Economic theory and philosophy Books

Book SynopsisThe eighth 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 Bertil Ohlin.Table of ContentsOn the forumulation of monetary theory, Bertil Ohlin; substantive changes in the final version of Ohlin's 1933 paper, Otto Steiger; what was new in Ohlin's 1933-34 macroeconomics?, Hans Brems; some observations on Ohlin's 1933 article, Don Patinkin; a comment, Hans Brems; prelude to the theory of a monetary economy - origins and significance of Ohlin's 1933 approach, Otto Steiger; Ohlin's 1933 reformation of monetary theory, William P. Yohe; Bertil Ohlin, 1899-1979, Otto Steiger; Stockholm and Cambridge - four papers on the monetary and employment theory of the 1930s, Bertil Ohlin and Otto Steiger; unemployment, Keynes, and the Stockholm School, Bent Hansen.

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Book SynopsisThe methodology of economics has long been dominated by the writings of Karl Popper and Imre Lakatos, two outstanding philosophers of science in the post-war period. This major new book focuses on the application of Lakatosian principles of appraisal to modern economics. An international group of distinguished economists have applied Lakatos's methodology of scientific research programs to a variety of economic theories, such as game theory, demand theory, consumption analysis, job search theory, equilibrium unemployment theory, the new classical macroeconomics, experimental economics, Austrian economics, Walrasian stability analysis and Sraffian economics. The introduction and afterword by the editors place the papers in the context of the recent rapidly evolving methodological controversy in economics. Taken as a whole, the book makes a powerful statement of the case for assessing rival economic theories with the aid of an explicit philosophy of science.Trade Review'. . . everyone with a serious interest in economic methodology will want to read the many fine papers it contains.'

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Book SynopsisEconomic theorists and finance practitioners alike turn to the seminal work of Wallace E. Oates for a systematic statement of the economic principles of fiscal federalism. In this book, Professor Oates provides an overview of fiscal federalism and analyses specific problems in a selection of his most important articles and papers. This collection includes many pieces which are not readily accessible.The papers in this volume constitute a basic reference for current discussion of the evolution both of national fiscal systems and of the fiscal structure of the European Community and other supranational organizations. The range of approaches and quality of argument will ensure that the book becomes a central reference point for the continued discussion of this important topic.Trade Review'Over the past 25 years Wallace Oates has been the principal intellectual leader in the field of fiscal federalism. All his contributions have had a significant impact upon the direction of research not only in the US but also world-wide. Anyone who is interested in teaching or researching topics within the area of fiscal federalism must begin with the works of Wallace Oates. This volume assembles Wallace Oates's principal papers, making them easily accessible. Whether they are read for the first time or for a second or third time they are stimulating and a joy to digest.' -- P.M. Jackson, University of Leicester, UKTable of ContentsContents: Part I: Fiscal Federalism: An Overview Part II: The Roles of Different Levels of Government Part III: Intergovernmental Grants and Revenue Sharing Part IV: The Provision of Local Public Goods Part V: Capitalization and Local Finance Part VI: Public Choice and Fiscal Federalism

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Book SynopsisProperty rights lie at the heart of the economic success of any economy and the extent to which its citizens enjoy economic freedom. At a time when Eastern Europe is breaking free from the yoke of collectivist-socialist ideas, this book presents essays by four political economists evaluating a range of feasible reforms intended to breathe new life into constitutional republicanism. The first essay by James M. Buchanan grounds the defence of private property ownership in the protection that it affords to individual liberty. This is followed by a succinct but comprehensive account by Gordon Tullock of his research programme in rent seeking. This is a great and instructive contribution which skilfully draws out the dangerous implications of rent seeking for private property rights. A far-reaching and insightful essay by Richard E. Wagner exposes the failure of the United States constitution to overcome the tyranny of the majority so feared by the Founding Fathers: the author demonstrates why the tyranny of the majority cannot be overcome by a written constitution unless the institutions of society are designed to offer complementary support to limited government and the rule of law. In the final essay, Charles Rowley retraces the history of social choice theory, identifies the errors that it has promulgated and the corrective lessons that can be learned from the classical liberal philosophy that it has substantially ignored. Including essays by some of the most eminent scholars in the field, Property Rights and the Limits of Democracy makes an important and distinguished contribution to one of the most central issues in political economy in the late twentieth century.Trade Review'All chapters perform as advertised in that they explore various aspects of property rights and democratic processes. . . . this is one well-executed work deserving widespread readership.' -- David Schap, Public Choice

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Book SynopsisDemand and Exchange in Economic Analysis provides a rare combination of detailed analysis of a central area of economics with the history of economic thought. The first part of the book examines major attempts to treat mathematically the partial equilibrium concept of demand conceived as a schedule. The second part, after generalizing Cournot's model of trade in a single good, traces the general equilibrium analysis of exchange. This adds to the concept of a demand curve the fundamental interpretation of the rate of exchange, or price ratio, in terms of the amount of one good offered in return for a unit of another good. The similarity in the treatments of Mill, Whewell, Marshall and Walras is revealed along with the emphasis on multiple equilibria. Edgeworth's grand synthesis and extension of Jevons's approach to exchange is then discussed in detail. The book will be of interest to a wide range of economists interested in placing modern theory in historical perspective.Trade Review’The essays in this book display a high level of scholarship and technical competence. They certainly raise the quality of doctrinal history several notches.’Table of ContentsPart 1 Partial equilibrium analyses: the first demand schedule; the elasticity of demand; inter-related goods; commodity taxation; trade between regions. Part 2 General equilibrium analyses: exchange and reciprocal demand; diagrammatic treatment of exchange; exchange within price-taking; Jevons's "complex cases" of exchange; exchange without price-taking; competition and efficiency; the role of stocks in supply and demand. Appendixes: multiple equilibria in a Walras/Marshall model; Nash equilibria and barter.

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Book SynopsisThis authoritative and encyclopaedic reference work provides a thorough account of the public choice approach to economics and politics. The Companion breaks new ground by joining together the most important issues in the field in a single comprehensive volume. It contains state-of-the-art discussions of both old and contemporary problems, including new work by the founding fathers as well as contributions by a new generation of younger scholars.The book reviews the literature of public choice, highlighting the common ground between all rational choice approaches to politics. It demonstrates the important impact of public choice on economics, political science, philosophy and sociology. It will be an indispensable source of reference for many years to the ideas, analytical methods and empirical research in the field.The Companion will serve as the standard reference work for all those engaged in the field of public choice and will be essential reading for politicians and policymakers, scholars in political science, public and social choice, as well as graduate students in economics, political science and public administration.Trade Review'. . . this compendium offers a solid introduction into an economic field that is gaining in influence.'Table of ContentsContents: Preface Introduction: Public Choice at the Millennium Part I: Methodology Part II: The Constitutional Framework Part III: Institutions and Mechanisms of Collective Choice Part IV: Public Choice Perspectives on Government and the Economy Part V: The Public Choice Revolution References Index

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Book SynopsisThis engaging and intelligent book provides an accessible, down to earth assessment of the role of formalism and rigour in economics.Professor Mayer argues that there is room in economics for both highly formalised theory and for the less formal theory that predominates in the natural sciences. But economists generally fail to distinguish between these two types of theory. As a result, they often act as if the strength of an argument depends on the strength of its strongest link. They misallocate effort, polishing those parts of the argument that tend to be formalised, while paying insufficient attention to the others. Drawing on public choice theory, Mayer shows how this emphasis on the strongest link has distorted research particularly in new classical theory. He advocates stricter econometric testing, showing that many procedures currently used are only soft tests.Trade Review'Truth versus Precision in Economics by Thomas Mayer, is an extremely good book. Dealing with the subject which is highly controversial he has succeeded being both balanced and insightful. It is an unusual combination.' -- Gordon Tullock, George Mason University, US'. . . as a guide to how to be a good applied economist, and as a guide to some recent technical literature, this book is a great success.' -- Geoffrey E. Wood, Economic Affairs'I would recommend this book to all economists. This is an important book in general economics and not just that subsection called economic methodology.' -- Abraham Hirsch, Brooklyn College and the City University of New York, UK'This is a marvellous critique of contemporary economics, which I greatly enjoyed reading.' -- Roger Backhouse, University of Birmingham, UK'. . . Mayer's book is to be warmly recommended to all economists without distinction of specialisation. It goes without saying that it deserves to become compulsory reading for all scholars interested in economic methodology.' -- Andrea Salanti, Economic Notes'It is one of the tragedies of a subject like economics that there is generally a trade-off between rigour and relevance: the rigours of, say, Arrow-Debreu General Equilibrium Theory are purchased at the expense of any practical relevance and the practical relevance of, say, the privatisation-deregulation issue is unaccompanied by rigorous theorizing. On the whole, economists are inclined to prefer rigour to relevance and this produces the anti-empirical formalism that characterises much of modern economics. This book is a vigorous plea for a policy-relevant, empirically - oriented economics even at the cost of forgoing some analytic rigour. The argument is worked out, not just in general terms but in great detail with reference to leading propositions in modern macroeconomics.'This brilliant work ought to be read by every economist: it is potentially capable of transforming our subject for the better.' -- The late Mark Blaug, formerly of the University of London and University of Buckingham, UK'Mayer's 'principle of the strongest link' provides the basis for a profound critique of contemporary macroeconomics and its obsession with formalism. It is the most rigorous methodological assessment of the New Classical and New Keynesian approaches to appear yet, and gives us enormous insight into the failure of these schools of thought to provide answers to the major economic problems of today. The book is filled with examples from the technical literature as well as anecdotes from Mayer's extensive experience in the profession. If it requires someone from within the neoclassical camp to point out the emperor's new fashions, then Mayer's book is the first to serve that role. Mayer's book puts some macroeconomic 'meat' on the 'bones' of the methodological revolution begun by McCloskey in the 1980s.' -- William Milberg, New School for Social Research, US'. . . this book should be widely read within the profession. If its charges of excess formalism and research distortion are true, economists are misallocating their resources and failing to apply their fundamental insights to their own practices. The only cure is heightened awareness and understanding of the problem. Mayer's book is a superb contribution to this end.’ -- Jon D. Wisman, Eastern Economic Journal'This book is a thoughtful critical contribution to economic methodology.' -- Leland G. Neuberg, Southern Economic Journal

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Book SynopsisKenneth Boulding has, in the course of a long and distinguished career, made a seminal contribution to many branches of economics. This major book presents in one volume a selection of his most important recent papers and essays. In the first part of the book, Professor Boulding pushes economics towards a more evolutionary type of theory, towards a greater interest in the real world and towards some fairly specific theoretical positions. He stresses the importance of positive-feedback as well as equilibrium processes. The second part focuses on the grants economy, that is the study of the economics of one-way transfers. In part three, he turns his attention to international economic relations particularly the economics of conflict in unilateral national defence. The final part is on ecological systems, stressing that economies are essentially an eco-system of commodities, part of the total eco-system of the world, which is undergoing a constant and irreversible evolutionary change.Trade Review’For one who wants to read a few essays by Kenneth Boulding, this book is a rewarding introduction to the work of one of the most important economists of our age. It might also be useful in a research library.’Journal of Economic IssuesTable of ContentsPart 1 Introduction: a biographical autobiography. Part 2 Towards a new economics: allocation and distribution; space as a factor of production; puzzles over distribution; what went wrong with economics?; the economics of pride and shame; appropriate methodologies for the study of the economy (published in Polish only); the implications of macrodistribution for personal distribution; taxonomy as a source of error. Part 3 The grants economy: innovation and the grant economy; pathologies of the public grants economy; a second look at "Progress and Poverty". Part 4 International economic relations: international economic relations; the role of conflict in the dynamics of society; an economic assessment of unilateral national defense; unilateral national defense organizations - an economic analysis of non-economic structures; the role of organized nonviolence in achieving stable peace. Part 5 Ecological economics: the unimportance of energy; development as evolution towards human betterment; cybernetics in the evolutionary process; regions of time; population factors in development economics.

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Book SynopsisThese 27 articles on the economics of exhaustible resources date from 1931 to 1991.Trade Review’Heal’s collection demonstrates clearly that the study of exhaustible resources is a useful part of many fields of economics. . . . It would be a wise purchase for campuses where this field is studied. . .’ -- Philip B. Thompson, The Journal of EconomicsTable of ContentsCONTENTS PART 1 THE THEORY OF OPTIMAL DEPLETION 1. Robert M. Solow (1974), ‘The Economics of Resources or the Resources of Economics’ 2. Harold Hotelling (1931), ‘The Economics of Exhaustible Resources’ 3. Partha Dasgupta and Geoffrey Heal (1974), ‘The Optimal Depletion of Exhaustible Resources’ 4. Geoffrey Heal (1976), ‘The Relationship Between Price and Extraction Cost for a Resource with a Backstop Technology’ 5. Partha Dasgupta, Geoffrey Heal and Mukul Majumdar (1976), ‘Resource Depletion and Research and Development’ 6. Shmuel S. Oren and Stephen G. Powell (1985), ‘Optimal Supply of a Depletable Resource with a Backstop Technology: Heal’s Theorem Revisited’ PART 2 DYNAMIC MODELS OF RESOURCE MARKETS 7. J. E.Stiglitz (1979), ‘A Neoclassical Analysis of the Economics of Natural Resources’ 8. Partha Dasgupta (1974), ‘Some Recent Theoretical Explorations in the Economics of Exhaustible Resources’ 9. Joseph E. Stiglitz (1976), ‘Monopoly and the Rate of Extraction of Exhaustible Resources’ 10. James L. Sweeney (1977), ‘Economics of Depletable Resources: Market Forces and Intertemporal Bias’ 11. Richard J. Gilbert (1978), ‘Dominant Firm Pricing Policy in a Market for an Exhaustible Resource’ 12. P. Dasgupta, G. M .Heal and J. E. Stiglitz (1980), ‘The Taxation of Exhaustible Resources’ PART 3 EMPIRICAL STUDIES AND SIMULATIONS 13. William D. Nordhaus (1973), ‘The Allocation of Energy Resources’ 14. Robert S. Pindyck (1978), ‘Gains to Producers from the Cartelization of Exhaustible Resources’ 15. Geoffrey Heal and Michael Barrow (1980), ‘The Relationship Between Interest Rates and Metal Price Movements’ 16. Geoffrey Heal and Michael Barrow (1981), ‘Empirical Investigation of the Long-Term Movement of Resource Prices: A Preliminary Report’ PART 4 17. G. Chichilnisky (1985), ‘International Trade in Resources: A General Equilibrium Analysis’ 18. Graciela Chichilnisky and Geoffrey Heal (1983), ‘Energy-Capital Substitution: A General Equilibrium Analysis’ 19. William D. Nordhaus (1980), ‘Oil and Economic Performance in Industrial Countries’ 20. John Llewelwyn (1983), ‘Resource Prices and Macroeconomic Policies: Lessons from Two Oil Price Shocks’ PART 5 ENVIRONMENT AND RESOURCES 21. Jeffrey A .Krautkraemer (1985), ‘Optimal Growth, Resource Amenities and the Preservation of Natural Environments’ 22. G. M .Heal (1991), ‘Economy and Climate: A Preliminary Framework for Microeconomic Analysis’ 23. Michael J. Boskin and Richard J. Gilbert (1976), ‘The Economic Common Sense of Controlling Nuclear Power Development’ PART 6 GENERAL ISSUES 24. R. Stephen Berry, Peter Salamon and Geoffrey Heal (1978), ‘On a Relation Between Economic and Thermodynamic Optima’ 25. H.E .Goeller (1979), ‘The Age of Substitutability: A Scientific Appraisal of Natural Resource Adequacy’ 26. Donald A. Brobst (1979), ‘Fundamental Concepts for the Analysis of Resource Availability’ 27. V. Kerry Smith (1980), ‘The Evaluation of Natural Resource Adequacy: Elusive Quest or Frontier of Economic Analysis?’

