Macroeconomics Books

Book SynopsisIn this challenging book, John King makes a sustained and comprehensive attack on the dogma that macroeconomic theory must have 'rigorous microfoundations'. He draws on both the philosophy of science and the history of economic thought to demonstrate the dangers of foundational metaphors and the defects of micro-reduction as a methodological principle. Strong criticism of the microfoundations dogma is documented in great detail, from some mainstream and many heterodox economists and also from economic methodologists, social theorists and evolutionary biologists. The author argues for the relative autonomy of macroeconomics as a distinct 'special science', cooperating with but most definitely not reducible to microeconomics. The Microfoundations Delusion will prove a stimulating and thought-provoking read for scholars, students and researchers in the fields of economics, heterodox economics and history of economic thought.Trade Review'This excellent book documents the creation of what has become the first commandment of orthodox macroeconomics: that microeconomic theory provides its foundation because this is the most secure form of economic knowledge. By contrast, John King shows conclusively that microeconomics cannot play such a role when assessed by the criteria of logic, or of science, or of economics itself. Indeed, he goes further and demonstrates that the microfoundations dogma detracts from knowledge about how economies actually operate, and instead generates patently false conclusions. Moreover, the dogma is shown to have blinded orthodox economists from even seeing the possibility of typical macroeconomic crises, and has disarmed them in formulating policies that would eliminate actual crises. The book therefore deals with a topic at the very heart of the present debacle in the world economy.' --Michael Howard, University of Waterloo, Canada'A generation ago Dudley Dillard wrote a famous article on the ''barter illusion in classical and neoclassical economics''. Now John King has gone a step further and written about the microfoundations delusion. The illusion has been with us for a very long time, the delusion is of more recent vintage. Together they have blocked a basic understanding of macroeconomic and monetary phenomena at a time when they are most urgently needed. This is a book that had to be written, and we are fortunate that it is John King who has written it. Essential reading for our times.' --John Smithin, York University, Canada'King's book, apart from its rather contentious conclusion that there is no inherent hierarchy between micro and macro, covers, every issue relevant to the debate majestically and in great detail. It is this reviewer s sense that, should the profession choose to engage with this book in a substantial and sustained way, these methodological questions which have lurked underneath the surface of economic discourse since at least Keynes s time can finally and once and for all be resolved.' --Philip Pilkington, Review of Keynesian EconomicsTable of ContentsContents: 1. Introduction Part I: Microfoundations and the Philosophy of Science 2. Microfoundations as a (Bad) Metaphor 3. Microfoundations as Micro-reduction 4. Two Case Studies: Biology and Social Science Part II: Microfoundations in the History of Economics and Other Social Sciences 5. ‘Microfoundations’ in the Literature of Economics, Part I: 1936–1975 6. ‘Microfoundations’ in the Literature of Economics, Part II: 1975–2012 7. Crossing the Border: ‘Microfoundations’ in the Other Social Sciences Part III: Dissenting Voices 8. The Dissenters, Part I: The Post Keynesians 9. The Dissenters, Part II: Mainstreamers, Austrians and Institutionalists 10. The Economic Methodologists and Microfoundations 11. Conclusion References Index

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Book SynopsisThis concise yet insightful sequel to the highly acclaimed The Nature of Economic Growth provides a comprehensive critique of both old and new growth theory, highlighting the importance of economic growth for reducing poverty.A.P. Thirlwall illustrates that orthodox growth theory continues to work with 'one-good' models and to treat factor supplies as exogenously given, independent of demand. Orthodox trade theory still ignores the balance of payments consequences of different patterns of trade specialization when assessing the welfare effects of trade. The author goes on to present theory underpinned by up-to-date empirical evidence that factors of production and productivity growth are endogenous to demand, and that the structure of production and trade matter for the long-run growth performance of countries because of their impact on the balance of payments. He concludes that trade liberalisation has proved disappointing in improving the trade-off between growth and the balance of payments.This book will provide a challenging read for students and academics in the fields of economics, heterodox economics, and development. Policymakers focussing on the relationship between growth, trade and the balance of payments will also find the book to be of great interest.Contents: Preface 1. Divisions in the World Economy and the Importance of Economic Growth 2. Growth Theory: Old and 'New' 3. A Critique of Orthodox Growth Theory: Structure and Demand Matter for Economic Growth 4. The Endogeneity of the Natural Rate of Growth and Constraints on Demand 5. Balance of Payments Constrained Growth 6. Trade Liberalisation, the Balance of Payments, Growth, Inequality and Poverty References IndexTrade Review‘The book is very well written and offers a host of theoretical and empirical insights into the problems at hand. It contains the fruits of the lifelong studies of a major development economist and is a must for everyone working in the field under consideration. Tony Thirlwall is to be congratulated for opening the reader’s eyes and freeing him from the fetters of ideology and prejudice.’ -- Heinz D. Kurz, Applied Economics Journal‘Economic Growth in an Open Developing Economy is revealed as a tour de force. It would serve equally well as either an introductory primer on balance-of-payments-constrained growth theory, or as a summary of the current state of the art for those already acquainted with the field. As such, it deserves to be read by all students and professionals with a sincere interest in long run growth and development.’ -- Review of Keynesian EconomicsTable of ContentsContents: Preface 1. Divisions in the World Economy and the Importance of Economic Growth 2. Growth Theory: Old and ‘New’ 3. A Critique of Orthodox Growth Theory: Structure and Demand Matter for Economic Growth 4. The Endogeneity of the Natural Rate of Growth and Constraints on Demand 5. Balance of Payments Constrained Growth 6. Trade Liberalisation, the Balance of Payments, Growth, Inequality and Poverty References Index

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Book SynopsisThis comprehensive Handbook presents the current state of art in the theory and methodology of macroeconomic data analysis. It is intended as a reference for graduate students and researchers interested in exploring new methodologies, but can also be employed as a graduate text. The Handbook concentrates on the most important issues, models and techniques for research in macroeconomics, and highlights the core methodologies and their empirical application in an accessible manner. Each chapter is largely self-contained, whilst the comprehensive introduction provides an overview of the key statistical concepts and methods. All of the chapters include the essential references for each topic and provide a sound guide for further reading.Topics covered include unit roots, non-linearities and structural breaks, time aggregation, forecasting, the Kalman filter, generalized method of moments, maximum likelihood and Bayesian estimation, vector autoregressive, dynamic stochastic general equilibrium and dynamic panel models. Presenting the most important models and techniques for empirical research, this Handbook will appeal to students, researchers and academics working in empirical macroeconomics and econometrics.Contributors: B.H. Baltagi, L. Bauwens, O. Boldea, J. Breitung, C. Cantore, M.J. Chambers, I. Choi, J. Davidson, V.J. Gabriel, R. Giacomini, P. Gomme, J. Gonzalo, P.A. Guerrón-Quintana, N. Haldrup, A.R. Hall, N. Hashimzade, M. Karanasos, L. Kilian, S. Kim, D. Korobilis, R. Kruse, P. Levine, D. Lkhagvasuren, A. Luati, H. Lütkepohl, J. Madeira, T.C. Mills, J.M. Nason, K. Patterson, J. Pearlman, J.-Y. Pitarakis, D.S.G. Pollock, T. Proietti, B. Rossi, F.J. Ruge-Murcia, T. Teräsvirta, M.A. Thornton, R.T. Varneskov, B. Yang, N. ZengTable of ContentsContents: 1. Introduction Nigar Hashimzade and Michael A. Thornton 2. A Review of Econometric Concepts and Methods for Empirical Macroeconomics Kerry Patterson and Michael A. Thornton PART I: PROPERTIES OF MACROECONOMIC DATA 3. Trends, Cycles and Structural Breaks Terence C. Mills 4. Unit Roots, Non-linearities and Structural Breaks Niels Haldrup, Robinson Kruse, Timo Teräsvirta and Rasmus T. Varneskov 5. Filtering Macroeconomic Data D.S.G. Pollock PART II: MODELS FOR MACROECONOMIC DATA ANALYSIS 6. Vector Autoregressive Models Helmut Lütkepohl 7. Cointegration and Error Correction James Davidson 8. Estimation and Inference in Threshold Type Regime Switching Models Jesús Gonzalo and Jean-Yves Pitarakis 9. Testing Structural Stability in Macroeconometric Models Otilia Boldea and Alastair R. Hall 10. Dynamic Panel Data Models Badi H. Baltagi 11. Factor Models Jörg Breitung and In Choi 12. Conditional Heteroskedasticity in Macroeconomic Data: UK Inflation, Output Growth and their Uncertainties Menelaos Karanasos and Ning Zeng 13. Temporal Aggregation in Macroeconomics Michael A. Thornton and Marcus J. Chambers PART III: ESTIMATION AND EVALUATION FRAMEWORKS IN MACROECONOMICS 14. Generalized Method of Moments Alastair R. Hall 15. Maximum Likelihood Estimation of Time Series Models: The Kalman Filter and Beyond Tommaso Proietti and Alessandra Luati 16. Bayesian Methods Luc Bauwens and Dimitris Korobilis 17. Forecasting in Macroeconomics Raffaella Giacomini and Barbara Rossi PART IV: APPLICATIONS I: DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM MODELS 18. The Science and Art of DSGE Modelling: I – Construction and Bayesian Estimation Cristiano Cantore, Vasco J. Gabriel, Paul Levine, Joseph Pearlman and Bo Yang 19. The Science and Art of DSGE Modelling: II – Model Comparisons, Model Validation, Policy Analysis and General Discussion Cristiano Cantore, Vasco J. Gabriel, Paul Levine, Joseph Pearlman and Bo Yang 20. Generalized Method of Moments Estimation of DSGE Models Francisco J. Ruge-Murcia 21. Bayesian Estimation of DSGE Models Pablo A. Guerrón-Quintana and James M. Nason PART V: APPLICATIONS II: VECTOR AUTOREGRESSIVE MODELS 22. Structural Vector Autoregressions Lutz Kilian 23. Vector Autoregressive Models for Macroeconomic Policy Analysis Soyoung Kim PART VI: APPLICATIONS III: CALIBRATION AND SIMULATIONS 24. Calibration and Simulation of DSGE Models Paul Gomme and Damba Lkhagvasuren 25. Simulation and Estimation of Macroeconomic Models in Dynare João Madeira Index

