory? (A. Rosenberg) 11. On Interpretative and Feminist Economics (A. Klamer) 12. The Economics of Education and The Education of Policy Makers: Reflections on Full Cost Fees for Overseas Students (M. Woodhall) 13. Income-Contingent Student Loans: An Idea Whose Time Has Come (N. Barr) 14. The Concentration Process Revisited (A. Peacock and I. Rizzo) Appendix (Mark Blaug: Bibliography 1956–90)

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Book SynopsisThis landmark book presents a careful selection of the most important literature in the philosophy and methodology of economics - an area that has grown explosively in the last twenty years. This important and timely three volume reference collection contains the best of the recent work together with a number of classic articles by economists and philosophers. It focuses in the main on articles and papers that have not been previously reprinted and presents in an accessible form important material that is scattered throughout the literature.Table of ContentsTHE PHILOSOPHY AND METHODOLOGY OF ECONOMICS BRUCE J CALDWELL VOLUME I Commentary on the Classics and on the Related Secondary Literature 1. Frank H Knight (1940), "What is "Truth" in Economics ?", Journal of Political Economy, XLVIII, 1. 1-32. 2. T W Hutchison (1941), "The Significance and Basic Postulates of Economic Theory: A Reply to Professor Knight", Journal of Political Economy, XLIX, 5, 732-50. 3. K Klappholz and J Agassi (1959), "Methodological Prescription in Economics", Economica, XXVI, 101, 60-74. 4. G C Archibald (1961), "Chamberlin versus Chicago", Review of Economic Studies, XXIX, 1, 78, 2-28. 5. George Stigler (1963), "Archibald Versus Chicago", Review of Economic Studies, 63-64. 6. Milton Friedman (1963), "More on Archibald Versus Chicago", Review of Economic Studies, 65-67. 7. G C Archibald (1963), "Reply to Chicago", Review of Economic Studies, 68-71. 8. Jacques Melitz (1965), "Friedman and Machlup on the Significance of Testing Economic Assumptions", Journal of Political Economy, LXXIII, 37-60. 9. D V T Bear and Daniel Orr (1967), "Logic and Expediency in Economic Theorizing", Journal of Political Economy, 75, 188-96. (8) 10. Stanley Wong, "'The F-Twist'and the Methodology of Paul Samuelson", American Economic Review, 312-325. (13) 11. Alan Coddington (1979), "Friedman's Contribution to Methodological Controversy", British Review of Economic Issues, 2, 4, 1-13. (13) 12. Bart Nooteboom (1986), "Plausibility in Economics", Economics and Philosophy, 197-224. (28) 13. Uskali Mäki (1989), "On the Problem of Realism in Economics", Ricerche Economiche, XLVIII, 1-2, 176-198. (23) 14. Daniel Hammond (1991), "An Interview with Milton Friedman on Methodology", (to be printed in Research in the History of Economic Thought), pp 1-24. (24) 15. Yuichi Shionoya (1990), "Instrumentalism in Schumpeter's Economic Methodology", History of Political Economy, 22, 2, 187-222. (36) 16. Daniel Hausman (1989), "Economic Methodology in a Nutshell", Journal of Economic Perspectives, 3, 2, 115-27. (13) 2. Rationality 17. Gary S Becker (1962), "Irrational Behavior and Economic Theory", Journal of Political Economy, LXX, 1, 1-13. (13) 18. Alan P Hamlin (1986), "Individual Rationality", Ethics, Economics and the State, Harvester Wheatsheaf, Chapter 2, 12-59; 178-80; 186-93. (58) 19. Robert Sugden(1985), "Why be Consistent ? A Critical Analysis of Consistency Requirements in Choice Theory", Economica, 52, 206, 167-83. (17) 20. Amitai Etzioni (1986), "The Case for a Multiple-Utility Conception", Economics and Philosophy, 2, 2, 159-83. (25) 21. Timothy J Brennan (1989), "A Methodological Assessment of Multiple Utility Frameworks", Economics and Philosophy, 5, 2, 189-208. (20) 22. Jon Elster (1988), "The Nature and Scope of Rational-Choice Explanation", Science in Reflection, Edna Ullmann-Margalit (ed.), Kluwer Academic Publishers, 51-65. (15) 23. Jon Elster (1989), "Social Norms and Economic Theory", Journal of Economic Perspectives, 3, 4, 99-117. (19) Total No. of pages 451 VOLUME II 3. Estimation, Prediction and testing 24. Wesley C Mitchell (1925), "Quantitative Analysis in Economic Theory", American Economic Review, XV, 1, 1-12. (12) 25. Tjalling Koopmans (1947), "Measurement without Theory", Review of Economics and Statistics, XXIX, 3, 161-72. (12) 26. Rutledge Vining and Tjalling Koopmans (1949), "Methodological Issues in Quantitative Economics", Review of Economics and Statistics, XXXI, 2, 77-94. (18) 27. Deborah Mayo (1981), "Testing Statistical Testing", Philosophy in Economics , J C Pitt (ed.), Reidel Publishing, 175-203. (29) 28. Adrian Pagan (1987), "Three Econometric Methodologies: An Appraisal", Journal of Economic Surveys, 1, 1, 3-24. (22) 29. Mary Morgan (1988), "Finding a satisfactory Empirical Model", The Popperian Legacy in Economics, N de Marchi (ed.), Cambridge University Press, 199-211. (13) 30. Donald N McCloskey (1988), "The Limits of Expertise: If You're so smart, Why ain't you rich ?", American Scholar, 393-406. (14) 4. Value Judgements in Economics 31. T W Hutchison (1964), "Types and Sources of Value-Judgments and Bias", Positive Economics and Policy Objectives, Allen and Unwin, Chapter 2, 51-119. (69) 32. Fritz Machlup (1969), "Positive and Normative Economics", Economic Means and Social Ends: Essays in Political Economics, Prentice-Hall, 99-129. (31) 5. The Scope and Boundary of Economics I. Framing the issues -The economist as imperialist 33. Jack Hirshliefer (1985), "The Expanding Domain of Economics", American Economic Review Special Issue, 53-68. (16) 34. George Stigler and Gary Becker (1977), "De Gustibus Non Est Disputandum", American Economic Review, 76-90. (15) 35. Paul J H Schoemaker (1991), "The Quest for optimality: A positive heuristic of science ?", Behavioral and Brain Sciences, 14, 2, 205-215. (11) II. Economics and Biology 36. Armen Alchian (1950), "Uncertainty, Evolution and Economic Theory", Journal of Political Economy, LVIII, 211-21. (11) 37. Richard Nelson and Sidney Winter (1974), "NeoClassical vs. Evolutionary Theories of Economic Growth: Critique and Prospectus", Economic Journal, 336, 84, 886-905. (20) 38. Jack Hirshleifer (1977), " Economics from a Biographical Viewpoint", Journal of Law & Economics, XX, 1, 1-52. (52) 39. Ronald Heiner (1983), "The Origin of Predictable Behavior", American Economic Review, 560-95. (36) III. Experimental Economics 40. Paul Schoemaker (1982), "The Expected Utility Model: Its Variants, Purposes, Evidence and Limitations", Journal of Economic Literature, XX, 529-63. (35) 41. Vernon Smith (1989), "Theory, Experiment and Economics", Journal of Economic Perspectives, 3, 1, 151-69. (19) IV. Constitutional Economics 42. James Buchanan (1990), "The Domain of Constitutional Economics", Constitutional Political Economy, 1, 1, 1-18. (18) Total No. of Pages 453 VOLUME III 6. Karl Popper 43. Karl Popper (1985), "The Rationality Principle", Popper Selections, Miller (ed.), Princeton University Press, 356-65. (10) 44. Douglas W Hands (1985),"Karl Popper and Economic Methodology: A New Look", Economics and Philosophy, 1, 1, 83-99. (17) 45. Mark Blaug (1985), "Comment on D Wade Hands, "Karl Popper and Economic Methodology: A New Look", Economics and Philosophy, 1, 2, 286-88. (3) 46. Neil de Marchi (1988), "Popper and the LSE Economist", The Popperian Legacy in Economics, Cambridge University Press, 139-66. (28) 47. Bruce J Caldwell (1991), "Clarifying Popper", Journal of Economic Literature, XXIX, 1-33. (33) 7. Imre Lakatos 48. Spiro J Latsis (1972), "Situational Determinism in Economics", British Journal for the Philosophy of Science, 23, 207-45. (39) 49. Douglas W Hands (1985), "Second Thoughts on Lakatos", History of Political Economy, 17, 1, 1-16. (16) 50. E Roy Weintraub (1985), "Appraising General Equilibrium Analysis", Economics and Philosophy, 1, 1, 23-37. (15) 51. E Roy Weintraub (1988), "The Neo-Walrasian Program is Empirically Progressive", The Popperian Legacy in Economics, N de Marchi (ed.), Cambridge University Press, 213-27. (15) 52. Mark Blaug (1990), "Second Thoughts on the Keynesian Revolution", Economic Theories, True or False, Edward Elgar Publishing Ltd., 88-106. (19) 53.Bruce J Caldwell (1991), "The Methodology of Scientific Research Programmes in Economics: Criticisms and Conjectures", Economics, Culture and Education: Essays in Honour of Mark Blaug, G K Shaw (ed.), Edward Elgar Publishing, chapter 8, 95-107. (13) 8. Some alternative approaches I. Rhetoric of Economics 54. Uskali Mäki (1988), "How to Combine Rhetoric and Realism in the Methodology of Economics", Economics and Philosophy, 1, 4, 89-109. (21) 55. Stanley Fish (1989), "Comments from Outside Economics", The Consequences of Economic Rhetoric, Klamer, McCloskey and Solow (eds.), Cambridge University Press, 21-30. (10) II. Hermeneutics 56. Georgia Warnke (1984), "Translator's Introduction", A Transcendental-Pragmatic Perspective, Karl-Otto Apel (ed.), MIT Press, vii-xx , 251-52. (16) 57. Michael Bacharach (1989), "The Role of 'Verstehen' in Economic Theory", Ricerche Economiche, XLIII, 1-2. 129-50. (22) 58. John Hicks (1986), "Rational Behavior: Observation or Assumption ?", Subjectivism, Intelligibility & Economic Understanding, New York University Press, 102-110. (9) III. Structuralism 59. D W Hands (1985), "The Structuralist View of Economic Theories: A Review Essay", Economics and Philosophy, 1,2, 303-35. (33) 9. Assessing Economic Theory, with special attention to general equilibrium theory 60. Frank Hahn (1973), On the Notion of Equilibrium in Economics: An Inaugural Lecture, Cambridge University Press, 1-44. (44) 61. Alan Coddington (1975), "The Rationale of General Equilibrium", Economic Inquiry, XIII, 4, 539-58. (20) 62. Allan Gibbard and Hal Varian (1978), "Economic Models", Journal of Philosophy, LXXXV, 11664-77. (14) 63. Edward J Green (1981), "On the Role of Fundamental Theory in Positive Economics", Philosophy in Economics, Pitt (ed.), Reidel, 5-15. (11) 64. Alex Rosenberg (1983), "If Economics isn't Science, What is it ?", Philosophical Forum, XIV, 3-4, 296-314. (19) 65. Andrea Salanti (1989), "'Internal ' Criticisms in Economic Theory: Are They Really Conclusive ?", Economic Notes, 1-15. (15) 66. Daniel Hausman (1989), "Explanatory Progress in Economics", Social Research, 56, 2, 361-81. (21) Total No. of Pages 422 GRAND TOTAL OF PAGES FOR 3 VOLS 1336