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Book SynopsisThe Elgar Companion to Austrian Economics is a major new reference work which highlights the common ground between all the branches of the school while demonstrating the breadth and diversity within it. The Companion reflects the many areas where Austrian economists have made contributions, including technical economics, methodology of the social sciences, political theory and political science. This book includes contributions from an international group of scholars whose work demonstrates a basic similarity and interest in questions which have historically been associated with the Austrian approach to economics, although many of the contributors would not consider themselves to be strictly of this school. The distinguished team of contributors commissioned by the editor includes: K.D. Hoover, I.M. Kirzner, A. Klamer, D. Lavoie, C.K. Rowley, M. Rizzo, M. Rutherford, R.E. Wagner, U. Witt, L. Yeager.Each entry is fully referenced and includes suggestions for further readings on the topic. The Companion will be the standard reference work for all those engaged in the field of Austrian Economics. It not only introduces students to the Austrian school, but also serves as an important research tool for scholars working within the Austrian tradition.Trade Review’The book can be recommended both to those who know something about Austrian economics already, and to those who know nothing.’- David Simpson, Economic Affairs -- ’Mr Boettke’s very readable compendium consists of short articles by mostly young scholars, selected to illustrate the diversity and fecundity of modern Austrian economics.’- Michael Prowse, The Financial TimesTable of ContentsPart 1 Methodology and theoretical concepts in Austrian economics. Part 2 Fields of research. Part 3 Applied economics and public policy. Part 4 History of thought and alternative schools and approaches.

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Book SynopsisThis important reference work offers readers, researchers and students a thoughtful, balanced selection of core articles from the voluminous literature on panel data. The Econometrics of Panel Data will be welcomed by econometricians and economists as a central reference point and guide to current thinking. The first volume features work on variance components model, its extensions and applications, estimation of variances, dynamic models, instrumental variable estimators and random coefficient models. The second volume covers errors in variables and incomplete data, specification tests, limited dependent variables, frontier production functions and some practical problems with panel data. G.S. Maddala has chosen a series of key contributions by leading econometricians which guide the reader through the literature. As well as reproducing the central articles and papers, intact with their original pagination, the editor provides a comprehensive introduction and additional references which will allow students and researchers to pursue their studies further.Trade Review'. . . in a rapidly expanding area such as this with publications appearing in such diverse journals, Maddala has done us all a great favour by picking out many of the articles that have shaped research in this area over the past two decades or more.' -- Richard Blundell, The Economic JournalTable of ContentsContents Acknowledgements Introduction PART I VARIANCE COMPONENT MODELS 1. Pietro Balestra and Marc Nerlove (1966), ‘Pooling Cross Section and Time Series Data in the Estimation of a Dynamic Model: The Demand for Natural Gas’ 2. T.D. Wallace and Ashiq Hussain (1969), ‘The Use of Error Components Models in Combining Cross Section with Time Series Data’ 3. G.S. Maddala (1971), ‘The Use of Variance Components Models in Pooling Cross Section and Time Series Data’ 4. Marc Nerlove (1971), ‘A Note on Error Components Models’ 5. Wayne A. Fuller and George E. Battese (1974), ‘Estimation of Linear Models with Crossed-Error Structure’ 6. Trevor S. Breusch (1987), ‘Maximum Likelihood Estimation of Random Effects Models’ PART II ESTIMATION OF VARIANCES 7. C. Radhakrishna Rao (1972), ‘Estimation of Variance and Covariance Components in Linear Models’ 8. Takeshi Amemiya (1971), ‘The Estimation of the Variances in a Variance-Components Model’ 9. G.S. Maddala and T.D. Mount (1973), ‘A Comparative Study of Alternative Estimators for Variance Components Models Used in Econometric Applications’ 10. William E. Taylor (1980), ‘Small Sample Considerations in Estimation from Panel Data’ 11. Tom Wansbeek (1980), ‘A Regression Interpretation of the Computation of MINQUE Variance Component Estimates’ PART III DYNAMIC MODELS 12. Marc Nerlove (1971), ‘Further Evidence on the Estimation of Dynamic Economic Relations from a Time Series of Cross Sections’ 13. Stephen Nickell (1981), ‘Biases in Dynamic Models with Fixed Effects’ 14. T.W. Anderson and Cheng Hsiao (1982), ‘Formulation and Estimation of Dynamic Models Using Panel Data’ 15. Alok Bhargava and J.D. Sargan (1983), ‘Estimating Dynamic Random Effects Models from Panel Data Covering Short Time Periods’ PART IV EXTENSIONS OF THE VARIANCE COMPONENTS MODEL 16. Badi H. Baltagi (1980), ‘On Seemingly Unrelated Regressions with Error Components’ 17. Badi H. Baltagi (1981), ‘Simultaneous Equations with Error Components’ 18. Gary Chamberlain (1982), ‘Multivariate Regression Models for Panel Data’ 19. Ingmar R. Prucha (1985), ‘Maximum Likelihood and Instrumental Variable Estimation in Simultaneous Equation Systems with Error Components’ PART V APPLICATIONS OF VARIANCE COMPONENTS MODELS 20. E. Philip Howrey and Hal R. Varian (1984), ‘Estimating the Distributional Impact of Time-of-Day Pricing of Electricity’ 21. Lee A. Lillard and Yoram Weiss (1979), ‘Components of Variation in Panel Earnings Data: American Scientists 1960–70’ 22. Gary Chamberlain and Zvi Griliches (1975), ‘Unobservables with a Variance-Components Structure: Ability, Schooling, and the Economic Success of Brothers’ PART VI INSTRUMENTAL VARIABLE ESTIMATORS 23. Jerry A. Hausman and William E. Taylor (1981), ‘Panel Data and Unobservable Individual Effects’ 24. Takeshi Amemiya and Thomas E. MaCurdy (1986), ‘Instrumental-Variable Estimation of an Error-Components Model’ 25. Trevor S. Breusch, Grayham E. Mizon, and Peter Schmidt (1989), ‘Efficient Estimation Using Panel Data’ 26. Michael P. Keane and David E. Runkle (1992), ‘On the Estimation of Panel-Data Models with Serial Correlation when Instruments are not Strictly Exogenous’ PART VII RANDOM-COEFFICIENT MODELS 27. P.A.V.B. Swamy (1970), ‘Efficient Inference in a Random Coefficient Regression Model’ 28. Barr Rosenberg (1973), ‘Linear Regression with Randomly Dispersed Parameters’ 29. A.F.M. Smith (1973), ‘A General Bayesian Linear Model’ 30. C. Radhakrishna Rao (1975), ‘Simultaneous Estimation of Parameters in Different Linear Models and Applications to Biometric Problems’ 31. Cheng Hsiao (1975), ‘Some Estimation Methods for a Random Coefficient Model’ 32. Harry H. Kelejian and Scott W. Stephan (1983), ‘Inference in Random Coefficient Panel Data Models: A Correction and Clarification of the Literature’ Name Index Volume II PART I ERRORS IN VARIABLES AND INCOMPLETE DATA 1. Zvi Griliches and Jerry A. Hausman (1986), ‘Errors in Variables in Panel Data’ 2. Erik Biørn (1981), ‘Estimating Economic Relations from Incomplete Cross-Section/Time-Series Data’ 3. Tom Wansbeek and Arie Kapteyn (1989), ‘Estimation of the Error-Components Model with Incomplete Panels’ 4. Angus Deaton (1985), ‘Panel Data from Time Series of Cross-Sections’ PART II SPECIFICATION TESTS 5. J.A. Hausman (1978), ‘Specification Tests in Econometrics’ 6. Yair Mundlak (1978), ‘On the Pooling of Time Series and Cross Section Data’ 7. Suk Kang (1985), ‘A Note on the Equivalence of Specification Tests in the Two-Factor Multivariate Variance Components Model’ 8. Brent R. Moulton (1987), ‘Diagnostics for Group Effects in Regression Analysis’ 9. Douglas Holtz-Eakin, Whitney Newey, and Harvey S. Rosen (1988), ‘Estimating Vector Autoregressions with Panel Data’ 10. Joshua D. Angrist and Whitney K. Newey (1991), ‘Over-Identification Tests in Earnings Functions With Fixed Effects’ 11. Manuel Arellano and Stephen Bond (1991), ‘Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations’ PART III LIMITED DEPENDENT VARIABLES 12. Gary Chamberlain (1980), ‘Analysis of Covariance with Qualitative Data’ 13. J.S. Butler and Robert Moffitt (1982), ‘A Computationally Efficient Quadrature Procedure for the One-Factor Multinomial Probit Model’ 14. D.M. Grether and G.S. Maddala (1982), ‘A Time Series Model with Qualitative Variables’ 15. Robert B. Avery, Lars Peter Hansen and V. Joseph Hotz (1983), ‘Multiperiod Probit Models and Orthogonality Condition Estimation’ 16. J.D. Kalbfleisch and J.F. Lawless (1985), ‘The Analysis of Panel Data under a Markov Assumption’ 17. Robin C. Sickles and Paul Taubman (1986), ‘An Analysis of the Health and Retirement Status of the Elderly’ 18. G.S. Maddala (1987), ‘Limited Dependent Variable Models Using Panel Data’ PART IV FRONTIER PRODUCTION FUNCTIONS 19. Peter Schmidt and Robin C. Sickles (1984), ‘Production Frontiers and Panel Data’ 20. Christopher Cornwell, Peter Schmidt and Robin C. Sickles (1990), ‘Production Frontiers with Cross-Sectional and Time-Series Variation in Efficiency Levels’ PART V SPECIAL PROBLEMS WITH PANEL DATA 21. Jerry A. Hausman and David A. Wise (1979), ‘Attrition Bias in Experimental and Panel Data: The Gary Income Maintenance Experiment’ 22. Jerry Hausman, Bronwyn H. Hall and Zvi Griliches (1984), ‘Econometric Models for Count Data with an Application to the Patents-R&D Relationship’ 23. James J. Heckman and Richard Robb, Jr. (1985), ‘Alternative Methods for Evaluating the Impact of Interventions: An Overview’ 24. Lawrence S. Mayer (1986), ‘On Cross-Lagged Panel Models with Serially Correlated Errors’ 25. Jacques Mairesse (1990), ‘Time-Series and Cross-Sectional Estimates on Panel Data: Why are They Different and Why Should They be Equal?’ Name Index

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Book SynopsisThe question of free banking - or laissez-faire in money - raises fundamental theoretical, historical and normative issues. Discussions of free banking contemplate the consequences of abolishing government central banks, and allowing unrestricted money issue by private banks.Research on free banking questions has expanded tremendously in the past two decades. These three volumes collect the most important modern articles on the theory, history and policy implications of free banking. The literature is marked by a number of sharp intellectual controversies, and the editor has included both sides of the most important debates. The editor's introduction provides a fresh perspective on the developments in monetary theory and in the real world that have stimulated the several strands of research represented here.Trade Review'The three volume of White's anthology. . . . should be regarded as a highly welcome and extremely valuable help for all those who are looking for a reliable and easily accessible source of information.' -- Manfred Neldner, Weltwirtschaftliches ArchivTable of ContentsContents: 1. The British Free Banking School 2. American Free Banking Thought 3. Later British Writers 4. Secondary Accounts of Free Banking Thought 5. The ‘Free Banking’ Era in the United States 6. Other Experiences 7. Private Clearing Houses 8. Free Banking with a Distinct Base Money 9. Competing Non-Commodity Base Monies 10. Competitive Payments Systems without Base Money 11. The Legal Restrictions Theory 12. Policy Implications

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Book SynopsisAngus Maddison has made a major contribution to our understanding of the comparative, historical and quantitative aspects of economic growth. This important collection of his work - including a number of original new essays - offers an authoritative analysis of the economic performance of nations. Drawing extensively on quantitative and qualitative evidence, Professor Maddison provides a clear view of why growth rates differ, why real income and productivity spreads are so wide, and why the pace of growth has varied over time. The first section features essays which provide an analytical framework for causal analysis of growth performance, this is followed by papers on investment and capital stock estimation, savings behaviour and measurement of economic performance levels. There are three essays on the roots of economic 'backwardness' and the final section deals with the effect of economic and social policy on the performance of advanced capitalist countries. These essays offer a depth of historical and interspatial perspective which is unrivalled. In addition to focusing on the influences of institutions, ideology and colonialism, Professor Maddison's analysis makes sophisticated use of the growth accounting approach. A specially-written autobiographical essay has also been included.Trade Review'. . . this book is highly recommended. It is thoroughly researched, well-written and covers interesting ground. The final, autobiographical chapter is well worth reading: Maddison has had a far more varied and at times dramatic career than most economists could ever hope for.'Table of ContentsContents: Introduction Part I: Analytic Frameworks for Explaining Economics Growth Part II: Investment, Capital Stock and Saving Part III: Measuring Levels of Performance Part IV: The Roots of Economic Backwardness Part V: The Role of Government Policy in the Performance of Advanced Capitalist Countries Part VI: Confessions of a Chiffrephile

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Book SynopsisThis book argues that the coordination problem lies at the heart of Keynes’s economics. It shows how Keynes’s message got lost in the post-War period and develops a more fruitful extension of Keynes’s ideas within a general equilibrium framework and alternative frameworks such as post Keynesian and Austrian economics. It is demonstrated that in the absence of a coordinating device like the Walrasian auctioneer or in the presence of uncertainty, coordination can no longer be superimposed. This ultimately implies that apart from some notable exceptions, the Keynesian revolution was in fact stifled at birth because the validity of the central concepts of microeconomics have never been challenged.This lively and fascinating book is likely to provoke debate amongst economists and policymakers. Its conclusions place a question mark over the development of economic theory since the Second World War.Table of ContentsIndeterminacy in macroeconomics: on the structure of Keynes's general theory; the right answers to the wrong question? - an assessment of the microfoundations debate; alternative approaches; indeterminacy and multiplicity; money, prices and uncertainty; the trade-off between price flexibility and price rigidity; implications of the co-ordination problem.