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Book SynopsisTaking stock of emerging planet data and analysing policies during the global crisis, Earth Economics provides a comprehensive and accessible introduction to basic macroeconomic concepts, methods and principles, and their application to real world data.Written principally for students seeking an introduction to macroeconomics, this book offers a completely new angle to policy, with a focus on the truly global level. Underpinned by empirical orientation of state-of-the-art data, it introduces earth economics as the study of the economy of our planet from the perspective of an autarkic system (a 'closed economy'), focussing on policymaking that improves global rather than national welfare.Key features include:- A discourse on issues fundamental to the understanding of macroeconomics.- An introduction to economists' tools and concepts. Non-economists will learn how to survive in a discussion with economists: where to ask questions, where to listen, where to skip and where to ignore.- Presentation of extensive and wide-ranging data in a consistent and comprehensive framework.- In-depth treatment of key concepts including: aggregates, autarky, closed economies, current accounts, earth economics, data, macroeconomics, microeconomics, development and global public goods.- Provision of a thorough, working understanding of the subject matter via exercises set throughout the book, including: questions on the text, calculations, formulating arguments and preparation, analysis and interpretation of data and figures.See the companion website - www dot eartheconomics dot info for updates and additional information.Contents: Preface 1. Introduction: It is the Only One We Have 2. Planet Accounts Part I: Short-term Fluctuations and Demand Management 3. Earth's Business Cycle 4. Why I = S and What That Means: The Building Blocks of Macroeconomic Analysis 5. Investment, the IS Curve, and Product Market Equilibrium 6. What About Government? 7. Money Matters! The LM Curve and Money Market Equilibrium 8. Eartheconomic Demand and Supply 9. Puzzling Disagreements Part II: Long Run 10. Long-Run Growth 11. Development and Change 12. Limits to Growth? Part III: Earth Governance and Global Public Goods 13. Global Public Goods 14. Global Peers: An Agenda References IndexTable of ContentsContents: Preface 1. Introduction: It is the Only One We Have 2. Planet Accounts Part I: Short-term Fluctuations and Demand Management 3. Earth’s Business Cycle 4. Why I = S and What That Means: The Building Blocks of Macroeconomic Analysis 5. Investment, the IS Curve, and Product Market Equilibrium 6. What About Government? 7. Money Matters! The LM Curve and Money Market Equilibrium 8. Eartheconomic Demand and Supply 9. Puzzling Disagreements Part II: Long Run 10. Long-Run Growth 11. Development and Change 12. Limits to Growth? Part III: Earth Governance and Global Public Goods 13. Global Public Goods 14. Global Peers: An Agenda References Index

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Book Synopsis'A failing orthodoxy calls out for powerful alternatives. Neoclassical economics is that failed orthodoxy; Whalen and his contributors are the critical alternative. In this finely orchestrated edited volume, the contributors take turns wielding a sledgehammer to demolish the weakened edifice of neoclassical theory. Then, each adds a brick to a new theoretical foundation as they work together to expand upon the Post-Keynesian Institutionalist approach, especially the ideas laid down by Hyman Minsky. Their critique is clear and the alternative theory and policies they present are critical for anyone trying to understand the nature and operation of market-based economies.' - Dorene Isenberg, University of Redlands 'A convergence of Post Keynesian and Institutional economics, which have much in common, offers a sound and practical way forward after the Great Recession. By drawing inspiration from Hyman Minsky and tracing similarities in the economics of Veblen, Commons and Keynes, this book pursues such a convergence in an original and thought-provoking manner. The result is a new way of thinking about economics, one based on serious economic theory and rooted firmly in economic reality.' - Philip Arestis, University of Cambridge, UK This timely book rethinks economic theory and policy by addressing the problem of economic instability and the need to secure broadly shared prosperity. It stresses that advancing economics in the wake of the Great Recession requires an evolutionary standpoint, greater attention to uncertainty and expectations, and the integration of finance into macroeconomics. The result is a broader array of policy options - and challenges - than conventional economics presents. Building on the pioneering work of Thorstein Veblen, John R. Commons and John Maynard Keynes, the authors synthesize key insights from Institutional and Post Keynesian economics into Post-Keynesian Institutionalism. Then they use that framework to explore an array of economic problems confronting the United States and the world. Inspired by the work of Hyman Minsky, the authors place financial relations at the center of their analysis of how economies operate and change over time. Students and scholars of macroeconomics and public policy will find this book of interest, as will a wider audience of financial analysts, policy makers and citizens interested in understanding economic booms and downturns.Trade ReviewIn the 1930s, economic theory and policy underwent dramatic change; such a shift occurs rarely and only in times of great calamity. We are in a similar period today, and this book enlightens economic policy and contributes to change that is ongoing in the mainstream of economic thinking. Economists and policymakers alike will benefit from this book. --Ronnie J. Phillips, Colorado State University, USFor those who take the work of Hyman Minsky seriously, this collection of essays provides a most welcome and refreshing examination of modern economic reality. It also demonstrates just how fruitful a conjoining of Post Keynesian and Institutionalist theory can be. Whalen has chosen his authors wisely, and, taken as a whole, their contributions provide an illuminating inquiry into what Minsky called ''money-manager capitalism''. The authors continue in the Minsky tradition, complementing his theoretical work and driving it forward. I highly recommend this book to not only economists who consider themselves Post Keynesian or Institutionalist, but to all who are looking for a way out of the theoretical impasse posed by conventional economics. --John Henry, University of Missouri-Kansas CityFinancial Instability and Economic Security after the Great Recession explores the close relationship between Institutional and Post Keynesian economics, thereby contributing greatly to our understanding of the recent - indeed, still ongoing - crisis in the U.S. economy and global financial markets. Together these two schools of thought provide coherent diagnoses and prescriptions that are wholly lacking in orthodox neoclassical theory. We are reminded that institutions matter, unregulated financial markets are not self-correcting, economies stall at equilibriums far below potential, and activist government is the only path to rebuilding a stable and balanced economy. This book will help greatly in the important task of rethinking economics and pointing us in the direction of reform and recovery. --Timothy A. Canova, Chapman University School of LawTable of ContentsContents: Preface Introduction: Instability, Prosperity and Economics After the Great Recession Charles J. Whalen PART I: FOUNDATIONS 1. Subverting Say’s Law: Harlan McCracken and the Commons-Keynes Connection Steven Kates 2. Towards a Synthesis of Institutional and Post Keynesian Economics W. Robert Brazelton and Charles J. Whalen 3. Futurity: Cornerstone of Post-Keynesian Institutionalism Glen Atkinson and Charles J. Whalen PART II: THE AMERICAN ECONOMY 4. Understanding and Preventing Financial Instability: Post-Keynesian Institutionalism and Government as Employer of Last Resort Fadhel Kaboub 5. Towards a More Rapid Recovery: Incorporating Subsidiarity into Macroeconomic Policy David A. Zalewski and Charles J. Whalen 6. Financial Stability, Regulatory Buffers and Economic Growth After the Great Recession: Some Regulatory Implications Éric Tymoigne PART III: THE GLOBAL ECONOMY 7. Regulating for Stability: Bank Capitalization and the Emergence of an International Lender of Last Resort Jan Toporowski 8. Evolution Without Fundamental Change: The Washington Consensus on Economic Development and its Significance for Post-Keynesian Institutionalism John Marangos and Charles J. Whalen 9. Money-manager Capitalism, Capital Flows and Development in Emerging Market Economies: A Post-Keynesian Institutionalist Analysis Yan Liang PART IV: CONCLUSION 10. The Future of Post-Keynesian Institutionalism Charles J. Whalen Index

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Book SynopsisThe study of income inequality is of fundamental importance to economics, although it has been largely overlooked since the 1980s. This book provides a long-overdue review of the study of income inequality and of its importance both to the economic welfare of modern advanced economies and their social cohesion. This book both widens the traditional scope of the subject to include, for example, the long-run effects of globalisation on income inequality, but also integrates the various models models to provide a coherent and consistent analysis of this important issue.'- Eric J. Pentecost, Loughborough University, UKWith the increased interest in the role of inequality in modern economies, this timely and original book explores income distribution as an equilibrium phenomenon. Though globalization tends to destroy earlier equilibria within industrialized and developing countries, new equilibria are bound to emerge. The book aims at a better understanding of the forces that create these new equilibria in income distribution and examines the concept at three distinct levels: market equilibrium, bargaining equilibrium and political economy equilibrium. In particular, the author addresses the question of how the main factor markets of labour and capital are related to income distribution.Sell's theoretical and empirical analysis investigates global income quotas, the aggregate distribution of income between labour and capital, and between labour income earners and profit income earners. New models are used to explain the dynamics of income distribution during business cycles and as a companion to long-term economic growth. A main focus of the monograph is on the ways in which globalization affects income distribution via trade flows, capital flows and labor mobility. Throughout, income distribution is regarded as a result of the struggle between different social preferences such as inequity aversion and equity aversion.This erudite and extensive tome will be of value to all economists, scholars and students interested in economic growth and inequality.Trade Review‘The study of income inequality is of fundamental importance to economics, although it has been largely overlooked since the 1980s. This book provides a long-overdue review of the study of income inequality and of its importance both to the economic welfare of modern advanced economies and their social cohesion. This book both widens the traditional scope of the subject to include, for example, the long-run effects of globalisation on income inequality, but also integrates the various models models to provide a coherent and consistent analysis of this important issue.’ -- Eric J. Pentecost, Loughborough University, UK‘This thoroughly researched volume will contribute massively to our understanding of income distribution and of the highly complex roots of inequality, will generate more research on the many linkages that the author has found between different factors, and will generally be the point from which future research in the field sets out.’ -- Citizen’s Income‘Sell’s book provides a welcome addition to the recent array of books on inequality. It combines empirical discussion with a solid discussion of existing theory combined with original ideas on what might be driving inequality and how policy can affect it. I recommend this book be read by undergraduates interested in the topic as well as by more advanced researchers and practitioners alike.’ -- Journal of Economics / Zeitschrift für NationalökonomieTable of ContentsContents: 1. Introduction 2. Various Concepts of Equilibrium in Economics 3. Income Distribution and the Labour Market 4. Income Distribution and the Capital Market 5. Income Distribution and the Business Cycle 6. Income Distribution and Economic Growth 7. Factor Mobility and Income Distribution 8. International Trade and Income Distribution 9. Final Remarks Bibliography Index