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Book SynopsisThis textbook builds a bridge between the economic principles which form the basis of most introductory textbooks and the issues that students see discussed incessantly in the media. Contemporary Issues in Applied Economics shows how even the most elementary economic analysis can shed new light on some of the principal economic problems which face the world today. Although aimed primarily at first year economics students, it will also be of interest to those studying related subjects which require a background knowledge of economics. The lively subject matter coupled with the non-technical nature of the approach means that the book will be of interest not only to economics students but also to non-specialists wishing to keep well informed about current issues of economic policy.

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Book SynopsisRethinking Economics is a major contribution to the reconstruction of an economic theory appropriate to the 21st century.Just as major changes are occurring in the world economy, economics itself is on the brink of change. Orthodox economics is now widely criticized for its sterility and its limited applicability to real-world economic problems. Standard theoretical tools such as general equilibrium theory are now regarded, even by their leading practitioners, as highly limited and problematic. New ideas from chaos theory, evolutionary modelling and institutional theory point to new, non-reductionist approaches in which there are units of analysis other than the atomistic individual. This work addresses core economic concepts, such as individual choice, prices, markets, production, industries, technology, innovation and economic growth in the light of these developments.This unique, up-to-date volume makes a seminal contribution at the frontiers of economic theory.Trade Review'Hobday provides an extraordinary interesting blow-by-blow account of how East Asian firms developed their present formidable competencies in electronics technology. . . . he also provides a fascinatingly detailed account of a large number of East Asian companies that currently are quite sophisticated in electronics.'

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Book SynopsisGeneral Equilibrium Theory has been one of the major intellectual developments in economics during the past half-century. The theory of general equilibrium is centred on an inquiry about human societies which has several of the characteristics of a fundamental scientific question. In an economy, a multitude of agents produce, exchange, and consume a large number of commodities. Their decisions are independent of each other and dictated by self-interest. Attempting to answer the question 'Why is social chaos not the result?' has required an intensive research effort by several generations of leading economists.This important three volume set gathers together many of the articles that have played an influential role in the history of ideas in the general equilibrium area in the contemporary period.

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Book SynopsisPatrick Minford has been a close adviser to Mrs Thatcher during the last decade. He has made an important contribution to the ideas of Thatcherism and Britain's monetarist/supply side programme in the 1980s.This book brings together, for the first time, essays written as a contribution to the supply side revolution in Britain. Some focus on monetary and fiscal policy, while others deal with the principles and mechanisms for supply side reform. Taken together, they represent an invaluable source book and reference point on the political philosophy and economic strategy of the Thatcher era. The essays were all written for a wide audience and will be essential reading for both economists and non-economists alike.Trade Review'The essays are all written in a readily stimulating accessible style and the arguments are lively and stimulating. The ideas contained in the book stand as an example of the influence of free market economics in the UK and the 1980s.' -- Barry Naisbitt, Midland Bank'I strongly recommend these essays as an insight into an economist who was the very model of a tough-minded, radical Right, political economist.'– David Collard, The Economic Journal

