Macroeconomics Books

Book SynopsisThe Encyclopedia of Macroeconomics is an authoritative and invaluable reference source on macroeconomics, which embraces definitions of terms and concepts, conflicting ideological approaches and the contributions of major thinkers. Comprehensive in scope, it contains over 300 short entries and more than 100 specially commissioned main entries from an internationally renowned group of scholars.The alphabetically ordered entries will be useful both as a basic reference source and a provocative stimulus for further reading. The Encyclopedia will soon be established as a leading reference source on macroeconomics that will both enlighten students and be highly valued by scholars and teachers of economics.Trade Review'The key impact that the book has is the clarity and readability of the contributions. All the pieces are highly informative and a pleasure to read.' -- K. Lawler, Economic Issues'It was Woody Allen who said "economics is about money and why it is good". Dipping into this book will let you see why it is good!' -- Christine D. Reid, University of Strathclyde, UK'Although this excellent encyclopedia is focused toward intermediate undergraduates, postgraduates, and lecturers in macroeconomics, it is easy for any reader to use. Highly recommended.' -- J.C. Tucker, Choice'. . . truly a valuable addition to the materials on the area of study . . . this work will be useful in college and university reference collections.' -- Shannon Graff Hysell, American Reference Books Annual 2003'Brian Snowdon and Howard Vane are the premier travel writers of modern macroeconomics. In a series of interviews, anthologies, and surveys, they have explored the range of macroeconomic thinking and brought back edifying and entertaining tales of their travels. Now, in the Encyclopedia of Macroeconomics they have assembled a superlative detailed guidebook to the macroeconomic landscape. A useful reference book for all economists - broad in scope, and well written by distinguished contributors.’ -- Kevin D. Hoover, University of California, Davis, US'Teachers of macroeconomics are already obliged to Snowdon and Vane (and Wynarczyk) for their success in persuading our students that this is a subject where they will find a lively ongoing debate on vital issues and not just a compilation of exam exercises. Their new Encyclopedia will be a splendid supplement not only to their own but to anybody's textbook. Many of the short essays are little gems. It will be a rare teacher who does not himself (herself) find a lot to learn from browsing in it.' -- Axel Leijonhufvud, University of Trento, Italy'The editors of this volume already have a number of innovative and useful texts and essay collections (1994, 1997, 1999) to their credit. Their Encyclopedia of Macroeconomics is comparably valuable as a basic reference book for 21st Century students and teachers.' -- Robert W. Clower, University of South Carolina, US, Brasenose College, Oxford, UK and University of California, Los Angeles, USTable of ContentsContents: Preface Absolute Income Hypothesis Adaptive Expectations AD–AS Model Balance of Payments-constrained Economic Growth Balance of Payments: Keynesian Approach Balance of Payments: Monetary Approach Balanced Budget Multiplier Bretton Woods Budget Deficits: Cyclical and Structural Business Cycles: Austrian Approach Business Cycles: Keynesian Approach Business Cycles: Marxian Approach Business Cycles: Monetarist Approach Business Cycles: New Classical Approach Business Cycles: Political Business Cycle Approach Business Cycles: Real Business Cycle Approach Business Cycles: Stylized Facts Calibration Catching Up and Convergence Central Bank Accountability and Transparency Central Bank Independence Classical Dichotomy Classical Economics Comparative Advantage Coordination Failures Credibility and Reputation Credit Channels Credit Views in Macroeconomic Theory Crowding Out Demand for Money: Buffer Stocks Demand for Money: Friedman’s Approach Demand for Money: Keynesian Approach Ecological Macroeconomics Economic Growth and the Role of Institutions Endogenous Growth Theory Evolutionary Macroeconomics Exchange Rate Determination: Monetary Approach Expectations-augmented Phillips Curve Expenditure Reducing Policy Expenditure Switching Policy Financial Instability Fiscal Policy: Role of Fixed Exchange Rate System Flexible Exchange Rate System Forecasting Friedman, Milton Globalization Gold Standard Great Depression Growth Accounting Harrod–Domar Growth Model Hicks, John Richard Hysteresis Incomes Policy Inflation: Alternative Theories of Inflation: Costs of Inflation: Costs of Reducing Inflation Targeting Investment: Accelerator Theory of Investment: Neoclassical Theories of Involuntary Unemployment in Keynes’s General Theory Involuntary Unemployment in Keynesian Economics IS–LM Model: Closed Economy IS–LM Model: Open Economy Keynes, John Maynard Keynes’s General Theory Keynesian Cross Keynesian Economics Keynesian Economics: Reappraisals of Laffer Curve Lucas Critique Lucas, Robert E. Jr. Macroeconometric Models Marshall–Lerner Condition Marxian Macroeconomics: An Overview Marxian Macroeconomics: Some Key Relationships Menu Costs Modigliani, Franco Monetarism Monetary Policy: Role of Money Supply: Endogenous or Exogenous? Multiplier Mundell, Robert A. Natural Rate of Unemployment Neoclassical Growth Model Neoclassical Synthesis Neutrality of Money New Classical Economics New Keynesian Economics New Political Macroeconomics Nominal Rigidity Optimum Currency Area Permanent Income Hypothesis Phillips Curve Post Keynesian Economics Purchasing Power Parity Theory Quantity Theory of Money Rational Expectations Real Balance Effect Real Rigidity Representative Agent Model Ricardian Equivalence Rules versus Discretion Samuelson, Paul A. Say’s Law Schools of Thought in Macroeconomics Solow, Robert M. Speculative Bubbles Supply-side Economics Theory and Measurement in Macroeconomics: Role of Time Inconsistency Tobin, James Vector Autogressions

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Book SynopsisSouth Africa's leading economists adopt within this volume a sectoral approach in their analysis of the drastic changes that have occurred within the South African economy since 1970. The book illustrates how, despite its sophisticated infrastructure, the South African economy has shared in the economic decline - resulting from misguided economic policies - that has been the experience of Sub-Saharan Africa.The contributors argue that the failure of manufacturing to maintain the country's economic growth, once the output of the gold mines began to decline, is central to an understanding of events and outcomes in the economy. Government policy towards manufacturing has played a major part in the decline of the South African economy, but this has, however, tended to be overlooked as a result of the turbulence generated by the political events unfolding in South Africa.The Decline of the South African Economy will prove to be a fascinating read for students, teachers, researchers and academics with a special interest in modern economic development or in Africa and the Third World.Table of ContentsContents: 1. Introduction Stuart Jones 2. Economic Survey, 1970–2000 Gavin Maasdorp 3. Macroeconomic Policy, 1970–2000 P.D.F. Strydom 4. Agriculture, 1970–2000 Nick Vink and Stefan Schirmer 5. The Mining Sector, 1970–2000 I. The Years of Turbulence, 1970–2000 Stuart Jones II. Transformation in the 1990s Stuart Jones and Roger Baxter 6. The Manufacturing Industry, 1970–2000 Trevor Bell and Nkosi Madula 7. The Freight Transport Sector, 1970–2000 Trevor Jones 8. The Financial Sector, 1970–2000 Stuart Jones 9. External Trade, 1970–2000 Stuart Jones 10. Balance of Payments, 1970–1999 Philip Mohr 11. The Situation in 2000 Stuart Jones Index

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Book SynopsisThis book argues that in many jurisdictions free market advocates have resorted to public sector downsizing and privatization as a means of alleviating problems of unemployment and slow economic growth and that, as a consequence, the strategy of reducing public deficits, balancing budgets and achieving surpluses has become widely accepted as the only road to prosperity.The Economics of Public Spending shows in clear and simple terms that the strategy of public sector downsizing is based on a misleading conception of public finance. The book dispels several myths about public deficits and debts, offering alternative approaches to fiscal and monetary policies. The contributors argue convincingly and authoritatively that the public sector is crucial for economic growth, that budget deficits are required for improving the performance of the private sector and that there is a real need for an economic agenda based on public deficits and low stable real interest rates in order to achieve full employment with high wages, more generous social programmes and sustainable inflation.This fascinating and challenging book will be of great interest to policymakers in government, academic researchers as well as public finance experts and economists.Trade Review'The book is a most welcome exception in the dominant literature on public spending. While the great majority of economists insist on the importance of sound finance (namely a balanced budget at any cost), Bougrine gives us at long last a book invoking a sound economy, in terms of employment, income distribution and basic welfare. A team of authoritative experts examines the problem from all sides and shows how the two targets can, and should, be reconciled.' -- Augusto Graziani, University of Rome 'La Sapienza', Italy'In theoretical expositions of rare reach and clarity, Hassan Bougrine and his colleagues restate the core propositions of Keynes and Kalecki for a new generation. This book is essential for serious students of macroeconomics, especially those perplexed by the incoherence of the new classical theories and the failures of neo-liberalism in practice.' -- James K. Galbraith, University of Texas at Austin and the Jerome Levy Economics Institute, USTable of ContentsContents: Introduction 1. Fiscal Policy and the Current Crisis 2. The Evolution of a New ‘Neoliberal, Balanced Budget’ Social Structure of Accumulation? 3. Macroeconomic Policy for a Post-Conservative Era 4. The Long-run Fiscal Deflation 5. Government Debt Monetization and Inflation 6. Government Deficits in Simple Kaleckian Models 7. On the Limitations of Fiscal Policy 8. Public Investment and Growth Index

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Book SynopsisEconomic Behavior and Distributional Choice brings together, for the first time, Harold M. Hochman's key papers on income redistribution and policy in one accessible volume.The introduction describes the genesis and development of a new direction in thinking, and the papers that follow cover the evolutions of an idea: the alliance between distribution policy and distributional preference as developed through public choice theory.This fine collection illustrates Harold M. Hochman's major contributions to the discussion of the relationship between distributional preference, income transfer policy and economic justice, including the concept of Pareto Optimal Distribution. These contributions have significantly advanced our understanding of the ways in which economic analysis can inform income distribution policy. This pathbreaking selection of writings, including a set of innovative papers on fiscal design, urban policy and addictive behavior, will be of great interest to academics, students and researchers concerned with macroeconomics and economic behavior.Table of ContentsContents: Preface Introduction Part I: Pareto Optimal Redistribution A. The Central Argument B. Conceptual Articles C. Empirical Articles D. Economic Justice Part II: Public Policy A. Tax Policy B. Urban Economics and Urban Policy C. Addictive Behavior Index

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Book SynopsisEconomic Institutions and Democratic Reformrigorously and systematically explores the political effects and consequences of economic reform in more than 20 post-communist countries. By using primary quantitative data and stringent statistical analyses, Ole Norgaard demonstrates that there is no universally applicable economic reform strategy and that popular democracy is often the foundation of a successful economy, rather than a powerful executive or president, as is popularly asserted. The book also shows that generalised models are not productive when studying the complexity of post-communist transformation. The author argues that the danger to democracy comes from the alienation of citizens and the collapse of public service and education systems instigated by individuals who, with few democratic credentials, capture the political playing field. These leaders have often been encouraged by Western governments who believe democracy can only be imposed on reluctant societies by newborn capitalist elites. This book will be essential and challenging reading for political scientists and economists as well as policymakers in NGOs, such as aid agencies and the institutions of the EU.Trade Review'The excellent series Economies and Societies in Transition continues with a major contribution to the analysis of dramatic transformations taking place in the latest decade, in post-communist countries, that of Ole Norgaard. . . From a theoretical perspective, Ole Norgaard's book is a major contribution to development of transitology in general, of post-communist one, in particular. From a pragmatic perspective, it is an essential and challenging lecture for political scientists and politicians, economists, sociologists, civic actors, public servants and officials from international institutions. If all those involved in the battle for democracy will read this book, the democracy will be less threatened. Through his study, Ole Norgaard is a great defender of democracy.' -- Doina Catana, Journal for East European Management StudiesTable of ContentsContents: 1. Emerging Democracies and the Market 2. Finding the Building Blocks and Draft Designs 3. The Research Agenda: Old Ideas in New Bottles 4. Institutional Strategies and their Outcomes 5. Context or Institutional Strategies: The Role of First Order Initial Conditions 6. Transcending the Structural Constraints of Socialism 7. Agents of Institutional Change 8. Emerging Markets – and Democracy A Note on Data References Index

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Book SynopsisWhich kinds of growth lead to increased employment and which do not? This is one of the questions that this important volume attempts to answer. The book explores the complex relationships between innovation, growth and employment that are vital for both research into, and policy for, the creation of jobs.Politicians claiming that more rapid growth would remedy unemployment do not usually specify what kind of growth is meant. Is it, for example, economic (GDP) or productivity growth? Growing concern over 'jobless growth' requires both policymakers and researchers to make such distinctions, and to clarify their employment implications.The authors initially address their theoretical approach to, and conceptualization of, innovation and employment, where the distinction between process and product innovations and between high-tech and low-tech goods and services are central. They go on to address the relationship between innovation and employment, using empirical material to analyse the effects that different kinds of innovations have upon job creation and destruction. Finally, the volume summarizes the findings and addresses conclusions as well as policy implications.This book will be of great interest to those involved in research and policy in the fields of macroeconomics (economic growth and employment), industrial economics and innovation.Trade Review'This book is an important addition to what can be broadly referred to as the national systems of innovation (NSI) approach. The particular contribution of the book is in the examination of the employment effects of innovation, something only indirectly considered hitherto. . . It is a thorough integration of existing knowledge on the key employment implications of innovation. . .' -- Rachel Parker, Labour and Industry'This is a highly readable, non-technical book . . . a highly clear and well-argued book that should be useful for policymakers and higher education alike. It brings together much of the most recent and useful literature in the area of innovation, employment and related public policy. It is an opportune addition to the existing documentation on the subject.' -- Journal of Economics / Zeitschrift fur NationalokonomieTable of ContentsContents: Preface Part I: Theoretical Approach and Conceptual Framework 1. A Systems of Innovation Perspective on Employment 2. Specification of Basic Concepts Part II: Innovations and Employment 3. Process Innovations and Employment 4. Product Innovations and Employment 5. Dynamic and Secondary Effects of Systemic Interaction Part III: Summary, Conclusions and Policy Implications 6. Summary and Conclusions 7. Implications for Public Policy and Firm Strategy Part IV: Appendices Appendix A: Defining and Measuring Product and Process Innovations Appendix B: Organizational Innovations Appendix C: Taxonomies of Innovation References Index

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Book SynopsisProblems arise if budgets for services are held constant whilst prices rise. Education, cultural activities and health services are under constant budgetary pressure. The authors argue that the price of commodities is linked to demand and price increases would therefore seem to threaten the very existence of these services. The paradox of these services is that in spite of their exploding costs, demand persists.Policymakers struggle with the problematic question of whether to limit public service budgets as costs for their provision rise. The service sectors of advanced economies are surprisingly vigorous - the employment of an ever increasing share of the labour force is one phenomenon. Economists are perplexed by the interplay of slow service and fast goods productivity growth and wonder why the demand for services is so persistent. The Growth of Service Industries is intended for use by both policymakers and economists and serves as a useful introduction to service productivity analysis.Trade Review'This stimulating book . . . is largely devoted to these two paradoxes, with a particular focus on the second one.' -- Jean Gadrey, The Service Industries Journal'. . . the main benefit of The Growth of Service Industries is that it deals with one of the key issues in the modern economy. Policymakers struggle with the problematic question of whether to limit public service budgets as costs for their provision rise. Economists are perplexed by the interplay of slow service and fast goods productivity growth and wonder why the demand for services is so persistent. In that respect at least, The Growth of Service Industries is intended for use by both policymakers and economists and serves as a useful introduction to service productivity analysis.' -- Frederic Jallat, International Journal of Service Industry Management'This book includes a collection of articles that every student of the dynamics of growth of service industries in industrialized economies will want to read.' -- Rene Durand, Economic Systems ResearchTable of ContentsContents: Foreword Part I: The Amazing Vigour of the Services Part II: Supply-side Reasons for Employment Shifts Part III: The Cost Disease of the Services Part IV: Demand-side Reasons for Services Persistence Part V: Conclusions Index

