Economic theory and philosophy Books

Book SynopsisThis important book features some of the most original and interesting new work by an internationally acclaimed group of authors on the history and development of economic thought.A range of important issues in twentieth century economics are addressed including the current state of methodological investigation, early modes of conflict and Wicksell's concept of capital. The economics of the inter-war period are examined as they pertain to Dutch Marxism, mainstream theories of uncertainty and the origin of the theory of imperfect competition. A series of papers on Keynes includes perspectives on issues ranging from his philosophical thinking to the relationship between his ideas on the limits of measurement and uncertainty. The final section explores the measurement of economic constructs both as a practical problem in the development of national income accounts after the Second World War, and as a theoretical issue in the work of Farrell and Leibenstein.Featuring important contributions from the 19th annual meeting of the History of Economics society, this book will be welcomed because it makes available to a wider audience a series of innovative essays on the history of intellectual and economic thought.Trade Review'Perspectives on the History of Economic Thought presents a careful selection of the most important and original contributions to the annual proceedings of the History of Economics Society. This series is essential to any serious student of the history of economics and to the collection of any University library supporting research in economic thought.' -- The late Mark Blaug, formerly of the University of London and University of Buckingham, UK'. . . there is probably something of interest here for any historian of economic thought; the best advice is to read the editor's helpful introductory synopses.' -- Adrian Winnett, The Manchester School

Read more less

Book SynopsisThe Political Economy of Global Restructuring argues that the study of political economy, and the classical perspective it offers, will become increasingly relevant as we approach the 21st century. The dramatic events in Eastern Europe, the resurgence of an invigorated market capitalism and the prospect of integrated trading and financial communities are challenging the orientation towards positivism and model-building which dominates mainstream economics. Trade and Finance, the second volume of The Political Economy of Global Restructuring, focuses on the responses of the market economies of the West to structural changes in the world economy. By in depth study of such issues as disparate gains from EEC accession among member countries who give up mercantilist practices, and the prospect of new strains between financial centres and their peripheries in consequence of a European Central Bank, this volume is a decisive step in the direction of re-establishing Political Economy as a purposeful discipline.Trade Review'Most of these papers can be recommended to enlighten and enliven students and the discussion of professional economists.' -- Jan Toporowski, The Economic JournalTable of ContentsFull circle on business cycles - lessons from the 1920s and 1930s, Warren Young; neomercantilism - what does it tell us about the political economy of international trade?, Ingrid Rima; a theory of mercantilism, John S. Chipman; the international trade system, trade blocks and US trade policies, Dominick Salvatore; the macroeconomic effects of exchange rate instability, Steven Pressman; real exchange rates and patterns of international specialization, Fabrizio Onida; Italian joint ventures abroad - country, industry and firm specific requirements, Francesca Sanna-Randaccio; the impact on Spanish industry of accession with the European Economic Community, Susan Walcott; globalization and the diffusion of technology, Klaus Weiermair; globalization and the international debt trap, Omar F. Hamouda; structural changes in financial markets and financial flows to developing countries, Jan Kregel; some scenarios for money and banking in the EC and their regional implications, Victoria Chick; a post Keynesian perspective of European integration, Philip Arestis; monetary economics after financial restructuring, John Smithin.

Read more less

Book SynopsisThis distinguished collection - selected and introduced by Marc Jarsulic - demonstrates the contribution that non-linear techniques can make to our understanding of business cycles.Table of ContentsPart I: Early Keynesian and Classical Models 1. Michael Kalecki (1937), ‘A Theory of the Business Cycle’ 2. Nicholas Kaldor (1940), ‘A Model of the Trade Cycle’ 3. Richard M Goodwin (1947), ‘Dynamical oupling with Especial Reference to Markets Having Production Lags’ 4. J R Hicks (1950), ‘The Cycle in Outline’ 5. R M Goodwin (1951), ‘The Nonlinear Accelerator and the Persistence of Business Cycles’ 6. R M Goodwin (1967), ‘A Growth Cycle’ 7. W W Change and D J Smyth (1971), ‘The Existence and Persistence of Cycles in a Non-Linear Model’ Part II: Neoclassical-Keynesian Cycle Models 8. H Rose (1967), ‘On the Non-Linear Theory of the Employment Cycle’ 9. V Torre (1977), ‘Existence of Limit Cycles and Control in Complete Keynesian System by Theory of Bifurcations’ 10. Garry J Schinasi (1981), ‘A Nonlinear Dynamic Model of Short Run Fluctuations’ Part III: Endogenous Fluctuations in Neoclassical Equilibrium Models A Cycles 11. David Gale (1973), ‘Pure Exchange Equilibrium of Dynamic Economic Models’ 12. Jess Benhabib and Kazuo Nishimura (1979), ‘The Hopf Bifurcation and the Existence and Stability of Closed Orbits in Multisector Models of Optimal Economic Growth’ 13. Jess Benhabib and Kazuo Nishimura (1985), ‘Competitive Equilibrium Cycles’ 14. Pietro Reichlin (1986), ‘Equilibrium Cycles in an Overlapping Generations Economy with Production’ 15. Bruno Jullien (1988), ‘Competitive Business Cycles in an overlapping Generations Economy with Productive Investment’ B Chaos 16. Michael J Stutzer (1980), ‘Chaotic Dynamics and Bifurcation in a Macro Model’ 17. Richard H Day (1982), ‘Irregular Growth Cycles’ 18. Jess Benhabib and Richard H Day (1982), ‘A Characterization of Erratic Dynamics in the Overlapping Generations Model’ 19. Jean-Michel Grandmont (1985), ‘On Endogenous Competitive Business Cycles’ 20. Michele Boldrin and Luigi Montrucchio (1986), ‘On the Indeterminacy of Capital Accumulation Paths’ 21. Michael Woodford (1989), ‘Imperfect Financial Intermediation and Complex Dynamics’ Part IV: Recent Keynesian and Classical Developments A Cycles 22. Anup Shah and Meghnad Desai (1981), ‘Growth Cycles with Induced Technical Change’ 23. Frederick van der Ploeg (1983), ‘Predator-Prey and Neo-Classical Models of Cyclical Growth’ 24. Duncan K Foley (1987), ‘Liquidity-Profit Rate Cycles in a Capitalist Economy’ 25. Peter Skott (1989), ‘Effective Demand, Class Struggle and Cyclical Growth’ 26. Marc Jarsulic (1989), ‘Endogenous Credit and Endogenous Business Cycles’ C Chaos 27. Matti T Pohjola (1981), ‘Stable, Cyclic and Chaotic Growth: The Dynamics of a Discrete-Time Version of Goodwin’s Growth Cycle Model’ 28. R A Dana and P Malgrange (1983), ‘The Dynamics of a Discrete Version of a Growth Cycle Model’ 29. Richard H Day and Wayne Shafer (1985), ‘Keynesian Chaos’ 30. Hans-Walter Lorenz (1987), ‘Strange Attractors in a Multisector Business Cycle Model’ 31. Richard M Goodwin (1989), ‘Nonlinear Economic Dynamics and Chaos’

Read more less

Book SynopsisThese volumes bring together important recent works by economists and philosophers on foundational topics; including the idea of utility and the role of preferences; interpersonal comparability and the commensurability of values, the relationship between rationality and morality, the status of rules, rights and norms, and fairness and equality.These readings collected here provide an overview of the key structural issues at the interface of ethics and economics. This reference collection will be welcomed by all those with an interest in economics and philosophy.Trade Review' . . . important articles are gathered which can highly be recommended for those interested in or curious about the normative agenda of economics . . . the selection is useful and comprehensible.' -- Peter Kalmbach, KyklosTable of Contents48 articles, dating from 1954 to 1993 Contents: Volume I: Acknowledgements Introduction Part I: Utility and Preferences Part II: Dispositions and Meta-Preferences Part III: Interpersonal Compararbility and Commensurability Part IV: Rationality and Morality Name Index • Volume II: Acknowledgements Introduction Part I: Rules, Rights and Norms Part II: Fairness and Equality Part III: Overview Name Index

Read more less

Book SynopsisThis essential book collects together, for the first time, the writings of Deirdre McCloskey on economic history and the rhetoric of economics. The essays have been presented to show McCloskey's evolution over time: from economist to critic, positivist to postmodernist, conventional economist to feminist economist, man to woman. Measurement and Meaning in Economics allows the reader to experience an astonishing personal and intellectual journey with one of today's most fascinating economists.McCloskey argues that economics has become ahistorical and narrowly scientific, which is a harmful development for a moral science. In all of the papers presented in this volume she writes with historical consciousness and critical understanding, in an attempt to repair the dysfunctional relationship between economics and the humanities.This book should be read not only by students and scholars of economic history and philosophy, but by all those concerned with the state of economics and its place in the social sciences.Trade Review'. . . for those who have not read McCloskey . . . I would strenuously urge their attention. They will find a very bright, imaginative mind at work, writing in an engaging, vigorous style. She provides a good test of our understanding of neoclassical theory and, for those of a different persuasion, an even better test of our ability to critically evaluate that theory. Moreover, she's certainly not above taking her fellow neoclassical theoreticians to task for various shortcomings . . . I would recommend reading these essays . . . she is always imaginative, provocative, perceptive. And perhaps most important, she's entertaining - though with a serious purpose. And that cannot be said of very many of our tribe.' -- John F. Henry, History of Economics ReviewTable of ContentsContents: Introduction Preface: Personal Knowledge Part I: Writing Historical Economics as if Measurement Mattered Part II: Writing Economics and History as if Meaning Mattered Index

Read more less

Book SynopsisIn this important and original book, Professor Sylos Labini offers an analysis of growth that is at once theoretical, historical and statistical. The central aim of neoclassical economics has been to discover the equilibrium values of prices, incomes, employment and production. Economic Growth and Business Cycles, by contrast, seeks to understand the logic behind the movement of these quantities over time. Drawing upon a tradition in economics which dates from Adam Smith, while making use of modern analytical techniques, Sylos Labini views the process of growth as central to economic theory. Economic growth is seen not as a systematic increase of output conceived as an homogeneous aggregate, but rather as a process of structural change, affecting the composition of employment and bringing about changes in market forms, output, income distribution and the system of prices.Economic Growth and Business Cycles will be welcomed by students and teachers of economics who wish to become acquainted with an original approach to the process of growth.Table of ContentsSraffa's critique of the Marshallian theory of prices; the great debates on the laws of returns and the value of capital - when will economists finally accept their own logic?; long-run changes in the wage and price mechanisms and the process of growth; the general theory - critical reflections suggested by some important problems of our time; new aspects of the cyclical development of the economy; the changing character of the so-called business cycle; oligopoly - static and dynamic analysis; the theory of unemployment, too, is historically conditioned; technical progress, unemployment, and economic dynamics; "capitalism, socialism and democracy" and large-scale firms.

Read more less

Book SynopsisIn this far-reaching and insightful monograph, Richard Wagner exposes the failure of the United States constitution to overcome the tyranny of the majority so feared by the Founding Fathers. Recognising that to the extent a written parchment is enforceable, it is through the construction of a self-supporting balance of private interests, Professor Wagner sketches a balance between the principles of good constitutional order and the placement of guns of self-interest necessary for the preservation of the rights to life, liberty and property. He concludes his analysis with an assessment of the prospects of converting the rent-seeking state into an entrepreneurial state self-interestedly committed to classical liberal principles of constitutional order.The author clearly demonstrates why the tyranny of the majority cannot be prevented by constitutional parchment unless the institutions of society are designed to offer complementary support to limited government and the rule of law. Parchment, Guns and Constitutional Order offers a solution designed to harness the political process to that objective.