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Book Synopsis'The dramatic development of global production networks in the last few decades has inspired new analytical insights in the field of international trade and environmental economics. The input output analysis, once considered ''old-fashioned,'' was brought back to the stage as a key analytical tool, and this Handbook's impeccable timing captures these emerging academic interests and refreshes the image of traditional input-output users. This unique publication features multi-dimensional coverage of relevant topics rallying the expertise of statisticians, theorists, and practitioners, and hence is expected to serve a wide range of today s scientific needs. A highly informative read for students, scholars, business persons, and policy-makers alike.'- Satoshi Inomata, IDE-JETRO, JapanThe field of input-output analysis is fragmented. Statisticians collect and organize data and construct input-output coefficients. Economists analyze these coefficients and their changes to measure and explain important concepts such as productivity, efficiency and comparative advantages. Applied economists and environmental analysts then build models around input-output matrices for scenario and impact analyses. This authoritative Handbook encompasses all these elements, explaining in detail the treatment and role of input-output statistics in the System of National Accounts. Importantly, it provides a unifying global supply-use framework to tie together many of the unresolved issues in collecting statistics, constructing input-output coefficients, and their use in modeling. Leading experts from international statistical offices and universities provide comprehensive coverage of the field, including history, theory, applications, uncertainty and dynamics. They elucidate the collection of accounting statistics, the construction of input-output tables, and their use in economic and environmental analysis. Furthermore, they examine the building of applied general equilibrium models, the use of these models for efficiency analysis, and the links to stochastic and dynamic input-output analysis. Students and academics studying applied economics and environmental modeling and will find this an enlightening guide to the state of the art. As well as revealing and exploring the theoretical foundations, the Handbook will also act as a useful guide for practitioners.Contributors include: J. Beutel, K. Kratena, B. Los, D.S. Meade, Y. Okuyama, J.M. Rueda-Cantuche, G. Russo, V. Shestalova, K. Swales, U. Temursho, T. ten Raa, K. Turner, R. WoodTrade ReviewCovering a wide range of topics, this practical handbook provides not only a useful compilation of fundamental knowledge but also of the history of input-output analysis, reminding us of the inspiring efforts of its pioneers. The book is a welcome and much-needed reference for novices as well as for established researchers in IOA who want to expand their analytical portfolio. Many facets of IOA are explained and referenced in detail, ranging from underlying basics and concepts to state-of-the-art developments.' --Thomas Wiedmann, UNSW Australia'This is a wonderful book covering the key topics of input-output analysis, from the basics to its link with national accounting, along with new approaches to the construction of input-output tables. The coverage roams from conventional applications to the frontiers of theory and practice, including the turn to international trade. It is not only an excellent guide for beginners, but also a good ''appetizer'' for input-output academics and professionals to explore their favorite or hot topic further. You will benefit from reading this book.' --Yang Cuihong, Chinese Academy of Sciences, China'This edited volume represents an excellent selection of chapters compiled by the pre-eminent economist in the field of input-output economics, Thijs ten Raa. The topics covered include a methodological chapter on the supply and use framework of national accounts; environmental accounting in an input-output framework; the measurement of productivity growth, factor content, and mutlipliers; the treatment of the service sector in input-output economics; the treatment of international trade in this framework; and general equilibrium analysis in the CGE model.' --Edward Wolff, New York UniversityTable of ContentsContents: 1. Introduction Thijs ten Raa 2. Early Days of the Input-Output Table Douglas S. Meade 3. The Supply and Use Framework of National Accounts Joerg Beutel 4. The Construction of Input-Output Coefficients José M. Rueda-Cantuche 5. Environmental Footprints Richard Wood 6. Multipliers, Factor Contents, and Productivity Thijs ten Raa 7. Input-Output Tables and the Interconnectedness of the Service Industries Giovanni Russo and Laura Chies 8. Input-Output Analysis of International Trade Bart Los 9. Environmental Economics Kim Swales and Karen Turner 10. General Equilibrium Analysis Kurt Kratena 11. Input-Output Based General Equilibrium Analysis of Efficiency Victoria Shestalova 12. Uncertainty Treatment in Input-Output Analysis Umed Temursho 13. Dynamic Input-Output Analysis Yasuhide Okuyama 14. Prospects Thijs ten Raa Index

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Book SynopsisThis book answers a number of important questions about the distribution of wealth among people and the way that this distribution has changed over time. It provides a comprehensive analysis of the personal distribution of wealth from many dimensions: economic, statistical, ethical, political, sociological and legal.Using data from 21 countries, this book demonstrates how inequality in the distribution of wealth varies between different parts of the world and how it evolves, with particular emphasis on the claim that there has been a long-term and continued increase in inequality since the 1970s in most countries. It discusses alternative ways of measuring the degree of inequality, analyses Thomas Piketty's claim that society has become more unequal in recent decades, and assesses the relative importance of the various determinants of the distribution of wealth. The authors explain why the distribution of wealth is unequal, and discuss how it could be changed with alternative policies and the possible consequences of these policies for economic efficiency. The authors also compare the different distributions of wealth that are implied by alternative views of society.This is a valuable resource for students and academics in economics, political science and sociology seeking a state-of-the-art account of the theory and evidence surrounding inequality in the distribution of wealth.Trade Review'Michael Schneider, doyen of wealth inequality, has teamed up with two talented coauthors to produce an authoritative work on this critical issue. Their book covers everything from 18th century Danish inequality to the ethics of wealth inequality. The Distribution of Wealth - Growing Inequality? is packed with data, insightful analysis and policy suggestions. The work is generous to other scholars, internationally focused and theoretically rich. If you care about the distribution of wealth - and all of us should - then this terrific book should be among your assets.' --Andrew Leigh, Economist and Australian ParliamentarianTable of ContentsContents: 1. Introduction 2. Measuring Inequality in the Distribution of Wealth 3. Empirical Studies of the Distribution of Wealth 4. Determinants of the Distribution of Wealth 5. Determinants of Changes in the Distribution of Wealth 6. Ranking Alternative Distributions of Wealth 7. How to Change the Distribution of Wealth 8. Equality versus Affluence? 9. Conclusion Bibliography Index

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Book SynopsisThis book offers an assessment of theories of distribution and growth after Keynes. It presents an overview of the main contributions with a particular focus on the development of post-Keynesian/Kaleckian models.In the first part of the book, Eckhard Hein presents a comprehensive overview of the main approaches towards distribution and growth including the contributions of Harrod and Domar, old and new neoclassical theories including the fundamental capital controversy critique, the post-Keynesian contributions of Kaldor, Pasinetti, Thirlwall and Robinson, and finally the approaches by Kalecki and Steindl. In the second part of the book neo- and post-Kaleckian models are gradually developed, introducing saving from wages, international trade, technological progress, interest and credit. Issues of ?financialisation? are also explored and empirical results related to the different models are presented. This unique book is designed for courses in distribution and growth in graduate programmes or at the advanced undergraduate level. It can also be used as supplementary reading for classes in macroeconomics. The book should also be of value for researchers interested in issues of distribution and growth.Trade Review‘Eckhard Hein's book is a great accomplishment in that it is a long comprehensive, and somewhat technical treatment, and yet at the same time an entertaining read. At 576 pages, Distribution and Growth after Keynes: A Post-Keynesian Guide reviews growth theory contributions ranging from the classical economists to new growth theory to Michael Kalecki, with many stops in between. Despite this encyclopedic coverage, however, it is not an encyclopedia. Rather, it is a critical review with the ultimate aim of developing a model that can explain current real-world developments. ' -- John Harvey, Journal of Economic Literature‘At a time when both the academic and the political establishment combine to convince us that there is no alternative to finance dominated capitalism, this lucidly argued book provides a refreshing intellectual challenge to conventional wisdom. Despite its relatively modest title in Distribution and Growth after Keynes: A Post-Keynesian Guide Professor Eckhard Hein achieves much more than just guiding the reader through the literature. With many original insights he discriminates with masterly skill among a wide range of theories about long term capitalistic growth, contrasting them against mainstream neoclassical growth models. He weaves his argument with stylized facts and statistical analyses to provide us with a coherent view of complex issues like class conflict and cooperation, the nature of the modern firm and its financial structure, technical progress, external trade and financial globalization, topics not dealt with in most over-simplified aggregate growth models. The book should be an essential reading not only for all researchers in the area but also for students who want to be equipped to imagine a feasible economic alternative in a rigorous way with the help of economic theory.’ -- Amit Bhaduri, Jawaharlal Nehru University, India, and Pavia University, Italy‘The recent global financial and economic recession has underscored the shortcomings of mainstream macroeconomic and growth theory. Hein provides an excellent guide to an alternative theory that draws on the ideas of Kalecki and Steindl. After reviewing the contributions of these pioneers, he provides an authoritative discussion of theoretical models, empirical analyses and controversies related to this tradition. The book can be expected to draw the attention of students and scholars to an approach to the study of growth and distribution that has much to offer.’ -- Amitava Krishna Dutt, University of Notre Dame, US and FLACSO, Ecuador‘At a time where income inequality is once again the focus of attention of economists, politicians and the general public, Hein’s book is a welcome and pedagogical addition to the literature as it presents a fully integrated overview of the post-Keynesian models of growth and income distribution, dealing with the classics of the field as well as the latest extensions, to which Eckhard Hein has himself contributed.’ -- Marc Lavoie, University of Ottawa, Canada, and University of Paris 13, FranceTable of ContentsContents: 1. Introduction 2. From Keynes to Domar and Harrod: Considering the Capacity Effect of Investment and an Attempt at Dynamic Theory 3. Neoclassical DIstribution and Growth Theory: Old and New – and a Critique 4. Post-Keynesian Distribution and Growth Theories I: Kaldor, Pasinetti, Thirlwall and Robinson 5. Post-Keynesian Distribution and Growth Theories II: Kalecki and Steindl 6. The Basic Kaleckian Distribution and Growth Models 7. Extending Kaleckian Models I: Saving out of Wages and Open Economy Issues 8. Extending Kaleckian Models II: Technical Progress 9. Extending Kaleckian Models III: Interest and Credit 10. Extending Kaleckian Models IV: Finance-dominated Capitalism 11. The Kaleckian Models and Classical, Marxian and Harrodian Critique 12. Conclusions Appendix References Index

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Book SynopsisThis book offers an assessment of theories of distribution and growth after Keynes. It presents an overview of the main contributions with a particular focus on the development of post-Keynesian/Kaleckian models.In the first part of the book, Eckhard Hein presents a comprehensive overview of the main approaches towards distribution and growth including the contributions of Harrod and Domar, old and new neoclassical theories including the fundamental capital controversy critique, the post-Keynesian contributions of Kaldor, Pasinetti, Thirlwall and Robinson, and finally the approaches by Kalecki and Steindl. In the second part of the book neo- and post-Kaleckian models are gradually developed, introducing saving from wages, international trade, technological progress, interest and credit. Issues of ?financialisation? are also explored and empirical results related to the different models are presented. This unique book is designed for courses in distribution and growth in graduate programmes or at the advanced undergraduate level. It can also be used as supplementary reading for classes in macroeconomics. The book should also be of value for researchers interested in issues of distribution and growth.Trade Review‘Eckhard Hein's book is a great accomplishment in that it is a long comprehensive, and somewhat technical treatment, and yet at the same time an entertaining read. At 576 pages, Distribution and Growth after Keynes: A Post-Keynesian Guide reviews growth theory contributions ranging from the classical economists to new growth theory to Michael Kalecki, with many stops in between. Despite this encyclopedic coverage, however, it is not an encyclopedia. Rather, it is a critical review with the ultimate aim of developing a model that can explain current real-world developments. ' -- John Harvey, Journal of Economic Literature‘At a time when both the academic and the political establishment combine to convince us that there is no alternative to finance dominated capitalism, this lucidly argued book provides a refreshing intellectual challenge to conventional wisdom. Despite its relatively modest title in Distribution and Growth after Keynes: A Post-Keynesian Guide Professor Eckhard Hein achieves much more than just guiding the reader through the literature. With many original insights he discriminates with masterly skill among a wide range of theories about long term capitalistic growth, contrasting them against mainstream neoclassical growth models. He weaves his argument with stylized facts and statistical analyses to provide us with a coherent view of complex issues like class conflict and cooperation, the nature of the modern firm and its financial structure, technical progress, external trade and financial globalization, topics not dealt with in most over-simplified aggregate growth models. The book should be an essential reading not only for all researchers in the area but also for students who want to be equipped to imagine a feasible economic alternative in a rigorous way with the help of economic theory.’ -- Amit Bhaduri, Jawaharlal Nehru University, India, and Pavia University, Italy‘The recent global financial and economic recession has underscored the shortcomings of mainstream macroeconomic and growth theory. Hein provides an excellent guide to an alternative theory that draws on the ideas of Kalecki and Steindl. After reviewing the contributions of these pioneers, he provides an authoritative discussion of theoretical models, empirical analyses and controversies related to this tradition. The book can be expected to draw the attention of students and scholars to an approach to the study of growth and distribution that has much to offer.’ -- Amitava Krishna Dutt, University of Notre Dame, US and FLACSO, Ecuador‘At a time where income inequality is once again the focus of attention of economists, politicians and the general public, Hein’s book is a welcome and pedagogical addition to the literature as it presents a fully integrated overview of the post-Keynesian models of growth and income distribution, dealing with the classics of the field as well as the latest extensions, to which Eckhard Hein has himself contributed.’ -- Marc Lavoie, University of Ottawa, Canada, and University of Paris 13, FranceTable of ContentsContents: 1. Introduction 2. From Keynes to Domar and Harrod: Considering the Capacity Effect of Investment and an Attempt at Dynamic Theory 3. Neoclassical DIstribution and Growth Theory: Old and New – and a Critique 4. Post-Keynesian Distribution and Growth Theories I: Kaldor, Pasinetti, Thirlwall and Robinson 5. Post-Keynesian Distribution and Growth Theories II: Kalecki and Steindl 6. The Basic Kaleckian Distribution and Growth Models 7. Extending Kaleckian Models I: Saving out of Wages and Open Economy Issues 8. Extending Kaleckian Models II: Technical Progress 9. Extending Kaleckian Models III: Interest and Credit 10. Extending Kaleckian Models IV: Finance-dominated Capitalism 11. The Kaleckian Models and Classical, Marxian and Harrodian Critique 12. Conclusions Appendix References Index