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Book SynopsisWhich kinds of growth lead to increased employment and which do not? This is one of the questions that this important volume attempts to answer. The book explores the complex relationships between innovation, growth and employment that are vital for both research into, and policy for, the creation of jobs.Politicians claiming that more rapid growth would remedy unemployment do not usually specify what kind of growth is meant. Is it, for example, economic (GDP) or productivity growth? Growing concern over 'jobless growth' requires both policymakers and researchers to make such distinctions, and to clarify their employment implications.The authors initially address their theoretical approach to, and conceptualization of, innovation and employment, where the distinction between process and product innovations and between high-tech and low-tech goods and services are central. They go on to address the relationship between innovation and employment, using empirical material to analyse the effects that different kinds of innovations have upon job creation and destruction. Finally, the volume summarizes the findings and addresses conclusions as well as policy implications.This book will be of great interest to those involved in research and policy in the fields of macroeconomics (economic growth and employment), industrial economics and innovation.Trade Review'This book is an important addition to what can be broadly referred to as the national systems of innovation (NSI) approach. The particular contribution of the book is in the examination of the employment effects of innovation, something only indirectly considered hitherto. . . It is a thorough integration of existing knowledge on the key employment implications of innovation. . .' -- Rachel Parker, Labour and Industry'This is a highly readable, non-technical book . . . a highly clear and well-argued book that should be useful for policymakers and higher education alike. It brings together much of the most recent and useful literature in the area of innovation, employment and related public policy. It is an opportune addition to the existing documentation on the subject.' -- Journal of Economics / Zeitschrift fur NationalokonomieTable of ContentsContents: Preface Part I: Theoretical Approach and Conceptual Framework 1. A Systems of Innovation Perspective on Employment 2. Specification of Basic Concepts Part II: Innovations and Employment 3. Process Innovations and Employment 4. Product Innovations and Employment 5. Dynamic and Secondary Effects of Systemic Interaction Part III: Summary, Conclusions and Policy Implications 6. Summary and Conclusions 7. Implications for Public Policy and Firm Strategy Part IV: Appendices Appendix A: Defining and Measuring Product and Process Innovations Appendix B: Organizational Innovations Appendix C: Taxonomies of Innovation References Index

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Book SynopsisEconomic Growth is an advanced undergraduate text written specifically for one semester courses in growth theory and for first year graduate students to refresh their knowledge. It will also be of great use for scholars and professional economists as the text contains many references to practical policy issues. The author condenses the fundamental issues of growth theory and covers the new ideas in a highly entertaining text, written in a clear and accessible style.Trade Review'Valdes gets the subject across very clearly, with neat original touches. He covers the main topics very well, again with interesting variations. Along the way he teaches a good attitude towards economic theory. I think this will be an excellent text.' -- Robert M. Solow, Massachusetts Institute of Technology, US and Nobel Prize Winner'This would be an excellent book for an advanced undergraduate course on growth theory. Using both theory and empirical evidence it outlines the key topics in a clean and unified way.' -- Timothy J. Kehoe, University of Minnesota, US'Benigno Valdes has written a wonderful text on modern growth theory. Because of his sense of humor, restrained use of formal mathematics, and emphasis on connecting growth theory to empirical facts and policy implications, this book will be a highly useful textbook for sophisticated undergraduates and graduate students. They will be challenged by the problems ending most chapters. . . . Professional economists who have not yet studied recent developments in growth theory will find in Professor Valdes's book a comprehensive and accessible survey of contemporary growth models and a useful discussion of convergence trends and growth accounting. A highly recommended read.' -- Richard W. England, University of New Hampshire, USTable of ContentsContents: Part I: Introduction 1. The “Stylized Facts” of Economic Growth Part II: The Theory of Economic Growth with “Exogenous” Technical Progress 2. The Neoclassical Model of Economic Growth 3. The Hypothesis of Convergence (I): Economies with the Same Steady State 4. The Hypothesis of Convergence (II): Economies with Different Steady States 5. Economic Growth and Social Welfare: The “Golden Rules” of Accumulation 6. Growth Accounting and the Solow Residual Part III: The Theory of Economic Growth with “Endogenous” Technical Progress 7. Learning-by-doing, Knowledge Spillovers and Economic Growth 8. Schumpeterian Models of Economic Growth Part IV: Concluding Remarks 9. Theories of Economic Growth: “Old” and “New” Mathematical Appendices References Index

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Book SynopsisRobert Solow has made a seminal contribution in the field of aggregative economics. This authoritative volume will be an important starting point for any researcher or professional economist seeking to understand how this branch of economics advanced in the twentieth century.Table of ContentsContents: Acknowledgements Preface Mark Blaug 1. F.P. Ramsey (1928), ‘A Mathematical Theory of Saving’ 2. Evsey D. Domar (1946) ‘Capital Expansion, Rate of Growth and Employment’ 3. R.F. Harrod (1948), ‘Fundamental Dynamic Theorems’ 4. T.W. Swan (1956), ‘Economic Growth and Capital Accumulation’ 5. Kenneth J. Arrow (1962), ‘The Economic Implications of Learning by Doing’ 6. Peter A. Diamond (1965), ‘National Debt in a Neoclassical Growth Model’ 7. David Cass (1965), ‘Optimum Growth in an Aggregative Model of Capital Accumulation’ 8. Robert E. Lucas, Jr (1988), ‘On the Mechanics of Economic Development’ 9. Paul M. Romer (1990), ‘Endogenous Technological Change’ 10. Philippe Aghion and Peter Howitt (1992), ‘A Model of Growth Through Creative Destruction’ 11. Alwyn Young (1993), ‘Invention and Bounded Learning By Doing’ Name Index

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Book SynopsisThis major two-volume collection focuses on the economics of distributional equity and the way general criteria for comparisons of income-distribution can be used to inform the analysis of inequality and poverty. The issues addressed include: the nature of general ranking rules for comparing economic states based on simple ethical principles; the close relationship between the analysis of poverty and that of inequality or social welfare; the structure and properties of inequality and poverty indices. In addition to covering theoretical and empirical questions, the development of the subject is set in historical context. The extensive new introduction by the editor explains the relationship between the various component topics.These insightful volumes will be an essential source of reference for students, researchers and practitioners.Trade Review'This magnificent collection is a must for every welfare economics and general economics library. . .' -- Citizen's IncomeTable of ContentsContents: Volume I Acknowledgements Introduction Frank A. Cowell PART I WELFARE BASIS OF DISTRIBUTIONAL ANALYSIS 1. A.C. Pigou (1912), ‘Economic Welfare and the National Dividend’ 2. Hugh Dalton (1920), ‘The Measurement of the Inequality of Incomes’ 3. John C. Harsanyi (1955), ‘Cardinal Welfare, Individualistic Ethics, and Interpersonal Comparisons of Utility’ 4. Harold M. Hochman and James D. Rodgers (1969), ‘Pareto Optimal Redistribution’ 5. Larry S. Temkin (1986), ‘Inequality’ 6. Yoram Amiel and Frank A. Cowell (1992), ‘Measurement of Income Inequality: Experimental Test by Questionnaire’ 7. Peter Vallentyne (2000), ‘Equality, Efficiency, and the Priority of the Worse-off’ PART II WELFARE AND INEQUALITY RANKINGS 8. M.O. Lorenz (1905), ‘Methods of Measuring the Concentration of Wealth’ 9. Jan Pen (1971), ‘A Parade of Dwarfs (and a Few Giants)’, excerpt from ‘Some Facts to be Explained’ 10. Rubin Saposnik (1981), ‘Rank-dominance in Income Distributions’ 11. Anthony F. Shorrocks (1983), ‘Ranking Income Distributions’ 12. Peter C. Fishburn and Robert D. Willig (1984), ‘Transfer Principles in Income Redistribution’ PART III INEQUALITY MEASUREMENT 13. Corrado Gini (1921), ‘Measurement of Inequality of Incomes’ 14. Henri Theil (1967), ‘The Measurement of Income Inequality’ 15. Menahem E. Yaari (1988), ‘A Controversial Proposal Concerning Inequality Measurement’ PART IV INEQUALITY: WELFARE APPROACH 16. S.-Ch. Kolm ([1969] 2001), ‘The Optimal Production of Social Justice’ 17. Anthony B. Atkinson (1970), ‘On the Measurement of Inequality’ 18. Partha Dasgupta, Amartya Sen and David Starrett (1973), ‘Notes on the Measurement of Inequality’ 19. Michael Rothschild and Joseph E. Stiglitz (1973), ‘Some Further Results on the Measurement of Inequality’ 20. J.E. Meade (1976), ‘The Objectives of Distributional Policies’ 21. Serge-Christophe Kolm (1976), ‘Unequal Inequalities. I’ 22. Serge-Christophe Kolm (1976), ‘Unequal Inequalities. II’ 23. Charles Blackorby and David Donaldson (1978), ‘Measures of Relative Equality and Their Meaning in Terms of Social Welfare’ PART V INEQUALITY: STRUCTURE 24. Francois Bourguignon (1979), ‘Decomposable Income Inequality Measures’ 25. Frank A. Cowell (1980), ‘On the Structure of Additive Inequality Measures’ 26. Anthony F. Shorrocks (1984), ‘Inequality Decomposition by Population Subgroups’ 27. Udo Ebert (1988), ‘A Family of Aggregative Compromise Inequality Measures’ PART VI MULTIDIMENSIONAL APPROACHES 28. Frank A. Cowell (1985), ‘Measures of Distributional Change: An Axiomatic Approach’ 29. Serge-Christophe Kolm (1977), ‘Multidimensional Egalitarianisms’ 30. A.F. Shorrocks (1982), ‘Inequality Decomposition by Factor Components’ PART VII POLARIZATION 31. Joan-María Esteban and Debraj Ray (1994), ‘On the Measurement of Polarization’ 32. Michael C. Wolfson (1994), ‘Conceptual Issues in Normative Measurement: When Inequalities Diverge’ PART VIII HORIZONTAL EQUITY 33. A.B. Atkinson (1980), ‘Horizontal Equity and the Distribution of the Tax Burden’ 34. Robert Plotnick (1981), ‘A Measure of Horizontal Inequity’ Name Index Volume II Acknowledgements An Introduction by the editor to both volumes appears in Volume I PART I POVERTY CONCEPT AND POVERTY LINE 1. Mollie Orshansky (1965), ‘Counting the Poor: Another Look at the Poverty Profile’ 2. Peter Townsend (1979), ‘Introduction: Concepts of Poverty and Deprivation’ 3. Amartya Sen (1979), ‘Issues in the Measurement of Poverty’ 4. Amartya Sen (1983), ‘Poor, Relatively Speaking’ 5. Andrea Cerioli and Sergio Zani (1990), ‘A Fuzzy Approach to the Measurement of Poverty’ 6. Martin Ravallion (1996), ‘Issues in Measuring and Modelling Poverty’ PART II POVERTY MEASURES 7. Harold Watts (1968), ‘An Economic Definition of Poverty’ 8. Charles Blackorby and David Donaldson (1980), ‘Ethical Indices for the Measurement of Poverty’ 9. Stephen Clark, Richard Hemming and David Ulph (1981), ‘On Indices for the Measurement of Poverty’ 10. James Foster, Joel Greer and Erik Thorbecke (1984), ‘A Class of Decomposable Poverty Measures’ 11. Aldi Hagenaars (1987), ‘A Class of Poverty Indices’ PART III POVERTY AXIOMS AND RANKINGS 12. Amartya Sen (1976), ‘Poverty: An Ordinal Approach to Measurement’ 13. A. Kundu and T.E. Smith (1983), ‘An Impossibility Theorem on Poverty Indices’ 14. A.B. Atkinson (1987), ‘On the Measurement of Poverty’ 15. J.E. Foster and A.F. Shorrocks (1988), ‘Poverty Orderings and Welfare Dominance’ PART IV WELFARE, INEQUALITY AND NEEDS 16. Anthony B. Atkinson and François Bourguignon (1987), ‘Income Distribution and Differences in Needs’ 17. Fiona A.E. Coulter, Frank A. Cowell and Stephen P. Jenkins (1992), ‘Equivalence Scale Relativities and the Extent of Inequality and Poverty’ 18. Edward P. Lazear and Robert T. Michael (1980), ‘Family Size and the Distribution of Real Per Capita Income’ 19. Angus S. Deaton and John Muellbauer (1986), ‘On Measuring Child Costs: With Applications to Poor Countries’ PART V RELATIVE DEPRIVATION 20. S.R. Chakravarty and A.B. Chakraborty (1984), ‘On Indices of Relative Deprivation’ 21. Shlomo Yitzhaki (1982), ‘Relative Deprivation and Economic Welfare’ PART VI PROGRESSIVITY 22. R.A. Musgrave and Tun Thin (1948), ‘Income Tax Progression, 1929–48’ 23. J. Fellman (1976), ‘The Effect of Transformations on Lorenz Curves’ 24. Ulf Jakobsson (1976), ‘On the Measurement of the Degree of Progression’ PART VII DYNAMICS 25. Mary Jo Bane and David T. Ellwood (1986), ‘Slipping Into and Out of Poverty: The Dynamics of Spells’ 26. Lee A. Lillard and Robert J. Willis (1978), ‘Dynamic Aspects of Earning Mobility’ PART VIII FUNCTIONAL FORMS OF INCOME AND WEALTH DISTRIBUTION 27. Vilfredo Pareto ([1896] 2001), ‘On the Distribution of Wealth and Income’ 28. Robert Gibrat ([1931] 1957), ‘On Economic Inequalities’ 29. John S. Chipman (1974), ‘The Welfare Ranking of Pareto Distributions’ 30. J. Aitchison and J.A.C. Brown (1954), ‘On Criteria for Descriptions of Income Distribution’ 31. D.G. Champernowne (1952), ‘The Graduation of Income Distributions’ 32. S.K. Singh and G.S. Maddala (1976), ‘A Function for Size Distribution of Incomes’ 33. James B. McDonald and Michael R. Ransom (1979), ‘Functional Forms, Estimation Techniques and the Distribution of Income’ PART IX STATISTICAL ISSUES 34. Frank A. Cowell and Fatemeh Mehta (1982), ‘The Estimation and Interpolation of Inequality Measures’ 35. Jeffrey A. Mills and Sourushe Zandvakili (1997), ‘Statistical Inference via Bootstrapping for Measures of Inequality’ 36. Charles M. Beach and Russell Davidson (1983), ‘Distribution-Free Statistical Inference with Lorenz Curves and Income Shares’ 37. Frank A. Cowell and Maria-Pia Victoria-Feser (1996), ‘Robustness Properties of Inequality Measures’ Name Index

