Economic theory and philosophy Books

Book SynopsisThis important new book presents the theoretical, econometric and applied foundations of the economics of innovation as well as offering a new approach to the measurement of technical change. The author, a leading expert in innovation economics and management, critically reviews current schools of thought and presents his own contribution to measurement techniques.Measurements of technical change have focused on the characteristics of price and quantity whilst useful theories and reliable indicators of the quality of innovation in new products have been sorely lacking. The author examines the theoretical foundations of the measurement of technical change and extends the analysis to consider the econometric and empirical perspective in the process of innovation. He outlines the key contributions to innovation research by reviewing the English-language literature and providing a very useful guide to the most important contributions in other languages. In the measurement of the quality of innovation, the techniques used in the author's contribution to new 'technometrics' are presented and explained in detail and are applied to the most important topical problems in innovation and management.This significant addition to the literature will be invaluable to graduates, scholars and managers working in the area of technical change, technology and innovation management.Trade Review'The book is excellent at presenting the problem - the gap between theory and applied work in the economics of innovation - and suggesting a solution. . .'Table of ContentsContents: Part I: Innovation Theory: Status and Problems PartII: Measurement of Innovation Part III: Practice: Exemplary Problems in Innovation Analysis Part IV: Outlines and Outlook Index

Read more less

Book SynopsisThis is the first of two books in honour of Brian Loasby which simultaneously pay tribute to the contributions he has made to economics and extend the realm of Loasby-inspired economics.The book includes new contributions from an internationally acclaimed group of authors including Israel Kirzner, Peter Swann, Giovanni Dosi, Peter Groenewegen, Richard Langlois and Don Lamberton. Together, they draw on and extend Brian Loasby's work in developing and applying theories of organization and knowledge. The book opens with an introduction to Brian Loasby's career, influences and research. This is followed by an examination of issues raised by the analysis of markets and entrepreneurial behaviour, focusing on Marshallian and Austrian approaches. In the middle of the volume the human action theme is maintained but the focus is shifted onto the dynamics of consumer demand. The final group of chapters apply a history of economic thought perspective to problems of information and knowledge, and aspects of scale and internal organization.Economic Organization and Economic Knowledge will be welcomed by those economists working in the areas of microeconomics particularly markets, innovation, the theory of the firm, consumption, information and knowledge and competition.Trade Review'Both of these volumes would be particularly useful to readers who are interested in heterodox approaches to the theory of the firm, consumer behaviour and business strategy, as well as to those interested in Austrian, behavioural and post-Marshallian economics and methodology. A striking feature of both volumes is the level of originality of the contributions. Some of them are at the cutting-edge of their research fields and this is indicative of Loasby's legacy of prompting original and insightful research into simple, yet seldom-asked questions.' -- Kyle Bruce, Review of Political EconomyTable of ContentsContents: Introduction 1. Rationality, Entrepreneurship and Economic ‘Imperialism’ 2. Austrians and Marshallians on Markets: Historical Origins and Compatible Views 3. Making Markets 4. Conventions and Learning: A Perspective on the Market Process 5. Austrian and Evolutionary Perspectives on Consumer Demand and Firm Strategy 6. Marshall’s Consumer as an Innovator 7. Design and Efficiency: New Capabilities Embedded in New Products 8. Cognitive Processes, Social Adaptation and Innovation in Consumption Patterns: From Stylized Facts to Demand Theory 9. Knowledge as a Connecting Principle: John Rae and the Austrian School 10. Knowledge and Information in Classical Economics 11. Information: Pieces, Batches or Flows? 12. Perfect Competition, Equilibrium and Economic Progress: That Wretched Division of Labour and Increasing Returns 13. Scale, Scope, and the Reuse of Knowledge 14. Alfred Marshall and Scientific Management 15. Brian Loasby and Stirling: Speeches and Reflections Index

Read more less

Book SynopsisThis ambitious book scrutinizes the role of institutions in economic change, with special reference to Southeast Asia. It suggests that the nature of institutional arrangements such as households, community groups, firms, bureaucracies and formal governance systems can significantly affect human activity and economic success.The book begins by outlining the key elements of the theory of institutional economics. It then addresses institutions associated with particular markets and economic functions using case studies such as new agricultural technologies, the Indonesian labour force, the market for manufactured goods in Malaysia, Chinese entrepreneurs and policy makers in Thailand. The role of institutions is then discussed within the broader context of national and international change. Included are examinations of institutions which have evolved in Indonesia, those concerned with the transformation from central planning to the free market in Vietnam and institutions connected with governance and economic improvement in the Philippines. The discussion is brought up-to-date by an analysis of the role of global economic institutions in the recent Asian crises, looking at ways in which their performance might be enhanced.Trade Review'This book has been a long time coming . . . but the wait was worthwhile . . . This book is far more valuable than most edited volumes, and deserves to be read not only by those interested in Southeast Asia but by all those who want to have better tools for thinking about and analysing what really happens in the nitty-gritty of development.' -- James Cobbe, Progress in Development Studies 'This fine book is highly recommended.'– Frithjof Kuhnen, Quarterly Journal of International AgricultureTable of ContentsContents: Preface Part I: General 1. Introduction 2. An Economic Theory of Institutional Change Part II: Institutions in Particular Markets 3. Institutions of Change in Rural Development 4. Labour Institutions 5. Industrial Institutions 6. Entrepreneurship and Institutions 7. The Economics of Institutional Change Part III: Institutions in National and International Economic Change 8. Government and Deregulation in Indonesia 9. The Institutions of Transition from Central Planning 10. Executive–Legislative Relations in the Philippines 11. Global Economic Institutions from the Southeast Asian Perspective Part IV: Conclusions 12. Conclusions References Index

Read more less

Book SynopsisThis innovative book analyses the role and importance of investment in knowledge and fixed capital as two distinct sources of technological change. It provides a balance to most of the recent literature on technological change, which focuses almost exclusively on R&D and intangible investment in innovation and technological assets. The author shows how innovative investment in fixed capital still represents a central part of innovation in firms.The book begins by reviewing the major economic approaches to technology and innovation. It discusses the progressive shift from capital (embodied) investment to disembodied investment including R&D and design. Using one of the most extensive data sources, Rinaldo Evangelista empirically tests whether disembodied technological activities are more important than traditional investment in productive capital. Perhaps surprisingly, the evidence suggests that fixed productive capital emerges as the most relevant and widespread source of investment in innovation across firms and industrial sectors. The author concludes that even in high-tech industries embodied and disembodied technological activities are complementary rather than substitutive.This book will be welcomed by those interested in technological and innovation studies, industrial organization and business strategy.Trade Review'This book explores the circular relations between innovation and investments; in doing so it provides a new original bridge between the classical and post Keynesian traditions of analysis of investment and the neo-Schumpeterian approach to the knowledge based economy.'Table of ContentsContents: Introduction Part I: Investment in Knowledge and Machinery: Theory and Perspectives 1. Disembodied and Embodied Technological Change 2. Disembodied and Embodied Perspectives on Technological Change in the Economic Literature 3. Disembodied and Embodied Technological Change in the Innovation Literature 4. Embodied and Disembodied Perspectives on the Relationship Between Technological Change, Firm Size and Market Structure 5. Towards an Integrated Perspective on Technological Change and Industrial Structure Part II: Evidence from the Italian Industry 6. An Overview of Innovation Activities in Manufacturing and Services 7. Embodied and Disembodied Innovation Strategies and the Production Structure of Firms 8. Innovation Strategies and the Productive Structure of Firms 9. Innovative Patterns and Technological Regimes of Production 10. Embodied and Disembodied Patterns of Technological Change and Production Structure 11. Conclusions and Policy Implications Bibliography Index

Read more less

Book SynopsisThis highly original contribution examines one of the most controversial concepts in the history of economics - the true meaning of the Law of Markets. This has been a contentious issue since the publication of Keynes's General Theory, but has also divided economists since it first emerged almost two centuries ago in the writings of James Mill. This book discusses the change in the understanding of the nature of the business cycle wrought by the General Theory whose major innovation in overturning Say's Law was to introduce demand deficiency into mainstream economic thought.The volume provides a robust and innovative exposition of the crucial point of division between classical and Keynesian economics, demonstrating that the role of demand deficiency was the fundamental issue at stake. Steven Kates first discusses Keynes's interpretation of Say's Law before documenting its development within classical theory. He then charts the development of post-General Theory interpretations of Say's Law, challenging Keynes's definition which was captured in the phrase 'supply creates its own demand'. The author also attempts to unravel the vast literature on the progress made by Keynes between his Treatise on Money published in 1930 and the General Theory, published six years later. He suggests that the crucial point in the origins of the General Theory was Keynes's discovery of Malthus's writings on Say's Law at the very depths of the Great Depression in 1932.This provocative book will be required reading for scholars and students interested in the history of economic thought, the history of macroeconomics and the Keynesian revolution.Trade Review'Say's Law and the Keynesian Revolution is a book par excellence. I have never encountered a text that explains the business cycle so cogently and provides a thorough repudiation of Keynesian economics to boot. It is a great contribution to economic literature.'Table of ContentsContents: Introduction 1. Say’s Law in the Structure of the General Theory 2. J.-B. Say, James Mill and Robert Torrens 3. David Ricardo 4. John Stuart Mill 5. Say’s Law in English Classical Theory 6. Say’s Law in the Classical Theory of the Business Cycle 7. Keynes’s Discovery of Say’s Law 8. Influences Deepening Keynes’s Understanding of Say’s Law 9. The Early Post-General Theory Evolution of Say’s Law 10. Modern Interpretations of Say’s Law 11. Critics of the Modern Interpretation 12. Conclusion Appendix Bibliography Index

Read more less

Book SynopsisAlternative Theories of the Firm provides a range of fundamental readings embracing the economics of firm behaviour from a non-neoclassical perspective. The collection covers several basic topics including: the importance of transaction costs and agency theory for the analysis of firm behaviour; capabilities and resource-based theories of the firm; the economics of firm strategy; behavioural theories; Austrian theories; evolutionary theories; and the historical development of firms. The readings include selections from traditional masters as well as writings by more recent authors. This collection will be of great value both to scholars who want a summary of developments in the field and to students of industrial economics and corporate strategy.Trade Review'This is an impressive collection of 80 reprints of journal articles and book selections criticizing the neoclassical theory of the firm. . . These three volumes not only provide stimulating reading for scholars working on the modern theory of the firm, but will be a great help for academic teachers preparing their courses.'Table of ContentsContents Volume I Acknowledgements Introduction Richard N. Langlois, Tony Fu-Lai Yu and Paul L. Robertson PART I DEVELOPMENT IN THE THEORY OF THE FIRM: A CRITICAL REVIEW 1. Richard N. Langlois and Nicolai J. Foss (1999), ‘Capabilities and Governance: The Rebirth of Production in the Theory of Economic Organization’ PART II FOUNTAINHEADS OF THE MODERN THEORIES OF THE FIRM 2. Alfred Marshall (1890/1961), ‘Industrial Organization, Continued. Division of Labour. The Influence of Machinery’ and ‘Industrial Organization, Continued. The Concentration of Specialized Industries in Particular Localities’ 3. Frank H. Knight (1921), ‘Enterprise and Profit’ 4. R.H. Coase (1937), ‘The Nature of the Firm’ 5. James G. March and Herbert A. Simon (1958), ‘Cognitive Limits on Rationality’ 6. Edith Penrose (1995), ‘Foreword to the Third Edition’ 7. G.B. Richardson (1959), ‘Equilibrium, Expectations and Information’ PART III TRANSACTION COSTS, PROPERTY RIGHTS AND ECONOMIC ORGANIZATION 8. H.B. Malmgren (1961), ‘Information, Expectations and the Theory of the Firm’ 9. Armen A. Alchian and Harold Demsetz (1972), ‘Production, Information Costs, and Economic Organization’ 10. Benjamin Klein, Robert G. Crawford and Armen A. Alchian (1978), ‘Vertical Integration, Appropriable Rents, and the Competitive Contracting Process’ 11. Steven N.S. Cheung (1983), ‘The Contractual Nature of the Firm’ 12. Yoram Barzel (1987), ‘The Entrepreneur’s Reward for Self-policing’ 13. Harold Demsetz (1988), ‘The Theory of the Firm Revisited’ PART IV AGENCY THEORIES, INCOMPLETE CONTRACTS AND CORPORATE GOVERNANCE 14. Michael C. Jensen and William H. Meckling (1976), ‘Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure’ 15. Oliver E. Williamson (1979), ‘Transaction-Cost Economics: The Governance of Contractual Relations’ 16. Eugene F. Fama (1980), ‘Agency Problems and the Theory of the Firm’ 17. Bengt Holmstrom (1982), ‘Moral Hazard in Teams’ 18. Eugene F. Fama and Michael C. Jensen (1983), ‘Separation of Ownership and Control’ 19. Oliver E. Williamson (1984), ‘The Economics of Governance: Framework and Implications’ 20. Sanford J. Grossman and Oliver D. Hart (1986), ‘The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration’ 21. Oliver Hart (1989), ‘An Economist’s Perspective on the Theory of the Firm’ 22. Bengt Holmstrom and Paul Milgrom (1991), ‘Multitask Principal-Agent Analyses: Incentive Contracts, Asset Ownership, and Job Design’ 23. John Moore (1992), ‘The Firm as a Collection of Assets’ 24. Roy Radner (1992), ‘Hierarchy: The Economics of Managing’ 25. Michael C. Jensen and William H. Meckling (1992), ‘Specific and General Knowledge, and Organizational Structure’ Name Index Volume II Acknowledgements An introduction by the editors to all three volumes appears in Volume I PART I CAPABILITIES AND RESOURCE-BASED VIEWS 1. G.B. Richardson (1972), ‘The Organisation of Industry’ 2. Richard R. Nelson and Sidney G. Winter (1982), ‘Organizational Capabilities and Behavior’ 3. Birger Wernerfelt (1984), ‘A Resource-based View of the Firm’ 4. Wesley M. Cohen and Daniel A. Levinthal (1990), ‘Absorptive Capacity: A New Perspective on Learning and Innovation’ 5. Jay Barney (1991), ‘Firm Resources and Sustained Competitive Advantage’ 6. Kathleen R. Conner (1991), ‘A Historical Comparison of Resource-Based Theory and Five Schools of Thought Within Industrial Organization Economics: Do We Have a New Theory of the Firm?’ 7. Joseph T. Mahoney and J. Rajendran Pandian (1992), ‘The Resource-based View Within the Conversation of Strategic Management’ 8. L. Marengo (1992), ‘Coordination and Organizational Learning in the Firm’ 9. Margaret A. Peteraf (1993), ‘The Cornerstones of Competitive Advantage: A Resource-based View’ 10. Nicolai J. Foss (1996), ‘Capabilities and the Theory of the Firm’ 11. David J. Teece, Gary Pisano and Amy Shuen (1997), ‘Dynamic Capabilities and Strategic Management’ PART II STRATEGIC THEORIES OF THE FIRM 12. Kenneth R. Andrews (1971/1980), ‘The Concept of Corporate Strategy’ 13. Michael E. Porter (1981), ‘The Contributions of Industrial Organization To Strategic Management’ 14. Richard P. Rumelt (1984), ‘Towards a Strategic Theory of the Firm’ 15. Sidney G. Winter (1987), ‘Knowledge and Competence as Strategic Assets’ 16. C.K. Prahalad and Gary Hamel (1990), ‘The Core Competence of the Corporation’ 17. Richard R. Nelson (1991), ‘Why Do Firms Differ, and How Does It Matter?’ 18. Raphael Amit and Paul J.H. Schoemaker (1993), ‘Strategic Assets and Organizational Rent’ 19. David J. Teece, Richard Rumelt, Giovanni Dosi and Sidney Winter (1994), ‘Understanding Corporate Coherence: Theory and Evidence’ PART III THE TECHNOLOGICAL PARADIGM 20. David J. Teece (1980), ‘Economies of Scope and the Scope of the Enterprise’ 21. Giovanni Dosi (1982), ‘Technological Paradigms and Technological Trajectories’ 22. David J. Teece (1986), ‘Profiting from Technological Innovation: Implications for Integration, Collaboration, Licensing and Public Policy’ 23. Giovanni Dosi and Luigi Orsenigo (1988), ‘Coordination and Transformation: An Overview of Structures, Behaviours and Change in Evolutionary Environments’ 24. David J. Teece (1988), ‘Technological Change and the Nature of the Firm’ PART IV BEHAVIORAL THEORIES OF THE FIRM 25. Richard M. Cyert and James G. March (1959/1996), ‘A Behavioral Theory of Organizational Objectives’ 26. Herbert A. Simon (1962), ‘New Developments in the Theory of the Firm’ 27. Fritz Machlup (1967), ‘Theories of the Firm: Marginalist, Behavioral, Managerial’ 28. Harvey Leibenstein (1966), ‘Allocative Efficiency vs. "X-efficiency"’ 29. Herbert A. Simon (1979), ‘Rational Decision Making in Business Organizations’ 30. James G. March (1991), ‘Exploration and Exploitation in Organizational Learning’ Name Index Volume III Acknowledgements An introduction by the editors to all three volumes appears in Volume I PART I AUSTRIAN INSIGHTS 1. Morris Silver (1984), ‘A Model of Vertical Integration and Disintegration with Supporting Evidence’ 2. Nicolai Juul Foss (1993), ‘The Theory of the Firm: The Austrians as Precursors and Critics of Contemporary Theory’ 3. Ulrich Witt (1998), ‘Imagination and Leadership: The Neglected Dimension of an Evolutionary Theory of the Firm’ 4. Tony Fu-Lai Yu (1999), ‘Toward a Praxeological Theory of the Firm’ PART II THE FIRM AND THE MARKET 5. Allyn A. Young (1928), ‘Increasing Returns and Economic Progress’ 6. George J. Stigler (1951), ‘The Division of Labor is Limited by the Extent of the Market’ 7. Edward Ames and Nathan Rosenberg (1965), ‘The Progressive Division and Specialization of Industries’ 8. Axel Leijonhufvud (1986), ‘Capitalism and the Factory System’ 9. Brian J. Loasby (1989), ‘Knowledge and Organization: Marshall’s Theory of Economic Progress and Coordination’ 10. Arthur L. Stinchcombe (1990), ‘Individuals’ Skills as Information Processing: Charles F. Sabel and the Division of Labor’ PART III HISTORICAL PERSPECTIVES ON THE FIRM 11. Gardiner C. Means (1962), ‘Collective Capitalism and Economic Theory’ 12. Stephen A. Marglin (1974), ‘What Do Bosses Do? The Origins and Functions of Hierarchy in Capitalist Production’ 13. Alfred D. Chandler, Jr. (1977), ‘Introduction: The Visible Hand’ 14. Charles Sabel and Jonathan Zeitlin (1985), ‘Historical Alternatives to Mass Production: Politics, Markets and Technology in Nineteenth-Century Industrialization’ 15. David S. Landes (1986), ‘What Do Bosses Really Do?’ 16. Alfred D. Chandler (1992), ‘Organizational Capabilities and the Economic History of the Industrial Enterprise’ 17. Paul L. Robertson and Lee J. Alston (1992), ‘Technological Choice and the Organization of Work in Capitalist Firms’ 18. William Lazonick (1992), ‘Controlling the Market for Corporate Control: The Historical Significance of Managerial Capitalism’ 19. Michael C. Jensen (1993), ‘Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems’ 20. S.R.H. Jones (1994), ‘The Origins of the Factory System in Great Britain: Technology, Transaction Costs or Exploitation?’ PART IV TOWARDS A SYNTHESIS: AN EVOLUTIONARY THEORY OF THE FIRM 21. Richard N. Langlois (1988), ‘Economic Change and the Boundaries of the Firm’ 22. Sidney G. Winter (1990), ‘Survival, Selection, and Inheritance in Evolutionary Theories of Organization’ 23. Richard N. Langlois and Paul L. Robertson (1993), ‘Business Organization as a Coordination Problem: Toward a Dynamic Theory of the Boundaries of the Firm’ 24. Giovanni Dosi and Luigi Marengo (1994), ‘Some Elements of an Evolutionary Theory of Organizational Competences’ 25. Nicolai Juul Foss, Christian Knudsen and Cynthia A. Montgomery (1995), ‘An Exploration of Common Ground: Integrating Evolutionary and Strategic Theories of the Firm’ Name Index

