History of ideas Books

Book SynopsisPlato of Athens (c 429-347 BC) is the earliest European thinker whose thoughts on politics survive to any great extent. His work, contained in The Republic, the Statesman, the Laws and the unfinished Critias, amongst other works, has made major contributions to the agenda of Western Political thought and its content. [In The Republic, Plato’s preoccupation was the concept of the just individual and the just state.] His view that intellect and political authority should be correlated has been a major theme of political thought down the centuries, influencing both authoritarian and egalitarian attitudes to government and democracy. In his later work Plato’s concern shifted from the question of justice to questions of the competence of rulers, which in The Statesman he treated as of the first importance, and eventually to the role of law and a mixed constitution, along with religion, in guaranteeing political order.The papers in this authoritative selection explore various aspects of Plato’s thought including social structure, education, freedom, property, the status of women, human motivation and racism in addition to his views on law, reason and justice. The vast array of topics covered shows how Plato’s work adumbrates many of the concerns of political thought up to the present day and indeed is still relevant in our modern age.

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Book SynopsisAristotle (384-322 BC) was born in Northern Greece. He moved to Athens where he associated himself with Plato’s academy. He later became tutor to the young Alexander the Great at the Macedonian court but returned to Athens in 335 to found his own school of philosophy.Aristotle’s basic political contention was that the state is a natural entity and is the perfect form of human community. This view of man’s relation to the state has been one of the most persistent in the history of political thought and has been developed in many ways by a multitude of thinkers. [In his own writings Aristotle developed and explained existing political arrangements rather than offering radical alternatives, and this conservative practicality was highly regarded by political thinkers prior to 1789. On the other hand, the high evaluation which Aristotle placed on the middle orders of society appeals to readers of a more egalitarian age.]The articles in this scholarly collection offer insights into many areas of Aristotle’s work, including ‘forms of government, the place of the individual in relation to the state and ethical, economic and ‘sociological considerations.

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Book SynopsisBorn in what is now Algeria, Augustine trained in classical Latin rhetoric and became a professor of rhetoric in Rome. He later studied neo-Platonic philosophy and experienced a conversion to Christianity in 386.[Through his numerous theological writings, Augustine became one of the major architects of Latin Christian political theory at a time when Roman civilization was in decline.] In his work ‘The City of God’, Augustine developed his most influential doctrines: on history, grace and predestination, free will, a true republic, the duties of Christians to the state, the just war, the relationship of the institutional Church to secular government and the ‘city of God’ to 'the city of man'. This notion of the two cities influenced political theory throughout the next 800 years and beyond.[The political theories of Augustine rest on his profoundly pessimistic view that human nature is corrupted beyond any hope of rational self-amelioration and that man tends naturally to do evil rather than to do good. As a consequence of this, political association is, for Augustine, an instrument of coercion and protection from harm rather that an instrument of human fulfilment.]Augustine’s ideas were adopted and rejected in turn throughout the middle ages as men attempted to reconcile his negative views of the necessity of the state with the more optimistic views of Aristotle, rediscovered in the 13th century. The Reformation in the 16th century saw a revival of the influence of Augustine’s thought and his political opinions have special resonances for the 20th century.The stimulating articles contained in these two volumes serve to explain and to explore the development of Augustine’s ideas on society and politics.

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Book SynopsisThomas Aquinas (1224-74) was born in Naples of a powerful Italian family. He took part in the major philosophical and theological controversies of his day and fought the decisive battle which re-admitted the study of the works of Aristotle.In his work he attempted to harmonise the rational insights of the classical world with revealed Christian truths. [He reinterpreted the Augustinian view of history and politics by concluding that the state did have positive value in itself, as an expression of God's providence and will for mankind. Man fulfilled himself in two ways - as a good citizen and as a Christian seeking salvation. Aquinas is therefore seen as reconciling the views of the pagan Aristotle with the teachings of Christianity.] Aquinas' theory of the state helped to put European political thought on a new plane.This wide-ranging collection of papers investigates and illuminates various aspects of Aquinas’ thought regarding Church and State, society, natural law, justice and political authority.

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Book SynopsisThe work of Niccolo Machiavelli (1469-1527) has a variety of meanings for different interpreters. Some attribute to him a new 'scientific method' of drawing conclusions from practical or historical experience in order to form rules for successful political behaviour, with its emphasis on man's behavioural patterns rather than on moral precepts as a basis for politics. Others attribute to him a belief in the autonomy of the state - that the state is a structure governed by its own laws of development and that it finds its justification only in terms of its success. Others again emphasise his republicanism and see him as a theorist of the modern state. [Some believe his first name is the proper basis of an appellation of the Devil.]Although a lucid writer in many respects, the metaphorical way in which Machiavelli expressed some of his key concepts and his preference for working through examples rather that elaborating principles has given much scope for debate about his actual intentions. These volumes present in chronological order the most significant articles on Machiavelli written in the 20th century and offer a representative selection of the numerous interpretations of his work.

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Book SynopsisThomas More (1478-1535), English statesman, author and saint, was a lawyer, politician and diplomat, a leading member of the Renaissance of northern Europe and a defender of the Roman Catholic faith. In the history of political thought More is remembered as the author of Utopia, a little book which gave rise to a genre of literature and a name for a mode of theorising, which explicitly criticises existing political and social arrangements from a radical perspective and also offers new ideals and illustrates how these might be realised in an imaginery society. For over four hundred years the meaning of More's Utopia has confounded scholars. Many of the ideas advanced in the book, e.g. on rational religion and religious toleration, seem to be at odds with the events of More's political career and his practical religious position. Moreover there is much disagreement about the meaning and importance of the substantial satiric elements it contains. This collection contains a great variety of authoritative articles which not only investigate More's life and the influences on his work, but also offer the reader a selection of the various interpretations and comparisons of his writings that scholars have made in the course of this century.

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Book SynopsisHugo Grotius (1583-1645), the Dutch jurist and philosopher, is a key theorist of the post-mediaeval state. According to Grotius, the state is not subject to any terrestrial superior, either political or ecclesiastical. His political writings develop the consequences of this condition including the construction of state authority in terms of 'natural rights', acknowledging the right to self-protection and the needs of individuals. A further development is the idea that the state is the instrument of justice beyond its own boundaries. He asserted that there were universal moral standards that could be used to judge questions of international conflict. This universal morality was based on two prinicples: that self-preservation is always legitimate; and that wanton injury of another is always illegitimate. [On this foundation, rules for reconciling conflict could be erected and the existence of civil society explained.] These views have characterised much political thought from Grotius' day to the present and have played their part in the history of international law.This collection of articles presents in chronological order the writings of 20th century authors on Grotius and covers such topics as the life of Grotius, the evolution of his ideas, his contribution to the theory of ‘natural law’ and his wider significance as a political thinker.

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Book SynopsisThomas Hobbes (1588-1679) is best known for his development of the concept of sovereignty, which was treated most clearly in his great work, Leviathan. Whilst Hobbes was not the first theorist of sovereignty, he remains perhaps the most thorough exponent of the concept. His accounts of morality and religion, as well as of government, are set out in a way that precludes legitimate challenge to the sovereign's authority: and the soovereign, whether monarchical or republican or parliamentary, was taken by Hobbes to be fundamental to civil life.Much of the literature on Hobbes has been devoted to his work on sovereignty. However, this does not exhaust the interest of Hobbes' thought, and recent scholars have also investigated such topics as his conception of historiography, his natural philosophy and his account of religion, and considered how these relate to his political thought. The articles selected in these three volumes reflect these concerns and offer an exploration of Hobbes' political philosophy.

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Book SynopsisJohn Locke (1632-1704), the English philosopher, has had a wide-ranging influence on modern political thought. Locke’s political philosophy is based on the premise that by nature human beings are equal and that therefore no-one is under the authority of another unless by his own consent. In Locke’s view, natural law constitutes and protects rights of life, liberty and property. His writings are a turning point in the theory of natural rights, linking constitutionalism and toleration. The impact of his ideas can be seen in the American constitution, in the French Revolution and in the development of modern liberalism. His theory of property is a basis for modern discussion of the subject and its emphasis on labour as a source of value and entitlement forms the background for the later economics of both Adam Smith and Karl Marx.The articles contained in these volumes have been carefully selected in order to put Locke’s work in a wider context. They explore various aspects of Locke’s political theory and investigate his theories on property, natural law, the ‘state of nature’ and toleration.

