Macroeconomics Books

Book SynopsisHerbert Giersch's contribution to economics has ranged widely over international economics, European integration and the economics of entrepreneurship. This book presents in one volume a selection of some of his most important essays and papers. It encompasses the gradual evolution of his work from its beginnings to his most recent contributions to the debate on the future of the European Economic Community. It contains some of his most significant work during the last 30 years and includes material that is not widely available.It will be an essential reference point for all economists concerned with entrepreneurship, the world economy and Europe.Trade Review'Herbert Giersch has been an influential economist for almost half a century and this collection of his work is a worthy inclusion in the Economists of the Twentieth Century series.' -- Allan Webster, The Economic JournalTable of ContentsContents: Part I: Roots Part II: International Trade Part III: European Economic Integration Part IV: A Schumpetarian Perspective on the World Economy

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Book SynopsisThe industrialized economies of the world have experienced a considerable diversity of economic experience since the shocks of the 1970s. The authors of this major study assess the institutional determinants of economic performance in a comparative analysis of OECD economies. They focus in particular on the role played by corporatist arrangements in such countries as Austria and the Scandinavian states. Corporatism and Economic Performance argues that economists often have a narrow view of the scope and function of corporatism, focusing on the extent to which collective bargaining is centralized, and ignoring the important role of durable, consensual policy making arrangements. The record of the corporatist economies is assessed and considerable evidence is found to show that they have borne the burden of economic adjustment over the last twenty years in a less inegalitarian way than other OECD economies, with lower rates of unemployment and greater economic stability. In an increasingly integrated world economy, the future prospects for corporatism look uncertain, although there is still a strong economic case for corporatist institutions. This book sheds new light on corporatism as a complex and multidimensional entity, examining the rationale, scope, performance and future prospects of corporatist institutions.Trade Review'This book provides a thoughtful and extremely accessible re-assessment of the economic theory on which corporatist policies have been based. . . . the authors have drawn widely on the relevant economics and political science literature. -- Mark Wickham-Jones, Political StudiesTable of ContentsContents: 1. Introduction: An Overview of Economic Performance in Corporatist and Liberal Economies 2. Institutions and Economic Performance 3. Corporatism, Labour Market Institutions and Unemployment 4. The Political Economy of Durable Compromise 5. Growth, Competitiveness and Income Distribution 6. Corporatism and Macroeconomic Policy 7. Conclusion: Problems and Prospects

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Book SynopsisThis important book presents theoretical and empirical studies of the current reorganization of economic, political and social relations in Britain, West Germany and Scandinavia. An international list of distinguished contributors provide critical and well-informed commentaries on issues such as the transition from ‘Fordism’ to ‘Post-Fordism’, discourses and strategies of flexibility, the recomposition of labour markets and labour processes, the changing functions of the welfare state, and the transformation of the state. The arguments are illustrated using cases drawn equally from these three significant and distinct patterns of political economy. In particular, the book assesses how the need for increased ‘flexibility’ influenced the intellectual and organizational responses of these countries to the crises of the late 1970s.

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Book SynopsisProtectionism has been an enduring feature in the world economy even though economic theory can prove that free trade is a superior regime. Protectionism is, of course, caused primarily by interest groups who lose out under free trade and are able to organize to protect their interests.This major reference collection brings together some different theoretical approaches to the issue of commercial policy and how it is constructed. It also illuminates some of the complexities behind alternating phases of comparatively free trade and protectionism in the world economy over the last two centuries. Individual country studies bring out some variety in the experience, both in the origins of protectionist policies and of their impact. The conclusions add up to a considerable indictment of protectionism.Table of ContentsContents Acknowledgements Introduction PART I: THEORY 1. Jagdish N. Bhagwati (1982), ‘Directly Unproductive, Profit-seeking (DUP) Activities’ 2. Harry G. Johnson (1965), ‘An Economic Theory of Protectionism, Tariff Bargaining, and the Formation of Customs Unions’ 3. C.P. Kindleberger (1951), ‘Group Behavior and International Trade’ 4. Lionel Robbins (1931), ‘Economic Notes on Some Arguments for Protection’ PART II: GREAT BRITAIN 5. Ralph Davis (1966), ‘The Rise of Protection in England, 1689–1786’ 6. J. Bartlett Brebner (1948), ‘Laissez Faire and State Intervention in Nineteenth-Century Britain’ 7. Donald N. McCloskey (1980), ‘Magnanimous Albion: Free Trade and British National Income, 1841–1881’ 8. A.E. Musson (1972), ‘"The Manchester School" and Exportation of Machinery’ 9. Barry Eichengreen (1991), ‘The External Fiscal Question: Free Trade and Protection in Britain, 1860–1929’ 10. Forrest Capie (1978), ‘The British Tariff and Industrial Protection in the 1930s’ PART III: UNITED STATES 11. J.J. Pincus (1975), ‘Pressure Groups and the Pattern of Tariffs’ 12. G.R. Hawke (1975), ‘ The United States Tariff and Industrial Protection in the Late Nineteenth Century’ 13. M.E. Falcus (1971), ‘United States Economic Policy and the "Dollar Gap" of the 1920s’ PART IV: CONTINENTAL EUROPE 14. Michael Stephen Smith (1980), ‘Compromise and Conciliation, 1883–1900’ 15. W.O. Henderson (1965), ‘Prince Smith and Free Trade in Germany’ 16. Steven B. Webb (1980), ‘Tariffs, Cartels, Technology, and Growth in the German Steel Industry, 1879 to 1914’ 17. A. Gerschenkron (1943), ‘Agricultural Protection in the German Empire’ 18. Frank J. Coppa (1970), ‘The Italian Tariff and the Conflict Between Agriculture and Industry: The Commercial Policy of Liberal Italy, 1860–1922’ 19. C.P. Kindleberger (1975), ‘The Rise of Free Trade in Western Europe, 1820–1875’ 20. Forrest Capie (1983), ‘Tariff Protection and Economic Performance in the Nineteenth Century’ PART V: OTHER 21. Bela Balassa (1956), ‘Tariff Protection in Industrial Countries: An Evaluation’ 22. Kenneth Fielden (1969), ‘The Rise and Fall of Free Trade’ 23. John Gallagher and Ronald Robinson (1953), ‘The Imperalism of Free Trade’ Name Index

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

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Book SynopsisThe theory of monopoly capital is central to any satisfactory analysis of accumulation and stagnation in advanced capitalist economies. This major new book presents in one volume recent discussions of monopoly capitalism to emphasize the centrality and vitality of this tradition in modern political economy.Following the work of Kalecki, Steindl and Baran and Sweezy, a number of leading economists address key issues such as the calculation of the economic surplus, the division of income between labour and capital, oligopoly collusion over output and pricing, the growth of unproductive activity, the degree of monopoly, surplus absorption and stagnation and the history of the present crisis.Trade Review'This excellent little book under review. . . . brings together a number of important contributions and surveys.'Table of ContentsContents: 1. The Monopoly Capital Approach to the Concept of the Economic Surplus (J.B. Davis) 2. Monopoly Capital After 25 Years (P.M. Sweezy) 3. Estimating the Economic Surplus (J.D. Phillips) 4. The Tendency of the Surplus to Rise, 1963–1988 (M. Dawson and J.B. Foster) 5. Re-evaluating the Concept of the Surplus (V.D. Lippit) 6. Stagnation, Growth and Unproductive Activity (A.K. Dutt) 7. In What Sense Does Monopoly Capital Require Monopoly? An Essay on the Contribution of Kalecki and Steindl (T. Mott) 8. The Fund for Social Change (J.R. Stanfield) 9. Economic Surplus and the Market System (L. Fishman) 10. Industrial Integration, East and West: Planning the Market Economy (K. Cowling)

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Book SynopsisThis thoroughly accessible textbook shows students how microeconomic theory can be used and applied to major issues of public policy. In this way, it will improve their understanding of both microeconomic theory and policy and also develop their ability to critically assess them.>Clem Tisdell and Keith Hartley have expanded upon their previous successful work on microeconomics. As a result, this new book is considerably updated with substantial chapter revisions, as well as new chapters dealing with business management, ownership, environmental issues, public choice, defence, conflict and terrorism.Promoting a thorough understanding of this complex yet fundamental topic, Microeconomic Policy: A New Perspective will undoubtedly prove an invaluable textbook for all students, academics and researchers of economics and public policy.Trade Review’The new and updated edition of Microeconomic Policy provides an excellent blend of theory and application to foster understanding of economic-based policy making. The book is eclectic in its approach and addresses a rich set of current applications. It is an ideal book for teaching microeconomic-based policy analysis to students.’Table of ContentsContents: Preface Preface to Earlier Book Part I: The Methodology of Microeconomic Policy 1. How Do Economists Approach Microeconomic Policy? 2. Why do Governments Need Microeconomic Polices? 3. Relevance to Business Management of Microeconomics and Microeconomic Policy Part II: Demand, Supply, Markets and Policy 4. Competitive Markets and Price Regulation 5. Consumers and Policy 6. Costs, Supply and Policy Part III: Imperfect Markets 7. The Behaviour of Firms 8. Monopoly: Consequences, Regulation and Prevention 9. Oligopoly and Policy-Making 10. Ownership of Enterprises: Public or Private? Part IV: Factor Markets and Policy 11. Labour Markets 12. Human Capital and Social Policy 13. Trade Unions Part V: Public Choice 14. Do Votes Determine Polices? A Public Choice Perspective on Policy 15. The Contract State Part VI: Global Applications 16. The State of the Environment and the Availability of Natural Resources 17. Defence, Disarmament and Conflict Index

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Book SynopsisThis volume offers an authoritiative selection of the best published articles on the great speculative manias and stock market crashes, which highlights their important similarities. These phenomena disrupt the normal activities of investors who use financial markets to accumulate diversified portfolios of assets. The attraction of rapid capital gains entices the unwary to abandon their customary investments, exposing them to ruin when prices of hot new assets collapse. The mania for tulips in seventeenth century Holland and schemes to refinance government debt in eighteenth century France and Britain burned many investors and transformed financial markets. The volatile American stock market of the nineteenth century and bursting regional real estate bubbles brought down many financial institutions, threatening economic stability. The striking parallels between the stock market crashes of 1929 and 1987 raise basic questions about the stability of the capital markets. By examining whether these phenomena represent rational movements of the market or some mania or fad, these articles focus on the central policy question of whether these markets require regulation to serve the investing public.Trade Review'This volume achieves a nice balance by wisely assembling opposing views, alternative methods, and background information, and by covering a broad range of times, places and markets. Its structure and organization encourage historical thinking, pushing the reader beyond the arguments of the individual articles.' -- Charles W. Calomiris, Journal of Economic HistoryTable of Contents23 articles dating from 1905 to 1994 Contents: Introduction Part I: Tulipmania Part II: The Mississippi and South Sea Bubbles Part III: Nineteenth Century America Part IV: Land Booms in the 1920s and 1980s Part V: The American Stock Market in 1929 Part VI: The American Stock Market in 1987 Index