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Book SynopsisPatrick Minford has been a close adviser to Mrs Thatcher during the last decade. He has made an important contribution to the ideas of Thatcherism and Britain's monetarist/supply side programme in the 1980s.This book brings together, for the first time, essays written as a contribution to the supply side revolution in Britain. Some focus on monetary and fiscal policy, while others deal with the principles and mechanisms for supply side reform. Taken together, they represent an invaluable source book and reference point on the political philosophy and economic strategy of the Thatcher era. The essays were all written for a wide audience and will be essential reading for both economists and non-economists alike.Trade Review'The essays are all written in a readily stimulating accessible style and the arguments are lively and stimulating. The ideas contained in the book stand as an example of the influence of free market economics in the UK and the 1980s.' -- Barry Naisbitt, Midland Bank'I strongly recommend these essays as an insight into an economist who was the very model of a tough-minded, radical Right, political economist.'– David Collard, The Economic Journal

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Book SynopsisThis authoritative and comprehensive reference work introduces the reader to the major concepts and leading contributors in the field of institutional and evolutionary economics. The Companion's coverage includes contributions by leading international authors working in the traditions of Thorstein Veblen, Joseph Schumpeter and the new institutionalist economics. Featuring accessible, informative and provocative entries on all the significant areas, this book breaks new ground by bringing together widely dispersed but theoretically congruent ideas for the first time. Several entries assess evolutionary and institutional aspects in the work of otherwise orthodox political economists, such as Adam Smith, Alfred Marshall and Friedrich A. von Hayek. Although some attention has been given to the critique of mainstream neoclassical economics, the principal focus has been on the affirmative presentation of institutional and evolutionary economics as alternatives to both the neoclassical and Marxian schools. An important feature of the work is the inclusion of a large number of entries addressing the foundations of inquiry into political economy.As the best single reference source on institutional and evolutionary economics now available, this two volume set will be welcomed by students and teachers in economics, scholars in related social sciences and government policymakers.Trade Review‘The Elgar Companion to Institutional and Evolutionary Economics is a pioneering reference work which will be useful to open-minded researchers and mature students.'

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Book SynopsisIn Economic Theory and Natural Philosophy Charles Clark sheds new light on the development of economic thought, paying particular attention to elements of continuity and divergence. The book offers many new insights into Adam Smith, John Stuart Mill and Victorian evolutionary social theory, the natural law foundations of the marginal utility revolution and axiomatic general equilibrium theory. In conclusion, the author argues that if economic theory is to be truly scientific it must develop a theory that is based upon history and social structure.Economic Theory and Natural Philosophy is certain to arouse controversy and will be essential reading for all those interested in the history of economic thought and the current state of modern economic theory.Trade Review’Clark’s discussion is wide-ranging; it blends his own critical reading of texts with the effective use of a particularly wide selection of secondary literature, and it contains material which should be of interest to anyone with a concern either for the history of thought of for methodology.’

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Book SynopsisVolume VII illustrates the administrative aspects that are an on-going component of most economic theory. It demonstrates that before the birth of political economy as a formal discipline, public and private administrators were formulating theories about economic processes as guidelines for administrative decisions. The main theme of this volume revolves around the influence of administrative considerations on the development of economic theory.Trade Review‘Perspectives on the History of Economic Thought presents a careful selection of the most important and original contributions to the annual proceedings of the History of Economics Society. This series is essential to any serious student of the history of economics and to the collection of any University library supporting research in economic thought.' -- The late Mark Blaug, formerly of the University of London and University of Buckingham, UK

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Book SynopsisVolume VIII focuses on the theme of the dual aspects of method in the development of economic thought. It contains new papers that address methodolological issues, others that deal with the evolution of analytic techniques or the social or personal milieux in which ideas emerged and the extent to which they became part of the body of literature we call political economy.Trade Review'Perspectives on the History of Economic Thought presents a careful selection of the most important and original contributions to the annual proceedings of the History of Economics Society. This series is essential to any serious student of the history of economics and to the collection of any University library supporting research in economic thought.' -- The late Mark Blaug, formerly of the University of London and University of Buckingham, UK

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Book SynopsisThis path breaking book - the first of its kind - critically evaluates the place of women in the development of the neoclassical school of economics. It traces the origin of the school's approach to women and exposes the bias in methodology and discourse which has characterized the school's treatment of women and their place in the capitalist economy. The roots of women's invisibility are sought first in the writings of Adam Smith. The work of John Stuart Mill subsequently allows a study of an isolated attempt to integrate a feminist awareness into economic theory. The limits in Mill's writings are contrasted to the more radical ideas of his feminist contemporaries: Harriet Taylor and Barbara Bodichon. The author then examines the debate on equal pay for men and women which took place between 1890 and 1925. In conclusion she critically evaluates the work of Marshall and Pigou.This book by the late Michele Pujol makes a major contribution both to the history of economic thought and to women's history by exposing the ideological position which informs neoclassical theorizing on women and the contradictions this position creates within the paradigm.Trade Review'This is a book the generalist will want in the university library, if not on the shelf.’ -- Bette Polkinghorn, Journal of the History of Economic Thought'Pujol's book is path-breaking, scholarly and well written. In short review, it is not possible to capture the full force of her arguments and the enormous contribution she makes to the feminist critique of economic thought.' -- Paulette Olson, Journal of Economic Issues'This book, the first of its kind, critically evaluates the place of women in the development of the neoclassical school of economics. It traces the origin of the school's approach to women and exposes the bias in methodology and discourse which has characterized the school's treatment of women and their place in the capitalist economy.' -- J. Purvis, Studies on Women Abstracts'Pujol performs a considerable service in disinterring early feminist writing on economic matters.' -- J.R. Shackleton, The Economic Journal'Michele Pujol's work impresses me as sound and scholarly, and it makes an important contribution to knowledge, since she deals with material that has not previously been examined. Her work is well written and meets the need for a feminist approach to the history of economics.' -- Robert W. Dimand, Brock University, Canada'. . . a thoughtful and well-documented book.' -- Marianne A. Ferber, Journal of Economic Literature'Dr Pujol knows her subject well and has produced a thought-provoking book which will be of interest to labour economists and historians of economic thought. It could be usefully used in advanced undergraduate history of thought courses.' -- Carol Padgett, Reviewing Sociology'Readers will find in this book a wealth of valuable information which illuminates the strategic role of gender differentiation and gender hegemony in the dominant models of economic theory'. -- Ursula Vogel, Political StudiesTable of ContentsWith a new preface by Janet Seiz Contents: Introduction Part I: Some Approaches to the Economic Status of Women Before 1890 1. Adam Smith, John Stuart Mill, Harriet Taylor and Barbara Bodichon Part II: The Equal Pay Debates: 1890–1923 2. Introduction 3. Early Approaches by Economists and Feminists to Equal Pay, 1890–1914 4. Feminist Positions on Equal Pay for Equal Work During World War I 5. The Impending ‘Debacle’: Edgeworth on Equal Pay 6. Conclusion Part III: Women in the Economics of Marshall and Pigou 7. Introduction 8. Gender and Class in Marshall’s ‘Principles of Economics’ 9. The ‘Violent Paradoxes’ of A.C. Pigou: Pigouvian Exploitation and Women’s Wages 10. The ‘Violent Paradoxes’ of A.C. Pigou: Women in Pigou’s Welfare System Conclusion

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Book SynopsisHerbert Giersch's contribution to economics has ranged widely over international economics, European integration and the economics of entrepreneurship. This book presents in one volume a selection of some of his most important essays and papers. It encompasses the gradual evolution of his work from its beginnings to his most recent contributions to the debate on the future of the European Economic Community. It contains some of his most significant work during the last 30 years and includes material that is not widely available.It will be an essential reference point for all economists concerned with entrepreneurship, the world economy and Europe.Trade Review'Herbert Giersch has been an influential economist for almost half a century and this collection of his work is a worthy inclusion in the Economists of the Twentieth Century series.' -- Allan Webster, The Economic JournalTable of ContentsContents: Part I: Roots Part II: International Trade Part III: European Economic Integration Part IV: A Schumpetarian Perspective on the World Economy