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Book SynopsisKenneth Arrow and Gerard Debreu have throughout their careers continuously produced ideas at the very frontier of economics. Together, they have made unparalleled contributions on the properties of general equilibrium systems in economics, the study of collective choice and welfare economics. The editors have shown their usual rigor in selecting those papers which, in their view, have made the most important contributions in their particular areas of expertise. This volume will be an essential source of reference for students, researchers and practitioners alike.Table of ContentsContents: Acknowledgements Preface Mark Blaug PART I GENERAL EQUILIBRIUM 1. Erik Lindahl (1939/1970), ‘The Traditional Setting of the Pricing Problem’, ‘Perfect Foresight and Stationary Conditions’, ‘Perfect Foresight and Dynamic Conditions’, ‘Imperfect Foresight’ and ‘The Problem of Balancing the Budget’ 2. Karl Schlesinger (1934), ‘Über die Produktionsgleichungen der Ökonomischen Wertlehre’ 3. Abraham Wald (1951), ‘On Some Systems of Equations of Mathematical Economics’ [translation of ‘Über einige Gleichungssysteme der mathematischen Ökonomie]’ 4. J. v. Neumann (1946), ‘A Model of General Economic Equilibrium’ [translation of ‘Über ein Ökonomisches Gleichungssystem und eine Verallgemeinerung des Brouwerschen Fixpunktsatzes]’ 5. John F. Nash, Jr (1950), ‘Equilibrium Points in N-Person Games’ 6. K.J. Arrow (1964), ‘The Role of Securities in the Optimal Allocation of Risk-bearing’ [translation of ‘Le Rôle des Valeurs Boursières pour la Répartition la Meilleure des Risques]’ 7. Lionel McKenzie (1954), ‘On Equilibrium in Graham’s Model of World Trade and Other Competitive Systems’ 8. Kenneth J. Arrow and Gerard Debreu (1954), ‘Existence of an Equilibrium for a Competitive Economy’ 9. Herbert Scarf (1960), ‘Some Examples of Global Instability of the Competitive Equilibrium’ 10. Herbert Scarf (1962), ‘An Analysis of Markets with a Large Number of Participants’ 11. Gerard Debreu and Herbert Scarf (1963), ‘A Limit Theorem on the Core of an Economy’ 12. Robert J. Aumann (1964), ‘Markets with a Continuum of Traders’ 13. Herbert Scarf (1967), ‘On the Computation of Equilibrium Prices’ 14. Roy Radner (1968), ‘Competitive Equilibrium Under Uncertainty’ 15. Gerard Debreu (1970), ‘Economies with a Finite Set of Equilibria’ 16. Hugo Sonnenschein (1972), ‘Market Excess Demand Functions’ 17. Sanford J. Grossman and Joseph E. Stiglitz (1976), ‘Information and Competitive Price Systems’ 18. Sanford J. Grossman (1977), ‘A Characterization of the Optimality of Equilibrium in Incomplete Markets’ 19. Werner Hildenbrand (1983), ‘On the "Law of Demand”’ 20. Darrell Duffie and Wayne Shafer (1985), ‘Equilibrium in Incomplete Markets I: A Basic Model of Generic Existence’ 21. Darrell Duffie and Wayne Shafer (1986), ‘Equilibrium in Incomplete Markets II: Generic Existence in Stochastic Economies’ 22. John Geanakoplos and Andreu Mas-Colell (1989), ‘Real Indeterminacy with Financial Assets’ PART II WELFARE ECONOMICS 23. Harold Hotelling (1938), ‘The General Welfare in Relation to Problems of Taxation and of Railway and Utility Rates’ 24. Abram Burk (1938), ‘A Reformulation of Certain Aspects of Welfare Economics’ 25. Nicholas Kaldor (1939), ‘Welfare Propositions of Economics and Inter-personal Comparisons of Utility’ 26. Kenneth J. Arrow (1951), ‘An Extension of the Basic Theorems of Classical Welfare Economics’ 27. Tibor Scitovsky (1954), ‘Two Concepts of External Economies’ PART III SOCIAL CHOICE 28. Howard R. Bowen (1944), ‘The Interpretation of Voting in the Allocation of Economic Resources’ 29. Duncan Black (1948), ‘On the Rationale of Group Decision-making’ 30. Amartya Sen and Prasanta K. Pattanaik (1969), ‘Necessary and Sufficient Conditions for Rational Choice under Majority Decision’ 31. S.Ch. Kolm (1969/2001), ‘The Optimal Production of Social Justice’ 32. M.V. Posner and H. Tulkens (1969), ‘Discussion of Mr Kolm’s Paper’ 33. Amartya Sen (1970), ‘The Impossibility of a Paretian Liberal’ 34. Douglas H. Blair, Georges Bordes, Jerry S. Kelly and Kotaro Suzumura (1976), ‘Impossibility Theorems without Collective Rationality’ 35. Peter J. Hammond (1976), ‘Equity, Arrow’s Conditions, and Rawls’ Difference Principle’ 36. Kevin W.S. Roberts (1980), ‘Possibility Theorems with Interpersonally Comparable Welfare Levels’ Name Index

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Book SynopsisEurope's performance relative to the US and countries in Asia is a topic that greatly preoccupies policymakers who are concerned that the European Union is losing ground compared to other, more dynamic, parts of the world. This book presents the scale and scope of the challenges that Europe faces in adjusting to globalization and advances in technology.The evidence assembled in this book points to trends in European Union performance that policymakers will find disconcerting. In many areas, Europe has not kept pace with the technological advances of competitors and seems to have lost its dynamism. Employment creation has been lacklustre, new specializations have been slow to emerge and the rate of innovation has been disappointing. The core message in this book is that the problems Europe faces in key areas such as growth, equality and employment are all related to its failure to take sufficient advantage of technological advances, particularly the information and communication technology (ICT) revolution. It is concluded that a coherent European strategy for upgrading technological capability and embedding new technologies, especially ICTs, in society is long overdue.This book will be indispensable to scholars and policymakers in the areas of economic growth, international competitiveness, innovation, regional development and European studies.Trade Review'The book is a collection of ten articles that focus on broad comparative analysis of innovation and growth, information technology, and regional technical progress. The editors are to be commended for their efforts in producing this book. Studies of long-run technical change and competitiveness are rarely undertaken in our short-run world, and such studies are of great importance for Europe in the global economy. . . . a very useful and valuable book. . . . I recommend this work to any library or professor's bookshelf where technological change and Europe are of interest.' -- Joseph Dahms, Journal of Economic IssuesTable of ContentsContents: Preface 1. Europe – A Long View 2. The Impact of Specialization in Europe 3. European Competitiveness: Quality Rather than Price 4. Employment Dynamics and Structural Change in Europe 5. Europe and the Information and Communication Technologies Revolution 6. Lack of Regional Convergence 7. Europe: One or Several Systems of Innovation? An Analysis Based on Patent Citations 8. Changing the Regional System of Innovation 9. The Implications of Eastward Enlargement for EU Integration, Convergence and Competitiveness 10. Conclusions and Policy Implications Index

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Book SynopsisMalaysia is one of the fastest growing economies in the world today, and this book reflects current debates about the future directions of the national economy, polity and society in light of the late 1990s watershed period of financial crisis, the arrest of Anwar Ibrahim and the subsequent 1999 general election. Malaysian Economics and Politics in the New Century aims to answer questions about how the economy and society are organized, about how the benefits from economic development are distributed, about government's relations to major national institutions, and about the nature of the political process. With its focus firmly on Malaysia's future, this will be a volume of particular interest to scholars, academics, researchers, business leaders and policymakers involved in the Asian region, and Malaysia in particular.Table of ContentsContents: Preface Part I: Introduction 1. Introduction Part II: Economics and Strategy 2. Malaysia and the Asian Crisis: Lessons and Challenges 3. The Impact of the 1997 Financial Crisis on Malaysia’s Corporate Sector and its Response 4. Malaysia after the Asian Crisis: An Overview of Labour Market Issues 5. The Financial Crisis and its Social Implications 6. Malaysia’s Security Environment and Strategic Responses Part III: Politics and Other Aspects 7. A New Politics in Malaysia: Ferment and Fragmentation 8. Changing Power Configurations in Malaysia 9. The Anwar Trial and its Wider Implications 10. Mahathir, Australia and the Rescue of the Malays 11. Some Aspects of Malaysian Civil Liberties 12. The Challenges of Opposition Politics in Malaysia – Checking Growing Authoritarianism and Ethnic Re-polarization Part IV: Conclusions 13. Conclusions References Index

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Book SynopsisIn the 1970s, the Keynesian orthodoxy in macroeconomics began to break down. In direct contrast to Keynesian recommendations of discretionary policy, models advocating laissez-faire came to the forefront of economic theory. Laissez-faire no longer stood as an exceptional policy endorsed for rare occurrences of market clearing; rather it became the policy standard. This book provides the definitive account of this watershed and traces the evolution of laissez-faire using the cases of its proponents, Frank Knight, Henry Simons, Friedrich von Hayek, Milton Friedman, James Buchanan and Robert Lucas. By elucidating the pre-analytical framework of their writings, Sherryl Kasper accounts for the ideological influence of these pioneers on theoretical work, and illustrates that they played a primary role in founding the theoretical and philosophical use of rules as the basis of macroeconomic policy. A case study of the way in which interwar pluralism transcended to postwar neoclassicism is also featured.The volume concludes that economists ultimately favoured new classical economics due to the theoretical developments it incorporated, although at the same time, since Lucas uncritically adapted some of the ideas and tools of Friedman, an avenue for ideological influence remained.Tracing the evolution of American macroeconomic theory from the 1930s to the 1980s, this book will appeal to those with an interest in macroeconomics and in the history of scholars associated with the Chicago School of economics.Trade Review'This is an important contribution to the history of thought in macroeconomics. The chapters on Lucas and Simon are lucid and sketch the development of laissez-faire policy simultaneously.' -- A.V. Katos, Economic Issues'This is a nicely written, succinct overview of libertarian views on American macroeconomic theory by institutional economist Sherryl Davis Kasper.' -- Rick Tilman, Journal of Economic Issues'I find The Revival of Laissez-Faire informative, especially as a survey of the ideas of the six economists, each of whom was no doubt at the front in the intellectual battle over laissez-faire. The book is a good source on an important slice of twentieth century economics for undergraduate history of economics course.' -- J. Daniel Hammond, Journal of the History of Economic ThoughtTable of ContentsContents: 1. Introduction 2. Frank Hyneman Knight, The Moral Philosopher 3. Henry Calvert Simons, Author of the Blueprint 4. Friedrich von Hayek and the Austrian Influence 5. Milton Friedman and Monetarism 6. James Buchanan and Public Choice Theory 7. Robert E. Lucas, Jr. and New Classical Economics 8. Conclusion References Index

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Book SynopsisDuring the past few decades the economies of East and South East Asia have grown at a significant rate, resulting in a large proportion of the world's population being relieved from poverty in a relatively short space of time. This unprecedented phenomena underlines the importance of understanding the driving forces behind the growth 'miracle' of East Asia.Yanrui Wu addresses some of the most critical macroeconomic issues associated with East Asian growth. Principally focusing on the most rapidly emerging economies in the region, the author covers a broad base of topics. Several determinants of growth are examined and in each case an analytical framework is applied to empirical data. Specific themes include: economic openness and growth stock market development intra-industry trade growth engines in Singapore productivity growth in Taiwan the Asian financial crisis. Employing both cross-country analyses and case studies of individual economies, this important new book substantially contributes to the many debates surrounding economic growth in East Asia. The author's concise yet absorbing style will appeal to economic researchers, lecturers and students of economics, as well as business economists and market analysts.Trade Review'. . . it will be a very good reference, not only for researchers interested in East Asia, but also for final year undergraduate students learning the craft of empirical investigation.' -- Mun-Heng Toh, Economic RecordTable of ContentsContents: Preface 1. Introduction 2. Openness and Growth 3. The Impact of Stock Markets 4. Intra–Industry Trade 5. The Role of Productivity Growth 6. Mechanics of Growth: The Singaporean Experience 7. Asian Financial Crisis and Recovery Bibliography Index

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Book SynopsisGrowth Theory in Historical Perspective is a collection of thirteen carefully selected essays by Theo van de Klundert which demonstrate the development of growth theory over the past forty years. The sequence of chapters reveals the shifts in focus which have occurred since the first formal growth models of the 1940s and 1950s. He illustrates how the Keynesian paradigm was replaced by neo-classical models, which in turn have been superseded by theories of endogenous technical progress, the focus of growth theory in the 1990s.The author explains how the theory of economic growth is strongly shaped by ideas developed in the past. To this extent the book provides a comprehensive overview of the fundamentals of growth theory and develops important modern themes such as firm-specific research and development and the relationship between growth and international trade. Moreover, several of the chapters explore themes which, in the author's view, have been unfairly neglected in recent writings on the theory of growth. These include the role of demand factors, vintage models and issues of distribution, which he believes can still contribute to the current thinking on growth theory.By balancing insights from old and new theories of economic growth, this comprehensive book should prove fascinating reading for students, researchers and scholars of growth theory.Trade Review'Sjak Smulders has done an excellent job of editing and organising the papers. As the title of the book suggests, they are ordered in such a way that the reader gains an impression of how orthodox growth theory has changed over the post-war period. . . this collection of his [van de Klundert's] papers is to be welcomed.' -- John McCombie, History of Economics ReviewTable of ContentsContents: Introduction Part I: Essentials of Growth Theory 1. Constructing Growth Theory 2. Reconstructing Growth Theory Part II: Empirics 3. Biased Efficiency Growth and Capital–Labour Substitution in the US, 1899–1960 4. On the Historical Continuity of the Process of Economic Growth Part III: Growth, Distribution and Unemployment 5. Economic Growth and Induced Technical Progress 6. Demand and Supply as Factors Determining Economic Growth 7. Endogenous Growth and Income Distribution Part IV: R&D and Firm-Specific Knowledge 8. Imperfect Competition, Concentration and Growth 9. Growth, Competition and Welfare 10. Loss of Technological Leadership of Rentier Economies Part V: International Trade and Growth 11. LDCs versus DCs: Trade and Growth 12. North–South Knowledge Spillovers and Competition: Convergence versus Divergence 13. Economic Development and Trade in the World Economy Index

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Book SynopsisEconomics Confronts the Economy is a challenging and unorthodox look at contemporary economic analysis. Philip Klein presents a highly reasoned and yet personal view of the state of economics today. While his views may be contentious to some, it is an accessible book that will provoke discussion and debate to a wide readership.Professor Klein begins with the assumption that the basic function of economic theory is to provide a sound guide for public policy in assisting society in defining what it means by 'economic progress'. In the words of Thorstein Veblen it involves economic activity as explicit steps to be taken at any given time to enable the economy to play its most effective role in 'enhancing human life'. The book argues that modern mainstream economics is failing in this task in terms of what it teaches young economists, what it contributes to public policy debates and what it has done to the field of economics.This book will have a wide audience throughout the many and varied fields of economics including heterodox economics, micro- and macroeconomics, history of economic thought and economic policy.Trade Review'To break the mind-numbing, stupefying grip of the neoclassical elite and make economics important once again is Klein's dream; and the dream is important because the past and present use of neoclassical economics has imposed untold hardship upon millions. The way forward he suggests is to go down the theoretical road of heterodox economics.' -- Frederic S. Lee, Journal of Economic Issues'Phil Klein, in a low key but deeply reasoned text, critiques economic theory for its misrepresentations of the economy and other shortcomings. In particular, Klein provides a critique of how mainstream economists - creating a corpus of doctrines that seem "quantitative, precise, logical, elegant, rigorous, and beautiful" - have made more of Adam Smith's "invisible hand" than did Smith himself. Some will agree and others will disagree with various of Klein's arguments. But all economists, and the discipline itself, will be better off if individual economists will diagnose WHY they agree and disagree, and both the bases and the implications thereof.' -- Warren Samuels, Michigan State University, US'I believe it to be a most significant contribution to a continuing assessment of the heartland of orthodox economic theory and its policy applications. I consider this volume to be the most pertinent and significant contribution of the last decade for the necessary and continuing critique of the relevance and applicability of mainstream neoclassical economic analysis. Professor Klein considers at length the substantive character and relevance of neoclassical orthodoxy as continuing futile efforts are made to salvage its contents and preserve its dominion as the encompassing discipline. He explores its trivialization; he examines its distorted views of the public sector; he laments its overly extensive deference to mathematical expression; he disputes its claim to dominion and exclusive relevance as an inquiry approach for the study of the economic process. In the concluding chapter he presents his persuasive alternative view of what a non-ideological, non-mathematical, but pertinent mode of economic inquiry would encompass.' -- Marc R. Tool, California State University, Sacramento, USTable of ContentsContents: Introduction 1. The Unchanging Focus of Modern Economics 2. Making Progress with Theory: Do We Get What We Want or Want What We Get? 3. Lowering the Learning in Economics, 1950–2000 4. Trivialization and Elegance I: The World of Microeconomics 5. Trivialization and Elegance II: The World of Macroeconomics 6. Theory and the Role of the Public Sector 7. Focus on ‘Mainstream Economics’: Obstacles to the Competition for New Ideas 8. Economics Confronts the Economy: An Alternative View – Don’t Cry for Me, Economics Index