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Book SynopsisThis thoroughly accessible textbook shows students how microeconomic theory can be used and applied to major issues of public policy. In this way, it will improve their understanding of both microeconomic theory and policy and also develop their ability to critically assess them.>Clem Tisdell and Keith Hartley have expanded upon their previous successful work on microeconomics. As a result, this new book is considerably updated with substantial chapter revisions, as well as new chapters dealing with business management, ownership, environmental issues, public choice, defence, conflict and terrorism.Promoting a thorough understanding of this complex yet fundamental topic, Microeconomic Policy: A New Perspective will undoubtedly prove an invaluable textbook for all students, academics and researchers of economics and public policy.Trade Review’The new and updated edition of Microeconomic Policy provides an excellent blend of theory and application to foster understanding of economic-based policy making. The book is eclectic in its approach and addresses a rich set of current applications. It is an ideal book for teaching microeconomic-based policy analysis to students.’Table of ContentsContents: Preface Preface to Earlier Book Part I: The Methodology of Microeconomic Policy 1. How Do Economists Approach Microeconomic Policy? 2. Why do Governments Need Microeconomic Polices? 3. Relevance to Business Management of Microeconomics and Microeconomic Policy Part II: Demand, Supply, Markets and Policy 4. Competitive Markets and Price Regulation 5. Consumers and Policy 6. Costs, Supply and Policy Part III: Imperfect Markets 7. The Behaviour of Firms 8. Monopoly: Consequences, Regulation and Prevention 9. Oligopoly and Policy-Making 10. Ownership of Enterprises: Public or Private? Part IV: Factor Markets and Policy 11. Labour Markets 12. Human Capital and Social Policy 13. Trade Unions Part V: Public Choice 14. Do Votes Determine Polices? A Public Choice Perspective on Policy 15. The Contract State Part VI: Global Applications 16. The State of the Environment and the Availability of Natural Resources 17. Defence, Disarmament and Conflict Index

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Book SynopsisOver the past two decades the new classical macroeconomics has become the single most coherent school of macroeconomic thought. Always controversial, it has nonetheless captured centre-stage, and has become the standard by which competing schools of thought are judged. These volumes contain the most important and influential articles of the new classical school, as well as some important articles critical of new classical thinking. The volumes are arranged thematically, beginning with the rational expectations hypothesis and the application of general equilibrium to labour markets, and continuing with various new classical arguments for the ineffectiveness of government policy. The core of the volumes is Lucas's famous critique of econometric policy evaluation and responses to it in the areas of econometric technique, monetary theory and business-cycle theory. The final section covers the rapidly developing area of models of growth with increasing returns.Trade Review'The choice of articles by Kevin Hoover is most judicious. . . . a valuable source that can save on photocopying expenses and time.' -- Huw David Dixon, The Economic JournalTable of ContentsCONTENTS VOLUME I PART I: Rational Expectations J. F. Muth (1961), ‘Rational Expectations and the Theory of Price Movements’ M. Bray (1982), ‘Learning, Estimation and the Stability of Rational Expectations’ M. C. Lovell (1986), ‘Tests of the Rational Expectations Hypothesis’ R. E. Lucas, Jr. (1986), ‘Adaptive Behavior and Economic Theory’ PART II: The Phillips Curve and Labor Markets R. E. Lucas, Jr. and L. A. Rapping (1969), ‘Real Wages, Employment and Inflation’ R. E. Lucas, Jr. (1972), ‘Econometric Testing of the Natural Rate Hypothesis’ R. E. Lucas, Jr. (1972), ‘Expectations and the Neutrality of Money’ R. E. Lucas, Jr. (1973), ‘Some International Evidence on Output-inflation Tradeoffs’ R. T. Froyen and R. N. Waud (1980), ‘Further International Evidence on Output-inflation Tradeoffs’ R. J. Barro (1977), ‘Unanticipated Money Growth and Unemployment in the United States’ D. A. Small (1979), ‘Unanticipated Money Growth and Unemployment in the United States: Comment’ R. J. Barro and Z. Hercowtz (1980), ‘Money Stock Revisions and Unanticipated Money Growth’ R. J. Barro and M. Rush (1980), ‘Unanticipated Money and Economic Activity’ R. E. Lucas, Jr. (1980), ‘Two Illustrations of the Quantity Theory of Money’ PART III: The Limits of Monetary and Fiscal Policy T. J. Sargent and N. Wallace (1976), ‘Rational Expectations and the Theory of Economic Policy’ E. S. Phelps and J. B. Taylor (1977), ‘Stabilizing Powers of Monetary Policy under Rational Expectations’ J. B. Taylor (1979), ‘Staggered Wage Setting in a Macro Model’ T. J. Sargent and N. Wallace (1981), ‘Some Unpleasant Monetarist Arithmetic’ M. Darby (1984), ‘Some Pleasant Monetarist Arithmetic’ T. J. Sargent and P. Miller (1984), ‘A Reply to Darby’ P. J. Miller (1983), ‘Higher Deficit Policies Lead to Higher Inflation’ R. E. Lucas, Jr. (1986), ‘Principles of Fiscal and Monetary Policy’ R. J. Barro (1974), ‘Are Government Bonds Net Wealth?’ J. M. Buchanan (1974), ‘Barro on the Ricardian Equivalence Theorem’ G. P. O’Driscoll (1977), ‘The Ricardian Nonequivalence Theorem’ D. B. Bernheim and K. Bagwell (1988), ‘Is Everything Neutral?’ R. J. Barro (1979), ‘On the Determination of Public Debt’ N. Wallace (1981), ‘A Modigliani-Miller Theorem for Open-Market Operations’ T. J. Sargent and B. D. Smith (1987), ‘Irrelevance of Open Market Operations in Some Economies with Government Currency Being Dominated in Rate of Return’ F. E. Kydland and E. C. Prescott (1977), ‘Rules Rather than Discretion: The Inconsistency of Optimal Plans’ R. J. Barro and D. B. Gordon (1983), ‘A Positive Theory of Monetary Policy in a Natural Rate Model’ R. J. Barro and D. B. Gordon (1983), ‘Rules, Discretion and Reputation in a Model of Monetary Policy’ S. Goldfeld (1982), ‘Rules, Discretion and Reality’ D. Backus and J. Driffill (1985), ‘Inflation and Reputation’ D. Backus and J. Driffill (1985), ‘Rational Expectations and Policy Credibility Following A Change in Regime’ VOLUME II PART I: The Lucas Critique R. E. Lucas, Jr. (1976), ‘Econometric Policy Evaluation: A Critique’ O. J. Blanchard (1987), ‘The Lucas Critique and the Volcker Deflation’ T. F. Cooley, S. F. LeRoy and N. Raymon (1984), ‘Econometric Policy Evaluation: A Note’ D. F. Hendry (1988), ‘The Encompassing Implications of Feedback versus Feedforward Mechanisms in Econometrics’ PART II: Structural Estimation T. J. Sargent (1981), ‘Interpreting Economic Time Series’ L. P. Hansen and K. J. Singleton (1982), ‘Generalized Methods of Moments Estimators’ L. P. Hansen and K. J. Singleton (1982), ‘Generalized Instrumental Variables Estimation of Nonlinear Rational Expectations Models’ PART III: The VAR Programme C. A. Sims (1972), ‘Money, Income and Causality’ C. A. Sims (1980), ‘Macroeconomics and Reality’ C. A. Sims (1982), ‘Policy Analysis with Econometric Models’ T. F. Cooley and S. F. LeRoy (1985), ‘Atheoretical Macroeconomics: A Critique’ E. E. Leamer (1985), ‘Vector Autoregressions for Causal Inference?’ T. J. Sargent (1984), ‘Autoregressions, Expectations and Policy Advice’ R. B. Litterman and I. Weiss (1985), ‘Money, Real Interest Rates and Output: A Reinterpretation of Postwar U. S. Data’ C. A. Sims (1986), ‘Are Forecasting Models Usable for Policy Analysis?’ PART IV: Overlapping-generations Models of Money N. Wallace (1980), ‘The Overlapping Generations Model of Fiat Money’ J. Bryant and N. Wallace (1979), ‘The Inefficiency of Interest-Bearing National Debt’ J. Bryant and N. Wallace (1984), ‘A Price Discrimination Analysis of Monetary Policy’; T. J. Sargent and N. Wallace (1982), ‘The Real-bills Doctrine versus the Quantity Theory: A Reconsideration’ D. Laidler (1984), ‘Misconceptions about the Real-bills Doctrine: A Comment on Sargent and Wallace’ B. T. McCallum (1983), ‘The Role of Overlapping-Generations Models in Monetary Economics’ VOLUME III PART I: Finance-based Models of Money F. Black (1970), ‘Banking and Interest Rates in a World Without Money’ E. Farna (1980), ‘Banking in the Theory of Finance’ B. T. McCallum (1985), ‘Bank Deregulation, Accounting Systems of Exchange and the Unit of Account: A Critical Review’ L. H. White (1984), ‘Competitive Payments Systems and the Unit of Account’ K. D. Hoover (1988) ‘Money, Prices and Finance in the New Monetary Economics’ R. E. Lucas, Jr. (1978), ‘Asset Prices in an Exchange Economy’ R. E. Lucas, Jr. (1980), ‘Equilibrium in a Pure Currency Economy’ R. E. Lucas, Jr. (1984), ‘Money in a Theory of Finance’ R. E. Lucas, Jr., and N. L. Stokey (1987), ‘Money and Interest in a Cash-in-Advance Economy’ PART II: Business-cycle Models R. E. Lucas, Jr. (1975), ‘An Equilibrium Model of the Business Cycle’ R. E. Lucas, Jr. (1980), ‘Methods and Problems in Business Cycle Theory’ R. E. Lucas, Jr. (1977), ‘Understanding Business Cycles’ F. E. Kydland and E. C. Prescott (1982), ‘Time to Build and Aggregate Fluctuations’ J. B. Long, Jr. and C. I. Plosser (1983), ‘Real Business Cycles’ S. Altug (1989), ‘Time-to-Build and Aggregate Fluctuations: Some New Evidence’ R. G. King and C. I. Plosser (1984), ‘Money, Credit and Prices in a Real Business Cycle’ E. C. Prescott (1986), ‘Theory Ahead of Business Cycle Measurement’ L. H. Summers (1986), ‘Some Skeptical Observations on Real Business Cycle Theory’ E. C. Prescott (1986), ‘Response to a Skeptic’ R. D. Rogerson (1988), ‘Indivisible Labor, Lotteries and Equilibrium’ G. D. Hansen (1985), ‘Indivisible Labor and the Business Cycle’ B. T. McCallum (1986), ‘On ‘real’ and ‘sticky-price’ theories of the Business Cycle’ M. Eichenbaum and K. J. Singleton (1986), ‘Do Equilibrium Real Business Cycle Theories Explain Postwar U. S. Business Cycles?’ F. E. Kydland and E. C. Prescott (1988), ‘The Workweek of Capital and Its Cyclical Implications’ F. E. Kydland and E. C. Prescott (1990), ‘Business Cycles: Real Facts and a Monetary Myth’ P. M. Romer (1986), ‘Increasing Returns and Long-Run Growth’ P. M. Romer (1987), ‘Growth Based on Increasing Returns Due to Specialization’ R. E. Lucas, Jr. (1988), ‘On the Mechanics of Economic Development’ R. G. King et al (1988), ‘Production, Growth and Business Cycles: II. New Directions’ P. M. Romer (1990), ‘Endogeneous Technical Change’