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Book SynopsisThis unique, up-to-date volume features new essays by prominent economists and psychologists working at the frontiers of the subject. A number of these essays probe beliefs about rationality, consumer behaviour and expectations, while others assess psychological explanations of economic behaviour and the contribution of experimental economics.Trade Review'This book is worth consulting by scholars working in economic psychology, particularly as a number of topics are treated which one might otherwise overlook'. -- Bruno Frey, The Economic JournalTable of ContentsContents: 1. Economic Psychology: A New Sense of Direction (the editors) 2. Socio-Economics: Select Policy Implications (A. Etzioni) 3. Everyday Conceptions of Necessities and Luxuries: Problems of Cultural Relativity and Moral Judgement (S.M. Livingstone and P.K. Lunt) 4. On the Complementarity of Economic Applications of Cognitive Dissonance Theory and Personal Construct (P.E. Earl) 5. Moral Constraints on Strategic Behavior (M. Casson) 6. Experiments in Economics – and Psychology (J.D. Hey) 7. An Endowment Effect in Market Experiments (R. Tietz) 8. Receiving a Gift: Evaluating Who Gives What When (R.G.M. Pieters and H.S.J. Robben) 9. When is a Cobweb Model Stable? (A. Fischer) 10. Distributive Justice Versus Bargaining Power (W. Güth, P. Ockenfels and R. Tietz) 11. Customer Reactions to Automated Teller Machines (ATMs): A Field of Study in a UK Building Society (C.B. Burgoyne, A. Lewis, D.A. Routh and P. Webley) 12. The Fax Machine: A Revolution in Communication (K.E. Wärneryd and P.G. Holmlöv) 13. Entrepreneurial Motivation and the Smaller Business (C. Gray) 14. The Wife's Employment Family Fit (S. James, B. Jordan and M. Redley) 15. A Model of Negotiations for the Sale of a House (G. Antonides)

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Book SynopsisThe Mercantilist School never presented a common front but is associated with a common outlook: the idea of specie or bullion as the essence of wealth and the notion that a positive balance of trade is an index of national welfare. It is also associated with an emphasis on population growth and low wages, a concern with full employment and the far reaching denial of foreign trade as a source of net gain to the world as a whole; that is, international trade was regarded as a zero-sum gain and particular nations were thought to benefit from international trade only at the expense of others. The underlying idea that a permanent balance of trade surplus should be beneficial to a nation has been a source of discussion right down to the present day.Table of ContentsContents: 1. E. Johnson (1933), 'Gerard de Malynes and the Theory of the Foreign Exchanges'. 2. H. Heaton (1937), 'Heckscher on Mercantilism'. 3. E.F. Heckscher (1950), 'Multilateralism, Baltic Trade, and the Mercantilists'. 4. C. Wilson (1951), 'Treasure and Trade Balances: Further Evidence'. 5. J.C. Riemersma (1952), 'Usury Restrictions in a Mercantile Economy'. 6. R.W.K. Hinton (1955), 'The Mercantile System in the Time of Thomas Mun'. 7. J.H. Dales (1955), 'The Discoveries and Mercantilism: An Essay in History and Theory'. 8. J.D. Gould (1955), 'The Trade Crisis of the Early 1620s and English Economic Thought'. 9. A.W. Coats (1957), 'In Defence of Heckscher and the Idea of Mercantilism'. 10. L. Herlitz (1964), 'The Concept of Mercantilism'. 11. R.C. Blitz (1967), 'Mercantilist Policies and the Pattern of World Trade, 1500-1750'. 12. L. Muchmore (1969), 'Gerard de Malynes and Mercantile Economics'. 13. L. Muchmore (1970), 'A Note on Thomas Mun's "England's Treasure by Foreign Trade"'. 14. H.O. Schmitt (1979), 'Mercantilism: A Modern Argument'. 15. R.B. Ekelund, Jr and R.D.Tollison (1980), 'Economic Regulation in Mercantile England: Heckscher Revisited'. 16. W.D. Grampp (1981), 'The Controversy over Usury in the Seventeenth Century'. 17. L.S. Moss (1987), 'The Subjective Mercantilism of Bernard Mandeville'. 18. L.H.Officer (1982), 'The Purchasing-Power-Parity Theory of Gerard de Malynes'. Name Index

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Book SynopsisThis volume presents critical writings on the work of the later mercantilists. Sir Josiah Child was elected a governor of the East India Company in 1681. His reputation as an economist rests on his book 'A New Discourse of Trade' published in 1693. His work stimulated a wide range of discussion of such topics as interest rates, population, wage policy, poor relief and colonization. Despite many liberal elements in his thinking, he was a typical Mercantilist in his preference for administrative solutions to economic problems. John Locke, best known for his work on political philosophy, made a major contribution to the debate on the rate of interest in his essay 'Some Considerations of the Consequences of the Lowering of Interest and Raising the Value of Money' (1692). The central theme of that pamphlet was that the rate of interest, being the price for the hire of money, is determined by the demand for and supply of money, which Parliament is powerless to affect. Locke's other major contribution to economic thought was the so called labour theory of private property contained in the 'Two Treaties on Government' (1690), a classic in the history of political philosophy.Table of ContentsContents: 1. W.H. Price (1906), 'The Origin of the Phrase “Balance of Trade'" 2. F.W. Fetter (1935), 'The Term “Favorable Balance of Trade'" 3. E.F. Hecksher (1936), 'Revisions in Economic History: Merchantilism' 4. A.V. Judges (1939), 'The Idea of a Mechantile State' 5. J. Viner (1948), 'Power Versus Plenty as Objectives of Foreign Policy in the Seventeenth and Eighteenth Centuries' 6. C. Wilson (1949), 'Treasure and Trade Balances: The Mercantilist Problem' 7. W.D. Grampp, 'The Liberal Elements in English Mercantilism' 8. J.M. Low (1953), 'A Regional Example of the Mercantilist Theory of Economic Policy' 9. D.C. Coleman (1956), 'Labour in the English Economy of The Seventeenth Century' 10. C. Wilson (1957), 'Mercantilism: Some Vicissitudes of an Idea' 11. D.C. Coleman (1957), 'Eli Heckscher and the Idea of Mercantilism' 12. C.H. Wilson (1959), 'The Other Face of Mercantilism' 13. H.F. Kearney (1959), 'The Political Background to English Mercantilism' 14. J. Sperling (1962), 'The International Payments Mechanism in the Seventeen and Eighteenth Centuries' 15. R. Davis (1966), 'The Rise of Protection in England' 16. W.R. Allen (1970), 'Modern Defenders of Mercantilis Theory' 17. A.W. Coats (1973), 'The Interpretation of Mercantilist Economics: Some Historiagraphical Problems'; W.R. Allen, 'Rearguard Response' 18. A.H. Leigh (1974), 'John Locke and the Quantity Theory of Money' 19. S. Rashid (1980), 'Economists, Economic Historians and Mercantilism' 20. C.G. Uhr (1980), 'Eli F. Hecksher, 1879-1952, and his Treatise on Mercantilism Revisited' Name Index

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Book SynopsisPierre le Pesant Boisguilbert was considered by Marx as one of the founders of classical political economy. His writings contain a large number of concepts and ideas that reappear in the writings of Quesnay, Cantillon and Adam Smith. George Berkeley - a major figure in the history of philosophical idealism - was the author of 'The Querist', a treatise on the nature of Irish under-development and cures for Irish poverty. Baron de Montesquieu - one of the great 18th century polymaths - is author of the masterpiece 'The Spirit of the Laws' (1748) which, while ostensibly a treatise on law, is actually a study of political organization, types of government, national character and the determining ethos of different societies. It enjoyed enormous success in the 18th century and was almost certainly read and studied by Adam Smith. Ferdinando Galiani was a leading critic of physiocracy and a major 18th century proponent of the subjective theory of value. In 1751 he published 'Della Moneta' which contains some notable chapters on monetary theory, and some brilliant pages on the utility theory of value. James Anderson was a Scottish farmer and a prolific author of tracts on the agricultural development of Scotland and the outstanding policy issues of the last quarter of the 18th century. Dugald Stewart was author of 'Account of the Life and Writings of Adam Smith LLD' (1793) which is one of the earliest, extended commentaries on the works of Adam Smith by one who knew him well.