Read more less

Book SynopsisModern theory has greatly influenced our reading of the history of economics. This third volume of Negishi's essays gathers together some of his most significant contributions to this subject, drawing as much from seminal works as from material now rarely obtainable.These essays reconsider economic thought in the light of modern theory, from Smith to Marx, and from Marshall to Keynes. Takashi Negishi discusses contributions made both in classical school and marginal revolution literature which are still significant to modern economic theory, and those heralding from Japan which have lacked exposure in the West.This volume will appeal not only to scholars in the history of economic thought, but more generally will interest those economists who are unsatisfied with the current state of economics.Trade Review'Anyone interested in the rational reconstruction of classical or nonclassical economic thought will find much to interest them here.' -- J.E. King, History of Economic ThoughtTable of ContentsContents: Acknowledgements Introduction Part I: Theory and History Part II: Classical Economics Part III: Marxian Economics Part IV: Neo-Classical and Keynesian Economics Index

Read more less

Book SynopsisMoney and Banking provides an original and comprehensive interpretation of the debate on banking and the nature of money in Keynes's time from a post Keynesian point of view. The book traces the pre-history of monetary circuit theory and its challenge to mainstream analysis in the first four decades of the century, contrasting the neoclassical approach with the monetary theory of production. The author comprehensively examines and reconstructs the contributions of both well-known and more neglected authors to the debate on the nature of money and the function of the banks, from the viewpoint of a circuit theorist. He concludes with a comprehensive account of heterodox analyses of the creation of money by banks, beginning with Wicksell and ending with British and American proponents of 'free banking'.Trade Review'Realfonzo's book is wide-ranging and well documented. It usefully traces back the historical origins of the monetary circuit and analyses a number of themes that are still central to the contemporary theoretical debate.'Table of ContentsContents: 1. The Neoclassical Model and the Monetary Theory of Production 2. The Nature of Money 3. Banks as Pure Intermediaries 4. Banks and the Deposit Multiplier 5. The ‘Flexible’ Multiplier and Potential Bank Credit 6. Creation of Money by the Banks 7. Concluding Remarks

Read more less

Book SynopsisThis stimulating and authoritative book features original essays from leading scholars in the discipline - each of whom addresses the question: how should economists do economics? What emerges is a diverse, constructive commentary on how economics is done and how it should be done.Leading thinkers from a wide variety of perspectives and fields address issues such as the scope of economics, the corpus of theory and its stature, the process of theory construction, the place of mathematical formalism, the role of quantitative analysis, the place of institutions in economic analysis, and, inter alia, technical methods of research. Foundations of Research in Economics: How do Economists do Economics? brings together some of the leading figures from many different schools of thought. This volume ranges across all aspects of professional discourse, ensuring that it will be widely read by economists active in many different areas of research while being of particular interest to economic theorists, methodologists and historians of economics.Trade Review'Do read this volume if you want to be stimulated and entertained.'Table of ContentsContents: Acknowledgements Introduction 1. Economics is a Historical Process 2. Realism in Economic Model Building 3. Economics as a Public Science 4. Surviving as a Slightly Out of Sync Economist 5. Extracting Economic Information From Data: Methodology in an Empirical Discipline 6. The Social Science of Wealth 7. What is To Be Done (about Economics)? 8. Doing Applied Economics: Normative and Positive Aspects 9. How I do Economics 10. Towards a Worthwhile Economics 11. How Should Economists Do Economics? A Pragmatic Perspective 12. How to be a Crazy Economist 13. Doing the Economics of Trust and Informal Institutions 14. The Predictive Science of Economics? 15. Questions, Theory and Data 16. The Dark Side of Economic Modeling 17. ‘You’re Not Making Sense, You’re Just Being Logical’ 18. Puzzle Solving: Reciprocity, Reasoning and Behavior 19. Doing Economics Without Homo Economicus 20. What Use is Economic Theory? 21. A Dictum for Monetary Theory How Should Economists Do Economics? An Integrative Essay Index

Read more less

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

Read more less

Book SynopsisThe Makers of Modern Economics, Volume IV builds on the three previous volumes in presenting the intellectual development of some of the twentieth century's leading figures in modern economic theory. The first volume in this series was acclaimed by Professor David Audretsch as 'a unique insight into the thoughts and lives of prominent economists'.In this fourth volume, Richard H. Day, Geoffrey C. Harcourt, Duncan K. Foley, Ken Binmore and Hirofumi Uzawa offer intimate insights into their careers and their research to date as well as taking a broader view of economics as a discipline and considering future directions. They reflect on their development, the problems and issues that interested them and the individuals who guided and influenced them.The Makers of Modern Economics, volume IV provides the academic, student and researcher with a fascinating insight into the life and work of some of today's most inspiring economists.Trade Review'Arnold Heertje is to be congratulated for bringing together the autobiographical reflections of five contemporary economists whom he identifies as being among the 'makers of modern economics.' . . . I read the entire volume with great pleasure in one afternoon and a long evening. It is well worth your time, and this slim volume deserves a place on your shelf.' -- Ingrid H. Rima, Journal of the History of Economic ThoughtTable of ContentsContents: Preface 1. Towards a Dynamical Economic Science: An Autobiographical Reflection 2. “Horses for Courses”: The Making of a Post-Keynesian Economist 3. The Ins and Outs of Late Twentieth Century Economics 4. Goats’ Wool 5. Born in the Shadow of the Mountains Index

Read more less

Book SynopsisThe rapid rise in the earnings of top executives is a distinctive feature of modern capitalism. This important two volume collection presents some of the most influential published theoretical and empirical papers on executive compensation. Topics include: Theoretical Foundations of Executive Pay; Executive Compensation and Company Performance; Relative Performance Evaluation; Determinants of Executive Compensation; The Effects of CEO Pay; Accounting Measures in Executive Contracts; CEO Turnover; CEO Pay Internationally; Economic Environments and Executive Pay.The Economics of Executive Compensation draws together a wide range of literature and will be an essential reference guide for students, researchers and practioners.Table of ContentsContents: Volume I: Introduction Part I: Theoretical Foundations of Executive Pay 1. Michael C. Jensen and William H. Meckling (1976), ‘Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure’ 2. Bengt Holmstrom (1979), ‘Moral Hazard and Observability’ 3. Eugene F. Fama (1980), ‘Agency Problems and the Theory of the Firm’ 4. Edward P. Lazear and Sherwin Rosen (1981), ‘Rank-Order Tournaments as Optimum Labor Contracts’ 5. Bengt Holmstrom (1982), ‘Moral Hazard in Teams’ 6. Sherwin Rosen (1982), ‘Authority, Control, and the Distribution of Earnings’ 7. Sanford J. Grossman and Oliver D. Hart (1983), ‘An Analysis of the Principal-Agent Problem’ Part II: Executive Compensation and Company Performance 8. Wilbur G. Lewellen and Blaine Huntsman (1970), ‘Managerial Pay and Corporate Performance’ 9. Kevin J. Murphy (1985), ‘Corporate Performance and Managerial Remuneration: An Empirical Analysis’ 10. Anne T. Coughlan and Ronald M. Schmidt (1985), ‘Executive Compensation, Management Turnover, and Firm Performance: An Empirical Investigation’ 11. Michael C. Jensen and Kevin J. Murphy (1990), ‘Performance Pay and Top-Management Incentives’ 12. Sherwin Rosen (1992), ‘Contracts and the Market for Executives’ 13. Joseph G. Haubrich (1994), ‘Risk Aversion, Performance Pay, and the Principal-Agent Problem’ Part III: Relative Performance Evaluation 14. Rick Antle and Abbie Smith (1986), ‘An Empirical Investigation of the Relative Performance Evaluation of Corporate Executives’ 15. Robert Gibbons and Kevin J. Murphy (1990), ‘Relative Performance Evaluation for Chief Executive Officers’ Part IV: Determinants of Executive Compensation 16. Kevin J. Murphy (1986), ‘Incentives, Learning, and Compensation: A Theoretical and Empirical Investigation of Managerial Labor Contracts’ 17. Wilbur Lewellen, Claudio Loderer and Kenneth Martin (1987), ‘Executive Compensation and Executive Incentive Problems: An Empirical Analysis’ 18. Charles A. O’Reilly III, Brian G. Main and Graef S. Crystal (1988), ‘CEO Compensation as Tournament and Social Comparison: A Tale of Two Theories’ 19. Jonathan S. Leonard (1990), ‘Executive Pay and Firm Performance’ 20. Richard A. Lambert, David F. Larcker and Robert E. Verrecchia (1991), ‘Portfolio Considerations in Valuing Executive Compensation’ 21. Robert Gibbons and Kevin J. Murphy (1992), ‘Optimal Incentive Contracts in the Presence of Career Concerns: Theory and Evidence’ 22. David Yermack (1995), ‘Do Corporations Award CEO Stock Options Effectively?’ Name Index Volume II: Part I: The Effects of CEO Pay 1. Robert Tempest Masson (1971), ‘Executive Motivations, Earnings, and Consequent Equity Performance’ 2. James A. Brickley, Sanjai Bhagat and Ronald C. Lease (1985), ‘The Impact of Long-Range Managerial Compensation Plans on Shareholder Wealth’ 3. Hassan Tehranian and James F. Waegelein (1985), ‘Market Reaction to Short-Term Executive Compensation Plan Adoption’ 4. Anup Agrawal and Gershon N. Mandelker (1987), ‘Managerial Incentives and Corporate Investment and Financing Decisions’ 5. John M. Abowd (1990), ‘Does Performance-Based Managerial Compensation Affect Corporate Performance?’ 6. Patricia M. Dechow and Richard G. Sloan (1991), ‘Executive Incentives and the Horizon Problem: An Empirical Investigation’ 7. Keith C. Brown, W.V. Harlow and Laura T. Starks (1996), ‘Of Tournaments and Temptations: An Analysis of Managerial Incentives in the Mutual Fund Industry’ Part II: Accounting Measures in Executive Contracts 8. Paul M Healy (1985), ‘The Effect of Bonus Schemes on Accounting Decisions’ 9. Robert M. Bushman and Raffi J. Indjejikian (1993), ‘Accounting Income, Stock Price, and Managerial Compensation’ 10. Richard G. Sloan (1993), ‘Accounting Earnings and Top Executive Compensation’ 11. Jennifer J. Gaver, Kenneth M. Gaver and Jeffrey R. Austin (1995), ‘Additional Evidence on Bonus Plans and Income Management’ 12. Robert W. Holthausen, David F. Larcker and Richard G. Sloan (1995), ‘Annual Bonus Schemes and the Manipulation of Earnings’ Part III: CEO Turnover 13. Jerold B. Warner, Ross L. Watts and Karen H. Wruck (1988), ‘Stock Prices and Top Management Changes’ 14. Michael S. Weisbach (1988), ‘Outside Directors and CEO Turnover’ 15. Kevin J. Murphy and Jerold L. Zimmerman (1993), ‘Financial Performance Surrounding CEO Turnover’ Part IV: CEO Pay Internationally 16. Steven N. Kaplan (1994), ‘Top Executive Rewards and Firm Performance: A Comparison of Japan and the United States’ 17. Steven N. Kaplan (1994), ‘Top Executives, Turnover, and Firm Performance in Germany’ 18. Martin Conyon, Paul Gregg and Stephen Machin (1995), ‘Taking Care of Business: Executive Compensation in the United Kingdom’ 19. John M. Abowd and Michael L. Bognanno (1995), ‘International Differences in Executive and Managerial Compensation’ Part V: Economic Environments and Executive Pay 20. Clifford W. Smith, Jr. and Ross L. Watts (1992), ‘The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies’ 21. Stuart C. Gilson and Michael R. Vetsuypens (1993), ‘CEO Compensation in Financially Distressed Firms: An Empirical Analysis’ 22. R. Glenn Hubbard and Darius Palia (1995), ‘Executive Pay and Performance: Evidence from the U.S. Banking Industry’ 23. Paul L. Joskow, Nancy L. Rose and Catherine D. Wolfram (1996), ‘Political Constraints on Executive Compensation: Evidence From the Electric Utility Industry’ Name Index

Read more less

Book SynopsisThe Economics of Marketing is an authoritative collection of previously published articles which demonstrates the contribution of economics to the field of marketing. It includes articles that deal with the economic history of marketing practices and contains both classical and contemporary economic analyses relevant to marketing management.Topics covered include the history of marketing, channels of distribution, product strategies, promotion and advertising, pricing policy and limiting competition.This volume will be of interest to economists and those academics working in the field of business and management studies and will contribute to a new dialogue between the two disciplines.Table of ContentsContents: Introduction Part I: History of Marketing Part II: Channels of Distribution Part III: Product Strategies Part IV: Promotion: Advertising and the Diffusion of Product Information Part V: Price Part VI: Limiting Competition: Barriers to Entry

Read more less

Book SynopsisWarren Samuels's second and concluding selection of essays focuses on early 20th century economists who, while relatively well-known in their times, have tended to be obscured by the more prominent stars of the discipline. It illustrates that economics is more diverse and complex than conventional histories of economic thought tend to identify. In particular it includes contributions on those economists who were not in the mainstream, or, if in the mainstream, practised economics in a somewhat alternative manner. Warren Samuels has assembled a collection of essays on thirteen economists - six German and seven Italian - who remain noteworthy of study to this day. The economists featured in the volume represent a variety of ways of practising economics - theoretical, methodological and policy-orientated - who all contributed to the understanding of economic processes and institutions at the deepest levels.European Economists of the Early 20th Century will appeal to all those with an interest in the philosophy and evolution of economics and to historians of economic thought.Trade Review'. . . one should underline the very high quality of the analytical assessments featuring in most of the papers. . . and, above all, the fact that these 300-odd pages stand out as a real goldmine of hard-to-recover information for historians of twentieth-century economics. In particular, all essays offer excellent bibliographies of the primary and secondary sources on the various economists. . . a remarkable contribution to our discipline.' -- Nicola Giocoli, EH.NetTable of ContentsContents: Editors and Contributors Introduction 1. Constantino Bresciani Turroni: The Eulogy of Monetary Stability 2. Gustavo Del Vecchio: Critical Conscience of the Italian Neoclassical School 3. Giovanni Demaria: An Appraisal of His Methodological and Theoretical Writings 4. Carl Dietzel (1829–1884): A Pioneering and Unorthodox Thinker on Public Debt and Fiscal Policy 5. Between Marx and Marshall: Antonio Graziadei (1873–1953) 6. Rudolf Hilferding 7. Alfred Kähler: A Pioneer of Input–Output Analysis 8. G.F. Knapp: An Economist with Institutional Complexion 9. Emil Lederer: Obstacles to Economic Expansion 10. Achille Loria: His Vision and Economic Analysis 11. Angelo Messedaglia 12. Umberto Ricci: Profile of a Militant Economist 13. Günter Schmölders and the Economics of Prohibition Index