Read more less

Book SynopsisEconomic methodologists have traditionally paid very little attention to heterodox economic theories. In this major new book three leading heterodox scholars respond to the influential appraisals of Sraffian, Radical and Marxian economics made by Mark Blaug, the eminent economic methodologist.Heterodox Economic Theories begins with a paper by Ian Steedman on Sraffian economics and the capital controversy. This is followed by papers on radical economics by Michael Reich and Marx's economic analysis by Fred Moseley. Professor Moseley has also written an extensive introduction to the work featured in this volume.Including replies by Mark Blaug and comments by a distinguished group of economic methodologists, this book offers a stimulating debate between heterodox and mainstream economists over the value of three important economic traditions and over the most appropriate methodology for the appraisal of economic theories.Trade Review'This is a book every economist could learn from, whatever may be his or her approach to economics.' -- Daniel R. Fusfeld, Review of Radical Political EconomicsTable of ContentsContents: Introduction: Appraising Heterodox Economic Theories (F. Moseley) 1. Sraffian Economics and the Capital Controversy (I. Steedman), Comment (R. Backhouse), Reply (M. Blaug) 2. Radical Economics: Successes and Failures (M. Reich), Methodological Atavism and Radical Economics: Comment of Reich (W. Hands), Reply (M. Blaug) 3. Marx’s Economic Theory: True or False? (F. Moseley), Comment (B. Caldwell), Reply (M. Blaug)

Read more less

Book SynopsisWhat is the best way to organize an economy to satisfy demands for efficiency, compassion and freedom? These political, economic, social and philosophical concerns underpin what has been the most important issue of the twentieth-century, that of the relationship between market and plan. Markets and Socialism consists of extracts drawn from the most important contributors to the debate started by Karl Marx. In six thematic sections the reader can follow the vicissitudes of the non-market, market and mixed market models. The range of countries and historical sweep covered in this volume are impressive: from the 'socialist calculation' debate to the experiences of Russia, East-Central Europe, Sweden, America and China. A combination of theoretical analyses and practical case studies makes this volume essential reading for teachers, students and anyone interested in a clear and concise introduction to the central dilemma of our times.Trade Review'. . . this book will be a valuable compendium for student of the subject.' -- Ajit Singh, Economic JournalTable of ContentsPART I ECONOMICS WITHOUT MARKETS: FROM MARX TO CONTEMPORARY MARXISTS 1. Karl Marx (1954), Capital: A Critique of Political Economy 2. Karl Marx (1954), ‘Historical Tendency of Capitalist Accumulation’ 3. Karl Marx (1975), ‘Comments on James Mill’s, Élémens d’économie politique’, Karl Marx and Engels: 1843-44’ 4. Frederick Engels (1987), ‘Anti-Dühring: Production’ 5. N. Bukharin and E.Preobrazhensky (1970), ‘The ABC of Communism’ 6. Hillel Ticktin (1992), ‘Origins of the Crisis in the USSR: Essays on the Political Economy of a Disintegrating System’ PART II ECONOMICS WITHOUT MARKETS: CRITIQUES 7. Boris Brutzkus (1934), ‘The Unitary Plan of the Socialist Economy’ 8. L.N. Yurovsky (1934), ‘Problems of a Moneyless Economy’ 9. Oskar Lange and Fred M. Taylor (1938), ‘On the Economic Theory of Socialism’ 10. Friedrich A. Hayek (1949), ‘Socialist Calculation III: The Competitive “Solution”” PART III FROM CENTRAL PLANNING TO THE MIXED ECONOMY 11. Leon Trotsky (1973), ‘The Soviet Economy in Danger’ 12. R.W.Davies (1984), ‘The Socialist Market: A Debate in Soviet Industry, 1932-33’ 13. Gabriel Temkin (1989), ‘On Economic Reforms in Socialist Countries: The Debate on Economic Calculation Under Socialism Revisited’ 14. Wlodzimierz Brus (1973), ‘Commodity Fetishism and Socialism’ 15. Radoslav Selucky (1974), ‘Marxism and Self-Management’ 16. János Kornai (1986), ‘ Efficiency and the Principles of Socialist Ethics’ 17. Zhou Shulian (1982), ‘The Market Mechanism in a Planned Economy’ 18. Branko Horvat (1990), ‘Socialism as a Socio-Economic System’ PART IV MARKETS AND SOCIALISM IN THE WEST 19. Lawrence Wilde, ‘The Demise of the Swedish Model’ 20. Leland G. Stauber (1987), ‘Capitalism and Socialism: Some General Issues and the Relevance of the Austrian Experience’ 21. Raymond Plant (1989), ‘Socialism, Markets, and End States’ 22. Alex Nove (1972), ‘“Market Socialism” and its Critics’ PART V FROM EXISTING SOCIALISM TO THE MARKET 23. János Kornai (1990), ‘The Road to a Free Economy: Shifting from a Socialist System: The Example of Hungary’ 24. V.A. Naishul (1991), ‘The Supreme and Last Stage of Socialism’ 25. Wlodzimierz Brus and Kazimierz Laski (1989), ‘The Capital Market and the Problem of Full Employment’ 26. Alec Nove (1991), ‘Feasible Socialism?” 27. Martin L. Weitzman and Chenggang Xu (1992), ‘Vaguely Defined Cooperatives and Cooperative Culture: A Reconciliation of a Paradoxical Phenomenon in Transitional Economies’

Read more less

Book SynopsisThe macroeconomics of imperfect competition is a field which has witnessed an almost exponential growth in the last twenty years. The reason for this success is simple as this field combines two important, and hitherto incompatible, features: On one hand, like Walrasian or new classical macroeconomics it has fully rigorous microeconomic foundations. On the other hand, like Keynesian macroeconomics (which itself lacked such foundations) it can produce underemployment of resources and macroeconomic coordination failures. This successful blend of the General Equilibrium, Keynesian and Imperfect Competition traditions has become a most influential paradigm in macroeconomics.Jean-Pascal Benassy, himself the author of several pioneering contributions, has assembled leading articles in the field and written an extensive introduction putting them and other contributions in the area into perspective. This volume will be a basic reference source for professors, students and researchers in this important and rapidly expanding field.Trade Review'This is an outstanding and excellent collection, which is edited by one of the leading researchers in the field. . . . This volume will make an excellent reference book for any graduate macroeconomics course, and for those wishing to do research in the area.'Table of ContentsACKNOWLEDGEMENTS INTRODUCTION PART I GENERAL EQUILIBRIUM MODELS 1. Takashi Negishi (1977), ‘Existence of an Under-Employment Equilibrium’ 2. Jean-Pascal Bénassy (1977), ‘A Neokeynesian Model of Price and Quantity Determination in Disequilibrium’ 3. Oliver D. Hart (1982), ‘A Model of Imperfect Competition with Keynesian Features’ 4. Dennis J. Snower (1983), ‘Imperfect Competition, Underemployment and Crowding-Out’ 5. Martin L. Weitzman (1985), ‘The Simple Macroeconomics of Profit Sharing’ 6. Jean-Pascal Bénassy (1987), ‘Imperfect Competition, Unemployment and Policy’ 7. Olivier Jean Blanchard and Nobuhiro Kiyotaki (1987), ‘Monopolistic Competition and the Effects of Aggregate Demand’ 8. Huw Dixon (1987), ‘A Simple Model of Imperfect Competition with Walrasian Features’ 9. Huw Dixon (1990), ‘Imperfect Competition, Unemployment Benefit and the Non-Neutrality of Money: An Example’ 10. Jean-Pascal Bénassy (1991), ‘Microeconomic Foundations and Properties of a Macroeconomic Model with Imperfect Competition’ PART II IMPERFECT COMPETITION AND PRICE RIGIDITIES A MARKET STRUCTURE 11. Paul M. Sweezy (1939), ‘Demand under Conditions of Oligopoly’ 12. Joseph E. Stiglitz (1984), ‘Price Rigidities and Market Structure’ B COSTLY PRICE CHANGES 13. Robert J. Barro (1972), ‘A Theory of Monopolistic Price Adjustment’ 14. Julio J. Rotemberg (1983), ‘Aggregate Consequences of Fixed Costs of Price Adjustment’ C INVENTORIES 15. Alan S. Blinder (1982), ‘Inventories and Sticky Prices: More on the Microfoundations of macroeconomics’ D IMPERFECT INFORMATION 16. Torben M. Andersen (1985), ‘Price and Output Responsiveness to Nominal Changes under Differential Information’ 17. Kiyohiko G. Nishimura (1986), ‘Rational Expectations and Price Rigidity in a Monopolistically Competitive Market’ E STICKY PRICES AND ASSET PRICING 18. Lars E. O. Svensson (1986), ‘Sticky Goods Prices, Flexible Assert Prices, Monopolistic Competition, and Monetary Policy’ F MACROECONOMIC RATIONING 19. Henri R. Sneessens (1987), ‘Investment and the Inflation-Unemployment Tradeoff in a Macroeconomic Rationing Model with Monopolistic Competition’ PART III LABOUR MARKETS I TRADE UNIONS 20. Wassily Leontief (1946), ‘The Pure Theory of the Guaranteed Annual Wage Contract’ 21. Andrew J. Oswald (1979), ‘Wage Determination in an Economy with Many Trade Unions’ 22. Ian M. McDonald and Robert M. Solow (1981), ‘Wage Bargaining and Employment’ 23. Lars Calmfors (1982), ‘Employment Policies, Wage Formation and Trade Union Behavior in a Small Open Economy’ B WAGE INDEXATION 24. Jo Anna Gray (1976), ‘Wage Indexation: A Macroeconomic Approach’ C IMPLICIT CONTRACTS 25. Charles R. Bean (1984), ‘Optimal Wage Bargains’ D EFFICIENCY WAGES 26. Carl Shapiro and Joseph E. Stiglitz (1984), ‘Equilibrium Unemployment as a Worker Discipline Device’ E INSIDERS-OUTSIDERS 27. Nils Gottfries and Henrik Horn (1987), ‘Wage Formation and the Persistence of Unemployment’ 28. Assar Lindbeck and Dennis J. Snower (1988), ‘Cooperation, Harassment, and Involuntary Unemployment: An Insider-Outsider Approach’

Read more less

Book SynopsisThe role of the peasant has been a major theme for agricultural economists throughout the ages. 'Irrational' decision-making among peasants was as likely to worry scholars in medieval Islam as in twentieth-century Brazil or eighteenth-century France. The efficiency of smallholdings as units of production was as important in nineteenth-century Germany and Mexico as in twentieth-century India and sub-Saharan Africa.In The Peasant in Economic Thought, a distinguished group of scholars examines the role of the peasant in agricultural economies from a variety of cultural and disciplinary perspectives. Beginning with a paper on the peasant proprietor in classical economics, the volume continues with work on Friedrich List, Thomas Robert Malthus and Thomas Chalmers, J.S. Mill and the Hutterites of Manitoba, rent in Fabian economics, and the peasant in nineteenth century Mexican liberal thought. Later papers focus on the Brazilian peasantry in nineteenth century economic thought, land in Medieval Islamic thought and decision-making in contemporary African peasant households.Economists, historians and environmentalists trace lines of influence - centring on John Stuart Mill's liberalism and Auguste Comte's positivism - which affected debate in England, Latin America, Canada, India and sub-Saharan Africa.Table of ContentsContents: Introduction 1. The Peaseant Proprietor in Classical Economics 2. Friedrich List and the German Peasantry: Early German Liberal Economic Thought and Practice 3. Peasants, Population and Progress in Malthus and Chalmers 4. Manitoba Hutteries and J.S. Mill: A Comparison in Cooperation 5. The Theory of Rent in Fabian Economics 6. Peasants in Nienteenth-Century Mexican Liberal Thought 7. Nineteenth-Century Economic Thought on Brazilian Peasantry and Twentieth-Century Consequences 8. Land and Contractual Arrangements in Medieval Islamic Thought 9. Classical Model of Decision-Making in Contemporary African Peasant Households Index

Read more less

Book SynopsisThis is a succinct but comprehensive account of the research programme in rent-seeking launched in 1967 by Gordon Tullock’s argument that the availability of monopoly rents through government encourages self-seeking individuals to waste economic resources in competitive bidding for those rents. Rent Seeking reviews each of the contributions for which Professor Tullock is famous, including the basic insight, the cost of transfers, competition for aid, the political market in rent-seeking, efficient rent-seeking, the transitional gains trap, and the cost of rent-seeking, and shows how each of these insights has triggered a burgeoning research literature. He skilfully draws out the dangerous implications of rent-seeking behaviour for private property rights. In characteristic fashion, he returns to his path-breaking work on the economic theory of constitutions in search of novel ways to secure the right to life, liberty and property through a reinforced constitutional republic. Both for the specialist scholar and for the new initiate, this is a great and instructive essay.