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Book SynopsisJohn Law was one of those extraordinary personalities in which the 18th century seemed to abound. He held a demand-and-supply theory of value and treated the value of money or the determination of the average level of prices as only a special case of a general theory of value. Law eventually became Minister of Finance in France and was responsible for the greatest speculative frenzy in her history known as the Mississippi Bubble. When the boom collapsed in the closing months of 1720, Law was forced to flee France, permanently discredited, and spent his declining years as a professional gambler in Venice.In The Fable of the Bees: Private Vices, Public Benefits Bernard Mandeville argued that self-interest was a moral vice. Mandeville's satire was deliberately designed to give offence as if to encourage the re-examination of traditional beliefs : conspicuous consumption of luxury goods, the fashionable display of foreign imports, crime, and even natural disasters like the Fire of London all promote the 'division of labour' (Mandeville's term) and contribute to a brisk trade and fall in unemployment, whereas such supposed virtues as thrift and charity contribute to poverty and stagnation. The Fable of the Bees was widely read in the 18th century and criticized by all the leading thinkers of the day.

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Book SynopsisFrancois Quesnay is best known for the Tableau Economique, the proposition that only agriculture generates a positive 'net product' and that industry is 'sterile'. He recommended a 'single tax' on ground rent and invented the slogan 'laissez faire, laissez passe'. He was the first to found a school of economists called the 'physiocrats' which enjoyed an immense vogue in France for about a decade in the 1750s. The practical programme of the physiocrats was to eliminate the vestiges of medieval tolls and restrictions in the countryside, to rationalize the fiscal system, to amalgamate small-holdings into large-scale agricultural estates, to free the corn trade from all mercantilist restrictions - in short to emulate England. Placed in its historical context these were eminently reasonable views but the attempt to provide these reforms with a watertight theoretical argument produced some forced reasoning and slightly absurd conclusions.Table of ContentsContents: Volume I Introduction 1. S. Bauer (1895), 'Quesnay's Tableau Économique' 2. A.I. Bloomfield (1938), 'The Foreign-Trade Doctrines of the Physicrats' 3. J.J. Spengler (1945), 'The Physiocrats and Say's Law of Markets. I' 4. J.J. Spengler (1945), 'The Physiocrats and Say's Law of Markets. II' 5. R.L. Meek (1951), 'Physiocracy and Classicism in Britain' 6. I Hishiyama (1960), 'The Tableau Économique of Quesnay' 7. W.J. Samuels (1961), 'The Physiocratic Theory of Property and State' 8. W.J. Samuels (1962), 'The Physiocratic Theory of Economic Policy' 9. R.M. Will (1965), 'Ecomic Thought in the Encyclopédie' 10. J. Johnson (1966), 'The Role of Spending in Physiocratic Theory' 11. R.V. Eagly (1969), 'A Physicratic Model of Dynamic Equilibrium' 12. V. Foley (1973), 'An Origin of the Tableau Économique' 13. W.A. Elits (1975), 'Francois Quesnay: A Reinterpretation. 1.' 14. W.A. Elits (1975), 'Francois Quesnay: A Reinterpretation. 2.' 15. A.L. Müller (1978), 'Quesnay's Theory of Growth: A Comment' 16. T. Barna (1976), 'Quesnay's Model of Economic Development' Volume II 1. S.J. Brandenburg (1931), 'The Place of Agriculture in British National Economy Prior to Adam Smith' 2. N.J. Ware (1931), 'The Physiocrats: A Study in Economic Rationalization' 3. L.A. Maverick (1938), 'Chinese Influences Upon the Physiocrats' 4. T.P. Neill (1949), 'The Physiocrats' Concept of Economics' 5. A. Philips (1955), 'The Tableau Économique as Simple Leontiev Model' 6. R.L. Meek (1960), 'The Interpretaion of the "Tableau Économique" 7. L. Herlitz (1961), 'The Tableau Économique and the Doctrine of Sterility' 8. T. Barna (1975), 'Quesnay's Tableau in Modern Guise' 9. S. Malle (1979), 'Marx on Physicocracy' 10. I Ross (1984), 'The Physiocrats and Adam Smith' 11. G. Vaggi (1985), 'The Role of Profits in Physiocratic Economics' 12. W. Elitis (1988), 'The Contrasting Theories of Industrialization of Francois Quesnay and Adam Smith.'

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Book SynopsisDavid Hume is best known for his work on political philosophy. However, he wrote a series of essays on money, population and international trade which must rank among the major economic writings of the 18th century. Certainly they influenced Adam Smith and have a sparkling quality that still makes them worth reading today. His statement of the so-called 'specie-flow mechanism' constituted his answer to the mercantilist concern with the maintenance of a chronic surplus in the balance of payments. He also put forward what is now known as the 'theory of creeping inflation' and advocated the notion that political freedom flows from economic freedom. James Steuart was a British mercantilist, the last in a long line stretching back to the 16th century. He advocated the entire armoury of mercantilist policies: the regulation of foreign trade to induce an inflow of gold, the promotion of industry by inducing cheap raw material imports, protective duties on imported manufactured goods, encouragement of exports, particularly finished goods because they are labour-intensive, control of the size of population by emigration and immigration to keep wages low, all capped by a denial of Hume's argument that an inflow of gold will only raise prices and thus drive gold abroad.Table of ContentsContents: 1. W.F. Stettner (1945), 'Sir James Steuart on the Public Debt'. 2. J.M. Low (1952), 'An Eighteenth Century Controversy in the Theory of Economic Progress'. 3. J.M. Low (1954), 'The Rate of Interest: British Opinion in the Eighteenth Century'. 4. M. Arkin (1956), 'The Economic Writings of David Hume - A Reassessment'. 5. W.L. Taylor (1957), 'A Short Life of Sir James Steuart: Political Economist'. 6. R.L. Meek (1958), 'The Economics of Control Prefigured by Sir James Steuart'. 7. R.V. Eagly (1961), 'Sir James Steuart and the "Aspiration Effect"'. 8. A.S. Skinner (1963), 'Sir James Steuart: Economics and Politics'. 9. A.S. Skinner (1962), 'Sir James Steuart: International Relations'. 10. A. S.Skinner (1965), 'Economics and the Problem of Method: An Eighteenth Century View'. 11. C.B. Luttrel (1975), 'Thomas Jefferson on Money and Banking: Disciple of David Hume and Forerunner of Some Modern Monetary Views'. 12. C.E. Staley (1976), 'Hume and Viner on the International Adjustment Mechanism'. 13. M.A. Akhtar (1978), 'Sir James Steuart on Economic Growth'. 14. M.A. Akhtar (1979), 'An Analytical Outline of Sir James Steuart's Macroeconomic Model'. 15. M.I. Duke (1979), 'David Hume and Monetary Adjustment'. 16. T. Mayer (1980), 'David Hume and Monetarism'. 17. A.S. Skinner (1981), 'Sir James Steuart: Author of a System'. 18. D.R. Raynor (1984), 'Hume's Abstract of Adam Smith's Theory of Moral Sentiments' Name Index.