Read more less

Book SynopsisGeoff Hodgson's innovative and important new book is about the future of economics as a viable discipline. It examines not only evolutionary economics but the development of economic theory during the twentieth century. The book reflects on the origins and consequences of the narrowing and increasing irrelevance of mainstream economics, suggesting that it will be inadequate to cope with the complex ideas of the new millennium.Geoff Hodgson analyses some of the attempts to redirect theoretical economics to real world issues. He proposes a move away from mathematical formalization, greater tolerance given to different approaches and the possibility of learning from other sciences especially biology. He suggests that the toleration of a plurality of theoretical approaches in economics - including institutional and evolutionary approaches - based on a common orientation towards real world economies is the best overall strategy for future theoretical advance.A unique and important contribution to our understanding, it will be welcomed by academics and researchers working in all fields of economics, especially evolutionary economics as well as by other social scientists.Trade Review'This is an important collection of essays around the general theme of evolutionary economics, and the evolution of economics as a discipline. . . the book quite convincingly demonstrates that a thorough grounding in both the history of economic thought and economic history more generally is central to a clear understanding of where economics has been and where it is going. . . The book would be useful reading for professional economists, graduate students and advanced undergraduates. One can imagine the book used in a multitude of courses, in particular if individual chapters are assigned.' -- John E. Peters, South African Journal of International Affairs'. . . an excellent volume that deserves a place on every economist's bookshelf. Hodgson deserves praise for tidying up some loose theoretical ends and for directing our attention to some neglected contributions to economic thought. Heterodox economists will find much to interest them here, of course, but mainstream economists would be well advised to have a look at this book; there is much intellectual nourishment to be had from it.' -- Stephen P. Dunn, Review of Political Economy'It is a valuable addition to recent institutional economics. Perhaps what sets Hodgson's work apart is that while he is very aware of a large and diverse historical literature that deals with institutional and evolutionary economics, and looks to it explicitly for inspiration and suggestion, he is not bound to any particular authority other than his own critical capacity. . . . Hodgson's openness to ideas is itself one of the most important contributions to this thought provoking book.' -- Malcolm Rutherford, Journal of Economic Issues'Hodgson writes in an interesting and lively way . . . This work will appeal to those familiar with evolutionary economics.' -- S.R.H. Jones, Business History'A brilliant, readable exploration of some lost themes in economics.' -- Deirdre McCloskey, University of Iowa, US'Hodgson has remarkable skill in using the history of economic thought to illuminate the limitations of contemporary economic thinking. The essays in this new book do that superbly. The book is invaluable reading, both for economists who suspect there is something limited about most modern economic writing, and for those who might want to think about that possibility.' -- Richard R. Nelson, Columbia University, USTable of ContentsContents: Preface and Acknowledgements Part I: Rival Paradigms in Economics 1. Introduction: The Century of Lost Opportunity 2. False Antagonisms and Doomed Reconciliations 3. A Case Study: The Fate of the Cambridge Capital Controversy 4. Metaphor and Pluralism in Economics Part II: The Evolution of Evolutionary Economics 5. Biological Metaphors in Economics from the 1880s to the 1980s 6. Meanings of Evolutionary Economics Part III: The Contributions of Richard Nelson and Sidney Winter 7. Richard Nelson and Sidney Winter 8. Optimization and Evolution: Winter’s Critique of Friedman Revisited Part IV: Evolutionary Theories of the Firm 9. Transaction Costs and the Evolution of the Firm 10. The Coasean Tangle: The Nature of the Firm and the Problem of Historical Specificity 11. Evolutionary and Competence-Based Theories of the Firm References Index

Read more less

Book SynopsisThis outstanding collection of William Brock's essays illustrates the power of dynamic modelling to shed light on the forces for stability and instability in economic systems. The articles selected reflect his best work and are indicative both of the type of policy problem that he finds challenging and the complex methodology that he uses to solve them. Also included is an introduction by Brock to his own work, which helps tie together the main aspects of his research to date. The volume covers: stochastic models and optimal growth financial and macroeconomic modelling ecology, mechanism design and regulation nonlinearity in economics. Trade Review'Since the early 1970s Buz Brock has been a leading figure in economic theory. These essays reflect his enormous talent, great imagination and modelling skills, but they also reflect his dedication to produce economic models that are well motivated by data and that can be used to discuss substantive economic issues. All students of modern economics will benefit from studying the papers in this collection.' -- Jose A. Scheinkman, Princeton University, US'Buz Brock has been for a long time, and still is a role model for all scientists that are truly dedicated to understanding the dynamic evolution of social systems (and, is there anything meaningful in the social systems without dynamics?). Reading through the essays collected in this beautifully edited book helps to understand why this is so and why his style of doing research should be looked at for a long time to come. His investigation spans a large variety of issues, both substantive and technical, theoretical and applied, methodological and policy-oriented. In each and every essay, Buz brings in a rare combination of talents: a clear and sharply inquisitive mind, a keen sense for the fundamental questions, a broad knowledge of the literature and the relevant facts and abundance of technical skills. All blended together by a passionate curiosity, which knows how to jump above and beyond disciplinary divisions and pre-established answers. His work has been path-breaking for more than thirty years now and is going to remain so for a while longer. Reading his work is sheer pleasure for an inquisitive mind.' -- Michele Boldrin, University of Minnesota, US'There is no better route to the understanding of modern dynamic economics, growth theory, and stochastic economic models than the study of the essays of William Brock. From his early contributions to the turnpike literature of optimal growth theory to his recent analysis of time series that may represent chaotic or stochastic processes, his work is characterized by surprising insights and useful results. There is no dross in his writing. He never speaks unless he has valuable knowledge to impart.' -- Lionel McKenzie, University of Rochester, US'Buz Brock's contribution to economic theory in general and economic dynamics in particular are characterized by an unmatched richness of ideas and by deep theoretical, empirical as well as computational analysis. Brock's contribution to economic dynamics range from one extreme of the field, global stability of stochastic optimal growth models, to another extreme, market instability and nonlinearity in economic and financial modelling and data analysis. But his work also includes environmental and economic policy issues and, more recently, the modelling of markets as complex adaptive systems. This collection of essays reflects Brock's richness of ideas that have motivated economists for more than three decades already and will continue to influence many economists for the next decades to come.' -- Cars H. Hommes, University of Amsterdam, the Netherlands'Buz Brock has been, from the beginning of his career, one of the most original thinkers in dynamic economics. His early work showed that growth with random elements could be studied effectively and above all posed exactly the right questions. His more recent work has brought complexity theory to the fore and shown its implications for financial and other markets. In the process, he has both introduced and used econometric tools to show the relevance of his work to empirically observed phenomena. It is very useful to have his work in collected form.' -- Kenneth J. Arrow, Stanford University, USTable of ContentsContents: Introduction by W. Davis Dechert Introduction and Discussion by William Allen Brock Part I: Stochastic Models Part II: Financial Modelling and Related Macroeconomic Modelling Part III: Ecology, Mechanism Design and Regulation Part IV: Nonlinearity in Economics Index

Read more less

Book SynopsisGeoff Hodgson's innovative and important new book is about the future of economics as a viable discipline. It examines not only evolutionary economics but the development of economic theory during the twentieth century. The book reflects on the origins and consequences of the narrowing and increasing irrelevance of mainstream economics, suggesting that it will be inadequate to cope with the complex ideas of the new millennium.Geoff Hodgson analyses some of the attempts to redirect theoretical economics to real world issues. He proposes a move away from mathematical formalization, greater tolerance given to different approaches and the possibility of learning from other sciences especially biology. He suggests that the toleration of a plurality of theoretical approaches in economics - including institutional and evolutionary approaches - based on a common orientation towards real world economies is the best overall strategy for future theoretical advance.A unique and important contribution to our understanding, it will be welcomed by academics and researchers working in all fields of economics, especially evolutionary economics as well as by other social scientists.Trade Review'This is an important collection of essays around the general theme of evolutionary economics, and the evolution of economics as a discipline. . . the book quite convincingly demonstrates that a thorough grounding in both the history of economic thought and economic history more generally is central to a clear understanding of where economics has been and where it is going. . . The book would be useful reading for professional economists, graduate students and advanced undergraduates. One can imagine the book used in a multitude of courses, in particular if individual chapters are assigned.' -- John E. Peters, South African Journal of International Affairs'. . . an excellent volume that deserves a place on every economist's bookshelf. Hodgson deserves praise for tidying up some loose theoretical ends and for directing our attention to some neglected contributions to economic thought. Heterodox economists will find much to interest them here, of course, but mainstream economists would be well advised to have a look at this book; there is much intellectual nourishment to be had from it.' -- Stephen P. Dunn, Review of Political Economy'It is a valuable addition to recent institutional economics. Perhaps what sets Hodgson's work apart is that while he is very aware of a large and diverse historical literature that deals with institutional and evolutionary economics, and looks to it explicitly for inspiration and suggestion, he is not bound to any particular authority other than his own critical capacity. . . . Hodgson's openness to ideas is itself one of the most important contributions to this thought provoking book.' -- Malcolm Rutherford, Journal of Economic Issues'Hodgson writes in an interesting and lively way . . . This work will appeal to those familiar with evolutionary economics.' -- S.R.H. Jones, Business History'A brilliant, readable exploration of some lost themes in economics.' -- Deirdre McCloskey, University of Iowa, US'Hodgson has remarkable skill in using the history of economic thought to illuminate the limitations of contemporary economic thinking. The essays in this new book do that superbly. The book is invaluable reading, both for economists who suspect there is something limited about most modern economic writing, and for those who might want to think about that possibility.' -- Richard R. Nelson, Columbia University, USTable of ContentsContents: Preface and Acknowledgements Part I: Rival Paradigms in Economics 1. Introduction: The Century of Lost Opportunity 2. False Antagonisms and Doomed Reconciliations 3. A Case Study: The Fate of the Cambridge Capital Controversy 4. Metaphor and Pluralism in Economics Part II: The Evolution of Evolutionary Economics 5. Biological Metaphors in Economics from the 1880s to the 1980s 6. Meanings of Evolutionary Economics Part III: The Contributions of Richard Nelson and Sidney Winter 7. Richard Nelson and Sidney Winter 8. Optimization and Evolution: Winter’s Critique of Friedman Revisited Part IV: Evolutionary Theories of the Firm 9. Transaction Costs and the Evolution of the Firm 10. The Coasean Tangle: The Nature of the Firm and the Problem of Historical Specificity 11. Evolutionary and Competence-Based Theories of the Firm References Index

Read more less

Book SynopsisThis important book presents for the first time a coherent analysis of the development of innovation theory from the nineteenth century to the present day. It examines the emergence of different theories of innovation in different periods, and how they compete for dominance today. Specifically, it looks at three paradigms within innovation theory - entrepreneurship, the rise of technology, and strategic behaviour.The book begins by discussing what innovation is and how innovation processes are to be understood within the historical perspective of long wave theory. Jon Sundbo then investigates the contribution of each of the following three paradigms, their inter-relationships and implications at the micro level. He considers entrepreneurs as individuals who have implemented or gained independence through their ideas. Historically, these would be the founders of enterprises, while the modern counterparts may be in companies that already exist. Secondly he addresses technology as a determinant of innovation, emphasizing the relations technology has with organizational and social factors. Thirdly, the author looks at strategic behaviour and the ability to recognize market opportunities and management processes for business strategies. Finally, he discusses the possibility of the three paradigms merging, how they differentiate and how they may be used in future innovation research.This important book will be essential reading for academics interested in innovation, technology and industrial organization.Trade Review'The book is certainly worth reading and takes an interesting perspective on innovation studies. . . I found it both challenging and thought-provoking.' -- J. Howells, Education Economics'This book tackles a large subject and is commendably wide-ranging in its review of relevant literatures.' -- Jim Love, Review of Industrial Organization'This book gives researchers a historical and evolutionary framework into which we might place the problems that we are each pursuing. In addition, it helps us understand the reasons why the questions we are asking are important today. This book is important reading for doctoral students and academic researchers focussed on any aspect of innovation. It is filled with philosophy of science issues. . . and draws on numerous streams of research, most of which are classics in fields ranging from entrepreneurship to strategic management theory to macroeconomic theory. Sundbo provides rich interpretations of historical writers' works, sometimes giving detailed descriptions, relating them to current and contemporary theories, and consistently using them to build his own theory. . . his interpretations in and of themselves are very insightful. . . he has provided the field a great service in combining and interpreting the numerous works that exist.' -- Gina Colarelli O'Connor, Journal of Product Innovation ManagementTable of ContentsContents: 1. Introduction 2. Issues in Innovation Theory 3. Innovation Theory in Historical Perspective: The Long Waves of the Economy 4. Three Innovation Periods, Each with its Own Innovation System 5. The Paradigmatic Situation in Innovation Theory in the Recovery Phase in the 1980s and 1990s: The Strategic Theory of Innovation 6. The Interrelationships of the Three Basic Innovation Theories and their Implications at the Micro Level 7. Summing Up Bibliography Index

Read more less

Book SynopsisA feature of the new consumer societies which has emerged in more recent years has been the growing economic and social importance of conspicuous consumption. Status-directed consumer demand, stimulated and promoted by the supply of products and services marketed as symbols of social identity and style, now represents a significant part of overall economic and commercial activity. Once regarded as a form of consumer behaviour associated only with the rich and privileged, conspicuous consumption is today a worldwide phenomenon, easily observed at all social and economic levels and a major determinant of the nature and direction of consumer demand. The origins of modern-day conspicuous consumption can be traced to the seventeenth and eighteenth centuries, to a time when the first consumer societies were being established. As these new markets emerged, so economics struggled to come to terms with a form of socially-inspired consumer behaviour with which it felt instinctively uneasy. Roger Mason traces the development of economic theory and thought since 1700 in its attempts to accommodate a new economics of conspicuous consumption. This enlightening book will be of much interest to scholars, researchers and students of consumer behaviour in economic theory, and will also be welcomed by those in the disciplines of sociology, psychology and business studies.Trade Review'Among the merits of Mason's book is that it offers a well-documented portray of the debate between Marshall and Pigou on the opportunity to explicitly include the analysis of conspicuous consumption into the realm of economics . . . Professor Mason's book offers an instructive description of the early contributions to the economics of conspicuous consumption and a useful guide to recent bibliographic sources.' -- G. Corneo, Journal of Economics'Mason provides an admirable history of conspicuous consumption, tracing its more recent expansion to all socioeconomic levels.' -- R.T. Averitt, Choice'The interdependence of individual consumption choices is one of those subterranean themes that run through the history of economics - never quite in the mainstream, but never wholly forgotten. Common observation reminds us that fashion matters, as does the desire to flaunt wealth or to conceal it, but this is an awkward fact that does not fit well into a framework which takes individual preferences as a given starting point. Roger Mason's history of the idea of conspicuous consumption from 1700 to the present is a valuable addition to our understanding of this important theme.' -- Anthony Brewer, University of Bristol, UKTable of ContentsContents: Introduction 1. The New Consumer Society 2. John Rae and ‘The Passion of Vanity’ 3. A Confusion of Ideas 4. The Neoclassical View 5. Thorstein Veblen and the Gilded Age 6. The Resistance to Change 7. Demand Reconsidered: External Effects and the Relative Income Hypothesis 8. Consumer Theory and the Economics of Affluence 9. Status, Identity and Style: Towards a NewTheory of Consumption 10. Perspective Index

Read more less

Book SynopsisThis timely book examines the effects of financial liberalization in the more advanced economies of Southeast Asia. The book also analyses the degree to which emerging and transitional economies in East and South Asia can benefit from this example. The weakness of the banking sector is examined in order to explain the reasons behind the currency crisis and to prescribe policies to avoid a similar episode in the future.Further, the book documents the individual steps taken to liberalize the economies over a period of about 20-30 years in each country. The analyses reveal that liberalization led to high growth in economies undertaking such reforms while unwillingness to take such reforms appear to have led to poor growth and hence low social development. This finding contradicts the common belief that liberalization led to the financial crisis and then to growth collapse.An efficient and liberalized financial sector is an essential precondition for promoting and accelerating economic growth and welfare. Arguments supporting this policy are based on the experience of Southeast Asian economies, particularly the pioneers such as Malaysia, Singapore, Indonesia and Thailand. This has led some less developed countries in East and South Asia to initiate the process of financial sector reforms and to realize the potential benefits of such reforms. The authors analyse the reform process and the lessons to be drawn from the experiences of these economies in their quest for sustained development in East and South Asia.Trade Review'This is an insightful, important, and good book. . . [the book] is a valuable addition to the debate on policy making and structures in Asia and will, I hope, be an influential one.' -- Gordon de Brouwer, Bulletin of Indonesian Economic Studies'. . . this book provides useful information about the Asian financial crisis.' -- Ying, Zhu, Asia Pacific Business ReviewTable of ContentsContents: Preface Part I: Liberalization and the Asian Financial Crisis Part II: The Early Reformers Part III: Communists Return to Market Forces Part IV: The Hesitant Reformers Part V: The Lessons from Liberalization Bibliography Index

Read more less

Book SynopsisThis two volume set is a comprehensive collection of historical and contemporary articles which highlight the theoretical foundations and the methods and models of long wave analysis. After examining the beginnings of long wave theory, the book includes discussions of time series methods and non-linear modelling, with an exploration of economic development in its historical context. It investigates the process of evolution and mutation in industrial capitalism over the last two hundred years. Contemporary reviews and critiques of long wave theory are also included. It makes available for the first time much important material that has hitherto been inaccessible. The book will be of immense value to all students and scholars interested in the history of economic thought, time series analysis and evolutionary or institutionalist analysis.Table of ContentsContents: Volume I: Introduction Part I: The Pioneers Part II: Times Series Methods Part III: Catastrophe, Chaos and Nonlinear Modelling Index • Volume II: Part I: Cycles, Waves, Swings and Phases: Economic Development in its Historical Context Part II: Overviews Index