Read more less

Book SynopsisThis important two volume set provides the main contributions to product differentiation theory, starting from early works to recent advances. A taxonomy based on modern economic theory puts the papers into a new perspective. The resulting collection of papers gives the reader the fundamental results in the field and an introduction provides a general overview of the topic.Trade Review'. . . the collection contains many of the key contributions and will be attractive to anyone wishing to catch up with developments in the field.' -- Christopher J. Hammond, The Economic Journal'An impressive overview. . .'– Long Range PlanningTable of ContentsCONTENTS VOLUME 1 PART 1 EARLY ANALYSIS 1. Harold Hotelling (1929), ‘Stability in Competition’ 2. Nicholas Kaldor (1935), ‘Market Imperfection and Excess Capacity’ 3. Edward H. Chamberlin (1951), ‘Monopolistic Competition Revisited’ PART 2 CHARACTERISTIC MODELS OF PRODUCT DIFFERENTIATION A: DEMAND FOR DIFFERENTIATED PRODUCTS AND THE ‘NEW’ CONSUMER THEORY 4. Kelvin J. Lancaster (1966), ‘A New Approach to Consumer Theory’ 5. William Novshek and Hugo Sonnenschein (1979), ‘Marginal Consumers and Neoclassical Demand Theory’ 6. Simon P. Anderson, André de Palma and Jacques-François Thisse (1989), ‘Demand for Differentiated Products, Discrete Choice Models, and the Characteristics Approach’ 7. Sherwin Rosen (1974), ‘Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition’ B: HORIZONTAL DIFFERENTIATION 8. Edward C. Prescott and Michael Visscher (1977), ‘Sequential Location Among Firms with Foresight’ 9. C d’Aspremont, J. Jaskold Gabszewicz and J. F. Thisse (1979), ‘On Hotelling’s “Stability in Competition”’ 10. Steven C. Salop (1979), ‘Monopolistic Competition with Outside Goods’ 11. B. Curtis Eaton and Myrna Holtz Wooders (1985), ‘Sophisticated Entry in a Model of Spatial Competition’ 12. Richard Schmalensee (1978), ‘Entry Deterrence in the Ready-to-East Breakfast Cereal Industry’ 13. Kenneth L.Judd (1985), ‘Credible Spatial Preemption’ C: VERTICAL DIFFERENTIATION 14. Michael Mussa and Sherwin Rosen (1978), ‘Monopoly and Product Quality’ 15. J.Jaskold Gabszewicz and J. F .Thisse (1979), ‘Price Competition, Quality and Income Disparities’ 16. Avner Shaked and John Sutton (1983), ‘Natural Oligopolies’ 17. Paul Champsaur and Jean-Charles Rochet (1989), ‘Multiproduct Duopolists’ 18. Shabtai Donnenfeld and Shlomo Weber (1992), ‘Vertical Product Differentiation with Entry’ VOLUME II PART 1 REPRESENTATIVE CONSUMER MODELS OF PRODUCT DIFFERENTIATION 1. Michael Spence (1976), ‘Product Selection, Fixed Costs, and Monopolistic Competition’ 2. Avinash K. Dixit and Joseph E. Stiglitz (1977), ‘Monopolistic Competition and Optimum Product Diversity’ 3. Xavier Vives (1985), ‘On the Efficiency of Bertrand and Cournot Equilibria with Product Differentiation’ 4. G.K.. Yarrow (1985), ‘Welfare Losses in Oligopoly and Monopolistic Competition’ PART 2 PROBABILISTIC MODELS OF PRODUCT DIFFERENTIATION 5. Jeffrey M. Perloff and Steven C. Salop (1985), ‘Equilibrium with Product Differentiation’ 6. Oliver D. Hart (1985), ‘Monopolistic Competition in the Spirit of Chamberlin: Special Results’ 7. Raymond Deneckere and Michael Rothschild (1992), ‘Monopolistic Competition and Preference Diversity’ 8. Simon P. Anderson and André de Palma (1992), ‘Multiproduct Firms: A Nested Logit Approach’ 9. Andrew Caplin and Barry Nalebuff (1991), ‘Aggregation and Imperfect Competition: On the Existence of Equilibrium’ PART 3 PRODUCT DIFFERENTIATION AND NON-PRICE COMPETITION 10. Anthony Downs (1957), ‘An Economic Theory of Political Action in a Democracy’ 11. B. Curtis Eaton and Richard G. Lipsey (1975), ‘The Principle of Minimum Differentiation Reconsidered: Some New Developments in the Theory of Spatial Competition’ 12. A. Denzau, A. Kats and S. Slutsky (1985), ‘Multi-Agent Equilibria with Market Share and Ranking Objectives’ PART 4 PRODUCT DIFFERENTIATION IN INTERNATIONAL TRADE 13. Paul Krugman (1980), ‘Scale Economies, Product Differentiation, and the Pattern of Trade’ 14. Elhanan Helpman (1981), ‘International Trade in the Presence of Product Differentiation, Economies of Scale and Monopolistic Competition: A Chamberlin-Hecksher-Ohlin Approach’ 15. Bruce R. Lyons (1984), ‘The Pattern of International Trade in Differentiated Products: An Incentive for the Existence of Multinational Firms’ 16. Avner Shaked and John Sutton (1984), ‘Natural Oligopolies and International Trade’ PART 5 PRODUCT DIFFERENTIATION AND MARKETING 17. Daniel McFadden (1980), ‘Econometric Models for Probabilistic Choice Among Products’ 18. John Hauser (1980), ‘Comments on “Econometric Models for Probabilistic Choice Among Products’ 19. Allan D. Shocker and V. Srinivasan (1974), ‘A Consumer-Based Methodology for the Identification of New Product Ideas’ 20. S. Chan Choi, Waynes S. DeSarbo and Patrick T. Harker (1990), ‘Product Positioning Under Price Competition’

Read more less

Book SynopsisThis important volume of original essays by a distinguished group of scholars from the evolutionary, institutional and socio-economic schools makes a major contribution to the reconstruction of political economy as an evolutionary science. The book explores the consequences of adopting a broader approach to economics taking into account issues such as historical time and change, individual-institutional interaction, uncertainty and procedural rationality. This carefully edited selection of papers focuses on four themes: theoretical foundations, policy making, empirical enquiry and modelling. A political economy of diversity is advocated by the contributors with analytical specificity and originality applied to a series of topics including industrial and market restructuring, technological change, ecological sustainability, development, monetary aggregates and governmental policy making. By recognising the importance of accepting diversity and complexity when applying economic analysis, this unique and provocative volume makes a seminal contribution at the frontiers of economic theory and identifies a common theme in non-orthodox scholarship.Trade Review'Overall, this volume effectively illustrates the continuing creativity of heterodox evolutionary economists. The authors are not afraid to take risks in pushing hard for fresh ideas and new ways of tackling policy problems. . . . These essays are well-grounded in modern social science, bristle with originality, address crucial methodological and theoretical issues, and do not shy from modern technical models.'Table of ContentsContents: Part I: Foundations Part II: Policy Making Part III: Enquiry Part IV: Modelling Index

Read more less

Book SynopsisMax Weber, recognized as one of the world's most important sociologists, saw his life's work as nothing less than the comparative analysis of world civilizations. Above all, he was fascinated by the differing historical paths traced by Western civilization and the civilizations of the East. In his famous essay, The Protestant Ethic and the Spirit of Capitalism, he addressed the forces behind that dramatic and enormous transformation of human life and society known as the Industrial Revolution. Weber's thesis proposes a causal link between the forces of the 'protestant ethic' and the 'spirit of capitalism' that lay behind the Industrial Revolution.This important book offers a sophisticated analysis of Weber's key concepts and an in-depth study as to their formulation in the early modern period. Michael Lessnoff proposes an original and essential distinction between the protestant 'work' and 'profit' ethics and examines the logical relation between them. He looks at Adam Smith's work on the relation between morals and capitalism, comparing Smith's 'spirit of capitalism' to Weber's. Lessnoff also considers the significance of the 'protestant ethic' in the modern world. As one of the first books of its kind to offer a complex analysis of the Weber thesis and using a large body of previously neglected evidence, The Spirit of Capitalism and the Protestant Ethic will be welcomed by historians of religion and economics and by all sociologists.Trade Review'Lessnoff's book is recommended to all who are seeking a short and carefully constructed tour guide into Weber's remarkable piece of intellectual history.' -- William N. Parker, Journal of Economic HistoryTable of ContentsWhat the Weber thesis is, and what it is not; the pre-Reformation background; Weber's primary Protestant ethic - the work ethic; Weber's secondary Protestant ethic - the profit ethic; the Westminster Assembly's "Shorter Catechism" and its sources; the spirit of capitalism and the Protestant ethic; postscript on the modern world. Appendices: the Glasgow city motto - an epitome of the Weber thesis?; list of Protestant catechisms that discuss the Decalogue's commandment against stealing.

Read more less

Book SynopsisAmerican Economists of the Late Twentieth Century is a collection of essays on the work of 22 contemporary US economists. The essays summarize, place in perspective and appraise the work of a diverse array of accomplished scholars whose writings respresent the best, the most promising and the most innovative in the US. The economists whose work is discussed include Samuel Bowles and Herbert Gintis, Paul Davidson, Nancy Folbre, Robert H. Frank, Robert Heilbroner, David Kahneman and Amos Tversky, Paul Krugman, William Lazonick, Gregg Lewis, Richard R. Nelson and Sidney G. Winter, Mancur Olson, Nathan Rosenberg, Thomas Schelling, Vernon Smith, Robert A. Solo, Joseph Stiglitz, Richard Thaler, Lester Thurow and Oliver E. Williamson. The emphasis of the collection is on both the quality and diversity of the work - of different ways of doing economics as it is presently practised.Warren J. Samuels has brought together a series of original essays written by economists who are distinguished in their own right. Historians of economic thought, methodologists, general economists and specialists in the fields represented by the subjects will welcome American Economists of the Late Twentieth Century as a significant contribution to our understanding of contemporary American economic scholarship.Trade Review'Samuels has collected an excellent group of essays about important contemporary US economists. . . . this is a book that anyone interested in the debates or personalities of contemporary economics will enjoy.'Table of ContentsSamuel Bowles and Herbert Gintis; Paul Davidson; Nancy Folbre; Robert Frank; Robert Heilbroner; David Kahneman and Amos Tversky; Paul Krugman; William Lazonick; Gregg Lewis; Richard R. Nelson and Sidney Winter; Mancur Olson; Nathan Rosenberg; Thomas Schelling; Vernon Smith; Robert A. Solo; Joseph Stiglitz; Richard Thaler; Lester Thurow; Oliver Williamson.

Read more less

Book SynopsisIn Finance, Investment and Macroeconomics, Myron J. Gordon advances a theory of finance and investment under uncertainty and risk aversion which resolves problems left unsolved by Keynes in a manner consistent with his work. Keynes established that both the short-run and long-run performance of a capitalist system depend upon investment, but he failed to arrive at an alternative to the neoclassical theory of investment. Professor Gordon demonstrates that the extension of neoclassical theory to deal with uncertainty and risk aversion is based upon a string of assumptions which are empirically false. The competitive stationary state, the foundation for the neoclassical theory of a capitalist system, is shown to be unfeasible because it results in a very high probability of bankruptcy at the micro level and the system's early collapse on the macro level. Capitalists seeking long term survival are shown to be subject to a growth imperative, to the pursuit of monopoly power, and to a concern for financial policy. Later sections of the book discuss the consequences of this behaviour for short-run fluctuations and the long-run development of capitalist systems. This innovative book advances an important new theory of finance and investment which recognizes the problem of bankruptcy when the future is uncertain. It will be welcomed by both post Keynesian and neoclassical economists as a significant contribution to current economic understanding.Trade Review'This is an important book. . .' -- Basil J. Moore, Journal of Economic Literature'. . . the book provides interesting materials for the development of alternative economic theories.' -- Carlo Panico, The Manchester SchoolTable of ContentsContents: Part I: Introduction Part II: Neoclassical Theory Part III: A Post Keynesian Theory Part IV: A Theory of Economic Systems

Read more less

Book SynopsisItalian Economists of the 20th Century provides a unique up-to-date assessment and appreciation of the work of 12 pioneering economists. The essays - written by a group of leading international scholars - are a fitting tribute to the important contribution that Italian economists have made to twentieth century economics.This important book includes entries not only on familiar names such as Vilfredo Pareto, Piero Sraffa and Franco Modigliani, but also on less well known yet equally important economists. It demonstrates the rich intellectual tradition in Italy and its profound - yet often unrecognized - impact on economics in general.Trade Review’In a brief review of a fairly large volume it has not been possible to do justice to the richness of most of the chapters and the book can be recommended for closer study and for its useful guides for further primary and secondary materials. Many readers will benefit from it.’- Ian Steedman, History of Economic Thought NewsletterTable of ContentsContents: 1. Introduction: Two Glimpses (F. Meacci) 2. Vilfredo Pareto (A. Kirman) 3. Maffeo Pantaleoni (P.D. Groenewegen) 4. Enrico Barone (P.C. Dooley) 5. Antonio De Viti De Marco (O. Kayaalp) 6. Marco Fanno (R. Arena) 7. Luigi Einaudi (F. Meacci) 8. Costantino Bresciani Turroni (H.D. Kurz) 9. Piero Sraffa (B. Schefold) 10. Franco Modigliani (C. Dangel) 11. Paolo Sylos Labini (J. Halevi) 12. Pierangelo Garegnani (G. Mongiovi) 13. Luigi L. Pasinetti (J.R. Teixeira) Index

Read more less

Book SynopsisP.W.S. Andrews was a pioneer of fieldwork-based analysis of the behaviour of firms and of the normal cost/mark-up approach to pricing in oligopolistic markets, as well as a significant participant in debates about competition policy during the 1950s and 1960s. This important book includes essays and papers which are central to an understanding of Andrews’s work. The Economics of Competitive Enterprise commences with an example of his case study work and continues with chapters on costs and price setting, theories of the firm and competitive analysis, investment behaviour and aspects of competition in retail trade as well as essays on the methodology of industrial economics. Including previously unpublished material, such as a critique of the development of price theory and significant correspondence between Andrews and other leading economists, this volume offers a remarkable insight into the process of economic discourse since 1945. In addition to a full bibliography, the book also includes an extensive introductory essay by Frederic Lee as well as an epilogue by Peter Earl on the legacy of Andrews’s industrial economics.This book will be of interest to a wide range of readers in economics departments and business schools, including microeconomic analysts, industrial economists, historians of economic thought and marketing theorists.Table of ContentsReport from the "accountancy" side of the pilot inquiry into the relative efficiency of small and large scale businesses; a reconsideration of the theory of the individual business; industrial analysis in economics - with especial reference to Marshallian doctrine; the legacy of the 1930s in economics; the Netherlands lectures; some aspects of competition in retail trade; competition in retail trade; some aspects of capital development; competition in the modern economy; business profits and the quiet life; industrial economics as a specialist subject; industrial uses of economic theory; epilogue - whatever happened to P.W.S Andrews's industrial economics?, Peter E. Earl.