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Book SynopsisThis important book explores many different aspects of the wealth creation process. It includes new essays by senior members of the economics profession focusing on aspects of competitive advantage, the environment, the integration of trade, manufacturing and services, the policies of wealth creation and economic policy.The creation of wealth lies at the heart of the economic process and is fundamental to the efficient working of the modern economy.Trade Review’An interesting book, reflecting the current state of economic knowledge on this subject.’- Aslib Book GuideTable of ContentsContents: 1. Introduction (Sir J. Ball) 2. The Creation of Wealth (Sir J. Ball) 3. Some Perspectives of a Simple Engineer (D. Rooke) 4. Wealth Creation and Competitive Advantage (J. Kay) 5. Economists as Wealth Creators (D. Stout) 6. The Government as Market Creator: Participant or Referee? (M. Beesley) 7. The Social Market (D. Owen) 8. Growth and Productivity in Financial Services (A. Clark) 9. The Balance of Payments as the Wealth of Nations (A. Thirlwall) 10. Economic Integration (A. Venables) 11. Conserving Global Natural Wealth: Economics and Politics (D. Pearce) 12. Technology and Wealth Creation (R. Malpas and S. Watson)

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Book SynopsisGeorge Shackle was one of the most original and thought-provoking economists of the twentieth century. The significant contributions he made to the issues of time, expectations and uncertainty ensured that he enjoyed an Olympian reputation within the discipline.G.L.S. Shackle: The Dissenting Economist's Economist by J.L. Ford is a major new intellectual biography which places Shackle's work in context, assessing the importance of his long and prolific career. An opponent of much of the equilibrium-centred orthodoxy in economics, the overwhelming concern of Shackle's work was the nature of time. In his view, too much of economic theorising was concerned with a rigid, Newtonian definition of time, rather than one which emphasized human expectations and uncertainty. Central to his theory was a rejection of the notion of probability for unique decisions and its replacement by his own measure of uncertainty, the degree of potential surprise. This important book charts the development of these ideas and their impact on his important work on the theory of interest rates, industrial investment, the business cycle, and the understanding and application of Keynes's economics. Professor Ford's authoritative and detailed study also covers Shackle's work on the major developments in the subject matter and tools of economics, including his unrivalled assessments of A Treatise on Money and the General Theory. It will be welcomed by historians of economic thought and all other economists, orthodox and non-orthodox alike, concerned with the pioneering work of one of the most important economists of our time.Trade Review'Ford has done a superb job of giving those who did not have the pleasure of meeting Shackle a good insight into the man and his career yet he does not lionise his subject in the process.' -- Peter E. Earl, History of Economics Review'Ford has much to offer students of Shackle's work. . .' -- Brian J. Loasby, The Manchester SchoolTable of ContentsGeorge Lennox Sharman Shackle; time in economics, epistemics and economic methodology; Shackle's theory of decision-making under uncertainty - exposition, exegetical critique and some applications; uncertainty, potential surprise, probability and belief - appendix - portfolio selection and Shackle's theory of choice under uncertainty; experimental evidence, expected utility, ambiguity and Shackle's theory; expectations, investment, the business cycle and economic development - appendix - aggregate income and its 3-period moving average; the theory of investment in real capital, invention, innovation and the rate of interest; uncertainty, liquidity preference and the rate of interest; on the economics of Keynes; George Shackleton and history's likely verdict.

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Book SynopsisThis innovative book offers retrospective assessments of historical ideas and probes controversial issues in economic methodology. The essays are presented under five broad headings. Part I, Economic Discourse and Method consists of three essays that address timely topics in the methodology of economics. Part II, Philosophical/Analytical Issues in Classical Economics, contains two studies of Adam Smith and one of Thomas Malthus. Part III, Money and Banking Issues in the Nineteenth Century contains two essays that evaluate monetary controversies occurring more or less simultaneously on both sides of the Atlantic. Part IV, Equilibrium Models/Debates: Walras, Keynes, Pigou is loosely threaded around the theme of equilibrium models - their nature and significance in the works of Walras, Keynes and Pigou. Part V, the final section, The Discovery and Dissemination of Ideas, deals with the discovery and dissemination of ideas in economics.The volume presents some of the most important recent work in economic methodology and the history of economic thought and will be essential for both economists and libraries specializing in these areas.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.'Table of ContentsPart 1 Economic discourse and method: rhetoric and methodology, Roger E. Backhouse; criteria of scientificity and methodology of the social sciences - Menger, Mises, and Hayek, D. Dufourte and Pierre Garrouste; Kirzner vs. Becker - rationality and mechanisms in economic discourse, Maurice Lagueux. Part 2 Philosophical/analytical issues in classical economics: Adam Smith's critique of the free market economy, spencer J. Pack; the renaissance of Adam Smith in modern theories of international trade, Bruce Elmslie and Antoinette M. James; the great chain of being - a possible source of Malthus's metaphysics, Scot A. Stradley. Part 3 Money and banking issues in the 19th-century: New England's depression-proof free banking system - the viewpoints of Henry Charles Carey and Charles Coquelin, Philippe Nataf; thomas Attwood - crude inflationist or precursor of modern analysis of money and banking?, Sylvie Diatkine. Part 4 Equilibrium models/debates - Walras, Keynes, Pigou: Walras' general equilibrium model, Jan van Daal and Albert Jolink; Keynes, equilibrium, and modern economic analysis, Giovanni Caravale; Keynes vs. Pigou on the economics of war, William J. Barber. Part 5 The discovery and dissemination of ideas: the "discovery" of two-stage least squares, Robert L. Basmann; Japanese modern economics, 1930-1945, Aiko Ikeo.

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Book SynopsisThis volume comprises the classic articles on methods of identification and estimation of simultaneous equations econometric models. It includes path-breaking contributions by Trygve Haavelmo and Tjalling Koopmans, who founded the subject and received Nobel prizes for their work. It presents original articles that developed and analysed the leading methods for estimating the parameters of simultaneous equations systems: instrumental variables, indirect least squares, generalized least squares, two-stage and three-stage least squares, and maximum likelihood. Many of the articles are not readily accessible to readers in any other form.Table of ContentsThe nature and use of simultaneous equations models; theoretical restrictions and the identifiability of parameters in econometric models; estimation methods of the Cowles Commission; generalized least squares and two-stage least squares; instrumental variables; three-stage least squares and related methods; autocorrelated disturbances; relations among estimation methods.

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Book SynopsisEconomic Thought since Keynes outlines the evolution of economic thought since the publication of The General Theory, putting into perspective the trends, issues and developments in economics over the last half century. The book begins with an historical account of the schools, debates and issues that have characterised economic thought over the past 50 years, and the authors who have played major or significant roles. This is followed by a dictionary in which 150 economists are featured with biographical details, a bibliography of their major published works, an analysis of their contributions to economic thought and a guide to the secondary literature. An important feature of the volume is a detailed and comprehensive index which will make it an invaluable source for both teaching and research.Trade Review'The history of very recent economic thought has been sadly neglected. This book seeks to fill this gap. Beaud and Dostaler describe and analyse recent and still current trends in economic thought since the death of Keynes: the aftermath of the Keynesian revolution. . . . supply-side economics, general equilibrium theory, game theory, Marxian economics, the new institutionalism, and much more besides. And they top this survey by a who's who of 150 contemporary authors who have played significant roles in modern economics. This is a book that has no parallel in the secondary literature. It is a unique contribution to the historiography of the recent past of our subject.'Table of ContentsPart 1 Outline of a history of economic thought since Keynes: Keynes and "The General Theory of Employment, Interest and Money"; the Keynesian revolution; the triumph of interventionism; axiomatization, formalization, mathematicization; a new orthodoxy - the neoclassical synthesis; heterodoxies - permanence and revival; the liberal resurgence; new macroeconomics; on Babel and three figures of contemporary economic thought.

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Book SynopsisEconomists have long sought to develop quantitative models of economic behaviour, which blend economic theory with data evidence. Econometric modelling of economic time series has strived to achieve this by seeking to discover sustainable and interpretable relationships. This important two-volume collection focuses on a central method used in selecting such models, namely simplification of an initially general model that adequately characterizes the empirical evidence within the investigators' theoretical framework. The volumes feature a wealth of evidence that has accrued over the last five years displaying its excellent abilities for model selection, based on Monte Carlo studies of automatic algorithms. These also throw light on several major methodological issues, and prompt many new ideas, which are discussed. The collection will be valuable to all empirical economists and econometricians.Trade Review'As data sets have become larger, computers greatly increased in capacity and speed, exploratory techniques have grown more sophisticated and models are now multivariate, dynamic, and possibly nonlinear. The number of models that could be considered, and thus compared, have become immense. Econometricians need to be helped through this tangled maze and this help can be found in these volumes. Here leading advocates of a variety of well-tried and appreciated approaches to modeling display their expert knowledge.' -- The late Sir Clive W.J. Granger, University of California, San Diego, US and 2003 Nobel Laureate in EconomicsTable of ContentsContents: Volume I Acknowledgements Introduction Julia Campos, Neil R. Ericsson and David F. Hendry PART I INTRODUCTION TO THE METHODOLOGY 1. Christopher L. Gilbert (1986), ‘Professor Hendry’s Econometric Methodology’ 2. David F. Hendry (1983), ‘Econometric Modelling: The “Consumption Function” in Retrospect’ 3. Christopher L. Gilbert (1989), ‘LSE and the British Approach to Time Series Econometrics’ 4. Aris Spanos (1989), ‘On Rereading Haavelmo: A Retrospective View of Econometric Modeling’ 5. Adrian Pagan (1987), ‘Three Econometric Methodologies: A Critical Appraisal’ 6. P.C.B. Phillips (1988), ‘Reflections on Econometric Methodology’ 7. Neil R. Ericsson, Julia Campos and Hong-Anh Tran (1990), ‘PC-Give and David Hendry’s Econometric Methodology’ PART II THEORY OF REDUCTION 8. David F. Hendry (1987), ‘Econometric Methodology: A Personal Perspective’ 9. David F. Hendry and Jean-François Richard (1982), ‘On the Formulation of Empirical Models in Dynamic Econometrics’ 10. Tjalling C. Koopmans (1950), ‘When is an Equation System Complete for Statistical Purposes?’ 11. A.W. Phillips (1956), ‘Some Notes on the Estimation of Time-Forms of Reactions in Interdependent Dynamic Systems’ 12. J.-F. Richard (1980), ‘Models with Several Regimes and Changes in Exogeneity’ 13. Robert F. Engle, David F. Hendry and Jean-François Richard (1983), ‘Exogeneity’ PART III DYNAMIC SPECIFICATION 14. David F. Hendry, Adrian R. Pagan and J. Denis Sargan (1984), ‘Dynamic Specification’ 15. David F. Hendry and Grayham E. Mizon (1978), ‘Serial Correlation as a Convenient Simplification, Not a Nuisance: A Comment on a Study of the Demand for Money by the Bank of England’ 16. J.D. Sargan (1980), ‘Some Tests of Dynamic Specification for a Single Equation’ 17. J.D. Sargan (1961), ‘The Maximum Likelihood Estimation of Economic Relationships with Autoregressive Residuals’ 18. Søren Johansen and Katarina Juselius (1990), ‘Maximum Likelihood Estimation and Inference on Cointegration – With Applications to the Demand for Money’ PART IV MODEL SELECTION PROCEDURES 19. T.W. Anderson (1962), ‘The Choice of the Degree of a Polynomial Regression as a Multiple Decision Problem’ 20. Thomas A. Yancey and George G. Judge (1976), ‘A Monte Carlo Comparison of Traditional and Stein-Rule Estimators Under Squared Error Loss’ 21. Grayham E. Mizon (1977), ‘Model Selection Procedures’ 22. N.E. Savin (1980), ‘The Bonferroni and the Scheffé Multiple Comparison Procedures’ 23. Halbert White (1990), ‘A Consistent Model Selection Procedure Based on m-testing’ 24. P.C.B. Phillips (1991), ‘Optimal Inference in Cointegrated Systems’ Name Index Volume II Acknowledgements An introduction by the editors to both volumes appears in Volume I PART I MODEL SELECTION CRITERIA 1. Hirotugu Akaike (1981), ‘Likelihood of a Model and Information Criteria’ 2. Gideon Schwarz (1978), ‘Estimating the Dimension of a Model’ 3. E.J. Hannan and B.G. Quinn (1979), ‘The Determination of the Order of an Autoregression’ 4. A.C. Atkinson (1981), ‘Likelihood Ratios, Posterior Odds and Information Criteria’ 5. K.R. Sawyer (1983), ‘Testing Separate Families of Hypotheses: An Information Criterion’ 6. Peter C.B. Phillips (1996), ‘Econometric Model Determination’ PART II MODEL COMPARISONS 7. D.R. Cox (1961), ‘Tests of Separate Families of Hypotheses’ 8. D.R. Cox (1962), ‘Further Results on Tests of Separate Families of Hypotheses’ 9. Phoebus J. Dhrymes, E. Philip Howrey, Saul H. Hymans, Jan Kmenta, Edward E. Leamer, Richard E. Quandt, James B. Ramsey, Harold T. Shapiro and Victor Zarnowitz (1972), ‘Criteria for Evaluation of Econometric Models’ 10. M.H. Pesaran (1974), ‘On the General Problem of Model Selection’ PART III ENCOMPASSING 11. Grayham E. Mizon and Jean-François Richard (1986), ‘The Encompassing Principle and its Application to Testing Non-nested Hypotheses’ 12. David F. Hendry and Jean-François Richard (1989), ‘Recent Developments in the Theory of Encompassing’ 13. Jeffrey M. Wooldridge (1990), ‘An Encompassing Approach to Conditional Mean Tests with Applications to Testing Nonnested Hypotheses’ 14. Maozu Lu and Grayham E. Mizon (1996), ‘The Encompassing Principle and Hypothesis Testing’ 15. David F. Hendry (1988), ‘The Encompassing Implications of Feedback Versus Feedforward Mechanisms in Econometrics’ 16. Yock Y. Chong and David F. Hendry (1986), ‘Econometric Evaluation of Linear Macro-Economic Models’ 17. Neil R. Ericsson (1992), ‘Parameter Constancy, Mean Square Forecast Errors, and Measuring Forecast Performance: An Exposition, Extensions, and Illustration’ 18. Neil R. Ericsson and Jaime Marquez (1993), ‘Encompassing the Forecasts of U.S. Trade Balance Models’ 19. David F. Hendry and Grayham E. Mizon (1993), ‘Evaluating Dynamic Econometric Models by Encompassing the VAR’ PART IV COMPUTER AUTOMATION 20. Michael C. Lovell (1983), ‘Data Mining’ 21. Frank T. Denton (1985), ‘Data Mining as an Industry’ 22. Kevin D. Hoover and Stephen J. Perez (1999), ‘Data Mining Reconsidered: Encompassing and the General-to-Specific Approach to Specification Search’ 23. David F. Hendry and Hans-Martin Krolzig (1999), ‘Improving on “Data Mining Reconsidered” by K.D. Hoover and S.J. Perez’ 24. Kevin D. Hoover and Stephen J. Perez (1999), ‘Reply to our Discussants’ PART V EMPIRICAL APPLICATIONS 25. P.K. Trivedi (1970), ‘The Relation between the Order-Delivery Lag and the Rate of Capacity Utilization in the Engineering Industry in the United Kingdom, 1958–1967’ 26. James E.H. Davidson, David F. Hendry, Frank Srba and Stephen Yeo (1978), ‘Econometric Modelling of the Aggregate Time-Series Relationship Between Consumers’ Expenditure and Income in the United Kingdom’ 27. James E.H. Davidson and David F. Hendry (1981), ‘Interpreting Econometric Evidence: The Behaviour of Consumers’ Expenditure in the UK’ 28. David F. Hendry (1979), ‘Predictive Failure and Econometric Modelling in Macroeconomics: The Transactions Demand for Money’ 29. Hildegart A. Ahumada (1985), ‘An Encompassing Test of Two Models of the Balance of Trade for Argentina’ 30. Ronald MacDonald and Mark P. Taylor (1992), ‘A Stable US Money Demand Function, 1874–1975’ 31. Søren Johansen (1992), ‘Testing Weak Exogeneity and the Order of Cointegration in UK Money Demand Data’ 32. Kıvılcım Metin (1998), ‘The Relationship Between Inflation and the Budget Deficit in Turkey’ 33. Julia Campos and Neil R. Ericsson (1999), ‘Constructive Data Mining: Modeling Consumers’ Expenditure in Venezuela’ Name Index