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Book SynopsisThis book provides a concise yet rigorous discussion of the main issues in modern macroeconomics. In particular, it examines the controversy over the role and conduct of macroeconomic stabilization policy.While the book is written in such a way as to allow students to read individual chapters in isolation, according to their interests and needs, the book follows a structured direction. After providing a review of mainstream macro-models and the chief areas of controversy between Keynesian, Monetarist and New Classical approaches to stabilization policy, subsequent chapters focus on selected key controversies: the balance of payments and exchange rates; inflation and unemployment; money and economic activity; fiscal policy and aggregate demand; and business cycles.The approach adopted by the authors make this book highly responsive to teaching and student needs. This authoritative state-of-the-art survey of modern macroeconomics will be essential reading for intermediate level courses in macroeconomics.Trade Review'. . . usefully recommended as an additional reading for intermediate undergraduate courses.' -- Pasquale Scaramozzino, The Economic JournalTable of ContentsPart 1 Mainstream macro-models and schools of thought: mainstream macro-modesl; mainstream schools of thought. Part 2 The balance of payments and exchange rates: the Mundell-Fleming - Keynesian model under fixed exchange rates; the monetary approach to the balance of payments under fixed exchange rates; the Mundell-Fleming - Keynesian model under flexible exchange rates; the monetary approach under flexible exchange rates; exchange rate models and overshooting. Part 3 Inflation and unemployment: the Phillips curve; the expectations-augmented Phillips curve; policy implications. Part 4 Money and economic activity: monetary policy in the IS-LM model; the determination of the money supply; the demand for money; the transmission mechanism; empirical evidence on the demand for money. Part 5 Fiscal policy and aggregate demand: Keynesian view; monetarist view; the government budget constraint and the controversy over the power of fiscal policy; crowding-out in the AD-AS model. Part 6 Business cycles: the nature of the business cycle; early theories of the business cycle; the equilibrium business cycle; the political business cycle.

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

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

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

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Book SynopsisThis comprehensive and far-reaching book describes the growth and economic integration of the European economy from 1500 to 1913. The authors apply macroeconomic techniques to identify growth rates, inflation, product markets, trade networks and business cycles across a set of countries over the period. The book demonstrates that growth was the natural state for European economies throughout the period although, under the impetus of the industrial revolution, growth rates generally accelerated by the end of the nineteenth century. Similarly, business cycles in the modern sense seem to have been in evidence at the beginning of the period but by the eighteenth century there is no doubt that modern cycles affected these countries, sometimes simultaneously. Inflationary episodes are both distinct and shared in this long period, with the long inflation of the sixteenth century attesting to the integration of European markets. Finally, the authors find abundant quantitative evidence to support the argument that economies linked by international trade in 1500 came close to achieving global integration by 1913.The European Macroeconomy will be of interest to scholars of economic history, international economics and macroeconomics.Trade Review'. . . a useful companion when teaching European economic history.'Table of ContentsContents: Preface Part I: The Foundations of Macroeconomics in an Historical Context 1. Macroeconomics and Economic History 2. Political Integration and Economic Change in Early Modern Europe Part II: The Growth of the European Market Economy, 1500–1750 3. Population Growth and Agricultural Change before the Industrial Revolution 4. Inflation, the Quantity Theory of Money and the Banking System 5. Trade, Industry and Mercantilism 1500–1750 6. Trends and Cycles in the Pre-Industrial European Economy Part III: The First Industrial Revolution in Europe 1750–1850 7. The British Economy 1750–1850 8. Growth and Cycles in the Major Continental Economies 1750–1850 9. The Development of the ‘Peripheral’ Countries 1750–1850 Part IV: The Maturing of the Industrial Revolution 1850–1913 10. Population and Overall Economic Growth 1850–1913 11. Financial Factors in European Growth and Integration 1850–1913 12. European Business Cycles in the Victorian Era 13. Growth and Cycles 1500–1913 Bibliography Index

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Book SynopsisHow far can efficiency be pursued without sacrificing equity? Do fiscal changes designed to improve incentives necessarily lead to greater inequality of incomes? Does the profitability of ‘big business’ really reflect economies of scale and scope or is it also a reflection of market power? In addressing these and other key questions, a group of internationally acclaimed economists demonstrates why issues of concentration and inequality in economic life are moving to the top of the political agenda in the 1990s. Drawing upon the pioneering work of Peter Hart, this volume reflects the range of his influence from theoretical examinations of measures of industrial concentration and income inequality, to detailed empirical explorations of changes in concentration over time. The volume includes essays on, among other issues, the Hart measure of income mobility, income distribution in Eastern Europe, the UK state pension scheme, trends in the concentration of UK manufacturing in the 1980s, the EC Merger Control Regulation, corporate research and development strategies and corporate technological specialization in international industries.Industrial Concentration and Economic Inequality will be particularly relevant for government policy makers, social analysts and economists concerned with income distribution and industrial policy.Trade Review’This is a collection of thoughtful, though fairly technical, articles connected by the research interests of Peter Hart.’ -- Linda Hesselman, The Business EconomistTable of ContentsPart 1 Income inequality: on the Hart measure of income mobility, Anthony F. Shorrocks; the distribution of income in Eastern Europe, A.B. Atkinson and John Micklewright; wage rate mobility and measurement errors - an application to Swedish panel data, N. Anders Klevmarken; higher education - grants, taxation and lifetime inequality, John Creedy and Patrick Francois; will younger cohorts obtain a worse deal from the UK state pension scheme?, Richard Disney and Edward Whitehouse. Part 2 Industrial concentration: are industrial economists still interested in concentration?, Michael Waterson; trends in concentration in UK manufacturing, Michael Utton; merger appraisal under the EC merger control regulation, Eleanor J. Morgan; corporate research and development strategies - the influence of firm, industry and country factors on the decentralization of research and development, Mark Casson and Satwinder Singh; corporate technological specialization in international industries, John Cantwell.

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Book SynopsisA lucid introduction to the costs of unemployment and inflation, this book analyses the ways in which these two issues profoundly influence the conduct of economic policy. Based on economic events and policies in the UK and US, Inflation and Unemployment argues controversially against the New Right claim that inflation causes unemployment. The effects of unemployment on the financial, mental and psychological well being of unemployed people are investigated and the impact of inflation on the distribution of income and wealth is assessed. In conclusion Graham Dawson suggests that recent macroeconomic policy in the UK and US has tended to overstate the dangers of inflation and understate the unemployment costs of disinflation.Written in a lively and accessible style, this book provides a new understanding of key features of the modern economy.<Trade Review'This book is well written, interesting and comprehensive. It is a natural successor to the books on inflation by Fleming and Trevithick which so many readers found invaluable.'

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Book SynopsisThis major new reference collection reprints the most important published papers on the problems of war finance under varying constraints imposed by institutions, technology, geography, and strategy from the time of Alexander the Great to the Gulf War in 1991. Larry Neal has written a new comprehensive introduction to accompany the volumes.Table of ContentsVolume I War from antiquity to artillery: the wars of antiquity; the wars of the Middle Ages; the wars of Early Modern Europe. Volume II War in the 18th and 19th centuries: war of League of Augsburg and war of the Spanish Succession; Seven Years War; American War of Independence; the wars of the Modern Age - French Revolution and Napoleonic Wars, Crimean War. Volume III War in the 20th century: World War I; World War II; Korean War; the Cold War; the Gulf War.

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

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Book SynopsisIncome Distribution in a Corporate Economy offers a skilful examination of the influences of financial markets and imperfect competition on the distributive process. Unlike much of the earlier literature, it concentrates upon the short-run, making it suitable for empirical appraisal.After a thorough review of the theoretical and empirical literature of the past 30 years, Russell Rimmer uses a series of models to synthesize results from post Keynesian macroeconomics, investment theory and industrial economics. The final chapters contain an analysis of the short-run effects of changes in pricing strategies and increases in industrial concentration on income shares accruing to households and corporations. By presenting in one place the neo-classical and post Keynesian approaches, the book will serve both as a text and a foundation for future work on distribution. Students new to income distribution will be able to read the text as an introduction to the neoclassical and post Keynesian approaches. A novel contribution is the gathering together of early extensions of post Keynesian theory to the short run, including accounts of attempts to synthesise the major theoretical strands.Trade Review'Income Distribution in a Corporate Economy not only shows a very thorough knowledge of the relevant literature and considerable technical virtuosity and synthesising capabilities, it is also a substantial and original contribution to the literature.' -- G.C. Harcourt, University of New South Wales, Australia'Rimmer's book provides both a useful clarification of the debate over the Cambridge-style, post Keynesian approach to distribution and a useful demonstration of the possible avenues available in bringing that approach into contact with the short run and with analysis at the industry level.’ -- Graham White, The Economic Record'Rimmer's work is undoubtedly stimulating. . .' -- Terence Hutchinson, Review of Political Economy'This is one of the best modern books written on the functional distribution of income.' -- A.P. Thirlwall, The Economic JournalTable of ContentsPart 1 Income distribution in a perfectly competitive economy: the neoclassical microeconomy; does marginal productivity exhaust the product?; technology and substitution; the post-Keynesian critique of neoclassical distribution; capital deepening, the importance of capitalists and reswitching. Part 2 Some post-Keynesian approaches to distribution: the basic Kaldorian model; savings haviour and income shares; the neo-Pasinetti theorem; Boulding's theory of distribution in a neo-Pasinetti framework; Kaldor's representative firm and a two-sector extension. Part 3 Short-run Kaldorian theories of distribution: Sen's marginal productivity theory; Riach's marginal productivity model; Harcourt's price rule; Goodwin's aggregate demand analysis. Part 4 Financial markets, corporate decision-making and distribution: speculation, enterprise and investment; mark-up pricing; an extension of the neo-Pasinetti model. Part 5 Investment, the mark-up and Tobin's q: estimating the relationship between investmetn and Tobin's q; the price mechanism; competing theories of price; industry structure and the profit margin; what determines the value of q?. Part 6 Industry structure, conduct and a Keynesian theory of distribution: determination of the mark-up; the monopoly rents of firms and Tobin's q; a short-run model of financial markets, industry structure and corporate behaviour; increased industrial concentration and distribution.