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Book SynopsisJames Tobin was America's most distinguished Keynesian economist, whose path-breaking theoretical work has demonstrated that Keynes's original theories can be adapted to deal with modern macroeconomic problems. This significant volume presents a selection of those papers which in Professor Tobin's opinion have made a significant contribution to the developments of Keynesian economics in the twentieth century.Table of ContentsContents: Acknowledgements Preface Mark Blaug 1. Kenneth J. Arrow (1962), ‘The Economic Implications of Learning by Doing’ 2. Robert J. Barro (1974), ‘Are Government Bonds Net Wealth?’ 3. William J. Baumol (1952), ‘The Transactions Demand for Cash: An Inventory Theoretic Approach’ 4. William Brainard (1967), ‘Uncertainty and the Effectiveness of Policy’ 5. David Cass and Menahem E. Yaari (1966), ‘A Re-examination of the Pure Consumption Loans Model’ 6. Dudley Dillard (1988), ‘The Barter Illusion in Classical and Neoclassical Economics’ 7. Milton Friedman (1968), ‘The Role of Monetary Policy’ 8. J.R. Hicks (1935), ‘A Suggestion for Simplifying the Theory of Money’ 9. J.R. Hicks (1937), ‘Mr Keynes and the "Classics"; A Suggested Interpretation’ 10. J. Hirshleifer (1966), ‘Investment Decision Under Uncertainty: Applications of the State-Preference Approach’ 11. Nicholas Kaldor (1940), ‘A Model of the Trade Cycle’ 12. Tjalling C. Koopmans (1965), ‘On the Concept of Optimal Economic Growth’ 13. John Lintner (1965), ‘The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets’ 14. Richard G. Lipsey (1960), ‘The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1862–1957: A Further Analysis’ 15. Robert E. Lucas, Jr. (1976), ‘Econometric Policy Evaluation: A Critique’ 16. Harry Markowitz (1952), ‘Portfolio Selection’ 17. Lloyd A. Metzler (1951), ‘Wealth, Saving, and the Rate of Interest’ 18. Merton H. Miller and Daniel Orr (1966), ‘A Model of the Demand for Money by Firms’ 19. Franco Modigliani and Merton H. Miller (1958), ‘The Cost of Capital, Corporation Finance and the Theory of Investment’ 20. Franco Modigliani (1964), ‘Long-run Implications of Alternative Fiscal Policies and the Burden of the National Debt’ 21. R.A. Mundell (1963), ‘Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates’ 22. Robert A. Mundell (1962), ‘The Appropriate Use of Monetary and Fiscal Policy for Internal and External Stability’ 23. Arthur M. Okun (1980), ‘Rational-Expectations-with-Misperceptions as a Theory of the Business Cycle’ 24. Don Patinkin (1948), ‘Price Flexibility and Full Employment’ 25. Edmund Phelps (1961), ‘The Golden Rule of Accumulation: A Fable for Growthmen’ 26. Edmund S. Phelps (1972), ‘Efficiency and Distributional Aspects of Anticipated Inflation’ 27. A.W. Phillips (1958), ‘The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861–1957’ 28. A.C. Pigou (1947), ‘Economic Progress in a Stable Environment’ 29. William Poole (1970), ‘Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model’ 30. Paul A. Samuelson (1958), ‘An Exact Consumption–Loan Model of Interest With or Without the Social Contrivance of Money’ 31. Robert M. Solow (1962), ‘Technical Progress, Capital Formation, and Economic Growth’ 32. John B. Taylor (1980), ‘Aggregate Dynamics and Staggered Contracts’ Name Index

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Book SynopsisThe theme of this extensive book is the relationship between consumption and growth in the context of the long run theory of effective demand. Taking Schumpeter's views on economic development as a starting point, the author proposes an original framework for the analysis of consumption patterns as an element of growth in advanced market economies. The book examines the role of demand with respect to the theory of structural change and the theory of consumption at both the micro and macro level. The theoretical framework is employed to analyze the consumption-growth relationship and its implications for the process of structural evolution.The actual dynamics of consumption are examined in terms of the cycle of expansion in the US economy during the 1980s. The author concludes that there is a distinct shift towards a pattern of 'consumption deepening' that explains the consumption fuelled recovery of the 1980s and mirrors a process of 'intensive growth' of the market. This interpretation sheds light on the underlying process sustaining US expansion during the 1990s and the questions facing advanced market economies which have begun to experience the emergence of an 'internet scenario' in terms of development. In focusing on the relationship between consumption changes and the growth process, this book distinguishes itself from much of the literature on the subject which deals with these two aspects individually. Davide Gualerzi breaks genuinely new ground with his empirical and theoretical research. This book will appeal to economists interested in growth and economic development, scholars in related social sciences, and the wide base of economists and academics sympathetic to new approaches to the problem of economic growth.Trade Review'Consumption and Growth presents an intriguing exploration of the role of consumption in sustaining or limiting economic growth. It is distinguished by the breadth of literature it employs and the effort to unite theory with structural macroeconomic empirical work. . . Gualerzi is to be congratulated for bringing together many of the factors underlying the role of consumption in capitalist development.' -- Ross Thomson, Journal of Evolutionary Economics'Here is a macroeconomic account of consumption based from the start on innovation and growth, by-passing decades of fruitless debate. Davide Gualerzi presents a new theoretical framework, the dynamics of "market creation", and marshalls evidence for it from the US economy in the 1980s. This is a major contribution to the macroeconomics of structural change.' -- Ed Nell, New School for Social Research, US’The end of all production is consumption' said Adam Smith more than two centuries ago. In this book, Davide Gualerzi brushes aside all literature on static consumer preferences and proposes a dynamic, modern re-interpretation of Smith's famous statement. Gualerzi marries a long run extension of Keynes's principle of effective demand with Schumpeter's insights into the driving forces of technological, market and organisational innovations. The resulting model of structural dynamics shows remarkable richness. The author carries out empirical tests for the US economy in the 1980s. This provocative book is good reading and a real challenge for all theorists of economic growth.' -- Luigi L. Pasinetti, Catholic University of Milan, Italy'This is a new approach to the problem of growth in industrial economies. It contributes a fresh perspective on the debates on growth theory by suggesting that the investigation of consumption patterns should be a central feature of the theoretical and empirical analyses of growth processes. The book also presents a view of the transformation in the US economy which started during the 1980s. We find here a systematic effort to examine the period from a theoretical perspective combining disaggregated empirical analysis with an analysis of stylised facts.' -- Neri Salvadori, University of Pisa, ItalyTable of ContentsContents: Introduction 1. Economic Development, Technical Change and Demand 2. Pasinetti’s Structural Dynamics and Demand Theory 3. Consumption Theory 4. Consumption and Growth 5. Towards a Theory of the Consumption–Growth Relationship 6. Empirical Analysis and the Recovery of the US Economy in the 1980s 7. Macroeconomic Trends and the Evolution of the Industrial Structure 8. Consumption Expenditure Composition 9. Market Development and Output Composition 10. The Structural Dynamics of the 1980s: Recovery and the Transformation of the Consumption Sphere 11. Composition Deepening and Intensive Growth: A New Hypothesis Appendices Bibliography Index

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Book SynopsisThe distinguished contributors in this volume provide a variety of essays, which are written in honor of Emmanuel Drandakis. These essays fall into four uniform areas of economics: economic growth, general equilibrium, labor economics and game theory and applications.The editors focus on a select set of issues that stand high on the agenda of academic research. They provide fresh insights and approaches to the analysis of these issues, and thus open up wider avenues for our understanding of the dilemmas posed for theory and policy. Readers are offered new empirical evidence on such thorny social problems as, for example, unemployment, the intergenerational transmission of human capital and the response of wages to price and endowment changes.These contributions, in conjunction with the realisation that the papers are written by some of the most distinguished economists in the respective areas, make the volume an attractive addition for all who are interested in the contemporary research and teaching of economics.Table of ContentsContents: Preface Part I: Economic Growth 1. Some Early Conferences on Growth Theory 2. Discounting and the Growth of Net National Product Part II: General Equilibrium 3. Equilibrium Selections 4. Extensive Form Implementation of Weak Fine Core Allocations through Penalties 5. Nonlinear Neighbourhood Interactions and Intergenerational Transmission of Human Capital 6. Beliefs and the Neutrality of Money 7. Towards a General Theory of Real Capital Part III: Labor Economics 8. Endowment Changes, Price Response, and the Behavior of Wages 9. The Pace of Work and Pay 10. The Incidence of Increased Unemployment in the Group of Seven, 1970–94 11. Labor Incentives and Manumission in Ancient Greek Slavery Part IV: Game Theory and Applications 12. Agency Games 13. The Role of Beliefs, Knowledge, and Rationality in Non-Cooperative Games 14. The Economics of Research Joint Ventures Index

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Book SynopsisPaul Davidson investigates why the 1990s was a decade of financial crises that almost precipitated a global market crash. He explores the reasons why the global economy still struggles with the aftermath of these crises and discusses the possibility that volatile financial markets in the future will have real impacts on whole industries and national economic systems.The author highlights the central role that domestic and international financial markets play in determining the economic growth rate, unemployment rate and international payments position of capitalist economies. He explains why the primary function of financial markets is to create liquidity and demonstrates that a liquid market cannot be efficient, and an efficient market cannot be liquid. He also proves that preventing liquidity problems from developing in national and international financial markets is the key element in fostering prosperity. Statistical evidence and theoretical analysis are combined to demonstrate why orthodox prescriptions for 'liberalizing' labor, product, and capital markets are the wrong policies for promoting a civilized society in the 21st century.Professional economists, financial reporters, government policy makers, those working in international economic organizations such as the IMF, the World Bank and the WTO, and concerned citizens will all benefit greatly from reading this highly acclaimed book.Trade Review‘Financial Markets, Money and the Real World by Paul Davidson is an informed and informative study of why the 1990s experienced a series of financial crises with terrible repercussions that reverberated throughout the global market. Focusing on the central role that domestic and international financial markets play in affecting the economic growth rate, and offering prescriptions to improve worldwide economic viability in the 21st century, Financial Markets, Money and the Real World is highly practical, forward thinking, and strongly recommended reading for students of economics in general, and the interactive, interdependent global financial markets in particular.' -- Library Bookwatch/Midwest Book Review'In Financial Markets, Money and the Real World Professor Davidson lucidly and persuasively sums up his major insights into the working of "non-ergodic" (uncertain) economic systems. It is essential reading for those who wish to understand why financial markets have become so volatile and are puzzled to know what to do about it. It is refreshing to read an author who writes so much in the spirit of Keynes and who is able and willing to develop Keynes's ideas creatively and apply them imaginatively to the understanding and management of today's globalized economy.' -- Lord Skidelsky, University of Warwick, UK'This book should be a classic in economics. Paul Davidson combines dazzling clarity and a passion for economic truth and common sense in illuminating the dark thickets surrounding today's free enterprise system. Professional economists and concerned citizens should both pay heed to this fine book.' -- Peter L. Bernstein, Peter L. Bernstein Inc., US'Professor Paul Davidson has long been a major avenue to the economic reality and the controlling economic ideas, especially those that have come into professional discussion with and since John Maynard Keynes. This is a major contribution, deserving the close attention of economists and all who seek accomplished economic guidance. I strongly recommend it.' -- John Kenneth Galbraith, Harvard University, USTable of ContentsContents: 1. Keynes, You Should be Alive Today! 2. Keynes’s Principle of Effective Demand 3. Uncertainty and Reality in Economic Models 4. Investment: Illiquid Real Capital versus Liquid Assets 5. Why Liquidity Preference? 6. Financial Markets, Liquidity and Fast Exits 7. Planned Investment, Planned Savings, Liquidity and Economic Growth 8. Complicating the Picture: Money and International Liquidity 9. Trade Imbalances and International Payments 10. International Liquidity and Exchange Rate Stability 11. If Markets are Efficient Why Has There Been so Much Volatility in Financial Markets? 12. Exchange Rates and the Tobin Tax 13. The Plumbers’ Solution to Destabilizing International Capital Flows 14. The Architectural Solution: Reforming the World’s Money 15. The Economy and the Twenty-first Century Index

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Book SynopsisThis authoritative collection brings together the leading contributions to the comparative study of forms of capitalism. An introductory essay presents the context in which these contributions developed, discusses the major issues raised by such comparative work, and suggests likely future developments.Topics include the major theoretical issues involved in analysing different kinds of market economies; the key frameworks for comparing systems of economic organisation, both historically and between societies; the analysis of the distinctive varieties of industrial capitalism that have developed in the Anglo-Saxon countries, Continental Europe and East Asia and studies of globalisation and the connections between types of market economies and varying forms of economic performance, particularly in terms of sectoral development and technical change. The collection will be an indispensable reference source and will improve access to important papers that may not be available in many libraries.Trade Review‘Competing Capitalisms is a superb collection of many of the most important articles of the last decade on the varieties of capitalism across regions of the industrialized world. Analytically informed, it provides the reader with insights into the sources of both stability and change while recognizing that diversity, if not divergence, is likely to continue to characterize contemporary capitalism.' -- Peter Lange, Duke University, USTable of ContentsContents: Volume I Acknowledgements Introduction The Institutional Structuring of Market Economies Richard Whitley PART I THEORETICAL ISSUES AND PERSPECTIVES 1. Gary G. Hamilton and Robert C. Feenstra (1995), ‘Varieties of Hierarchies and Markets: An Introduction’ 2. Mark Granovetter (1985), ‘Economic Action and Social Structure: The Problem of Embeddedness’ 3. J. Rogers Hollingsworth and Robert Boyer (1997), ‘Coordination of Economic Actors and Social Systems of Production’ PART II CONTRASTING FORMS OF CAPITALISM 4. David Soskice (1999), ‘Divergent Production Regimes: Coordinated and Uncoordinated Market Economies in the 1980s and 1990s’ 5. Richard Whitley (1999), ‘The Nature of Business Systems and their Institutional Structuring’ 6. William Lazonick (1991), ‘Institutional Foundations of Industrial Dominance and Decline’ 7. Paul Hirst and Jonathan Zeitlin (1991), ‘Flexible Specialization Versus Post-Fordism: Theory, Evidence and Policy Implications’ PART III NATIONAL AND REGIONAL CAPITALISMS – ANGLO-SAXON 8. J. Rogers Hollingsworth (1991), ‘The Logic of Coordinating American Manufacturing Sectors’ 9. Neil Fligstein (1991), ‘The Structural Transformation of American Industry: An Institutional Account of the Causes of Diversification in the Largest Firms, 1919–1979’ 10. Leslie Hannah (1980), ‘Visible and Invisible Hands in Great Britain’ PART IV NATIONAL AND REGIONAL CAPITALISMS - CONTINENTAL EUROPE 11. Marc Maurice, Arndt Sorge and Malcolm Warner (1980), ‘Societal Differences in Organizing Manufacturing Units: A Comparison of France, West Germany, and Great Britain’ 12. Wolfgang Streeck (1997), ‘German Capitalism: Does it Exist? Can it Survive?’ 13. Gary Herrigel (1993), ‘Large Firms, Small Firms, and the Governance of Flexible Specialization: The Case of Baden Württemberg and Socialized Risk’ 14. Peer Hull Kristensen (1996), ‘On the Constitution of Economic Actors in Denmark: Interacting Skill Containers and Project Coordinators’ 15. Robert Boyer (1997), ‘French Statism at the Crossroads’ 16. Carlo Trigilia (1990), ‘Work and Politics in the Third Italy’s Industrial Districts’ Name Index Volume II Acknowledgements An introduction by the editor to both volumes appears in Volume I PART I NATIONAL AND REGIONAL CAPITALISMS – EAST ASIAN 1. Gary G. Hamilton and Nicole Woolsey Biggart (1988), ‘Market, Culture, and Authority: A Comparative Analysis of Management and Organization in the Far East’ 2. Richard D. Whitley (1991), ‘The Social Construction of Business Systems in East Asia’ 3. D. Eleanor Westney (1996), ‘The Japanese Business System: Key Features and Prospects for Changes’ 4. David L. Wank (1999), ‘Producing Property Rights: Strategies, Networks, and Efficiency in Urban China’s Nonstate Firms’ 5. Linda Y.C. Lim (1996), ‘The Evolution of Southeast Asian Business Systems’ PART II GLOBALIZATION, CHANGE AND PERFORMANCE 6. Robert Boyer (1996), ‘The Convergence Hypothesis Revisited: Globalization but Still the Century of Nations?’ 7. Lane Kenworthy (1997), ‘Globalization and Economic Convergence’ 8. Paul N. Doremus, William W. Keller, Louis W. Pauly and Simon Reich (1998), ‘The Strategic Behavior of MNCs’ 9. Richard Whitley (1998), ‘Internationalization and Varieties of Capitalism: The Limited Effects of Cross-national Coordination of Economic Activities on the Nature of Business Systems’ 10. Arndt Sorge (1991), ‘Strategic Fit and the Societal Effect: Interpreting Cross-National Comparisons of Technology, Organization and Human Resources’ 11. J. Rogers Hollingsworth and Wolfgang Streeck (1994), ‘Countries and Sectors: Concluding Remarks on Performance, Convergence, and Competitiveness’ 12. Steven Casper (2000), ‘Institutional Adaptiveness, Technology Policy, and the Diffusion of New Business Models: The Case of German Biotechnology’ 13. Sigrid Quack and Glenn Morgan (2000), ‘Institutions, Sector Specialisation and Economic Performance Outcomes’ Name Index