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Book SynopsisThe work of David Hume (1711-76), the Scottish historian and philosopher, constitutes a break with the assumptions of his predecessors who suggested that our ideas and practices answered to a rational design, whether divine or human. Instead Hume emphasized the origins of our ideas in sensation, suggested that reason was properly the slave of the passions, and located the origins of social and political institutions in utility and sentiment.Hume's philosophy found its complement in his political essays and History of England, which emhphasized unintended results and the complexity of the historical process. Altogether Hume’s work constitutes the first thoroughgoing attempt since the rise of Christianity to characterize human experience in terms that offered an alternative to theologically-based or para-theological theories. As such, its importance for subsequent developments, like that of Kant’s work, is not to be underestimated.This significant anthology contains articles on different aspects of his thought - his historical works, his political scepticism, his concepts of justice, liberty and property and moral evaluation.

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Book SynopsisEconomic Policy presents an authoritative selection of articles which have played a key role in influencing the direction of economic theory and methodology and thus the policy presecriptions which macroeconomists give to decision-makers. Volume I contains the most influential articles which have shaped the main debates in macroeconomic theory since its foundation. It covers such topics as the debate between Keynes and the Keynesians, the dispute between Keynes and the monetarists, the rational expectation revolution and critiques of that approach, and the debate between New Classical theorists and 'new' Keynesian theorists. Also included are papers which have defined alternative methodological approaches to modelling the macroeconomy.Volume II investigates some important applications of economic policy analysis. It examines some of the key economic problems on the political agenda such as the record of monetarism, the problems of trade and structural unemployment, European monetary integration and the reform of post-Communist societies and assesses the extent to which economic research throws light on these problems.Table of Contents5.11.96 THE INTERNATIONAL LIBRARY OF COMPARATIVE PUBLIC POLICY Economic Policy – Paul Whiteley Volume I: Theoretical Debates Introduction Part I: Keynesianism and Monetarism 1. J.M. Keynes (1937), ‘The General Theory of Employment’ 2. J.R. Hicks (1937), ‘Mr Keynes and the “Classics”: A Suggested Interpretation’ 3. A.W. Phillips (1958), ‘The Relation Between Unemployment and the Rate of Change in Money Wage Rates in the United Kingdom 1861-1957’ 4. M. Friedman (1968), ‘The Role of Monetary Policy’ 5. F. Modigliani (1977), ‘The Monetarist Controversy or, Should We Forsake Stabilization Policies?’ 6. C.D. Romer and D.H. Romer (1989), ‘Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz’ 7. R.J. Gordon (1990), ‘What is New-Keynesian Economics?’ 8. L. Ball, N. G. Mankiw and D. Romer (1988), ‘The New Keynesian Economics and the Output-Inflation Trade-off’ [82] Part II: Rational Expectations and New Classical Theory 9. R.E. Lucas, Jr. (1976), ‘Economic Policy Evaluation: A Critique’[28] 10. T.J. Sargent and N. Wallace (1976), ‘Rational Expectations and the Theory of Economic Policy’ 11. F. E. Kydland and E.C. Prescott (1977), ‘Rules Rather than Discretion: The Inconsistency of Optimal Plans’ [19] 12. R.J. Shiller (1981), ‘Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends’ [15] 13. W.H. Buiter (1980), ‘The Macroecnomics of Dr Pangloss: A Critical Survey of the New Classical Macroeconomics’ 14. M.C. Lovell (1986), ‘Tests of the Rational Expectations Hypothesis’ Part III: Methodological Debates 15. R. Frisch (1936), ‘Note on the Term "Econometrics’ 16. M. Nerlove (1966), ‘A Tabular Survey of Macro-Econometric Models’ 17. C.A. Sims (1980), ‘Macroeconomics and Reality’ 18. D.F. Hendry (1980), ‘Econometrics – Alchemy or Science?’ 19. D.F. Hendry and J.-F. Richard (1982), ‘On the Formulation of Empirical Models in Dynamic Econometrics’ 20. E.E. Leamer (1983), ‘Let‘s Take the Con Out of Econometrics’ 21. R. Eisner (1989), ‘Divergences of Measurement and Theory and Some Implications for Economic Policy’ 22. D.F. Hendry and N.R. Ericsson (1991), ‘An Econometric Analysis of U.K. Money Dmand in Monetary Trends in the United States and the United Kingdom by Milton Friedman and Anna J. Schwartz’ Volume I: 586 pp Volume II: Applications Part I: Thatcherism and the Economy 1. C. Bean and J. Symons (1989), ‘Ten Years of Mrs T.’ Part II: The Political Business Cycle 2. A. Alesina (1989), ‘Politics and Business Cycles in Industrial Democracies’ Part III: European Monetary Union 3. B. Eichengreen (1993), ‘European Monetary Unification’ Part IV: Trade and Employment 4. J.D. Sachs and H.J. Shatz (1994), ‘Trade and Jobs in U.S. Manufacturing’ Part V: European Unemployment 5. C.R. Bean (1994), ‘European Unemployment: A Survey’ Part VI: Extreme Inflation 6. R. Dornbusch, F. Sturzenegger and H. Wolf (1990), ‘Extreme Inflation: Dynamics and Stabilization’ Part VII: The Economic Reform of Communism 7. S. Fischer (1992), ‘Stabilization and Economic Reform in Russia’ Volume II: 389 pp

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Book SynopsisEconomic Theory and Policy in Context brings together a selection of R.D. Collison Black’s essays on the relationships between economic theory and policy, viewed historically.Beginning with a series of essays concerned with economists and economic policy in nineteenth century Ireland, the volume continues with a section entitled ‘In and Out of the Mainstream’ featuring studies of the work of economists, both famous and obscure, which reflect their author’s special interest in the relation between economics and biography. The final section on the economics of W.S. Jevons brings together papers which encouraged a revival of interest in that economist, including two which were previously unpublished.R.D. Collison Black is one of the very few economists who has used the tools of history to study the relationship of economic theory to policy in detail. Bringing together his most important work in one accessible volume, this collection of his essays will be welcomed by students and researchers in the history of economic thought.Trade Review’The standard of these papers is so consistently high that it is hard to put the book down.’ -- John Creedy, The Manchester School’This is a splendid collection of fine papers. . .’– D.P. O’Brien, The Economic JournalTable of ContentsContents: Introduction Part I: Political Economy and the Irish Part II: In and Out of the Mainstream Part III: From Political Economy to Economics: The Work of W.S. Jevons List of Publications

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Book SynopsisThis book is the first English language edition of Le Commerce et le Gouvernement by the distinguished eighteenth century economist and philosopher Condillac. It was one of the most original contributions to French economics in the eighteenth century. In this edition the editors provide an English translation of the original and a comprehensive account of Condillac's life and contribution to economics. In the late eighteenth century Condillac used the clarity and precision of thought of a leading philosopher to derive a fundamental set of economic principles and their implications for policy. He arrived at the same free trade conclusions as Adam Smith, and Le Commerce et le Gouvernement was published in the same year as The Wealth of Nations. Condillac's economics was initially condemned by the physiocrats because in his utility-based analysis, industry and commerce and not just agriculture contributed to the wealth of France. The original French edition was quickly dismissed by those in positions of power in France who preferred dirigism to competition, while across the Channel the British were unaware of its existence. The importance of Condillac's contribution to economics was recognised after the marginal revolution of the 1870's. In the eighteenth century Condillac won the respect of Voltaire and Rousseau, and the high regard of the King and the Church. His work has since been admired by Allais, Hayek, Menger and Weulersse, while Jevons believed that it provided the first distinct statement of the true connection between value and utility. Commerce and Government will be of special interest to historians of economic thought and those interested in the economic history of the eighteenth century.Trade Review'. . . fine translation of Condillac's book prepared by Shelagh Eltis. . . . the translation is crisp, elegant and, of particular importance, accurately reflects Condillac's meaning in so far as any translation can do so. To this high quality translation can be added an equally high quality introduction in which the translator is joined by Walter Eltis, the noted commentator on French eighteenth century economics.'Table of ContentsContents: Preface Part I: The Life and Contribution to Economics of the Abbé de Condillac 1. Étienne Bonnot: Abbé de Condillac, 1714–1780 2. The Economics of the Abbé de Condillac 3. The Editions of Commerce and Government Part II: Commerce and Government: Considered in their Mutual Relationship (Translated by Shelagh Eltis) Bibliography Index