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

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Book SynopsisIn Economic and Industrial Performance in Europe, a distinguished group of scholars compares the fortunes of different European nations in the period of economic restructuring, uncertainty, and generally slower economic growth that followed the oil crisis of the 1970s. Using meaningful quantitative data, the authors address the deterioration and divergence of economic performance across Europe since 1973. They look at attempts to improve domestic competitiveness, labour market deregulation, the impact of research and development on economic success, comparative analysis of state expenditure and debt, the military economy and the social consequences of industrialism and industrial restructuring. This volume seeks to show how the post-war boom has unravelled and how this process has impacted upon different European economies.Economic and Industrial Performance in Europe will be welcomed by students, researchers and policy makers seeking comprehensive, meaningful information on why some national economies have been better placed than others to shoulder the burden of the more intense, global competitive pressures that have become part of the post-1973 world economy.Trade Review’This useful book of papers examines the deterioration and divergence of economic performance across European countries since 1973. . .’ -- Aslib Book GuideTable of ContentsContents: 1. Introduction (P. McVeigh) 2. Europe in Figures: National Income and Employment (J. Michie) 3. Industry: Performance and Policies (M.C. Sawyer) 4. Labour Markets: Diversity in Restructuring (P. Nolan and D. Harvie) 5. Science and Technology, R & D and Innovation (D. Archibugi and J. Michie) 6. State Expenditure and Economic Performance (D. Coates and M. Wiggen) 7. The Military Economy in Europe (P. Dunne) 8. The Social Consequences of Industrialism (M. Rudd) Index

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Book SynopsisMax Corden has during the course of a long and distinguished career become established as one of the world's leading authorities on international trade theory. This selection of some of his most important articles and papers - many of which are considered classics - demonstrates his distinctive style, favouring words and diagrams over mathematics and aiming always for clear and simple exposition.Part I consists of three surveys: the first covers the period from 1949 to 1964, the second reviews empirical work on protection and the third provides a long review of the normative theory of international trade. Part II deals with the theory of trade policy and includes a critical essay on strategic trade policy, as well as articles on effective protection, foreign investment and protection, and customs union theory. Other topics covered include trade and growth, balance-of-payments theory, booming sector and Dutch disease economics, and international macroeconomic policy interaction and transmission. In an introduction Max Corden gives a fascinating account of how he came to write these papers.The book will be an essential reference companion for both students and researchers concerned with international trade theory.Trade Review’Max Corden has been the leading light of trade theory and trade policy for the last 20 years. Under his influence the theory has constantly developed, and has addressed the current and latest issues of policy. With Corden theory is closely in touch with policy, and policy is always considered from a strong theoretical perspective. The essays address every aspect of trade theory and trade policy, the determinants of real trade, trade policy and protection, adjustment to shocks and monetary influences. They are the perfect tour of modern international trade ideas, a resource and education in themselves.’

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Book SynopsisFor more than 20 years, William Lazonick has been one of the world's leading analysts of the dynamics of industrial development and change in international economic leadership. This impressive volume presents a coherent selection of Professor Lazonick's most important work on industrial development in Britain and the United States.The first part of the book contains articles on the decline of the British economy, including a recent summary of the debates on the British cotton textile industry and international competition. The second part focuses on labour, management and technology in the rise and recent decline of the US economy, and includes an up-to-date summary essay on organizational capabilities in American industry. Professor Lazonick's essays make historical analysis relevant to the present and put economic analysis back in touch with evolving reality. This approach, together with his unique combination of historical, statistical and theoretical methodologies, will ensure that this volume proves invaluable to economists and historians alike.Trade Review'This is a timely useful collection of Professor Lazonick's principal articles on those related themes in economic history to which he has devoted his considerable scholarly abilities and his stimulating search for originality.'

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

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Book SynopsisThis major new book is the most up-to-date general survey of economic and political integration in the European Union. Recent key developments deriving from the Maastricht Treaty and the Single European Act are highlighted including the completion of the Single Market, the prospects for EMU, the Community budget, and the reform of the CAP. The main ingredients of EMU are discussed and the Maastricht monetary plan is critically explained. This is followed by an analysis of the Community budget to 1999 and the related reform of the CAP. Professor Swann also surveys the two other treaty pillars - Co-operation on Justice and Home Affairs and the development of Common Foreign and Security Policy. European Economic Integration concludes by reviewing the factors which have stimulated the process towards an even closer union and identifying the challenges which still face the Union as it moves towards the second millennium.Trade Review'This is a very useful little book which will no doubt prove to be of interest not only to those studying Europe as part of a course in politics, but also for those who approach this topic because they are taking economics.' -- Talking Politics'Swann writes simply and straightforwardly, with a minimum of technical economics.'– Clive H. Church, Political StudiesTable of ContentsContents: Preface 1. The Original Community Blueprint: The Form and Process of Integration 2. The Original Community Blueprint: Institutions and Integration Policies 3. The Emergence of the Single European Act 4. The Single European Act 5. Onwards to Maastricht 6. Maastricht: Principles, Competences and Powers 7. Maastricht: The Economic and Monetary Union Programme 8. The Budget and Agriculture in the 1990s 9. The Magnetism of the European Union 10. Community Dynamics and Future Problems Index

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Book SynopsisThe articles in this volume give a balanced picture of the main debates of Dutch economic history after 1870: the slow industrialization in the nineteenth century, the protracted character of the depression of the 1930s; the 'Dutch miracle' of 1950 to 1973 and the 'Dutch disease' of the 1970s and 1980s. Some eminent contributions to these debates have been translated here in to English for the first time.Table of ContentsContents: Introduction 1. Backward, Late or Different?: Aspects of the Economic Development of the Netherlands in the 19th Century 2. The Role of the Outer Provinces in the Process of Dutch Economic Growth in the 19th Century 3. Industrialization and Economic Growth in the Netherlands during the Nineteenth Century: An Integration of Recent Studies 4. Long-Term Trends in Income and Wealth Inequality in the Netherlands 1808–1940 5. The Economic Relationship Between the Netherlands and Colonial Indonesia, 1870–1940 6. The Dance Round the Gold Standard: Economic Policy in the Depression of the 1930s 7. Interwar Unemployment in the Netherlands 8. Sinecures or Sinews of Power? Interlocking Directorships and Bank-Industry Relations in the Netherlands, 1910–1940 9. The Dutch Economic Miracle 10. The Economic Development of the Netherlands and Belgium and the ‘Success’ of the Benelux, 1945–1958 11. Economic Crisis and Economic Policy in the Thirties and Seventies 12. The Vintage Approach to Output and Employment Growth in the Netherlands, 1921–1976 13. Dating Postwar Business Cycles in the Netherlands, 1948–1976 Index

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Book SynopsisThis major volume of essays by Kenneth F. Wallis features 28 articles published over a quarter of a century on the statistical analysis of economic time series, large-scale macroeconometric modelling, and the interface between them.The first part deals with time-series econometrics and includes significant early contributions to the development of the LSE tradition in time-series econometrics, which is the dominant British tradition and has considerable influence worldwide. Later sections discuss theoretical and practical issues in modelling seasonality and forecasting with applications in both large-scale and small-scale models. The final section summarizes the research programme of the ESRC Macroeconomic Modelling Bureau, a unique comparison project among economy-wide macroeconometric models.Professor Wallis has written a detailed introduction to the papers in this volume in which he explains the background to these papers and comments on subsequent developments.Trade Review'An excellent reference volume of this author's work, bringing together articles published over a 25 year span on the statistical analysis of economic time series, large scale macroeconomic modelling and the interface between them.' -- Aslib Book GuideTable of ContentsContents: Introduction Part I: Time-series Econometrics Part II: Modelling Seasonality Part III: Forecasting in Theory and Practice Part IV: Macroeconometric Modelling