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Book SynopsisIt is becoming increasingly recognised that the way in which human resources are managed is a key source of sustainable competitive advantage for business. Nowhere, Michael Zanko argues, is this seen to be more relevant than in the Asia-Pacific region.The aim of the Handbook and its systematically codified economy human resource management (HRM) profiles is to improve knowledge and understanding of HRM policy and practices in the Asia-Pacific region. It serves as a practical guide to predominantly macro-level HRM policies and practices in ten APEC economies, covering Australia, Chinese Taipei (Taiwan), Hong Kong, Indonesia, Japan, Korea, Malaysia, People's Republic of China, Thailand and the United States of America.The Handbook of Human Resource Management Policies and Practices in Asia-Pacific Economies Volume I will be essential reading for lecturers, researchers, academics and managers concerned with human resource management, international business, management, and cross-cultural studies. The Handbook will also be of great interest to those involved in industrial and employment relations.Trade Review'There is considerable rigour behind the work and the contexts are well positioned. The books have excellent HR data for not only businesses, but employees considering a transfer to an international location. In addition to the primary authors cadres of industry advisors were assembled of considerable status and representing mainstream organisations and unions. The countries covered total twenty one and, in addition, there is a summary chapter in volume two on issues, trends and implications. Obviously there are other reference points available on single countries and indeed dual country comparisons, but this work is timely, highly relevant and extremely valuable. It is recommended most highly.' -- Geoffrey N. De Lacy, Australian Human Resource Institute Journal'A very welcome and valuable addition to the literature, this two-volume handbook covers current HRM policies and practices in all 21 APEC (Asia-Pacific Economic Cooperation) member economies. For the first time, we have single-source access to a codified set of macro-level HRM profiles for APEC membership economies . . . this project helps fill the need for systematic and accurate HRM data in a very large geographic area, including four continents divided by the Pacific Ocean . . . this is an impressive compilation and will benefit government and business organizations when formulating strategy for employment relations. It will also assist those in the academic sector with the research and teaching of cross-cultural management issues. It should be a welcome addition to most academic and special libraries with interests in the Asia and the Pacific.' -- David A. Flynn, Business Information AlertTable of ContentsContents: 1. Introduction 2. The Implications of Supra-National Regionalism for Human Resource Management in the Asia-Pacific Region 3. Australia 4. Chinese Taipei 5. Hong Kong 6. Indonesia 7. Japan 8. Republic of Korea 9. Malaysia 10. People’s Republic of China 11. Thailand 12. United States of America Index

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Book SynopsisSustainable development is a concept that is receiving increasing attention from world decision makers. This timely volume contains a selection of both the seminal papers and a cross-section of current thinking. It will be invaluable to researchers, students and practitioners interested in this important topic.Part I presents early articles linking the macroeconomy with the environment. Part II contains general surveys of the relationship between economic growth and environmental degradation. Included in Part III are papers with mathematical models seeking to incorporate environmental variables into macroeconomic frameworks. Part IV focuses on the linkages between international trade and the environment. The final section examines progress on the greening of the system of national accounts - an important prerequisite for environmental-macroeconomic policy making.Trade Review‘Macroeconomics and the Environment provides a coherently structured and illuminating collection of papers that explore the relationship between environmental management and macroeconomic performance. There will be substantial interest in this collection.' -- Wallace E. Oates, University of Maryland, College Park and Resources for the Future, US'Mohan Munasinghe has assembled a definitive set of papers on environmental macroeconomics - an area of environmental economics often neglected in teaching and research. The collection deserves to be on all serious scholars' shelves.' -- David Pearce, University College London, UKTable of ContentsContents: Acknowledgements Introduction Elements of Environmental Macroeconomics Mohan Munasinghe PART I BASIC LINKAGES AND MACRO-ANALYTICAL FRAMEWORKS 1. Wassily Leontief (1970), ‘Environmental Repercussions and the Economic Structure: An Input–output Approach’ 2. Tjalling C. Koopmans (1973), ‘Some Observations on ‘Optimal’ Economic Growth and Exhaustible Resources’ 3. Joseph Stiglitz (1974), ‘Growth with Exhaustible Natural Resources: Efficient and Optimal Growth Paths’ 4. Robert Solow (1993), ‘An Almost Practical Step Toward Sustainability’ 5. Richard W. England (2000), ‘Natural Capital and the Theory of Economic Growth’ 6. Herman E. Daly (1991), ‘Elements of Environmental Macroeconomics’ 7. Messaye Girma (1992), ‘Macropolicy and the Environment: A Framework for Analysis’ 8. Karl-Göran Mäler and Mohan Munasinghe (1996), ‘Macroeconomic Policies, Second-best Theory, and the Environment’ PART II GENERAL REVIEWS AND EMPIRICAL SURVEYS 9. Gene M. Grossman and Alan B. Krueger (1995), ‘Economic Growth and the Environment’ 10. J.B. Opschoor and S.M. Jongma (1996), ‘Bretton Woods Intervention Programmes and Sustainable Development’ 11. Theodore Panayotou and Kurt Hupé (1996), ‘Environmental Impacts of Structural Adjustment Programs: Synthesis and Recommendations’ 12. J.J. Kessler and M. Van Dorp (1998), ‘Structural Adjustment and the Environment: The Need for an Analytical Methodology’ PART III MACROECONOMIC-ENVIRONMENTAL MODELS AND COUNTRY STUDIES 13. Klaus Conrad (1999), ‘Computable General Equilibrium Models for Environmental Economics and Policy Analysis’ 14. Sardar M.N. Islam (2001), ‘Ecology and Optimal Economic Growth: An Optimal Ecological Economic Growth Model and Its Sustainability Implications’ 15. Dale W. Jorgenson and Peter J. Wilcoxen (1990), ‘Intertemporal General Equilibrium Modeling of U.S. Environmental Regulation’ 16. Lars Bergman (1990), ‘Energy and Environmental Constraints on Growth: A CGE Modeling Approach’ 17. Annika Persson and Mohan Munasinghe (1995), ‘Natural Resource Management and Economywide Policies in Costa Rica: A Computable General Equilibrium (CGE) Modeling Approach’ 18. Stein T. Holden, J. Edward Taylor and Stephen Hampton (1998), ‘Structural Adjustment and Market Imperfections: A Stylized Village Economy-wide Model with Non-separable Farm Households’ 19. Solveig Glomsrød, Maria Dolores Monge and Haakon Vennemo (1998), ‘Structural Adjustment and Deforestation in Nicaragua’ PART IV INTERNATIONAL TRADE AND THE ENVIRONMENT 20. Karl W. Steininger (1999), ‘General Models of Environmental Policy and Foreign Trade’ 21. Amitrajeet A. Batabyal (1994), ‘An Open Economy Model of the Effects of Unilateral Environmental Policy by a Large Developing Country’ 22. Ian Goldin and David Roland-Host (1997), ‘Economic Policies for Sustainable Resource Use in Morocco’ 23. Muthukumara Mani and David Wheeler (1999), ‘In Search of Pollution Havens? Dirty Industry in the World Economy, 1960–1995’ PART V ENVIRONMENTAL ACCOUNTING 24. John M. Hartwick (1990), ‘Natural Resources, National Accounting and Economic Depreciation’ 25. Peter Bartelmus, Carsten Stahmer and Jan van Tongeren (1991), ‘Integrated Environmental and Economic Accounting: Framework for a SNA Satellite System’ 26. Robert Repetto, William Magrath, Michael Wells, Christine Beer and Fabrizio Rossini (1989), ‘The Need for Natural Resource Accounting’ 27. Lars Hultkrantz (1992), ‘National Account of Timber and Forest Environmental Resources in Sweden’ 28. Giles Atkinson, Richard Dubourg, Kirk Hamilton, Mohan Munasinghe, David Pearce and Carlos Young (1997), ‘Resource and Environmental Accounting’ 29. Thomas Aronsson and Karl-Gustaf Löfgren (1998), ‘Green Accounting: What Do We Know and What Do We Need to Know?’ Name Index

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Book SynopsisThe Distribution of Wealth is the first book to provide a comprehensive treatment of the personal distribution of wealth. Michael Schneider uses data from fifteen countries to demonstrate how inequality in the distribution of wealth both varies between different parts of the world and changes over time, before going on to discuss why the distribution of wealth is unequal, whether it should be unequal, and how it could be changed. The book focuses on: alternative ways of measuring the degree to which distribution is unequal assessment of the relative importance of the various determinants of the distribution of wealth comparison of the distributions implied by alternative views of society discussion of means by which the distribution of wealth could be altered, and of whether or not a redistribution in a less unequal direction would in time reduce the amount of wealth available to be distributed. This book will be valued and read with interest by economists, particularly those in the fields of welfare economics, distribution theory, heterodox economics and the history of economic thought, as well as sociologists, political scientists and philosophers.Trade Review'For students of the distribution of wealth, the book is certainly useful in that it contains a broad, informative overview of studies in this field and methods used. It is written in a clear style and, on the whole, well-argued.' -- Nico Wilterdink, Journal of Income Distribution'This well-researched and accessible book is a good introduction to an important subject.' -- Citizen's Income'The breadth of the author's reading is exceptional. He reviews literature about capitalist, communal, and transitional societies, and from neoclassical and Keynesian perspectives. . . This book is an excellent starting point for anyone interested in the topic. Highly recommended.' -- R.S. Rycroft, Choice'. . . reading this manuscript made me think again about why we feel the distribution of wealth is special and worth attention. . .' -- Jim Davies, University of Western Ontario, CanadaTable of ContentsContents: Preface 1. Introduction 2. Measuring Inequality in the Distribution of Wealth 3. Empirical Studies of the Distribution of Wealth 4. Determinants of the Distribution of Wealth 5. Ranking Alternative Distributions of Wealth 6. How to Change the Distribution of Wealth 7. Equality versus Affluence? 8. Conclusion Bibliography Index

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Book SynopsisSingapore, South Korea and Taiwan - East Asia's newly industrialised economies (the NIE-3) - experienced a profound development transformation over recent decades. Christopher Dent makes a comparative study of their foreign economic policies, highlighting how the NIE-3 have engaged with the international economic system in an increasingly dynamic way. The book develops a new macro-framework of foreign economic policy analysis that provides the structure for this study. The author argues that the 'development context' of the NIE-3's foreign economic policies is grounded in their common development statism and semi-peripheralisation. He further contends that it is the pursuit of economic security that primarily motivates their respective foreign economic policies.This new conceptualisation of economic security in the context of foreign economic policy will appeal to academics, researchers and students in wide range of disciplines including: Asian studies, international relations, international political economy, economics and politics.Table of ContentsContents: Preface 1. Foreign Economic Policy: A New Macro-Analytical Framework 2. The Development Context: Developmental Statism and Semi-Peripheralization in Perspective 3. Singapore: The FEP of a Global City-State 4. South Korea: The FEP of a Deconstructing Developmental State 5. Taiwan: The FEP of a Contested State 6. Conclusion: A Comparative Summary References Index

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Book SynopsisThis concise book, by one of the leading scholars in development economics, has been developed from a series of lectures given to masters students and will serve as an excellent introduction to the principles of growth and development theory. The author presents conventional wisdom with a critical eye and charts development economics as it has evolved from Adam Smith to 'new' or endogenous growth theory. Thirlwall is critical of the latter, and its predecessor neo-classical growth theory, and tries to put back demand as a driving force in growth theory. He argues that in an open developing economy one of the major constraints is the availability of foreign exchange to pay for imports, so that export growth which relaxes a balance of payments constraint on demand becomes a crucial determinant of overall growth performance. Demand creating its own supply in a growth context, rather than the pre-Keynesian view of supply creating its own demand, provides an alternative framework to the neo-classical one for understanding the differential growth performance of nations.This highly original book will be essential reading for all students and scholars of development and growth economics.Trade Review'. . . the book succeeds brilliantly in its main aim, which is to review the key aspects of existing theory, offer an alternative point of view together with many important insights, and show a way forward. It is worth reading and re-reading by any serious, critical and open-minded student of growth and it should greatly contribute to a fruitful dialogue and synthesis between competing schools of thought.' -- Christopher Tsoukis, Journal of Development StudiesTable of ContentsContents: Preface 1. Growth Theory in the History of Thought 2. Neoclassical and ‘New’ Growth Theory: A Critique 3. Manufacturing Industry as the Engine of Growth 4. A Demand-Oriented Approach to Economic Growth: Export-Led Growth Models 5. Balance of Payments Constrained Growth: Theory and Evidence 6. The Endogeneity of the Natural Rate of Growth Bibliography Index

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Book SynopsisMany know the Chicago School of Economics and its association with Milton Friedman, George Stigler, Ronald Coase and Gary Becker. But few know the School's history and the full scope of its scholarship. In this Companion, leading scholars examine its history and key figures, and provide surveys of the School's contributions to central aspects of economics, including: price theory, monetary theory, labor and economic history. The volume examines the School's traditions of applied welfare theory and law and economics while providing a glimpse into emerging research on Chicago's role in the development of neoliberalism.A companion in the true sense of the word, this volume surveys a wide body of Chicago economic studies and guides readers carefully through each. The Companion offers biographies of leading Chicago economists and evaluations of the School's connection to approaches to economics that draw from and complement the School, including the Virginia School and the work of Armen Alchian and Edward Lazear. Moreover, this book is a first in many respects as it analyzes the interconnections of the Chicago School's theory, methodology, and policy, and considers by what means and ideas the School's policy framework is driven.The breadth and depth of the insights presented here will appeal especially to students and scholars of economics and historians interested in economics, social science and applied public policy.Ross B. Emmett is Professor of Political Economy and Political Theory and Constitutional Democracy, and Co-Director of the Michigan Center for Innovation and Economic Prosperity at James Madison College, Michigan State University, USA.Trade Review‘The attraction of the project shows in the number of eminent authors who contributed, and who in part came from very different backgrounds. . . recommended.’ -- Betrand Schefold, Jahrbucher für Nationalokonomie und StatistikTable of ContentsContents: Preface Introduction Ross B. Emmett PART I: ESSAYS ON THE CHICAGO SCHOOL 1. The Development of Post-war Chicago Price Theory J. Daniel Hammond 2. Chicago Economics and Institutionalism Malcolm Rutherford 3. Adam Smith and the Chicago School Steven G. Medema 4. The Economic Organization, by Frank H. Knight: A Reader’s Guide Ross B. Emmett 5. The Chicago School of Welfare Economics H. Spencer Banzhaf 6. Chicago Monetary Traditions David Laidler 7. On the Origins of A Monetary History Hugh Rockoff 8. Chicago and Economic History David Mitch 9. Chicago and the Development of Twentieth-Century Labor Economics Bruce E. Kaufman 10. Human Capital, by Gary S. Becker: A Reading Guide Pedro Nuno Teixeira 11. Chicago Law and Economics Steven G. Medema 12. Friedman, Positive Economics, and the Chicago Boys Eric Schliesser 13. Neoliberalism and Chicago Robert Van Horn and Philip Mirowski 14. Armen Alchian on Evolution, Information, and Cost: The Surprising Implications of Scarcity Daniel K. Benjamin 15. The Chicago Roots of the Virginia School Gordon L. Brady PART II: SOME CHICAGO ECONOMISTS 1. Gary S. Becker Pedro Nuno Teixeira 2. Ronald Harry Coase Steven G. Medema 3. Aaron Director Robert Van Horn 4. Paul H. Douglas Glen G. Cain 5. Berthold Frank Hoselitz David Mitch 6. Frank H. Knight Ross B. Emmett 7. J. Laurence Laughlin William J. Barber 8. Edward P. Lazear Morley Gunderson 9. H. Gregg Lewis Jeff E. Biddle 10. Deirdre N. McCloskey Stephen T. Ziliak 11. Richard A. Posner Steven G. Medema 12. Albert Rees Orley Ashenfelter and John Pencavel 13. Margaret Gilpen Reid Evelyn Forget 14. Sherwin Rosen Hao Li 15. Henry Schultz D. Wade Hands 16. Theodore William Schultz Pedro Nuno Teixeira 17. Henry Calvert Simons Sherryl D. Kasper 18. George J. Stigler Edward Nik-Khah 19. Jacob Viner William J. Barber Index