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Book SynopsisRicardo's intellectual appeal, both amongst his contemporaries and more recently, rested on his remarkable gift for heroic abstractions: he seized hold of a wide range of significant problems with a simple analytical model and yielded, after a few elementary manipulations, dramatic conclusions of a distinctly practical nature. In short, precisely the art Keynes was to use so successfully. Although his reputation ebbed towards the end of the nineteenth century, he was still being acclaimed by economists as diverse as Marx and Marshall. Ironically, since Sraffa's work revived Ricardo's reputation, this most bourgeois of economists has been brought back into contemporary debate by economists seeking Marx's intellectual mentors. This selection of recent articles reflects the renewal of interest in Ricardo's work.Table of ContentsIntroduction, Mark Blaug; "Ricardo's invariable measure of value and Sraffa's 'standard commodity'", N.P. Ong; "Ricardo's labour theory of the determinant of value", L.E. Johnson; "the wage basket in Ricardo's essay on profits", S. Rankin; "David Ricardo's early treatment of profitability - a new interpretation", T. Peach; "Ricardo on money - the operational significance of the non-neutrality of money in the short run", J.C.W. Ahiakpor; "David Ricardo's theory of value - revisit", J.E. Adams; "Unifying Ricardo's theories of growth and comparative advantage", A. Burgstaller; "silences in Ricardo - comparative advantage and the class distribution of free trade benefits", G.E. Mumy; "Ricardo's mantle", R.P. Rutherford; "demand and relative price in Ricardo - an examiantion of outstanding issues", A. Burgstaller; "Sraffa's Ricardo", K. Bharadwaj; "mathematical vindication of Ricardo on machinery", P.A. Samuelson; "the notion of natural wage and its role in classical economics", G. Caravale; "on foreign trade" and the Ricardian model fo trade, S. Parrinello; "the early tooke and Ricardo - a political alliance and first signs of theoretical disagreements", A. Arnon; "distribution in Ricardo's machinery chapter 1", J.B. Davis; "fixed capital in the Ricardian theory of value and distribution", R.W. Dimand.

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Book SynopsisJean-Baptiste Say is almost unread today yet he is famous as the originator of Say's law which later economists, most especially Keynes in the General Theory, have paid so much attention to. Yet, this reputation, based as it is upon the discovery of the concept of the entrepreneur as autonomous from the capitalist as well as the law, is misplaced. Say's main importance lies as a disseminator of English classical political economy on the continent and in his attempts to keep alive an emphasis on utility and demand in contrast to the English over emphasis on cost and supply. Nevertheless, he is also of interest for the theoretical discussions which he sparked amongst historians of economic thought. This book is a collection of essays on the work of Say.Table of ContentsThe physiocrats and Say's law of markets, Joseph J. Spengler; the origin of the concepts of "entrepreneur" and "creative entrepreneur", Fritz Redlich; the classical monetary theory - the outcome of the discussion, Gary S. Becker; John Stuart Mill and the law of markets, Bela A. Balassa; Say's law, effective demand, and the contemporary British periodicals, 1820-1850, B.J. Gordon; Say's (at least) eight laws, or what Say and James Mill may really have meant, William. J. Baumol; early formulators of Say's law, William O. Thweatt; Baumol and James Mill on "Say's" law of markets, William O. Thweatt; James Mill and classical economics - a reappraisal, Ingrid H. Rima.

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Book SynopsisBetween the death of Ricardo in 1823 and the publication of J.S. Mill's Principles of Political Economy (1848) there flourished a generation of minor but occasionally highly original English economists. Chief amongst these were Ramsay McCulloch, Nassau Senior and Robert Torrens. McCulloch was Ricardo's most zealous disciple and was perhaps more responsible than anyone for Ricardo's enormous influence, which he propagated through a series of newspaper articles and pamphlets. He was also the originator of much new and important research about the British Economy and his Discourse on the Rise of Political Economy (1824) was virtually the first attempt in any language to project a formal history of Economic Doctrines. Robert Torrens was to produce almost 100 books and pamphlets in a lifespan of 84 years. In his own time he was renowned for his work on banking and currency, but he is also notable for discovering the law of diminishing returns at the same time as Ricardo, Malthus and West. Nassau Senior, twice Drummond Professor of Political Economy at Oxford, made significant, if highly individualistic, contributions to the theories of value, rent, population, money and international trade. Throughout the 1830s he was active as a policy maker on behalf of the Whig Party and served on four Royal Commissions, including the Poor Laws 1834 and the Factory Acts 1837.This careful selection of articles brings home the central place that these thinkers occupy within English Classical Political Economy.

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Book SynopsisThomas Tooke was the founder of the contra-quantity theory of money - the view that monetary policy is powerless to influence prices because the supply of money depends on the flow of money expenditure and hence is the result and not the cause of price change. Yet his prominence within economic circles was also derived from his work as a lobbyist for free trade and the principal spokesman of the banking school, arguing against statutory control of the currency. Long neglected, Mountifort Longfield has now attracted the attention of modern economists who have praised him for, amongst other things, the discovery of the modern factor proportions theory of international trade and a theory of distribution which was a genuine alternative to Ricardo's. Modern readers have been amazed by his Lectures, a path-breaking book which sketches out a subjective theory of value and a marginal productivity theory of distribution - all this in 1834, only 11 years after the death of Ricardo. Richard Jones was the first institutionalist critic of Ricardo and a historically-minded economist years before the emergence of the British and German Schools. He launched himself into the task of reconstructing the whole of economics on historical and evolutionary grounds. However, not being able to carry this ambitious programme beyond the field of rent theory, and his great reluctance to make unsupported generalizations, caused his work to fall into oblivion. Only recently has modern scholarship begun to reassess his importance.

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Book SynopsisThe importance of Whewell, Lardner and Babbage to the history of economic thought is as dependent upon the retrospective reading of their work as it is upon their contemporary significance. However, their individual reactions to the industrial and technological revolutions of the early nineteenth century are also of particular interest to us.William Whewell was known in his own times as a historian and philosopher of science, however, more recently he has been hailed as one of the founders of British mathematical economics. Dionysius Lardner, Professor of Natural Philosophy and Astronomy at University College, London, was both an early railway economist and a precursor of modern theories of profit maximalization. Charles Babbage may legitimately be regarded as the father of the modern computer, yet his most popular book, On the Economics of Machinery and Manufacturers (1832), was an unprecedented study of what we would now call operational research and had a significant effect upon both John Stuart Mill and Karl Marx. These were the 'also ran' but they are no less important than the forerunners for understanding the development of economic thought in the first half of the nineteenth century.Table of ContentsThe currency-banking controversy parts 1 and 2, M.R. Daugherty; the classical view of the economic problem, H. Mynt; the Brimingham economists, 1815-1850, S.G. Checkland; what was the labor theory of value, D.F. Gordon; the development of the theory of colonization in English classical political economy, E.R. Kittrell; a note on the history of perfect competition, P.J. McNulty; the first mathematical Recardian model, J.L. Cochrane; monopoly price discrimination in 1850 - Dionysius Lardner, D.L. Hooks; William Whewell's mathematical statements of price flexibility, demand elasticity and the Giffen paradox, J.P. Henderson; classical economics and its moral critics, W.D. Grampp; William Whewell and early mathematical economics, S. Rashid; the Scottish political economy tradition, S. Dow; thoughts of some British economists on early limited liability and corporate legislation, C.E. Amster, et al; political economy and geology in the early 19th century, S. Rashid; W. Whewell's contribution to economic analysis - the first mathematical formulation of fixed capital in Ricardo's system, G. Campanelli; the Whewell group of mathematical economists, James P. Henderson.