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Book SynopsisThe fundamental role of individual ageing is something that everyone is necessarily aware of, and the division of the life cycle into a number of distinct stages has been recognised for many centuries.This volume collects 32 articles concerned with a variety of economic aspects of individual and population ageing. They have been arranged under four main headings as follows: individual ageing and the life cycle; population ageing; ageing and social insurance; and macroeconomic effects. The editor has prepared a fresh introduction to accompany the piece which aims to set the context and discuss some of the major issues.Trade Review'. . . it is a marvellous idea to publish a collection of the most influential articles in a specific field. The series could become an important first reference for students and young teachers who turn to a new research area.' -- Hans Fehr, KyklosTable of ContentsCONTENTS ACKNOWLEDGMENTS INTRODUCTION PART I INDIVIDUAL AGEING AND THE LIFE CYCLE 1. Harold Lydall (1955), ‘The Life Cycle in Income, Saving, and Asset Ownership’ 2. Yoram Ben-Porath (1967), ‘The Production of Human Capital and the Life Cycle of Earnings’ 3. John Creedy (1974), ‘Income Changes over the Life Cycle’ 4. James L. Medoff and Katharine G. Abraham (1980), ‘Experience, Performance, and Earnings’ 5. Edward P. Lazear (1979), ‘Why Is There Mandatory Retirement?’ 6. A. B. Atkinson (1971), ‘The Distribution of Wealth and the Individual Life-Cycle’ 7. A. F. Shorrocks (1975), ‘The Age-Wealth Relationship: A Cross-Section and Cohort Analysis’ 8. Thad W. Mirer ((1980), ‘The Dissaving Behavior of the Retired Aged’ PART II POPULATION AGEING 9. Alfred Sauvy (1948), ‘Social and Economic Consequences of the Ageing of Western European Populations’ 10. William J. Serow (1976), ‘Slow Population Growth and the Relative Size and Productivity of the Male Labor Force’ 11. David M. Cutler, James M. Poterba, Louise M. Sheiner and Lawrence H. Summers (1990), ‘An Aging Society: Opportunity or Challenge?’ 12. Finis Welch (1979), ‘Effects of Cohort Size on Earnings: The Baby Boom Babies’ Financial Bust’ 13. Christopher A. Pissarides (1989), ‘Unemployment Consequences of an Aging Population: An Application of Insider-Outsider Theory’ 14. Brian S. Ferguson (1986), ‘Labour Force Substitution and the Effects of an Ageing Population’ 15. Jane Falkingham (1989), ‘Dependency and Ageing in Britain: A Re-Examination of the Evidence’ PART III AGEING AND SOCIAL INSURANCE 16. Paul A. Samuelson (1958), ‘An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money’ 17. Henry Aaron (1966), ‘The Social Insurance Paradox’ 18. Paul A. Samuelson (1975), ‘Optimum Social Security in a Life-Cycle Growth Model’ 19. P. A. Diamond (1977), ‘A Framework for Social Security Analysis’ 20. Michael J. Boskin (1977), ‘Social Security and Retirement Decisions’ 21. Martin Feldstein (1974), ‘Social Security, Induced Retirement, and Aggregate Capital Accumulation’ 22. Joseph J. Spengler (1978), ‘Population Aging and Security of the Aged’ 23. A. R. Prest (1970), ‘Some Redistributional Aspects of the National Superannuation Fund’ 24. Barbara Boyle Torrey (1982), ‘Guns vs Canes: The Fiscal Implications of an Aging Population’ 25. William A. Halter and Richard Hemming (1987), ‘The Impact of Demographic Change on Social Security Financing’ 26. Robert Clark (1977), ‘Increasing Income Transfers to the Elderly Implied by Zero Population Growth’ 27. John A. Turner (1984), ‘Population Age Structure and the Size of Social Security’ 28. John Creedy and Richard Disney (1992), ‘Financing State Pensions in Alternative Pay-As-You-Go Schemes’ 29. Robert K. von Weizsäcker (1990), ‘Population Aging and Social Security: A Politico-Economic Model of State Pension Financing’ PART IV MACROECONOMIC EFFECTS 30. F. A. Cowell (1975), ‘Income Tax Incidence in an Ageing Population’ 31. Paul R. Masson and Ralph W. Tryon (1990), ‘Macroeconomic Effects of Projected Population Aging in Industrial Countries’ 32. Ray C. Fair and Kathryn M. Dominguez (1991), ‘Effects of the Changing U. S. Age Distribution on Macroeconomic Equations’

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

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

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Book SynopsisThis timely volume features essays from an international group of economists which address issues relating to the objective of securing full employment. The contributors adopt a politicP>As well as offering a detailed empirical investigation of the unemployment experience in advanced countries, the book makes a critical evaluation of New Right economic policy making in the UK and the US, and examines the main international and domestic obstacles to the achievement of full employment, the prospects for job creation in the UK, and the impact of technological change.Trade Review’This is a collection of good papers addressing one of the compelling issues of our time.’Table of ContentsContents: Introduction: Obstacles to, and Strategies for, the Achievement of Full Employment 1. Obstacles to Full Employment in Capitalist Economies 2. Technological Unemployment 3. Assessing the Costs of Inflation and Unemployment 4. Thatcherism and Unemployment in the UK 5. Unemployment, Job Creation and Job Destruction in the UK Since 1979 6. Restructuring, Flexibility and the New Right in the US: the Political Economy of Plutocracy 7. High Wages, Enlightened Management and Economic Productivity 8. Wage-employment Determination in a Post-Keynesian World 9. Unemployment Experience and the Institutional Preconditions for Full Employment 10. Lessons from the Experience of the Swedish Model 11. Corporatism in Australia 12. Economic Development in the Industrialized Countries and the Prospects for Full Employment 13. European Monetary Integration and Unemployment in the Periphery Index

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

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Book SynopsisAxel Leijonhufvud has made a unique contribution to the development of macroeconomic theory. This volume draws together his insightful essays dealing with the extremes of economic instability: great depressions, high inflation and the transition from socialism to a market economy. In several of the papers, Leijonhufvud brings a neo-institutionalist perspective to the problems of coordination in economic systems.The papers within Macroeconomic Instability and Coordination some of them already considered classics, deal with the questions that dominated Leijonhufvud's interest throughout his career as an economist: what are the limits to an economy's capacity to coordinate the activities of its members? How does the behavior of the system change under extreme conditions? In what ways does its performance depend upon the institutions that govern the market process? This book presents in one volume several of Axel Leijonhufvud's most important contributions to macroeconomic theory and monetary economics. It will be invaluable to monetary and financial economists as well as to historians of economic thought.Table of ContentsContents: Preface Part I: Keynesianism, Monetarism and Rational Expectations Part II: Monetary Regimes and Inflation Part III: Markets, Firms and the Division of Labor Part IV: Problems of Socialist Transformation Part V: Reflections Bibliography Index

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Book SynopsisThese two volumes provide a range of perspectives on the collapse of the world economy in the interwar period, a time when problems of crisis and confrontation drastically affected world economic performance. During this period, national and international politics intruded upon global economic relations with more intensity than before. Trade and finance became instruments of government policy with the emergence of macroeconomic analyses of domestic economic performance. While the volumes concentrate on the major trends in the global economy as a whole, attention is also paid to developments in particular economies.The editor’s introduction provides a thematic overview of the main questions raised by this complex period. The Disintegration of the World Economy Between the World Wars, with its focus upon the period’s newly developing concepts for understanding trade and the macroeconomy, will be essential reading for understanding the growth and development of the world economy.Table of ContentsVolume I Acknowledgements Introduction Part I: A Contemporary’s Overview 1. H.D. Henderson (1955), ‘International Economic History of the Inter-war Period’ Part II: The Patterns of Trade, 1919-1939 2. W.A. Lewis (1952), ‘World Production, Prices and Trade, 1870-1960’ 3. H. Tyszynski (1951), ‘World Trade in Manufactured Commodities, 1899-1950’ 4. League of Nations (1942), ‘The System of Multilateral Trade’ 5. S. Grassman (1980), ‘Long-term Trends in Openness of National Economies’ 6. M. Beenstock and P. Warburton (1983), ‘Long-term Trends in Economic Openness in the United Kingdom and the United States’ 7. G. Hardach (1977), ‘Decentralization of the International Economy’ 8. United Nations (1949), ‘Capital Movements 1919–1939’ Part III: International Politics and Policies: Two Recent Overviews 9. C.P. Kindleberger (1989), ‘Commercial Policy Between the Wars’ 10. J. Redmond (1992), ‘The Gold Standard Between the Wars’ Part IV: The 1920s and the Reconstruction of the World Economy: The Limits of Internationalism 11. R. Nurkse (1944), ‘The Gold Exchange Standard’ 12. V.P. Timoshenko (1933), ‘Prices, Production, and Stocks of Principal Agricultural Commodities’ 13. J.W.F. Rowe (1935), ‘Artificial Control Schemes and the World’s Staples’ 14. United Nations (1947), ‘International Cartels in the Inter-War Period’ 15. S.V.O. Clarke (1973), ‘The Negotiations of 1922’ 16. M.E. Falkus (1971), ‘United States Economic Policy and the “Dollar Gap” of the 1920’s’ 17. S.A. Schuker (1985), ‘American “Reparations” to Germany, 1919-1933’ 18. B. Eichengreen (1980), ‘International Policy Coordination in Historical Perspective: A View from the Interwar Years’ 19. S.N. Broadberry (1989), ‘Monetary Interdependence and Deflation in Britain and the United States Between the Wars’ Name Index Volume II Acknowledgements Part I: The Emerging Crisis, 1929-1931 1. I. Fisher (1933), ‘The Debt-Deinflation Theory of Great Depression’ 2. B. Eichengreen (1992), ‘The Origins and Nature of the Great Slump Revisited’ 3. A. Newell and J.S.V. Symons (1988), ‘The Macroeconomics of the Interwar Years: International Comparisons’ 4. D. Williams (1963), ‘The 1931 Financial Crisis’ 5. D.E. Moggridge (1970), ‘The 1931 Financial Crisis – A New View’ 6. E.U. Choudhri and L.A. Kochin (1980), ‘The Exchange Rate and the International Transmission of Business Cycle Disturbances’ 7. B. Bernanke and H. James (1991), ‘The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison’ 8. H. James (1992), ‘Financial Flows Across Frontiers during the Interwar Depression’ 9. J. Foreman-Peck, A.H. Hallet and Y. Ma (1992), ‘The Transition of the Great Depression in the United States, Britain, France and Germany’ Part II: The Response to Crisis 10. H.V. Hodson (1933), ‘Tariffs and Exchange Control: The Struggle to Escape’ 11. S. Handelsbanken (1933), ‘The Great Trade War’ 12. P.A. Gourevitch (1984), ‘Breaking with Orthodoxy: The Politics of Economic Policy Responses to the Depression of the 1930s’ 13. C.A. Wurm (1989), ‘International Industrial Cartels, the State and Politics’ 14. D. MacDougall and R. Hutt (1954), ‘Imperial Preference: A Quantitative Analysis’ 15. P. Clavin (1991), ‘The World Economic Conference 1933: The Failure of British Internationalism’ 16. T.J.T. Rooth (1986), ‘Tariffs and Trade Bargaining: Anglo-Scandinavian Economic Relations in the 1930s’ 17. A.S. Milward (1981), ‘The Reichsmark Bloc and the International Economy’ 18. L. Neal (1979), ‘The Economics and Finance of Bilateral Clearing Agreements: Germany, 1934-8’ 19. V. Hentschel (1990), ‘Indicators of Real Effective Exchange Rates of Major Trading Nations from 1922 to 1937’ 20. B. Eichengreen and J. Sachs (1985), ‘Exchange Rates and Economic Recovery in the 1930s’ Part III: Trade Policy, Global Depression and the Developing World 21. C.H. Lee (1969), ‘The Effects of the Depression on Primary Producing Countries’ 22. V.P. Timoshenko (1930), ‘The Collapse of 1929-31’ and ‘The Spread of Depression’ 23. B. Eichengreen and R. Portes (1986), ‘Debt and Default in the 1930s: Causes and Consequences’ 24. I. Yamazawa (1975), ‘Industrial Growth and Trade Policy in Prewar Japan’ 25. C.F.D. Alejandro (1984), ‘Latin America in the 1930s’ 26. J.M. Campa (1990), ‘Exchange Rates and Economic Recovery in the 1930s: An Extension to Latin America’ Part IV: Contemporaries Look Forward 27. D.H. Robertson (1938), ‘The Future of International Trade’ 28. R.B. Bryce (1942), ‘Basic Issues in Postwar International Economic Relations’ Name Index