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Book SynopsisThis fascinating book brings together and examines all aspects of the life and work of one of the most influential thinkers of the last century, John Maynard Keynes, whose theses are still hotly debated. It combines, in an accessible, unique and cohesive manner, analytical, biographical and contextual elements from a variety of perspectives.Gilles Dostaler studies in detail the battles that Keynes led on various fronts - politics, philosophy, art, and of course economics - in the pursuit of a single and lifelong goal: to radically transform society to create a better world, a world pacified and freed from the neurotic pursuit of financial wealth and economic rentability, with art at its pinnacle. Containing detailed presentations of the Bloomsbury group and the political history of Great Britain, Keynes and his Battles is an essential reference to this most important of 20th century figures whose central message remains as topical today as it ever was. The study also contains a unique chronology of Keynes's life and historical events, portraits of Keynes by his friends and contemporaries, as well as a full bibliography of all his books, chapters contributed to books, journal articles and reviews.Scholars, students and researchers of economics, history of economic thought, political science, sociology, history, philosophy and the history of arts will find this an absorbing and revealing work. The book should also interest journalists, decision makers in society and all those who are preoccupied by the problems of our time.Trade Review'The book provides a fresh and interesting approach to the man and his thinking. . . serves as a useful, highly readable and thoroughly researched introduction to Keynes.'Table of ContentsContents: 1. Introduction 2. Ethics: The Sources of Keynes’s Vision First Interlude: Bloomsbury and the Apostles 3. Knowledge: Uncertainty, Probabilities and the Moral Sciences 4. Politics: Beyond Liberalism and Socialism Second Interlude: The Political History of Great Britain During the Time of Keynes 5. War and Peace: From the Boer War to Versailles 6. Money: Economic Motor and Social Pathology 7. Labour: The Battle Against Unemployment 8. Gold: An International Monetary System in the Service of Humanity 9. Art: Theoretician, Consumer and Patron of the Arts 10. Conclusion: From Keynes to Keynesianism Appendix 1. Keynes and his Time: Chronology Appendix 2. Maynard as Seen by his Friends and Contemporaries Bibliography Index

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Book SynopsisDissenters have a common dissatisfaction with economics as it is currently practised, and they recognise that twentieth century economics has failed to explain real world economic phenomena. This major book focuses on the work and lives of seventeen of the most influential dissenting economists who have shaped twentieth century economics and who continue to make economics more relevant.In Economics and its Discontents each chapter explains what it means to be a dissenting economist and examines how and why the work of the featured economist constitutes dissent. It demonstrates that dissent in the profession extends beyond ideology and that dissenters can come from radical, liberal or conservative backgrounds. Dissent is considered in many respects, including how economics is taught, the methodology of economic analysis, the lack of attention economists pay to the real world behaviour of individuals, the narrow and limited assumptions made by economists, the inappropriate attempt of economics to dominate all social sciences, and the policy conclusions reached by standard economic analysis. The dissenters featured in this book suggest that there is a better way to do economics, and a better way to be an economist, and each has helped keep economics honest by constantly questioning traditional thinking. This book salutes and celebrates these dissenters who exemplify the very best of the discipline. If economics is again to be a respected field and a highly regarded profession, we must look to these dissenters to point the way forward.This book will be welcomed by professional economists, researchers and postgraduate students, especially those interested in the history of economic thought, and economic methodology and philosophy.Trade Review'This is a fine collection. . . . These are good, thought-provoking essays, much more than the personal biographies one might expect in a book about economists. I learned from these essays and recommend the book without reservation.'Table of ContentsContents: Introduction: Dissent in Twentieth Century Economics (R.P.F. Holt and S. Pressman) 1. The Seditious Dissent of Barbara R. Bergmann (E.A. Paulin) 2. James M. Buchanan and the Rebirth of Political Economy (P.J. Boettke) 3. John R. Commons and the Compatibility of Neoclassical and Institutionalist Economics (J.E. Biddle and W.J. Samuels) 4. The Tenacious Dissent of Milton Friedman (D. Colander) 5. Friedrich A. Hayek: Super-dissenter (L.S. Moss) 6. John A. Hobson: Dissenting Labour Economist (J.E. King) 7. The Policy Dissent of Nicholas Kaldor (S. Pressman) 8. The Positive Dissent of Michal Kalecki (M. Sawyer) 9. Dissent and Continuity: John Maynard Keynes (V. Chick) 10. Frank Knight’s Dissent from Progressive Social Science (R.B.Emmett) 11. Oskar Lange’s Dissent from Market Capitalism and State Socialism (C. Rider) 12. Imagining the Possibilities: The Dissent of Adolph Lowe (M. Forstater) 13. Gardiner Means and the Dissent of Administered Prices (F. Lee) 14. The Theoretical, Methodological and Pedagogical Dissent of Joan Robinson (Z. Emami) 15. Thomas Schelling’s Dissent from the Narrow Scope of Economics (D. Latzko) 16. Piero Sraffa and Mainstream Theory (H.D. Kurz and N. Salvadori) 17. Thorstein Bunde Veblen: The Quintessential Dissenter (C.M.A. Clark) Index