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Book SynopsisThe global financial crisis and its aftermath saw boom-bust cycles in cross-border capital flows of astounding magnitude. Issues of capital account liberalization and the imposition of capital controls are back in the headlines, and on researchers' agendas. This comprehensive and timely research review covers many of the themes central to the issue of capital account liberalization, and provides a balanced assessment of the role that capital controls might play in the effective management of capital flows to reap their benefits. Table of ContentsContents: Acknowledgements Introduction Jonathan D. Ostry, Atish R. Ghosh and Mahvash S. Qureshi PART I CAPITAL ACCOUNT LIBERALIZATION: POTENTIAL GAINS 1. Herbert G. Grubel (1968), ‘Internationally Diversified Portfolios: Welfare Gains and Capital Flows’, American Economic Review, 58 (5), December, 1299–314 2. Alan C. Stockman and Alejandro Hernández D. (1988), ‘Exchange Controls, Capital Controls, and International Financial Markets’, American Economic Review, 78 (3), June, 362–74 3. Maurice Obstfeld (1995), ‘Risk-Taking, Global Diversification, and Growth’, American Economic Review, 84 (5), December, 1310–29 4. Vihang Errunza and Etienne Losq (1989), ‘Capital Flow Controls, International Asset Pricing, and Investors’ Welfare: A Multi-Country Framework’, Journal of Finance, 44 (4), September, 1025¬–37 5. Sebastian Edwards and Jonathan D. Ostry (1992), ‘Terms of Trade Disturbances, Real Exchange Rates, and Welfare: The Role of Capital Controls and Labor Market Distortions’, Oxford Economic Papers, 44 (1), January, 20¬–34 6. Harris Dellas and Oded Galor (1992), ‘Growth via External Public Debt and Capital Controls’, International Economic Review, 33 (2), May, 269–81 7. Dani Rodrik and Arvind Subramanian (2009), ‘Why Did Financial Globalization Disappoint?’, IMF Staff Papers, 56 (1), 112–38 8. Pierre-Olivier Gourinchas and Olivier Jeanne (2006), ‘The Elusive Gains from International Financial Integration’, Review of Economic Studies, 73 (3), 715¬–41 9. Dennis P. Quinn and A. Maria Toyoda (2008), ‘Does Capital Account Liberalization Lead to Economic Growth?’, Review of Financial Studies, 21 (3), May, 1403–49 10. Alessandra Bonfiglioli (2008), ‘Financial Integration, Productivity and Capital Accumulation’, Journal of International Economics, 76 (2), December, 337–55 11. Hali J. Edison, Ross Levine, Luca Ricci and Torsten Sløk (2002), ‘International Financial Integration and Economic Growth’, Journal of International Money and Finance, 21 (6), November, 749¬–76 12. Graciela Laura Kaminsky and Sergio L. Schmukler (2008), ‘Short-Run Pain, Long-Run Gain: Financial Liberalization and Stock Market Cycles’, Review of Finance, 12 (2), 253–92 13. M. Ayhan Kose, Eswar E. Prasad and Marco E. Terrones (2009), ‘Does Financial Globalization Promote Risk Sharing?’, Journal of Development Economics, 89 (2), July, 258–70 14. Ross Levine (2001), ‘International Financial Liberalization and Economic Growth’, Review of International Economics, 9 (4), 688–702 15. E. Borensztein, J. De Gregorio and J. Lee (1998), ‘How Does Foreign Direct Investment Affect Economic Growth’, Journal of International Economics, 115–35 16. Brian J. Aitken and Ann E. Harrison (1999), ‘Do Domestic Firms Benefit from Direct Foreign Investment? Evidence from Venezuela’, American Economic Review, 89 (3), June, 605–18 PART II SEQUENCING OF CAPITAL ACCOUNT LIBERALIZATION 17. Ronald I. McKinnon (1973), ‘The Transition: Exchange-Rate Flexibility and the Role of Foreign Capital’, in Money and Capital in Economic Development, Chapter 11, Washington, DC: Brookings Institution, 150–69 18. Dani Rodrik (1987), ‘Trade and Capital-Account Liberalization in a Keynesian Economy’, Journal of International Economics, 23 (1-2), 113–29 19. Sebastian Edwards and Sweder van Wijnbergen (1986), ‘The Welfare Effects of Trade and Capital Market Liberalization’, International Economic Review, 27 (1), February, 141–8 20. Rod Falvey and Cha Dong Kim (1992), ‘Timing and Sequencing Issues in Trade Liberalisation’, Economic Journal, 102 (413), July, 908¬–24 21. Guillermo A. Calvo (1988), ‘Costly Trade Liberalizations: Durable Goods and Capital Mobility’, IMF Staff Papers, 35 (3), September, 461–73 22. Ronald I. McKinnon and Huw Pill (1997), ‘Credible Economic Liberalizations and Overborrowing’, American Economic Review Papers and Proceedings, 87 (2), May, 189–93 23. Masaya Sakuragawa and Koichi Hamada (2001), ‘Capital Flight, North-South Lending, and Stages of Economic Development’, International Economic Review, 42 (1), February, 1–24 24. Leonardo Bartolini and Allan Drazen (1997), ‘Capital-Account Liberalization as a Signal’, American Economic Review, 87 (1), March, 138–54 25. Vittorio Grilli and Gian Maria Milesi-Ferretti (1995), ‘Economic Effects and Structural Determinants of Capital Controls’, IMF Staff Papers, 42 (3), September, 517–51 PART III ROLE OF CAPITAL CONTROLS TO MANAGE RISKS 26. Richard N. Cooper (1999), ‘Should Capital Controls be Banished?’, Brookings Papers on Economic Activity, 30 (1), 89–125 27. James Tobin (1996), ‘A Currency Transactions Tax, Why and How’, Open Economics Review, 7, July-October, 493–99 28. Olivier Jeanne and Anton Korinek (2010), ‘Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach’, American Economic Review, 100 (2), May, 403–7 29. Jonathan D. Ostry, Atish R. Ghosh, Marcos Chamon and Mahvash S. Quresih (2011), ‘Capital Controls: When and Why?’, IMF Economic Review, 59 (3), 562–80 30. Carmen M. Reinhart and R. Todd Smith (2002), ‘Temporary Controls on Capital Inflows’, Journal of International Economics, 57 (2), August, 327–51 31. Peter Garber and Mark P. Taylor (1995), ‘Sand in the Wheels of Foreign Exchange Markets: A Skeptical Note’, Economic Journal, 105 (428), January, 173–81 32. Michael P. Dooley (1996), ‘Capital Controls and Emerging Markets’, International Journal of Finance and Economics, 1 (3), 197–205 33. Harris Dellas and Alan Stockman (1993), ‘Self-Fulfilling Expectations, Speculative Attack, and Capital Controls’, Journal of Money, Credit and Banking, 25 (4), November, 721–30 34. Daniel Gros (1992), ‘Capital Controls and Foreign Exchange Market Crises in the EMS’, European Economic Review, 36 (8), 1533–44 35. Mihir A. Desai, C. Fritz Foley and James R. Hines Jr. (2006), ‘Capital Controls, Liberalizations, and Foreign Direct Investment’, Review of Financial Studies, 19 (4), Winter, 1433¬–64 PART IV EFFECTIVENESS OF CAPITAL CONTROLS AS A SHORT-RUN POLICY TOOL 36. Sebastian Edwards and Roberto Rigobon (2009), ‘Capital Controls on Inflows, Exchange Rate Volatility and External Vulnerability’, Journal of International Economics, 78 (2), July, 256–67 37. José De Gregorio, Sebastian Edwards and Rodrigo O. Valdés (2000), ‘Controls on Capital Inflows: Do They Work?’, Journal of Development Economics, 63 (1), October, 59–83 38. Eliana Cardoso and Ilan Goldfajn (1998), ‘Capital Flows to Brazil: The Endogeneity of Capital Controls’, IMF Staff Papers, 45 (1), 161–202 39. Kristin J. Forbes (2007), ‘One Cost of the Chilean Capital Controls: Increased Financial Constraints for Smaller Traded Firms’, Journal of International Economics, 71 (2), April, 294–323 40. Jonathan D. Ostry, Atish R. Ghosh, Marcos Chamon and Mahvash S. Qureshi (2012), ‘Tools for Managing Financial-Stability Risks from Capital Inflows’, Journal of International Economics, 88 (2), November, 407–21 41. Hali Edison and Carmen M. Reinhart (2001), ‘Stopping Hot Money’, Journal of Development Economics, 66 (2), December, 533–53 42. Sebastian Edwards (1999), ‘How Effective are Capital Controls?’, Journal of Economic Perspectives, 13 (4), Fall, 65–84 PART V MEASUREMENT OF CAPITAL MOBILITY AND CAPITAL CONTROLS 43. Martin Feldstein and Charles Horioka (1980), ‘Domestic Saving and International Capital Flows’, Economic Journal, 90 (358), June, 314–29 44. Atish R. Ghosh (1995), ‘International Capital Mobility Amongst the Major Industrialised Countries: Too Little or Too Much?’, Economic Journal, 105 (428), January, 107–28 ] 45. Menzie D. Chinn and Hiro Ito (2006), ‘What Matters for Financial Development? Capital Controls, Institutions, and Interactions’, Journal of Development Economics, 81 (1), October, 163–92 Index