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Book SynopsisThis is the first title in The Growth of the World Economy series and collects together the most significant research and scholarship on a crucial period in the growth of international trade, from the fifteenth to the seventeenth centuries.This three hundred year span saw a dramatic expansion in the volume of world trade. Trade during this period became more truly international due to the rise of the nation-state in Europe.Articles are written by leading scholars around the world and take up such topics as the emergence of new world trade routes, trade in particular goods and commodities, European trade policies and mercantilism. With its focus on the beginnings of world trade, Trade in the Pre-Modern Era, 1400-1700 will be an indispensable reference source for all researchers concerned with the initial development of both international trade and the expansion of the world economy.Table of ContentsVolume I Acknowledgements Introduction Part I: World Perspectives and Overview 1. R. Findlay (1992), ‘The Roots of Divergence: Western Economic History in Comparative Perspective’ 2. P.R. Milgrom (1990), ‘The Role of Institutions in the Revival of Trade: The Law Merchant, Private Judges, and the Champagne Fairs’ 3. F. Mauro (1993), ‘Towards an “Intercontinental Model”: European Overseas Expansion Between 1500 and 1800’ 4. R. Findlay (1993), ‘International Trade and Factor Mobility with an Endogenous Land Frontier: Some General Equilibrium Implications of Chrisopher Columbus’ Part II: The Organization and Finance of Trade 5. C.J. Mathers (1988), ‘Family Partnerships and International Trade in Early Modern Europe: Merchants from Burgos in England and France, 1470-1570’ 6. N. Steensgaard (1981), ‘The Companies as a Specific Institution in the History of European Expansion’ 7. A.M. Carlos and S. Nicholas (1988), ‘“Giants of an Earlier Capitalism”: The Chartered Trading Companies as Modern Multinationals’ 8. R.R. Menard (1991), ‘Transport Costs and Long-Range Trade, 1300-1800: Was there a European “Transport Revolution” in the Early Modern Era?’ 9. K.N. Chaudhuri (1975), ‘The Economic and Monetary Problems of European Trade with Asia during the Seventeenth and Eighteenth Centuries’ 10. J. Sperling (1961-62), ‘The International Payments Mechanism in the Seventeenth and Eighteenth Centuries’ Part III: European Overseas Expansion and Trade A. Fifteenth Century: Venice 11. F.C. Lane (1933), ‘Venetian Shipping during the Commercial Revolution’ 12. R.T. Rapp (1975), ‘The Unmaking of the Mediterranean Trade Hegemony: International Trade Rivalry and The Commercial Revolution’ B. Sixteenth Century: Spain and Portugal 13 C.R. Phillips (1990), ‘The Growth and Composition of Trade in the Iberian Empires, 1450-1750’ 14. E.J. Hamilton (1938), ‘The Decline of Spain’ 15. P.J. Forsyth and S.J. Nicholas (1983), The Decline of Spanish Industry and the Price Revolution: A Neoclassical Analysis’ C. Seventeenth Century: England and the Netherlands 16. N. Steensgard (1990), ‘The Growth and Composition of the Long-Distance Trade of England and the Dutch Republic before 1750’ 17 N. Steensgard (1982), ‘The Dutch East India Company as an Institutional Innovation’ 18. G.M. Anderson, R.E. McCormick and R.D. Tollison (1983), ‘The Economic Organization of the English East India Company’ 19. D.A. Irwin (1991), ‘Mercantilism as Strategic Trade Policy: The Anglo-Dutch Rivalry for the East India Trade’ Name Index Volume II Acknowledgements Part I: Intra-European Trade and Trade Policies 1. F.J. Fisher (1939-40), ‘Commercial Trends and Policy in Sixteenth-Century England’ 2 R. Findlay (1987), ‘Intemediate Goods, Export Taxation and Resource-Based Industrialization’ 3. R. Davis (1954), ‘English Foreign Trade, 1660-1700’ 4. P. Benedict (1984), ‘Rouen’s Foreign Trade during the Era of the Religious Wars [1560-1600]’ 5. J.B. Collins (1984), ‘The Role of Atlantic France in the Baltic Trade: Dutch Traders and Polish Grain at Nantes, 1625-1675’ 6. M. Bogucka (1973), ‘Amsterdam and the Baltic in the First Half of the Seventeenth Century’ 7. M. Bogucka (1980), ‘The Role of Baltic Trade in European Development from the XVIth to the XVIIIth Centuries’ Part II: Commodity Markets in International Trade 8. C.H.H. Wake (1979), ‘The Changing Pattern of Europe’s Pepper and Spice Imports, ca 1400-1700’ 9. R.W. Unger (1980), ‘Dutch Herring, Technology, and International Trade in the Seventeenth Century’ 10. I. Blanchard (1986), ‘The Continental European Cattle Trades, 1400-1600’ 11. C. Wilson (1960-61), ‘Cloth Production and International Competition’ Part III: Mercantilism 12. J. Viner (1948), ‘Power versus Plenty as Objectives of Foreign Policy in the Seventeenth and Eighteenth Centuries’ 13. R. Conquest (1985), ‘The State and Commercial Expansion: England in the Years 1642-1688’ 14. A.W. Bob Coats (1992), ‘Mercantilism: Economic Ideas, History, Policy’ 15. D.C. Coleman (1980), ‘Mercantilism Revisited’ 16. R.B. Ekelund, Jr and R.D. Tollison (1984), ‘A Rent-Seeking Theory of French Mercantilism’ 17. D.A. Irwin (1992), ‘Strategic Trade Policy and Mercantilist Trade Rivalries’ Name Index

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Book SynopsisJohn Bristow's wide-ranging review, based on primary sources, traces economic developments since the fall of Zhivkov in late 1989. The progress of the macroeconomy, sectoral developments, international relations, reform of the banking and fiscal systems, and privatization are all extensively examined by Professor Bristow. While focusing on policy and the failure of the Bulgarian political system to provide sufficient momentum for effective economic reform, this important book acknowledges the successes and recognizes the problems of framing policy in times of severe economic dysfunction.Accessible and up-to-date, The Bulgarian Economy in Transition will be welcomed by scholars, researchers and policy makers concerned with the problems of transition from planned to market economies.Trade Review'The author provides a good and detailed report on the challenges, weaknesses and dilemmas of the Bulgarian transition, focusing on the period through late 1994. This book is recommended to scholars of economics, politics and government, and regional studies. . .'Table of ContentsContents: Preface 1. The Communist Era 2. Liberalization and Stabilization Policy: the Early Stages 3. Recent Macroeconomic Developments 4. Aspects of Industry and Agriculture 5. International Economic Relations 6. Reform of Financial Institutions 7. Fiscal Reform 8. Privatization 9. Some Reflections Bibliography Index

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

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Book SynopsisThis two volume set reprints 37 important contributions dealing with international trade throughout the world during the rise of Great Britain to world dominance, the industrialization of Western Europe, and the political and economic expansion of European powers into Asia, Africa and the Americas.The period from 1700 to 1850 saw many dramatic changes in the world economy. Frequent war among the European nations also affected these changes, influencing the timing and perhaps the ultimate magnitude of intercontinental trade.In addition to discussions of commodity trade in different parts of the world, essays in these volumes deal with the effects of governmental policies towards the flows of capital and labour and the emergence of trading institutions and their impacts on economic development. Many deal with controversial topics such as the role of slavery and the slave trade on European development, the burdens of mercantilism, and the impact of European expansion on the economies of the less developed parts of the world.Table of ContentsVolume I Acknowledgements Introduction Part I: The Broad Overview 1. C.P. Kindleberger (1975), ‘Commercial Expansion and Industrial Revolution’ 2. P. Bairoch (1973), ‘European Foreign Trade in the XIX Century: The Development of the Value and Volume of Exports [Preliminary Results]’ 3. R.A. Austen and W.D. Smith (1990), ‘Private Tooth Decay as Public Economic Virtue: The Slave-Sugar Triangle, Consumerism, and European Industrialization’ Part II: Great Britain 4. R. Davis (1962) ‘English Foreign Trade, 1700-1774’ 5. J.M. Price (1961, ‘Multilateralism and/or Bilateralism: The Settlement of British Trade Balances with “The North”, c. 1700’ 6. F. Crouzet (1980), ‘Toward an Export Economy: British Exports during the Industrial Revolution’ 7. R. Davis (1979), ‘The Industrial Revolution British overseas trade’ 8. A.H. Imlah (1950), ‘The Terms of Trade of the United Kingdom, 1798-1913’ 9. R. Pares (1956), ‘The London Sugar Market, 1740-1769’ 10. T.M. Devine (1976), ‘The Colonial Trades and Industrial Investment in Scotland, c. 1700-1815’ Part III: France 11. P. Villiers (1991), ‘The Slave and Colonial Trade in France just before the Revolution’ 12. P. Butel (1986), ‘Traditions and Changes in French Atlantic Trade Between 1780 and 1830’ Part IV: The United States 13. J.F. Shepherd and G.M Walton (1976), ‘Economic Change after the American Revolution: Pre- and Post-War Comparisons of Maritime Shipping and Trade’ 14. C.D. Goldin and F.D. Lewis (1980), ‘The Role of Exports in American Economic Growth during the Napoleonic Wars, 1793 to1807’ 15. D.C. North (1961), ‘International Economic Flows – 1815-1860’ 16. P. Temin (1967), ‘The Causes of Cotton-Price Fluctuations in the 1830’s’ Name Index Volume II Acknowledgements Part I: Africa, The Tropics, Asia and Australia 1. P. O’Brien (1982), ‘European Economic Development: The Contribution of the Periphery’ 2. D. Eltis and L.C. Jennings (1988), ‘Trade between Western Africa and the Atlantic World in the Pre-Colonial Era’ 3. R.B. Sheridan (1969), ‘The Plantation Revolution and the Industrial Revolution, 1625-1775’ 4. N.H. Leff (1973), ‘Tropical Trade and Development in the Nineteenth Century: The Brazilian Experience’ 5. F.J.A. Broeze (1975), ‘The Cost of Distance: Shipping and the Early Australian Economy, 1788-1850’ 6. K.N. Chaudhuri (1966), ‘India’s Foreign Trade and the Cessation of the East India Company’s Trading Activities, 1828-40’ Part II: Policy Issues 7. L.A. Harper (1942), ‘Mercantilism and the American Revolution 8. L. Sawers (1992), ‘The Navigation Acts Revisited’ 9. H.-C. Mui and L.H. Mui (1968-9), ‘Smuggling and the British Tea Trade Before 1784’ 10. F. Crouzet (1964), ‘Wars, Blockade, and Economic Change in Europe, 1792-1815’ 11. M. Bils (1984), ‘Tariff Protection and Production in the Early U.S. Cotton Textile Industry’ 12. P.J. Cain and A.G. Hopkins (1986), ‘Gentlemanly Capitalism and British Expansion Overseas I. The Old Colonial System, 1688-1850’ Part III: Factor Movements 13. H.A. Gemery and J.S. Hogendorn (1974), ‘The Atlantic Slave Trade: A Tentative Economic Model’ 14. B.L. Solow (1985), ‘Caribbean Slavery and British Growth: The Eric Williams Hypothesis’ 15. R. Menard (1977), ‘From Servants to Slaves: The Transformation of the Chesapeake Labor System’ 16. D.W. Galenson (1984), ‘The Rise and Fall of Indentured Servitude in the Americas: An Economic Analysis’ 17. L. Neal (1991), ‘A Tale of Two Revolutions: International Capital Flows 1789-1819’ Part IV: Trade Institutions 18. D.C. North (1968), ‘Sources of Productivity Change in Ocean Shipping, 1600-1850’ 19. C.K. Harley (1988), ‘Ocean Freight Rates and Productivity, 1740-1913: The Primacy of Mechanical Invention Reaffirmed’ 20. J.M. Price (1989), ‘What did Merchants Do? Reflections on British Overseas Trade, 1660-1790’ 21. J.M. Price and P.G.E. Clemens (1987), ‘A Revolution of Scale in Overseas Trade: British Firms in the Chesapeake Trade, 1675-1775’ Name Index