Read more less

Book SynopsisRobert Eisner has made a seminal contribution to the development of macroeconomic analysis in the latter half of the twentieth century. This carefully edited selection of his essays traces the development of economic thought in the wake of the Keynesian revolution and offers a critique of the neoclassical contribution to economic analysis and major macroeconomic policy issues.Professor Eisner is fundamentally concerned with the determinants of employment and growth in a market economy. In this book, he provides a rigorous analysis of the permanent income hypothesis, the multiplier, interest rates, the liquidity trap, consumption and saving, depreciation, unemployment and growth models. He goes on to examine fiscal and monetary policy and the measurement and effects of budget deficits over the post-war period, challenging the view that budget deficits should necessarily be avoided. Professor Eisner also offers new measures of saving, investment and national income and product, which provide new insights into the economic factors affecting current welfare and future growth. Finally, he discusses the importance of full employment and criticises the idea that there is a natural rate of unemployment.Table of ContentsContents: Acknowledgements Introduction Part I: The Keynesian Revolution – Consumption, Interest Rates and Growth Part II: Fiscal and Monetary Policy and Budget Deficits Part III: Budget Deficits and Saving Part IV: Natural Rate of Unemployment and NAIRU Appendix

Read more less

Book SynopsisThis carefully edited selection of Robert Eisner's essays ties together his authoritative contributions to economic analysis and macroeconomic policy issues, particularly business, investment and tax policy. He offers a trenchant analysis of the fundamental issues of employment, investment and economic welfare in an advanced market economy, offering a challenge to the conventional wisdom on macroeconomic theory and policy.Professor Eisner first examines the determinants of business investment and criticizes neoclassical theories on investment. He goes on to assess the role of tax incentives in investment and finds that tax policy is a flawed way of attempting to encourage investment. He also analyses national income accounting and offers some alternative measurements for calculating national product. Professor Eisner then examines the implications of war for the economy and explores the macroeconomic consequences of disarmament including its possible effects on unemployment. Lastly, he addresses the conflict between economic policy and principle; particularly concerning the environment, insurance and the theory of choice, academic freedom and the elderly.Table of ContentsContents: Acknowledgements Introduction Part I: Business Investment Part II: TISA and National Income Accounting Part III: Taxes and Tax Incentives Part IV: War, Conscription and Disarmament Part V: Economic Policy and Principle Appendix

Read more less

Book SynopsisThe last two decades have seen a reshaping of the international economy together with a radical weakening in the conditions of the working class. New productive techniques and methods in the organization of labour have been implemented on a world-wide scale partly as a consequence of the financialization of capital. The geographical diffusion of market relations has continued and with it the dominance of capital in all realms of social reproduction. In charting this change, the book offers an alternative view of contemporary capitalism.It has been suggested that we are entering a new phase where the 'globalization' of economic activities is fully achieved, where 'post-Fordist' regulation has overcome the crisis of Keynesian capitalism, and where the dominant tendency is towards the 'end of work'. In contrast to this view, the authors of this book argue that current internationalization is not a structure, but a contradictory process and that new patterns in the division of labour while successful in increasing the pressure over workers have not been able to supersede Fordism entirely. They conclude that the slow growth of the economies, caused by neoliberal economic policies, is a crucial factor in explaining unemployment and the fragmentation of labour.Trade Review'This book swims against the current of orthodox assertions and offers a realistic theoretical analysis that supports labor's emancipation.' -- Stavros D. Mavroudeas, Review of Political EconomyTable of ContentsContents: Introduction 1. After Fordism, What? Capitalism at the End of the Century 2. Structural Unemployment in the Crisis of the Late Twentieth Century 3. Which Europe Do We Need Now? Which can we get? 4. Britain under ‘New Labour’ 5. The Euro and Europe’s Labour 6. The Accumulation Process in Japan and East Asia as Compared with the Role of Germany in European Post-war Growth 7. Historical Notes on the Rise and Fall of Fordism and Flexible Accumulation in the United States 8. Lean Production in North America 9. Management-by-Stress and Skilled Work 10. Is Technical Change the Cause of Unemployment? 11. Intensive and Extensive Investment, Employment and Working Time in the European Union 12. The Transformation of the Italian Labour Market 13. Changing Patterns in the Division of Labour and in the Segmentation of the Labour Force Index

Read more less

Book SynopsisThe central theme of this important book is that the knowledge on which business decisions are taken is limited and uncertain, and that the availability of this knowledge is affected by the nature of the market structure in place.G.B. Richardson argues that the accepted theoretical models of market economies are generally based on assumptions about the knowledge possessed by economic agents which are ill-specified and unrealistic. As a result these models fail to explain properly how the economy really works. He examines the availability to firms of the information they need, as a function of the market structure within which they operate. Neglect of this relationship, he maintains, has rendered invalid the currently prevailing accounts of how markets allocate resources, and new criteria are proposed for judging the efficiency of alternative market forms. The book offers a fresh analysis of competition and cooperation between firms and of the process of innovation.The Economics of Imperfect Knowledge will be welcomed by those interested in microeconomic theory, industrial organization and competition policy.Trade Review'Though most of G.B. Richardson's writings are from the period 1953-1972, their relevance to modern economics is of enormous significance. They deserve to be read by a wide audience, ranging from those who teach the basics of supply and demand, through to industrial economists, those who work on competition policy, and anyone involved in the economics of transition (a process which would have been far less painful if more informed by Richardson's ideas). Taken together, Richardson's writings form a remarkably coherent and constructive critique of the conventional wisdom on how market processes work. The whole picture is best grasped by following his own gradual process of enlightenment and this collection is a wonderfully convenient tool for doing this, not least of all because of the delightful introduction in which Richardson reflects on how his thinking has evolved.' -- Peter E. Earl, Lincoln University, New ZealandTable of ContentsContents: Acknowledgements Introduction 1. Imperfect Knowledge and Economic Efficiency 2. Schumpeter’s History of Economic Analysis 3. Demand and Supply Reconsidered 4. Equilibrium, Expectations and Information 5. The Limits to a Firm’s Rate of Growth 6. The Theory of Restrictive Trade Practices 7. The Pricing of Heavy Electrical Equipment 8. Price Notification Schemes 9. Planning Versus Competition 10. The Organisation of Industry 11.Adam Smith on Competition and Increasing Returns 12. Competition, Innovation and Increasing Returns 13. Economic Analysis, Public Policy and the Software Industry Index

Read more less

Book SynopsisIndustry, Space and Competition rediscovers the contributions of the past on industrial organization and spatial economics and analyses these within the context of current movements towards globalization, regionalization and localization.It re-examines the work of von Thunen, Marshall, Weber and Perroux as well as re-assessing less well-known authors including Quesnay, George and Hearn whose contributions have previously been largely disregarded. The book analyses their contributions to spatial economics, industrial organization and economic geography within an historical context. The authors then go on to discuss related issues which are not strictly from the discipline of economics. Finally the authors propose that there should be more interaction with other disciplines including history and geography in order to gain a greater understanding of the subject.This book will be welcomed by historians of economic thought, regional economists, industrial economists, especially those interested in industrial organisation and competition, and scholars of international economics and economic geography.Table of ContentsContents: Introduction Part I: Thünen 1. Coase and Thünen 2. Thünen’s Contribution to Location Economics and Marginal Productivity Theory Part II: Marshall 3. The Nation as an Organized System of Production 4. Industrial Districts as Knowledge Communities 5. Alfred Marshall and Territorial Organization of Industry Part III: Weber and Perroux 6. Economic Space, Institutions and Dynamics 7. The Organization of Industry and Location Part IV: The Forgotten Authors 8. The Economic Implications of the Location of England and the Location of France 9. W.E. Hearn on the Industrial Organization of Society 10. Henry George on the Location of Economic Activity Part V: Other Readings and Rereadings 11. The Notion of Space in the Economic Work of Emile Levasseur 12. A National Bank or Local Banks? Index

Read more less

Book SynopsisThe Impact of Keynes on Economics in the 20th Century reconsiders the nature and significance of Keynes's theories and economic policies. It provides important contrasting interpretations of Keynesian thought, and illustrates the diversity of Keynesianism in different European countries throughout the century.The book provides a blend of theoretical and historical discussions to evaluate the contents and implications of Keynesianism. It includes reappraisals of modern interpretations of Keynes's thought, the extent to which Keynesian ideas were anticipated in different European countries and the reactions to the Keynesian revolution. In addition the authors consider the impact of Keynesian thought on institutions which embraced, rejected or developed alternatives to this school of thought. The book is divided into three main parts. The first addresses Keynesian theory. The second part presents an overall picture of Keynesian-type policies and theories throughout Europe; many of these were not necessarily stimulated by Keynes but were the outcome of national traditions and on-going debates. The third part is devoted to how Keynesian policy has been used by government and non-governmental organizations in an attempt to deal with unemployment and deflation during the twentieth century.The Impact of Keynes on Economics in the 20th Century will be welcomed by historians of economic thought, economic historians and those interested in Keynesian and post-Keynesian developments in Europe during this century.Trade Review'. . . an interesting collection that will be particularly useful to those who wish to be acquainted with the intellectual history of Keynesianism in the various and still largely unexplored cultural environments.' -- Maria Cristina Marcuzzo, Journal of the History of Economic Thought'. . . is valuable in providing surveys of reaction to Keynes, his ideas and policies, at various stages of his career and from a range of diverse traditions, some of them hitherto underrepresented.' -- Gordon Fletcher, European Society for the History of Economic ThoughtTable of ContentsContents: Preface Introduction Part I: Theory 1. J.M. Keynes’s ‘Revolution – the Major Event of Twentieth-Century Economics? 2. Mr Keynes and the Moderns 3. The Conditions for the Reinstatement of Keynesian Policy Part II: Keynesianism in European Countries (Before and After the General Theory) 4. Keynes and the French Guardians of Say’s Law 5. Keynes Before and After the General Theory 6. Keynes’s Economic Ideas in Spain before the General Theory 7. The Analysis of Wages and Unemployment Revisited 8. Keynesianism in Italy 9. Keynesian Elements in a Long-term Analysis Part III: Institutional Discussions of Keynesian Policies 10. The Rationalization of Industry as a Controversial Remedy for Unemployment 11. Pre-Keynesian Themes at Brookings 12. The ILO and the League of Nations 13. The Beveridge Retort Index

Read more less

Book SynopsisThis major two volume collection presents some of the most influential theoretical and empirical papers on the economic theory of auctions.Auction theory has been the basis of fundamental theoretical work in industrial economics, public economics, labour economics and finance, and has helped the understanding of price formation in markets. There has recently been an explosion of interest in its practical applications, especially in organising the sale of government assets (for example, treasury bonds, radio spectrum licenses, and firms to be privatised) and in developing new markets for electricity and transport. Because auctions are such simple and well defined environments, they provide a valuable testing ground for economic theory that has been increasingly exploited in empirical work.The book will also include important previously unpublished papers by P.R. Milgrom, R. Weber and A. Ortega-Reichert, and other hard-to-find papers by W. Vickery and others.Trade Review'Auctions play a crucial role in the allocation of resources in many industries. Paul Klemperer's very careful selection of topics and papers will be of tremendous help to the student, researcher and practitioner. From the classics of the sixties (Vickrey, Ortega-Reichert, Wilson) to the most recent advances, this two volume collection performs a real public service.' -- Jean Tirole, Institut d'Economie Industrielle, University of Toulouse, France'Auction theory has been a great success story for the economics profession. Not only has the theory proved to be intellectually engaging, it has turned out to be remarkably relevant in practice. In these two volumes, Paul Klemperer has gathered some of the most influential papers and introduced them with a fine survey of the literature. The volumes make a superb reference collection.' -- Eric Maskin, Harvard University, US'Auction theory is the big success of game theory. Billions of dollars currently change hands in auctions designed by game theorists to fit the special circumstances of the sale. Paul Klemperer, himself a leading contributor to auction theory, has now put together his choice of the most significant papers in the field. Anybody who cares about auctions will want it on his shelf.' -- Ken Binmore, University College London, UK'The valuable collection edited by Paul Klemperer contains the most important original papers in the field, including all but two of the articles cited in this essay. His introductory chapter is a comprehensive, well-organised and up-to-date survey of the literature on auctions. In addition to a comprehensive bibliography, key papers are listed by section, providing an invaluable guide to the literature for individual study. Four appendices elaborate technical details and provide numerical examples.' -- Michael Carter, Reader's Guide to the Social SciencesTable of ContentsContents: Acknowledgements • Foreword Volume I: Part I: Introduction to the Papers 1. Paul Klemperer (1999), ‘Auction Theory: A Guide to the Literature’ Part II: Early Literature 2. William Vickrey (1961), ‘Counterspeculation, Auctions, and Competitive Sealed Tenders’ 3. William Vickrey (1962), ‘Auction and Bidding Games’ 4. James H. Griesmer, Richard E. Levitan and Martin Shubik (1967), ‘Toward a Study of Bidding Processes Part IV- Games with Unknown Costs’ 5. Simon Board and Paul Klemperer (1999), ‘A Note on Ortega Reichert’s “A Sequential Game with Information Flow”’ 6. Armando Ortega Reichert (1968), ‘A Sequential Game with Information Flow’ 7. Robert B. Wilson (1969), ‘Competitive Bidding With Disparate Information’ Part III: Introduction to the Recent Literature 8. R. Preston McAfee and John McMillan (1987), ‘Auctions and Bidding’ 9. Eric S. Maskin and John G. Riley (1985), ‘Auction Theory with Private Values’ Part IV: The Basic Analysis of Optimal Auctions, Revenue Equivalence, and Marginal Revenues 10. Roger B. Myerson (1981), ‘Optimal Auction Design’ 11. John G. Riley and William F. Samuelson (1981), ‘Optimal Auctions’ 12. Jeremy Bulow and John Roberts (1989), ‘The Simple Economics of Optimal Auctions’ Part V: Risk Aversion 13. Eric Maskin and John Riley (1984), ‘Optimal Auctions with Risk Averse Buyers’ 14. Steven Matthews (1987), ‘Comparing Auctions for Risk Averse Buyers: A Buyer’s Point of View’ Part VI: Correlation and Affiliation 15. Paul R. Milgrom and Robert J. Weber (1982), ‘A Theory of Auctions and Competitive Bidding’ 16. Jacques Crémer and Richard P. McLean (1985), ‘Optimal Selling Strategies Under Uncertainty for a Discriminating Monopolist When Demands are Interdependent’ 17. Dan Levin and James L. Smith (1996), ‘Optimal Reservation Prices in Auctions’ Part VII: Asymmetries A Private Value Differences 18. R. Preston McAfee and John McMillan (1989), ‘Government Procurement and International Trade’ 19. Eric Maskin and John G. Riley (1996), ‘Asymmetric Auctions’ B Almost Common Values 20. Sushil Bikhchandani (1988), ‘Reputation in Repeated Second-Price Auctions’ 21. Paul Klemperer (1998), ‘Auctions with Almost Common Values: The ‘Wallet Game’ and its Applications’ C Information Advantages 22. Paul Milgrom and Robert J. Weber (1982), ‘The Value of Information in a Sealed-Bid Auction’ Part VIII: Entry Costs, and the Number of Bidders A Endogenous Entry of Bidders 23. Dan Levin and James L. Smith (1994), ‘Equilibrium in Auctions with Entry’ 24. Richard Engelbrecht-Wiggans (1993), ‘Optimal Auctions Revisited’ 25. Steven Matthews (1984), ‘Information Acquisition in Discriminatory Auctions’ 26. Michael J. Fishman (1988), ‘A Theory of Preemptive Takeover Bidding’ B The Value of Additional Bidders 27. Jeremy Bulow and Paul Klemperer (1996), ‘Auctions Versus Negotiations’ C Information Aggregation with Large Numbers of Bidders 28. Robert Wilson (1977), ‘A Bidding Model of Perfect Competition’ 29. Paul R. Milgrom (1981), ‘Rational Expectations, Information Acquisition, and Competitive Bidding’ Part IX: Collusion 30. Marc S. Robinson (1985), ‘Collusion and the Choice of Auction’ 31. R. Preston McAfee and John McMillan (1992), ‘Bidding Rings’ 32. Kenneth Hendricks and Robert H. Porter (1989), ‘Collusion in Auctions’ Name Index Volume II: Part X: Multiple Units A Optimal 1. Eric Maskin and John Riley (1989), ‘Optimal Multi-unit Auctions’ 2. Thomas R. Palfrey (1983), ‘Bundling Decisions by a Multiproduct Monopolist with Incomplete Information’ B Simultaneous 3. Robert Wilson (1979), ‘Auctions of Shares’ 4. Kerry Back and Jaime F. Zender (1993), ‘Auctions of Divisible Goods: On the Rationale for the Treasury Experiment’ 5. James J. Anton and Dennis A. Yao (1992), ‘Coordination in Split Award Auctions’ 6. Paul D. Klemperer and Margaret A. Meyer (1989), ‘Supply Function Equilibria in Oligopoly Under Uncertainty’ 7. Robert G. Hansen (1988), ‘Auctions with Endogenous Quantity’ C Sequential 8. Paul R. Milgrom and Robert J. Weber (1982), ‘A Theory of Auctions and Competitive Bidding, II’ 9. Jeremy Bulow and Paul Klemperer (1994), ‘Rational Frenzies and Crashes’ 10. R. Preston McAfee and Daniel Vincent (1993), ‘The Declining Price Anomaly’ 11. Robert J. Weber (1983), ‘Multi-Object Auctions’ Part XI: Royalties, Incentive Contracts, and Payments for Quality 12. John G. Riley (1988), ‘Ex Post Information in Auctions’ 13. Jean-Jacques Laffont and Jean Tirole (1987), ‘Auctioning Incentive Contracts’ 14. Yeon-Koo Che (1993), ‘Design Competition through Multidimensional Auctions’ Part XII: Double Auctions, Etc A Double Auctions 15. Kalyan Chatterjee and William Samuelson (1983), ‘Bargaining under Incomplete Information’ 16. Robert Wilson (1985), ‘Incentive Efficiency of Double Auctions’ 17. Aldo Rustichini, Mark A. Satterthwaite and Steven R. Williams (1994), ‘Convergence to Efficiency in a Simple Market with Incomplete Information’ 18. R. Preston McAfee (1992), ‘A Dominant Strategy Double Auction’ B Related Two-Sided Trading Mechanisms 19. Roger B. Myerson and Mark A. Satterthwaite (1983), ‘Efficient Mechanisms for Bilateral Trading’ 20. Peter Cramton, Robert Gibbons and Paul Klemperer (1987), ‘Dissolving a Partnership Efficiently’ Part XIII: Other Topics A Budget Constraints 21. Yeon-Koo Che and Ian Gale (1998), ‘Standard Auctions with Financially Constrained Bidders’ B Externalities between Bidders 22. Philippe Jehiel and Benny Moldovanu (1996), ‘Strategic Nonparticipation’ C Jump Bidding 23. Christopher Avery (1998), ‘Strategic Jump Bidding in English Auctions’ D War of Attrition 24. Jeremy Bulow and Paul Klemperer (1999), ‘The Generalized War of Attrition’ E Competing Auctioneers 25. R. Preston McAfee (1993), ‘Mechanism Design by Competing Sellers’ Part XIV: Testing the Theory A Empirical 26. Jean-Jacques Laffont (1997), ‘Game Theory and Empirical Economics: The Case of Auction Data’ B Experimental 27. John H. Kagel (1995), ‘Auctions: A Survey of Experimental Research’ Name Index