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Book SynopsisIn The Capitalist Revolution in Eastern Europe, Laszlo Csaba offers an applied economics interpretation of the modernization attempts which followed the collapse of the Soviet empire and of the state socialist experiment. This important book presents a comprehensive overview of empirical and theoretical developments in order to analyse and interpret what common factors or trends are discernible in the transformation process. From 1989 to 1994 a loss of employment and production was recorded in Eastern Europe which exceeded that of the great depression of the 1930s. This book questions why conventional economic doctrines seem to have failed in some countries but have been more successful in others. What - if anything - went wrong with an experiment which involved some of the most prominent economists in the world? Why did shock therapy fail in Russia and why is gradualism reaching its outer most limits in Hungary? In attempting to build a bridge between abstract economic theory and the empirical material available in Eastern Europe, the author adopts a broad framework of analysis making use of data and theories drawn from sociology, history and political science. In developing an analytical framework, and through its application by a single author, this book presents a unique, authoritative perspective on the transformation of Eastern Europe. Students, academic researchers, journalists and policymakers will welcome this decisive assessment of the empirical and theoretical insights resulting from the transformation of Eastern Europe.Trade Review’This book by Laszlo Csaba is an important summary of the comparative economic literature stressing economic policy aspects. Beyond that it also has a theoretical meaning too . . . Its accurate style is not immersed in professional jargon, and this makes it suitable for a wider audience.’Table of ContentsContents: Preface Part I: Setting the Task Part II: The Environment Part III: Salient Features of Systemic Change Part IV: Individual Case Studies Part V: The International Dimension Part VI: Review and Prospects Bibliography Index

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Book SynopsisThis distinguished book provides a critical assessment of the relationship between economic theory, scientific objectivity and ethics.The main purpose of economic science is to analyse and 'explain' the economic process but not necessarily to pass judgement as to whether this process is 'good' or 'bad'. However, in practice it is very difficult for the economist to study the 'laws' of economics without ever touching ethical questions. It is shown that economic theories - despite avowals of scientific objectivity - contain implicitly or explicitly many aspects which have ethical implications.Making extensive use of real-life examples and offering a new perspective on the ethical dimensions of economic analysis, this book will prove essential reading for economists and philosophers alike.Trade Review'. . . well worth reading and absorbing, particularly by teachers of "principles" courses who wish to give their students a more correct perspective on the findings of the economic science of applied welfare economics contained in discussions of cost/benefit analysis, most distributive issues, and evaluations of tax policy.' -- Peter Groenewegen, History of Economics Review'. . . a worthwhile survey that would be useful in an advanced undergraduate or graduate seminars or as a reference work for graduate students.' -- B. Bateman, Choice'Ethics and Economic Theory is an excellent introduction to ethical problems associated with economic theory. Rothchild's critique of contemporary economic theory is lucid and compelling.' -- Ken Hanly, Canadian Philosophical ReviewsTable of ContentsContents: 1. On Ethics 2. Ethics and Economic Research 3. The ‘Wertfreiheits’ Problem 4. Homo Oeconomicus – Homo Sociologicus 5. Moral Aspects of the Market 6. Welfare Economics 7. Interpersonal Comparisons of Utility 8. Cost–Benefit Analysis 9. Income Distribution and Justice

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Book SynopsisIn this reassessment of the 19th century monetary theorist and banking reformer, Thomas Joplin, Professor O'Brien sets out to place his subject in a new perspective. He discusses Joplin's role as a reformer and his relationships with fellow economists and explores such issues as the problems of paper currency, the principle of metallic fluctuation, agricultural prices and the monetary system and the structure of banking. The book should be of interest to anyone interested in the development of monetary economics as well as to economic historians.Trade Review’Brien has made a powerful, well-researched case for Joplin’s theoretical predominance.’ -- Clive Belfield, History of Economic Thought’This is not just a masterful book on a long-neglected monetary theorist and banking reformer of the 19th century but one that places both the subject and the age in an entirely different perspective. Joplin turns out to have been one of the greatest macroeconomists of the English school of Classical Political Economy and in reassessing him, O’Brien has thrown an entirely new light on the received history of monetary theory. O’Brien on McCulloch was good, but O'Brien on Joplin is breathtaking.’ -- The late Mark Blaug, formerly of the University of London and University of Buckingham, UK’This marvellous book is more than a re-evaluation of the work of a highly colourful monetary theorist, reformer and energetic controversialist. Other major landmarks, such as Robbins Torrens and O’Brien’s own McCulloch, have produced significant changes in perceptions of their subjects. But this highly readable book places virtually the whole of classical monetary and macroeconomic thought in a new perspective. Not only is Joplin shown to have been highly original in his development of concepts - a multiplier and a reciprocal demand approach to trade are just two examples - but his ability to bring new concepts to bear on the most important practical issues of his time is nothing short of staggering. Joplin argued that the basis of nineteenth monetary legislation (resulting in the 1844 Bank Act) was fundamentally flawed, largely because of its focus (along with later commentators) on the Bank of England note issue rather than money supply originating outside the Bank of England. The author provides econometric tests of Joplin’s theory and shows that Joplin’s macroeconomic analysis can be formulated as a sophisticated dynamic Keynesian model of an open economy. Denis O’Brien has brought to his subject a phenomenal range and depth of knowledge of economic literature in order to produce a major landmark in the history of economic analysis.’ -- John Creedy, University of Melbourne, Australia’Denis O’Brien has done something that I would have thought just about impossible, he’s found new and important things to say about an episode in monetary theory that one would have thought has been thoroughly worked over by others. The book is going to be read by anyone interested in the development of monetary economics and by economic historians too.’ -- David Laidler, The University of Western Ontario, Canada’O’Brien’s book goes a long way toward rectifying this neglect and restoring Joplin to his rightful place in the history of monetary thought.’ -- Thomas M. Humphrey, The Economic Journal’O’Brien’s book not only provides a detailed analysis, but it brings his comprehensive knowledge of the literature to bear in convincingly arguing this case. After reading O&’Brien, students of monetary history, classical macroeconomics, and nineteenth century Britain may see the subject from an improved perspective.’ -- Charles F. Peake, Journal of the History of Economic Thought’The book brings to life one of the economic “exiles”.’ -- Salim Rashid, Southern Economic Journal’D.P. O’Brien has written a splendid, lucid exposition of Joplin’s economic doctrines. . . . It is an historical work of the first rank and could provide the basis for a fascinating study in the sociology of knowledge. . . . Any serious student of the history of monetary thought, macroeconomics, or banking policy should spend some time on Joplin. O’Brien’s book provides a wonderful informative guide.’ -- Kevin D. Hoover, Journal of Economic Literature’No one doing work in this area will be able to ignore O’Brien’s thesis.’ -- Neil T. Skaggs, History of Political EconomyTable of ContentsPart 1 Biographia: the banking reformer - the Newcastle background, from banking to macroeconomics, the struggle for recognition, country-wide joint-stock promotion, the Major schemes, the break with the National Provincial; defence and disappointment - the joint stock defence campaign, other business affairs, monetary reform in the 1840s, a pioneer unrewarded, the mysterious adversary, final attempts to obtain coompensation, the last years; Joplin and his fellow economists - Joplin and his predecessors, the physiocrats and Smith, undigested material, Joplin as a controversialist, bullionist precursors, Joplin and the Birmingham school, the banking school, Ricardo, the currency school and the Act of 1844. Part 2 The macroeconomic model: income, expenditure and aggregate monetary demand - national output and expenditure, the basic macro model; problems of a paper currency - problems of note issue, the rate of interest, "abstract" and "consumptive" circulation, country banks and country bank notes; monetary disequilibrium - the London Money Market, savings and investment, the role of government expenditure in aggregate demand, problems of monetary control in the Bank of England. Part 3 The banking system: the principle of metallic fluctuation - Joplin on convertibility, the "metallic" principle, a national money supply, Joplin's "metallic" plan - the "Outlines", evolution of the plan, modifications to the plan, proposed operation of the plan - the currency school disowned; the structure of banking - the problem of partnerships, joint stock organization, a joint stock banking structure; competition and regulation - no "free banking", banking regulation proposals, the Bank of England. Part 4 Trade and agriculture: agricultural prices and the monetary system - the agricultural sector, the corn laws, monetary forces and the price of corn, monetary reform priority; reciprocal demand - barter equilibrium, relative international prices and reciprocal demand, protection and the terms of trade. Part 5 Models and data: methodology and the use of data - Joplin's methodology, Joplin's use of data, testing Joplin's hypotheses; a former Joplin model - variable list, the goods market, the money market, the balance of payments, aggregate supply and the labour market, aggregate demand. Part 6 Conclusion: Joplin's achievement.

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Book SynopsisWicksteed's classic work, The Co-ordination of the Laws of Distribution, has a central place within the development of marginal productivity theory. It claimed to explain all 'factor returns' on a unified basis and to show how 'marginal productivity factor pricing' just exhausted the total product. It is presented here with a long introduction by the editor, Ian Steedman, who provides both a careful analysis of the text and an assessment of Wicksteed's place within the development of modern economics. This important new edition will make The Co-ordination of the Laws of Distribution accessible to a fresh generation of economists.Trade ReviewAcclaim for this Classic in the History of Economics:'This is a gem of a little book that every economist may read. . . ' -- Peter C. Dooley, The Economic Journal'. . . this is a book that, for the importance of the text and the quality and richness of the Introduction, well deserves to be read. . .' -- Fabio Ranchetti, History of Economic Ideas'Philip H. Wicksteed's Co-ordination of the Laws of Distribution (1894) is enough alone to insure for him a place of lasting importance in the history of economic thought. . . . its daring and its originality command the highest respect.' -- G.J. Stigler'P.H. Wicksteed, the purist of marginal theory.' -- P. Sraffa'[Wicksteed] set forth boldly the naked logic of the matter and also attempted a proof of the propositions - both of them guardedly affirmed but not proved by Marshall - that every "factor's" distributive share will under ideal conditions tend to equal its quantity multiplied by its marginal degree of productivity; and that those shares will tend to sum up to (to "exhaust") the net product of each firm and, in the sphere of social aggregates, Marshall's 'national dividend.' -- J.A. Schumpeter'Philip Wicksteed might well be regarded as the leading exponent among English economists of "neoclassical" distribution analysis in its purest form.' -- T.W. Hutchison

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Book SynopsisThis important book presents new and original work at the frontiers of economics - namely the interface between artificial intelligence (AI) and neoclassical economics.Artificial Intelligence and Economic Analysis focuses on three quite distinct lines of AI orientated research in economics: applications intended to extend neoclassical theory, applications intended to undermine neoclassical theory and applications which ignore neoclassical theory in the quest for new modelling techniques and fields of analysis. The contributors - all of whom are well established in the field - seek to identify those areas where the science of artificial intelligence could enrich standard economic analysis. It includes material from mainstream economists who are willing to express their own views about the limits of mainstream economic modelling and AI based economic modelling.The book makes an important contribution to a new and exciting area of economics which holds much hope for the future.Trade Review'It provides interesting reading and a source of speculation for those who hope to find uses for AI techniques in economic research.' -- Kent D. Wall, Journal of Economic Behavior & OrganizationTable of ContentsContents: 1. Introduction (S. Moss) 2. Economics and Intelligence (R. Marris) 3. Artificial Intelligence Models of Complex Economic Systems (S. Moss) 4. AI Modelling Techniques: The Emergence of a Supportive Framework for Modelling Complex Behaviour in Economics (J. Rae and M.L. Reynolds) 5. Strategic Decision Making: Orthodox Theory Versus Artificial Intelligence Approaches (A. and S. Moss) 6. Experiments, Games and Economics (J.D. Hey and M.L. Reynolds) 7. Artificial Intelligence and the Economics of Technological Change (P. Stoneman) 8. Some Thoughts on Economic Theory and Artificial Intelligence (H. Dixon) 9. Church’s Thesis and Game Theory: An Overview of Some Results (L. Anderlini) 10. The Development of Intelligent Macroeconometric Models and Modelling Procedures (M. Artis, S. Moss and P. Ormerod) Bibliography Index

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Book SynopsisTruth and Progress in Economic Knowledge provides a new perspective on economic methodology, specifically addressing progress in economic knowledge. This important investigation argues that economic methodology is developed through analysing economics, not through imposing a framework developed in other sciences.Roger Backhouse begins his discussion by defending economic methodology both against economists who object to it on practical grounds and post-modern critics who argue that the notion of methodology makes no sense. He then explores the concept of progress, drawing on ideas from Kuhn, the notion of pragmatism and the Popperian tradition. The discussion develops to examine theoretical economics, considering Lakatos's concept of informal mathematics, analysing replication in economics and the use of econometrics and informal empirical methods to test economic theories. The author argues that replication is not simply an econometric problem, but a problem for economics, as it involves both the nature of economic theory and the way in which economists use economic results.This new approach to economic methodology will be of special interest to academics, philosophers with an interest in economics and social sciences, and students of economic methodology.Trade Review'This excellent book is written by someone who understands the many shortcomings of modern economics, while not being persuaded by the excesses of post-modern critiques. Nor is he despairing of the possibilities of genuine progress in the subject, no matter how difficult in principle, and halting in practice, his own analysis shows it to be. Backhouse provides a well-balanced discussion of economists' debates on the meaning of knowledge and progress in their subject and of how they go about trying to advance these. . . . What it does provide is a thoughtful read for anyone interested in issues concerning economic knowledge. The arguments are well structured, the language is clear, and the organisation is methodical - almost at the text book level, with subheadings and numbered points. . . . This book should be required reading for all those students of economics before they are turned loose to practice their powerful but imprecise art, which is potentially valuable and dangerous in almost equal proportions.'Table of ContentsContents: 1. Introduction 2. Why Methodology? 3. Postmodernism and Methodology, I: Exposition 4. Postmodernism and Methodology, II: Criticism 5. A Historical Perspective on Science 6. The Pragmatist Tradition 7. The Popperian Tradition 8. The Concept of Progress 9. Is Economics an Empirical Science? 10. Theoretical Progress in Economics 11. Econometrics and the Establishment of Economic Facts 12. Econometrics and Testing Economic Theories 13. Economic Theory, Empirical Evidence and Progress in Economics References Index