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

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Book SynopsisBureaucracy and Public Economics brings together in one volume the classic book and related articles which put forward the first formal economic theory of the behaviour of bureaucracies. William Niskanen Jr. has consistently argued that bureaucrats have personal objectives - that differ from those of both their political supervisors and the general public - which they further by use of their monopoly power. He develops his argument to contend that government budgets have become too large and should be curtailed. All of Professor Niskanen's major contributions to this field have been brought together in this one volume including his pioneering article on 'The Peculiar Economics of Bureaucracy', the full text of the book 'Bureaucracy and Representative Government' and his recent reassessment of the larger body of scholarship on the economics of bureaucracy.Scholars, students and teachers of public economics will welcome this volume which, by making some of the key contributions in the field more widely accessible, will provoke discussion, debate and further research. Trade ReviewReviews of the first edition: -- 'This book is a lively, well organized, clearly written development of a model of bureaucratic production.'– Earl A. Thompson, Journal of Economic Literature'This useful and thought-provoking volume brings together all of the author's major contributions to this field.' -- Aslib Book Guide'This reprint of Niskanen's work is very valuable. We may hope that this time round, readers will concentrate less on Niskanen's catchphrase and more on the analysis which he offers. Perhaps they will then realize that the question of bureaucratic over-supply is both more complex than is often recognized and also less assured.' -- Keith Dowding, The Manchester School'Edward Elgar are to be commended for making Niskanen's important and highly topical contributions more readily available to a new generation of scholars and enabling some less well-stocked libraries to fill an important gap in their collections.' -- Stuart Sayer, The Economic Journal'He [the author] is a highly esteemed professional economist. Clearly, he brings to this subject unquestionable competence and deep conviction about the importance of the subject . . . the concluding sections deserve respectful attention by anyone seriously interested in promoting improvement in what has become a major element in the way we live - government.' -- C. Lowell Harriss, Presidential Studies Quarterly'This particular book offers a very useful collation of Niskanen's leading contribution over more than two decades to the development of a formal economic theory of how and why the rational self interest of bureaucrats, often grounded in the interests of the bureau itself, subvert their masters' intentions and the process of representative government more generally.' -- Steve Molloy, Reviewing Sociology

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Book SynopsisDynamics and Income Distribution brings together Irma Adelman’s pioneering applications of econometrics, as well as papers on the poverty and income distribution implications of growth and development. The volume combines some early papers on business cycles and long swings with other pieces focusing on just economic development.With a firm emphasis on the dynamics of income inequality, this volume includes empirical study of how inequality changes with economic development and the conceptual development of dynamic indices of income inequality. Professor Adelman’s papers draw on quantitative simulation models and the experience of specific countries to discuss policies to alleviate poverty and reduce inequality. The author argues that trickle-down processes are not likely to reduce poverty sufficiently rapidly. Land reform and the equal access to education need to be focused in order to generate the initial conditions for equalizing economic development. Economic development and poverty reduction, she suggests, require an emphasis on education, on institutions determining access to jobs and resources, and on labour-intensive types of economic growth. With its companion volume, Institutions and Development Strategies, this collection of selected essays makes a significant contribution by improving access to Irma Adelman’s pioneering work on the economics and policy of development.Trade Review’The book should be compulsory reading for any researchers in economics and development studies. The rigour, depth, and profound historical knowledge of the author, along with her sympathetic humanistic approach, reminds us that economics is not just a sterile mathematical game but a study of the problems of human welfare.’- Dipak Basu, The Economic JournalTable of ContentsDynamics; poverty and income distribution.

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Book SynopsisIn Macroeconomic Problems of Transformation a distinguished group of economists examines the cause of the dramatic output collapse in the transforming economies of Eastern Europe and formulates policies to promote economic recovery.Drawing on scholarship from East and West, this book features discussion of such important aspects of the transformation process as the role of monetary policy, fiscal crises, exchange rate policies and privatization. In particular, several authors stress the importance of dealing with the distortions still existing in financial sectors and argue that export-led growth may be a potential driving force of accumulation in the economies currently in transition. The causes and consequences of the current fiscal crises are analysed, as are the processes of wage formation and privatization, in each case combining theoretical insight with empirical findings from the transforming economies. Later papers make comparisons with the reconstruction after the Second World War, discuss the effects of different exchange rate policies and consider the role of Western economies in promoting growth in Central and Eastern Europe.Trade Review’An excellent reference book on current thinking.'Table of ContentsOutput collapse and economic recovery in Central and Eastern Europe, Hansjorg Herr et al; endogenous budget deficits during transition - the mechanism and policy response, Dariusz K. Rosati; macroeconomic transformation in Eastern Europe - the role of monetary policy reconsidered, Peter Bofinger; economic transformation in the Visegrad countries - a comparison, Laszlo Csaba; the Visegrad economies in transition - the comparative perspective of the macroeconomic stabilization pentagon - a comment on Csaba, Grzegorz W. Kolodka; exchanges versus production as the basis for the design of monetary, fiscal and exchange rate policies for the transformation process, Jan A. Kregel; a comment on Kregel, Hajo Riese; stability and credibility in the transition process of the previously centrally planned economies - a comparison with the postwar Italian experience, Biagio Bossone and Francesco Papadia; wage determination and incomes policy during economic transitions in Eastern Europe, Robert J. Flanagan; privatization in comparative perspective - an overview of key issues, Paul G. Hare; on the limits of dual sector models of post-socialist economies - a comment on Hare, David Stark; determinants of privatization strategies - the Hungarian and German experiences, Thomas Schmid-Schonbein; the exchange rate and transition - the case of former Czechoslovakia, Miroslav Hrncir; the Central and Eastern European countries and the EC, Richard Portes; the European monetary system and development strategies for countries in Central and Eastern Europe, Jurgen Kroger and Manfred Teutemann; from stabilization to growth - reconsidering trade and foreign investment, Stefan Collignon.

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Book SynopsisThis important new book brings together a significant body of new essays on some of the central economic problems facing governments, firms and individuals in the 1990s. Under the direction of Paul Davidson and Jan Kregel, an international group of distinguished economists provide new perspectives on key issues including employment, corporate and work place restructuring, economic growth and development, financial integration and transformation of the former command economies. Combining rigorous scholarly assessments of the issues with policy prescription, the contributors seek to provide solutions to the problem of providing full employment, to identify the factors determining the expansion of the economy, and to analyse the impact of financial markets, financial derivatives and international regulations on domestic and global economic performance.Employment, Growth and Finance will be welcomed by all those interested in the solutions to international economic problems being developed by post Keynesian economists.Trade Review’. . . the book will be of interest to anyone who would like a sample of post Keynesian view on some important economic issues.’ -- S. Drakopoulos, Economic JournalTable of ContentsPart 1 Employment: The intellectual and institutional requirements for full employment, Malcolm Sawyer; the psychological costs of unemployment and unemployment hysteresis - theory and evidence, Arthur B. Goldsmith, Jonathan R. Veum, William Darity Jr.; aggregate and household behaviour - poverty and savings, David Bunting; the guaranteed minimum income as a proposal to remove poverty in Brazil, Eduardo Matarazzo, Suplicy and Samir Cury; the influence of changes in income distribution on aggregate demand in a Kaleckian model - stagflation vs exhilaration reconsidered, Tracy Mott, Edward Slattery; ownership and management, Nina Shapiro. Part 2 Growth: What's so "new" about the "new" theories of technical change? - Adam Smith, Robert Lucas Jr and economic growth, William Darity Jr; recent developments in growth theory - a post-Keynesian response, Mark Setterfield; structural change and productivity in OECD, John Cornwall, Wendy Cornwall; Part 3 Finance: Full employment and economic growth as an objective of economic policy - some thoughts on the limits of capitalism, Hyman Minsky; global protfolio allocation, hedging, and September 1992 in the European monetary system, Jan A. Kregel; the role of the Basle committee on banking supervision in the regulation of international banking, Andrew Cornford; is there an economic (neo-classical) explanation for the magic of the technical analysis of stock markets, Andrea Terzi; can capitalism be built through shortcuts? lessons from Poland's economic reform, Edward K. Zajicek.