Read more less

Book SynopsisThis book is a definitive collection of Keith Pavitt's seminal articles in the analysis of technology and innovation. He presents realistic, empirical accounts of the economic impact of technological change on firms, emphasising the cognitive dimensions of technical change. The theme throughout is that technological knowledge remains largely tacit, and the transformation of advances in knowledge is complex, uncertain and requires continuous learning.The book explores the appropriate location of innovative activities, the size structure of innovating firms, the implications of technological trajectories for corporate strategies and organization, the influence of national systems of innovation on corporate behaviour and the usefulness of publicly funded research. The conclusions drawn challenge established theories, policies and practices.Technology, Management and Systems of Innovation will prove invaluable to students and scholars of both the economics and management of evolutionary technical change.Table of ContentsContents: Introduction Part I: Technological Knowledge Part II: Management Part III: Systems of Innovation Index

Read more less

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

Read more less

Book SynopsisSustaining Development brings together, in one accessible volume, a selection of Daniel W. Bromley's path-breaking theoretical and empirical papers on economic development and environmental problems in the developing world.The book emphasizes the institutional dimensions of the environment and development problem, paying particular attention to the role of property regimes in understanding the causes and consequences of environmental degradation. Daniel W. Bromley, one of the world's leading environmental scholars, addresses the conceptual and empirical issues of alternative property rights, institutions and incentives as they relate to environmental resources. Drawing on empirical work, he sheds new light on the pressing problems faced by governments in the developing world as they struggle with the twin challenges of poverty and resource degradation. Throughout the book Professor Bromley pays careful attention to the policy implications and policy formulation of the issues under discussion.Sustaining Development will be welcomed by environmental and development economists as well as policymakers in both the industrialized and developing world.Trade Review'. . . Read the book. It is worthwhile and highly recommended to all people working in agricultural development and similar fields. The book belongs to the most important publications printed recently.' -- Frithjof Kuhnen, Quarterly Journal of International Agriculture'. . . the book is a gold mine for those interested in the institutional aspects of development. The author has selected the articles carefully, so that the theme of the book is conveyed in a fruitful manner.' -- Jeena T. Srinivasan, Kyklos'. . . it is well worth reading.' -- Neil Adger, EnvironmentTable of ContentsContents: Part I: The Development Problem 1. Sustaining Development 2. Reconstituting Economic Systems 3. On Risk, Transactions, and Economic Development in the Semiarid Tropics 4. Development Reconsidered Part II: Property Regimes in Development Policy 5. The Commons, Common Property and Environmental Policy 6. Property Relations and Economic Development 7. Indigenous Land Rights in Sub-Saharan Africa 8. Property Rights, Externalities, and Resource Degradation 9. Co-Management or No Management 10. Institutions, Governance and Incentives in Common Property Regimes for African Rangelands 11. Economic Dimensions of Community-Based Conservation 12. The Enclosure Movement Revisited 13. Necessity and Purpose in Chinese Agriculture Part III: Empirical Issues 14. The Village Against the Center 15. The Economics of Cain and Abel 16. Extensification of Agriculture and Deforestation 17. Rainfed Mechanized Farming and Deforestation in Central Sudan 18. Natural Resource Prices, Export Policies, and Deforestation 19. Deforestation Index

Read more less

Book SynopsisThis book examines the economy as an evolving entity and develops a new and coherent approach to the classification of economic systems. It demonstrates how the components of a decision-making system and the properties of a functioning economy are intrinsically linked. A well-functioning economy is shown to depend chiefly on 'correct' decisions. These in turn depend on an efficient decision-making system, an appropriate mix of markets, organizations and governments, and an optimal combination of the four enforcing mechanisms of a modern economic system: custom, command, competition and cooperation.Although this book is primarily about economics, non-economic considerations, including politics and ethics, are brought into the analysis. The most important decisions in life include choices between economic and non-economic issues. Hence, one of the aims of this book is to provide a conceptual framework to cope with these choices. The book also attempts to establish some plausible conditions for well-functioning economy and a 'just society'.This thoughtful book will be of interest to economists of economic theory and economic systems as well as policymakers in both the private and public sectors.Trade Review'It is an ambitious attempt to define different sorts of societies from the point of view of the roles of their principal decision-makers, to design an optimal society coming from the same point of view and to point out the pitfalls on the way to establishing such a society. Haddad is a humane and democratic person and his ideal society is an admirable one. He has thought long and hard about both the pitfalls and the advantages of what he proposes. He provides a novel framework within which to attempt both the actual and potential. Haddad is aware that hard-nosed cynics will sneer at him and his ideas but he is also an optimist who believes that good sense and good will may flourish in an appropriate environment. Certainly his book should be in the public domain in a democratic society for it provides the basis for serious and fundamental discussion of ethics, economics and politics.' -- G.C. Harcourt, University of New South Wales, AustraliaTable of ContentsContents: Preface 1. Introduction Part I: Economic Systems and Decision-making 2. Structures of Decision-making 3. Decision-making Procedures 4. Structures of Information Flows 5. Decision-making Criteria 6. Types and Structures of Incentive Part II: The Evolution of Economic Systems 7. The Customary Economy 8. The Command Economy 9. The Competition Economy 10. The Composite Economy Part III: Towards a Well-functioning Economic System 11. The Principles of a Well-designed Decision-making System 12. The Properties of a Well-functioning Economy 13. The Decision-making Process of a Well-functioning Economy 14. Concluding Notes on the Problems of Transition to a Well-functioning Economy References Index

Read more less

Book SynopsisThis thought-provoking book clearly and systematically analyses the post-Keynesian approaches to endogenous money and, in doing so, provides an informed critique of the development of post-Keynesian economics.Using a horizontalist perspective the author offers an historical overview of the post-Keynesian and circuit approaches to endogenous money, starting with a comprehensive survey of the Franco-Italian circuit school. He argues that rather than emphasizing the early writings of Minsky, Kaldor and Tobin in the 1950s and of Davidson and Rousseas later, post-Keynesians ought to have followed the writings of Joan Robinson and Richard Kahn who offered far better theories of credit-money. The author then compares the current post-Keynesian structuralist theory with New Keynesian monetary thought. In conclusion, he develops an innovative theory of banking based on Keynesian uncertainty and consistent with the horizontalist tradition taking into account credit restraints, crunches and creditworthiness.This book will be illuminating to scholars of post-Keynesian economics, macroeconomics, and history of economic thought.Trade Review'Louis-Philippe Rochon has filled a void in the literature on the revival of endogenous money. This book deserves a place on economists' bookshelves. . . Rochon makes a thoughtful case for a "revolutionary" theory of endogenous money. . . . Rochon presents a coherent and comprehensive evaluation of the literature on endogenous money. His case for a new heterodox monetary theory comprising horizontalism and the circuitist approach is persuasive and should generate further constructive debate. . . . His argument sets the stage for further debates that may lead toward a better heterodox theory of a monetized production economy.' -- Mark Lautzenheiser, Review of Poltical Economy'This book must be read by all those who despair of the capacity of heterodox economists to go beyond the eternal critique of neoclassical economics and escape from the temptation of impossible bridges between approaches that cannot be reconciled . . . . Needless to say that the author is to be praised for his beautiful style, his scholarship and his methodology. No proposition is spelled out without being rooted in a remarkable critique of the literature and scientific logic. The reader is now convinced that at last heterodox economics is born.' -- Alain Parguez, University of Franche-Comte, France and University of Ottawa, Canada'Rochon provides a clear and unambiguous presentation of the key elements that comprise a theory of endogenous credit-money, showing in particular the similarities and the dissimilarities with the ideas recently espoused by new Keynesian economists. Rochon takes a clear stand on all the debates that he tackles. He usually puts forth a dissident view, going against conventional wisdom as accepted by most of his fellow post-Keynesian colleagues. I expect the book to generate a large amount of controversy among heterodox economists. It is an important addition to the literature, as Rochon provides a coherent alternative framework.' -- Marc Lavoie, University of Ottawa, Canada, and University of Paris 13, FranceTable of ContentsContents: Preface Introduction 1. The Franco–Italian Circuitists: Credit, Money and Production 2. Credit, Money and Post-Keynesian Theory: Clarifications of Familiar Themes 3. The Early Views of “Endogenous” Money: Minsky, Kaldor and Tobin 4. The Early Views of “Endogenous” Money Revisited: Davidson and Rousseas versus Robinson and Kahn 5. Horizontalists and Structuralists: Credit and Endogenous “Money” 6. Post-Keynesians and Orthodoxy: “Neo” Post-Keynesians? 7. New Keynesian Monetary Theory and the Transmission Mechanism: A Comparison with Post-Keynesian Theory 8. A Post-Keynesian/Circuitist Theory of Banks: Uncertainty, Creditworthiness, and the Supply of Credit Bibliography Index

Read more less

Book SynopsisRecent outbreaks of financial instability have spurred new interest in the works of the late Hyman P. Minsky who made path-breaking contributions to our understanding of contemporary market economies. This book provides an innovative tribute to Minsky's work and sheds new light on the nature of economic fluctuations and financial instability.Eric Nasica provides a contemporary analysis of the relationship between finance, investment and fluctuations. He focuses on the contributions of Hyman P. Minsky and, in particular, on his financial instability hypothesis. He also examines more recent models of financial instability, based on dynamic non-linear systems and asymmetric information, but finds that they are unable to account adequately for the behaviours of agents in situations of uncertainty and for the role of institutions in the unfolding of fluctuations. Minsky's theory of fluctuations accounts for these factors in the role of 'institutional dynamics'. Finally, the author compares fluctuations and finds that they have a similar approach to uncertainty and macroeconomic instability.Finance, Investment and Economic Fluctuations will prove invaluable to scholars of macroeconomics and finance.Trade Review'. . . brilliant volume. . . The book is well written and is worth reading because it presents an author whose ideas can illuminate the present evolution of the "new economy".' -- Piero Ferri, The Economic Journal'There have been a number of events honouring Hyman Minsky since his death in 1996. However, none of the contributions to these events has presented as serious and honest an evaluation of Minsky's work as this book. It is a real tribute, for it not only looks backwards in assessment, it looks forwards to new developments, developments that Minsky himself considered promising. Nasica's exposition has managed to grasp both the ambiguous and eclectic nature of Minsky's financial fragility hypothesis, noting the originality of what Nasica calls the financial theory of investment.' -- From the preface by Jan Kregel, University of Bologna, ItalyTable of ContentsContents: Introduction Part I: Minsky’s Endogenous and Financial Cycles 1. The Post-Keynesian Legacy 2. The Financial Theory of Investment 3. The ‘Incoherence’ of Market Economies Part II: Modelling the Financial Instability Hypothesis 4. Linear and Non-Linear Models 5. New-Keynesian Models Part III: Rationality, Institutions and Financial Instability 6. Modelling Minsky’s Theory with New-Keynesian Concepts 7. Institutional Dynamics Conclusion References Index

Read more less

Book SynopsisRobert W. Clower has had a profound effect on the theory and practice of economics. The distinguished group of contributors to this book celebrates his seminal contribution to economic methodology and theory by providing key accounts of important themes in the area of money, markets and method.The volume begins with a number of papers dealing with Robert Clower's work and his views on methodology. The contributors then discuss Keynes's General Theory and its relationship to conventional Keynesian macroeconomic theory as well as the origins of the General Theory itself, a subject that has been central to Clower's writings. The analysis is then expanded to concentrate on how institutions matter in thin markets. Finally, the authors analyse ways in which adaptive behaviour influences the stability of markets in the context of trading relationships, repeated games and retail stores.Trade Review'What [this book] has, to a greater degree than most conference volumes or Festschrifts, are pieces that provoke thought, stimulate further research, make one wish to read more works by these authors, and reminds one how much insight, stimulus, and pleasure is to be gained by re-reading Robert Clower's essays.' -- Robert W. Dimand, History of Economic Ideas'The volume is well edited and clearly organized, and includes an informative list of contributors, noting their affiliations and a brief description of their work. . . . This volume succeeds as a fine and fitting tribute to the birthday honoree. Its essays present a significant development of this family of arguments.' -- Ross M. Starr, Journal of Economic LiteratureTable of ContentsContents: Introduction Part I: Monetary Theory and Methodology 1. Clower’s Intellectual Voyage: The ‘Ariadne’s Thread’ of Continuity Through Changes 2. Microfoundations: Adaptive or Optimizing? 3. Clower on Axiomatics 4. New Tools for Making Economics as Inductive Science Part II: Keynes’s General Theory 5. From Keynes to Hicks – An Aberration? IS–LM and the Analytical Nucleus of the General Theory 6. Variations on a Two-Interest-Rate Theme 7. Thick Markets and Thin Theories: R.W. Clower and the Economics of J.M. Keynes Part III: Market Behaviour 8. Price Formation and Exchange in Thin Markets: A Laboratory Comparison of Institutions 9. Conformism and Multiple Sycophantic Equilibria 10. Asymmetric Contests: A Resolution of the Tullock Paradox Part IV: Market Stability 11. The Institutional Foundations of the Multiplier Process 12. Learning and the Stock-Flow Model 13. Price Setting in a Schematic Model of Inductive Learning Index

Read more less

Book SynopsisEconomic Games and Strategic Behaviour is a seminal volume which introduces a model providing solutions to economic games subject to repeated play. It develops a link between strategic bargaining and the theory of self-enforcing contracts to give insights into the long-term relationships between two parties, such as firms or governments, who meet in a negotiating situation.The author provides an original approach to strategic bargaining to find a solution to economic games in which cooperation cannot be enforced by a third party. He then applies this approach to a wide range of real life situations including international environmental agreements, bilateral trade agreements, collusion between firms in industry and bargaining between buyers and sellers in the market place. The author also discusses important policy implications as well as setting an agenda for future research.Economic Games and Strategic Behaviour is an original contribution to the existing literature which will be welcomed for providing accurate outcomes for situations in which conventional theories produce ambiguous results. It will be of great interest to students and scholars of microeconomics, game theory and industrial economics.Trade Review'Researchers should find plenty of material of interest and certainly a perusal of at least the first three chapters and the concluding one should be rewarding and may well tempt one to go through the entire work.' -- S. Das Gupta, Zentralblatt fur Mathematik und ihre Grenzgebiete'In closing, allow me to shamelessly steal a Woody Allen joke which should not be a stranger to many readers of Kyklos. This is a forceful book, which is seriously written, well formatted, rich in economic applications and policy implications (to lesser extent, however), and just can not be read as fast (although great readability or light reading might be what the author takes pride to offer). One should not flip through it from cover to cover in one day and conclude: "It is about two-person repeated games with self-enforcing agreements'. Incidentally, I just reveal, in my humblest opinion, the most appropriate title of this interesting and most welcome monograph (Calling this Economic Games and Strategic Behaviour resembles renaming "Mighty Aphrodite" as "A Film by Woody Allen".' -- Jong-Shin Wei, KyklosTable of ContentsContents: Preface 1. Preview 2. Strategic Bargaining and Self-enforcing Contracts 3. Bargaining for a Collective Good without Transfers 4. Bargaining for a Collective Good with Transfers 5. Bargaining between Buyer and Seller 6. Concluding Remarks 7. Appendix References Index