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Book SynopsisThis book offers a generic explanation of the political economy of the EU, demonstrating in a clear and comprehensive way how the present institutional set-up makes it vulnerable to lobbyism, corruption and the destruction of social capital. Gert Tinggaard Svendsen contends that this 'EU disease' may be avoided by strengthening the power of the EU Parliament at the expense of the EU Commission. The book also discusses issues surrounding policy design, international negotiations on climate change and renewable energy sources. Using an interdisciplinary framework, the author examines how the current institutional set-up of the EU will determine future economic performance and will adversely affect policy outcomes. He looks at whether fundamental EU policies, such as the CAP, are consistent with economic growth or whether these policies will instead distort markets, leading to economic decline. Focusing in detail on international climate negotiations and wind energy, the author explores the way in which the design of a policy proposal can be affected by the interactions between interest groups and the institutions and bureaucrats of the EU. The case of greenhouse gas emissions trading is a unique example because it allows the author to actually measure lobbyism as the difference between the proposed design and the final EU directive.The interdisciplinary approach of the book and the original treatment of a very pertinent subject will appeal to academics, economists, political scientists and decision-makers. It will also interest and inform a wide readership in the social sciences, particularly those with an interest in the institutional structure of the EU.Trade Review'. . . an immensely valuable discussion of several important EU environmental policies and how public choice theory can be applied not only to understand why these policies were structured the way they are, but also how they can be improved so as not to impede economic growth in the EU.' -- Russell S. Sobel, Public Choice'. . . this readable, thought provoking and well constructed work should be a must for students of environmental politics.' -- Sonja Boehmer-Christiansen, Environmental Politics'The European Union has been relatively neglected by public choice/political economy scholars on both sides of the Atlantic. This fine book helps to redress this imbalance. It builds on the work of Mancur Olson on interest groups, and demonstrates the important role that they play in affecting policy outcomes in the EU. The book is dedicated to Olson. It is a worthy tribute.' -- Dennis C. Mueller, University of Vienna, AustriaTable of ContentsContents: Preface 1. Introduction 2. Political Economy 3. European Union 4. Interest Group Theory and the Case of Environmental Regulation 5. International Climate Negotiations and Wind Energy 6. Conclusion Bibliography Index

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Book SynopsisNobel Prize winner James Tobin has made outstanding contributions to modern macroeconomics. In this final collection of his work he examines the economic policies of the United States and its relations with other major economies after 1990. In James Tobin's view, the welfare of populations depends uniquely on these policies and it is important to be aware of their impact.This book brings together James Tobin's recent work, both published and unpublished, on finance and globalization, currency crises and bailouts. Emphasis is placed on international economic relations and policies, and on the IMF and World Bank. In particular, economic and monetary relations among nations, exchange rate problems and policies and the 'Tobin Tax' - popular in Europe but much misunderstood - are discussed.Professor Tobin also examines the impact of his earlier work on recent US fiscal policy. The Clinton administration followed a tight fiscal policy leading to budget surpluses, and this enabled Alan Greenspan at the Federal Reserve to follow an 'easy', low interest rate, monetary policy. This mix was advocated back in the 1950s and 1960s by Paul Samuelson and James Tobin. The memo Professor Tobin wrote for the J.F. Kennedy campaign of 1960 is published for the first time. The policy was not applied until 30-35 years later. Presenting a framework for understanding monetary and fiscal policies and how they determine full employment and growth, the book will prove invaluable to students and scholars of macroeconomics, as well as economists wishing to gain an insight into Professor Tobin's unique contribution to economics.Table of ContentsContents: Foreword by Janet Yellen Introduction Part I: Financial Globalization and World Money Part II: Currency Crises and Bailouts Part III: Growth and the Fiscal–Monetary Policy Mix Part IV: Political Economy Index

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Book SynopsisLance Taylor is widely considered to be one of the pre-eminent development economists in the world and is known for his work on development planning, macroeconomics of development, stabilization policy, and the global economy. He has also been the major force behind structuralist economics, which is seen by many to be a major alternative to orthodox development economics and policy prescriptions. The essays in this volume, written by well-known scholars in their own right, make contributions to each of these areas while honoring the contributions made by Lance Taylor. Professional economists, researchers and policy makers interested in development economics, political economy, global political economy and viable alternatives to mainstream thought will find this collection a valuable addition to their libraries.Table of ContentsContents: Part I: Introduction Part II: Approaches to Development and Planning Part III: Finance and Asset Markets Part IV: Stabilization, Adjustment and Growth Part V: Beyond Neo-Liberalism: The Firm, Industrial Policy and Competitiveness Part VI: The North, the South and Globalization Index

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Book SynopsisThis updated and fully revised second edition provides a comprehensive examination of issues of paramount importance for Southeast Asian economies including: the economic implications of the 1997 Asian crisis for both older and newer members of ASEAN the role of government and FDI in ASEAN economic growth and development trade patterns with the US, Japan and the EU and the economic implications of China's accession to the WTO for ASEAN countries the environmental consequences of industrialisation and growth the emergence of economic growth triangles and their contribution to ASEAN growth and regional cooperation the prospects and challenges of ASEAN economic cooperation before and after the crisis and the key challenges facing ASEAN member countries in the aftermath of the crisis. This is a timely and topical book. The Economies of Southeast Asia, Second Edition will continue to be a valuable and essential text for courses on Asian studies and economics, development economics and comparative economic systems in both the East and West.Trade Review'The book is well written and well structured, mixing country-specific analysis with cross-sectional analysis. It provides an extensive examination of issues of paramount importance for the South East Asian economies and, therefore, should interest academia and policymakers whose interests relate to regionalism and development in East Asia. The author has cleverly included useful suggestions for further reading at the end of each chapter, and a useful index at the end of the book. A paperback edition of over 300 pages costing £19.95 is not only value for money, but affordable as well.' -- Anthony Bende-Nabende, Asia Pacific Business Review'. . . for those seeking a fairly comprehensive mainstream account of the key issues faced by ASEAN (post-1997-98 financial crisis), this book nicely fills the order. Recommended for upper-division undergraduate through faculty collections.' -- S.J. Gabriel, Choice'This timely publication is essential reading for those wanting not only to understand the background to the 1997/98 Asian crisis but also to reach conclusions about the sustainability of recovery in Southeast Asia's economies. It is packed full of relevant detail on intra-regional trade and ASEANs wider trade and investment opportunities. In particular it will inform the important debate on whether regional economic blocs are building blocks or stumbling blocks toward global free trade.' -- Roger Sandilands, University of Strathclyde, UKAcclaim for the first edition:'. . . this book is a useful introduction to the complexities of the development of the Association of Southeast Asian Nations (ASEAN) economies within the context of the development of ASEAN itself.' -- Ahmad D. Habir, Pacific AffairsTable of ContentsContents: Preface An Overview Part I: ASEAN Economic Development and Cooperation Before the Crisis Part II: ASEAN External Economic Relations Part III: The 1997 Asian Crisis and its Aftermath Part IV: Future ASEAN Economic Cooperation and Challenges Appendix Bibliography Index

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Book SynopsisThis book seeks to provide a coherent explanation as to why the policies of financial liberalization and financial intervention have been unable to achieve the goal of improving the access of borrowers to the loan market, irrespective of size. This is one of the prime criteria for achieving efficiency in the operation of the loan market and its failure has resulted in increased uncertainty and financial fragility.Santonu Basu develops an original theory of credit rationing which provides a theoretical explanation as to why neither policy has worked. He introduces two new concepts, namely credit standard and credit risk, in order to explain why bankers ration credit to some, while quite willingly offer loans to others. He then uses these two concepts to show why the implementation of either policy involves forcing or inducing the banking sector to relax its credit standard requirements. This in turn increases credit risk to an unprecedented level, thereby engendering either financial crisis or financial fragility. The author employs empirical evidence from both India and South Korea to demonstrate how these scenarios can unfold.Financial Liberalization and Intervention provides a comprehensive analysis of the uncertainty that prevails in the operation of the loan market. It will be welcomed by scholars and students of economics, policymakers, banking regulators and the financial sector as a whole.Trade Review'This delightful little book is highly recommended reading, since it presents a unique perspective and offers the reader up-to-date and in-depth insights into key issues of credit market uncertainty.' -- Sushanta K. Mallick, International Review of Applied Economics'This is a very interesting and informative book, and highly relevant for both developed and developing countries. The author synthesises a large amount of literature and makes an original contribution to the theory of credit rationing. This book is well argued, clearly written and deserves a close read.' -- Philip Arestis, The Levy Economics Institute of Bard College, USTable of ContentsContents: Preface 1. General Introduction 2. A Critical Review of the Literature on Credit Rationing 3. The Theory of Credit Rationing Revisited 4. Financial Liberalization 5. Intervention I: The South Korean Experience 6. Intervention II: The Indian Experience 7. Concluding Remarks References Index

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Book SynopsisThis book focuses on one of the most important features of the contemporary Japanese economy; cross shareholding - or mutual shareholding - between corporations. The book analyses recent trends and the reasons behind these, and discusses the implications for the entire Japanese economic system and highlights relevant public policy.Mitsuaki Okabe proposes that the dissolution of cross shareholdings has weakened the importance of long-term transactional relationships as seen in the Keiretsu (the 'main bank') practice and employment, and that as a result the character of the economy is now closer to that of the Anglo-American system.Cross Shareholdings in Japan is a timely book and will be of special interest to academics and researchers of economics, Asian studies and finance, as well as policymakers and those involved either directly or indirectly in the Japanese financial system.Trade Review'Stable holdings of each other's shares have been a significant, distinctive feature of Japanese major industrial companies and financial institutions and an integral component of its economic system of bank-based finance and permanent employment. Recent accelerating decline in stable shareholding thus has important implications for Japan's transition to a market-based system. Mitsuaki Okabe provides useful data and insightful analysis of the rather complex patterns of changing costs and benefits of cross-shareholdings in this important new study, the first of its kind available in English.' -- Hugh T. Patrick, Columbia University, US'Cross shareholding among major firms and the bank in Japan has long been a central feature of Japanese industrial organisation. As Okabe argues it is not an isolated element in the way in which the Japanese economic system works: it is at the core of the whole system - the structure of the labour market, the way in which the capital market has worked to protect Japanese business against external competition, and the innovation system. Okabe provides a fresh look at the dissolution of corporate and main bank links in Japan leaving open the question of when the changes under way will reach a critical point. This is a valuable up-to-date primer on these important changes in corporate Japanese and the Japanese economic system more generally.' -- Peter Drysdale, Australian National University, AustraliaTable of ContentsContents: Preface 1. Cross Shareholding as an Underlying Element of the Japanese Economic System 2. Various Forms of Cross Shareholding, and Relevant Statistics 3. Recent Trends of Share Ownership and Structural Changes 4. Factors Behind the ‘Dissolution’ of Cross Shareholding 5. Functions of Cross Shareholding and its Assessment 6. Effects of the ‘Dissolution’ of Cross Shareholding and its Assessment 7. Future Prospects and Required Public Policy 8. Conclusions: Limitations of the Japanese-style Economic System and its Transformation Appendix 1: Shareholding by a Main Bank and the Effectiveness of Corporate Control: The Case of Electrical Machinery Firms in Japan, 1982–1999 Appendix 2: Corporate Control in Germany References Index

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Book SynopsisThis unique volume provides a comprehensive survey of the major economic issues that have helped shape the modern world. It includes discussions of the latest research findings in macroeconomics and scrutinises some of the most important debates in economic history. The author examines the many controversies relating to the role of government in a modern economy, long-run growth and development, the spread of the Industrial Revolution, the causes and consequences of the 'Great Depression', the 'Great Peacetime Inflation', the conduct of stabilisation policy, international economic integration and globalisation. To shed light on these major issues the volume contains interviews with ten leading economists who have each contributed extensively to the literature on macroeconomics, economic growth and development, international economics and economic history. A major theme which runs throughout the book is the conviction that economists can gain valuable insights concerning important contemporary policy issues from a knowledge of history, especially economic history. The distinguished economists featured in this book are: Ben Bernanke, Jagdish Bhagwati, Alan Blinder, Nick Crafts, Bradford DeLong, Barry Eichengreen, Kevin Hoover, Charles Jones, Christina Romer and Joseph Stiglitz.Containing an extensive and up-to-date list of references, the book provides a comprehensive guide to the modern literature on macroeconomics and related fields. It will be an essential reference for all scholars and students of economics, especially those with an interest in economic growth, business cycles, inflation, unemployment, trade and globalisation. It will also be of considerable value to students of economic history and the history of economic thought.Trade Review'This is a splendid book. It sits at the interface of economics and economic history, and provides both a textbook-style introduction to the key themes of macroeconomics and personal insights into the central debates gleaned from interviews with leading economists.' -- David Greasley, Australian Economic History Review'It should be in every library. A hundred years from now, it will be an important guide to what leading economists thought they knew, and what they knew they didn't know as of A.D. 2002.' -- Christopher Hanes, EH.Net'Conversations on Growth, Stability and Trade is a wonderful survey of the development of macroeconomic thinking over the past decades. Brian Snowdon has a knack for combining insightful essays on a subject with interviews of interesting, relevant, and diverse economists. The interviews give one an excellent sense of how economists approach policy issues.' -- David Colander, Middlebury College, US'Conversations on Growth, Stability and Trade has all the lucidity of A Modern Guide to Macroeconomics by Snowdon, Vane and Wynarczyk, combined with the fascination of Conversations with Leading Economists by Snowdon and Vane. Students will love it and their teachers will devour it the night before the big lecture. If only I had learned macroeconomics this way.' -- The late Mark Blaug, formerly of the University of London and University of Buckingham, UKTable of ContentsContents: Preface 1. Introduction: The World Economy in Historical Perspective 2. Economic Growth and Development: A Very Long-run View 3. Growth Theories: Old and New 4. Managing Aggregate Economic Instability: From Keynes to Lucas 5. International Economic Integration in the Second Global Age Interviews Appendix References Index

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Book SynopsisUnder the direction of Nobel laureate Robert A. Mundell and Paul J. Zak, eminent contributors to Monetary Stability and Economic Growth offer a unique insight into the way that economists analyse the causes of money (mis) management in the US, Latin America, Europe and Japan, and prescribe stabilising reforms. Their lively discussion provides answers to various questions including: How does monetary stability affect economic growth? How can nations best achieve monetary stability? When is monetary union desirable? Which anchors for monetary stability are likely to be most effective? How will the euro affect financial markets and the international monetary system? Is international monetary reform possible, and how can it be achieved? The mechanisms that link monetary policy - including foreign exchange regimes and the international monetary system - to economic performance are examined, and the ways in which countries can stimulate economic growth are explored. This superb narrative volume, brought alive by the debate between leading economists, is contextualised by the editors' excellent introduction. It will be of immense interest to students, researchers and teachers of macroeconomics and financial economics as well as professional economists.Table of ContentsContents: Foreword Steadman Upham Preface Monetary Stability and Economic Growth in Unstable Times Robert A. Mundell and Paul J. Zak 1. The Sixth Lord Robbins Memorial Lecture: Reform of the International Monetary System Robert A. Mundell 2. The State of the World Economy Introduced by Paul A. Samuelson 3. The Euro in Europe and the World Introduced by Christopher Johnson 4. Monetary Policy and Economic Growth in Latin America Introduced by Robert L. Bartley 5. Monetary Policy in the NAFTA Area and the Possibility of Monetary Union Introduced by Herbert Grubel 6. Randall Hinshaw Memorial Lecture: Exchange Rate Policy in Latin America Arnold Harberger 7. Is Monetary Stability Possible in Latin America? Introduced by Michael Connolly 8. Monetary Policy and Economic Performance in Mexico Introduced by Judy Shelton and Abel Beltran Del Rio 9. Economic Policy in Japan and East Asia Introduced by Jeffrey A. Frankel 10. The Future of the International Monetary System Introduced by Robert Solomon Index