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Book SynopsisThe growing levels of income inequality, an explosion of global financial flows, and a worldwide decline of economic growth have combined to challenge accepted economic wisdom. Utilizing a heterodox approach, Pablo G. Bortz provides a fresh look for understanding the interaction between these three factors while identifying challenges and possible alternatives for an expansionary and progressive economic policy.Reviewing several schools of thought, Inequality, Growth and 'Hot' Money explores the risks generated by capital flows and the limitations they impose on progressive economic policies. Professor Bortz then provides instruments and alternatives to pursue an expansionary and equalitarian program, including theoretical contributions to enrich heterodox and progressive economics. Standout features of this book include a review of the challenges that financial flows pose for developing countries; a redefinition of the role of capital controls; a policy approach that separates interest rate policies from a broader credit policy; and a rejection of the negative relationship between a more egalitarian income distribution and sustained economic expansion.Expanding the Kaleckian approach to include financial flows, this accessible introduction to heterodox growth models will be appreciated by graduate students and committed heterodox economists. Research departments at official institutions such as central banks may also be interested, specifically in the book's models and policy prescription.Trade ReviewIn this wide-ranging new book, Pablo Bortz skillfully melds an analysis of private foreign debt and a stock-flow consistent model of international financial flows with a neo-Kaleckian approach to the relationship between income distribution and macroeconomic performance. His model simulations and econometric results demonstrate the key role that unregulated private financial flows play in destabilizing national economies and underscore the flaws in strategies for economic recovery based on fiscal austerity and currency devaluation, as well as the need to reinstitute capital controls. This book will become an important reference for insights into the policy choices facing emerging market and Eurozone countries alike as they seek to escape from the trap of secular stagnation.' --Robert A. Blecker, American University, US'Pablo Bortz has done a remarkable job in presenting an enlightening survey of two key macroeconomic constructs in post-Keynesian economics -- the neo-Kaleckian models of growth and distribution and the stock-flow consistent models, both applied to open economies. Bortz also provides an econometric analysis extending these models. The author is not shy to conclude from his studies that a country like Argentina needs to pursue policies based on a reduction in income inequality, and that emerging countries that overly rely on foreign debt and commodity exports are likely to run into problems of financial instability.' --Marc Lavoie, University of Ottawa, CanadaTable of ContentsContents: Preface 1. Introduction 2. Growth and Distribution: The Last 300 Years 3. Growth and Distribution: The Kaleckian Perspective 4. An Integration of the Real and the Monetary Economy 5. Financial Flows, Distribution and Capital Controls 6. Epilogue: Challenges and Possibilities References Index

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Book SynopsisThe Great Financial Meltdown reviews, advocates and critiques the systemic, conjunctural and policy-based explanations for the 2008 crisis. The book expertly examines the explanations for the global crisis to assess their analytical and empirical validity. Comprehensive yet accessible chapters, written by a collection of prominent authors, cover a wide range of political economy approaches to the crisis, including Marxian, Post Keynesian and other heterodox schools.This interrogation of economic policy in light of the financial crisis is essential reading for real-word economists. To those seeking to understand the current economic stagnation and failings of the system, it offers an enlightening exposition of contemporary political economy.Contributors include: E. Bakir, R. Bellofiore, A. Campbell, R. Desai, B. Fine, D. Fouskas, A. Freeman, D. Harvey, A. Kaltenbrunner, E. Karacimen, D. Kotz, S. Mavroudeas, S. Mohun, O. Orhangazi, M. Roberts, T. Subasat, J. Toporowski, J. WeeksTrade Review'What caused the 2007-09 global financial crisis and Great Recession? Why was the ''recovery'' from this crisis period anemic or, in many countries, such as Greece, non-existent? Orthodox economists have almost completely drawn a blank in providing useful answers. By contrast, The Great Financial Meltdown provides a rich array of alternative-and frequently conflicting-perspectives from the Marxian, Post Keynesian and related heterodox traditions. All serious students of real-world economics will have their minds opened by studying this impressive collection.' --Robert Pollin, University of Massachusetts-Amherst'This book offers fresh insights across the ultimate causes and the long-term implications of the current crisis. It also critically examines the policy alternatives currently on the table, advancing constructive forms of engagement both among the heterodoxy, and with mainstream economics. There is simply no better starting-point to understand the ongoing predicament of advanced as well as ''emerging'' economies.' --Alfredo Saad-Filho, SOAS, University of London, UKTable of ContentsContents: PART I INTRODUCTION 1. The Crisis in Context Turan Subasat 2. Roots of the Current Economic Crisis: Capitalism, Forms of Capitalism, Policies, and Contingent Events David M. Kotz PART II CRISIS AND PROFITABILITY 3. Crisis Theory and the Falling Rate of Profit David Harvey 4. Monocausality and Crisis Theory – A Reply to David Harvey Michael Roberts 5. Booms, Depressions, and the Rate of Profit: A Pluralist, Inductive Guide Alan Freeman PART III THE CRISIS IN ECONOMIC AND SOCIAL REPRODUCTION 6. A Global Approach to the Global Financial Crisis John Weeks 7. The Incubator of the Great Meltdown of 2008: The Structure and Practices of US Neoliberalism as Attacks on Labor Al Campbell and Erdogan Bakir 8. The Value of History and the History of Value Radhika Desai 9. The Systemic Failings in Framing Neo-Liberal Social Policy Ben Fine 10. The Policy-Based and Conjunctural Causes of the 2008 Crisis Turan Subasat 11. The Systemic Causes of the 2008 Crisis – An Alternative Theoretical Perspective Turan Subasat PART IV CRISIS AND FINANCE 12. Inequality, Money Markets and Crisis Simon Mohun 13. The Crisis of Finance and the Crisis of Accumulation: It Was Not a ‘Lehman Brothers Moment’ Jan Toporowski 14. Contradictions of Capital Accumulation in the Age of Financialization Özgür Orhangazi 15. Which Crisis, of Which Capitalism? A Marxian and Financial Keynesian Interpretation of Neoliberalism and the Great Recession Riccardo Bellofiore 16. The Contested Nature of Financialization in Emerging Capitalist Economies Annina Kaltenbrunner and Elif Karacimen. PART V THE CRISIS UNFOLDS 17. The Greek Crisis: Structural or Conjunctural? Stavros D. Mavroudeas 18. Greece, Global Fault-lines and the Disintegrative Logics of Germany's Primacy in Europe. Vassilis K. Fouskas 19. Conclusions John Weeks Index

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Book SynopsisEurozone Dystopia traces the origin of the Eurozone and shows how the historical Franco-German rivalry combined with the growing dominance of neo-liberal economic thinking to create a monetary system that was deeply flawed and destined to fail. William Mitchell argues that the political class in Europe is trapped in a destructive groupthink. Based on a flawed understanding of macroeconomic fundamentals, groupthink extols the virtues of the erroneous concept of the self-regulating free market and prevents Europe from seeing its own policy failures. As a result, millions are unemployed, with imperiled member states caught in a cycle of persistent stagnation and rising social instability.Providing a detailed historical analysis of the evolution of the Eurozone and its failings from the 1940s to the present day, the book argues that the Eurozone lacks the necessary monetary architecture, particularly the existence of a federal fiscal function which could have resolved the economic crisis quickly. The author examines the options available to Europe and concludes that an orderly abandonment of the euro and a return to national currencies is the superior option available. The justification for this conclusion is exhaustively argued within a Modern Monetary Theory framework.This thoughtful and accessible account of Europe's economic woes will appeal to all those who are seeking an explanation for the crisis and are receptive to sensible and credible alternatives to the current scenario.Table of ContentsContents: 1. Introduction PART I THE EARLY YEARS 2. Early Attempts at Monetary Union and the Hague Summit 3. The Werner Report and the Collapse of Bretton Woods 4. The ‘Snake in the Tunnel’ Reappears 5. Monetarism Arrives Amidst Currency Turmoil 6. The Delors Report 7. Onward to Maastricht 8. The Maastricht Treaty 9. Converging to Crisis and Austerity 10. The Ideological Straitjacket 11. The Stability and Growth Pact (SGP) 12. The Convergence Farce: Smokescreens and Denial PART II THE PATH TO CRISIS 13. The First Few Years: Smug Self Congratulation and Mass Delusion 14. The 2003 Fiscal Crisis 15. The German “Jobwunder” 16. European Groupthink: Denial on a Grand Scale PART III THE OPTIONS FOR EUROPE 17. A Monetary Framework for Fiscal Policy Activism 18. Framing the Debate - Two Alternative Visions of the Economy 19. The Basic Principles of Functional Finance 20. The Federal Solution 21. Overt Monetary Financing 22. Abandoning the Euro 23. Employment Guarantees References Index

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Book SynopsisChina's recent evolution is not only a story of extraordinary economic growth but also a story of great institutional change. Fan Zhang challenges traditional theory to explain the real origins of China's reform, the political and economic forces driving it, and the reasoning behind its stagnation. The institutional re-arrangement of government and market has been crucial in this marketization process.Using a wealth of documents and cases, Zhang provides a detailed analysis of China's institutional changes over the past 40 years, focusing on the government-market relationship. A theoretical framework is presented to explain the targets and incentives of government and business firms in a bureaucratic-market system, which promoted economic growth, but also fostered corruption and resulted in a re-centralisation of the system. Using an index of marketization in China since 1978, Zhang shows that overall, market expansion has continued but with diminishing marginal gains. The government control of financial resources that had previously been relaxed in the early years of reform has been enhanced to some extent as a result of the changing institutional environment. Policy makers dealing with China-related policies, researchers and postgraduate students in political science, economics and Chinese studies will find this book a compelling exploration of the current and constant cooperation and conflict between government and market.Trade ReviewA report on South China Morning News on the author and the book can be find at scmp.com/economy/china-economy/article/2168432/china-must-recapture-reformist-mood-safeguard-its-economicTable of ContentsContents: Introduction to The Institutional Evolution of China 1. Analytical Framework 2. From Command-and-Control to Reform: 1949-1978 3. Reform 1979-1989: Building Market Institutions 4. Reform and Political Coalition: 1990-2003 5. Stagnation: 2003-2012 6. The Post-Reform Period: 2012-Present 7. Lessons Learned and Long-Term Expectations References Index