Read more less

Book SynopsisThe rapid development of a series of technologically advanced, industrial economies in the post-war period has challenged conventional understandings of economic growth. The emergence of these economies has reinvigorated the long-standing debate about why some countries grow quickly, and reach high levels of productivity, while others fall behind. Until the emergence of the new growth theory, few neoclassical economists focused upon this important issue despite the existence of a rich tradition among economic historians and economists from more heterodox traditions. The Dynamics of Technology, Trade and Growth draws upon contributions of scholars from different theoretical backgrounds to discuss why economies succeed, or fail, in creating the infrastructure, finance and technology to develop rapidly and 'catch-up' with others. After an overview by the editors of theoretical and practical developments in the economics of convergence and divergence, the book features chapters which discuss the origins of the post-war catch-up and convergence boom, convergence in trade and sectoral growth, capital accumulation, investment and resource allocation, specialization, technological change, and the potential contribution of information and communication technologies. The distinguished contributors bring together in one volume a breadth of scholarship on economic growth, convergence and divergence, ensuring that this book will be widely read by economists interested in growth, technical change and economic development.Trade Review'. . . engaging and stimulating group of essays. . . . this book is open and refreshing in the several ways it deals with our (still) substantial coefficient of ignorance. The theoretical contributions to this volume are equally compelling.' -- J.S. Metcalfe, Research Policy'This is an important and timely book arising from a conference in Norway on the relationship between technology, trade and economic growth edited by economists who themselves have made significant contributions to the literature and who provide a useful 20 page introduction to the volume with an extensive bibliography.' -- A.P. Thirlwall, The Economic Journal'Editors of this book, in their overview on The Economics of Convergence and Divergence have presented an excellent reiview by tracing back the major points of emphasis in different theoretical traditions. The book will definitely be useful for researchers in this area.' -- Pradosh Nath, Journal of Scientific and Industrial Research

Read more less

Book SynopsisThis two volume set brings together a key selection of papers written by Jacques J. Polak over the last 50 years in the fields of economics, econometrics and finance. Presented under five broad headings, the collection begins with his work on international and national business cycles - a subject on which the author worked with Nobel Prize winner Jan Tinbergen - problems of international trade and balance of payments adjustment. Later sections examine exchange rates and how they affect the balance of payments, inflation and hyperinflation; the monetary approach to the balance of payments, a subject that the author pioneered in the IMF and that became the framework of the conditionality of IMF credits; and international liquidity, with particular reference to the special drawing right (SDR). The final section features the author's essays on the international monetary system itself, including topics such as the international co ordination of national economic policies, the changes over time in the objectives of national policy making in the main industrial countries and reform of the system.Economic Theory and Financial Policy will be welcomed by researchers, students and practitioners concerned with economics, government finance, banking and international economic relations.Trade Review'In terms of the number of countries and people it has affected, Polak's work is the most important piece of macroeconomics since Keynes. As such it merits substantial respect.' -- Lance Taylor, New School for Social Research, US'This collection contains a wealth of insights for theoreticians and policymakers alike, and is a must for readers interested in international economic and monetary theory and policy.' -- Manuel Guitian, Finance and Development'The two volumes containing the selected essays of the godfather of the IMF Research Department are remarkably up to date and refreshing. . . . highly recommended reading in the history of our science and contain a number of intellectual achievements which have lost nothing of their relevance.' -- Casper De Vries, Economic JournalTable of ContentsPart 1 Business cycles, trade and the balance of payments. Part 2 Exchange rates. Part 3 The monetary approach to the balance of payments. Part 4 International liquidity. Part 5 The international monetary system.

Read more less

Book SynopsisThe History of Economics, the second volume of Takashi Negishi's collected essays, contains essays on the history of economics published over a period of 10 years.The range of topics covered in this volume is very wide, with essays and papers on Quesnay, Smith and the classical school, the Marxian school, the marginal revolution, Bohm-Bawerk and Wicksell, and Walras and Marshall. Some of these essays have made seminal contributions and have been widely cited while others were published in journals and festschrifts which are no longer easily available.Professor Negishi has prepared an introduction to this volume in which he discusses the contributions he made in these essays in the light of the most recent developments in the field.Trade Review'. . . a stimulating intellectual challenge to many readers.' -- Ian Steedman, The Manchester SchoolTable of ContentsPart 1 Classical and Marxian economics: expenditure patterns and international trade in Quesney's tableau economique; the role of demand in Adam Smith's theory of natural price; the labour theory of value in the Ricardian theory of international trade; Ricardo and Morishima on machinery; comments on Ekelund "Mill's Recantation of the Wages Fund"; Thornton's criticism of equilibrium theory and mill; on equilibrium and disequilibrium - a reply to Ekelund and Thommesen; F.D. Longe and refutation of classical theory of capital; Marx and Bohm-Bawerk in the theory of interest; Marx and Bohm-Bawerk; Samuelson, Saigal and Emmanuel's theory of international unequal exchange. Part 2 Marginal revolution and after: studies of von Thunen in Japan; a note on Jevons's law of indifference and competitive equilibrium; competition and the number of participants - lessons of Edgeworth's theorem; Bertrand's duopoly considered as an Edgeworth's game of exchange; non-Walrasian foundations of macroeconomics; Wicksell's missing equation - a comment; Wicksell's missing equation and Bohm-Bawerks three causes of interest in a stationary state; economic structure and the theory of economic equilibrium; on the non-existence of equilibrium; comment, minisymposium, the history of economics and the history of science.

Read more less

Book SynopsisDoing Economic Research brings together a series of authoritative and illuminating essays by Thomas Mayer which bridge the gap between the abstract work of methodology and the practical research problems that concern the professional economist. Arguing that methodologists should pay more attention to the day-to-day problems that face practising economists, Professor Mayer illustrates how simple methodological considerations can clarify a series of issues in applied economics. In particular, he offers a defence of positivism in economics and counters the argument that economics is not an empirical science. Specific essays reassess debates about microfoundations and Ricardian equivalence, consider whether assumptions should be realistic, question whether recent improvements in techniques have helped to resolve the monetarist debate, discuss the role of consumer theory and deal with some key issues in econometric practice.Doing Economic Research differs from other work on economic methodology by focusing on specific issues of concern to applied economists, such as whether the failure of consumer choice theory on experimental tests matters. Applied economists and methodologists will welcome the book's direct, down-to-earth manner and the way in which Professor Mayer's ideas are applied to contemporary economic research.Trade Review'An excellent volume of papers which covers various topics in the applied methodology of economics. . .' -- Aslib Book Guide'. . . this is a thought-provoking collection on economic methodology and well worth reading.' -- John Hillard, The Manchester School'This is an excellent volume and Mayer argues his case persuasively.The reader is carried effortlessly between economic and philosophical topics, and a proper balance is maintained throughout. . . . I strongly recommend this book. . .' -- D. Wade Hands, Journal of Economic Literature'Mayer demonstrates the vitality of his theme with a succession of insights about current controversies (theoretical and empirical, macro ad micro). Methodologists will be pleased with Mayer's consistent ability to link these practical insights to "deeper" principles. The pragmatic working economist, meanwhile, will find the insights interesting in their own right (and also may come away with a deeper respect for methodological inquiry). This book will make enjoyable, stimulative reading for methodologists and working economists alike.' -- Michael R. Montgomery, Southern Economic JournalTable of ContentsContents: Preface 1. Introduction 2. Methodologists and the Practicing Economist: A Plea for Collaboration 3. Positivism and Economics 4. How Much do Micro-Foundations Matter? 5. The Debate about Ricardian Equivalence 6. The Hidden Persuaders 7. On the Realism of Assumptions 8. The Monetarist Debate and the New Methodology 9. What do Economists Think of their Econometrics? 10. Insignificant Coefficients 11. Seeing Ourselves as Others see us: Rosenberg’s Views of Economics 12. A Note on Consumer Choice Theory 13. Keeping Poor Relations at Bay: Economics as an Isolated Science Index

Read more less

Book SynopsisMonetarism and the Methodology of Economics is a collection of 14 original essays in honour of Thomas Mayer focusing on the themes of monetarism, the transmission mechanism for monetary policy, the political economy of monetary policy and the methodology of empirical economics.This volume addresses the many areas where Thomas Mayer has made a major contribution and brings together a distinguished group of contributors including King Banaian, Mark Blaug, Martin Bronfenbrenner, Richard C.K. Burdekin, Thomas F. Cargill, Milton Friedman, C.A.E. Goodhart, D. Wade Hands, Abraham Hirsch, Kevin D. Hoover, David Laidler, Thomas Mayer, James L. Pierce, Steven M. Sheffrin, Richard J. Sweeney, Thomas D. Willett, Wing Thye Woo. An autobiographical essay by Thomas Mayer and a short appreciation by Kevin Hoover and Steven Sheffrin are included in this volume, together with a bibliography of Mayer's economic writings.Trade Review'It is an excellent and well written group of essays, superbly edited by two of Mayer's colleagues, Kevin Hoover and Steven Sheffrin. . . in many ways this volume mirrors Mayer's vision of how economics ought to be practiced. What a thoughtful way to honor a meticulous, scholarly, and prolific colleague.' -- James R. Wible, Eastern Economic JournalTable of ContentsPart 1 Reflections: Thomas Mayer: an appreciation, Kevin D. Hoover and Steven M. Sheffrin; getting older, but not much wiser, Thomas Mayer. Part 2 Monetarism: monetarism - the good, the bad and the ugly, James L. Pierce; is the quantity theory of money true? Mark Blaug Part 3 The transmission mechanism: Say's law extended - an expository approach, Martin Bronfenbrenner; why do agents hold money, and why does it matter? David Laidler; money supply control - base or interest rates? C.A.E. Goodhart; monetary policy, wealth effects and the transmission mechanism, Richard J. Sweeney; using existing financial repression to blunt the Dutch disease - a missed opportunity in Indonesia, Womg Thye Woo; identifying monetary and credit shocks, Steven M. Sheffrin. Part 3 The political economy of monetary policy: monetary system for a free society, ,ilton Friedman; on the political economy of central bank independence, King Banaian, Richard C.K. Burdekin, and Thomas D. Willet; the bank of Japan and federal reserve - an essay on central bank independence, Thomas F. Cargill. Part 4 The Methodology of empirical macroeconomics: John Stuart Mill and the problem of induction, Abraham Hirsch; the methodology of empirical science economics - a closer look, D.Wade Hands; in defence of data mining - some preliminary thoughts, Kevin D. Hoover.

Read more less

Book SynopsisThis lucid, up-to-date book takes a fresh look at the application of cost-benefit analysis (CBA) to environmental problems ranging from wildlife protection to global warming. Cost-Benefit Analysis and the Environment is structured into two parts. Part one provides a critical up-to-date account of the theory and practice of CBA as applied to the environment. Part two focuses on a number of specific case studies, in particular ozone damage to agricultural crops, wilderness land use, recreation and nitrate pollution. The application of CBA to the greenhouse effect is used to illustrate the limitations of the method. The book summarizes the major problems CBA faces in environmental application. This book will be highly relevant for the growing number of undergraduate and post-graduate courses in environmental economics and management, as well as being of interest both to academics researching in these areas, and to other professionals concerned with project appraisal and the environment.Trade Review'. . . a rewarding reference and an invaluable teaching text, and one which should capture students' imaginations and interests in environmental economics.'

Read more less

Book SynopsisDo public goods and services, such as streets, parks and dams have to be provided by government? In Public Goods and Private Communities, Fred Foldvary's innovative application of public choice and spatial theory to questions of urban economics and governance shows how collective goods can be provided by agents in a market process.Rejecting the market-failure hypothesis, Dr Foldvary argues that an entrepreneur can provide collective goods by consensual community agreements. Instead of focusing particular services, as previous studies have done, this book concerns itself with entire private communities. A series of case studies demonstrates how real world communities, such as Walt Disney World, the Reston Association in Virginia and the private neighbourhoods of St Louis, are in fact financing their own public goods and services in accordance with this theory. For such communities to rise and prosper, the author contends, government must eliminate restrictions such as zoning as well as the taxation of private services. After considering the implications of his work for urban economies - at a time when many of America's cities are plagued by decay, violence and poverty - Dr Foldvary argues that prosperity can be restored to cities if private communities are allowed to develop. As an original response to an urgent, contemporary problem this well-written book will be welcomed by social scientists, policy makers and business leaders seeking solutions to problems of urban decay.Trade Review'Foldvary's book provides an interesting and exciting contribution to ongoing discussions on deregulation, privatization, and constitutions, taking place not only in the United States but in European countries and especially within the European Union as well. Readers interested in these topics will find the book of great interest.' -- Olivier Binet, Kyklos'. . . there is much of interest in this small volume. . . . Foldvary's contribution raises some provocative issues and offers some insights into how we provide shared goods and services in a variety of nontraditional settings.' -- Holley H. Ulbrich, American Journal of Agricultural Economics'Foldvary has written an admirably substantive work. It conveys much fresh and enthusiastic thinking, and it reports solid research on specific projects. His work stands in admirable contrast with several "Austrian" writings that paw away, abstractly and ineffectually, at the very concepts of public goods and market failure and even of externalities.' -- Leland B. Yeager, Auburn University, Alabama, US'The book contributes a significant argument to debates over the limits to government and the increasing privatization of society.' -- R.A. Beauregard, Social & Behavioral Sciences'Fred Foldvary has made a valuable contribution to the economic literature on public goods and public finance. If it is fully appreciated by the economics profession it could revolutionize and dramatically improve the study of urban economics specifically and public economics in general'. -- Roy E. Cardato, The Freeman'The author uses several case studies to lend an empirical foundation to this innovative thesis which, in turn , is cogently presented in this well written book.' -- Vani Borooah, Economic Journal'The most pleasing element of Foldvary's work is the wonderful streak of Utopianism which runs throughout. As Hayek noted some 30 years ago, advocates of the liberal order are often negative and defensive in their style. Here is a positive vision of how the future could be, of which all liberals can be proud.' -- Mark Pennington, Economic Affairs