Read more less

Book SynopsisThis book brings together John Creedy's most important essays on the history of economic analysis. The book contributes to our understanding of the development of economics by looking at the subject and some of its major players including Pareto, Edgeworth, Marshall and Wicksell, from an historical perspective. It reveals how learning about a subject and its past is critical to understanding current debates.Trade Review'Those desirous of learning more about the theory of exchange in the formative period of marginalist economics can benefit considerably from Creedy's essays, here conveniently reprinted in the one place. Those who lack the originals on their bookshelves, whose work Creedy discusses, or who cannot easily obtain them from their university libraries, will find the selections reprinted in the companion volume quite handy. In short, these are useful collections to order for your library and to place on the reading list of your history of economics course if it deals in depth with the early marginalists. This is a quality contribution from a good specialist historian of economics.' -- Peter Groenewegen, History of Economics ReviewTable of ContentsContents: Preface 1. Pareto and the Distribution of Income 2. Edgeworth’s Contribution to the Theory of Exchange 3. Some Recent Interpretations of Mathematical Psychics 4. The Early Use of Lagrange Multipliers in Economics 5. Francis Ysidro Edgeworth 6. F.Y. Edgeworth’s Mathematical Training 7. F.Y. Edgeworth: Utilitarianism and Arbitration 8. Public Finance 9. On the King-Davenant Law of Demand 10. Wicksell on Edgeworth’s Tax Paradox 11. Whewell’s ‘Translation’ of J.S. Mill 12. Marshall and Edgeworth 13. Marshall, Monopoly and Rectangular Hyperbolas 14. Commentary on English Speaking Pioneers in Value and Distribution Theory 15. Marshall and International Trade 16. Mangoldt and Inter-related Goods 17. Consumers’ Surplus and International Trade: Marshall’s Example 18. The Role of Stocks in Supply and Demand Analysis 19. Jevons’s Complex Cases in the Theory of Exchange 20. Cournot on Trade Between Regions and the Transition from Partial to General Equilibrium Modelling 21. Launhardt’s Model of Exchange 22. Exchange Equilibria: Bargaining, Utilitarian and Competitive Solutions 23. The Rise and Fall of Walras’s Demand and Supply Curves Index

Read more less

Book SynopsisIn The Methodology of Macroeconomic Thought, Sheila Dow attempts to bridge the gap between methodology and macroeconomic theory through the study of four different schools of thought in economics - the Neo-Austrian, mainstream, post Keynesian and Marxian traditions - and by seeking to understand their methodological foundations in their own terms. In this substantially-revised new edition of her classic work, Macroeconomic Thought: A Methodological Approach, Dr Dow argues for methodological awareness among practising economists as a basis for constructive debate and reasoned argument. The methodological content has been substantially increased to include material on recent developments in the field. After analysing the historical and methodological development of each of the schools, the author covers the micro-foundations of their macroeconomics and their approaches to key concepts including equilibrium, expectations, money and macroeconomic policy. The author seeks to identify the sources of differences between schools of thought as well as potential and actual commonalities before examining their differences at a conceptual level. Unlike other accounts, mainstream economics is treated here as one school of thought on a par with Neo-Austrian economics, PostKeynesian economics and Marxian economics.The Methodology of Macroeconomic Thought will be welcomed by readers for its description and analysis of these schools in their own terms, as well as for the wider perspective it offers on methodology.Trade Review'This book provides an excellent springboard for reflection on issues of theory construction. . . Dow provides a complete snapshot of the current state of macroeconomics.'Table of ContentsContents: 1. Introduction 2. Modes of Thought in Economics 3 . Methodological Issues in Economics 4. The Historical and Methodological Development of Schools of Thought in Macroeconomics 5. The Micro-foundations of Macroeconomics 6. Equilibrium 7. Expectations 8. Money 9. Methodology and Macroeconomic Policy 10. Conclusion Bibliography Indexes

Read more less

Book SynopsisClassics in Management Thought presents by theme an authoritative selection of the most important articles in management published during the last fifty years. Under the general editorship of Cary Cooper, an international panel of leading management thinkers have identified those published articles and papers which in their view provide the essential foundations of modern management thought. These articles and papers were originally published in a wide range of journals and books many of which will not be available in scholarly libraries.Classics in Management Thought is an essential reference to the relatively few path-breaking articles that have shaped management science in key areas such as decision making, leadership, motivation and all aspects of organizational behaviour. It will be an essential companion for both scholars and practitioners in management.Trade Review'. . . [the papers] will be a remarkable supplement to standard texts on general management. The book is likely to remain central to teaching and research and will certainly enrich the discipline of management . . . No doubt, Cary L. Cooper and the publishers, Edward Elgar, have excellently performed the job of undertaking the publication of the classics in management thought and the Who's Who which are complementary to each other. Every management and social sciences library, whether belonging to institutions or individuals, must possess these publications as they are extremely useful references for teaching and research in management.' -- Debi S. Saini, Management & Change'Cary L. Cooper has done a masterful job of compiling a wonderful collection of classics. Each article is a must read for anyone interested in the development of management thought. A masterful, eclectic set of classic articles that provide a great overview of the field of management thinking. I am honored to have my articles included in this book.' -- Ed Lawler II, University of Southern California, USTable of ContentsContents: Volume I: Acknowledgements • Introduction Part I: Decision Making 1. Nils Brunsson (1982), ‘The Irrationality of Action and Action Rationality: Decisions, Ideologies and Organizational Actions’ 2. Norman R.F. Maier (1967), ‘Assets and Liabilities in Group Problem Solving: The Need for an Integrative Function’ 3. Michael D. Cohen, James G. March and Johan P. Olsen (1972), ‘A Garbage Can Model of Organizational Choice’ 4. William G. Ouchi and Jerry B. Johnson (1978), ‘Types of Organizational Control and their Relationship to Emotional Well Being’ 5. Gerald R. Salancik and Jeffrey Pfeffer (1978), ‘A Social Information Processing Approach to Job Attitudes and Task Design’ 6. Victor H. Vroom (1973), ‘A New Look at Managerial Decision Making’ 7. Herbert A. Simon (1987), ‘Making Management Decisions: The Role of Intuition and Emotion’ Part II: General Management Theory 8. Chris Argyris (1977), ‘Double Loop Learning in Organizations’ 9. Chris Argyris (1988), ‘Crafting a Theory of Practice: The Case of Organizational Paradoxes’ 10. Chris Argyris (1996), ‘Actionable Knowledge: Design Causality in the Service of Consequential Theory’ 11. Douglas M. McGregor (1964), ‘The Human Side of Enterprise’ 12. James G. March (1964), ‘Business Decision Making’ 13. Peter F. Drucker (1958), ‘Business Objectives and Survival Needs: Notes on a Discipline of Business Enterprise’ 14. Edgar H. Schein (1968), ‘Organizational Socialization and the Profession of Management’ 15. F.W. Taylor (1971), ‘Scientific Management’ 16. Rensis Likert (1961), ‘An Integrating Principle and an Overview’ Part III: Leadership 17. Robert A. Dahl (1957), ‘The Concept of Power’ 18. Fred E. Fiedler (1993), ‘The Leadership Situation and the Black Box in Contingency Theories’ 19. Fred E. Fiedler (1995), ‘Cognitive Resources and Leadership Performance’ 20. Robert J. House (1971), ‘A Path Goal Theory of Leader Effectiveness’ 21. Robert L. Kahn and Daniel Katz (1953/1960), ‘Leadership Practices in Relation to Productivity and Morale’ Part IV: Motivation 22. Edward E. Lawler, III with Lyman W. Porter (1967), ‘The Effect of Performance on Job Satisfaction’ 23. Edward E. Lawler, III (1971), ‘Using Pay to Motivate Job Performance’ 24. Lyman W. Porter, Edward E. Lawler III and J. Richard Hackman (1975), ‘Social Influences on Work Effectiveness’ 25. A.H. Maslow (1943), ‘A Theory of Human Motivation’ 26. Steven Kerr (1975), ‘On the Folly of Rewarding A, While Hoping for B’ Part V: Organizational Behaviour 27. Barry M. Staw, Lance E. Sandelands and Jane E. Dutton (1981), ‘Threat-Rigidity Effects in Organizational Behavior: A Multilevel Analysis’ 28. Barry M. Staw (1988), ‘Rationality and Justification in Organizational Life’ Part VI: Organizational Commitment 29. Howard S. Becker (1960), ‘Notes on the Concept of Commitment’ 30. Barry M. Staw (1976), ‘Knee-Deep in the Big Muddy: A Study of Escalating Commitment to a Chosen Course of Action’ Part VII: Organizational Change 31. Lester Coch and John R.P. French, Jr. (1948), ‘Overcoming Resistance to Change’ 32. Martin Landau (1973), ‘On the Concept of a Self-Correcting Organization’ 33. Danny Miller (1982), ‘Evolution and Revolution: A Quantum View of Structural Change in Organizations’ Name Index Volume II: Acknowledgements Part I: Organizational Culture 1. F.E. Emery and E.L. Trist (1965), ‘The Causal Texture of Organizational Environments’ 2. William G. Ouchi (1980), ‘Markets, Bureaucracies, and Clans’ 3. Martha S. Feldman and James G. March (1981), ‘Information in Organizations as Signal and Symbol’ 4. Stephen R. Barley (1983), ‘Semiotics and the Study of Occupational and Organizational Cultures’ 5. Kathleen L. Gregory (1983), ‘Native-View Paradigms: Multiple Cultures and Culture Conflicts in Organizations’ 6. Linda Smircich (1983), ‘Concepts of Culture and Organizational Analysis’ 7. Harrison M. Trice and Janice M. Beyer (1985), ‘Studying Organizational Cultures Through Rites and Ceremonials’ Part II: Organizational Strategy 8. John Child (1972), ‘Organizational Structure, Environment and Performance: The Role of Strategic Choice’ 9. D.J. Hickson, C.R. Hinings, C.A. Lee, R.E. Schneck and J.M. Pennings (1971), ‘A Strategic Contingencies’ Theory of Intraorganizational Power’ 10. Henry Mintzberg and James A. Walters (1990), ‘Of Strategies, Deliberate and Emergent’ Part III: Organizational Stress 11. Thomas G. Cummings and Cary L. Cooper (1979), ‘A Cybernetic Framework for Studying Occupational Stress’ 12. Robert A. Karasek, Jr. (1979), ‘Job Demands, Job Decision Latitude, and Mental Strain: Implications for Job Redesign’ Part IV: Organizational Structure 13. Roger I. Hall (1976), ‘A System Pathology of an Organization: The Rise and Fall of the Old Saturday Evening Post’ 14. John W. Meyer and Brian Rowan (1977), ‘Institutionalized Organizations: Formal Structure as Myth and Ceremony’ 15. Louis R. Pondy and Ian I. Mitroff (1979), ‘Beyond Open System Models of Organization’ 16. D.S. Pugh, D.J. Hickson, C.R. Hinings, K.M. Macdonald, C. Turner and T. Lupton (1963), ‘A Conceptual Scheme for Organizational Analysis’ 17. D.S. Pugh, D.J. Hickson, C.R. Hinings and C. Turner (1968), ‘Dimensions of Organization Structure’ 18. D.S. Pugh, D.J. Hickson, C.R. Hinings and C. Turner (1969), ‘The Context of Organization Structures’ 19. D.S. Pugh, D.J. Hickson and C.R. Hinings (1969), ‘An Empirical Taxonomy of Structures of Work Organizations’ 20. William H. Starbuck (1981), ‘A Trip to View the Elephants and Rattlesnakes in the Garden of Aston’ Part V: Organizational Theory 21. W. Graham Astley and Andrew H. Van de Ven (1983), ‘Central Perspectives and Debates in Organization Theory’ 22. Peter Bachrach and Morton S. Baratz (1962), ‘Two Faces of Power’ 23. J. Kenneth Benson (1977), ‘Organizations: A Dialectical View’ 24. Richard L. Daft and Karl E. Weick (1984), ‘Toward a Model of Organizations as Interpretation Systems’ 25. Peter F. Drucker (1988), ‘The Coming of the New Organization’ 26. Jerald Hage (1965), ‘An Axiomatic Theory of Organizations’ 27. Gareth Morgan (1980), ‘Paradigms, Metaphors, and Puzzle Solving in Organizational Theory’ 28. James D. Thompson and Arthur Tuden (1959), ‘Strategies, Structures, and Processes of Organizational Design’ Part VI: Organizational Trust 29. Eugene J. Webb (1996), ‘Trust and Crisis’ 30. Debra Meyerson, Karl E. Weick and Roderick M. Kramer (1996), ‘Swift Trust and Temporary Groups’ Part VII: Person Organization Fit 31. Chris Argyris (1957), ‘The Individual and Organization: Some Problems of Mutual Adjustment’ 32. Jeffrey R. Edwards and Cary L. Cooper (1990), ‘The Person-Environment Fit Approach to Stress: Recurring Problems and Some Suggested Solutions’ 33. Fred E. Fiedler (1965), ‘Engineer the Job to Fit the Manager’ Part VIII: Socio-Tech System 34. E.L. Trist and K.W. Bamforth (1955), ‘Some Social and Psychological Consequences of the Longwall Method of Coal-Getting: An Examination of the Psychological Situation and Defences of a Work Group in Relation to the Social Structure of the Work System’ Name Index

Read more less

Book SynopsisSince the celebration of the bicentenary of The Wealth of Nations, the last twenty years have seen a burgeoning interest in Adam Smith's contribution to economics. Jan Peil's book aims to provide a new model for interpreting Smith's contribution to economic science. This model elucidates Smith's vision of the free market economy by placing it in the historical circumstances of the time. In the first part of the book the author discusses how we should read Smith and outlines the new hermeneutical model of interpretation of his economic thought. For example, in reviewing The Wealth of Nations, the author places Smith's work firmly in the context of moral philosophy and the debate on the sense and meaning of the emerging commercial society which was taking place in the 18th century. In discussing Smith's economics, the author clearly focuses on the question: why should we re-read Smith and according to which model of interpretation? Finally, he discusses the relevance of reinterpreting Smith's economics as part of moral philosophy for today's debate on the principles of economics.This innovative book will be of great interest to historians of economic thought and political economy, scholars and students of the philosophy and methodology of economics and all those interested in Adam Smith and his relevance for economics today.Trade Review'There is much that is thought-provoking about this book, and for Smith aficionados it will be a pleasure to read the cogent and detailed discussions of some of Smith's more obscure works.' -- David Gleicher, Review of Political Economy'Peil makes a valuable contribution to the literature on Smith. His scholarship is excellent and his line of argument has much to commend itself to the reader.' -- Pier Luigi Porter, History of Economic Ideas'The ongoing Ricardo debate appears to be more lively than the discussion on the work of Adam Smith. This scholarly written book by Jan Peil on the interpretation of Adam Smith and the foundations of present-day economics throws new light on the work of Adam Smith. Dr Peil's book may give impetus to a renewed debate on Adam Smith.' -- A. Heertje, University of Amsterdam, The NetherlandsTable of ContentsContents: Preface Introduction Part I: An Adam Smith Renaissance Anno 1976 Part II: A Contextual Approach to The Wealth of Nations Part III: Mutual Sympathy and Commerce Part IV: The Invisible Hand and Mutual Sympathy Part V: Adam Smith and the Crisis of Modern Economics Bibliography Index