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Book SynopsisLandmark papers by prominent scholars in the field of economic psychology are drawn together in this authoritative reference collection which demonstrates the varied ways in which the insights of psychology have been applied to the understanding of economic behaviour. This illuminating volume reveals how the application of psychology to economics restores its vigour and veracity, demonstrating the relevance of economics to the human condition and to efforts to improve it. This selection was made in consultation with nearly 40 leading figures in the field. It will prove an invaluable reference tool for the student and researcher alike.Trade Review'In the last decade or so, economic psychology has developed to a stage where it can claim to be a fully fledged discipline, with its own journals, learned societies, and conferences. This large and impressive volume testifies to the progress made.' -- J. Baxter, The Economic JournalTable of ContentsCONTENTS INTRODUCTION PART I: ECONOMICS AND PSYCHOLOGY: AN OVERVIEW S. Maital and S. Maital (1984), ‘Psychology and Economics’ PART II: economic socialization D. Lassarre and C. Roland-Lévy (1989), ‘Understanding Children’s Economic Socialization’ P. Webley, M. Levine and A. Lewis (1991), ‘A Study in Economic Psychology: Children’s Saving in a Play Economy’ PART III: THE CONTEST FOR SELF-COMMAND G. Ainslie (1975), ‘Specious Reward: A Behavioral Theory of Impulsiveness and Impulse Control’ T. C. Schalling (1984), ‘Self-command in Practice, in Policy and in a Theory of Rational Choice’ S. Maital (1986), ‘Prometheus Rebound: On Welfare-improving Constraints’ G. C. Winston (1980), ‘Addiction and Backsliding: A Theory of Compulsive Consumption’ H. M. Shefrin and R. H. Thaler (1988), ‘The Behavioral Life-cycle Hypothesis’ G. Lowenstein and D. Prelec (1992), ‘Anomalies in Intertemporal Choice: Evidence and an Interpretation’ PART IV: RATIONAL CHOICE H. A. Simon (1955) ‘A Behavioral Model of Rational Choice’ J. G. March (1978), ‘Bounded Rationality, Ambiguity and the Engineering of Choice’ R. J. Herrnstein (1990), ‘Rational Choice Theory: Necessary but not Sufficient’ PART V: ENDOGENOUS PREFERENCES G. A. Akerlof and W. T. Dickens (1982), ‘The Economic Consequences of Cognitive Dissonance’ T. Scitovsky (1986), ‘How to Bring Joy into Economics’ A. Lewis and J. Cullis (1990), ‘Ethical Investments: Preferences and Morality’ PART VI: THE ECONOMIC PSYCHOLOGY OF DEMND AND MARKETS V. L. Smith (1962), ‘An Experimental Study of Competitive Market Behavior’ h. lEIBENSTEIN (1950), ‘BANDWAGON, SNOB AND VEBLEN EFFECTS IN THE THEORY OF CONSUMERS’ DEMAND’ S. E. G. Lea (1978), ‘The Psychology and Economics of Demand’ G. Katona (1968), ‘Behavioral and Ecological Economics” Consumer Behavior: Theory and Findings on Expectations and Aspirations’ PART VII: BEHAVIOR TOWARD RISK A. Tversky and D. Kahneman (1974), ‘Judgement under Uncertainty: Heuristics and Biases: Biases in Judgements Reveal Some Heuristics of Thinking Under Uncertainty’ R. M. Hogarth and H. Kunreuther (1989), ‘Risk, Ambiguity and Insurance’ PART VIII: CAPITAL MARKETS S. Schachter, D. C. Hood, W. Gerin, P. Andreassen and M. Rennert (1985), ‘Some Causes and Consequences of Dependence and Independence in the Stock Market’ W. F. M. De Bondt and R. H. Thaler (1985), ‘Does the Stock Market Overract?’ PART IX: APPLYING ECONOMICS TO PSYCHOLOGY R. C. Winkler (1971), ‘The Relevance of Economic Theory and Technology to Token Reinforcement Systems H. Rachlin, R. Batalio, J. Kagel and L. Green (1981), ‘Maximization Theory in Behavioral Psychology’ D. Naum and D. Gopher (1979), ‘On the Economy of the Human-processing System’

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Book SynopsisOskar Lange was one of the few economists able to observe first hand the three major economic systems that have been the hallmark of the 20th century. He learned about the economic backwardness of peripheral capitalism in pre-war Poland. Later he spent more than twelve years in the bastion of modern capitalism, the United States. After returning to Poland in 1948 he linked his fate to the creation and then reform of the Communist system.This important collection of Professor Lange's work, prepared by his disciple and close friend Tadeusz Kowalik, presents his most important work on the economic theory of socialism, economic planning, Marxism and 'bourgeois' economics. The volume makes an important contribution by improving access to the papers of an economist whose work was at the very heart of the intellectual conflict between socialism and capitalism in the late twentieth century.Trade Review'Lange's essays varied, occasionally self-contradictory but highly stimulating. They can be recommended for dipping in and out, as well as for sustained reading.' -- Martin Cave, The Manchester School

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Book SynopsisIn Classical Economic Man, Allen Oakley argues that two of the fathers of modern economics espoused methodological strategies which rejected the concept of ‘economic man’ and gave primacy to the human origins of economic phenomena.Adam Smith and J.S. Mill are shown to have been sensitive to the need for a pluralistic methodology in economics, constructed in accordance with its demands as a strictly human science that must contend with the contingencies of situated human conduct. Each went on to explicitly confront this in their theoretical arguments and in the design of their economic policy strategies. Drawing extensively on the original literature, Professor Oakley demonstrates that Smith’s approach through moral philosophy, and Mill’s through psychology and the philosophy of science, alerted them to the problems of giving proper representation to human agents in formal, scientific analyses. Smith and Mill, it is argued, rejected a classical orthodoxy that required methodology to be driven by the ambition to emulate the epistemology of the physical sciences. Scholars and students of the history of economic methodology and doctrines will welcome this important study which builds upon the original arguments, extending the interpretation to include often neglected details about the nature of classical methodology and its use of the concept of the ‘economic man’.Table of ContentsIntroduction - methodology and economics as a human science. Part 1 Adam Smith: intellectual foundations; modelling morally situated human agents; the human agent in economy and society; human agency in a "commercial" economy; human agency and Smith's methodology. Part 2 John Stuart Mill: "economic man" and the formation of classical methodology; J.S. Mill and classical methodology; Mill's extended methodological inquiry; human agency and socio-economic reform.

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Book SynopsisThis important new book is the first specific study on the classical theory of wages to appear for more than 50 years and as such fills an important gap in the literature. Antonella Stirati argues that the wage-fund theory played no part in the theory of wages expounded by Ricardo and his predecessors. Classical wage theory is shown to be analytically consistent but very different from contemporary theory, particularly as it did not envisage an inverse relationship between employment and the real wage level, and hence a spontaneous tendency to full employment of labour. The author bases her approach not only on a reinterpretation of Smith and Ricardo, but also on the writings of Turgot, Necker, Steuart, Hume, Cantillon and other pre-classical economists.Historians of economic thought as well as other economists will welcome Dr Stirati's careful analysis of classical writings on economics which includes simple but rigorous explanations of phenomena, central to current economic debate, such as the occurrence of persistent unemployment.Trade Review'. . . there is much is Stirati's discussion of the natural wage which is of interest, and she explores quite carefully the role of institutional, cultural and social factors in the determination of the long-run wage rate.' -- John Vint, Journal of the History of Economic ThoughtTable of ContentsLabour supply and demand, unemployment, natural wage - some definitions; wages in the English economic literature in the late 17th and early 18th century; the theory of wages in Adam Smith and in his contemporaries, J. Steuart, A.R.J. Turgot and J. Necker; theories of population form Cantillon to Ricardo; the theory of wages in David Ricardo; wages and the labour market in classical political economy, summary and comparison with other approaches.

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Book SynopsisMoney, Inflation and Employment examines issues of economic policy and theory through a series of original essays written in recognition of Sir James Ball's seminal contribution to macroeconomic modelling, forecasting and economic policy making.Contributions by leading policymakers focus primarily on the UK economy, with papers by Jeremy Bray, MP, on managing the economy, Alan Budd, Chief Economic Adviser to the Treasury, on exchange rate policy, Sir Terence Burns, Permanent Secretary to the Treasury, on the Treasury's responsibilities and character, and Bill Robinson on the effects of North Sea oil. Later contributions address technical questions, with papers by David Currie and Steven Hall on expectations and learning, D.F. Hendry and M.P. Clements on a theory of intercept corrections in macroeconomic forecasting, Lawrence Klein on economic forecasting and decision making under uncertainty, Ken Wallis and Keith Church on price homogeneity and the supply side in a number of models of the UK economy.Trade Review'This festschrift celebrates not only the personal achievements of Jim Ball, but also the contributions to macroeconomic policymaking and analysis of the Centre for Economic Forecasting at the London Business School which he founded and led.' -- Andrew Britton, The Manchester School'. . . this volume is a valuable collection that will provide much interest to both policymakers and academics.'– Simon Sosvilla-Rivero, Economic Journal

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Book SynopsisThe theory of the firm is one of the most exciting fields of current economic research. Transaction cost theory, agency theory, contract theory and competency-based theories have all made important contributions. Both the classic and key contemporary papers are included hence The Theory of the Firm gathers together in one volume the major key thinking within the literature.The main topics covered are the scope and boundaries of the firm, international organization and information costs, vertical integration, growth competence and flexibility, the employment relation, inter-firm collaboration and networking. A substantial analytical introduction by Mark Casson provides a state-of-the-art review of current thinking in the area.Trade Review'The theory of the firm is the subject of a particularly large body of literature in economics. To select a balanced volume, therefore, is very challenging. The publisher of this book managed to find an able editor for this volume in the person of Mark Casson, who brings to bear a deep understanding of the literature. In addition to selecting a set of readings that gives the reader a complete overview of the development and current state into thematic sections that provide an excellent perspective, even for the established researcher in this field. . . . Scholars in both economics and management will find this collection a valuable resource.' -- Ram Mudambi, Transnational CorporationsTable of Contents36 articles, dating from 1923 to 1995 Contents: Introduction Part I: The Nature of the Firm Part II: Organization and Hierarchy Part III: Vertical Integration Part IV: Competence, Flexibility and Growth Part V: Inter-Firm Cooperation and Networking Part VI: Historical Perspectives Index

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Book SynopsisThis is the first English translation of Launhardt’s Mathematische Begrundung der Volkswirtschaftslehre (1885), a major contribution to neoclassical economic theory which contains many important and original analyses. This edition will provide the basis for a re-evaluation of Launhardt’s outstanding, but undervalued, contribution to economics. Taking the neoclassical emphasis on exchange as the central economic problem, Laundardt begins with a thorough treatment of the pure exchange model, then goes on to extend the treatment to the production of goods and the supply of labour, with a sophisticated general equilibrium perspective. It contains important analyses of savings and the role of capital goods, as well as an outstanding study of transport and the location of industry. Launhardt’s book can, with justice, with be described as the first comprehensive treatise on welfare economics.Mathematical Principles of Economics will prove stimulating reading for economic theorists as well as those interested in the history of economics thought.Trade Review’Launhardt stands first in the long line of economists from Dupuit in the 1830s to Abba P. Lerner in the 1930s who recognized that the pricing of public utilities presents a special problem, requiring public subventions if the welfare of consumers is to be served.’

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Book SynopsisThe history of economics comprises the accumulated capital of the discipline; its study permits both the retrieval of important ideas and the conduct of analysis which places present day work in context. The essays in this book demonstrate some of the variety of uses to which the history of economics, as a sub-discipline, can be put.Economic Thought and Discourse in the 20th Century commences with an essay on John R. Hicks, one of the leading economic theorists of the twentieth century and a writer with much to say about the nature of economic theory and the functions of the history of economic thought. An essay on Thorstein Veblen examines a figure who is at once both idiosyncratic and monumental, and whose work on war and peace is seen both to have been deeply prescient at the time it was written, and to be critically relevant at the close of the twentieth century. The third piece in this collection is a study of the discursive and interpretative structure of Alfred Marshall's Principles of Economics. More than a century after its publication, the Principles is widely regarded as one of the most important, and immediately influential, works of economic science ever written. Yet, it is argued, Marshall's use of language and argument may well have been equal in importance to the analytical techniques which he demonstrated. The concluding essay on the early journal history of law and economics places in perspective much of the contemporary work in this area and suggests that more could be expected from a field with such a rich and suggestive history. These essays will make significant contributions both to their respective subjects and to the historiography of economics.Trade Review'There is. . . . much that is valuable in this account of Marshall. . . . This insightful evaluation of Veblen's complex perspectives on the subject of war and peace is a valuable addition to the rich Veblen literature. It is also a fascinating contribution to a topic most economists have ignored. . . . This volume provides a useful start by pointing out clearly that full understanding of the rich complexity of contemporary economics requires subscription to the dictum that economics has a useful past.' -- Peter Groenewegen, History of Economics ReviewTable of ContentsContents: 1. John R. Hicks and the History of Economics (W.J. Samuels) 2. Thorstein Veblen on War and Peace (J. Biddle and W.J. Samuels) 3. Aspects of the Discursive and Interpretative Structure of Marshall’s Principles (W.J. Samuels and T.W. Patchak-Schuster) 4. Law and Economics: Some Early Journal Contributions (W.J. Samuels) Index