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Book SynopsisThis book examines the extent to which spatial economic convergence has taken place in the European Union and analyses the effectiveness of regional policy. The authors examine the differing economic features of the European regions and provide an institutional background to regional policy at both the national and Union level. Theories of economic growth are discussed and assessed in terms of the relative performance of regional economies in Europe. The authors then analyse the extent to which economic convergence, for example in terms of income and employment, has materialized across regions using a variety of techniques including mean reversion and time varying parameter procedures. The analysis is both at the level of the entire EU area and at more disaggregate levels that look at specific regions of the Union and at specific sectors. The book offers an assessment of some of the key regional policy instruments used and pays particular attention to the role of infrastructure investment as a tool for enhancing regional growth. It also considers the extent to which some non-regional specific policies impact upon the development of regional economies and explores the implications of closer monetary ties between member states.This book will be of interest to academics and policymakers concerned with regional science, European studies and macroeconomics.Table of ContentsContents: Preface 1. Introduction 2. The Regions of the European Union 3. The Development of the European Union’s Regional Policy 4. Theories of Economic Development 5. Regional Economic Performance in the European Union 6. Economic Performance and Convergence across UK Regions 7. Labour Market Convergence in the UK and Germany 8. Infrastructure and Regional Economic Development 9. Conclusions References Index

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Book SynopsisFollowing German reunification in 1990, East Germany's centrally planned economy was abolished and replaced by West Germany's social market economy. Western Germany has since provided vast financial support to aid the transformation, and enable eastern Germany to catch-up with western Germany's productivity and living standards. This book evaluates the main events and their outcomes since mid-1990 and the associated policy issues. The authors assess the medium to long term growth prospects of eastern Germany and the wider implications for western Germany and Europe.The Economics of German Unification analyses the economic process of assimilating eastern Germany into the institutions and performance levels of western Germany. It includes original research as well as providing an overview of existing literature. Among the topics discussed are: the relative backwardness of East Germany's economy the impact of monetary and economic integration restructuring and privatization <>li>labour market and industrial policy, including an analysis of wage restraint and cost reduction the prospects for eastern Germany catching-up economically with western Germany the repercussions for German competitiveness nationally and within the wider European context This book will be welcomed by academics, researchers and undergraduates interested in the economics of transition, comparative economic systems, political economy and the European business environment.Trade Review'A model of clarity and organization, this relatively short book is marvellously handy for any researcher, student or practitioner engaged in international trade or policy making because issues are laid out clearly and answers presented persuasively with a sufficiently full explanation of sources and argument. A concise summary of the individual chapters' contents and main arguments at the start, and a twelve-point conclusion (with a few subpoints) at the end, plus a well laid-out index, make it easy and convenient to find information quickly.'Table of ContentsContents: 1. GEMSU – Switching from Socialism to Capitalism 2. The DDR Economy Revisited 3. The 1948 Currency and Economic Reforms in Comparison with the 1990 Economic and Monetary Union 4. Restructuring and Privatization 5. The Labour Market in Post-Unification Eastern Germany 6. Catching up with the West: The Achievements and Limitations of Creative Destruction 7. Convergence and Catch-Up: Results and Prospects 8. International and Domestic Repercussions of German Unification 9. Conclusion Index

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Book SynopsisDuring the latter part of the nineteenth century and the beginning of this century both international trade and national economies grew exponentially, with international trade growing considerably faster than national income. Contributors to these two volumes question whether trade’s more rapid growth was an engine pulling successful economies, or whether government policies of trade protection had a greater impact upon national economic growth.The essays in this collection analyse four major driving forces of the period’s sustained economic growth: changes in tariff policies; the technological ‘revolution’ in transportation costs; the population and income growth effects upon demand; and the alterations to comparative advantage brought about by technological changes and resource discoveries.Table of ContentsVolume I Acknowledgements • Introduction Part I: Overview of the Integration of the Nineteenth- Century World Economy A. Quantitative Estimates 1. P. Bairoch (1974), ‘Geographical Structure and Trade Balance of European Foreign Trade from 1800 to 1970’ 2. A. Green and M.C. Urquhart (1976), ‘Factor and Commodity Flows in the International Economy of 1870–1914: A Multi-Country View’ 3. S. Kuznets (1967), Quantitative Aspects of the Economic Growth of Nations: X. Level and Structure of Foreign Trade: Long-Term Trends’ B. General Overviews 4. C.K. Harley (1986), ‘Late Nineteenth Century Transportation, Trade and Settlement’ 5. S.B. Saul (1965), ‘The Export Economy 1870–1914’ C. Studies of Particular Commodities 6. C.K. Harley (1980), ‘Transportation, the World Wheat Trade, and the Kuznets Cycle, 1850–1913’ 7. M. Olson (1974), ‘The United Kingdom and the World Market in Wheat and other Primary Products, 1885-1914’ 8. A.J.H. Latham (1985), ‘The International Trade in Rice and Wheat since 1868: A Study in Market Integration’ 9. A.J.H. Latham and L. Neal (1983), ‘The International Market in Rice and Wheat, 1868–1914’ Part II: Trade and Growth A. General Studies 10. A.K. Cairncross (1961), ‘International Trade and Economic Development’ 11. I.B. Kravis (1970), ‘Trade as a Handmaiden of Growth: Similarities between the Nineteenth and Twentieth Centuries’ 12. N.F.R. Crafts (1973), ‘Trade as a Handmaiden of Growth: An Alternative View’ and I.B. Kravis (1973), ‘A Reply to Mr. Crafts’ ‘Note’ 13. C.P. Kindleberger (1961), ‘Foreign Trade and Economic Growth: Lessons from Britain and France, 1850 to 1913’ B. The Staple Thesis 14. M.H. Watkins (1963), ‘A Staple Theory of Economic Growth’ 15. E.J. Chambers and D.F. Gordon (1966), ‘Primary Products and Economic Growth: An Empirical Measurement’ 16. R.E. Caves (1971), ‘Export-Led Growth and the New Economic History’ Name Index Volume II Acknowledgements Part I: The Interplay of Trade, Protectionism, Liberalization and Growth A. Repeal of the British Corn Laws and the Emergence of Free Trade 1. S. Fairlie (1965), ‘The Nineteenth-Century Corn Law Reconsidered’ 2. C.P. Kindleberger (1975), ‘The Rise of Free Trade in Western Europe, 1820–1875’ 3. J.V. Nye (1991), ‘The Myth of Free-Trade Britain and Fortress France: Tariffs and Trade in the Nineteenth Century’ 4. D.A. Irwin (1993), ‘Free Trade and Protection in Nineteenth-Century Britain and France Revisited: A Comment on Nye’ 5. D.N. McCloskey (1980), ‘Magnanimous Albion: Free Trade and British National Income, 1841–1881’ 6. D.A. Irwin (1988), ‘Welfare Effects of British Free Trade: Debate and Evidence from the 1840s’ 7. J.G. Williamson (1990), ‘The Impact of the Corn Laws Just Prior to Repeal’ B. Trade, Growth and Retardation in Britain 8. N.F.R. Crafts (1989), ‘British Industrialization in an International Context’ 9. A.G. Ford (1963), ‘Notes on the Role of Exports in British Economic Fluctuations, 1870–1914’ 10. W.P. Kennedy (1974), ‘Foreign Investment, Trade and Growth in the United Kingdom, 1870–1913’ 11. D.N. McCloskey (1970-71), ‘Britain’s Loss from Foreign Industrialization: A Provisional Estimate’ 12. N.F.R. Crafts and M. Thomas (1986), ‘Comparative Advantage in UK Manufacturing Trade, 1910–1935’ C. Tariffs and Growth in Continental Europe 13. P. Bairoch (1972), ‘Free Trade and European Economic Development in the 19th Century’ 14. F. Capie (1983), ‘Tariff Protection and Economic Performance in the Nineteenth Century’ 15. C.P. Kindleberger (1951), ‘Group Behavior and International Trade’ 16. F.J. Coppa (1970), ‘The Italian Tariff and the Conflict between Agriculture and Industry: The Commercial Policy of Liberal Italy, 1860–1922’ 17. G. Toniolo (1977), ‘Effective Protection and Industrial Growth: The Case of Italian Engineering, 1898–1913’ 18. S.B. Webb (1980), ‘Tariffs, Cartels, Technology and Growth in the German Steel Industry, 1879 to 1914’ D. Tariffs and Growth in the United States 19. I.B. Kravis (1972), ‘The Role of Exports in Nineteenth-Century United States Growth’ 20. J.G. Williamson (1980), ‘Greasing the Wheels of Sputtering Export Engines: Midwestern Grains and American Growth’ 21. G. Wright (1990), ‘The Origins of American Industrial Success, 1879–1940’ 22. C.K. Harley (1992), ‘The Antebellum American Tariff: Food Exports and Manufacturing’ 23. J.A. James (1981), ‘The Optimal Tariff in the Antebellum United States’ 24. J.J. Pincus (1975), ‘Pressure Groups and the Pattern of Tariffs’ 25. G.R. Hawke (1975), ‘The United States Tariff and Industrial Protection in the Late Nineteenth Century’ E. Trade and the Periphery 26. J. Gallagher and R. Robinson (1953), ‘The Imperialism of Free Trade’ 27. J.R. Hanson, II (1977), ‘Diversification and Concentration of LDC Exports: Victorian Trends’ 28. J.R. Hanson, II (1986), ‘Export Shares in the European Periphery and the Third World before World War I: Questionable Data, Facile Analogies’ 29. I.T. Berend and G. Ranki (1980), ‘Foreign Trade and the Industrialization of the European Periphery in the XIXth Century’ 30. P.J. Cain and A.G. Hopkins (1980), ‘The Political Economy of British Expansion Overseas, 1750–1914’ 31. P.K. O’Brien (1988), ‘The Costs and Benefits of British Imperialism, 1846–1914’ 32. K. Sugihara (1986), ‘Patterns of Asia’s Integration into the World Economy, 1880–1913’ Name Index

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Book SynopsisRegional Policy and Regional Integration reprints the most important papers on those government policies that have an intentional and formal geographic focus. These policies have typically been motivated by equity considerations such as reducing unemployment, increasing incomes, promoting structural adjustments or realizing development potentials. While the main objective of regional policy is to improve conditions in deprived areas, public resources must be used in such a way that these objectives are achieved efficiently.The topics covered in this important volume include regional integration and urban systems; income, amenities and welfare; infrastructure; manufacturing; services; innovative milieux; delineating planning regions and policy instruments.Table of ContentsPart I Regional integration and urban systems. Part II Income, amenities and welfare. Part III Infrastructure. Part IV Manufacturing. Part V Services. Part VI Innovative milieux. Part VII Delineating planning regions. Part VIII Policy instruments.

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