Read more less

Book SynopsisThe concept of equilibrium is of enormous significance in economics and is central to economic analysis. Volume I provides historical perspectives on the origins, development and criticisms of the idea of economic equilibrium and explains the meaning of modern equilibrium theory and the methods and techniques that are used. Volume II presents the classic literature on perfectly competitive equilibrium and the important models that explore equilibrium in imperfectly competitive markets. Volume III reveals the variety of recent developments and applications of the equilibrium concept, including stationary, temporary, underemployment, growth, rational expectations, Bayesian, and cooperative and non-cooperative game theoretic equilibrium.This important and comprehensive reference collection is essential reading for all microeconomic and macroeconomic theorists and students.Table of ContentsContents: Volume I: Acknowledgements • Introduction Part I: Historical Perspectives 1. Kenneth J. Arrow and F.H. Hahn (1971), ‘Historical Introduction’ 2. M.L. Myers (1976), ‘Adam Smith’s Concept of Equilibrium’ 3. Peter Flaschel and Willi Semmler (1987), ‘Classical and Neoclassical Competitive Adjustment Processes’ 4. D.J. Harris (1991), ‘Equilibrium and Stability in Classical Theory’ 5. Jean Magnan de Bornier (1992), ‘The “Cournot-Bertrand Debate”: A Historical Perspective’ Part II: Criticisms of the Equilibrium Concept 6. Fritz Machlup (1991), ‘Equilibrium and Disequilibrium: Misplaced Concreteness and Disguised Politics’ 7. Nicholas Kaldor (1972), ‘The Irrelevance of Equilibrium Economics’ 8. Joan Robinson (1974), ‘History Versus Equilibrium’ 9. Nicholas Kaldor (1975), ‘What Is Wrong With Economic Theory’ 10. Nicholas Kaldor (1979), ‘Equilibrium Theory and Growth Theory’ 11. Jack Wiseman (1989), ‘General Equilibrium or Market Process: An Evaluation’ 12. Meyer Burstein (1991), ‘History versus Equilibrium: Joan Robinson and Time in Economics’ 13. Krishna Bharadwaj (1991), ‘History versus Equilibrium’ 14. Charles C. Fischer (1993), ‘On The “Stickiness” Of The Economic Equilibrium Paradigm: Causes of Its Durability’ 15. Mark Blaug (1997), ‘Competition as an End-State and Competition as a Process’ Part III: Meaning and Concepts of Modern Economic Equilibrium Theory 16. Gerard Debreu (1962), ‘New Concepts and Techniques for Equilibrium Analysis’ 17. John S. Chipman (1965), ‘The Nature and Meaning of Equilibrium in Economic Theory’ 18. F.H. Hahn (1973), excerpt from On the Notion of Equilibrium in Economics 19. Kenneth J. Arrow (1974), ‘General Economic Equilibrium: Purpose, Analytic Techniques, Collective Choice’ 20. Alan Coddington (1975), ‘The Rationale of General Equilibrium Theory’ 21. Stephen Smale (1976), ‘Dynamics in General Equilibrium Theory’ 22. John F. Henry (1983-84), ‘On Equilibrium’ 23. Frank Hahn (1984), ‘Introduction’ 24. M.H.I. Dore (1984-85), ‘On the Concept of Equilibrium’ 25. Thomas Frank Kompas (1985), ‘Traditional Notions of Equilibrium Reconsidered’ 26. Jacques Henry (1987), ‘Equilibrium as a Process’ 27. Martin J. Beckmann (1990), ‘The Meaning of General Equilibrium’ 28. Giovanni Caravale (1994), ‘Updating an Old Question: Prices and Quantities’ 29. Paul Milgrom and John Roberts (1994), ‘Comparing Equilibria’ 30. Christian Bidard and Guido Erreygers (1998), ‘The Number and Type of Long-term Equilibria’ Name Index Volume II: Part I: Perfectly Competitive Equilibrium in Virtual Models A Existence 1. E. Roy Weintraub (1983), ‘On the Existence of a Competitive Equilibrium: 1930-54’ 2. John H. Boyd III and Lionel W. McKenzie (1993), ‘The Existence of Competitive Equilibrium over an Infinite Horizon with Production and General Consumption Sets’ 3. Paulo Klinger Monteiro (1994), ‘Inada’s Condition Implies Equilibrium Existence Is Rare’ 4. Kam-Chau Wong (1997), ‘Excess Demand Functions, Equilibrium Prices, and Existence of Equilibrium’ 5. Donald A. Walker (1997), ‘New Perspectives on the Existence of Equilibrium’ B Uniqueness 6. Gerard Debreu (1970), ‘Economies With a Finite Set of Equilibria’ 7. Yves Balasko (1975), ‘Some Results on Uniqueness and on Stability of Equilibrium in General Equilibrium Theory’ 8. Timothy J. Kehoe (1985), ‘Multiplicity of Equilibria and Comparative Statics’ 9. Anjan Mukherji (1997), ‘On the Uniqueness of Competitive Equilibrium’ C Stability 10. Kenneth J. Arrow and Leonid Hurwicz (1960), ‘Competitive Stability Under Weak Gross Substitutability: The “Euclidean Distance” Approach’ 11. Kenneth J. Arrow and Leonid Hurwicz (1962), ‘Competitive Stability Under Weak Gross Substitutability: Nonlinear Price Adjustment and Adaptive Expectations’ 12. Takashi Negishi (1962), ‘The Stability of a Competitive Economy: A Survey Article’ 13. M.G. Allingham (1974), ‘Equilibrium and Stability’ 14. Michael J.P. Magill (1979), ‘The Stability of Equilibrium’ 15. H. Jerome Keisler (1996), ‘Getting to a Competitive Equilibrium’ 16. Yves Balasko (1994), ‘The Expectational Stability of Walrasian Equilibria’ 17. Donald A. Walker (1997), ‘New Perspectives on the Stability and Uniqueness of Equilibrium’ Part II: Non-Virtual Purely Competitive Models 18. Frank H. Hahn and Takashi Negishi (1962), ‘A Theorem on Non-Tâtonnement Stability’ 19. Franklin M. Fisher (1976), ‘A Non-Tâtonnement Model with Production and Consumption’ 20. Franklin M. Fisher (1983), ‘The Development of the Stability Literature’ 21. Francesca Busetto (1995), ‘Why the Non-Tâtonnement Line of Research Died Out’ Part III: Models with Various Forms of Market Imperfection 22. Jacques H. Drèze (1991), ‘On Supply-Constrained Equilibria’ 23. Jean-Pascal Bénassy (1993), ‘Nonclearing Markets: Microeconomic Concepts and Macroeconomic Applications’ 24. Russell Cooper (1994), ‘Equilibrium Selection in Imperfectly Competitive Economies with Multiple Equilibria’ 25. Jean Mercenier (1995), ‘Nonuniqueness of Solutions in Applied General Equilibrium Models with Scale Economies and Imperfect Competition’ 26. P. Jean-Jacques Herings (1996), ‘Equilibrium Existence Results for Economies with Price Rigidities’ 27. Claude d’Aspremont, Rodolphe Dos Santos Ferreira and Louis-André Gérard-Varet (1997), ‘General Equilibrium Concepts under Imperfect Competition: A Cournotian Approach’ Supplementary Reading List Name Index Volume III: Part I: Stationary 1. Truman F. Bewley (1981), ‘Stationary Equilibrium’ 2. D. Duffie, J. Geanakoplos, A. Mas-Colell and A. McLennan (1994), ‘Stationary Markov Equilibria’ 3. Piero Gottardi (1996), ‘Stationary Monetary Equilibria in Overlapping Generations Models with Incomplete Markets’ 4. Robert Becker and Itzhak Zilcha (1997), ‘Stationary Ramsey Equilibria under Uncertainty’ Part II: Temporary 5. Jean-Michel Grandmont (1991), ‘Temporary Equilibrium: Money, Expectations and Dynamics’ 6. Lionello F. Punzo (1991), ‘Comment’ Part III: Underemployment 7. Paola Potestio (1986), ‘Equilibrium and Employment in “The General Theory”’ Part IV: Growth 8. V.M. Polterovich (1977), ‘Models of Equilibrium Economic Growth’ Part V: Rational Expectations 9. George W. Evans and Seppo Honkapohja (1994), ‘Learning, Convergence, and Stability with Multiple Rational Expectations Equilibria’ Part VI: Bayesian 10. Jean-Jacques Laffont (1991), ‘Perfect Bayesian Equilibrium’ Part VII: Game Theoretic Equilibrium A Introduction to Equilbrium in Game Theory and to Nash Equilibrium 11. John F. Nash, Jr. (1950), ‘The Bargaining Problem’ 12. Elon Kohlberg (1990), ‘Refinement of Nash Equilibrium: The Main Ideas’ 13. Adam Brandenburger (1992), ‘Knowledge and Equilibrium in Games’ 14. Dave Furth (1993), ‘Game Equilibrium Modelling’ 15. Robert J. Leonard (1994), ‘Reading Cournot, Reading Nash: The Creation and Stabilisation of the Nash Equilibrium’ 16. Hans Jørgen Jacobsen (1996), ‘On the Foundations of Nash Equilibrium’ B The Core 17. Karl Vind (1995), ‘Perfect Competition or the Core’ 18. Lester G. Telser (1996), ‘Competition and the Core’ C Cooperative Games 19. John Nash (1953), ‘Two-Person Cooperative Games’ 20. Debraj Ray and Rajiv Vohra (1997), ‘Equilibrium Binding Agreements’ D Noncooperative Games 21. Donald Wittman (1993), ‘Nash Equilibrium vs Maximin: A Comparative Game Statics Analysis’ 22. Vijay Krishna and Roberto Serrano (1995), ‘Perfect Equilibria of a Model of N-Person Noncooperative Bargaining’ 23. Ferenc Szidarovszky and Koji Okuguchi (1997), ‘On the Existence and Uniqueness of Pure Nash Equilibrium in Rent-Seeking Games’ E Evolutionary Games 24. George J. Mailath (1998), ‘Do People Play Nash Equilibrium? Lessons From Evolutionary Game Theory’ F Other 25. Gerard Debreu (1954), ‘Valuation Equilibrium and Pareto Optimum’ 26. Frank Hahn (1978), ‘On Non-Walrasian Equilibria’ 27. James Bullard (1994), ‘Learning Equilibria’ 28. Yves Balasko, David Cass and Karl Shell (1995), ‘Market Participation and Sunspot Equilibria’ Supplementary Reading List Name Index

Read more less

Book SynopsisThis authoritative three volume set brings together the most important published papers on the economic analysis of corruption and illegal markets. It ranges from theoretical issues explaining the nature of corruption to analogies between governments regulating legal markets and organised crime ruling over illegal markets. Particular attention is paid to the effects of standard public policies, such as standard controls or quality standards, on the development of shadow and illegal markets, and consequently on the incentives to invest in bribery and extortion. The book highlights the consequences of corruption both for the efficiency of a market system and on the long run growth of the economy with special reference to developing countries.Table of ContentsContents: Acknowledgements • Introduction Volume I: Part I: Corruption and Allocation of Resources 1. Jeans Christopher Andvig (1991), ‘The Economics of Corruption: A Survey’ 2. Jens Chr. Andvig and Karl Ove Moene (1990), ‘How Corruption May Corrupt’ 3. Francis T. Lui (1985), ‘An Equilibrium Queuing Model of Bribery’ 4. Susan Rose-Ackerman (1975), ‘The Economics of Corruption’ 5. Andrei Shleifer and Robert W. Vishny (1993), ‘Corruption’ 6. Mehmet Bac (1996), ‘Corruption and Supervision Costs in Hierarchies’ 7. Mehmet Bac (1996), ‘Corruption, Supervision, and the Structure of Hierarchies’ Part II: Corruption and Game Theory 8. Paul J. Beck and Michael W. Maher (1986), ‘A Comparison of Bribery and Bidding in Thin Markets’ 9. Olivier Cadot (1987), ‘Corruption as a Gamble’ 10. Leonard Kleinrock (1967), ‘Optimum Bribing for Queue Position’ 11. Da-Hsiang Donald Lien (1986), ‘A Note on Competitive Bribery Games’ 12. Da-Hsiang Donald Lien (1987), ‘Asymmetric Information in Competitive Bribery Games’ 13. Jean Tirole (1996), ‘A Theory of Collective Reputations (With Applications to the Persistence of Corruption and to Firm Quality)’ Part III: Corruption, Bureaucracy and Public Intervention 14. Edward C. Banfield (1975), ‘Corruption as a Feature of Governmental Organization’ 15. Bruce L. Benson and John Baden (1985), ‘The Political Economy of Governmental Corruption: The Logic of Underground Government’ 16. Parkash Chander and Louis Wilde (1992), ‘Corruption in Tax Administration’ 17. Frank Flatters and W. Bentley Macleod (1995), ‘Administrative Corruption and Taxation’ 18. Melanie Manion (1996), ‘Corruption by Design: Bribery in Chinese Enterprise Licensing’ and ‘Correction to “Corruption by Design”’ 19. S. Rottenberg (1960), ‘A Theory of Corruption in Trade Unions’ 20. Barbara N. Sands (1990), ‘Decentralizing an Economy: The Role of Bureaucratic Corruption in China’s Economic Reforms’ 21. Robert Wade (1985), ‘The Market for Public Office: Why the Indian State Is Not Better at Development’ Part IV: The Social Costs of Corruption 22. P. Bardhan (1997), ‘Corruption and Development: A Review of Issues’ 23. Michael Beenstock (1979), ‘Corruption and Development’ 24. Arye L. Hilman and Eliakim Katz (1987), ‘Hierarchical Structure and the Social Costs of Bribes and Transfers’ 25. Mushtaq H. Khan (1996), ‘The Efficiency Implications of Corruption’ 26. Da-Hsiang Donald Lien (1990), ‘Corruption and Allocation Efficiency’ 27. Leong H. Liew (1992), ‘Corruption as a Form of Insurance’ 28. Oskar Kurer (1993), ‘Clientelism, Corruption, and the Allocation of Resources’ Part V: Corruption, Development and Growth 29. M.S. Alam (1990), ‘Some Economic Costs of Corruption in LDC’s’ 30. M.S. Alam (1995), ‘A Theory of Limits on Corruption and Some Applications’ 31. N. Vijay Jagannathan (1986), ‘Corruption, Delivery Systems, and Property Rights’ 32. Omotunde E.G. Johnson (1975), ‘An Economic Analysis of Corrupt Government, with Special Application to Less Developed Countries’ 33. John Macrae (1992), ‘Underdevelopment and the Economics of Corruption: A Game Theory Approach’ 34. Paolo Mauro (1995), ‘Corruption and Growth’ 35. Oluwole Owoye and Ibrahim Bendardaf (1996), ‘The Macroeconomic Analysis of the Effects of Corruption on Economic Growth of Developing Economies’ 36. Salim Rashid (1981), ‘Public Utilities in Egalitarian LDC’s: The Role of Bribery in Achieving Pareto Efficiency’ Name Index Volume II: Part I: Productive and Destructive Economic Activities 1. Jagdish N. Bhagwati (1982), ‘Directly Unproductive Profit-Seeking (DUP) Activities’ 2. William J. Baumol (1990), ‘Entrepreneurship: Productive, Unproductive, and Destructive’ 3. Herschel I. Grossman and Suk JaeNoh (1990), ‘A Theory of Kleptocracy With Probabilistic Survival and Reputation’ 4. Herschel I. Grossman and Minseong Kim (1995), ‘Swords or Plowshares? A Theory of the Security of Claims to Property’ 5. Jack Hirschleifer (1991), ‘The Paradox of Power’ 6. Anne O. Krueger (1974), ‘The Political Economy of the Rent-Seeking Society’ 7. Kevin M. Murphy, Andrei Schleifer and Robert W. Vishny (1993), ‘Why is Rent-seeking so Costly to Growth?’ 8. Stergios Skaperdas (1992), ‘Cooperation, Conflict, and Power in the Absence of Property Rights’ Part II: The Economic Theory of Illegal Activities 9. Gary S. Becker (1968), ‘Crime and Punishment: An Economic Approach’ 10. Michael K. Block and Robert C. Lind (1975), ‘Crime and Punishment Reconsidered’ 11. M.K. Block and J.M. Heineke (1975), ‘A Labor Theoretic Analysis of the Criminal Choice’ 12. Samuel Cameron (1988), ‘The Economics of Crime Deterrence: A Survey of Theory and Evidence’ 13. William T. Dickens (1986), ‘Crime and Punishment Again: The Economic Approach with a Psychological Twist’ 14. Isaac Ehrlich (1973), ‘Participation in Illegitimate Activities: A Theoretical and Empirical Investigation’ 15. Isaac Ehrlich (1996), ‘Crime, Punishment, and the Market for Offenses’ 16. Richard B. Freeman (1996), ‘Why Do So Many Young American Men Commit Crimes and What Might We Do About It?’ 17. Stephan M. Panther (1995), ‘The Economics of Crime and Criminal Law: An Antithesis to Sociological Theories?’ Part III: Law Enforcement and Deterrence Policies 18. Gary S. Becker and George J. Stigler (1974), ‘Law Enforcement, Malfeasance, and Compensation of Enforcers’ 19. John R. Lott, Jr. and Russell D. Roberts (1989), ‘Why Comply: One Sided Enforcement of Price Controls and Victimless Crime Laws’ 20. Arun S. Malik (1990), ‘Avoidance, Screening and Optimum Enforcement’ 21. A. Mitchell Polinsky and Steven Shavell (1992), ‘Enforcement Costs and the Optimal Magnitude and Probability of Fines’ 22. Steven Shavell (1991), ‘Specific versus General Enforcement of Law’ 23. George J. Stigler (1970), ‘The Optimum Enforcement of Laws’ Part IV: Deterrence Policies Against Corruption 24. Kaushik Basu, Sudipto Bhattacharya and Ajit Mishra (1992), ‘Notes on Bribery and the Control of Corruption’ 25. Timothy Besley and John McLaren (1993), ‘Taxes and Bribery: the Role of Wage Incentives’ 26. Roger Bowles and Nuno Garoupa (1997), ‘Casual Police Corruption and the Economics of Crime’ 27. Francis T. Lui (1986), ‘A Dynamic Model of Corruption Deterrence’ 28. D. Mookherjee and I.P.L. Png (1995), ‘Corruptible Law Enforcers: How Should They Be Compensated?’ 29. Eric Rasmusen and J. Mark Ramseyer (1994), ‘Cheap Bribes and the Corruption Ban: A Coordination Game Among Rational Legislators’ Name Index Volume III: Part I: The Underground Economy 1. Bruno Contini (1981), ‘Labor Market Segmentation and the Development of the Parallel Economy – The Italian Experience’ 2. Arne Jon Isachsen and Steinar Strøm (1980), ‘The Hidden Economy: The Labor Market and Tax Evasion’ 3. Edgar L. Feige (1994), ‘The Underground Economy and the Currency Enigma’ 4. Bruno S. Frey and Werner W. Pommerehne (1984), ‘The Hidden Economy: State and Prospects for Measurement’ 5. P. Reuter (1984), ‘The Economic Significance of Illegal Markets in the United States: Some Observations’ 6. Friedrich Schneider (1994), ‘Can the Shadow Economy be Reduced Through Major Tax Reforms? An Empirical Investigation for Austria’ 7. Vito Tanzi (1983), ‘The Underground Economy in the United States: Annual Estimates, 1930–80’ Part II: Victimless Activities and Illegal Markets 8. Jagdish N. Bhagwati (1981), ‘Alternative Theories of Illegal Trade: Economic Consequences and Statistical Detection’ 9. Christopher S. Koper and Peter Reuter (1996), ‘Suppressing Illegal Gun Markets: Lessons from Drug Enforcement’ 10. Mary E. Lovely and Douglas R. Nelson (1994), ‘Illegal Trade and Endogenous Tariff Formation’ 11. Harold C. Nathan (1980), ‘Economic Analysis of Usury Laws’ 12. Chris Paul and Al Wilhite (1994), ‘Illegal Markets and the Social Costs of Rent-Seeking’ 13. Richard L. Peterson (1983), ‘Usury Laws and Consumer Credit: A Note’ 14. Marie Thursby, Richard Jensen and Jerry Thursby (1991), ‘Smuggling, Camouflaging, and Market Structure’ 15. Daniel J. Villegas (1989), ‘The Impact of Usury Ceilings on Consumer Credit’ 16. Rodney T. Smith (1976), ‘The Legal and Illegal Markets for Taxed Goods: Pure Theory and an Application to State Government Taxation of Distilled Spirits’ 17. John D. Wolken and Frank J. Navratil (1981), ‘The Economic Impact of the Federal Credit Union Usury Ceiling’ Part III: The Economics of the Organized Crime 18. Diego Gambetta (1988), ‘Fragments of an Economic Theory of the Mafia’ 19. William P. Jennings (1984), ‘A Note on the Economics of the Organized Crime’ 20. Riccardo Marselli and Marco Vannini (1997), ‘Estimating a Crime Equation in the Presence of Organized Crime: Evidence from Italy’ 21. Thomas C. Schelling (1967), ‘Economics and Criminal Enterprise’ 22. Thomas C. Schelling (1971), ‘What Is the Business of the Organized Crime?’ Part IV: The Market for Drugs and Public Policy 23. Susan L. Averett and Harold M. Hochman (1994), ‘Addictive Behavior and Public Policy’ 24. Gary S. Becker, Michael Grossman and Kevin M. Murphy (1991), ‘Rational Addiction and the Effects of Price on Consumption’ 25. Gary S. Becker and Kevin M. Murphy (1988), ‘A Theory of Rational Addiction’ 26. Roger D. Blair and Ronald J. Vogel (1973), ‘Heroin Addiction and Urban Crime’ 27. Billy J. Eatherly (1974), ‘Drug-Law Enforcement: Should We Arrest Pushers or Users?’ 28. John Holahan (1973), ‘The Economics of Control of the Illegal Supply of Heroin’ 29. John R. Lott, Jr. (1992), ‘An Attempt at Measuring the Total Monetary Penalty from Drug Convinctions: The Importance of an Individual's Reputation’ 30. Richard B. McKenzie (1991), ‘Rational Addiction, Lagged Demands and the Efficiency of Excise Taxes: Revisions of Standard Theory’ 31. Mark H. Moore (1973), ‘Policies To Achieve Discrimination on the Effective Price of Heroin’ 32. Peter Reuter (1988), ‘Quantity Illusions and Paradoxes of Drug Interdiction: Federal Intervention into Vice Policy’ 33. Simon Rottenberg (1968), ‘The Clandestine Distribution of Heroin, Its Discovery and Suppression’ 34. George J. Stigler and Gary S. Becker (1977), ‘De Gustibus non Est Disputandum’ 35. Michael D. White and William A. Luksetich (1983), ‘Heroin: Price Elasticity and Enforcement Strategies’ Name Index