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Book SynopsisGeorge Scrope was a prolific anti-Ricardian Tory economist, Member of Parliament and Fellow of the Royal Society. However, this was a highly eccentric toryism. Scrope opposed the Malthusian theory of population, favoured free trade and agitated for parliamentary reform. Thomas Attwood was the leading monetary crank of his day and was ridiculed for promoting the ideas of a paper standard currency. Although he presented the mammoth Chartist petition to parliament in 1839, even the Chartists would not contemplate his radical and futuristic monetary innovations.What McCulloch was to Ricardo, John Elliot Cairnes was to John Stuart Mill, a faithful disciple who did not always see eye to eye with his master. He has been called the last of the classical economists and the title is well deserved. Edwin Chadwick, a one time secretary to Bentham, was influential during the second quarter of the nineteenth century and much of his work, in particular his contributions to the 'Blue Books' of the period, helped to lay the foundations of the British Welfare State. Although a utilitarian in politics and a Ricardian in economics, he had a view of the problems of externalities which went way beyond anything dreamed of by Ricardo.This series of essays on these four maverick figures vividly conveys the flavour of the English Classical Political Economy in the heyday of the industrial revolution.

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Book SynopsisJames Wilson was one of the first financial journalists in Britain who made a genuine contribution to economic doctrine by his staunch defence of free trade and the principles of the banking school. Above all, he was the founder of 'The Economist', a magazine specifically designed for businessmen. Issac Butt is best known as an early advocate of Irish Home Rule but, as Whatley Professor of Political Economy at Trinity College, Dublin, he was successful in creating something akin to an indigenous Irish brand of Classical Economics. T.E. Cliffe Leslie, Professor at Queen's College, Belfast, is notable for his rejection of the abstract-deductive methods of the English Classical Economists in favour of an institutional and historical approach. With Bagehot, Ingram and Toynbee, he was part of what amounted to an English historical school. In particular, Leslie's writings on the land question have been taken seriously by, amongst others, Marshall and Keynes.

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Book SynopsisPart of a series presenting critical appraisals of influential economists from the age of Aristotle to the present. The individuals examined have shaped both the theory and practice of modern economics. Each volume combines classic statements by economists with the most recent research.

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Book SynopsisPart of a series presenting critical appraisals of influential economists from the age of Aristotle to the present. The individuals examined have shaped both the theory and practice of modern economics. Each volume combines classic statements by economists with the most recent research.Table of ContentsThe utility concept in value theory and its critics, Jacob Viner; Carl Menger, F.A. von Hayek; the interpretation of subjective value theory in the writings of the Austrian economists, Alan R. Sweezy; collected works of Carl Menger, Alan R. Sweezy; Carl Menger - the founder of the Austrian school, Henri Simon Bloch; intellectual and political roots of the older Austrian School, Emil Kauder; the Austrian theory of value and the classical one, Hans Brems; Menger, Jevons and Walras de-homogenized, William Jaffe; the methodological debate between Carl Menger and the German historics, Samuel Bostaph; alternative views of Mengerian entrepreneurship, Dolores Tremewan Martin; the transition from classical to neoclassical economic theory - Hans von Mangoldt, K.H. Hennings; Carl Menger and "Homo Oeconomicus" - some thoughts on Austrian theory and methodology, Max Alter; institutional elements in Carl Menger's theory of demand - a comment, A.M. Endres; money - Menger's evolutionary theory, Gerald P.O. Driscoll, Jr.; Carl Menger's theory of exchange, Lawrence S. Moss.

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Book SynopsisPart of a series presenting critical appraisals of influential economists from the age of Aristotle to the present. The individuals examined have shaped both the theory and practice of modern economics. Each volume combines classic statements by economists with the most recent research.Table of ContentsFrancis Ysidro Edgeworth, Arthur L. Bowley; Edgeworth's theory of duopoly price, A.J. Nichol; leading British statisticians of the 19th century, Paul J. Fitzpatrick; Professor Fleeming Jenkin, 1833-1885 - pioneer in engineering and political economy, A.D. Brownie and M.F. Lloyd Prichard; a correction on the geneology of the so-called Edgeworth-Bowley diagram, Vincent J. Tarascio; Edgeworth's theory of recontract, Donald A. Walker; Edgeworth's contract curve - Part 1 - a propaecleutic essay in clarification, William Jaffe; Edgeworth's contract curve - Part 2 - two figures in its protohistory - Aristotle and Gossen, William Jaffe; Edgeworth's propositions on altruism, David Collard; Francis Ysidro Edgeworth, statistician, Stephen M. Stigler; some recent interpretations of "Mathematical Psychics", John Creedy; some recent interpretations of "Mathematical Psychics" - a reply, Vincent J. Tarascio; Rawls, Edgeworth, Shapley, Nash - theories of distributive justice re-examined, Menahem E. Yaar; difficulties with the element of time and the "principles" of economics or some lies my teacher told me, Lawrence A. Boland; biological theory and technological entrepreneurship in Marshall's writings, Laurence Moss; F.Y. Edgeworth's mathematical training, J. Creedy; the scope and method of economic science, Phyllis Deane; Francis Ysidro Edgeworth, Sir John Hicks; on the notion of short-run and long-run - Marshall, Ricardo and equilibrium theories, O.F. Hamouda; Edgeworth - utilitarianism and arbitration, John Creedy; physics and the "Marginalist Revolution", Philip Mirowski; Robert Giffen and the Irish potato - note, Ulrich Kohli; Edgeworth, Samuelson, and operationally meaningful theorems, Bruce Larson; Edgeworth's contribution to the theory of Ramsey pricing, Jun-ji Shih.

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Book SynopsisPart of a series presenting critical appraisals of influential economists from the age of Aristotle to the present. The individuals examined have shaped both the theory and practice of modern economics. Each volume combines classic statements by economists with the most recent research.Table of Contentsustav Schmoller's economics, Thorstein Veblen; historical and theoretical issues in the problem of modern capitalism, Frank H. Knight; Sombart and German (National) Socialism, Abraham L. Harris; professors as propagandists - the politics of the Kathedersozialisten, Abraham Ascher; Sombart's modern capitalism, Jurgen Backhaus; line by line - Schmoller's Grundriss - its meaning for the 1980s, Nicholas W. Balabkins; Gustav Schmoller and the problems of today, Terence W. Hutchison; historical school and Methodenstreit, Karl Hauser; Schmoller, the Methodenstreit and the development of economic history, Clark Nardinelli and Roger E. Meiners; how historical is Schmoller's economic theory, Kurt Dopfer; Schmoller's research programme, his psychology and the autonomy of social sciences, Willi Meyer; from Hammer to Electric Generator - technological advance in Schmoller's Grundri, Gerhard Rosegger; Schmoller in Tsarist Russia, Nicholas W. Balabkins; what has happened to Gustav Schmoller in English?, Peter R. Senn.