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Book SynopsisCasting a wide net in this, their second edition, Froyen and Guender provide coverage of the model-based literature on optimal monetary policy in the presence of uncertainty, with both open- and closed-economy frameworks considered. The authors have grounded New Keynesian research of the 1990s and 2000s in the literature of the 1970s, which viewed optimal policy as primarily a question of the optimal use of information, and studies in the 1980s that gave primacy to time inconsistency problems. The Global Financial Crisis of 2007-09 led to the recognition that financial markets and institutions required greater attention in policy modeling. Herein, the authors provide a thorough survey of the post-crisis literature that resulted from this recognition. Researchers in academia and at central banks, students and policy makers will value the wide scope of coverage provided in this examination, leading them to a better understanding of issues such as discretion versus commitment, target versus instrument rules, policy in closed versus open economies and the proper mandate for central banks, including the relationship between interest rate policy and macro-prudential instruments. Praise for the first edition: 'In this book the authors provide a comprehensive review of optimal monetary policy in the context of small, log-linear, macroeconomic models that are subject to stochastic shocks. . . I think the book provides a very good introduction to the literature on optimal monetary policy (in short-run models) for non-specialists and students. Some of the content of the book could be used in upper-year undergraduate courses in either macroeconomics or in a specialised monetary economics course. The models are clearly set-out and discussed and there is frequent use of diagrams. The authors spend a lot of time and effort to provide the economic intuition for the models that are presented.' - Glenn Otto, Economic Record 'Froyen and Guender have provided a thorough and careful analysis of optimal monetary policy over most of the range of theoretical models that have been used in modern macroeconomics. By providing a comprehensive and clear comparative framework they will help the student of monetary policy understand why there have been conflicting views of what policy makers should do.' - Central Banking 'In Optimal Monetary Policy Under Uncertainty, academicians and economists Richard T. Froyen and Alfred V. Guender have collaborated on presenting an informed and informative survey of optimal monetary policy literature arising during the 1970s and 1980s as a ground work for understanding current market and other economic influences on such germane issues as discretion versus commitment, target versus instrument rules, and the delegation of policy making authority within the private and public sectors. With meticulous attention to scholarship and objectivity. . . Optimal Monetary Policy Under Uncertainty is a thoughtful and thought-provoking body of work that is very strongly recommended for professional, academic, corporate and governmental economic reference collections and supplemental reading lists.' - Midwest Book ReviewTrade Review'In this second edition of Optimal Monetary Policy Under Uncertainty, Richard Froyen and Alfred Guender update and extend their lucid exposition of monetary policymaking in a stochastic setting. As in the first edition, the book links past and current research on this broad topic. Thus, the book is useful both for a young researcher who wishes to relate contemporary theories to practical policy issues and for an established scholar who seeks to catch up on recent developments. Particularly useful for all readers are new chapters that explore efforts to better integrate banking and finance into theories of optimal monetary policymaking.' --David VanHoose, Baylor University, USTable of ContentsContents: Preface PART I IMPERFECT INFORMATION, RESPONSES TO SHOCKS, AND CREDIBILITY ISSUES 1. Introduction, Part 1 2. A basic model and some early results 3. The strategy of monetary policy: targets, instruments and information variables 4. A variable price level, supply shocks and rational expectations 5. Optimal monetary and exchange rate policy in the open economy 6. Monetary policy credibility PART II OPTIMAL MONETARY POLICY: A NEW KEYNESIAN PERSPECTIVE 7. Introduction, Part 2 8. The Phillips Curve: an evolving concept 9. The forward-looking model: the closed economy 10. The forward-looking model: additional topics 11. The forward-looking model: the open economy 12. The New Keynesian model: the backward-looking case PART III RESEARCH IN MONETARY POLICY since the GLOBAL FINANCIAL CRISIS 13. Introduction, Part 3 14. Money and finance in Keynesian models 15. Rethinking stabilization policy 16. Financial markets since the crisis: a smorgasbord of issues Bibliography Index

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Book SynopsisHow did economic ''experts'' worldwide fail to predict the financial crisis of 2007-2008? Eminent economist Paul Davidson discusses how mainstream economic theory may not be applicable to the world of experience. Post Keynesian theory, on the other hand, is designed to be applicable to the real world, and this book shows how applying it to policy formulation could help practically resolve economic problems. Davidson goes on to show how many Post Keynesian economists warned of the crisis as early as 2002.Post Keynesian Theory and Policy challenges the axioms on which orthodox economic theory is based and argues against their applicability to a money-using, market-oriented economy. It explores the basis for Keynes's revolutionary general theory and seeks to dispel misconceptions often found in orthodox textbooks. This accessible and expertly constructed book explains why modern economies use money-denominated contracts to organize all market transactions for production and exchange and why the law of comparative advantage's argument for free trade is not applicable to mass production industries' exports and imports. This book is a valuable resource for professional economists as well as students and academics in economics, political Science, and history, who will appreciate its new perspective and analysis of global financial events.Trade Review'If you've been wondering what Post Keynesian economics is all about, or if you've been searching for a better explanation of what went wrong in the 2000s, Paul Davidson's latest book is the place to look. Davidson is a thought leader in the field, writes lucidly, and refuses to accept the conventional wisdom as wise.' --Alan S. Blinder, Princeton University, US'If you've been wondering what Post Keynesian economics is all about, or if you ve been searching for a better explanation of what went wrong in the 2000s, Paul Davidson's latest book is the place to look. Davidson is a thought leader in the field, writes lucidly, and refuses to accept the conventional wisdom as wise.' --Alan S. Blinder, Princeton University'There has been much written about the global financial crisis that began in 2007 but little as succinct and wise as this book by Paul Davidson. A clear analysis of what went wrong, its real strength is in explaining what can be done to put matters right.' --Larry Elliott, Economics Editor, The GuardianTable of ContentsContents: 1. Did Anyone Notice the Global Financial Crisis of 2007-2008? 2. Alternative Theories of the Operation of a Capitalist Economy 3. Unemployment and the Classical Theory’s Axioms 4. Keynes–Post Keynesian Theory: Money and Money Contracts 5. Why Traditional Mainstream Keynesian Theory is not Keynes’s Theory 6. Creating Full Employment Policies 7. Inflation Policy 8. Securitization Liquidity and Market Failure 9. Globalization, International Trade and International Payments 10. Is International Free Trade Always Beneficial? 11. Policies to Assure a Civilized Capitalist Economic System Index

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Book SynopsisThis research review departs from Solow's 1957 seminal paper on the measurement of technical change. It studies the idea into the comprehensive development of total factor productivity and the index number innovations. It also analyses the measurement of productivity growth and the usefulness of GDP measurement as well as perennial problems in measurement of output of certain sectors and of certain processes in an economy.Trade Review‘A collection of classics and a great reference for anyone dealing with the theory and practice of measuring economic activity, prices, productivity and welfare. Carefully selected papers represent highlights of over 80 years of research in economic measurement.’ -- Paul Schreyer, Organisation for Economic Co-operation and Development, FranceTable of ContentsContents: Acknowledgements Introduction John M. Hartwick PART I NATIONAL ACCOUNTING 1. Robert M. Solow (1957), ‘Technical Change and the Aggregate Production Function’, Review of Economics and Statistics, 39 (3), August, 312–20 2. D.W. Jorgenson and Z. Griliches (1967), ‘The Explanation of Productivity Change’, Review of Economic Studies, 34 (3), July, 249–83 3. Dale W. Jorgenson and Zvi Griliches (1972), ‘Issues in Growth Accounting: A Reply to Edward F. Denison’, Survey of Current Business, 52 (5), May, 65–9773 4. System of National Accounts (2008), ‘Capital Services and the National Accounts’, System of National Accounts 2008, Chapter 20, Published in collaboration with European Commission, International Monetary Fund, Organisation for Economic Co-operation and Development, United Nations and the World Bank, 415–25 5. Richard Stone (1961), ‘The Accounting Framework and the Basic Model’, and ‘The Definition of “Industries” and the Arrangement of Product Flows’ in Input-Output and National Accounts, Chapters 1 and 2, Paris, France: Organization for Economic Co-operation and Development, 21–32, 33–45 PART II PROBLEMS IN DOING NATIONAL ACCOUNTING 6. Erwin Diewert, Dennis Fixler and Kimberly Zieschang (2012), ‘Problems with the Measurement of Banking Services in a National Accounting Framework’, Australian School of Business Research Paper, No 2012-Econ 25, 1–60 7. Michael J. Boskin, Ellen Dulberger, Robert J. Gordon, Zvi Griliches and Dale Jorgenson (1998), ‘Consumer Prices, the Consumer Price Index, and the Cost of Living’, Journal of Economic Perspectives, 12 (1), Winter, 3–26 8. Jerry A. Hausman (1996), ‘Valuation of New Goods Under Perfect and Imperfect Competition’, in Timothy F. Bresnahan and Robert J. Gordon (eds) The Economics of New Goods, Chapter 5, Chicago, IL: University of Chicago Press, 209–37 9. Robert E. Hall and Charles I. Jones (2007), ‘The Value of Life and the Rise in Health Spending’, Quarterly Journal of Economics, 122 (1), February, 39–72 10. Joseph E. Stiglitz, Amartya Sen and Jean-Paul Fitoussi (2009), ‘GDP Related Issues’, Report by the Commission on the Economic Measurement of Economic Performance and Social Progress, Part 2, Chapter 1, Paris, France: 85-142 PART III PRODUCTIVITY MEASUREMENT 11. W. Erwin Diewert (2014), ‘US TFP Growth and the Contribution of Changes in Export and Import Prices to Real Income Growth’, Journal of Productivity Analysis, 41 (1), February, 19–39 12. Bert M. Balk (2010), ‘An Assumption-Free Framework for Measuring Productivity Change’, Review of Income and Wealth, 56 (1), June, 224–56 13. William D. Nordhaus (1996), ‘Do Real-Output and Real-Wage Measures Capture Reality? The History of Lighting Suggests Not’, in Timothy F. Bresnahan and Robert J. Gordon (eds), The Economics of New Goods, Chapter 1, Chicago, IL: University of Chicago Press, 29-70 PART IV WELFARE ISSUES 14. Martin L. Weitzman (1976), ‘On the Welfare Significance of National Product in a Dynamic Economy’, Quarterly Journal of Economics, 90 (1), February, 156–62 15. Geir B. Asheim and Martin L. Weitzman (2001), ‘Does NNP Growth Indicate Welfare Improvement’, Economic Letters, 73 (2), November, 233–9 16. Avinash Dixit, Peter Hammond and Michael Hoel (1980), ‘On Hartwick’s Rule for Regular Maximin Paths of Capital Accumulation and Resource Depletion’, Review of Economic Studies, 47 (3), April, 551–6 17. J.A. Sefton and M.R. Weale (2006), ‘The Concept of Income in a General Equilibrium’, Review of Economic Studies, 73 (1), January, 219–48 18. Kenneth J. Arrow, Partha Dasgupta, Lawrence H. Goulder, Kevin J. Mumford and Kirsten Oleson (2012), ‘Sustainability and the Measurement of Wealth’, Environment and Development Economics, 17 (3), 317–53 PART V INDEX NUMBERS 19. A.A. Konus (1939), ‘The Problem of the True Index of the Cost of Living’, Econometrica, 7 (1), January, 10–29 20. L.R. Christensen, D.W. Jorgenson and L.J. Lau (1971), ‘Conjugate Duality and the Transcendental Logarithmic Function’ in Economic Theory and Organization II’, Econometrica, 39 (4), July, 255–6 21. W.E. Diewert (1976) ‘Exact and Superlative Index Numbers’, Journal of Econometrics, 4 (2), May, 115–45 22. Robert A. Pollak (1981), ‘The Social Cost of Living Index’, Journal of Public Economics, 15 (3), June, 311–36 23. W. Erwin Diewert (1998), ‘Index Number Issues in the Consumer Price Index’, Journal of Economic Perspectives, 12 (1), Winter, 47–58 24. Bert M. Balk (2003), ‘The Residual: On Monitoring and Benchmarking Firms, Industries, and Economies with Respect to Productivity’, Journal of Productivity Analysis, 20 (1), July, 5–47 Index