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Book SynopsisThis major three-volume collection - offered in the centenary year of Hayek’s birth - celebrates a lifetime of scholarship and original contributions that cross the disciplines of politics, philosophy and economics.Hayek rose to fame as a young technical economist engaged in debate with Keynes and became infamous in middle age for his harsh critique of socialist planning. For much of the 1950s and 1960s Hayek was ignored as a relic of 19th century economic liberalism as the tide of intellectual and political fashion moved against both his warnings about Keynesian demand management and his critique of socialist planning. Late in life, Hayek was celebrated as a prescient scholar who foresaw the decline in both the Keynesian and socialist systems of economic control. Hayek made major analytical contributions which have yet to be appreciated by either friend or foe. Through this selection of classic articles The Legacy of Friedrich von Hayek attempts to place Hayek’s contributions to political economy in a proper perspective.Trade Review’. . . to have [all the papers in these volumes] available for selected study or reference in a single set of volumes is an editorial achievement for which all with an interest in Hayek will be grateful.’ -- Allen Oakley, Journal of the History of Economic ThoughtTable of ContentsContents: Volume I: Politics Acknowledgements • Introduction 1. John Gray (1982), ‘F.A. Hayek and the Rebirth of Classical Liberalism’ 2. Viktor Vanberg (1994), ‘Hayek's Legacy and the Future of Liberal Thought: Rational Liberalism versus Evolutionary Agnosticism’ 3. Ronald Hamowy (1987), excerpt from The Scottish Enlightenment and the Theory of Spontaneous Order 4. Viktor Vanberg (1986), ‘Spontaneous Market Order and Social Rules: A Critical Examination of F.A. Hayek’s Theory of Cultural Evolution’ 5. Douglas Glen Whitman (1998), ‘Hayek contra Pangloss on Evolutionary Systems’ 6. Steve Fleetwood (1996), ‘Order Without Equilibrium: A Critical Realist Interpretation of Hayek's Notion of Spontaneous Order’ 7. Richard Bellamy (1994), ‘’Dethroning Politics’: Liberalism, Constitutionalism and Democracy in the Thought of F.A. Hayek’ 8. Richard Vernon (1976), ‘The “Great Society” and the “Open Society”: Liberalism in Hayek and Popper’ 9. Theodore Rosenof (1974), ‘Freedom, Planning, and Totalitarianism: The Reception of F. A. Hayek's Road to Serfdom’ 10. Morris M. Wilhelm (1972), ‘The Political Thought of Friedrich A. Hayek’ 11. Ronald Hamowy (1971), ‘Freedom and the Rule of Law in F.A. Hayek’ 12. Lord Robbins (1961), ‘Hayek on Liberty’ 13. Jacob Viner (1961), ‘Hayek on Freedom and Coercion’ 14. E.F.M. Durbin (1945), ‘Professor Hayek on Economic Planning and Political Liberty’ 15. Murray Forsyth (1988), ‘Hayek's Bizarre Liberalism: A Critique’ 16. Linda C. Raeder (1997), ‘The Liberalism/Conservatism of Edmund Burke and F.A. Hayek: A Critical Comparision’ 17. Alain de Benoist (1998), ‘Hayek: A Critique’ 18. Mario J. Rizzo (1985), ‘Rules Versus Cost-Benefit Analysis in the Common Law’ 19. A.I. Ogus (1989), ‘Law and Spontaneous Order: Hayek’s Contribution to Legal Theory’ 20. Bruce L. Benson (1989), ‘The Spontaneous Evolution of Commercial Law’ 21. Anna Elisabetta Galeotti (1987), ‘Individualism, Social Rules, Tradition: The Case of Friedrich A. Hayek’ 22. Eugene Heath (1989), ‘How to Understand Liberalism as Gardening: Galeotti on Hayek’ 23. Gerard Radnitzky (1987), ‘An Economic Theory of the Rise of Civilization and Its Policy Implications: Hayek’s Account Generalized’ 24. Linda C. Raeder (1998), ‘Liberalism and the Common Good: A Hayekian Perspective on Communitarianism’ 25. Karen I. Vaughn (1984), ‘The Constitution of Liberty from an Evolutionary Perspective’ 26. Peter J. Boettke (1995), ‘Hayek’s The Road to Serfdom Revisited: Government Failure in the Argument Against Socialism’ 27. Barry R. Weingast (1995), ‘The Economic Role of Political Institutions: Market-Preserving Federalism and Economic Development’ Name Index Volume II: Philosophy 1. Donald W. Livingston (1991), ‘Hayek as Humean’ 2. Robin Cowan and Mario J. Rizzo (1996), ‘The Genetic-Causal Tradition and Modern Economic Theory’ 3. G.B. Madison (1989), ‘Hayek and the Interpretive Turn’ 4. Theodore A. Burczak (1994), ‘The Postmodern Moments of F.A. Hayek’s Economics’ 5. Bruce Caldwell (1994), ‘Hayek’s Scientific Subjectivism’ 6. Theodore A. Burczak (1994), ‘Reply to Bruce Caldwell: Can Subjectivism be Non-Hermeneutic?’ 7. David L. Prychitko (1989/90), ‘Methodological Individualism and the Austrian School: A Note on its Critics’ 8. G.B. Madison (1990), ‘How Individualistic is Methodological Individualism?’ 9. Joseph Agassi (1975), ‘Institutional Individualism’ 10. Steven Lukes (1968), ‘Methodological Individualism Reconsidered’ 11. Joseph Agassi (1960), ‘Methodological Individualism’ 12. Walter B. Weimer (1982), ‘Hayek's Approach to the Problems of Complex Phenomena: An Introduction to the Theoretical Psychology of The Sensory Order’ 13. Rosemary Agonito (1975), ‘Hayek Revisited: Mind as the Process of Classification’ 14. Gary T. Dempsey (1996), ‘Hayek’s Terra Incognita of the Mind’ 15. Edna Ullmann-Margalit (1978), ‘Invisible-Hand Explanations’ 16. A.M. Macleod (1983), ‘Justice and the Market’ 17. A.W. Cragg (1983), ‘Hayek, Justice and the Market’ 18. Eric Mack (1983), ‘Hayek on Justice and the Market: A Reply to MacLeod’ 19. A.M. Macleod (1983), ‘Hayek on Justice and the Market: A Rejoinder to Cragg and Mack’ 20. Eugene Heath (1992), ‘Rules, Function, and The Invisible Hand: An Interpretation of Hayek's Social Theory’ 21. Edna Ullmann-Margalit (1997), ‘The Invisible Hand and the Cunning of Reason’ 22. Lee Cronk (1988), ‘Spontaneous Order Analysis and Anthropology’ 23. Nigel Pleasants (1997), ‘The Epistemological Argument Against Socialism: A Wittgensteinian Critique of Hayek and Giddens’ 24. Daniel B. Klein (1992), ‘Go Ahead and Let Him Try: A Plea for Egonomic Laissez-faire’ 25. Marina Bianchi (1993), ‘How to Learn Sociality: True and False Solutions to Mandeville’s Problem’ Name Index Volume III: Economics 1. Fritz Machlup (1974), ‘Friedrich von Hayek's Contribution to Economics’ 2. M. Polanyi (1941), ‘The Growth of Thought in Society’ 3. Sanford J. Grossman and Joseph E. Stiglitz (1980), ‘On the Impossibility of Informationally Efficient Markets’ 4. Richard R. Nelson (1981), ‘Assessing Private Enterprise: An Exegesis of Tangled Doctrine’ 5. Manfred E. Streit (1984), ‘Information Processing in Futures Markets - An Essay on Adequate Abstraction’ 6. Stephan Böhm (1989), ‘Hayek on Knowledge, Equilibrium, and Prices: Context and Impact’ 7. Carlo Zappia (1996), ‘The Notion of Private Information in a Modern Perspective: A Reappraisal of Hayek's Contribution’ 8. Bruce J. Caldwell (1988), ‘Hayek’s Transformation’ 9. Sanford Ikeda (1990), ‘Market-Process Theory and “Dynamic” Theories of the Market’ 10. Israel M. Kirzner (1967), ‘Methodological Individualism, Market Equilibrium, and Market Process’ 11. Israel M. Kirzner (1997), ‘Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach’ 12. Mario J. Rizzo (1990), ‘Hayek’s Four Tendencies Toward Equilibrium’ 13. William N. Butos (1985), ‘Hayek and General Equilibrium Analysis’ 14. Gottfried Haberler (1986), ‘Reflections on Hayek’s Business Cycle Theory’ 15. Roger W. Garrison (1985), ‘Intertemporal Coordination and the Invisible Hand: An Austrian Perspective on the Keynesian Vision’ 16. Don Bellante and Roger W. Garrison (1988), ‘Phillips Curves and Hayekian Triangles: Two Perspectives on Monetary Dynamics’ 17. Roger Garrison (1984), ‘Time and Money: The Universals of Macroeconomic Theorizing’ 18. Steven Horwitz (1996), ‘Capital Theory, Inflation, and Deflation: The Austrians and Monetary Disequilibrium Theory Compared’ 19. George A. Selgin and Lawrence H. White (1994), ‘How Would the Invisible Hand Handle Money?’ 20. Bruce Caldwell (1997), ‘Hayek and Socialism’ Name Index

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Book SynopsisThe book analyzes the evolution of the concept of comparative advantage from the eighteenth century to the present day. It examines the origins of the concept of comparative advantage, its current status within economic thought and its validity in today's global economy.This comprehensive book outlines the theories of trade and the interpretations of comparative advantage associated with, among others, the Mercantilists, Smith, Ricardo, Torrens, Longfield, Mill, Marshall, Pareto, Haberler, Heckscher, Ohlin and Samuelson, as well as present day trade theorists. A chapter is devoted to Hamilton, Rae and List, who interpreted comparative advantage dynamically by advocating its creation.The book breaks new ground by reinterpreting the theories of trade associated with prominent economists such as Ricardo, and drawing attention to valuable but lesser known contributions. It considers the new trade theory from the past two decades as a legitimate successor to the dynamic views of comparative advantage of the classical economists. This book will be required reading for students and academics with an interest in the history of economic thought and the economics (or theory) of international trade.Trade Review'Maneschi's clearly and attractively written book traces the evolution of comparative advantage based theorizing in relation to international trade. . . . a fine book, combining many fascinating details with a clear overall argument. There are ample notes, a bibliography, and an index; the volume is well-produced. It will prove to be rewarding for many readers.'Table of ContentsContents: 1. Introduction 2. The Concept of Comparative Advantage 3. Theories of International Trade up to Adam Smith 4. David Ricardo, Robert Torrens and the Discovery of Comparative Advantage 5. Creators of Comparative Advantage: Alexander Hamilton, John Rae and Friedrich List 6. John Stuart Mill: Comparative Advantage and the Terms of Trade 7. Neoclassical Trade Theory: Alfred Marshall, Vilfredo Pareto and Enrico Barone 8. Neoclassical Trade Theory: Gottfried Haberler, Eli Heckscher and Bertil Ohlin 9. The Heckscher–Ohlin Theory Encounters the New Trade Theory 10. The (Almost) General Validity of Comparative Advantage Index