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Book SynopsisPart of a series presenting critical appraisals of influential economists from the age of Aristotle to the present. The individuals examined have shaped both the theory and practice of modern economics. Each volume combines classic statements by economists with the most recent research.Table of ContentsFourier and anarchism, E.S. Mason; Saint Simonism and the rationalization of industry, E.S. Mason; Keynes and Proudhon, Dudley Dillard; Pierre Jospeh Proudhon, harbinger of fascism, J. Salwyn Schapiro; a reconsideration of Hobson's theory of unemployment, D.J. Coppock; Foster and catchings - a reappraisal, Alan H. Gleason; Saint-Simon and the origins of scientism and historicism, Peyton V. Lyon; Foster and catchings - a mathematical reappraisal, John A. Carlson; socialism and the Jews, George Lichtheim; Charles Fourier - prophet of eupsychia, Daniel Bell; John A. Hobson - economic heretic, W.H. Richmond; the Saint-Simonians in industry and economic development, John C. Eckalbar.

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Book SynopsisPart of a series presenting critical appraisals of influential economists from the age of Aristotle to the present. The individuals examined have shaped both the theory and practice of modern economics. Each volume combines classic statements by economists with the most recent research.

Read more less

Book SynopsisPart of a series presenting critical appraisals of influential economists from the age of Aristotle to the present. The individuals examined have shaped both the theory and practice of modern economics. Each volume combines classic statements by economists with the most recent research.

Read more less

Book SynopsisPart of a series presenting critical appraisals of influential economists from the age of Aristotle to the present. The individuals examined have shaped both the theory and practice of modern economics. Each volume combines classic statements by economists with the most recent research.

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Book SynopsisThe first volume in the final section of the "Pioneers in Economics" series. This section of the series offers an assessment of significant economists of the 20th century, and this volume deals with Arthur Pigou.Table of ContentsProfessor Pigou's theory of unemployment, R.F. Harrod; Professor Pigou's theory of unemployment, S.E. Harris; Arthur Cecil Pigou, 1877-1959, Harry G. Johnson; Pigou and the "Pigou effect" - rendezvous with the author, Jacques Melitz; the appointment of Pigou as Marshall's successor, R.H. Coase; the appointment of Pigou as Marshall's successor - comment, A.W. Coats; Marshall on Pigou's wealth and welfare, Krishna Bharadwaj; Pigou, taxation and public goods, A.B. Atkinson and N.H. Stern; the appointment of Pigou as Marshall's successor - the other side of the coin, T.W. Jones; Pigou - an extension of Sidgwickian thought, Margaret G. O'Donnell; Pigou on expectations and the cycle, David A. Collard; were the ordinalists wrong about welfare economics, Robert Cooter and Peter Rappoport; a new look at the ordinalist revolution - comments on Cootes and Rappoport, Pieter Hennipman; reply to Professor Hennipman, Peter Rappoport.

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Book SynopsisThe third volume in the final section of the "Pioneers in Economics" series. This section of the series offers an assessment of significant economists of the 20th century, and this volume deals with Edward Chamberlin.Table of ContentsMarket imperfection and excess capacity, Nicholas Kaldor; Professor Chamberlin on monopolistic and imperfect competition, Nicholas Kaldor; Chamberlin versus Chicago, G.C. Archibald; more on Archibald versus Chicago, Milton Friedman; reply to Chicago, G.C. Archibald; the theory of monopolistic competition after thirty years, Joe S. Bain; the genesis of Chamberlinian monopolistic competition theory, Thomas P. Reinwald; of factor and commodity markets - a note on E.H. Chamberlin, A.S. Skinner; research programmes in competitive structures, D.P. O'Brien; E.H. Chamberlin - the origins and development of monopolistic competition, Andrew S. Skinner; the history of the theory of the firm from Marshall to Robinson and Chamberlin - the source of positivism in economics, Scott Moss; the marginalist controversy and the demise of full cost pricing, Frederic S. Lee; the genesis of Chamberlinian monopolistic competition theory - addendum, with a comment by Thomas P. Reinwald, Charles P. Blitch and Thomas P. Reinwald; Edward Chamberlin - the theory of monopolistic competition - a re-orientation of the theory of value, Andrew S. Skinner; the theory of monopolistic competition - E.H. Chamberlin's influence on industrial organization theory over sixty years, R. Rothschild.

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Book SynopsisThe fourth volume in the final section of the "Pioneers in Economics" series. This section of the series offers an assessment of significant economists of the 20th century, and this volume deals with Michal Kalecki.Table of ContentsIntroduction, Mark Blaug; Michal Kalecki on teh economics of capitalism, Joan Robinson; Kalecki at Oxford, 1940-44, G.D.N. Worswick; Kalecki at the United Nations, 1946-54, Sidney Dell; Kalecki's economics of socialism, Wlodzimierz Brus; Michal Kalecki, Edward Lipinski; Kalecki's political economy - a comparison with Keynes, Emprime Eshag; Bogulslawa Kinda-hass, kalecki's review of Keynes' general theory, Ferdinando Targetti; kalecki's degree of monopoly, Peter J. Reynolds; some ties of Kalecki to the 1926 "Sraffian Manifesto", Claudio Sardoni; Galbraith, Sraffa, Kalecki and supra-surplus capitalism, E. Ray Canterbery; Kalecki's pricing theory, Liliana Basile and Neri Salvadori; Kalecki and Keynesian on finance investment and saving, A. Asimakopulos; Michael Kalecki's contribution to the theory and practice of socialist planning, D.M. Nuti; Kalecki's price theory revisited, Peter Kriesler; Keynes, Kalecki, ricardian equivalence, and the real balance effect, Robert W. Dimand.

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Book SynopsisThe sixth volume in the final section of the "Pioneers in Economics" series. This section of the series offers an assessment of significant economists of the 20th century, and this volume deals with Irving Fisher, Arthur Hadley, Ragnar Frisch, Friedrich von Hayek, Allyn Young and Ugo Mazzola.Table of ContentsIrving Fisher, FDR, and the Great Depression, William R. Allen; Irving Fisher on the financial economics of uncertainty, John H. Crockett Jr; A.T. Hadley on monopoly theory and railway regulation - an American contribution to economic analysis and policy, Melvin Cross and Robert B. Ekelund Jr; Ragnar Frisch and business cycle research during the interwar years, Jens Christopher Andvig; discovery of the money-income relationship in the United States, 1921-1944, Paul B. Trescott; Allyn A. Young - a curious case of professional neglect, Charles P. Blitch; German economists and the depression of 1929-1933, Michael Hudson; Hayek's Ricardo effect - a second look, Laurence S. Moss and Karen I. Vaughn; Ugo Mazzola and the Italian theory of public goods, Orhan Kayaalp.

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Book SynopsisThe seventh volume in the final section of the "Pioneers in Economics" series. This section of the series offers an assessment of significant economists of the 20th century, and this volume deals with Harry Johnson.Table of ContentsHarry G. Johnson, Jagdish N. Bhagwati; Harry Johnson - macroeconomist, Thomas J. Courchere; Harry Johnson's contributions to the pure theory of international trade, Richard G. Lipsey; the balance of payments - a survey of Harry Johnson's contribution, John F. Helliwell; Harry Johnson's contribution to international trade theory, W.M. Corden; Harry Johnson as a macroeconomist, David Laidler; Harry G. Johnson as a development economist, Arnold C. Harberger and David Wall; Harry Johnson as a social scientist, Richard E. Caves.

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