Read more less

Book SynopsisEconomic Welfare presents an important collection of leading writings in the fields of policy evaluation. The volume focuses on the conceptual issues behind welfare economics, drawing upon contributions from economics, moral philosophy and social philosophy. The selected readings are designed to present the case both for and against extant approaches to economic welfare.Modern welfare economics comprises three contrasting approaches. Pure Paretianism focuses on cases where everyone is made better off or worse off. This approach commands broad (although not universal) assent but does not apply to most real world choices. Cost-benefit analysis does most of the practical work for economic policy evaluation, but does not offer fully sound foundations. Newer approaches treat economic welfare as either cardinal or measurable in nature, often dropping the traditional strictures against interpersonal utility comparisons. This collection brings together these three approaches, examines their strengths and weaknesses and asks whether they share a common future.Economic Welfare will provide an indispensable reference source for students, academics and practitioners.Trade Review'The articles are well chosen to cover all aspects of the subject in each case.' -- Aslib Book GuideTable of ContentsContents: Acknowledgements • Introduction Part I: Foundations 1. Hal R. Varian (1984), ‘General Equilibrium Theory and Welfare Economics’ 2. Arnold C. Harberger (1971), ‘Three Basic Postulates for Applied Welfare Economics: An Interpretive Essay’ 3. Amartya Sen (1979), ‘Personal Utilities and Public Judgements: Or What’s Wrong With Welfare Economics?’ 4. Tyler Cowen (1993), ‘The Scope and Limits of Preference Sovereignty’ 5. Steven Kelman (1981), ‘Cost–Benefit Analysis: An Ethical Critique’ 6. Robert Cooter and Peter Rappoport (1984), ‘Were the Ordinalists Wrong About Welfare Economics?’ 7. Amartya Sen (1984), ‘The Living Standard’ 8. Tyler Cowen (1991), ‘What a Non-Paretian Welfare Economics Would Have to Look Like’ Part II: Cost–Benefit Analysis 9. Robert D. Willig (1976), ‘Consumer’s Surplus Without Apology’ 10. John S. Chipman and James C. Moore (1978), ‘The New Welfare Economics 1939–1974’ 11. Richard G. Lipsey and Kelvin Lancaster (1997), ‘The General Theory of Second Best’ 12. Robert C. Lind (1982), ‘A Primer on the Major Issues Relating to the Discount Rate for Evaluating National Energy Projects’ 13. Martin J. Bailey and Michael C. Jensen (1972), ‘Risk and the Discount Rate for Public Investment’ 14. Daniel A. Graham (1981), ‘Cost–Benefit Analysis under Uncertainty’ 15. T.C. Schelling (1968), ‘The Life You Save May Be Your Own’ 16. Richard A. Posner (1981), ‘The Ethical and Political Basis of Wealth Maximization’ 17. Ronald M. Dworkin (1980), ‘Is Wealth a Value?’ 18. Arnold C. Harberger (1978), ‘On the Use of Distributional Weights in Social Cost–Benefit Analysis’ Part III: Social Choice and Utilitarianism 19. Allan M. Feldman (1974), ‘A Very Unsubtle Version of Arrow’s Impossibility Theorem’ 20. Kenneth J. Arrow (1984), ‘A Difficulty in the Concept of Social Welfare’ 21. John Rawls (1972), excerpt from ‘Justice as Fairness’ 22. John C. Harsanyi (1955), ‘Cardinal Welfare, Individualistic Ethics, and Interpersonal Comparisons of Utility’ 23. Amartya Sen (1970), ‘The Impossibility of a Paretian Liberal’ 24. Robert Nozick (1974/1995), ‘How Liberty Upsets Patterns’ and ‘Sen’s Argument’ 25. Robert Sugden (1978), ‘Social Choice and Individual Liberty’ and ‘Discussion’ 26. Derek Parfit (1986), ‘Overpopulation and the Quality of Life’ Name Index

Read more less

Book SynopsisThis book explores an evolutionary theory of scientific knowledge, and provides the basis for a new linguistic approach to methodology.Including an original essay by the late Thomas Kuhn, this volume takes inspiration from his work in history and the philosophy of sciences. The authors highlight the critical importance of the relationship between the process of learning a language and translation, and use this to examine scientific language and interpretation. They also analyse the relationship between grammatical structure and theoretical communication in science and apply their findings to the rhetoric of Smith and Keynes. They assess the pragmatical dimension of language in the construction of knowledge, and examine its role in explaining economic behaviour and in interpreting the relationship between economics and philosophy. Finally, the authors analyse the relationship between incommensurable standards and translation from the point of view of the logical structure of lexicon, and examine the traditional theme of the 'unity of science' across the whole spectrum of humanities and the social sciences.Table of ContentsContents: Preface Part I: Incommensurability, Translation and Theory Change Part II: Communicating Science Part III: Cognition and Formal Reconstruction Part IV: Lexicon and Semantics Index

Read more less

Book SynopsisFeminist economists have produced a wide range of critical analyses of the various forms of masculinity within neoclassical economics. This book employs a feminist poststructuralist approach to reveal the masculinity of the allegedly unsexed figure, 'rational economic man'.Gillian Hewitson constructs an alternative approach to the question of masculinity in neoclassical economics, using a range of poststructuralist and feminist poststructuralist writing, the centrepiece of which may be seen as the notion of the body, rather than gender, as a cultural product. The author argues that neoclassical economics actively constructs sexual differences as meaningful by using case studies of the neoclassical teaching device, Robinson Crusoe, and the surrogate motherhood exchange. The book concludes that the notion of the exchanging agent, as a supposedly universal and hence disembodied individual, cannot accommodate sexual differences and thus the female body.This ground-breaking new book will be essential reading for scholars of feminist economics and women's studies.Trade Review'The book provides rich pickings for a range of readers.' -- Sarah Paddle, Arena Magazine'Feminist Economics is the first book-length application of the feminist poststructuralist approach to the understanding of neoclassical economics. The book is distinguished by an explanation of poststructuralism that will be understandable to economists, and a rich multi-layered analysis of the production of masculinity and femininity in neoclassical thought. . . . this book belongs in the collection of every feminist economist, for many reasons. It provides a comprehensive survey of the development of the field in the context of its use of different theories of feminist knowledge. It also clearly delineates the contours of poststructuralist feminism, and therefore contributes to a better understanding of this approach among economists. And as a feminist critique, it provides fresh insights into the androcentric discourse of neoclassical economics.' -- Suzanne Bergeron, Review of Radical Political Economics'Hewitson's book is an example of rich feminist analysis in economics that deserves attention from a variety of economic persuasions.' -- Irene van Staveren, Jounal of Economic Issues'. . . the first full-length treatment of how feminist post-structuralist economics might be constituted.' -- J.P. Jacobsen, Choice'In this provocative manuscript, Gillian Hewitson adds an important new voice to feminist economics. Using a poststructural approach, she illuminates the masculinity of rational economic man and reveals the implications, both theoretical and real, of the discursive construction of "women" in mainstream economic thought. Touching on a wide array of critical concerns to feminist economics, the book sharpens feminist economic discussions and should be seriously read by all in the field.' -- Diana Strassmann, Rice University, US'Gillian J. Hewitson's Feminist Economics is a valuable addition to the scant literature on this subject. The first section of the book provides a very useful outline of the emergence of feminist economics that will be of interest to students and scholars alike. The main contribution of this volume is, however, an extensive and thorough analysis of feminist poststructuralist theory, which should considerably advance Hewitson's goal of improving the understanding of a subject that is new even to many feminist economists.' -- Marianne Ferber, Professor of Economics and Women's Studies, Emerita, University of Illinois, Urbana-Champaign, USTable of ContentsContents: Preface Part I: Feminist Economics/Feminist Poststructuralism 1. Introduction 2. Women and Knowledge I: Adding Women to Neoclassical Economics 3. Women and Knowledge II: Theorizing Neoclassical Economics 4. Women and Knowledge III: Feminist Poststructuralism Part II: Deconstructing Rational Economic Man 5. Robinson Crusoe: The Paradigmatic ‘Rational Economic Man’ 6. The Economics of Surrogate Motherhood 7. Surrogate Motherhood and the Work of a Metaphor 8. Conclusion Bibliography Index

Read more less

Book SynopsisThis major volume presents a collection of classic articles on economic regulation and its reform. The topics covered include the political economy of regulation, efficient pricing for regulated firms, incentive regulation, the empirical effects of economic regulation in practice and network access pricing for competitive entrants.Economic Regulation will be an essential source of reference for scholars and students of industrial organization, including natural monopoly regulation, regulatory reform and deregulation.Trade Review'This is a very good collection of important papers, that represent a judicious mix of those that will appeal to theoretical economists and those that are relevant in the real world. Paul Joskow's introduction is a fascinating, balanced and informative survey of work and thinking in this area. The book can be strongly recommended to students and to all those involved in the practice of regulation, whether as regulated or regulator.' -- Stephen Littlechild, University of Cambridge, UKTable of ContentsContents: Acknowledgements • Introduction Part I: Theories of Economic Regulation 1. George J. Stigler (1971), ‘The Theory of Economic Regulation’ 2. Richard A. Posner (1971), ‘Taxation by Regulation’ 3. Paul L. Joskow (1974), ‘Inflation and Environmental Concern: Structural Change in the Process of Public Utility Price Regulation’ 4. Mathew D. McCubbins, Roger G. Noll and Barry R. Weingast (1987), ‘Administrative Procedures as Instruments of Political Control’ 5. Sam Peltzman (1989), ‘The Economic Theory of Regulation after a Decade of Deregulation’ and ‘Comments and Discussion’ Part II: Efficient Pricing for Natural Monopolies when Regulators are Well Informed 6. William J. Baumol (1977), ‘On the Proper Cost Tests for Natural Monopoly in a Multiproduct Industry’ 7. M. Boiteux (1960), ‘Peak-Load Pricing’ 8. Dennis W. Carlton (1977), ‘Peak Load Pricing with Stochastic Demand’ 9. William J. Baumol and David F. Bradford (1970), ‘Optimal Departures From Marginal Cost Pricing’ 10. Leonard J. Mirman and David Sibley (1980), ‘Optimal Nonlinear Prices for Multiproduct Monopolies’ Part III: Regulation when Regulators are Imperfectly Informed 11. William J. Baumol and Alvin K. Klevorick (1970), ‘Input Choices and Rate-of-Return Regulation: An Overview of the Discussion’ 12. David P. Baron and Roger B. Myerson (1982), ‘Regulating a Monopolist with Unknown Costs’ 13. Jean-Jacques Laffont and Jean Tirole (1986), ‘Using Cost Observation to Regulate Firms’ 14. Paul L. Joskow and Richard Schmalensee (1986), ‘Incentive Regulation For Electric Utilities’ 15. Tracy R. Lewis and David E.M. Sappington (1988), ‘Regulating a Monopolist with Unknown Demand’ 16. Jean-Jacques Laffont and Jean Tirole (1990), ‘The Regulation of Multiproduct Firms Part I: Theory’ 17. Richard Schmalensee (1989), ‘Good Regulatory Regimes’ Part IV: Effects of Economic Regulation in Practice 18. Sam Peltzman (1993), ‘George Stigler’s Contribution to the Economic Analysis of Regulation’ 19. Paul L. Joskow (1989), ‘Regulatory Failure, Regulatory Reform, and Structural Change in the Electrical Power Industry’ 20. Nancy L. Rose (1987), ‘Labor Rent Sharing and Regulation: Evidence from the Trucking Industry’ 21. Nancy L. Rose (1985), ‘The Incidence of Regulatory Rents in the Motor Carrier Industry’ 22. Donald J. Kridel, David E.M. Sappington and Dennis L. Weisman (1996), ‘The Effects of Incentive Regulation in the Telecommunications Industry: A Survey’ Part V: Network Access Pricing for Competitive Entrants 23. Jean-Jacques Laffont and Jean Tirole (1996), ‘Creating Competition Through Interconnection: Theory and Practice’ 24. Mark Armstrong, Chris Doyle and John Vickers (1996), ‘The Access Pricing Problem: A Synthesis’ 25. John Vickers (1997), ‘Regulation, Competition, and the Structure of Prices’ Name Index

Read more less

Book SynopsisThe main theme of this book is the methodological problem of rationality in economic thought. The author investigates the different interpretations of this problem advanced by major figures in the history of economic thought.The book examines the history and rationality of the 'theory of value' from Adam Smith to Alfred Marshall and attempts to understand these arguments and criticisms within a general methodological vein. It goes on to provide a complete historical account of the ideas and arguments on value propounded by Smith, Ricardo, Marx, Jevons, Walras and Marshall as well as by more recent scholars such as Sraffa and Debreu and interprets their methodological differences. The author proposes a novel 'pragmatic-pluralist' methodological interpretation which borrows and creatively synthesizes ideas from many sources, including Wittgenstein (language-games), Searle (performatives), Habermas (communicative reason), hermeneutics, Marx and the pragmatic tradition. Rationality in Economic Thought will be of interest to students and scholars of the history of economic thought, economic methodology and the philosophy of the social sciences.Table of ContentsContents: Introduction Part I: Narration and Interpretation: Methods, Arguments, Disagreements 1. The Nature of Smith’s and Ricardo’s Inquiries, Their Ideas on Value, and Ricardo’s Criticisms of Smith 2. Marx’s Critical Theory: On Method, Value and Exploitation, Accumulation and the Contradictions of Capitalism 3. Marx’s Critique of Smith and Ricardo on Method and Value: Dialectical Appropriations and Transcendence 4. Jevons and Walras on the Nature of Economic Inquiry, Their Ideas on Value and Their Criticisms of the Labour Theory of Value 5. Marshall’s Scissors, Time and the Principle of Continuity: Marshall on Method and Value Part II: Making Rational Sense of the Preceding Pieces of Intellectual History 6. Rationality in the History of Economic Thought: Methodological Interpretations and Conjectures I 7. Rationality in the History of Economic Thought: Methodological Interpretations and Conjectures II 8. Rationality in the History of Economic Thought: Methodological Interpretations and Conjectures III Appendix

Read more less

Book SynopsisThis work on microeconomics offers interpretations of both its strengths and its weaknesses. It shows how the general equilibrium ideas of Walras and Marshall were gradually transformed after 1930 into formalized accounts of imaginary economies where trading never occurs.Trade Review’In this book, Dr Costa has made a substantial addition to the literature that establishes the absence of economic foundations for current general equilibrium models. He rightly emphasizes the lack in them of an account of the behavior of decentralized markets like those which predominate in reality, and indicates respects in which the theoretical formulation of such markets can be undertaken. The book will be profitably studied by students and professors of economics alike.’ -- Donald A. Walker, Indiana University of Pennsylvania, US’Manuel Costa’s General Equilibrium Analysis and the Theory of Markets offers a stealth-like rather than a frontal attack on contemporary microtheory. In it, he painstakingly describes how the general equilibrium ideas of Walras and Marshall - both aimed at describing adjustment processes in real – world markets - were gradually transformed after 1930 into formalized accounts of imaginary economies where trading never occurs even though a central ‘coordinator’ is presumed to oversee the meshing of transistor trading plans and the establishment of ‘competitive equilibrium’ trading prices! The beauty of Costa’s ‘stealth’ approach is its evenhandedness: it offers the same deep understanding of the strengths as of the weaknesses of contemporary microeconomics. Costa’s book thus can be read with as much pleasure and profit - and food for productive thought - by devotees as by opponents of received doctrine.’ -- Robert W. Clower, University of South Carolina, US, Brasenose College, Oxford, UK and University of California, Los Angeles, USTable of ContentsContents: 1. Introduction 2. Walras’s Program and the Neowalrasian Diversion 3. How Standard Price Theory Became Predominantly Neowalrasian 4. On Markets 5. An Afterthought: How Elusive is the Construction of a General Model of Decentralized Exchange? Appendix References

Read more less