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Book SynopsisExperimental economics is a rapidly growing and influential branch of the discipline. In this two volume set the editors have bought together nine topics, including methodological concerns, preference reversals, willingness to pay and willingness to accept, bargaining and auctions, which illustrate the progress made in this area and the current state of play. For each topic they have selected a series of important previously published papers, to which they have added an editorial commentary that sets them in context and indicates which directions future experimental work on these topics might most profitably take.Trade Review'This collection would be ideal as reading material for a graduate-level course in experimental economics.' -- Robert Sugden, The Economic JournalTable of ContentsVOLUME 1 PART 1 METHODOLOGICAL CONCERNS 1. Alvin E. Roth (1988), ‘Laboratory Experimentation in Economics; A Methodological Overview’ 2. Vernon L. Smith (1982), ‘Microeconomic Systems as an Experimental Science’ 3. James M. Walker, Vernon L. Smith and James C. Cox (1990), ‘Inducing Risk-Neutral Preferences: An Examination in a Controlled Market Environment’ 4. Glenn W. Harrison (1989), ‘Theory and Misbehavior of First-Price Auctions’ PART 2 PREFERENCE REVERSALS 5. David M. Grether and Charles R. Plott (1979), ‘Economic Theory of Choice and the Preference Reversal Phenomenon’ 6. Amos Tversky, Paul Slovic and Daniel Kahneman (1990), ‘The Causes of Preference Reversal’ 7. Graham Loomes, Chris Starmer and Robert Sugden (1991), ‘Observing Violations of Transitivity by Experimental Methods’ PART 3 WILLINGNESS TO PAY AND WILLINGNESS TO ACCEPT 8. Jack L Knetsch and J A Sinden (1984), ‘Willingness to Pay and Compensation Demanded: Experimental Evidence of an Unexpected Disparity in Measures of Value’ 9. Don L Coursey, John L Hovis and William D Schulze (1987), ‘The Disparity Between Willingness to Accept and Willingness to Pay Measures of Value’ 10. Daniel Kahneman, Jack L Knetsch and Richard H Thaler (1990), ‘Experimental Tests of the Endowment Effect and the Coase Theorem’ PART 4 EXPECTED UTILITY AND GENERALIZATIONS 11. Colin F. Camerer (1989), ‘An Experimental Test of Several Generalized Utility Theories’ 12. Raymond C Battalio, John H. Kagel and Komain Jiranyakul (1990), ‘Testing Between Alternative Models of Choice Under Uncertainty: Some Initial Results’ 13. Don N. MacDonald, John H. Kagel and Raymond C. Battalio (1991), ‘Animals’ Choices Over Uncertain Outcomes: Further Experimental Results’ PART 5 GAMES 14. Reinhard Selten and Rolf Stoecker (1986), ‘End Behavior in Sequences of Finite Prisoner’s Dilemma Supergames: A Learning Theory Approach’ 15. Colin Camerer and Keith Weigelt (1988), ‘Experimental Tests of a Sequential Equilibrium Reputation Model’ 16. Russell W. Cooper, Douglas V. DeJong, Robert Forsythe and Thomas W. Ross (1990), ‘Selection Criteria in Coordination Games: Some Experimental Results’ VOLUME 2 PART 1 BARGAINING 1. Werner Güth, Rolf Schmittberger and Bernd Schwarze (1982), ‘An Experimental Analysis of Ultimatum Bargaining’ 2. K.Binmore, A. Shaked and J. Sutton (1985), ‘Testing Noncooperative Bargaining Theory: A Preliminary Study’ 3. Jack Ochs and Alvin E. Roth (1989), ‘An Experimental Study of Sequential bargaining’ 4. Vesna Prasnikar and Alvin E. Roth (1992), ‘Considerations of Fairness and Strategy: Experimental Data from Sequential Games’ PART 2 AUCTIONS 5. Vicki M. Coppinger, Vernon L. Smith and Jon A. Titus (1980), ‘Incentives and Behavior in English, Dutch and Sealed-Bid Auctions’ 6. John H. Kagel and Dan Levin (1986), ‘The Winner’s Curse and Public Information in Common Value Auctions’ 7. Douglas Dyer, John H. Kagel and Dan Levin (1989), ‘A Comparison of Naive and Experienced Bidders in Common Value Offer Auctions: A Laboratory Analysis’ 8. Barry Lind and Charles R. Plott (1991), ‘The Winner’s Curse: Experiments with Buyers and with Sellers’ 9. Robert G.Hansen and John R. Lott, Jr. (1991), ‘The Winner’s Curse and Public Information in Common Value Auctions: Comment’ 10. John H. Kagel and Dan Levin (1991), ‘The Winner’s Curse and Public Information in Common Value Auctions: Reply’ PART 3 11. Charles R. Plott (1983), ‘Externalities and Corrective Policies in Experimental Markets’ 12. Glenn W. Harrison, Elizabeth Hoffman, E. E. Rutström and Matthew Spitzer (1987), ‘Coasian Solutions to the Externality Problem in Experimental Markets’ 13. James Andreoni (1988), ‘Why Free Ride?: Strategies and Learning in Public Goods Experiments’ PART 4 MARKETS 14. Vernon L.Smith, Gerry L.Suchanek and Arlington W. Williams (1988), ‘Bubbles, Crashes and Endogenous Expectations in Experimental Spot Asset Markets’ 15. Charles R.Plott and Glen George (1992), ‘Marshallian vs. Walrasian Stability in an Experimental Market’ 16. Colin F. Camerer (1987), ‘Do Biases in Probability Judgment Matter in Markets?: Experimental Evidence’ 17. Colin Camerer, George Loewenstein and Martin Weber (1989), ‘The Curse of Knowledge in Economic Settings: An Experimental Analysis’ 18. Robert Forsythe and Russell Lundholm (1990), ‘Information Aggregation in an Experimental Market’ 19. Shyam Sunder (1992), ‘Market for Information: Experimental Evidence’

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Book SynopsisWhat impact do random events have on individuals? How do they adapt to living in an uncertain, stochastic environment? Risk and Uncertainty in Economics pays tribute to the significant contribution made by James L. Ford to our understanding of these questions.In keeping with Professor Ford’s own research interests, the essays in this volume include relevant, up-to-date research on a wide range of issues. Contributions by Michael Driscoll, Marcus Miller, David Peel and Somnath Sen consider the macroeconomic impact of risk and uncertainty. Colin Dodds, Atul Dar, Andrew Mullineux, Mansoob Murshed and David Dickinson evaluate various implications of risk and uncertainty for financial markets. John Hey, the late George Shackle, Prasanta Pattanaik and Richard Barrett contribute papers on decision making under risk and uncertainty, while Peter Phillips presents some new statistical results on the Dirichlet distribution.This book will be of interest to all economists who want to understand the importance of analysing the impact of risk and uncertainty in economics.Table of ContentsThe imagined deemed possible - the germ of the process of history, George Shackle; a wider perspective, John Hey; decision making under complete uncertainty, Richard Barrett and Prasanta Pattanaik; the characteristic function of the Dirichlet and multivariate F distributions, Peter Phillips; bank regulation, uncertainty and business cycles, Andrew Mullineux; uncertainty and monetary policy, Michael Driscoll; precautionary reserves and holding period uncertainty, David Dickinson; the demand for policy loans - an empirical analysis with quarterly Canadian data, Colin Dodds and Atul Dar; testing for market efficiency, David Peel; double moral hazard, buy-back and the debt crisis, Mansoob Murshed; forward-looking behaviour, asset prices and macroeconomic policy, Marcus Miller; monetary neutrality and non-neutrality in disequilibrium models, Somnath Sen.

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Book SynopsisWalter Eltis's work has played a major role in the rediscovery of the policy relevance of classical economics. His articles on Smith, Quesnay, Ricardo and Malthus, where he derives their underlying economic argument from a detailed examination of their principal publications, led to the Bacon and Eltis theory which challenged Keynesian orthodoxy. It showed how growing public expenditure and increasing public debt reduce economic growth and destabilize modern economies. This volume includes a carefully chosen selection of his key articles and papers, as well as an extensive introductory essay which provides an account of the evolution of his ideas and their impact on economic policy.Trade Review'Economists who believe with Sir John Hicks that we cannot escape from our past, that the past crowds in on us, will welcome and applaud this brilliant collection of essays. And I can think of no better means of demonstrating to students the immediate relevance to growth and development policy of the great debates of the eighteenth and nineteenth centuries than placing this collection in their hands.' -- Samuel Hollander, University of Toronto, Canada'. . . the book provides an entertaining collection which does what is rarely done these days. It puts particular policy arguments in both a theoretical and historical context.' -- Ken Mayhew, Pembroke College, Oxford, UKTable of ContentsIntroduction - how my economics evolved; growth theory; classical economics; practical macroeconomics - how growing public expenditure destabilizes; practical macroeconomics - how borrowing and inflation destabilize; practical macroeconomics - the achievement of sound growth.

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Book SynopsisThis volume brings together the most innovative and important work on implicit contract theory, a key area of research which has developed over the past 20 years. Implicit contract theory is concerned with the workings of the macro-labour market over business cycles and focuses on a series of key questions including, how economists can explain unemployment levels and employment fluctuations during recessions in terms of rational economic behaviour, and, why wages do not fall to clear the market.Table of ContentsCONTENTS PART 1 BASIC IDEAS 1. Costas Azariadis (1975), ‘Implicit Contracts and Underemployment Equilibria’ 2. Martin Neil Baily (1974), ‘Wages and Employment under Uncertain Demand’ 3. Donald F Gordon (1974), ‘A Neo-Classical Theory of Keynesian Unemployment’ 4. Clive Bull (1987), ‘The Existence of Self-Enforcing Implicit Contracts’ PART 2 EMPIRICAL BACKGROUND: TEMPORARY LAYOFFS AND JOB DURATION 5. Martin S. Feldstein (1975), ‘The Importance of Temporary Layoffs: An Empirical Analysis’ 6. David M. Lilien (1980), ‘The Cyclical Pattern of Temporary Layoffs in United States Manufacturing’ 7. Robert E.Hall (1982), ‘The Importance of Lifetime Jobs in the U. S. Economy’ PART 3 THE IMPORTANCE OF WAGE AND PRICE RIGIDITY 8. Robert J.Gordon (1982), ‘Why U. S. Wage and Employment Behaviour Differs from that in Britain and Japan’ 9. Dennis W. Carlton (1986), ‘The Rigidity of Prices’ PART 4 UNEMPLOYMENT COMPENSATION 10. Martin Feldstein (1978), ‘The Effect of Unemployment Insurance on Temporary Layoff Unemployment’ 11. Robert H. Topel (1983), ‘On Layoffs and Unemployment Insurance’ PART 5 CRITIQUE AND EXTENSIONS 12. George A .Akerlof and Hajime Miyazaki (1980), ‘The Implicit Contract Theory of Unemployment Meets the Wage Bill Argument’ 13. Tomio Kinoshita (1987), ‘Working Hours and Hedonic Wages in the Market Equilibrium’ 14. Richard Rogerson (1988), ‘Indivisible Labor, Lotteries and Equilibrium’ 15. Gary D. Hansen (1985), ‘Indivisible Labor and the Business Cycle’ PART 6 PRIVATE INFORMATION 16. V. V. Chari (1983), ‘Involuntary Unemployment and Implicit Contracts’ 17. Jerry Green and Charles M. Kahn (1983), ‘Wage-Employment Contracts’ 18. Sanford J. Grossman and Oliver D. Hart (1983), ‘Implicit Contracts under Asymmetric Information’ PART 7 INTEGRATION AND ASSESSMENTS 19. Oliver D. Hart (1983), ‘Optimal Labour Contracts under Asymmetric Information: An Introduction’ 20. Sherwin Rosen (1985), ‘Implicit Contracts: A Survey’ PART 8 RELATED APPROACHES 21. Ian M. McDonald and Robert M .Solow (1981), ‘Wage Bargaining and Employment’ 22. Assar Lindbeck and Dennis J. Snower (1988), ‘Cooperation, Harassment, and Involuntary Unemployment: An Insider-Outside Approach’ 23. Carl Shapiro and Joseph E. Stiglitz (1984), ‘Equilibrium Unemployment as a Worker Discipline Device’

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Book SynopsisThis two-volume set brings together for the first time a collection of seminal writings dealing with the development of competition policy in Europe, the United States and Japan. It begins by reproducing the writings of leading philosophers and scholars on the rationale and desirability of competition in market economies. These interpretations range in time of origin from ancient Greece through to Adam Smith and James Madison to very recent contributions in the competition policy debate. Having established relevant philosophical foundations, the compendium presents analyses by leading British, American, German and Japanese scholars on the interpretation and administration of laws concerning price-fixing and other restrictive agreements, market dominance and monopolization, predatory practices and mergers.Trade Review'The collection will no doubt prove a valuable source for students and researchers interested in the history and development of monopoly and competition policy.' -- Morten Hviid, International Journal of Industrial Organization'. . . this book serves a valuable purpose by bringing so much of the conventional literature into one location.'– Michael Perelman, RRPETable of ContentsCONTENTS VOLUME 1 PART 1 THE GOALS OF COMPETITION POLICY A SEMINAL VIEWS 1. ‘The Case of Monopolies’, (1907) 2. Adam Smith, ‘An Inquiry into the Nature and Causes of the Wealth of Nations’ 3. James Madison (1961), ‘The Federalist No. 10’ 4. Arthur T. Hadley (1887), ‘Private Monopolies and Public Rights’ 5. Richard T. Ely (1887), ‘The Future of Corporations’ 6. Alfred Marshall (1890), ‘Some Aspects of Competition: Presidential Address Delivered to the Economic Science and Statistics Section of the British Association, at Leeds, 1890’ 7. John Bates Clark (1900), ‘Trusts’ 8. Henry C. Simons (1936), ‘The Requisites of Free Competition’ B EXCESSIVE COMPETITION CONCERNS 9. Robert Liefmann (1915), ‘Monopoly or Competition as the Basis of a Government Trust Policy’ 10. Eliot Jones (1920), ‘Is Competition in Industry Ruinous’ 11. Kojiro Niino (1962), ‘The Logic of Excessive Competition - With Reference to the Japanese Inter-firm Competition’ 12. Ryutaro Komiya (1990), ‘The Japanese Economy: Trade, Industry and Government’ C THE GOALS DEBATE REDUX 13. Robert H. Bork (1966), ‘Legislative Intent and the Policy of the Sherman Act’ 14. Robert H. Lande (1989), ‘Chicago’s False Foundation: Wealth Transfers (Not Just Efficiency) Should Guide Antitrust’ 15. Richard A. Posner (1975), ‘The Social Costs of Monopoly and Regulation’ 16. William S .Comanor and Robert H. Smiley (1975), ‘Monopoly and the Distribution of Wealth’ 17. James C. Miller III, Thomas F. Walton, William E. Kovacic and Jeremy A. Rabkin (1984), ‘Industrial Policy: Reindustrialization Through Competition or Coordinated Action?’ PART 2 POLICY TOWARD RESTRICTIVE AGREEMENTS 18. (1926), ‘Against the Corn Dealers’ 19. Dr Kurt Bloch (1932), ‘On German Cartels’ 20. Ernst-Joachim Mestmäcker (1980), ‘Competition Policy and Antitrust: Some Comparative Observations’ 21. David B. Audretsch (1989), ‘Legalized Cartels in West Germany’ 22. Klaus Stegemann (1977), ‘The Exemption of Specialization Agreements: As Proposed for Stage II Amendments to the Combines Investigation Act’ 23. James P. Cairns (1964), ‘Benefits from Restrictive Agreements: The British Experience’ 24. R. W. Shaw and S. A. Shaw (1983), ‘Excess Capacity and Rationalisation in the West European Synthetic Fibres Industry’ 25. Merton J. Peck, Richard C. Levin and Akira Goto (1988), ‘Picking Losers: Public Policy Toward Declining Industries in Japan’ 26. William H. Nicholls (1949), ‘The Tobacco Case of 1946’ 27. Jesse W. Markham (1951), ‘The Nature and Significance of Price Leadership’ 28. Peter Asch and Joseph J. Seneca (1975), ‘Characteristics of Collusive Firms’ VOLUME 2 PART 1 MONOPOLIZATION AND ABUSIVE PRACTICES A DOMINANT ENTERPRISES IN THE UNITED STATES 1. Charles J. Bullock (1901), ‘Trust Literature: A Survey and A Criticism’ 2. F. M. Scherer (1987), ‘Antitrust, Efficiency and Progress’ 3. George W. Stocking and Willard F. Mueller (1955), ‘The Cellophane Case and the New Competition’ 4. Oliver E. Williamson (1972), ‘Dominant Firms and the Monopoly Problem: Market Failure Considerations’ B INTERNATIONAL PERSPECTIVES 5. Erich Kaufer (1980), ‘The Control of the Abuse of Market Power by Market-Dominant Firms Under the German Law Against Restraints of Competition’ 6. Eleanor M. Fox (1986), ‘Monopolization and Dominance in the United States and the European Community: Efficiency, Opportunity and Fairness’ 7. Richard E. Caves (1974), ‘International Trade, International Investment and Imperfect Markets’ C PREDATORY PRACTICES 8. L. G. Telser (1966), ‘Cutthroat Competition and the Long Purse’ 9. B. S. Yamey (1972), ‘Predatory Price Cutting: Notes and Comments’ 10. Malcolm R. Burns (1986), ‘Predatory Pricing and the Acquisition Cost of Competitors’ 11. Oliver E. Williamson (1977), ‘Predatory Pricing: A Strategic and Welfare Analysis’ 12. William J. Baumol (1979), ‘Quasi-Permanence of Price Reductions: A Policy for Prevention Pricing’ PART 2 MERGER POLICY 13. George J. Stigler (1950), ‘Monopoly and Oligopoly by Merger’ 14. George Bittlingmayer (1985), ‘Did Antitrust Policy Cause the Great Merger Wave?’ 15. Shaw Livermore (1935), ‘The Success of Industrial Mergers’ 16. Jürgen Müller (1976), ‘The Impact of Mergers on Concentration: A Study of Eleven West German Industries’ 17. David M.Barton and Roger Sherman (1984), ‘The Price and Profit Effects of Horizontal Merger: A Case Study’ 18. Henry G. Manne (1965), ‘Mergers and the Market for Corporate Control’ 19. Richard E. Caves (1989), ‘Mergers, Takeovers and Economic Efficiency: Foresight vs Hindsight’ 20. Oliver E. Williamson (1968), ‘Economies as an Antitrust Defense: The Welfare Tradeoffs’ 21. Alexis Jacquemin (1990), ‘Horizontal Concentration and European Merger Policy’ 22. William M.Landes and Richard A.Posner (1981), ‘Market Power in Antitrust Cases’ 23. George J. Stigler and Robert A. Sherwin (1985), ‘The Extent of the Market’ 24. U.S .Department of Justice Merger Guidelines (June 14, 1984) PART 3 THE ADMINISTRATION OF COMPETITION POLICY 25. William Breit and Kenneth G. Elzinga (1974), ‘Antitrust Enforcement and Economic Efficiency: The Uneasy Case for Treble Damages’ 26. F. M. Scherer (1990), ‘Sunlight and Sunset at the Federal Trade Commission’