Read more less

Book SynopsisThis title appears exactly 20 years after the publication of Altruism, Morality and Economic Theory, an important volume edited by E.S. Phelps which contains the proceeding of a conference where social scientists and philosophers met to speculate on the roles that altruism and morality play in shaping human behaviour and economic institutions within our societies. Until recently this discipline was considered of minor importance - now there is clear evidence of its growing interest.This an important volume contains the major articles on the economics of altruism published since 1975. The articles are grouped under 6 headings: the emergence of altruistic behaviour, varieties of altruism, the relevance of altruism and selfishness, altruism and allocation of resources, evolutionary dynamics of altruism, extended rationality and altruistic behaviour. The Economics of Altruism will be welcomed by all those with an interest in economics, philosophy, psychology and sociology.Trade Review'Professor Zamagni deserves high praise for his efforts bringing together a coherent critique of the conventional formulation of rationality in economics. . . . this volume will serve as a very useful introduction to the broad potential for future work in the economics of altruism.' -- Theodore Tsukahara Jr., Kyklos'The importance of bringing together such a span of ideas regarding one of the most problematic aspects of economic theory cannot be overstated.'– Amos Witztum, The Economic JournalTable of ContentsCONTENTS PART I THE EMERGENCE OF ALTRUISTIC BEHAVIOUR 1. Mordecai Kurz (1978), ‘Altruism as an Outcome of Social Interaction’ 2. Martin L. Hoffman (1981), ‘Is Altruism Part of Human Nature?’ 3. Dennis Krebs (1982), ‘Psychological Approaches to Altruism: An Evaluation’ 4. Robert H. Frank (1987), ‘If Homo Economicus Could Choose His Own Utility Function, Would He Want One with a Conscience?’ 5. Nancy Eisenberg and Paul A. Miller (1987), ‘Empathy, Sympathy, and Altruism: Empirical and Conceptual Links’ PART II VARIETIES OF ALTRUISM 6. Amartya Sen (1985), ‘Goals, Commitment, and Identity’ 7. Jack Hirshleifer (1977), ‘Shakespeare vs. Becker on Altruism: The Importance of Having the Last Word’ 8. David Collard (1975), ‘Edgeworth’s Propositions on Altruism’ 9. Ian Steedman (1989), ‘Rationality, economic man and altruism in P. H. Wicksteed’s Common Sense of Political Economy’ 10. David Miller (1988), ‘Altruism and the Welfare State’ 11. David Collard (1992), ‘Love is Not Enough’ PART III THE RELEVANCE OF ALTRUISM AND SELFISHNESS 12. Thomas C. Schelling (1978), ‘Altruism, Meanness, and Other Potentially Strategic Behaviors’ 13. Peter J. Hammond (1987), ‘Altruism’ 14. Dennis C. Mueller (1986), ‘Rational egoism versus adaptive egoism as fundamental postulate for a descriptive theory of human behavior’ 15. M. Teresa Lunati (1992), ‘On Altruism and Cooperation’ 16. John Hudson and Philip Jones (1994), ‘The Importance of the “Ethical Voter”: An Estimate of “Altruism:”’ PART IV ALTRUISM AND ALLOCATION OF RESOURCES 17. Gary S. Becker (1981), ‘Altruism in the Family and Selfishness in the Market Place’ 18. Robert Sugden (1982), ‘On the Economics of Philanthropy’ 19. David A. Collard (1983), ‘Economics of Philanthropy: A Comment’ 20. Serge-Christophe Kolm (1983), ‘Altruism and Efficiency’ 21. Assar Lindbeck and Jörgen W. Weibull (1988), ‘Altruism and Time Consistency: The Economics of Fait Accompli’ 22. B. Douglas Bernheim and Oded Stark (1988), ‘Altruism Within the Family Reconsidered: Do Nice Guys Finish Last?’ 23. Oded Stark (1989), ‘Altruism and the Quality of Life’ PART V EVOLUTIONARY DYNAMICS OF ALTRUISM 24. Gary S. Becker (1976), ‘Altruism, Egoism, and Genetic Fitness: Economics and Sociobiology’ 25. Paul A. Samuelson (1993), ‘Altruism as a Problem Involving Group versus Individual Selection in Economics and Biology’ 26. Theodore C. Bergstrom and Oded Stark (1993), ‘How Altruism Can Prevail in an Evolutionary Environment’ 27. Herbert A. Simon (1990), ‘A Mechanism for Social Selection and Successful Altruism’ 28. Oded Stark (1993), ‘Nonmarket transfers and altruism’ PART VI EXTENDED RATIONALITY AND ALTRUISTIC BEHAVIOUR 29. Albert O. Hirschman (1992), ‘Against Parsimony: Three Easy Ways of Complicating Some Categories of Economic Discourse’ 30. J. Philippe Rushton (1982), ‘Altruism and Society: A Social Learning Perspective’ 31. Elias L. Khalil (1990), ‘Beyond Self-Interest and Altruism, A Reconstruction of Adam Smith’s Theory of Human Conduct’ 32. Israel M. Kirzner (1990), ‘Self-Interest and the New Bashing of Economics: A Fresh Opportunity in the Perennial Debate?’ 33. Robert H. Frank, Thomas Gilovich, and Dennis T. Regan (1993), ‘Does Studying Economics Inhibit Cooperation?’

Read more less

Book SynopsisThis reference collection brings together major papers and essays on long wave or Kondratieff cycles.Edited by Christopher Freeman, Long Wave Theory includes both early contributions and work deriving from the revival of interest in the 1970s and 1980s. This authoritative volume reproduces key papers on the connection between innovation and long wave theory, the statistical debate about long wave theory and recent work on its use as a forecasting tool. It includes the first ever English translation of Van Gelderen's classic paper.As well as Van Gelderen's pioneering 1913 article - translated and introduced by Bart Verspagen - this collection features the major contributions to the contemporary debate drawn from a wide range of journals and publications. Authors whose work is reproduced in this volume include Jan Tinbergen, Andrew Tylecote, Nathan Rosenberg, Ernest Mandel and Helga Nowotny.Table of Contents33 articles dating from 1913 to 1993 Contents: Introduction Part I: Early Contributions to Long Wave Theory Part II: Renaissance of the Long Wave Debate in the 1970s and 1980s Part III: Innovation and Long Wave Theories Part IV: The Statistical Debate Part V: Long Waves in Retrospect and Prospect in the 1990s Index

Read more less

Book SynopsisThis volume contains a selection of articles on and by Nicholas Kaldor which concentrate on his theoretical and applied economics of growth. Part 1 features an autobiographical article by Kaldor, three biographical sketches, and a hitherto unpublished conversation with A.P. Thirlwall on Kaldor's life and work. Part 2 includes his early contributions to steady-state growth theory, including two of his best-known models, a number of critical appraisals, and Kaldor's replies. Part 3 deals with his long flirtation with Verdoorn's Law, while the articles in Part 4 cover the last stage of Kaldor's thinking on growth and concentrate on world economy models of increasing returns and export-constrained growth.Trade Review'This is a well-edited book in which the interested reader can find almost all the important papers on the Kaldorian approach to economic growth. Thus the book merits a place in the library of all those who are seriously interested in theoretical and empirical aspects of the subject.' -- S.A. Drakpoulos, Economic JournalTable of ContentsPART I NICHOLAS KALDOR 1. Nicholas Kaldor (1986), ‘Recollections of an Economist’ 2. Luigi L. Pasinetti (1983), ‘Nicholas Kaldor: A Few Personal Notes’ 3. G.C. Harcourt (1988), ‘Nicholas Kaldor, 12 May 1908 - 30 September 1986’ 4. Mark Blaug (1990), ‘Nicholas Kaldor, 1908 - 86’ 5. A.P. Thirlwall (1992), ‘Talking About Kaldor’ PART II THE CAMBRIDGE GROWTH THEORIST 6. Nicholas Kaldor (1954), ‘The Relation of Economic Growth and Cyclical Fluctuations’ 7. Nicholas Kaldor (1957), ‘A Model of Economic Growth’ 8. Nicholas Kaldor and James A. Mirrlees (1962), ‘A New Model of Economic Growth’ 9. Kurt W. Rothschild (1959), ‘The Limitations of Economic Growth Models: Critical Remarks on Some Aspects of Mr. Kaldor’s Model’ 10. Ronald Findlay (1960), ‘Economic Growth and the Distributive Shares’ 11. Nicholas Kaldor (1960), ‘A Rejoinder to Mr. Findlay’ 12. José Encarnación, Jr. (1962), ‘Overdeterminateness in Kaldor’s Growth Model’ 13. N. Kaldor (1962), ‘Overdeterminateness in Kaldor’s Growth Model: A Comment’ 14. G.C. Harcourt (1963), ‘A Critique of Mr. Kaldor’s Model of Income Distribution and Economic Growth’ 15. K. Kubota (1968), ‘A Re-Examination of the Existence and Stability Propositions in Kaldor’s Growth Models’ 16. B.T. McCallum (1969), ‘The Instability of Kaldorian Models’ 17. D. Mario Nuti (1969), ‘The Degree of Monopoly in the Kaldor-Mirrlees Growth Model’ 18. Joan Robinson (1969), ‘A Further Note’ 19. Nicholas Kaldor (1970), ‘Some Fallacies the Interpretation of Kaldor’ 20. K. Kubota (1970), ‘A Comment on Kaldor’s Note’ 21. D.G. Champernowne (1971), ‘The Stability of Kaldor’s 1957 Model’ 22. F.H. Hahn (1989), ‘Kaldor on Growth’ PART III THE ROMANCE WITH VERDOORN 23. Nicholas Kaldor (1966), ‘Causes of the Slow Rate of Economic Growth of the United Kingdom’ 24. J.N.Wolfe (1968), ‘Productivity and Growth in Manufacturing Industry: Some Reflections on Professor Kaldor’s Inaugural Lecture’ 25. Nicholas Kaldor (1968), ‘Productivity and Growth in Manufacturing Industry: A Reply’ 26. Jorge M. Katz (1968), ‘“Verdoorn Effects”, Returns to Scale, and the Elasticity of Factor Substitution’ 27. R.E. Rowthorn (1975), ‘What Remains of Kaldor’s Law?’ 28. Nicholas Kaldor (1975), ‘Economic Growth and the Verdoorn Law: A Comment on Mr. Rowthorn’s Article’ 29. R.E. Rowthorn (1975), ‘A Reply to Lord Kaldor’s Comment’ 30. John Cornwall (1976), ‘Diffusion, Convergence and Kaldor’s Laws’ 31. A. Parikh (1978), ‘Differences in Growth Rates and Kaldor’s Laws’ 32. R.E. Rowthorn (1979), ‘A Note on Verdoorn’s Law’ 33. P.J.Verdoorn (1980), ‘Verdoorn’s Law in Retrospect: A Comment’ 34. A.P. Thirlwall (1980), ‘Rowthorn’s Interpretation of Verdoorn’s Law’ 35. P. Stoneman (1979), ‘Kaldor’s Law and British Economic Growth: 1800-1970’ 36. J.S.L. McCombie (1980), ‘On the Quantitative Importance of Kaldor’s Laws’ 37. M. Chatterji and M. Wickens (1981), ‘Verdoorn’s Law - The Externalities Hypothesis and Economic Growth in the U.K.’’ 38. N. Kaldor (1981), ‘Discussion’ [of Chatterji and Wickens] 39. J.S.L.McCombie (1981), ‘What Still Remains of Kaldor’s Laws?’ 40. A.P. Thirlwall (1983), ‘Introduction’ [to ‘Symposium on Kaldor’s Growth Laws]’ 41. A.P. Thirlwall (1983), ‘A Plain Man’s Guide to Kaldor’s Growth Laws’ PART IV INCREASING RETURNS, DECREASING RETURNS AND CUMULATIVE CAUSATION 42. Nicholas Kaldor (1970), ‘The Case for Regional Policies’ 43. R. Dixon and A.P. Thirlwall (1975), ‘A Model of Regional Growth-Rate Differences on Kaldorian Lines’ 44. Nicholas Kaldor (1979), ‘Equilibrium Theory and Growth Theory’ 45. Nicholas Kaldor (1986), ‘Limits on Growth’ 46. Ferdinando Targetti (1985), ‘Growth and the Terms of Trade: A Kaldorian Two Sector Model’ 47. A.P. Thirlwall (1986), ‘A General Model of Growth and Development on Kaldorian Lines’ 48. David Canning (1988), ‘Increasing Returns in Industry and the Role of Agriculture in Growth’ 49. H. Molana and D. Vines (1989), ‘North-South Growth and the Terms of Trade: A Model on Kaldorian Lines’ 50. Amitava Krishna Dutt (1992), ‘A Kaldorian Model of Growth and Development Revisited: A Comment on Thirlwall’ 51. A. P. Thirlwall (1992), ‘A Kaldorian Model of Growth and Development Revisited: A Rejoinder to Dutt’

Read more less

Book SynopsisConsumer Theory brings together in one volume the most significant contributions to the subject by leading scholars. Ranging over the period from 1915 to the present, the articles explore the foundations of neoclassical theory and discuss preference and the structure of preferences. The book investigates extensions and modifications to the basic neoclassical theory, including consumption as production, intertemporal choice and the problems of uncertainty and risk. This authoritative anthology gives a comprehensive overview and will be an essential reference source for consumer theory.Trade Review'This excellent volume provides a selection of original articles covering the most important ideas in this field over the last fifty years.' -- Aslib Book GuideTable of ContentsContents: Introduction Part I: Foundations of Neo-Classical Theory Part II: Revealed Preference Part III: Preference, Utility and Rationality Part IV: Aggregate Demand Part V: The Structure of Preferences Part VI: Consumption as Production Part VII: Intertemporal Choice Part VIII: Durable Goods Part IX: Uncertainty Part X: Special Cases Index