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Book SynopsisThe last few decades have witnessed an outpouring of literature on macroeconomic models in the broad 'heterodox' tradition of Marx, Keynes, Robinson, Kaldor and Kalecki. These models yield an alternative analytical framework in which the big questions of our day - such as how inequality is related to growth or stagnation, and whether long-run growth is stable or unstable - can be fruitfully addressed. Heterodox Macroeconomics provides an accessible, pedagogically oriented treatment of the leading models and approaches in heterodox macroeconomics with clear, step-by-step presentations of core models and their solutions, properties and implications. The book begins with an overview and comparison of heterodox and mainstream approaches to long-run growth. Next it covers the core classical-Marxian, neo-Keynesian and neo-Kaleckian models of growth and distribution in the heterodox tradition. Numerous contemporary extensions, developments and alternatives are then explored, including models of financial instability, 'supermultiplier' models, and debates about whether capacity utilization converges to a 'normal' rate. The book also gives extensive coverage to models of growth in open economies, emphasizing the role of Kaldorian cumulative causation in fostering divergence among national economies, and the limitations imposed by balance-of-payments constraints on countries that rely on export-led growth. Heterodox Macroeconomics will prove to be an invaluable text for graduate and advanced undergraduate students of macroeconomics as well as those in courses on post-Keynesian theory, structuralist macroeconomics, or other heterodox approaches to economics.Trade Review'The recent crises underscored the inadequacy of prevailing mainstream macroeconomic theory in comprehending the inherently instability of capitalism. This textbook by Blecker and Setterfield is a welcome and important contribution that presents an alternative approach to investigating capitalist macro-economic dynamics, drawing on both the Classical-Marxian and Post-Keynesian traditions. The workings of the models are presented a way that is clear and motivated by the relevant stylized facts. It also addresses some of the critical debates within these approaches like that around Harrodian instability and introduces recent developments and extensions of these core models - the impact of financialization for instance. Most refreshing, the text moves beyond equilibrium analysis that is the mainstay of macroeconomic theory to incorporate models not only of cyclical and disequilibrium dynamics but also a non-equilibrium neo-Kaldorian models of cumulative causation. This is an essential reading for students, teachers and practitioners of macro-economics.' --Ramaa Vasudevan, Colorado State University, US'In this comprehensive, up-to-date and brilliant presentation of the main models and problems in the field of economic growth, teachers and students alike will find a step-by-step learning path that is both reader-friendly and rigorous, covering from basic models to advanced discussions in the discipline. This excellent book is ideal both as a textbook for courses in long-run macroeconomics and economic development, and as an indispensable aid to researchers and policymakers seeking deeper understanding of the key ideas shaping debates on economic growth today.' --Gabriel Porcile, UN-ECLACTable of ContentsContents: Preface 1. Introduction: Competing theories of production, growth and distribution Part I Core models of growth and distribution 2. Classical-Marxian models 3. Neo-Keynesian models 4. Neo-Kaleckian models Part II Extended models of distributional conflict and cyclical dynamics 5. Distributional conflict, aggregate demand and neo-Goodwin cycles 6. Neo-Harrodian models and the Harrodian instability debate 7. New directions: Wage inequality, rentier income, financial dynamics and supermultiplier models Part III Kaldorian approaches: Export-led growth and the balance-of-payments constraint 8. Export-led growth and cumulative causation 9. Balance-of-payments-constrained growth I: Thirlwall’s law and extensions 10. Balance of payments constrained growth II: Critiques, alternatives and syntheses References Index

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Book SynopsisThe last few decades have witnessed an outpouring of literature on macroeconomic models in the broad 'heterodox' tradition of Marx, Keynes, Robinson, Kaldor and Kalecki. These models yield an alternative analytical framework in which the big questions of our day - such as how inequality is related to growth or stagnation, and whether long-run growth is stable or unstable - can be fruitfully addressed. Heterodox Macroeconomics provides an accessible, pedagogically oriented treatment of the leading models and approaches in heterodox macroeconomics with clear, step-by-step presentations of core models and their solutions, properties and implications. The book begins with an overview and comparison of heterodox and mainstream approaches to long-run growth. Next it covers the core classical-Marxian, neo-Keynesian and neo-Kaleckian models of growth and distribution in the heterodox tradition. Numerous contemporary extensions, developments and alternatives are then explored, including models of financial instability, 'supermultiplier' models, and debates about whether capacity utilization converges to a 'normal' rate. The book also gives extensive coverage to models of growth in open economies, emphasizing the role of Kaldorian cumulative causation in fostering divergence among national economies, and the limitations imposed by balance-of-payments constraints on countries that rely on export-led growth. Heterodox Macroeconomics will prove to be an invaluable text for graduate and advanced undergraduate students of macroeconomics as well as those in courses on post-Keynesian theory, structuralist macroeconomics, or other heterodox approaches to economics.Trade Review'The recent crises underscored the inadequacy of prevailing mainstream macroeconomic theory in comprehending the inherently instability of capitalism. This textbook by Blecker and Setterfield is a welcome and important contribution that presents an alternative approach to investigating capitalist macro-economic dynamics, drawing on both the Classical-Marxian and Post-Keynesian traditions. The workings of the models are presented a way that is clear and motivated by the relevant stylized facts. It also addresses some of the critical debates within these approaches like that around Harrodian instability and introduces recent developments and extensions of these core models - the impact of financialization for instance. Most refreshing, the text moves beyond equilibrium analysis that is the mainstay of macroeconomic theory to incorporate models not only of cyclical and disequilibrium dynamics but also a non-equilibrium neo-Kaldorian models of cumulative causation. This is an essential reading for students, teachers and practitioners of macro-economics.' --Ramaa Vasudevan, Colorado State University, US'In this comprehensive, up-to-date and brilliant presentation of the main models and problems in the field of economic growth, teachers and students alike will find a step-by-step learning path that is both reader-friendly and rigorous, covering from basic models to advanced discussions in the discipline. This excellent book is ideal both as a textbook for courses in long-run macroeconomics and economic development, and as an indispensable aid to researchers and policymakers seeking deeper understanding of the key ideas shaping debates on economic growth today.' --Gabriel Porcile, UN-ECLACTable of ContentsContents: Preface 1. Introduction: Competing theories of production, growth and distribution Part I Core models of growth and distribution 2. Classical-Marxian models 3. Neo-Keynesian models 4. Neo-Kaleckian models Part II Extended models of distributional conflict and cyclical dynamics 5. Distributional conflict, aggregate demand and neo-Goodwin cycles 6. Neo-Harrodian models and the Harrodian instability debate 7. New directions: Wage inequality, rentier income, financial dynamics and supermultiplier models Part III Kaldorian approaches: Export-led growth and the balance-of-payments constraint 8. Export-led growth and cumulative causation 9. Balance-of-payments-constrained growth I: Thirlwall’s law and extensions 10. Balance of payments constrained growth II: Critiques, alternatives and syntheses References Index

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Book SynopsisThis wide-ranging set of papers deals with crucial questions in economic theory, economic policy and economic history. The papers help explain why economic performance deteriorated dramatically in the West over the past three decades as the ''Golden Age'' of capitalism after World War II was replaced by global neoliberal capitalism. They show that theoretical frameworks rooted in the radical and heterodox traditions can explain this evolution and the current global economic and financial crisis, something mainstream theories cannot do. Topics include but are not limited to: methodology: a critique of ''positivism'' is used to explain why mainstream reliance on fairy-tale assumptions should be replaced by realistic assumption sets as argued by Marx and Keynes Marx, Keynes and Minsky on financial market instability versus mainstream theories of ''efficient'' financial markets how Keynes's assumption that the future is unknowable revolutionized not only macro theory but the micro theory of agent choice as well structural causes of the current global financial crisis how innovative theories of competition, globalization, capital investment and financialization inspired by Marx, Keynes and Schumpeter can be used to explain the crisis tendencies of neoliberal capitalism the influence of class conflict on economic policy, including in the current ''austerity'' regimes. The papers in this book should be of interest to most economists and can be used in both graduate and upper level undergraduate courses. Many of these papers are accessible to anyone who reads the business press.Trade ReviewThis is a marvelous collection of essays of Jim Crotty. They are a joy to read, and provide contributions a plenty for analysing and understanding the evolution of capitalism through globalization and financialization, and developing theories alternative to the mainstream based on realistic assumptions.' --Malcolm Sawyer, University of Leeds, UK'No one has written with greater clarity and insight about economic theory and capitalist dynamics in the past three decades than James Crotty. This collection, assembling his best papers in one place, is a must-have for established and aspirational political economists alike. There is wisdom on every page.' --Gary Dymski, Leeds University Business School, UK'At a time when mainstream economics is being questioned across the world for its lack of relevance and inability to explain observed reality, James Crotty's work comes as a welcome reminder of how economics can be both relevant and insightful. This body of work spanning more than four decades is still fresh and topical, and essential reading for anyone who wants to understand contemporary capitalism.' --Jayati Ghosh, Jawaharlal Nehru University, New Delhi, IndiaTable of ContentsContents: Introduction PART I: METHODOLOGY AND THEORY AS IF REALITY MATTERED: FRIEDMAN VS. KEYNES, MARX AND MINSKY 1. The Realism of Assumptions Does Matter: Why Keynes-Minsky Theory Must Replace Efficient Market Theory as the Guide to Financial Regulation Policy 2. Are Keynesian Uncertainty and Macrotheory Compatible? Conventional Decision Making, Institutional Structures and Conditional Stability in Keynesian Macromodels 3. The Centrality of Money, Credit and Financial Intermediation in Marx’s Crisis Theory: An Interpretation of Marx’s Methodology PART II: UNDERSTANDING THE GREAT FINANCIAL CRISIS OF 2007-2008 4. If Financial Market Competition is Intense, Why are Financial Firm Profits so High?: Reflections on the Current “Golden Age” of Finance 5. Structural Causes of the Global Financial Crisis: A Critical Assessment of the “New Financial Architecture” 6. How Bonus-Driven “Rainmaker” Financial Firms Enrich Top Employees, Destroy Shareholder Value and Create Systemic Financial Instability PART III: KEYNES, THE “KEYNESIANS” AND “NEW KEYNESIANS” ON INVESTMENT THEORY 7. Is New Keynesian Investment Theory Really “Keynesian”?: Reflections on Fazzari and Variato 8. Owner-Manager Conflict and Financial Theories of Investment Instability: A Critical Assessment of Keynes, Tobin and Minsky PART IV: COMPETITION, GLOBALIZATION, ACCUMULATION AND FINANCIALIZATION IN THE SPIRIT OF MARX, SCHUMPETER AND KEYNES 9. Rethinking Marxian Investment Theory: Keynes-Minsky Instability, Competitive Regime Shifts and Coerced Investment 10. Core Industries, Coercive Competition and the Structural Contradictions of Global Neoliberalism 11. The Neoliberal Paradox: The Impact of Destructive Product Market Competition and Modern Financial Markets on Nonfinancial Corporation Performance in the Neoliberal Era PART V: RADICAL THEORY, CLASS CONFLICT AND POLICY IN THE US AND ABROAD 12. Was Keynes a Corporatist?: Keynes’s Radical Views on Industrial Policy and Macro Policy in the 1920s 13. Class Conflict and Macropolicy: The Political Business Cycle 14. The Great Austerity War in the US: What Caused the US Deficit Crisis and Who Should Pay to Fix It? 15. Was IMF-Imposed Economic Regime Change in South Korea Justified: The Political Economy of the IMF Index