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Book SynopsisIn recent years the field of dynamic stochastic general equilibrium models has emerged as the central field of macroeconomics. These models give a unified treatment of growth and fluctuations in a general equilibrium framework where all agents behave rationally. A particularly successful part of this field introduces imperfect competition and nonclearing markets into this framework, which also leads to the study of problems like unemployment. This timely volume gives a full account of the field, starting with the various general equilibrium traditions that ultimately led to this research area, and then describing the evolution of the models, with special emphasis on how they succeeded in representing features of dynamics that other models failed to reproduce.This collection will be an invaluable source of reference for professors and graduate students specializing in macroeconomics. It should also be of interest to students of the history of economic thought, as it shows how apparently antagonistic subfields ended up merging to produce a better synthetic theory.Trade Review'Modern macrotheory features some ideas that are either very deep or very peculiar. This excellent collection includes some of the original sources of those ideas, and then goes on to show by example how modifying or abandoning them can lead to more interesting and - I think - more realistic macroeconomic stories. It is an education in itself.' -- Robert M. Solow, Massachusetts Institute of Technology, USTable of ContentsContents: Acknowledgements Introduction Jean-Pascal Bénassy PART I FOUNDATIONS A Growth and Intertemporal Maximization 1. F.P. Ramsey (1928), ‘A Mathematical Theory of Saving’ B Walrasian Equilibrium 2. Kenneth J. Arrow and Gerard Debreu (1954), ‘Existence of an Equilibrium for a Competitive Economy’ 3. K.J. Arrow (1964), ‘The Role of Securities in the Optimal Allocation of Risk-Bearing’ C General Equilibrium under Price Rigidities 4. Robert Clower (1965), ‘The Keynesian Counterrevolution: A Theoretical Appraisal’ 5. Robert J. Barro and Herschel I. Grossman (1971), ‘A General Disequilibrium Model of Income and Employment’ 6. Jacques H. Drèze (1975), ‘Existence of an Exchange Equilibrium Under Price Rigidities’ 7. Jean-Pascal Bénassy (1975), ‘Neo-Keynesian Disequilibrium Theory in a Monetary Economy’ 8. Joaquim Silvestre (1983), ‘Fixprice Analysis in Productive Economies’ D General Equilibrium under Imperfect Competition 9. Takashi Negishi (1961), ‘Monopolistic Competition and General Equilibrium’ 10. Jean Jaskold Gabszewicz and Jean-Philippe Vial (1972), ‘Oligopoly “A la Cournot” in a General Equilibrium Analysis’ 11. Jean-Pascal Bénassy (1988), ‘The Objective Demand Curve in General Equilibrium with Price Makers’ E Walrasian Cycles 12. Robert E. Lucas, Jr. (1972), ‘Expectations and the Neutrality of Money’ 13. Finn E. Kydland and Edward C. Prescott (1982), ‘Time to Build and Aggregate Fluctuations’ 14. John B. Long, Jr. and Charles I. Plosser (1983), ‘Real Business Cycles’ PART II NON-WALRASIAN CYCLES A Real and Nominal Rigidities 15. Lars E.O. Svensson (1986), ‘Sticky Goods Prices, Flexible Asset Prices, Monopolistic Competition, and Monetary Policy’ 16. Jean-Pierre Danthine and John B. Donaldson (1991), ‘Risk Sharing, the Minimum Wage, and the Business Cycle’ 17. Jang-Ok Cho (1993), ‘Money and the Business Cycle with One-period Nominal Contracts’ 18. Jean-Olivier Hairault and Franck Portier (1993), ‘Money, New-Keynesian Macroeconomics and the Business Cycle’ 19. Jean-Pascal Bénassy (1995), ‘Money and Wage Contracts in an Optimizing Model of the Business Cycle’ 20. Jang-Ok Cho, Thomas F. Cooley and Louis Phaneuf (1997), ‘The Welfare Cost of Nominal Wage Contracting’ B Dynamics and Persistence 21. Guillermo A. Calvo (1983), ‘Staggered Prices in a Utility-Maximizing Framework’ 22. Tack Yun (1996), ‘Nominal Price Rigidity, Money Supply Endogeneity, and Business Cycles’ 23. Torben M. Andersen (1998), ‘Persistency in Sticky Price Models’ 24. Olivier Jeanne (1998), ‘Generating Real Persistent Effects of Monetary Shocks: How Much Nominal Rigidity Do We Really Need?’ 25. Jean-Pascal Bénassy (2003), ‘Output and Inflation Dynamics under Price and Wage Staggering: Analytical Results’ 26. Lawrence J. Christiano, Martin Eichenbaum and Charles L. Evans (2005), ‘Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy’ Name Index

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Book SynopsisThe Theory of Economic Growth compares the main theories of growth from Adam Smith to the present day in order to isolate their logical structures, theoretical domains and methodological underpinnings. The book provides original solutions to theoretical questions still debated in contemporary literature and points out new directions for further research.The authors carry out a 'vertical' or in-depth analysis of the three main schools of thought; classical, Keynesian and neo-classical. They perform a 'horizontal' analysis of a wide range of items connected with growth theory, such as competition, technical change, division of labour, business cycles, the impact on environment, and the financial intermediation. Attention is also given to the evolutionary approach to economic growth.This book will be of great interest to scholars of economic growth, macroeconomics, and historians of economic thought.Table of ContentsContents: Introduction 1. Theories of Economic Growth: Old and New 2. The Structure of Growth Models: A Comparative Survey 3. Endogenous Growth Theory as a Lakatosian Case Study 4. Endogenous Growth in a Multi-sector Economy 5. Income Distribution and Consumption Patterns in a ‘Classical’ Growth Model 6. Keynesian Theories of Growth 7. Should the Theory of Endogenous Growth be Based on Say’s Law and the Full Employment of Resources? 8. The Demographic Transition and Neoclassical Models of Balanced Growth 9. Human Capital Formation in the New Growth Theory: The Role of ‘Social Factors’ 10. The Evolutionary Perspective on Growth 11. Competition, Rent-Seeking and Growth: Smith versus the Endogenous Growth Theory 12. R&D Models of Economic Growth and the Long-term Evolution of Productivity and Innovation 13. Competition and Technical Change in Aghion and Howitt: A Formalisation of Marx’s Ideas? 14. Division of Labour and Economic Growth: Paul Romer’s Contribution in an Historical Perspective 15. The Interaction between Growth and Cycle in Macrodynamic Models of the Economy 16. Real Business Cycle Models, Endogenous Growth Models and Cyclical Growth: A Critical Survey 17. Growth Theory and the Environment: How to Include Matter Without Making it Really Matter 18. Modelling Growth and Financial Intermediation through Information Frictions: A Critical Survey References Index

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Book SynopsisThe Open Economy and its Financial Constraints explores the role of money and finance in an open economy. The existence of money and global financial flows compound the likelihood of financial constraints, in particular, financial vulnerability, financial exclusion and financial fragility, and create the possibility of unemployment. Penelope Hawkins focuses on financial openness and contends that while vulnerable economies can benefit from long-term international capital, greater financial exposure makes them increasingly susceptible to the crises associated with financial withdrawals. The author explores in detail the experiences of South Africa, Brazil and Thailand and finds that the consequences of financial liberalisation remain uncertain. She examines the rationale behind the distribution of credit within and between countries, and goes on to construct a financial vulnerability index as an empirical mechanism to rank nations according to their vulnerability to the withdrawal of international financial flows. This book offers an innovative conceptual approach to constraints in economic theory which will appeal to students and scholars of financial economics, particularly those who embrace non-orthodox monetary theory. It will also prove an enlightening read for development economists who can draw important lessons from the book's examination of the consequences of financial liberalisation.Trade Review'This book is very insightful and informative.' -- Tae-Hee Jo, Oeconomicus'This book is an important contribution to how we understand economic openness. Penelope Hawkins focuses our attention on how financial vulnerability has real consequences for economies in the international arena as well as for sub-national economies. The detailed conceptual and theoretical treatment of financial vulnerability is enhanced by the construction of an index for measuring vulnerability, and by a series of case studies.' -- Sheila C. Dow, University of Stirling, UK'Economists are used to thinking of constraints on expenditure or activity in developing economies as both "real" and well defined and binding. Penelope Hawkins takes a hard look at financial constraints on the small open economy. She portrays these constraints not only as fuzzy in outline but also liable to sudden shifts, often becoming binding at the worst possible time. Despite their ambiguity she finds ingenious ways to measure and analyse them. Her book is a valuable contribution to the comparatively new concern with the role of finance in economic development.' -- Victoria Chick, University College London, UKTable of ContentsContents: Introduction 1. Constraints and Economic Theory 2. Money, Liquidity Preference and Banks 3. Banks’ Liquidity Preference and Financial States of Constraint 4. Liquidity Preference and Capital Flows in an Open Economy 5. Financial Vulnerability and the Open Economy 6. Three Vulnerable Economies: Thailand, Brazil and South Africa 7. Financial Constraints on Economic Activity and Employment in South Africa 8. International Liquidity Preference and Vulnerable Economies 9. Conclusion Bibliography Index

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Book SynopsisThis book presents Korea's economic strategy to meet the emerging challenges, as it recovers from the 1997 financial crisis and moves on into the globalization and information era. For important policy areas, the authors evaluate existing policies, and offer proposals for new strategic direction that can achieve sustainable and equitable economic growth for Korea. A considerable majority of the contributing authors are involved in formulating economic strategy as policy advisors to the Korean government, and they bring to their chapters extensive experience and insights regarding Korean government policies that are rarely available to readers in such a comprehensive form. The book therefore offers a timely, practical, and unique analysis of all aspects of the Korean economy. Academics, policy practitioners, and others with interests in the Korean economy, Asian economies, development studies, and a broad sweep of other issues concerning structural reform will find in this volume a gold mine of detail and opinion.Trade Review'This reviewer would encourage anyone interested in strategies for dealing with globalization and increasingly important information and knowledge based activities to read this book. . . They will find a wide-ranging exploration of current issues and generally thoughtful approach to the many practical and theoretical considerations posed by Korea's new economic strategy.' -- Paul Kuznets, Comparative Economic Studies'This book does remarkable work in giving the audience a comprehensive look at a wide variety of issues concerning the Korean economy undergoing a dramatic transition from the past growth strategy.' -- Jungsoo Park, The Journal of the Korean EconomyTable of ContentsContents: Preface Introduction: Korea’s Response to Globalization Part I: Korean Geopolitical Economy in the 21st Century Part II: Strategy for International Trade Part III: Strategy for Business, Finance and Investment Part IV: Strategy for Primary Industries Part V: Strategy for Labor Relations and Social Welfare Part VI: Strategy for an Information- and Knowledge-based Economy Index

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Book SynopsisThe processes of globalisation and increased economic regionalism have had profound, often destabilising, effects on modern economic and financial systems. In recognition of this fact, the editors of this fine book have collected together a diverse range of heterodox ideas surrounding the complex relationships and interactions between globalisation, regionalism and economic activity.The book promotes real-world economic issues and explores them without adopting any particular methodological, ideological or theoretical agenda. A number of influential economists explore the inter-relationships between globalisation, regionalism, finance, economic growth and development from a global perspective. Amongst other topics, the book includes comprehensive discussions on fixed versus flexible exchange rates; international liquidity; the WTO dispute settlement system; the eastward expansion of the European Union; crowding-out in export led growth; demand and supply in the New Economy; the national origin of financial liberalisation in the US; and the relationship between savings and investment. The range and depth of analysis makes this book a timely and useful contribution to current policy debates. Academics, students and scholars with an interest in globalisation, international economics and macroeconomics will do well to read this eclectic and stimulating volume.Table of ContentsContents: Introduction 1. Capital Account Liberalisation, Free Long-Term Capital Flows, Financial Crises and Economic Development 2. Fixed vs. Flexible Exchange Rates, Economic Growth and International Liquidity 3. Globalization, Distributional Conflict and Inflation: The Case of the US Economy During the 1990s 4. How Well is the WTO Dispute Settlement System Working? 5. A Fully Coherent Post Keynesian Model of the Euro Zone 6. Finance–Industry Relationships in Europe and the Prospects for Growth and Convergence 7. Eastward Expansion of the European Union – Nominal and Real Convergence Examined 8. Export-led Growth: Evidence of Developing Country Crowding Out 9. Demand and Supply in the New Economy 10. The National Origin of Financial Liberalization: The Case of the United States 11. Saving is the Accounting Record of Investment 12. Globalization, Regionalism and State Capacity in Developing Countries: A Note Index

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Book SynopsisThis ambitious book seeks both to revive and revise the idea of 'functional finance'. Followers of this doctrine believe that government budgets should concentrate solely on their macroeconomic impact on the economy, rather than reflecting a concern for sound finance and budgetary discipline.Reinventing Functional Finance examines the origins of this idea and then considers it in a modern context. The authors explore the concept of NAIRU and argue that modern economies can operate at the level of full employment without provoking unmanageable inflation. They also contend that budget deficits do not have the deleterious effects commonly ascribed to them; the belief that they do rests on a misunderstanding of modern money. In this context, they highlight the relevance of Abba Lerner's famous dictum, 'money is a creature of the State'. The authors also debate the merits of various proposals for 'Employer of Last Resort' programs, which combine automatic stabilizers with the buffer stock principle. The book boasts an array of eminent contributors which includes, amongst others, James Duesenberry, Robert Eisner, Robert Heilbroner, Richard Musgrave, Edward Nell and Randall Wray.Financial economists, politicians, policymakers and bankers will welcome this provocative and refreshing book which challenges established economic thinking.Trade Review'This book serves as a good introduction to the neglected approach to macroeconomic theory and policy developed by Abba Lerner and his followers. Graduate students will find it particularly useful, but most of the essays could be read by undergraduates in appropriate courses, and anyone interested in macroeconomics will find them profitable reading.' -- Christopher J. Niggle, Review of Political Economy'Grounded on the fundamental analysis of the state nature of money and the role of government in the modern capitalist economy, Reinventing Functional Finance is without any doubt a great book through which solutions to various economic problems can be sought.' -- Yan Liang, Oeconomicus'Nell and Forstater have put together a set of thought-provoking papers that examine Lerner's functional finance theory, linking it to transformational growth, full employment, price stability, labour market dynamics, as well as fiscal and monetary policies . . . Reinventing Functional Finance is a must read for all scholars interested in public finance and full employment policy. Policymakers (and their economic advisers) are encouraged to read it and to consider going back to the basic insights that Abba Lerner and others brought to light six decades ago. This is an insightful, fresh, and well-overdue look at functional finance and its policy implications. The challenging task ahead is to take the principles of functional finance back to the policy arena.' -- Fadhel Kaboub, International Labor ReviewTable of ContentsContents: Preface Part I: Introduction 1. Transformational Growth and Functional Finance Interlude I: Opening Remarks Part II: Functional Finance: The Background 2. Functional Finance, New Classical Economics and Great-Great Grandsons 3. Toward a New Instrumental Macroeconomics: Abba Lerner and Adolph Lowe on Economic Method, Theory, History and Policy 4. Neisser’s Unorthodox Quantity Theory of Money 5. Functional Finance, Past and Present Part III: Assessing the Inflation Barrier 6. The NAIRU and Fiscal and Monetary Policy for Now and Our Future: Some Comments 7. The History of Abba Lerner’s Supply-side Inflation 8. Functional Finance and Fiscal Function 9. Are These Trade-offs Necessary? Part IV: Fiscal and Monetary Linkages 10. Functional Finance and US Government Budget Surpluses in the New Millennium 11. Functional Finance and Full Employment: Lessons from Lerner for Today 12. Anchors Aweigh: From Real to Nominal Money and from Market to Government Stabilization 13. Interest Rates, Profits and Economic Growth Interlude II: Roundtable Discussion Part V: Functional Finance and Full Employment 14. Equality and Enterprise: Can Functional Finance Offer a New Historical Compromise? 15. The Operational Role of Functional Finance for Labor Market Behavior and Outcomes 16. The Job Guarantee: Full Employment and Price Stability in a Small Open Economy Part VI: The Final Hour 17. Short-run Macroeconomic Stabilization by an Employer of Last Resort 18. Transformational Growth Project Members and Conference Participants in Open Conversation Index

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Book SynopsisThe contributors to this book, from the US and Japan, explore the main issues involved in the international trade, foreign direct investment, and macro/financial relations of the United States and Japan and provide guidance to policymakers for measures to help overcome Japan's economic stagnation since the early 1990s.The book is divided into three parts. Part I contains an empirical analysis of trade diversion under the North American Free Trade Agreement (NAFTA), a theoretical analysis of time in determining the structure and effects of trade with an application to Japan, and an empirical analysis of Japan's changing import behavior. Part II is focused on foreign direct investment (FDI), trade, and the behavior and structure of Japanese firms. Part III deals with macro/financial issues of current interest and importance in Japan. The analytical focus of the chapters is intended to enhance the understanding of the issues addressed and to provide some guidance to policymakers in the design of measures that will improve economic efficiency and welfare and help to overcome the economic stagnation that Japan has experienced in the past decade or more.Economists, political scientists and policymakers will find the analysis provided in this volume invaluable in understanding the Japanese economy and economic relations between Japan and the United States.Table of ContentsContents: Preface 1. Introduction and Overview Part I: Trade and Related Issues 2. Trade Diversion under NAFTA 3. Time and Trade: The Role of Time in Determining the Structure and Effects of International Trade, with an Application to Japan 4. An Analysis of Japan’s Changing Import Behavior Part II: Foreign Direct Investment, Trade, and the Behavior and Structure of Japanese Firms 5. Sources of Variation in the Productivity of Japanese Manufacturers 6. Foreign Direct Investment in Japan: Empirical Analysis Based on the Establishment and Enterprise Census 7. Exports and Foreign Direct Investment Accelerate Corporate Reforms: Evidence from Japanese Micro Data Part III: Macro/Financial Issues 8. Prospective Japanese Economic Recovery: Perspectives from European Economic Recovery in the 1930s 9. Japan’s Lost Decade and Weaknesses in Its Corporate Governance Structure 10. Zero-Interest-Rate Policy, the Forward-Rate Curve, and Policy-Duration Effect 11. Demographic Changes and Their Implications for Japanese Household Savings 12. Restoring Full Employment in Japan: Domestic and International Policy Considerations Index