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Book SynopsisKnut Wicksell is increasingly recognized as one of the great economists and as a major influence on modern economics. Wicksell brilliantly summarized and developed neoclassical economic theory, making major contributions to marginal productivity theory, to public finance and to monetary theory. Torsten Gardlund’s acclaimed biography, although long out of print, remains the classic interpretation of Wicksell’s life. As Lars Jonung explains in his preface, ‘Gardlund’s book has kept its sparkle over the forty years which have elapsed since it was first published. . . Its clarity and vitality have made it a classic in its own right.’ Mark Blaug, the eminent economic methodologist and historian of economic thought, has described it as ‘my favourite biography of a great economist.’This edition of The Life of Knut Wicksell will be welcomed as an excellent introduction to the life of a major economist whose theories and ideas have shown themselves to be of lasting value.Trade Review’In Gardlund, he got a biographer who mastered the craft but also was prepared to grasp the mind of the age concerned, and to understand, if not to share, the broad visions and dreams of his subject.’ -- Lars Herlitz, Journal of the History of Economic ThoughtTable of ContentsContents: Preface Foreword Introduction 1. Childhood in Stockholm 2. Undecided Years in Uppsala 3. Celibacy or Prostitution? 4. A New Epoch 5. Foreign Travel and Marriage 6. Rebel in the Wilderness 7. Now or Never 8. The Theory of Price 9. Professor at Lund 10. Hero of the Anarchists 11. Money and its Regulation 12. The Last Years Appendix: Correspondence with Walras and Marshall Index

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Book SynopsisThe collection covers the foundations of business cycle theory from the mid-nineteenth century through to the work immediately affected by the publication of Keynes's General Theory.With the revival of interest in real business cycles in the last ten years, these volumes provide a substantial selection of the intellectual achievements in this area developed by previous generations; any of such achievements were temporarily obscured by the success of Keynes's work.

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Book SynopsisThis authoritative collection presents an overview of the widespread significance of Schumpeter's thought. Part I examines the reception accorded to Schumpeter's ideas by his contemporaries. In Part II the impact of his scientific ideas from the 1950s to the 1970s is investigated. Part III covers the renewed influence of Schumpeter's thought in the 1980s. Whilst the contributions on industrial economics are presented in neoclassical fashion, the studies of innovation economics and evolutionary modelling reveal further ramifications of Schumpeter's legacy. Part IV highlights the importance of Schumpeterian ideas on modern macroeconomic theories and the final part demonstrates the influence of his thought in other fields such as public finance, sociology, politics and history.Table of ContentsContents: Acknowledgements Introduction Horst Hanusch Part I: Schumpeter’s Reception by Contemporaries 1. Fritz Machlup (1943), ‘Capitalism and its Future Appraised by Two Liberal Economists’ 2. J. Tinbergen (1951), ‘Schumpeter and Quantitative Research in Economics’ 3. Abbott Payson Usher (1955), ‘Technical Change and Capital Formation’ Part II: Schumpeter’s Early Scientific Impact 4. P. Hennipman (1954), ‘Monopoly: Impediment or Stimulus to Economic Progress?’ 5. Edwin Mansfield (1963), ‘Size of Firm, Market Structure, and Innovation’ 6. F.M. Scherer (1965), ‘Firm Size, Market Structure, Opportunity, and the Output of Patented Innovations’ 7. Almarin Phillips (1966), ‘Patents, Potential Competition, and Technical Progress’ 8. Jacob Schmookler (1962), ‘Economic Sources of Inventive Activity’ 9. Nathan Rosenberg (1969), ‘The Direction of Technological Change: Inducement Mechanisms and Focusing Devices’ Part III: The Schumpeterian Renaissance A New Industrial Economics 10. Partha Dasgupta and Joseph Stiglitz (1980), ‘Industrial Structure and the Nature of Innovative Activity’ 11. Michael Spence (1984), ‘Cost Reduction, Competition, and Industry Performance’ 12. Edwin Mansfield, Mark Schwartz and Samuel Wagner (1981), ‘Imitation Costs and Patents: An Empirical Study’ 13. Alvin K. Klevorick, Richard C. Levin, Richard R. Nelson and Sidney G. Winter (1995), ‘On the Sources and Significance of Interindustry Differences in Technological Opportunities’ 14. Keith Pavitt (1984), ‘Sectoral Patterns of Technical Change: Towards a Taxonomy and a Theory’ B New Innovation Economics and Evolutionary Economics Heterogeneity 15. Herbert A. Simon (1984), ‘On the Behavioral and Rational Foundation of Economic Dynamics’ 16. David A. Lane (1993), ‘Artificial Worlds and Economics, Part 1 and Part 2’ 17. W. Brian Arthur (1993), ‘On Designing Economic Agents that Behave Like Human Agents’ Selection 18. Richard R. Nelson and Sidney G. Winter (1978), ‘Forces Generating and Limiting Concentration Under Schumpeterian Competition’ 19. Gerald Silverberg, Giovanni Dosi and Luigi Orsenigo (1988), ‘Innovation, Diversity and Diffusion: A Self-Organisation Model’ 20. J.S. Metcalfe (1994), ‘Competition, Fisher's Principle and Increasing Returns in the Selection Process’ Structure 21. Giovanni Dosi (1982), ‘Technological Paradigms and Technological Trajectories: A Suggested Interpretation of the Determinants and Directions of Technical Change’ 22. B. Carlsson and R. Stankiewicz (1991), ‘On the Nature, Function and Composition of Technological Systems’ New Approaches 23. Steven N. Durlauf (1993), ‘Nonergodic Economic Growth’ 24. Ken Binmore and Larry Samuelson (1994), ‘An Economist’s Perspective on the Evolution of Norms’ 25. Alan P. Kirman (1992), ‘Variety: The Coexistence of Techniques’ Name Index Volume II Acknowledgements An introduction by the editor to both volumes appears in volume I Part IV: The Influence of Schumpeterian Ideas on Modern Macroeconomics A Growth and Cycles 1. Paul M. Romer (1990), ‘Endogenous Technical Change’ 2. Philippe Aghion and Peter Howitt (1992), ‘A Model of Growth Through Creative Destruction’ 3. Leonard K. Cheng and Elias Dinopoulos (1992), ‘Schumpeterian Growth and International Business Cycles’ B Long Waves 4. Richard M. Goodwin (1990), ‘Walras and Schumpeter: The Vision Reaffirmed’ 5. Christopher Freeman and Carlota Perez (1988), ‘Structural Crises of Adjustment, Business Cycles and Investment Behaviour’ C Money 6. Richard Arena and Agnès Festré (1996), ‘Banks, Credit, and the Financial System in Schumpeter: an Interpretation’ D Policy 7. W.F. Stolper (1991), ‘The Theoretical Bases of Economic Policy: The Schumpeterian Perspective’ Part V: Schumpeter’s Heritage in Other Fields A Entrepreneurship 8. Edward A. Carlin (1956), ‘Schumpeter's Constructed Type - The Entrepreneur’ 9. Brian J. Loasby (1984), ‘Entrepreneurs and Organization’ 10. Richard R. Nelson (1984), ‘Incentives for Entrepreneurship and Supporting Institutions’ B Public Finance and Public Choice 11. Fuat M. Andic and Suphan Andic (1985), ‘An Exploration into Fiscal Sociology: Ibn Khaldun, Shumpeter, and Public Choice’ 12. R.A. Musgrave (1992), ‘Schumpeter's Crisis of the Tax State: An Essay in Fiscal Sociology’ 13. William C. Mitchell (1984), ‘Schumpeter and Public Choice, Part I and II’ C Methodology, Sociology and History 14. Yuichi Shionoya (1990), ‘Instrumentalism in Schumpeter's Economic Methodology’ 15. Richard Swedburg (1989), ‘Joseph A. Schumpeter and the Tradition of Economic Sociology’ 16. Hans E. Jensen (1987), ‘New Lights on J.A. Schumpeter's Theory of the History of Economics?’ 17. Mark Perlman (1996), ‘On Schumpeter's History of Economic Analysis, 40 Years After’ Name Index