Read more less

Book SynopsisThis collection of Malcolm Sawyer's essays develops the post Keynesian analyses of unemployment, imperfect competition and macroeconomics. This important volume focuses on the causes of unemployment, a central concern of contemporary post Keynesian economics whose origins can be dated from the response to the high levels of unemployment during the 1930s. After explaining why conventional economic analysis cannot properly comprehend the phenomenon of unemployment, Professor Sawyer's book explores the relationship between demand-side and supply-side causes and argues for the relevance of both for the analysis of unemployment. Other issues discussed include the relationship between macroeconomics and imperfect competition, the post Keynesian approach to pricing and post Keynesian perspectives on industrial economics.Unemployment, Imperfect Competition and Macroeconomics, critically but sympathetically, evaluates and extends the contribution of post Keynesian analysis, and discusses the problems which those analyses face. Bringing together contributions from a major scholar working in this field, the book will be welcomed by all those interested in the post Keynesian approach and the contributions it can make to economic analysis.Trade Review'A first-class collection of essays from a noted scholar in this field, which develops the post Keynesian analyses of these topics.' -- Aslib Book Guide'These essays provide an informed view of the state of post Keynesian economics.' -- G.R. Steele, International Journal of Manpower'Malcolm Sawyer is the second sort of economist par excellence. Industrious, humane, lucid, he gets on with the job without any fuss at all. . . . Those who wish to know how modern economies actually work, especially with regard to pricing, distribution and unemployment, and who most contributed in realistic ways to our understanding, need go no further than, Unemployment, Imperfect Competition and Macroeconomics. It is a model of relevance, clarity, generosity to others and basic human decency.' -- G.C. Harcourt, The Manchester SchoolTable of ContentsContents: 1. Introduction 2. Unemployment and the Dismal Science 3. Post Keynesian Macroeconomics: A Survey 4. Post Keynesian Economics: the State of the Art 5. Conflict and Aggregate Demand in Post Keynesian Economics: the Problem of Over-Determinacy 6. The Relationship Between Imperfect Competition and Macroeconomic Analysis 7. On the Relationship Between Keynes’s Macroeconomic Analysis and theories of imperfect Competition 8. On the Origins of Post Keynesian Pricing Theory and Macroeconomics 9. Post Keynesian Analysis and Industrial Economics 10. Prices, Pricing, Capacity Utilisation and Unemployment in the Post Keynesian Traditions Index

Read more less

Book SynopsisTechnical change and its relationship to economic growth are now at the forefront of research in economics. This important book - which contains contributions from leading economists - provides an invaluable state-of-the-art survey and analysis of the most recent work in this area. The book sheds new light on such major themes and issues as: the sources of technological knowledge and growth and time patterns in the growth and innovation process. It also addresses the role of national institutions and social infrastructure in growth, convergence and divergence in the world economy from both the modelling and the empirical perspectives, and the microfoundations of technology diffusion and learning by doing.The Economics of Growth and Technical Change will be essential reading for all economists with an interest in the economics of innovation and economic growth.Table of ContentsContents: Introduction Part I: The Technology –Growth Interaction Part II: International Disparities in Growth and Technological Performance Part III: Microeconomic Foundations of Growth an Technological Diffusion Index

Read more less

Book SynopsisThis is the first extensive treatment from a modern Austrian perspective of the history of economic thought up to Adam Smith and as such takes into account the profound influence of religious, social and political thought upon economics. In Economic Thought before Adam Smith, Murray Rothbard contends that laissez-faire liberalism and economic thought itself began with the Catholic scholastics and early Roman and canon law, rather than with Adam Smith. The scholastics, he argues, established and developed the subjective utility and scarcity theory of value, as well as the theory that prices, or the value of money, depend on its supply and demand. This continental, or 'pre-Austrian' tradition, was destroyed, rather than developed, by Adam Smith whose strong Calvinist tendencies towards glorifying labour, toil and thrift is contrasted with the emphasis in Scholastic economic thought towards labour in the service of consumption.Tracing economic thought from the Greeks to the Scottish Enlightenment, this book is notable for its inclusion of all the important figures in each school of thought with their theories assessed in historical context. Classical Economics, the second volume of Professor Rothbard's history of economic thought from an Austrian perspective, is also available.Trade Review'Rothbard's two-volume history of economic thought will inspire much fruitful discussion . . . Works that combine so much scholarship, clarity, freshness, and courage have become rare in economics.' -- Paul Heyne, The Independent Review'. . . the magnitude of Rothbard's achievement was such that his legacy is assured; his contribution to the cause of liberty in America will not only endure but continue to grow in stature. As an economist, he succeeded in firmly establishing the Austrian school of economics in America, expanding and refining the legacy of his own mentor, the great Ludwig von Mises.' -- Justin Raimondo, Chronicles'To say that Murray Rothbard wrote with a polemical flair is an understatement of astonishing proportions. . . . The volumes are beautifully produced by Edward Elgar and anyone interested in Rothbard's thought, the history of economic liberalism, and the history of economic thought in general, will want these volumes in their personal collection. An Austrian Perspective on the History of Economic Thought is vintage Rothbard, which means that the volumes are very readable, always unique in interpretation. . . . In short Rothbard's An Austrian Perspective on the History of Economic Thought is a major contribution to the history of economic thought in general, and to Austrian economics in particular, and it deserves a wide circulation. It ranks with the contributions to intellectual history - not as a textbook of the wrong opinions of dead men, but as an original theoretical work whose intellectual story, if listened to, would surely overturn the received wisdom of our day and lead to a major recasting of the disciplines of economics and of political economy.' -- Peter J. Boettke, Economic Affairs'. . . no review can do justice to the scores and scores of insights and scholarly discoveries in this volume. . . . Murray Rothbard's two volumes are a monument of twentieth century scholarship.' -- David Gordon, The Mises Review'. . . the most readable history of economic thought ever written. . .' -- Michael Prowse, America'. . . it provides an extremely wide-ranging treatment of the periods and topics it covers. . . . this is a controversial book, written from a clear-cut standpoint. . . . an extremely exciting, even brilliant book.' -- Roger E. Backhouse, History of Economic Thought'. . . consistently interesting and provocative - a pleasure to read. If you want a basic introduction to the development of economic ideas up to the mid-ninteenth century, I can't think of a more stimulating and enjoyable way to get it. Rothbard delivers his message in a bombastic and prophetic manner, condemning all the huge mistakes of his predecessors and never revealing a moment of self-doubt. This is not the meticulous and carefully qualified tone of a philosopher in the natural law tradition such as Aquinas; it is the voice of a Luther or a marx.' -- Robert H. Nelson, Liberty'Rothbard - not just the libertarian guru but the joyful and indefatigable scholar - makes the thinkers even of reputedly dreary epochs come alive. . . Rothbard's work helps underline why economists should study the history of thought. . . Rothbard's work will provide inspiration for rising generations of Austrian economists.' -- Leland B. Yeager, The Review of Austrian Economics'Rothbard's treatise makes a good case for the study of economic thought and provides a good introduction to Austrian economics by showing its links with earlier thinkers. . . . friend and foe alike will benefit from Rothbard's atypical approach. His discussions of every thinker are enriched with insights on philosophy, history, religion, political movements, and the philosophy of science. The two volumes are jam-packed with information and research ideas.' -- Mark Thornton, Southern Economic JournalTable of ContentsContents: Introduction 1. The first philosopher-economists: the Greeks 2. The Christian Middle Ages 3. From Middle Ages to Renaissance 4. The Late Spanish scholastics 5. Protestants and Catholics 6. Absolutist thought in Italy and France 7. Mercantilism: Serving the absolutist State 8. French Mercantilistic Thought in the Seventeenth Century 9. The Liberal Reaction Against Mercantilism in Seventeenth Century France 10. Mercantilism and Freedom in England from the Tudors to the Civil War 11. Mercantilism and Freedom in England from the Civil War to 1750 12. The Founding Father of Modern Economics: Richard Cantillon 13. Physiocracy in mid-Eighteenth Century France 14. The Brilliance of Turgot 15. The Scottish Enlightenment 16. The Celebrated Adam Smith 17. The Spread of the Smithian Movement Bibliographical Essay

Read more less

Book SynopsisMethodology, Money and the Firm brings together Denis O'Brien's most important essays on issues ranging from methodology to competition policy but is primarily focused on the history of economic thought, an area in which he has made a notable contribution. This two volume set begins with Professor O'Brien's work on methodology and includes essays which take their approaches from the history and philosophy of science as applied to economics, and from the role of theory and data in economics. Industrial problems are addressed in the next section, focusing particularly on competition policy but also covering the question of patents and the neglected contributions of Alfred Marshall in the field of industrial economics. Marshall's achievements are also a theme of the third section which deals with the treatment of the firm by economists. Later sections include discussions of money and trade, the history of English economics from Petty to the end of the classical era, and English and Austrian economics after 1870 with essays on Marshall, Robbins and Hayek. The book also includes a specially written introduction in which Professor O'Brien explains the influences behind his work.Trade Review'This compendium of economic scholarship should be brought to the attention of all economics students - and of all practising economists. It demonstrates wide reading (which is meticulously referenced), thoughtful appraisal and clear argument, and so by both method and content offers a corrective to the deficiencies of our much modern economics. . . . I am confident that economists will benefit from studying any of O'Brien's exemplars of good practice.'Table of ContentsPart 1 Methodology: whither economics?; theories of the history of science - a test case; theory and empirical observation; economists and data. Part 2 The industry: information agreements - a problem in search of a policy, with D. Swann; 200 years of competition; competition policy in Britain - the silent revolution; divestiture - the case of AT&T; patents - an economist's view; Marshall's industrial analysis. Part 3 The firm: the evolution of the theory of the firm; research programmes in competitive structure; Marshall, monopoly and rectangular hyperbolas. Part 4 Money and trade: monetary economics; Overstone, Lord; [Overstone's] monetary thought; the transition in Torrens' monetary thought; the macroeconomics of Thomas Joplin; Torrens, McCulloch and Disraeli; customs unions - trade creation and trade diversion; competition and credit control. Part 5 English economics 1660-1860: Petty's "Political Arithmetick"; Ravenstone, Piercy; classical economics; Ricardian economics and the economics of David Ricardo; classical reassessments; J.R. McCulloch and the theory of value; Torrens on wages and emigration; Torrens, McCulloch and the "Digression on Sismondi" - whose digression, with A.C. Darnell; J.R. McCulloch. Part 6 English and Austrian economics after 1870: A. Marshall, 1842-1925; Marshall's work in relation to classical economics; Lionel Charles Robbins, 1898-1984; Lionel Robbins and the Austrian connection; Hayek as an intellectual historian.

Read more less

Book SynopsisPricing, Valuation and Systems reintroduces American neoinstitutional economics as an alternative to the neoclassical orthodoxy. Neoinstitutionalism, Professor Tool argues, provides a pragmatic analysis that confirms that most prices and costs are set by empowered discretionary agents, not by impersonal free markets. Similarly, the institutional fabric of contemporary economic systems is shown to be defined by agents with power, not natural laws or ‘ism’ models. The author’s analysis is based upon the instrumental value theory of neoinstitutionalism rather than the utility value theory of neoclassicism. It challenges the price theory ‘heartland’ of neoclassical theory and the ‘market shock’ approach to restructuring Eastern Europe and offers neoinstitutional alternatives.Table of ContentsPart 1 Introduction: a neoinstitutionalist perspective; a neoinstitutionalist mode of inquiry. Part 2 Pricing, costing and valuation: contributions to neoinstitutional pricing theory; pricing and valuation; administered pricing in the public sector; costing and valuation; social value theory and regulation. Part 3 Economic systems: the evolution of economic systems; institutional adjustment and instrumental value; a synthetic analysis of economic systems.

Read more less

Book SynopsisTrade, Development and Political Economy demonstrates the power of trade theory to illuminate issues, not only within its conventional boundaries, but also outside of them, in the fields of development, history and political economy.Featuring Ronald Findlay's key papers written over the past two decades, this volume addresses problems that are a mixture of the conceptual and the methodological - such as the theory of comparative advantage and the dynamics of interaction between the advanced and developing regions of the world economy - and the topical and historical - such as the impact of oil shocks on employment and the role of trade and slavery in the emergence of the Industrial Revolution. The majority of these papers develop a model derived from the rich tradition of classical and neoclassical trade theory, and apply that model to a relevant analytical or historical question. The themes in these essays range over the intersection of international trade, economic development and political economy ensuring that this volume will be of interest to all those concerned with the implications of trade theory for economics, development and related fields.Trade Review'Investment of time and effort in reading these essays. . . yields rich dividends.' -- V.N. Balasubramanyam, The Economic Journal'This is an immensely stimulating and very scholarly collection. . . . These papers are enjoyable and mind-expanding to read.' -- W.M. Corden, Journal of International Economics'Findlay' s hope to "demstrate the power of trade theory to illuminate issues not only within conventional boundaries but especially outside them" is clearly satisfied. Expanding on Findlay's (and his coauthors') work has already proven to be fertile ground for many economists and I am sure this will continue to be the case.' -- Oscar Flores, International Trade JournalTable of ContentsPart 1 Capital, time and comparative advantage. Part 2 Tariffs and trade policy. Part 3 Oil shocks, employment and trade. Part 4 Wage differentials and economic development. Part 5 Primary exports and industrialization. Part 6 North-South models. Part 7 Slavery, trade and history. Part 8 Political economy - trade, justice and the state.