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Book SynopsisThe Economics of Institutions is a collection of key essays in the field of both 'new' and 'old' institutional economics. Featuring articles from the most important scholars in this field, it covers: individuals, institutions and institutionalism; rules and norms; institutions, knowledge and uncertainty; institutional change and economic growth, and markets and firms as institutions.Table of ContentsCONTENTS PART 1 INDIVIDUALS, INSTITUTIONS AND INSTITUTIONALISM 1. Walton H. Hamilton (1932), ‘Institution’ 2. Williams T. Waller, Jr. (1988), ‘The Concept of Habit in Economic Analysis’ 3. Viktor Vanberg (1989), ‘Carl Menger’s Evolutionary and John R. Commons’ Collective Action Approach to Institutions: A Comparison’ 4. Geoffrey M. Hodgson (1993), ‘Institutional Economics: Surveying the “Old” and the “New”’ PART 2 INSTITUTIONS AND MODERN ECONOMICS 5. Alexander James Field (1979), ‘On the Explanation of Rules Using Rational Choice Models’ 6. Philip Mirowski (1986), ‘Institutional as a Solution Concept in a Game Theory Context’ 7. Fabrizio Coricelli and Giovanni Dosi (1988), ‘Coordination and Order in Economic Change and the Interpretative Power of Economic Theory’ 8. David P Ellerman (1991), ‘Myth and Metaphor in Orthodox Economics’ 9. Philip Mirowski (1991), ‘Postmodernism and the Social Theory of Value’ PART 3 RULES AND NORMS 10. Alexander James Field (1984), ‘Microeconomics, Norms, and Rationality’ 11. Robert Axelrod (1986), ‘An Evolutionary Approach to Norms’ 12. Viktor Vanberg (1988), ‘Rules and Choice in Economics and Sociology’ 13. Jon Elster (1989), ‘Social Norms and Economic Theory’ 14. Herbet A. Simon (1990), ‘A Mechanism for Social Selection and Successful Altruism’ PART 4 INSTITUTIONS, KNOWLEDGE AND UNCERTAINTY 15. Geoffrey Newman (1976), ‘An Institutional Perspective on Information’ 16. Lawrence A. Boland (1979), ‘Knowledge and the Role of Institutions in Economic Theory’ 17. Ronald A. Heiner (1983), ‘The Origin of Predictable Behavior’ PART 5 MARKETS AND FIRMS AS INSTITUTIONS 18. Hans G. Nutzinger (1976), ‘The Firm as a Social Institution: The Failure of the Contractarian Viewpoint’ 19. Giovanni Dosi (1988), ‘Institutions and Markets in a Dynamic World’ 20. Richard N. Langlois (1988), ‘Economic Change and the Boundaries of the Firm’ 21. Ugo Pagano (1991), ‘Property Rights, Asset Specificity and the Division of Labour under Alternative Capitalist Relations’ 22. Ugo Pagano (1992), ‘Authority, Co-Ordination and Disequilibrium: An Explanation of the Co-Existence of Markets and Firms’ PART 6 INSTITUTIONAL CHANGE AND ECONOMIC GROWTH 23. William T. Waller, Jr. (1982), ‘The Evolution of the Veblenian Dichotomy: Veblen, Hamilton, Ayres and Foster’ 24. Paul D. Bush (1987), ‘The Theory of Institutional Change’ 25. Brian R .Binger and Elizabeth Hoffman (1989), ‘Institutional Persistence and Change: The Question of Efficiency’ 26. Geoff Hodgson (1989), ‘Institutional Rigidities and Economic Growth’ 27. Ulrich Witt (1989), ‘The Evolution of Economic Institutions as a Propagation Process’

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Book SynopsisTechnological Evolution, Variety and the Economy discusses the fundamental role played by qualitative change in economic development, the contribution made by technological change and innovation, and the analysis of these phenomena in terms of evolutionary theories. Pier Paolo Saviotti's major new book goes beyond studying the effects of technological change on known economic variables. In addressing the actors and mechanisms of technological change, Dr Saviotti focuses first on changes in product technology and then examines the evolution of organizations with special reference to their use of information and knowledge. Using an evolutionary framework, he develops a model of technological evolution based on replicator dynamics which explicitly introduces these key actors and mechanisms. An in-depth discussion of the present state of evolutionary theories focuses on their methodological foundations and applicability to learning in organizations.With qualitative technological change as its central theme and featuring detailed discussion of the current state of evolutionary theories, Technological Evolution, Variety and the Economy will be welcomed by economists working in innovation, technical change and industrial organization.Trade Review'The main strength of the book as a whole is that it takes the nature and sources of technical change seriously, and points to a number of potentially useful directions of future research, and to formal techniques and models that could help. . . . an unconventional and stimulating book that should be read by all those concerned with understanding technological change and its economic efforts.'Table of ContentsContents: 1. Introduction Part I: The Nature of Evolutionary Theories and Their Relationship to Neoclassical Economics 2. Some Methodological Considerations about the Local Character of Knowledge and about the Comparability of Theories 3. What is Evolutionary Economics Now? Part II: A Model of Technological Evolution 4. A Characteristic and Population approach to Technological Evolution 5. Variety, Economic and Technological Development 6. A Model of Technological Evolution based on Replicator Dynamics Part III: 7. Variety, Organizations and Information 8. Knowledge, the Environment and Organizational Structures 9. The Concept of National System of Innovation 10. Summary and Conclusions References Index

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Book SynopsisThe 25 classic articles in this volume deal with the role of technological change in economic growth, the extent of social and private returns from research and development, the relationship between market structure and technological change, the controversies over intellectual property rights, the processes by which innovations spread, and the management of technology. This volume will prove invaluable to economists, managers and government policymakers.Table of ContentsCONTENTS PART 1 TECHNICAL CHANGE AND ECONOMIC GROWTH 1. Robert M. Solow (1957), ‘Technical Change and the Aggregate Production Function’ 2. Paul M. Romer (1990), ‘Endogenous Technological Change’ 3. Gene M. Grossman and Elhanan Helpman (1990), ‘Comparative Advantage and Long-Run Growth’ PART 2 SOCIAL AND PRIVATE RETURNS FROM RESEARCH AND DEVELOPMENT 4. Zvi Griliches (1958), ‘Research Costs and Social Returns: Hybrid Corn and Related Innovations’ 5. Edwin Mansfield, John Rapoport, Anthony Romeo, Samuel Wagner and George Beardsley (1977), ‘Social and Private Rates of Return from Industrial Innovations’ 6. Jeffrey I.Bernstein and M Ishaq Nadiri (1988), ‘Interindustry R&D Spillovers, Rates of Return and Production in High-Tech Industries’ 7. Richard R. Nelson (1959), ‘The Simple Economics of Basic Scientific Research’ 8. Zvi Griliches (1986), ‘Productivity, R&D, and Basic Research at the Firm Level in the 1970s’ PART 3 MARKET STRUCTURE AND TECHNICAL CHANGE 9. Partha Dasgupta and Joseph Stiglitz (1980), ‘Industrial Structure and the Nature of Innovative Activity’ 10. P. A. Geroski (1990), ‘Innovation, Technological Opportunity, and Market Structure’ 11. F. M. Schere (1992), ‘Schumpeter and Plausible Capitalism’ PART 4 INTELLECTUAL PROPERTY RIGHTS 12. Suzanne Scotchmer (1991), ‘Standing on the Shoulders of Giants: Cumulative Research and the Patent Law’ 13. Janusz A. Ordover (1991), ‘A Patent System for Both Diffusion and Exclusion’ 14. Edwin Mansfield, Mark Schwartz and Samuel Wagner (1981), ‘Imitation Costs and Patents: An Empirical Study’ 15. Richard C. Levin, Alvin K. Klevorick, Richard R. Nelson and Sidney G. Winter (1987), ‘Appropriating the Returns from Industrial Research and Development’ PART 5 THE DIFFUSION OF INNOVATIONS 16. Edwin Mansfield (1961), ‘Technical Change and the Rate of Imitation’ 17. Paul A. David (1985), ‘Clio and the Economics of QWERTY’ 18. Michael L.Katz and Carl Shapiro (1986), ‘Technology Adoption in the Presence of Network Externalities’ 19. Jennifer F. Reinganum (1981), ‘On the Diffusion of New Technology: A Game-Theoretic Approach’ PART 6 INTERNATIONAL TECHNOLOGY TRANSFER 20. Raymond Vernon (1966), ‘International Investment and International Trade in the Product Cycle’ 21. Nathan Rosenberg (1970), ‘Economic Development and the Transfer of Technology: Some Historical Perspectives’ 22. D. J. Teece (1977), ‘Technology Transfer by Multinational Firms: The Resource Cost of Transferring Technological Know-How’ PART 7 THE MANAGEMENT OF TECHNOLOGY 23. Kenneth J. Arrow (1962), ‘The Economic Implications of Learning by Doing’ 24. Richard R. Nelson (1961), ‘Uncertainty, Learning, and the Economics of Parallel Research and Development Efforts’ 25. Wesley M.Cohen and Daniel A .Levinthal (1989), ‘Innovation and Learning: The Two Faces of R&D’

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Book SynopsisFoundations of Analytical Marxism compiles important articles representing the school of analytical Marxism. This school of thought was inaugurated by the publication of G.A. Cohen's Karl Marx's Theory of History in 1978. Since then scholars in political philosophy, economics, sociology, political science, history and anthropology have contributed to it. This two volume set has been divided into seven parts: Class, Exploitation, Power and Domination, Historical Materialism, The State, Market Socialism, Freedom and Methodology.Table of ContentsCONTENTS VOLUME 1 PART 1 CLASS 1. John E. Roemer (1982), ‘New Directions in the Marxian Theory of Exploitation and Class’ 2. Pranab Bardhan (1982), ‘Agrarian Class Formation in India’ 3. Mukesh Eswaran and Ashok Kotwal (1989), ‘Credit and Agrarian Class Structure’ 4. Maite Cabeza-Gutés ‘Class Structure and Choice of Technology in an Agrarian Economy’ 5. Erik Olin Wright (1984), ‘A General Framework for the Analysis of Class Structure’ 6. Philippe Van Parijs (1986-1987), ‘A Revolution in Class Theory’ PART 2 EXPLOITATION, POWER AND DOMINATION 7. G. A. Cohen (1979), ‘The Labor Theory of Value and the Concept of Exploitation’ 8. John E. Roemer (1982), ‘Property Relations vs. Surplus Value in Marxian Exploitation’ 9. John E. Roemer (1985), ‘Should Marxists Be Interested in Exploitation?’ 10. Jeffrey Reiman (1987), ‘Exploitation, Force and the Moral Assessment of Capitalism: Thoughts on Roemer and Cohen’ 11. John E. Roemer (1989), ‘What is Exploitation? Reply to Jeffrey Reiman’ 12. G. A. Cohen (1990), ‘Marxism and Contemporary Political Philosophy, or: Why Nozick Exercises some Marxists more than he does any Egalitarian Liberals’ 13. Samuel Bowles and Herbert Gintis (1990), ‘Contested Exchange: New Microfoundations for the Political Economy of Capitalism’ VOLUME 2 PART 1 HISTORICAL MATERIALISM 1. G. A .Cohen (1986), ‘Forces and Relations of Production’ 2. Joshua Cohen (1982), ‘Book Review of Karl Marx’s Theory of History: by G A Cohen’ 3. Robert Brenner (1986), ‘The Social Basis of Economic Development’ 4. G. A. Cohen (1988), ‘Reconsidering Historical Materialism’ PART 2 THE STATE 5. Fred Block (1977), ‘The Ruling Class does not Rule: Notes on the Marxist Theory of the State’ 6. Adam Przeworski and Michael Wallerstein (1988), ‘Structural Dependence of the State on Capital’ PART 3 MARKET SOCIALISM 7. Pranab Bardhan and John E. Roemer (1992), ‘Market Socialism: A Case for Rejuvenation’ 8. John E. Roemer (1992), ‘Can There Be Socialism after Communism?’ 9. Thomas E. Weisskopf (1993), ‘A Democratic-Enterprise-Based Market Socialism’ PART 4 FREEDOM 10. G. A. Cohen (1991), ‘Capitalism, Freedom and the Proletariat’ 11. Jon Elster (1986), ‘Self-Realization in Work and Politics: The Marxist Conception of the Good Life’ 12. Philippe Van Parijs (1989), ‘In Defence of Abundance’ 13. Erik Olin Wright (1993), ‘Explanation and Emancipation in Marxism and Feminism’ PART 5 METHODOLOGY 14. Jon Elster (1989), ‘Marxism and Individualism’ 15. Jon Elster (1982), ‘Marxism, Functionalism and Game Theory: The Case for Methodological Individualism’ 16. G. A. Cohen (1986), ‘Marxism and Functional Explanation’ 17. John E .Roemer (1989), ‘Marxism and Contemporary Social Science’ 18. Alan Carling (1986), ‘Rational Choice Marxism’