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Book SynopsisThis insightful book critically assesses the subjectivist metatheoretical origins of the revival of modern Austrian economics. It examines the ideas of the main contributors to the Austrian school, including von Mises, von Hayek and Lachmann.Allen Oakley analyses the contribution to subjectivist philosophy made by the key founders of the neo-Austrian revival. He argues that while von Mises and von Hayek each confronted mainstream microeconomics with restricted subjectivist alternatives, Lachmann played the 'devil's advocate' for a more comprehensive range of subjectivist principles. The author finds that ultimately, although all three provided analyses that reached well beyond the confines of neoclassical economics, none fully applied the tenets of a complete subjectivism. Their contributions to the 1970s revival of interest in Austrian themes, and their legacies for neo-Austrian schools of thought, have thus left a great need for further methodological development if economics as a human science is to be reconstructed on subjectivist foundations.The Revival of Modern Austrian Economics will be of central interest to students and scholars of Austrian economics and to historians of economic thought and methodology more generally.Trade Review'. . . I find this book both useful and important. . . Oakley does an admirable job in laying out the subjectivist credentials of Mises, Hayek and Lachmann. However, even more important is how this book lays the groundwork for further debate.'Table of ContentsContents: Preface 1. Introduction 2. An Historical Sketch of Seminal Austrian Subjectivism 3. The Legacy of Ludwig von Mises 4. Hayek’s Early Formalism and Subjectivism 5. Hayek and the Vision of Economic Order 6. Hayek and Subjectivist Human Agency 7. Hayek’s Situated Human Agency 8. Hayek’s Methodology of Subjectivist Economics 9. The ‘Radical’ Subjectivism of Lachmann 10. Lachmann’s Kaleidics 11. Subjectivism: The Legacy Bibliography Index

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Book SynopsisThe evolutionary approach to economics can be traced back as far as the eighteenth and nineteenth centuries in the work of Darwin, Smith and Malthus. These ideas have gradually developed since that time through Marx, Veblen and Marshall, and have recently experienced considerable attention. This book considers the development of evolutionary economics and its place in economic thought today.The book begins with a concise history of evolutionary economics which develops to examine the variety of approaches within the subject. The discussion continues with a rigorous analysis of why, in contrast to popular belief, evolutionary economics is not alien to neoclassical economics, arguing that it may even be considered to complement neoclassical economics. Continuing along this theme the firm is discussed from an evolutionary and neoclassical standpoint. Leading on from this is a discussion of modern model building in evolutionary economics and its relationship with Schumpeter's developmental work. Model building is examined further in relation to endogenous technological change and economic growth, and the effect that technological change and innovation can have on the spatial distribution of new industry. This book will be of special interest to evolutionary and post Keynesian economists and those interested in technological change and innovation.Trade Review'. . . the combination of these papers does provide a useful amalgam of the several streams of intellectual endeavour which come under the evolutionary economics banner. In summing up this volume overall it is interesting to consider the range and calibre of the distinguished and able economists who have argued over many years for the inclusion of (broadly defined) evolutionary ideas in mainstream economic discourse.' -- Peter Mottershead, KyklosTable of ContentsContents: 1. Variety in the Garden of Heterodox Economics: An Introduction (J.P.G. Reijnders) 2. Economics and Evolution and the Evolution of Economics (G.M. Hodgson) 3. Evolutionary Economics: Precursors, Paradigmatic Propositions, Puzzles and Prospects (J.J. Vromen) 4. Evolutionary Economics and the Theory of the Firm: Assessments and Proposals for Research (N.J. Foss) 5. Neo- and Post-Schumpeterian Contributions to Evolutionary Economics (E.S. Andersen) 6. Economic Growth: An Evolutionary Perspective (G. Silverberg and B. Verspagen) 7. New Technology and Windows of Locational Opportunity: Indeterminacy, Creativity and Chance (R. Boschma and B. van der Knaap) Index

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Book SynopsisTurbulence in Economics presents the economy as an evolutionary process, economics as a realistic science and reintroduces history as fundamental to understanding economic processes. It examines cycles and fluctuations in economic history from the point of view of turbulence in the physical sciences, (specifically hydrodynamics), and argues that an evolutionary approach is required for a better understanding of historical economic processes.Economic time is marked by a succession of long periods of economic expansion and depression, separated by deep structural changes. These periods represent distinct forms of organization of social relations, science and technology, cultural trends and political and social institutions. This is accepted by historians but rejected in orthodox economics. In this book the author challenges this and argues that the divorce between economics and history limits the ability of economics to explain reality. Within this inquiry into the crisis of orthodox economics the author considers Keynes's, Mitchell's and Schumpeter's critiques of neoclassical economics. The author then compares these to the contributions of Frisch and Wicksell, and examines recent studies of chaos, nonlinear and complex dynamics to explain the historical development of modern economics.This book will be welcomed by economic historians, historians of economic thought, institutional and evolutionary economists and those interested in chaos, complexity and modern methodology.Trade Review'Louca's book is a brilliant and convincing demonstration of the importance of deliberate and conscious attention to epistemology. . . This is an invaluable book for all those who wish to learn from the legacy of both Schumpeter and Keynes.’Table of ContentsContents: Introduction Part I: The Evolutionary Metaphors in the Reconstruction of Economics Part II: The Rocking Horse Part III: Bounded Heresies Part IV: Dr Panglaoss Hunted by the Snarks Conclusion: Complexity, The Condition of the World References Index

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Book SynopsisGreat Economists before Keynes is an extensive and much acclaimed guide providing authoritative intellectual biographies together with portraits of one hundred great economists of the past. This important book not only includes entries on familiar names, such as, Adam Smith, David Ricardo, Karl Marx and Leon Walras, but also includes descriptions of less well known yet equally important economists. Mark Blaug demonstrates that modern economics is an accumulated heritage of specific ideas of individual economists.Mark Blaug has brought his formidable powers to bear on the history of economics producing a companion that nobody interested in economics will want to be without. The reprint of this classic work will be an essential reference source for instructors, researchers and students of economics.Trade Review'Great Economists before Keynes is an excellent work of reference, as well as an exemplary brief guide to the history of economic thought.'Table of ContentsContents: Preface Acknowledgements List of Entries Great Economists before Keynes Index of Names Index of Subjects

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Book SynopsisThis is the first of three volumes, written by an internationally renowned group of experts, to celebrate the contribution of Bernard Corry and Maurice Peston to teaching and research.In this first volume, the distinguished contributors provide original material on the formulation of macroeconomic policy in advanced countries ranging from a study of central bank independence, the consequences of European monetary union and macroeconomic policy in transition economies.Table of ContentsContents: Introduction Part I: The Trend of Macroeconomic Policy 1. Notes on Inflation Targeting 2. Kalecki’s ‘Political Aspects of Full Employment’ Revisited 3. Post Keynesian Economic Policy Part II: The Independent Central Bank 4. The Privatization of Monetary Policy 5. Emergency Changes in Monetary Policy 6. Central Bank Independence Has Costs, Not Just Benefits 7. What are the Central Bank’s and the Private Sector’s Objectives? Part III: Emerging Problems in Macroeconomic Policy 8. The Economics and Politics of European Monetary Union 9. Convergence in European Bond Markets 10. Severe Fiscal Contradictions and Expansions Part IV: Macroeconomic Policy Beyond the OECD 11. Non-linear Hyperinflationary Exchange Rate Dynamics 12. Islands of Tranquillity in a Turbulent World? Index

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Book SynopsisThe Keynesian Revolution and its Economic Consequences is a study of John Maynard Keynes as a publicist, expert and theorist and of the economic doctrines associated with his name. It examines the Keynesian revolution in economic theory and policy and shows how Keynesianism as a school of thought departed from the substance of Keynes's own thinking and policy prescription.Peter Clarke places the 'historical' Keynes in the context of his own times and examines the subsequent institutionalization of Keynes. The author presents an historical account of Keynes's own thinking and influences, and offers a reassessment and a non-technical explanation of Keynesian policies, notably budget deficits. The author explores Keynes's major works and ideas within a political context, concluding that greater emphasis should be placed on his ideas about uncertainty and confidence, his thoughts on the complementary roles of public opinion and expertise, his commitment to the politics of persuasion and his challenge to entrenched vested interests. The Keynesian Revolution and its Economic Consequences will be of interest to historians and scholars of economic thought and economic policy as well as economic historians.Trade Review'During the last two decades, as an increasing number of scholars from other disciplines have begun to analyze Maynard Keynes and his work,Peter Clarke has distinguished himself as one of the best writers in the field, from any discipline. . . . This handsome volume puts the work at your fingertips. It is a rare collection that you will enjoy for the pleasure of the writing as well as for the pleasure of the intellectual discovery.'Table of ContentsContents: Introduction 1. The Historical Keynes and the History of Keynesianism 2. J.M. Keynes, 1883–1946: ‘The best of both worlds’ 3. The Politics of Keynesian Economics, 1924–31 4. Keynes’s General Theory: A Problem for Historians 5. Hobson and Keynes as Economic Heretics 6. Keynes in History 7. The Treasury’s Analytical Model of the British Economy Between the Wars 8. The Twentieth-Century Revolution in Government: the Case of the British Treasury 9. Keynes, Buchanan and the Balanced Budget Doctrine 10. The Keynesian Consensus and its Enemies: the Argument Over Macroeconomic Policy in Britain since the Second World War