Read more less

Book SynopsisThis major new study of the philosophical roots of economics examines the impact on eighteenth century economic thought of the rivalry between two opposing philosophical outlooks: rationalism and anti-rationalism. The economic thought of this period, William Coleman argues, was a synthesis of these two outlooks.Rationalism and Anti-Rationalism in the Origins of Economics examines the history of this key intellectual debate from Locke, Leibniz and Mandeville, to Hume, Condillac, Turgot and Smith. This authoritative study offers new insights on the work of the eighteenth century rationalists and anti-rationalists and the impact they had on the development of economic thought and analysis.Dr Coleman’s book addresses an intellectual conflict which remains relevant today. Neoclassical economics is frequently criticized because some of its assumptions, such as those concerning optimization, rationality and equilibrium, are rationalist in character. This important book explores the intellectual archaeology of this continuing controversy over neoclassical economics, and offers new perspectives drawn from the lessons of the past.Trade Review’. . . I can strongly recommend this short book to anyone with a serious interest in eighteenth century economics.’Table of ContentsContents: 1. Introduction 2. The Philosophical Headwaters: Locke and Leibniz 3. The Divergent Streams: Dubos, Bernoulli and Maupertuis 4. The Empirical Optimists: Hutcheson and Mandeville 5. Hume and the Restoration of the A Priori 6. Condillac, Turgot and the ‘Classic Rule’ 7. Condillac, Turgot and the 8. Physiocracy and the First Crisis of Abstraction 9. Smith and the Impartial Synthesis 10. The Synthesis Dissolves Bibliography Index

Read more less

Book SynopsisCovering Robert Clower’s writings over four decades, this collection brings together important papers that have not been reprinted in any other similar volume and recent material on economic method and theoretical foundations. Issues discussed include the doctrine and methodology of economics, price determination, oligopoly theory and Keynesian economics, as well as some of Professor Clower’s substantial reviews of the work of other scholars. Above all, they offer an instructive ‘history’ of one scholar’s attempt to enhance scientific understanding of observed economic phenomena during the last half century. The volume concludes with a complete listing of Professor Clower’s publications.Table of ContentsContents: Introduction Part I: Doctrine and Method Part II: Microeconomics Part III: Macroeconomics Part IV: Miscellaneous Notes and Reviews Part V: Appendix Index

Read more less

Book SynopsisThis collection brings together the classic papers on the economics of rent seeking. These papers date from Gordon Tullock's original 1967 paper which first put forth the idea that the pursuit of transfers was socially costly. Other classic papers by Anne Krueger and Richard Posner are included, as well as a series of more recent papers which trace the evolution of the literature on this important innovation in economic theory.Trade Review'All in all, this book is a must for anyone with interests in this area.' -- Vani Borooah, The Economic JournalTable of ContentsINTRODUCTION PART I CLASSIC PAPERS 1. Gordon Tullock (1967), ‘The Welfare Costs of Tariffs, Monopolies, and Theft’ 2. Anne O. Krueger (1974), ‘The Political Economy of the Rent-Seeking society’ 3. Richard A. Posner (1975), ‘The Social Costs of Monopoly and Regulation’ 4. James M. Buchanan (1980), ‘Rent Seeking and Profit Seeking’ 5. Jagdish N. Bhagwati (1982), ‘Directly Unproductive, Profit-Seeking (DUP) Activities’ 6. Robert D. Tollison (1982), ‘Rent Seeking: A Survey’ 7. Roger Congleton (1980), ‘Competitive Procedd, Competitive Waste, and Institutions’ PART II RENT SEEKING IN THE LONG RUN 8. Gordon Tullock (1980), ‘Efficient Rent Seeking’ 9. William J. Corcoran (1984), ‘Long-run Equilibrium and Total Expenditures in Rent-seeking’ 10. Richard S. Higgins, William F. Shughart and Robert D. Tollison (1985), ‘Free Entry and Efficient Rent Seeking’ 11. Gordon Tullock (1985), ‘Back to the Bog’ 12. Bruce G. Linster (1993), ‘Stackelberg Rent-seeking’ 13. William R. Doudan and James M. Snyder (1993), ‘Are Rents Fully Dissipated?’ PART III REFINEMENTS AND EXTENSIONS OF THE THEORY OF RENT SEEKING 14. Stephen P. Magee, William A. Brock and Leslie Young (1989), ‘Black Hole Tariffs’ 15. Jagdish N. Bhagwati, Richard A. Brecher and T. N. Srinivasan (1984), ‘DUP Activities and Economic Theeory’ 16. Ayre L. Hillman and Eliakim Katz (1984), ‘Risk-Averse Rent Seekers and the Social Cost of Monopoly Power’ 17. Ngo Van Long and neil Vousden (1987), ‘Risk-Averse Rent Seeking with Shared Rents’ 18. Roger D. Congleton (1991), ‘Ideological Conviction and Persuasion in the Rent-seeking Society’ PART IV CONTRIBUTIONS TO MEASUREMENT AND APPLICATION 19. James M. Buchanen (1980), ‘Rent Seeking under External Diseconomies’ 20. Kevin M. Murphy, Andrei Schleifer and Robert W. Vishny (1991), ‘The Allocation of Talent: Implications for Growth’ 21. David W. Laband and John PO. Sophocleus (1992), ‘An Estimate of Resource Expenditures on Transfer Acitivity in the United States’ 22. Richard S. Higgins and Robert D. Tollison (1988), ‘Life Amongst the Triangles and Trapezoids: Notes on the Theory of Rent-Seeking’ 23. Roger D. Congleton (1988), ‘Evaluating Rent-seeking Losses: Do the Welfare Gains of Lobbyists Count?’ 24. James M. Buchanen (1980), ‘Reform in the Rent-Seeking Society’ 25. Robert D. Tollison and Richard E. Wagner (1991), ‘Romance, Realism, and Economic Reform’

Read more less

Book SynopsisThe Economics of Business Strategy is an authoritative collection of the most important published articles on the economic basis of business strategy. John Kay - who himself has made seminal contributions to the field - has selected articles that illustrate the origins of familiar concepts in business strategy - the experience curve, the portfolio matrix, the 'five forces' while also presenting the foundations of the modern resource based theory of strategy.The volume will be of particular interest to economists who wish to learn how the subject has been used in business and to people working in business who wish to learn of the economic basis of the concepts used.Table of ContentsContents: Acknowledgements Introduction John Kay PART I INTRODUCTION 1. John Kay (1993), ‘A Brief History of Business Strategy’ 2. Fiona Scott Morton (2000), ‘Why Economics has been Fruitful for Strategy’ 3. Henry Mintzberg and James A. Waters (1990), ‘Of Strategies, Deliberate and Emergent’ PART II THE COMPETITIVE ENVIRONMENT 4. Michael E. Porter (1997), ‘How Competitive Forces Shape Strategy’ 5. R.E. Caves and M.E. Porter (1977), ‘From Entry Barriers to Mobility Barriers: Conjectural Decisions and Contrived Deterrence to New Competition’ 6. Joe S. Bain (1951), ‘Relation of Profit Rate to Industry Concentration: American Manufacturing, 1936–1940’ 7. Bradley T. Gale (1972), ‘Market Share and Rate of Return’ 8. Pankaj Ghemawat (1985), ‘Building Strategy on the Experience Curve’ 9. Richard P. Rumelt (1991), ‘How Much Does Industry Matter?’ PART III THE CAPABILITIES OF FIRMS 10. Alfred D. Chandler (1992), ‘Organizational Capabilities and the Economic History of the Industrial Enterprise’ 11. Edith Penrose (1955), ‘Limits to the Growth and Size of Firms’ 12. G.B. Richardson (1972), ‘The Organisation of Industry’ 13. C.K. Prahalad and Gary Hamel (1990), ‘The Core Competence of the Corporation’ 14. David Teece and Gary Pisano (1994), ‘The Dynamic Capabilities of Firms: An Introduction’ 15. Richard R. Nelson and Sidney G. Winter (1973), ‘Toward an Evolutionary Theory of Economic Capabilities’ PART IV THE RESOURCE BASED THEORY OF STRATEGY 16. S.A. Lippman and R.P. Rumelt (1982), ‘Uncertain Imitability: An Analysis of Interfirm Differences in Efficiency Under Competition’ 17. Birger Wernerfelt (1984), ‘A Resource-based View of the Firm’ 18. Jay B. Barney (1986), ‘Strategic Factor Markets: Expectations, Luck, and Business Strategy’ 19. Ingemar Dierickx and Karel Cool (1989), ‘Asset Stock Accumulation and Sustainability of Competitive Advantage’ 20. Margaret A. Peteraf (1993), ‘The Cornerstones of Competitive Advantage: A Resource-based View’ 21. Sidney G. Winter (1995), ‘Four Rs of Profitability: Rents, Resources, Routines, and Replication’ PART V THE FIRM AS A NEXUS OF CONTRACTS 22. Armen A. Alchian and Harold Demsetz (1972), ‘Production, Information Costs, and Economic Organization’ 23. Oliver E. Williamson (1979), ‘Transaction-cost Economics: The Governance of Contractual Relations’ 24. Sanford J. Grossman and Oliver D. Hart (1986), ‘The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration’ PART VI CORPORATE STRATEGY AND DIVERSIFICATION 25. Theodore Levitt (1975), ‘Marketing Myopia’ 26. John C. Panzar and Robert D. Willig (1981), ‘Economies of Scope’ 27. Philippe Haspeslagh (1982), ‘Portfolio Planning: Uses and Limits’ 28. David J. Teece, Richard Rumelt, Giovanni Dosi and Sidney Winter (1994), ‘Understanding Corporate Coherence: Theory and Evidence’ PART VII CORPORATE STRATEGY AND CORPORATE FINANCE 29. Merton H. Miller and Franco Modigliani (1961), ‘Dividend Policy, Growth, and the Valuation of Shares’ 30. Franco Modigliani and Merton H. Miller (1958), ‘The Cost of Capital, Corporation Finance and the Theory of Investment’ 31. J.A. Kay and C.P. Mayer (1986), ‘On the Application of Accounting Rates of Return’ 32. Avinash K. Dixit and Robert S. Pindyck (1995), ‘The Options Approach to Capital Investment’ PART VIII COMPETITIVE STRATEGY 33. Edward H. Chamberlin (1937), ‘Monopolistic or Imperfect Competition?’ 34. Paul A. David (1985), ‘Clio and the Economics of QWERTY’ 35. Pankaj Ghemawat (1984), ‘Capacity Expansion in the Titanium Dioxide Industry’ 36. Drew Fudenberg and Jean Tirole (1984), ‘The Fat-Cat Effect, The Puppy-Dog Ploy, and the Lean and Hungry Look’ 37. Judith R. Gelman and Steven C. Salop (1983), ‘Judo Economics: Capacity Limitation and Coupon Competition’ 38. Richard Schmalensee (1978), ‘Entry Deterrence in the Ready-to-eat Breakfast Cereal Industry’ 39. Paul Klemperer (1987), ‘Markets with Consumer Switching Costs’ 40. Harold Hotelling (1929), ‘Stability in Competition’ 41. John Sutton (1997), ‘Game-theoretic Models of Market Structure’ Name Index

Read more less

Book SynopsisRonald Coase, the 1991 Nobel laureate in Economics, has had a profound impact on the way that economists and others view both the firm and the relationship between the legal and economic systems. This authoritative collection brings together the diverse body of literature that reflects Ronald Coase's influence on economic analysis from his early work on the theory of the firm and transaction costs to Coase's theorem and the development of the field of law and economics. The Legacy of Ronald Coase in Economic Analysis features the two seminal articles by Coase which have changed the way economists think about their subject -'The Nature of the Firm' and 'The Problem of Social Cost' - along with a group of the most important articles that have extended and built upon his work. These include contributions by James M. Buchanan, Benjamin Klein, Douglass C. North, Richard A. Posner and Oliver E. Williamson, as well as a specially-prepared, introduction to Coase's work and a comprehensive bibliography of Coase's writings.Trade Review'Steven Medema has done an excellent job in composing the first publication in the new series Intellectual Legacies in Modern Economics.'Table of ContentsVolume 1. Part 1 Introduction. Part 2A Perspectives on the firm - the theory of the firm. Part 2B Perspectives on the firm - empirical studies. Part 3A Transaction costs - what are the transaction costs? Part 3B Transaction costs - beyond the firm - transaction costs and economic organization. Volume 2. Part 4A The Coase theorem, property rights and law and economics - the Coase theorem. Part 4B The Coase theoem, property rights and law and economics - the economics of property rights. Part 4C The Coase theorem, property rights and law and economics - law and economics.