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Book SynopsisThis important book analyses evolutionary approaches to economic policy. Its main purpose is to explore the policy implications of evolutionary economics, in particular of approaches inspired on the one hand by Schumpeter and revived by Nelson and Winter which deal with industrial evolution under constant institutions and, on the other hand, of approaches inspired by Hayek and North, which analyse the ways in which institutions themselves evolve. Hitherto evolutionary economists have paid little attention to policy issues, and the relatively few policy implications that they have produced are divergent. Whereas the Neo-Schumpeterian approach has often been used to support political interventions, the Hayekian viewpoint holds that economic policy detracts from economic performance. More systematic evolutionary analysis of economic policy is required if these one-sided findings are to be transcended. Furthermore, such analysis can be expected to develop a coherent theory of economic policy which will plug the gaps and rectify the errors (such as approval of socialist planning and Japanese industrial policies) of both neoclassical and alternative approaches to policy. Evolutionary economists and policy analysts will find this book of great interest, as will economists and students of economics who are interested in enlarging their views with excursions outside the standard curriculum.Trade Review'. . . the book provides a good overview on the link between evolutionary economics and its relevance for economic policy. . . it makes clear the enormous complexity of economic processes and the policy responses to them. Thus, it seems to us to be a very promising starting point to make evolutionary economics more relevant in economic policy-making.' -- Andreas Freytag, Journal of Evolutionary Economics'Traditional doctrines of economic policy have largely failed to address the fact that human economies are evolving, complex adaptive systems rather than equilibrating mechanisms. The contributions collected in this volume represent a significant step towards a more adequate, evolutionary approach to economic policy, an approach that is at the same time more modest than its mechanical counterpart, but also more true to the nature of its subject.' -- Viktor J. Vanberg, Universitat Freiburg, Germany'Until recently evolutionary economics has studied the evolution of organizations and economic systems but paid scant attention to problems of policy. This book may herald the beginning of a new era for this new and vibrant field by presenting a series of thoughtful, intelligent and fair essays that examine limits and opportunities in institutional policy. The authors make big strides developing a systematic evolutionary analysis of economic policies. I am particularly impressed by their attempts to analyze how the evolution of markets and governments often produces unintended effects for policy.' -- Thrainn Eggertsson, University of Iceland'Evolutionary economics has long had difficulties with economic policies, as the welfare implications of the various forms of evolutionary theory are by no means clear. This volume analyses arguments for policy to intervene in economies of different institutional makeup. The outcome is no simple set of prescriptions, but the basis for further development of policy thinking. It begins an important task in the research programme of evolutionary economics, especially that from an Austrian perspective, of demonstrating the policy relevance of these theories.' -- John Nightingale, University of New England, AustraliaTable of ContentsContents: Preface 1. Introduction: Evolutionary Thinking on Economic Policy 2. Why Economic Policies Need Comprehensive Evolutionary Analysis 3. Evolutionary Markets and the Design of Institutional Policy 4. Knowledge and Economic Policy: A Plea for Political Experimentalism 5. Democracy as an Evolutionary Method 6. Ideologies, Beliefs, and Economic Advice – A Cognitive–Evolutionary View on Economic Policy Making 7. Equilibrium and Evolutionary Foundations of Competition and Technology Policy: New Perspectives on the Division of Labour and the Innovation Process 8. Institutional Evolution, Regulatory Competition and Path Dependence 9. The German Neuer Markt as an Adaptive Institution 10. Understanding and the Mobilisation of Error: Eliminating Controls in Evolutionary Learning Index

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Book SynopsisThis comprehensive two-volume collection presents key papers on the relationship between international trade and trade policy on the one hand, and poverty and inequality on the other. These relationships highlight the connections between the WTO and income distribution. The analytical and policy context of the volumes is laid out by the editor's introduction and by the first two articles of the collection.The selected papers in the first volume cover macroeconomic links, price links, general equilibrium modeling and, in the second volume, factor markets. Prominent in the second volume are readings on the effects of trade on labour markets in developed and developing countries. Some articles develop the theory of trade and income distribution, but most are empirical and quantitative, stressing the need to test theory and measure key effects before one can make useful policy statements. This book will be invaluable for graduate students, policy makers and professional applied economists.Trade Review'These volumes assemble an impressive collection of papers on how international trade interacts with poverty and economic development, including both old and new classics and other provocative contributions by the best people in the field. I know that I will consult them frequently.' -- Alan Deardorff, University of Michigan, USTable of ContentsContents: Volume I Acknowledgements Introduction L. Alan Winters PART I OVERVIEW AND BASIC CONCEPTS 1. L. Alan Winters, Neil McCulloch and Andrew McKay (2004), ‘Trade Liberalization and Poverty: The Evidence So Far’ 2. Ravi Kanbur (2001), ‘Economic Policy, Distribution and Poverty: The Nature of Disagreements’ PART II MACROECONOMIC ANALYSIS 3. Francisco Rodríguez and Dani Rodrik (2001), ‘Trade Policy and Economic Growth: A Skeptic’s Guide to the Cross-National Evidence’ 4. T.N. Srinivasan and Jagdish Bhagwati (2001), ‘Outward-Orientation and Development: Are Revisionists Right?’ 5. L. Alan Winters (2004), ‘Trade Liberalisation and Economic Performance: An Overview’ 6. David Dollar and Aart Kraay (2002), ‘Growth is Good for the Poor’ 7. Branko Milanovic (2005), ‘Can We Discern the Effect of Globalization on Income Distribution? Evidence from Household Surveys’ 8. Martin Ravallion (2001), ‘Growth, Inequality and Poverty: Looking Beyond Averages’ 9. F. Bourguignon and C. Morrisson (1990), ‘Income Distribution, Development and Foreign Trade: A Cross-Sectional Analysis’ 10. Jeffrey G. Williamson (1997), ‘Globalization and Inequality, Past and Present’ PART III PRICE EFFECTS 11. Angus Deaton (1989), ‘Rice Prices and Income Distribution in Thailand: A Non-Parametric Analysis’ 12. Christopher B. Barrett and Paul A. Dorosh (1996), ‘Farmers’ Welfare and Changing Food Prices: Nonparametric Evidence from Rice in Madagascar’ 13. Paul A. Dorosh (2001), ‘Trade Liberalization and National Food Security: Rice Trade between Bangladesh and India’ 14. Jed Friedman and James Levinsohn (2002), ‘The Distributional Impacts of Indonesia’s Financial Crisis on Household Welfare: A “Rapid Response” Methodology’ 15. Jikun Huang, Scott Rozelle and Min Chang (2004), ‘Tracking Distortions in Agriculture: China and Its Accession to the World Trade Organization’ 16. Guido G. Porto (2005), ‘Informal Export Barriers and Poverty’ PART IV CGE MODELING 17. Shaohua Chen and Martin Ravallion (2004), ‘Welfare Impacts of China’s Accession to the World Trade Organization’ 18. Thomas W. Hertel, Maros Ivanic, Paul V. Preckel and John A.L. Cranfield (2004), ‘The Earnings Effects of Multilateral Trade Liberalization: Implications for Poverty’ 19. Thomas W. Hertel and L. Alan Winters (2006), ‘Poverty Impacts of a WTO Agreement: Synthesis and Overview’ 20. Henning Tarp Jensen and Finn Tarp (2005), ‘Trade Liberalization and Spatial Inequality: A Methodological Innovation in a Vietnamese Perspective’ 21. Thomas Rutherford, David Tarr and Oleksandr Shepotylo (2006), ‘The Impact on Russia of WTO Accession and the DDA: The Importance of Liberalization of Barriers Against FDI in Services for Growth and Poverty Reduction’ Name Index Volume II Acknowledgements An introduction by the editor to both volumes appears in Volume I PART I FACTOR MARKET APPROACHES 1. Wolfgang F. Stolper and Paul A. Samuelson (1941), ‘Protection and Real Wages’ 2. Ronald W. Jones (1971), ‘A Three-Factor Model in Theory, Trade, and History’ 3. J. Peter Neary (1978), ‘Short-run Capital Specificity and the Pure Theory of International Trade’ 4. Steven Matusz and David Tarr (2000), ‘Adjusting to Trade Policy Reform’ 5. Antonio Spilimbergo, Juan Luis Londoño and Miguel Székely (1999), ‘Income Distribution, Factor Endowments, and Trade Openness’ 6. Robert C. Feenstra and Gordon H. Hanson (1997), ‘Foreign Direct Investment and Relative Wages: Evidence from Mexico’s Maquiladoras’ 7. Paolo Manasse and Alessandro Turrini (2001), ‘Trade, Wages, and “Superstars”’ PART II LABOUR MARKETS: DEVELOPING COUNTRIES 8. Martín Rama (2003), ‘Globalization and the Labor Market’ 9. Deepak Lal (1986), ‘Stolper-Samuelson-Rybczynski in the Pacific: Real Wages and Real Exchange Rates in the Philippines, 1956–1978’ 10. Adrian Wood (1997), ‘Openness and Wage Inequality in Developing Countries: The Latin American Challenge to East Asian Conventional Wisdom’ 11. Gordon H. Hanson and Ann Harrison (1999), ‘Trade Liberalization and Wage Inequality in Mexico’ 12. Donald Robbins and T.H. Gindling (1999), ‘Trade Liberalization and the Relative Wages for More-Skilled Workers in Costa Rica’ 13. Susan Chun Zhu and Daniel Trefler (2005), ‘Trade and Inequality in Developing Countries: A General Equilibrium Analysis’ 14. Nina Pavcnik, Andreas Blom, Pinelopi Goldberg and Norbert Schady (2004), ‘Trade Liberalization and Industry Wage Structure: Evidence From Brazil’ 15. Pinelopi Koujianou Goldberg and Nina Pavcnik (2003), ‘The Response of the Informal Sector to Trade Liberalization’ 16. Eric V. Edmonds and Nina Pavcnik (2005), ‘The Effect of Trade Liberalization on Child Labor’ PART III LABOUR MARKETS: INDUSTRIAL COUNTRIES 17. Adrian Wood (1995), ‘How Trade Hurt Unskilled Workers’ 18. Richard B. Freeman (1995), ‘Are Your Wages Set in Beijing?’ 19. Eli Berman, John Bound and Stephen Machin (1998), ‘Implications of Skill-Biased Technological Change: International Evidence’ 20. Jonathan Haskel and Matthew J. Slaughter (2001), ‘Trade, Technology and U.K. Wage Inequaltiy’ 21. Vanessa Strauss-Kahn (2004), ‘The Role of Globalization in the Within-Industry Shift Away from Unskilled Workers in France’ 22. Noel Gaston and Daniel Trefler (1994), ‘Protection, Trade, and Wages: Evidence from U.S. Manufacturing’ 23. Sandra E. Black and Elizabeth Brainerd (2004), ‘Importing Equality? The Impact of Globalization on Gender Discrimination’ Name Index

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Book SynopsisSustainable Consumption is unique, not just in its inter-disciplinary and substantive subject matter (changing networks of utility consumption and production), but because it examines empirically the key theoretical debates underpinning the social sciences at the beginning of the 21st century. This book shifts the focus of sustainable consumption away from the individual consumer and their lifestyles, and examines how existing systems of provision constrain how people consume and how sustainability is conceived in popular and policy-related discourses. The authors address a number of relevant and topical issues including: the relationship between production and consumption, with a focus on how each sphere configures the other; the escalation of choice and the emergence of differentiation in service provision and lifestyle orientation; the constraints on consumption that are embedded both in systems of provision and in the collective routines of everyday life; and the differential capacities of states, public agencies, social movements and commercial companies to facilitate sustainable consumption. In tackling these issues, the book advances the sustainable consumption agenda by highlighting the ways in which socio-technical and market regulatory arrangements at the systemic level increase opportunities for the gradual re-orientation of consumption habits across social groups and over time. This book offers a comprehensive evaluation of sustainable consumption in the context of infrastructure provision. The interdisciplinary nature and rigorous analysis will make it essential reading for scholars, students and policymakers interested in sustainability, sociology, culture, consumption patterns and the environment.Trade Review'This collection of writings is an important contribution to the debates surrounding sustainable consumption, and how it may be facilitated . . . Particularly important is the consideration of how consumption is provided, especially where social and technical infrastructures are required in that provision . . . The book, therefore, makes an important contribution in enabling us to redefine the nature of sustainable consumption that we may actually begin to deliver it.' -- Leigh Holland, Organization & Environment'It has long been apparent that we need a new set of ideas for thinking about processes of consumption and their relationship to sustainability. This book collects research by some of the leading exponents of an alternative view that sees consumption as an outcome of a complex interaction of daily practices, suites of technologies and systems of provision. It is profoundly challenging for research and policy on sustainable consumption. Highly recommended.' -- Frans Berkhout, Vrije University, The Netherlands'This impressive collection of authors and articles rescues the study of consumption from the rubble of decades of individual-centred theorising. Taken together, these articles rightly make a powerful argument for viewing consumption as a social activity, and through the analysis of specific cases, draw attention to the social contexts that matter most. Possibly the most important contribution is the analysis of the mostly forgotten but all important role of heavy infrastructures in shaping consumption choices, particularly in the domains of energy and transport. This book is a must for students and policymakers concerned with social change, especially those with an interest in moving towards environmental sustainability.' -- Harold Wilhite, University of Oslo, Norway'This book offers an interesting contribution to debates on sustainable consumption, arguing for an approach that recognises how choices and needs are "socially produced" and mediated through infrastructures or systems of provision, rather than understood in terms of individual, market-based notions of "green consumerism". This is a polished piece of work and deserves to be read carefully.' -- Michael Redclift, King's College, University of London, UKTable of ContentsContents: 1. Introduction: Consumption, Infrastructures and Environmental Sustainability Part I: Consumption, Lifestyle and Choice 2. Sustainable Consumption: A Theoretical and Environmental Policy Perspective 3. The Limited Autonomy of the Consumer: Implications for Sustainable Consumption 4. The New ‘Energy Divide’: Politics, Social Equity and Sustainable Consumption in Reformed Infrastructures Part II: Scales of Provision and Intermediaries 5. Shifting Scales of Infrastructure Provision 6. Sustainable Infrastructures by Proxy? Intermediation Beyond the Production–Consumption Nexus Part III: Infrastructural Change and Inflexibility 7. Institutional Restructuring, Entrenched Infrastructures and the Dilemma of Overcapacity 8. Transport Infrastructures: A Socio-Spatial-Temporal Model 9. Infrastructures, Crises and the Orchestration of Demand 10. Conclusions Bibliography Index

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Book SynopsisThis concise book, by one of the leading scholars in development economics, has been developed from a series of lectures given to masters students and will serve as an excellent introduction to the principles of growth and development theory. The author presents conventional wisdom with a critical eye and charts development economics as it has evolved from Adam Smith to 'new' or endogenous growth theory. Thirlwall is critical of the latter, and its predecessor neo-classical growth theory, and tries to put back demand as a driving force in growth theory. He argues that in an open developing economy one of the major constraints is the availability of foreign exchange to pay for imports, so that export growth which relaxes a balance of payments constraint on demand becomes a crucial determinant of overall growth performance. Demand creating its own supply in a growth context, rather than the pre-Keynesian view of supply creating its own demand, provides an alternative framework to the neo-classical one for understanding the differential growth performance of nations.This highly original book will be essential reading for all students and scholars of development and growth economics.Trade Review'. . . the book succeeds brilliantly in its main aim, which is to review the key aspects of existing theory, offer an alternative point of view together with many important insights, and show a way forward. It is worth reading and re-reading by any serious, critical and open-minded student of growth and it should greatly contribute to a fruitful dialogue and synthesis between competing schools of thought.' -- Christopher Tsoukis, Journal of Development StudiesTable of ContentsContents: Preface 1. Growth Theory in the History of Thought 2. Neoclassical and ‘New’ Growth Theory: A Critique 3. Manufacturing Industry as the Engine of Growth 4. A Demand-Oriented Approach to Economic Growth: Export-Led Growth Models 5. Balance of Payments Constrained Growth: Theory and Evidence 6. The Endogeneity of the Natural Rate of Growth Bibliography Index

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