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Book SynopsisThis two volume set consists of the most significant theoretical and empirical writings on economic discrimination based upon race, gender and ethnicity with an international emphasis. Economics and Discrimination is an essential reference for scholars interested in the analysis of economic inequality between ascriptively differentiated groups. The work of economists spanning the ideological spectrum from John Roemer to Thomas Sowell is represented in the pages of this important title.Trade Review'It is an essential reference for anyone working in this area, bringing together the seminal articles in the field as well as some lesser known, but no less important writings.' -- Jennifer Roberts, The Economic JournalTable of ContentsCONTENTS PART I RACIAL AND SEXUAL INEQUALITY IN THE EARLY YEARS OF THE ECONOMICS PROFESSION 1. Mark Aldrich (1979), ‘Progressive Economists and Scientific Racism: Walter Willcox and Black Americans, 1895-1910’ 2. Robert Cherry (1976), ‘Racial Thought and the Early Economics Profession’ 3. Francis A. Walker (1881), ‘The Colored Race in the United States’ 4. Frederick L. Hoffman (1892), ‘Vital Statistics of the Negro’ 5. M. V. Ball (1894), ‘The Mortality of the Negro’ 6. Frederic L. Hoffman (19895), ‘The Negro in the West Indies’ 7. Alfred Holt Stone (1969), ‘A Plantation Experiment’ 8. Katharine Coman (1904), ‘The Negro as a Peasant Farmer’ 9. Millicent G. Fawcett (1918), ‘Equal Pay for Equal Work’ 10. Gunnar Myrdal (1944), ‘Facets of the Negro Problem’ 11. Gunnar Myrdal (194), ‘The Mechanics of Economic Discrimination as a Practical Problem’ 12. Oliver Cromwell Cox (1970), ‘An American Dilemma: A Mystical Approach to the Study of Race Relations’ PART II NEOCLASSICAL ECONOMICS AND THE THEORY OF DISCRIMINATION 13. Gary S. Becker (1957), ‘The Forces Determining Discrimination in the Market Place’ 14. Gary S. Becker (1957), ‘Market Discrimination’ 15. Anne O. Krueger (1963), ‘The Economics of Discrimination’ 16. Barbara R. Bergmann (1971), ‘The Effect on White Incomes of Discrimination in Employment’ 17. Lester C. Thurow (1975), ‘Discrimination and Theories of Incomes,e Determination’ 18. Lester Thurow (1969), ‘Poverty and Discrimination’ 19. Kenneth J. Arrow (1972), ‘Some Mathematical Models of Race Discrimination in the Labor Marker’ 20. Edmund S. Phelps (1972), ‘The Statistical Theory of Racism and Sexism’ 21. Richard B. Freeman (1973), ‘Decline of Labor Maker Discrimination and Economic Analysis’ 22. Joseph E. Stiglitz (1973), ‘Approached to the Economics of Discrimination’ 23. David H. Swinton (1978), ‘A Labor Force Competition Model of Racial Discrimination in the Labor Market’ 24. Lawrence M. Kahn (1991), ‘Customer Discrimination and Affirmative Action’ PART III CRITIQUES AND ASSESSMENTS OF THE NEOCLASSICAL APPROACH TO DISCRIMINATION 25. Thomas Sowell (1971), ‘Economics and Black People’ 26. Christopher J. Ruhm (1988), ‘When “Equal Opportunity” Is Not Enough: Training Costs and Intergenerational Inequality’ 27. William Darity, Jr. (1975), ‘Economic Theory and Racial Economic Inequality’ 28. Francine D. Blau and Carol L. Jusenius (1976), ‘Economists’ Approached to Sec Segregation in the Labor Marker: An Appraisal’ 29. Paula England (1984), ‘Wage Appreciation and Depreciation: A Test of Neoclassical Economic Explanations of Occupational Sex Segregation’ 30. William A. Darity, Jr. (1982), ‘The Human Capital Approach to Black-White Earnings Inequality: Some Unsettled Questions’ 31. Steven Shulman (1989), ‘A Critique of the Declining Discrimination Hypothesis’ PART V COMPETITION, CULTURE AND ALTERNATIVE APPROACHES TO THE ECONOMICS OF DISCRIMINATION 32. Patrick L. Mason (1992), ‘The Divide-and-Conquer and Employer/employee Models of Discrimination: Neoclassical Competition as a Familial Defect’ 33. William A> Darity, Jr. and Rhonda M. Williams (1985), ‘Peddlers Forever?: Culture, Competition, and Discrimination’ 34. Rhonda M. Williams (1987), ‘Capital, Competition, and Discrimination: A Reconsideration of Racial Earnings Inequality’ 35. William Darity, Jr. (1989), ‘What’s Left of the Economic Theory of Discrimination?’ VOLUME II PART I INDIRECT TESTS OF THE PRESENCE OF ECONOMIC DISCRIMINATION 1. Ronald Oaxaca (1973), ‘Male-Female Wage Differentials in Urban Labor Markets’ 2. Alan S. Blinder (1973), ‘Wage Discrimination: Reduced Form and Structural Estimates’ 3. Alan S. Blinder (1974), ‘The Decomposition of Inequality’ 4. Francine D. Blau and Marianne A. Ferber (1987), ‘Discrimination: Empirical Evidence from the United States’ 5. Bennett Harrison (1972), ‘Education and Underemployment in the Urban Ghetto’ 6. George J. Borjas (1983), ‘The Substitutability of Black, Hispanic, and White Labor’ 7. Michael Firth (1981), ‘Racial Discrimination in the British Labor Market’ 8. J. B. Knight and M. D. McGrath (1977), ‘An Analysis of Racial Wage Discrimination in South Africa’ 9. J. B. Knight and R. H. Sabot (1982), ‘Labor Market Discrimination in a Poor Urban Economy’ 10. Biswajit Banerjee and J. B. Knight (1985), ‘Caste Discrimination in the Indian Urban Labor Market’ 11. Reynolds Farley (1990), ‘Blacks, Hispanics, and White Ethnic Groups: Are Blacks Uniquely Disadvantaged?’ 12. James P. Smith (1984), ‘Race and Human Capital’ 13. Dave M. O’Neill (1970), ‘The Effect of Discrimination on Earnings: Evidence from Military Test Score Results’ 14. June O’Neill (1990), ‘The Role of Human Capital in Earnings Differences Between Black and White Men’ 15. Jeremiah Cotton (1988), ‘On the Decomposition of Wage Differentials’ PART II DIRECT TESTS OF THE PRESENCE OF ECONOMIC DISCRIMINATION 16. Roger Jowell and Patricia Prescott-Clarke (1970), ‘Racial Discrimination and White-collar Workers in Britain’ 17.Neil McIntosh and David J. Smith (1974), ‘The Extent of Racial Discrimination’ 18. John Yinger (1986), ‘Measuring Racial Discrimination with Fair Housing Audits: Caught in the Act’ 19. Peter A. Riach and Judith Rich (1991-2), ‘Measuring Discrimination by Direct Experimental Methods: Seeking Gunsmoke’ 20. Ronald B. Mincy (1993), ‘The Urban Institute Audit Studies: Their Research and Policy Context’ 21. Michael Fix, George C. Galster and Raymond J. Struyk (1993), ‘An Overview of Auditing for Discrimination’ PART III IDENTIFYING WINNERS AND LOSERS FROM DISCRIMINATION 22. John E. Roemer (1979), ‘Divide and Conquer: Microfoundations of a Marxian Theory of Wage Discrimination’ 23. Michael Reich (1981), ‘White Workers are hurt by Racism: Econometric Evidence’ 24. Steven Shulman (1990), ‘Racial Inequality and White Employment: An Interpretation and Test of the Bargaining Power Hypothesis’ PART IV ASSESSING ANTIDISCRIMINATION MEASURES 25. S. Dex and P. J. Sloane (1988), ‘Detecting and Removing Discrimination Under Equal Opportunities Policies’ 26. Augustin Kwasi Fosu (1992), ‘Occupational Mobility of Black Women, 1958-1981: The Impact of Post-1964 Antidiscrimination Measures’ 27. Charles Brown (1984), ‘Black-White Earnings Ratios Since the Civil Rights Act of 1964: The Importance of Labor market Dropouts’ 28. Jonathan S. Leonard (1984), ‘Employment and Occupational Advance Under Affirmative Action’ 29. James J. Heckman and Brook S. Payner (1989), ‘Determining the Impact of Federal Status of Blacks: A Study of South Carolina’ 30. Jomo K. S. and Ishak Shari (1986), ‘Development Policies and Income Inequality in Peninsular Malaysia’

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Book SynopsisThe Handbook of Economic Methodology is a major multidisciplinary reference work on the developing field of economic methodology. It consists of more than a hundred specially commissioned essays by leading scholars from around the world. This definitive volume provides detailed and authoritative coverage of crucial topics and issues that have developed in recent decades and introduces a variety of emerging themes which economic methodologists have begun to explore. This comprehensive Handbook includes a variety of substantive entries in which experts in the field summarise past achievements in economic methodology and indicate the direction of future research. They provide biographical entries to introduce important economists, methodologists and philosophers. The volume also focuses on economic issues to which economic methodology is central and wider intellectual themes that have impinged on economic methodology, from general movements in intellectual history to broad philosophical themes. Orthodox and heterodox approaches to economics and epistemological, ontological, logical and normative dimensions of economic methodology are discussed and evaluated. This magnificent reference work presents a state-of-the-art analysis of the evolution of economic methodology as well as prospects for its future development. The Handbook of Economic Methodology will be indispensable to those with an interest in economic methodology, the philosophy of economics and the history of economic thought.Trade Review'The editors are to be congratulated on bringing together an impressive array of scholars. There are 93 contributors to the volume in a list that includes the authoritative names in economic methodology one would expect to be present.'

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Book SynopsisTakeshi Amemiya has made a significant contribution to econometric theory over the past 30 years. This volume brings together 34 of his key articles and papers on areas such as limited dependent variables, non-linear simultaneous equations models, time series analysis and error components models. Many of the articles reprinted in this volume are indispensable references for researchers in the relevant fields. The specially written preface outlines the influences and motivations behind Professor Amemiya’s work. Studies in Econometric Theory presents in a single volume the most significant work of one of the most important influential econometricians of our time.Table of ContentsContents: Part I: Time Series Part II: Simultaneous Equations Part III: Heteroscedasticity and Error Components Part IV: Qualitative Response Models Part V: Limited Dependent Variables (TOBIT) Index

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Book SynopsisTraditional aggregate theories of the business cycle, Keynesian or the neoclassical, have not succeeded in explaining the severe down turns in the United States and other advanced economies. New Perspectives on Business Cycles proposes a theory that economic inequality and heterogeneity in a market economy may be an important influence on business cycles. The author, Satya Das, provides for the first time a systematic assessment of possible links between business cycles and changes in the distribution of income and wealth.Arguing that changes in the distribution of wealth and income in a private market economy can generate variations in the aggregate output, Professor Das uses a series of models to relate economic inequalities across households to fluctuations in the economy. In particular, he argues that severe inequities in wealth and income distribution can lead to fluctuations in a macroeconomy, with important implications for the financial markets. Empirical evidence from the post-war US economy is presented in support of this theory.Trade Review’This interesting book argues that traditional aggregate theories of the business cycle have not succeeded in explaining the recent downturn in advanced Western economies, and proposes that economic inequality and heterogeneity are important influences on business cycles. . . . Overall this is a valuable contribution to the literature on business cycles which merits careful study.’Table of ContentsContents: 1. Introduction 2. Basic Premises and Methodology 3. Inequality, Heterogeneity and Business Cycles in Models of Capital Accumulation 4. Heterogeneity, Redistributive Lobbying and Business Cycles 5. Firm Heterogeneity and Business Cycles 6. Inequality, Heterogeneity and Business Cycles via Aggregate Demand 7. Inequality, Demand for Stocks and Demand for Money 8. Inequality, and the Stability of the Banking Sector 9. Preliminaries: Available Data and Correlations 10. Linkage of Income Inequality to Aggregate Output, Unemployment, Demand for Money and Stock Price: Postwar US

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Book SynopsisThis authoritative and up to date bibliography is a comprehensive introduction to the large and disparate literature on the post Keynesian school of economics and its leading figures. With over three thousand entries listed under 18 headings, and a separate author index, this invaluable reference tool will improve access to the primary contributions to the school. In one volume J.E. King has collected material from the founders of the school, such as Richard Kahn, Nicholas Kaldor, Michal Kalecki, Joan Robinson, Piero Sraffa and Sidney Weintraub, their successors and disciples, and economists openly hostile to post Keynesianism whose work has nevertheless shed light on the school. This comprehensive and fully annotated bibliography covers the most important items published on post Keynesian economics from the 1930s to the present day.Trade Review'. . . an invaluable reference source. . . . In recent years a well-known Oxford economist has advised that post Keynesian economics is not a suitable subject for inclusion in graduate courses. I wonder whether I could tempt these two sceptics to have a glance at King's findings and see whether, in the light of the evidence presented, they may not be willing to change their minds?'Table of ContentsContents: Introduction Part A: General Studies Part B: Collections and Festschrift Part C: Biographical Studies Part D: Methodology Part E: Interpretations of Keynes Part F: Macroeconomic Theory Part G: Monetary Theory and Policy Part H: Growth and Cycles Part I: Distribution and Capital Theory Part J: Price Theory and Microeconomics Part K: Empirical Studies Part L: Inflation and Income Policy Part M: Labour Economics Part N: International Economics Part O: Development Economics Part P: Sraffian Economics Part Q: Socialism Part R: Economic Policy Index

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