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Book Synopsis1999 is the 100th year anniversary of the publication of Veblen's The Theory of the Leisure Class. This volume commemorates and celebrates Veblen's seminal contribution to the analysis of consumerist capitalism and assesses the book's relevance to the twenty-first century.Veblen's Leisure Class was a pioneering effort to come to terms with industrial capitalism's consumer culture, and it became the foundation for much of contemporary institutional economics. This book examines Veblen's contribution to the analysis of the new global economy, the growth of the women's movement, inequality, consumption and gambling at the turn of the century. It concludes by analysing the effects of the globalization of capitalism.This book will be of great interest to scholars of the history of economic thought and particularly those interested in how we can relate Veblen's classic work to society today and in the future.Trade Review'. . . thought provoking and interesting. Every open minded person would wish to read some of the essays.'Table of ContentsContents: Introduction Part I: The Path of Contemporary Culture Part II: What is the Leisure Class up to? Part III: Veblen and the Women’s Movement Part IV: Veblen in the Global Economy Conclusion Index

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Book SynopsisThis timely volume provides a second collection of Thomas Humphrey's papers in the area of the history of economic thought and is a long-awaited companion to his critically acclaimed first volume of essays Money, Banking and Inflation. Unlike the first volume, this book does not focus specifically on traditional central bank concerns but addresses key concepts, theories and tools in the area of money, exchange and production which have proved indispensable to the development of economics. Each essay focuses on a prominent theory or tool, examines its essential elements, identifies its origins and traces its development across a succession of economists, problems, controversies and applications. In this way, the book shows how the history of economic thought can be illustrated through the development of tools and concepts rather than through schools of thought and prominent individuals. This outstanding collection will be invaluable to historians of economic thought as well as to students and scholars of methodology, philosophy and monetary and financial economics.Table of ContentsContents: Preface Part I: Monetary Theory 1. The Origins of Velocity Functions 2. Fisher and Wicksell on the Quantity Theory 3. John Wheatley’s Theory of International Monetary Adjustment Part II: Geometry of Exchange (Trade) and Production 4. When Geometry Emerged: Some Neglected Early Contributions to Offer-Curve Analysis 5. The Early History of the Box Diagram Part III: Algebraic Production Functions 6. Algebraic Production Functions and their uses before Cobb-Douglas Index

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Book SynopsisThis important volume sheds new light on the ideas and policies of John Maynard Keynes. It presents nineteen contributions from an outstanding group of international economists who aim to understand Keynes as an economist whose work is still influential in both academic research and in more popular economic thought. Although it is over fifty years since John Maynard Keynes passed away, and over sixty years ago that The General Theory was published, his ideas and policies continue to exert an enormous influence on academic economics, as well as being used to solve economic problems faced in the world today, and no doubt, the years to come. The decline of interest in Keynes and his policies during the 1970s has been replaced in the late eighties and nineties by a revival in academic interest, as well as the use of his policy suggestions to solve current economic problems. Divided into five sections, this book considers not only Keynes's theoretical contributions, but also his policies for money management, unemployment, wages and prices, and global governance and the state. As distinct from most other available volumes, this book examines Keynes's thoughts and policies in the context of the current economic climate as well as from the perspective of future economic problems, and how to remedy them. This important book will be of interest to graduate students, research scholars and academics interested in macroeconomics, the history of economic thought, Keynesian and post Keynesian thought.Trade Review'. . . this volume provides the reader with interesting and thoughtful interpretations.'Table of ContentsContents: 1. Introduction: J.M. Keynes Before and After the General Theory (S. Sharma) Part I: Theoretical Contributions Part II: Global Governance and the State Part III: Unemployment, Wages and Prices Part IV: Money Management Part V: Miscellaneous Index

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Book SynopsisThis book represents the full spectrum of Alan Walters's contribution to economics over thirty years, from academic debate to close involvement in British policy making. It includes not only his earlier contributions to applied monetary economics but also his work on political economy which generated much interest following his appointment as economic adviser to Margaret Thatcher. The volume charts the development of Alan Walters's thinking on money, monetary policy and macroeconomics. It makes special reference to his work on the demand for money and the money multiplier, money and the business cycle and the political economy of money. The book opens with an introduction by Kent Matthews in which he provides an overview of Alan Walters's work in the context of the so-called 'monetarist counter-revolution'. He also offers an introductory discussion on each of the essays, which include: the quantity theory of money, consistent expectations, the time lag effects of money, supply-side policies, foreign exchange rates and anti-inflation policies. These essays offer important policy prescriptions, some of which are particularly timely in the light of increasing European economic and monetary integration.The Economics and Politics of Money will be welcomed by business and government as well as professional economists, social scientists and researchers interested in monetary economics and political economy.Table of ContentsContents: Introduction by Kent Matthews Part I: The Demand for Money and the Money Multiplier Part II: Money and the Business Cycle Part III: Political Economy Index

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Book SynopsisThis important two volume work includes a comprehensive introduction to the literature by the editors and contains the major articles on economic justice written during the last 50 years.Volume I focuses on the political and philosophical foundations on the economic justice. Volume II places special emphasis on the issues surrounding the implementation and practice of justice in modern economic systems.This authoritative collection will be an essential reference source for students, instructors and researches concerned with the study of economic justice.Table of ContentsContents: Introduction Volume I: Part I: Perspectives Part II: Conceptual Foundations Part III: Models of Economic Justice • Volume II: Part I: Equality Part II: Redistribution Through the Fiscal System Part III: Distributional Preference

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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

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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

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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

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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

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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

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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

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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

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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

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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

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

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Book SynopsisCharlatans or Saviours? is the first detailed analysis of professional British economists from Marshall, through Keynes and Meade to the present day. It examines the relationship between professional economists and economic policy in an attempt to answer the question: 'Can economics and professional economists be blamed for the relative decline of the British economy?'This book provides an unrivalled account of how economic policy is made in practice. It uses examples of major policy decisions to show how policy debates develop and then assesses the subsequent balance between political, bureaucratic and economic influence. In this path-breaking investigation Roger Middleton sheds new light on Britain's relative economic decline by examining the advice economists have given to government. He analyses whether economists are partly responsible for this decline or whether they are largely innocent and unnecessarily blamed by politicians. In discussing the rise of professional economics he demonstrates that from the time of Marshall onwards the market for economic policy advice in Britain has been unusually competitive. In addition, Roger Middleton explores the broader concern in contemporary economics, that is, the pursuit of rigour at the expense of relevance.This in-depth study will be welcomed by economists interested in policy making, the history of economic thought, economic historians and political scientists.Trade Review'. . . this book offers a wealth of information and of stimulating questions about highly complex problems, which economists need - perhaps much more than they are inclined - to think through and form considered views about.' -- Terence Hutchison, Economic Record'The work is worthy of a place on the library shelf as it does contribute to an overall picture of economics.' -- Pete Clarke, Capital and Class'Overall, this book is a substantial achievement. It marries a range of literatures few other have brought together. The history of economic thought, economics as a discipline, and the development of economic policy are each scrutinised and assessed, and their interconnections explored. The bibliographic basis of the book is huge, with almost 50 pages of references. It provides a distinctive perspective on the twentieth century British economy from an author who always has something interesting to say. Every library should have a copy.' -- Jim Tomlinson, Contemporary British History'Chapter Three describes the changing supply of and demand for economists over time. This chapter provides very interesting reading for any academic or government economist curious about the history of their chosen career . . . Roger Middleton provides a "warts and all" examination of British economics, including discussion of the falling number of economics Ph.D. students, and the "Mr Spock" method for modelling economic agents' rationality.' -- Caroline Elliott, Business History'In surveying the century, Middleton has hit on the brilliant idea of analyzing quantitatively the contents of the issues of the Economic Journal, which began in 1891, using a machine-readable database, DISMAL, of EJ paper and their authors. This provides information on some authors' characteristics (gender, occupation, professional affiliation, etc.) and the subject and style of the authors' writings. The information is fascinating and very well presented in the first and several of the later chapters. The analysis alone is worth the book. Similarly, the interesting material Middleton has assembled and discussed on the supply and demand for economic advice in Britain over the ten decades is comprehensive and illuminating and perceptively discussed. . . . this book succeeds admirably . . . a valuable and insightful account of the development of the economics profession in Britain from Marshall's day to our own.' -- Susan Howson, Journal of the History of Economic Thought'Very strongly recommended for upper-level undergraduates, graduate students, and their teachers.' -- D.E. Moggridge, Choice'This book brings together a wealth of material on a fascinating theme: the evolution of the British economics profession since the nineteenth century. It will be invaluable both for historians concerned with economic policy making in Britain and for economists who want to understand how the profession got to its current position.' -- Roger Backhouse, University of Birmingham, UK’”Charlatans in need of salvation, an economy in need of saviours" is the verdict of Roger Middleton in his masterly survey of the rise and decline of British economics. Good works might or might not help, pure thought certainly won't, but reading this book should do the trick. The stock of economics has risen and fallen in the twentieth century, peaking at its mid-point, just as the economy itself was perceived to enter a steady decline. Middleton here deftly traces the interaction between economics as science and as policy in the context of Alfred Marshall's noble ambition to do good. This book is intelligent, readable, insightful, and committed - at once a critique of modern economics and a means for its renewal.' -- Keith Tribe, Keele University, UK'The book is balanced and well-informed. Those who have written or advised on the management of the British economy will be fascinated by a wealth of material and anecdotes with which they are unfamiliar.'- Walter Eltis, Exeter College, Oxford University and University of Reading, UKTable of ContentsContents: 1. Introduction 2. Economics, Economists and Policy 3. The Market for Economic Advice 4. Marshall’s mission, the Prewar Permeationist Strategy and the Professionalisation of Economics 5. Five Economists and Six Opinions: Economics Comes of Age between the Wars 6. Economists Triumphant?: the Keynesian Era and Golden Age Growth 7. ‘Back to Basics’: Monetarism and the Market 8. Conclusions Appendices Index