Read more less

Book SynopsisJohannes Klant's seminal work rests upon the analysis of the logical structure of economic theories and addresses the long-standing problem of the nature of economics by making a distinction between basic theories and specific models. The Nature of Economic Thought brings together in one volume Professor Klant's seminal work on the philosophy and methodology of economics. After a brief description of the history of economics and its position as science, art and philosophy, the book offers discussion of the logical structure of economic theories, Milton Friedman's use of metaphor and John Maynard Keynes's methodology including his view on the intuitive process and his adherence to Marshallian instrumentalism. The final paper presents an historical analysis of the natural order ideal in economics and critically assesses the approaches of Max Weber and Karl Popper.Always rigorous and cogent, the essays in this volume will be welcomed by the growing numbers of scholars interested in economic methodology and the history of economics thought.Trade Review'For starters, let me say that this is an unusually wise and beautifully-written book, dealing sophisticatedly with three topics: (1) How economics has evolved from a philosophic first to a professional and then quite possibly to a scientific discipline; (2) The evolution of an economic methodology, subjected by the author to a detached criticism, and (3) A synthesis of what most of us consider to have been what the leading writers wanted to do with their subject. . . It is an excellent read and a very important buy.'

Read more less

Book SynopsisEconomic Theory and Capitalist Society is a collection of Shigeto Tsuru's most important essays written over the period of the past 60 years in the fields of general economic theory, development and environmental economics, and Marxian political economy. Professor Tsuru has been a leading critic of the major tenets of modern economic theory and has been credited in particular for his comparative studies of aggregate concepts, such as those of Quesnay, Keynes and Marx. Essentially an institutionalist, the author reviews the methodological significance of Marx's contribution, taking up in detail the latter's unique concept of the 'fetishism of commodities' and discussing the relevance of Marxian methodology to the analysis of present-day capitalism. The author's critique of the fundamental equation of growth accounting developed by Robert Solow, 'Effects of Technology on Productivity', is one of a number of theoretical papers included in this volume. It also features a series of important essays on environmental economics which the author, as a founder of the Japanese environmental movement, has written over the past half century.This collection of key articles by one of the most distinguished Japanese economists will be welcomed by students and practitioners in the fields of institutional and radical economics, environmental economics and the history of economic thought. The volume also includes an autobiographical essay which explains the development of Professor Tsuru's thought, his education at Harvard in the 1930s and his experience of post-war Japan. The Economic Development of Modern Japan, the second volume of Shigeto Tsuru's selected essays, is also published by Edward Elgar.Trade Review'Shigeto Tsuru has been the bridge between mainstream economics and Japanese Marxist thought. Ten years at Harvard and a key player in the post war MacArthur Administration, he was Schumpeter's personal assistant and a recognized expert on Keynes and Marx. Tsuru's collected papers are a testament no one interested in Japanese intellectuals should miss.' -- Paul A. Samuelson, Massachusetts Institute of Technology, US'. . . a highly original work of scholarship which will be immensely appreciated. . . . this is a most welcome and timely publication.' -- Ali Shamsavari, Economic Journal'In all, this volume records a remarkable intellectual and personal odyssey and will serve as a valuable introduction to Tsuru's work.' -- Anthony Brewer, The Manchester School'. . . a volume which demonstrates the enormous intellectual debt of western economics to Japan theorists such as Shigeto Tsuru.' -- Mark Gray, Asia Pacific Business ReviewTable of ContentsIntroduction: autobiographical. Part 1 General theory: Keynes versus Marx - the methodology of aggregates; on reproduction schemes; the effects of technology on productivity; the place of GNP; a note on capital/output ratio; towards a new political economy. Part 2 On development: the applicability and limitations of economic development theory; merits and demerits of the mixed economy in economic development - lessons from India's experience. Part 3 On Marxian economics: an aspect of Marx's methodology in economics - "The Fetishism of Commodities"; Marx's tableau economique and "Underconsumption" theory; Marx and the analysis of capitalism - a new stage on the basic contradiction?; Mr Dobbs and Marx's theory of value. Part 4 On environment: environmental pollution control in Japan; "North-South" relations on environment; energy policy and environmental considerations. Part 5 Miscellaneous essays: dialogue between Denis Diderot and Karl Marx; on the Soviet concept of national income; political economy of disarmament; economics of institutions or institutional economics.

Read more less

Book SynopsisAt the time of his death in 1989, Karl Brunner was known not only for his writings in monetary economics but also for his contributions to econometrics, the theory of man, logics and the analysis of sociopolitical problems. Between 1953 and 1989, Professor Brunner published over 200 articles and books, founded two leading academic journals - the Journal of Money, Credit and Banking, and the Journal of Monetary Economics - and organized numerous conferences. Economic Analysis and Political Ideology, the first volume of Karl Brunner's essays with an introduction by Nobel Laureate James M. Buchanan, reproduces articles dealing with Professor Brunner's socio-economic analysis. Providing insight into a man absorbed and preoccupied by economic scholarship, this volume includes papers ranging from economic policy, inflation, the place of religion in the social order and Keynes's sociopolitical vision to more personal writings on the author's quest for knowledge and the reasons underlying his fascination with economics. The second volume, Monetary Theory and Monetary Policy, with a foreword by Alan Meltzer, is published separately and deals with macroeconomic issues.Trade Review'Every economist would benefit from reading this book. It contains the papers of an imaginative, rigorous and generous scholar.' -- Geoffrey Wood, The Economic JournalTable of ContentsContents: Preface Introduction by James Buchanan 1. Knowledge, Values and the Choice of Economic Organization 2. My Quest for Economic Knowledge 3. The Poverty of Nations 4. ‘Assumptions’ and the Cognitive Quality of Theories 5. The Perception of Man and the Conception of Government 6. The Perception of Man and the Conception of Society: Two Approaches to Understanding Society 7. Reflections on ‘Theology and the Social Order” 8. Religion and the Social Order 9. The First World, the Third World and the Survival of Free Societies 10. The New International Economic Order: A Chapter in a Protracted Confrontation 11. The Socio-political Vision of Keynes 12. Reflections on the Political Economy of Government: The Persistent Growth of Government 13. The Limits of Economic Policy 14. Mephistopheles and Inflation 15. Economic, Development, Cancun and the Western Democracies 16. A Fascination with Economics Index

Read more less

Book SynopsisMonetary Theory and Monetary Policy is the second collection of essays by Karl Brunner - one of the most prominent monetary economists of the twentieth century. It demonstrates the importance of economic analysis for the development of appropriate economic policies.The book opens with a preface by Thomas Lys which provides the reader with an account of both Karl Brunner's personal and academic life. This is developed further in an introduction by Allan H. Meltzer, who focuses on Brunner's intellectual development. Issues discussed in this collection include the question of whether monetarism has failed, monetary policy, persistent inflation, deficits and interest rates, high-powered money, the monetary base, the money supply, international monetary order and the question of whether supply-side economics is sufficient for comprehensive policymaking.This selection will be welcomed by academics, students and policymakers interested in monetary economics and the work of Karl Brunner.Trade Review'. . . Monetary Theory and Monetary Policy, containing both fundamental ideas and practical applications in terms of the SOMC position papers, can be highly recommended to any student of monetary economics.' -- Debashis Acharya, Kyklos 'Without exception the papers show a subtle, powerful, and clear economic mind at work. Reading these essays would be of benefit to every economist.'– Geoffrey Wood, The Economic JournalTable of ContentsContents: Introduction (A.H. Meltzer) 1. Conversation with a Monetarist 2. Has Monetarism Failed? 3. Monetary Policy and Monetary Order 4. The ‘Four Disciplines’ and the ‘Two Encouragements’: Comments on President Carter’s Anti-inflation Program 5. Selected Shadow Open Market Committee Position Papers, 1979–87 6. The Drift into Persistent Inflation 7. Deficits, Interest Rates, and Monetary Policy 8. Technological Change: Challenge and Consequences 9. Will the Fred ever see its ‘Shadow’? 10. The Disarray in Macroeconomics 11. High-powered Money and the Monetary Base 12. Money Supply 13. The Pragmatic and Intellectual Tradition of Monetary Policymaking and the International Monetary Order 14. Is ‘Supply-side Economics’ Enough? 15. The Case Against Monetary Activism Index

Read more less

Book SynopsisJean Gabszewicz's new book is devoted to the study of strategic multilateral exchange. Contrary to the classical competitive paradigm in which agents are assumed to behave as price takers, here traders are allowed to consciously behave as strategic agents who aim to influence trade to their own advantage. This is usually done in oligopoly theory using a partial equilibrium approach while in this case a system of interrelated markets is considered. Primarily, the book discusses the game-theoretic concept of core and the relationship between core and the set of price allocations in economies embodying significant traders is explored. The author goes on to adopt a non-cooperative approach building on the concept of Nash equilibrium.Strategic Multilateral Exchange will be welcomed by academics, advanced research scholars and doctoral students with an interest in economic theory, microeconomic theory and general equilibrium. It will also appeal to mathematical economists with an orientation in mathematical economics and game theory.Trade Review'This elegant and enjoyable book describes the theory of imperfect competition in an explicitly general-equilibrium framework. . . The main strength of the book is that it provides a coherent and precise narrative of developments in two theoretical areas to which the author has made important contributions. . . The writing has an elegiac quality. The author contrasts the "Golden Sixties", when "general equilibrium theory was superbly flourishing" with the present, "much darker period for this field of microeconomic theory". The elegant and deep results described here will give the reader a sense of the mood of the period as well as the intellectual accomplishments.'Table of ContentsContents: Introduction Part I: Strategic Multilateral Exchange and the Core 1. Allocations in Pure Exchange Economies 2. The Asymptotic Approach 3. Markets with an Atomless Sector Part II: Strategic Multilateral Exchange and Oligopoly Equilibrium 4. The Notion of Oligopoly Equilibrium 5. The Existence Problem 6. Economic Applications 7. Oligopoly Equilibrium with a Productive Sector 8. Conclusion Bibliography Index

Read more less

Book SynopsisNew Directions in Analytical Political Economy brings together an important collection of economic research by scholars from a wide range of non-neoclassical research traditions.This book provides a flavour of recent research in non-neoclassical economic theory - drawing on classical, Marxian, post Keynesian and Kaleckian, structuralist, evolutionary and institutional approaches - using mathematical analysis. The papers deal with a variety of themes, including unemployment, financial crises and business cycles; technological change and long-run growth; value, prices and pricing, and international terms of trade; the role of agriculture, foreign exchange and fiscal constraint on growth, hyperinflation and wage indexation, and stability in mixed economies. The contributors base their analysis on the structure, history and institutions at hand, and not just on ever more elaborate optimizing principles as is fashionable in mainstream economics. However, they do not turn their backs on mainstream concepts and methods, using formal mathematical models to conduct their analysis in a rigorous way.Combining a broad approach to economics with mathematically based analysis, this important new book will be welcomed by economists wanting to go beyond the boundaries of neoclassical economics, without losing the rigour of modern economic theory.Trade Review'Professor Dutt's New Directions in Analytical Political Economy is a very stimulating and insightful contribution to the economic analysis of the advanced capitalist and developing economies.'Table of ContentsAnalytical political economy - an introduction, Amitava Krishna Dutt. Part 1 Unemployment, finance and growth cycles: fiscal policy and the natural rate, Alan G. Isaac; on the modelling of systemic financial fragility, Peter Skott; profits and growth dynamics, Marc Jarsulic. Part 2 Accumulation, distribution and technical change: on the long-run stability of capitalist economies - implications of a model of growth and distribution, Amitava Krishna Dutt; endogenous technical change, accumulation and distribution, Jong-Il You; investment, technical progress and uneven growth - an evolutionary vintage model, Panagis Liossatos. Part 3 Value and price: some suggestions for linking arbitrage, symmetries and the social theory of value, Philip Mirowski; prices, capacity utilization and employment in the post-Keynesian traditions, Malcolm Sawyer; a classical theory of the terms of trade for newly industrializing countries, William Darity Jr and Sumana Dhar. Part 4 Developing economies and development: agrarian structure, labour supplies and the terms of trade, J. Mohan Rao; foreign exchange and fiscal constraints on growth - a reconsideration of structuralist and macroeconomic approaches, Jaime Ros; the rational basis of wage determination in regimes of high inflation, Edward J. Amadeo; the breakup of the mixed economy in Nicaragua.

Read more less

Book SynopsisThe most persistent theme of Nathan Rosenberg's work is a concern with the emergence and diffusion of economic ideas. Bringing together Professor Rosenberg's many contributions to the history of economic thought, this volume offers a series of important insights on how economics itself emerged as a distinct discipline.The Emergence of Economic Ideas extends our understanding of the development of capitalist institutions and the manner in which these institutions have contributed to the unique technological dynamism of capitalist societies. The book also - and necessarily - focuses upon the emergence of ideas about capitalism. That is to say, the discipline of economics is itself a body of ideas, and analytical techniques, that have been developed over the past two centuries in order to explain how capitalist economies have developed and how they work. Professor Rosenberg examines the key contributions - from Mandeville, Adam Smith, Babbage, Marx, Schumpeter and Stigler - in the growth of this critical collection of ideas.Economists interested in the emergence of their discipline and historians of ideas will welcome this collection which will make Professor Rosenberg's many substantial contributions more widely accessible to teachers, students and researchers.Trade Review'These engaging essays are presented, as is normal in this series, in their original format, yielding the benefit of the original pagination and the aesthetic cost of a highly variable typeface.' -- Ian Steedman,The Manchester SchoolTable of ContentsMandeville and laissez-faire; some institutional aspects of the "Wealth of Nations"; Adam Smith and the division of labour - two views or one?; Adam Smith, consumer tastes and economic growth; Adam Smith on profits - paradox lost and regained; another advantage of the division of labour; Adam Smith and the stock of moral capital; Charles Babbage - pioneer economist; Karl Marx on the economic role of science; Marx as a student of technology; Joseph Schumpeter - radical economist; George Stigler - Adam Smith's best friend.

Read more less