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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

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Book SynopsisThis unique book deals with the most serious macroeconomic failure experienced in the US in the post-war period and the great inflation of the late 1960s and 1970s. It is the first detailed analysis, using Federal Reserve documents, of the thinking behind the inflationary monetary policy during this period.The book examines documentary evidence, including minutes, memos and reports and interviews with people who were closely involved in making policy decisions, to explain the monetary policy that led to this inflation. Thomas Mayer considers forecasting errors and wage and price controls in his attempt to explain why the inflation occurred and places some of the blame on ineffective operating procedures, institutional inefficiencies, and political pressures on the Federal Reserve. The author concludes that much of the responsibility for the mistaken policies lies with academic economists who underestimated the dangers of inflation and encouraged the Federal Reserve to focus on an unattainable employment goal.Monetary Policy and the Great Inflation in the United States will be welcomed by economists, political scientists and economic historians interested in monetary policyTrade Review'Thomas Mayer writes beautifully. Although his book treats difficult issues, one can read it with pleasure. He deals with the problem of why inflation soared in the sixties and seventies. At the same time, he offers the reader general insights gained from a lifetime of observation of how 19 members of the Federal Open Market Committee (FOMC) sit around a table and make monetary policy.' -- Robert Hetzel, Journal of Economic Literature'. . . a fascinating book about the causes of the 1965-79 "Great Inflation" in the US. . . . Recommended for public, academic, and professional collections.' -- R.J. Phillips, Choice'Mayer has filled a considerable gap in our knowledge with this path-breaking study . . . No one in future should write on this topic without consulting it.' -- David Laidler, Economic Record'Monetary Policy and the Great Inflation in the United States is a very enlightening description of how monetary policy led to the Great Inflation. Professor Mayer displays his typically thorough analytical skills and clear writing style while describing a wealth of source level evidence regarding the thought process of monetary policymakers.' -- Stephen J. Perez, EH.NET'His [Thomas Mayer's] research shows both how easily monetary policy can be led astray by dubious economic theories, and how difficult it is to change direction once a policy has been established . . . This book contains much information and insight about Federal Reserve policy making . . . I recommend it to readers interested in the macroeconomic history of the 1970s or the history of Federal Reserve policy making in general.' -- David C. Wheelock, Journal of Economic HistoryTable of ContentsContents: 1. Introduction 2. Forecasts of Macroeconomic Variables 3. Controlling the Monetary Aggregates 4. Cognitive Errors 5. Political Pressures 6. Controls and the Committee on Interest and Dividends 7. Economists’ Thinking and the FOMC 8. Conclusion Appendix A: The Federal Open Market Committee Appendix B: Supply Shocks in the 1973–5 Period Appendix C: Background of FOMC Participants Cited References Glossary Index

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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

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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

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Book SynopsisThese volumes gather together a selection of autobiographical essays written by significant economists whose work is generally recognized to be at the forefront of the discipline as we enter the twenty-first century. The essays are largely based on introductions to volumes in the Edward Elgar series Economists of the Twentieth Century (which collects together the key papers of these economists). This volume focuses on leading economists who were born, or have spent the greater part of their lives, in America. The main chapters are accompanied by an introduction in which the editors place the autobiographical essays in a wider context. Economists will be fascinated by: the stories that lie behind familiar names why economists approach problems the way they do how careers develop how economists view what they are doing. These are all points that are invisible to those who simply read the published output of economics, so readers will gain personal insights into the development of the field.The books will be a valuable resource for economists, particularly historians of economic thought, as well as sociologists concerned with the economics profession, and those interested in the creative process and the social and scientific development of economics.Trade Review'I can only but repeat that reading these stories of life and work of these exemplary economists in their own words is a great joy. And not only that. It provides the reader with an insight into the development of our profession at the microlevel in a lively way.' -- A. Heertje, The Economic Journal'. . . a most enjoyable read.' -- Peter Groenewegen, History of Economics ReviewTable of ContentsContents: Introducing Exemplary Economists 1. Jacques J. Polak 2. Robert Dorfman 3. Melvin L. Greenhut 4. Mark Perlman 5. Thomas Mayer 6. Richard G. Lipsey 7. Allan H. Meltzer 8. Zvi Griliches 9. Richard E. Quandt 10. Yoram Barzel 11. Ryuzo Sato 12. Peter B. Kenen 13. G.S. Maddala 14. Dan Usher 15. Takeshi Amemiya 16. David Laidler 17. Dennis C. Mueller 18. Orley Ashenfelter 19. Michael P. Todaro 20. William H. Lazonick Index

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Book SynopsisThese volumes gather together a selection of autobiographical essays written by significant economists whose work is generally recognized to be at the forefront of the discipline as we enter the twenty-first century. The essays are largely based on introductions to volumes in the Edward Elgar series Economists of the Twentieth Century (which collects together the key papers of these economists). This volume focuses on leading economists who were born, or have spent the greater part of their lives, in America. The main chapters are accompanied by an introduction in which the editors place the autobiographical essays in a wider context. Economists will be fascinated by: the stories that lie behind familiar names why economists approach problems the way they do how careers develop how economists view what they are doing. These are all points that are invisible to those who simply read the published output of economics, so readers will gain personal insights into the development of the field.The books will be a valuable resource for economists, particularly historians of economic thought, as well as sociologists concerned with the economics profession, and those interested in the creative process and the social and scientific development of economics.Trade Review'I can only but repeat that reading these stories of life and work of these exemplary economists in their own words is a great joy. And not only that. It provides the reader with an insight into the development of our profession at the microlevel in a lively way.' -- A. Heertje, The Economic Journal'. . . a most enjoyable read.' -- Peter Groenewegen, History of Economics ReviewTable of ContentsContents: 1. Introducing Exemplary Economists 2. Shigeto Tsuru 3. Jack Wiseman 4. Herbert Giersch 5. R.D. Collison Black 6. George B. Richardson 7. Wilfred Beckerman 8. Mark Blaug 9. W. Max Corden 10. Assar Lindbeck 11. Samuel Brittan 12. Walter Eltis 13. Takashi Negishi 14. Koichi Hamada 15. Meghnad Desai 16. Deepak Lal 17. A.P. Thirlwall Index

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