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Book SynopsisEconomists have rightly been criticized for not having foreseen the crisis that exploded in 2007-2008. As Giancarlo Bertocco eloquently argues, responsibility does indeed rest heavily on their shoulders. By developing a theory which excluded the possibility that a catastrophic crisis could ever happen, the economics profession has justified decisions and behaviours that caused the Great Recession. This book presents an alternative theoretical approach built on the lessons of Marx, Keynes, Schumpeter, Kalecki, Kaldor and Minsky, which highlights the structural instability of a capitalist economy and the endogenous nature of the current crisis. This fascinating book has several distinctive features. It begins by highlighting the limits of traditional economic theory and reveals the contradictions found in mainstream explanations as to the origins of the crisis. The author goes on to argue that economists not only failed to foresee the crisis but actually ignored the warning signs of instability that emerged during the Great Moderation. Bertocco presents an original interpretation of Keynes's argument that underlines the importance of Schumpeter's theory of credit in order to explain the relationship between money and crisis which characterizes a Keynesian monetary theory of production. Finally, he demonstrates that the nature of the crisis has important policy consequences and proposes a specific set of measures that take into account its structural nature. The comprehensive analysis and enlightening theoretical approaches will make this book vital reading for economists, policymakers and students seeking a clear understanding of the nature of the current crisis and the structure of the neoliberal economic system in which we live.Trade Review'Giancarlo Bertocco's Crisis and the Failure of Economic Theory is an old-fashioned volume, and all the better for that. The author identifies a major historical episode of malfunctioning in the advanced capitalist world, asks what light mainstream economic theory throws on it, explains clearly its approach and structure, and why with these attributes failure was inevitable. He then sets about developing an alternative approach and structure that not only illuminates what happened but also suggests how it may be avoided in the future. He sets out honestly and clearly the limitations and imponderables in his contributions, acknowledges in a scholarly manner the many sources of his ideas, and discusses the likely political constraints within which more relevant and enlightened policies will have to be pursued. Painting on such a broad canvas in a deep manner calls to mind the great names of our discipline-Adam Smith, Karl Marx, Maynard Keynes. Readers may not agree with the details of Giancarlo Bertocco's book, but they will be challenged to absorb the ideas from his narrative and hopefully to build on them.' --(G.C. Harcourt, University of New South Wales, Australia)'Mainstream economists could not see the Global Financial Crisis coming because their theories rule out the possibility of crisis. Their ex post apologies rely on stories of black swans with fat tails and compare the crisis to an unpredictable but inevitable earthquake. Professor Bertocco relies, instead, on the analyses of Schumpeter and Minsky to understand the forces that plunged the global economy into crisis almost a decade ago. The crisis was foreseeable, it could have been prevented, and policymakers could have mounted a more effective response - if they had adopted a Schumpeterian-Minskyan analysis.' --(L. Randall Wray, University of Missouri-Kansas City and Levy Economics Institute)Table of ContentsContents: PART I THE CRISIS AND THE MAINSTREAM THEORY 1. A Brief Description of the Crisis 2. The Mainstream Economists and the Crisis 3. The Limits of the Mainstream Theory PART II AN ALTERNATIVE THEORETICAL APPROACH 4. Keynes and the Monetary Theory of Production 5. Finance and Risk 6. Savings Decisions, Wealth and Speculation 7. Money and Crisis PART III THE ENDOGENOUS NATURE OF THE CRISIS AND THE POLICIES FOR A GOOD LIFE 8. The Endogenous Nature of the Subprime Crisis 9. Overcoming the Crisis: Which Policies? Index

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Book Synopsis'The Korean experience has fascinated scholars around the world as one of the most remarkable stories of ''catch-up'' from very low to high levels of development. This book, by one of the leading Korean experts on industrial policy, argues that catch-up is not about following the paths of frontrunners but rather about finding new path to technologically ''leap-frog''. The application of this fundamental insight into the Korean story will be recognized as a landmark in this debate.'- Jose Antonio Ocampo, Columbia University, US and Formerly United Nations Under-Secretary-General for Economic and Social Affairs, and Minister of Finance of Colombia'This book gives a full picture of the factors that made it possible for South Korea to move from being a poor economy to become close to Japan in terms of income per capita. It shows that earlier debates on the role of respective market and state are misleading and that the key to understand economic catching-up lies in specific technological strategies that were outcomes of an interplay between state policies and firm strategies. It is demonstrated that a key to understand catching-up in South Korea is 'technological leap-frogging' where dominant firms enter into technologies that are both new and in a process of rapid change. The book studies the phenomenon of leap-frogging and catching-up at respectively macro, meso and micro-level. It is thus of great interest for those who are involved in designing national, sectoral and enterprise strategies aiming at economic development and especially when the aim of the strategy is to take the step beyond a middle-income country. The combination of macro-economic analysis with sectoral and enterprise perspectives gives a more adequate understanding of economic dynamics than what traditional textbooks can offer.'- Bengt-Ake Lundvall, Aalborg University, Denmark and Founder of GlobelicsThis book elaborates upon the dynamic changes to Korean firms and the economy from the perspective of catch-up theory. The central premise of the book is that a latecomer's sustained catch-up is not possible by simply following the path of the forerunners but by creating a new path or 'leapfrogging'. In this sense, the idea of catch-up distinguishes itself from traditional views that focus on the role of the market or the state in development.The author provides a comprehensive account of the micro and macro level changes, deals with both firm- and country-level capabilities, and explores the issue of macroeconomic stability to overcome financial crisis. The book demonstrates that at the firm level the focus is on innovation capabilities, diversification, internationalization and job creation. It goes on to examine the rise and upgrading of big businesses, such as Samsung, as well as the global success of SMEs. Comprehensive and illuminating, this is an ideal book for students, academics and researchers interested in the economics of development and technological innovation. It will also be a valuable source book for policy makers in international development agencies, governments and the public sector.Trade Review'The triumphant rise of South Korea has been a subject of inconclusive research over the last three decades. In this original book Prof. Keun Lee provides the most persuasive account to date by stressing the importance of leapfrogging and catch-up in rapid economic growth. This path-breaking book is a rich source of lessons for emerging and recovering economies.' --Calestous Juma , Harvard Kennedy School, US and Author of Innovation and Its Enemies: Why People Resist New Technologies'This book provides new perspectives on how Korea managed to close the gap with the industrialised countries. The so-called catch up process is explored at every level - the economy; the sector and sub-sector and the individual firm (both large and small). Drawing from the lessons of Korea, and utilising extensive empirical research, Keun Lee provides insights as to how other developing countries might close the gap. This book will appeal to all those who seek to understand the development of Korea and the implications of the Korean experience for our understanding of the processes of development and associated technological advance.' --David Kaplan, University of Cape Town, South Africa'This book by Professor Keun Lee examines how South Korea has made two successful transitions that have helped transform a poor, war-torn economy into one that produces and exports high-tech manufacturing goods. The first one took place in the middle of the 1980s and led to the transformation of the economy specializing in the production of low-skilled labor-intensive products into one that produces and exports higher-end manufacturing goods. The second turning point, which took place during the 1997-98 financial crisis, led to radical opening of the economy and various structural reforms. He argues that these experiences of Korea shed light on two critical, longer-term issues that confront many of the catching-up economies - that of building up technical capabilities and that of maintaining macro-financial stability.' --Chung Lee, University of Hawaii at ManoaTable of ContentsContents: 1. Introduction PART I CATCH-UP AND LEAPFROGGING AT THE ECONOMY LEVEL 2. Historical Origins and Initial Conditions for Economic Catch-up 3. Korean Model of Catch-up Development: A ‘Capability-based View’ 4. Intellectual Property Rights and Technological Catch-up in Korea 5. From Miracle to Crisis and the Mirage of the Post-Crisis Reform 6. Maintaining Macro Stability for a Crisis-resilient Growth in Korea 7. Is Leapfrogging-Style Reform Possible in North Korea PART II CATCH-UP AND LEAPFROGGING AT THE SECTOR LEVEL 8. Catch-up and Leapfrogging in the 6 Sectors in the 1980s and 1990s 9. Digital Technology as a Window of Opportunity for Leapfrogging: The Display Industry 10. Technological Catch-up in Capital Goods Sector PART III CATCH-UP AND INTERNATIONALIZATION BY BIG BUSINESSES AND THE SMES 11. Samsung, Created in Korea and Replicated Overseas 12. Moving Factories Overseas and Impacts on Domestic jobs: Case of Samsung 13. Catch-up and Path-creating by SMEs: From OEM to OBM 14. Sequential Internationalization of the Korean SMEs in China Index

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Book SynopsisIn the global financial crisis, competitiveness gaps between Euro area countries caused additional strain. This book discusses the various dimensions of competitiveness, with a special focus on emerging Central, Eastern and Southeastern European countries. For Europe to proceed with convergence and to resist global competitive pressures, it argues that policies to boost productivity and innovation are vital. With products becoming ever more technically sophisticated and global interconnectedness on a relentless rise, it also demonstrates that quality, customer orientation and participation in global production networks and global value chains are at least as important as relative costs and prices. This book delves into the literature and dissects the complexity of competitiveness, aiming to offer tangible policy advice focussed on how well the European economy is performing and how it could improve. The key findings of the book, from a mix of academics and policymakers, constitute a state-of-the-art assessment of competitiveness that may change traditional perceptions of how economies can return to a path of sustainable growth. Comprehensive and forward-looking, this enlightening book will appeal to academics, researchers and policymakers with a particular interest in European economies and economic integration.Contributors include: D. Andrews, B.B. Bakker, I. Begg, M. Belka, K. Benkovskis, Z. Darvas, A. de Serres, M. Gradzewicz, D. Hanzl-Weiss, B.S. Javorcik, A. Kosior, K. Krogulski, M. Landesmann, E. Nowotny, B. Pinto, D. Ritzberger Grünwald, M. Rubaszek, P. Samecki, M. Silgoner, P. Sinclair, K. Vondra, B. Vujcic, J. Wörz, L. YuehTable of ContentsContents: PART I FRAMING THE DISCUSSION ON THE COMPETITIVENESS CHALLENGE 1. Boosting European Competitiveness Marek Belka, Ewald Nowotny, Doris Ritzberger-Grünwald and Pawel Samecki 2. Harnessing Foreign Direct Investment to Boost Economic Growth Beata S. Javorcik 3. Correcting External Imbalances in the European Economy Doris Hanzl-Weiss and Michael Landesmann PART II THE VARIOUS DIMENSIONS OF COMPETITIVENESS 4. New Indicators of Competitiveness – The Austrian Perspective Doris Ritzberger-Grünwald, Maria Silgoner and Klaus Vondra 5. Globalisation and Growth: The Case of China Linda Yueh 6. Non-price Components of Market Share Gains – Evidence for EU Countries Konstantins Benkovskis and Julia Wörz PART III EU STRUCTURAL POLICIES 7. EU Economic Governance: Euro Area Periphery Lessons for Central and Eastern European Countries Zsolt Darvas 8. EU Structural Policies Today: Missing Piece of the Growth Puzzle, or Wishful Thinking? Brian Pinto 9. EU Structural Policies and Euro Adoption in CEE Countries Anna Kosior and Michał Rubaszek PART IV LABOUR MARKET AND PRODUCTIVITY DEVELOPMENTS 10. Labour Market Integration and Associated Issues: Kipling is Wrong Peter Sinclair 11. Do Jobs Created in CEE Countries Result in Higher Productivity? Michał Gradzewicz 12. Productivity and Competitiveness in CESEE Countries: A Look at the Key Structural Drivers Dan Andrews and Alain de Serres PART V CESEE’S CONTRIBUTION TO GROWTH IN THE EURO AREA AND EUROPE 13. Convergence of ‘New’ EU Member States: Past, Present and Future Bas B. Bakker and Krzysztof Krogulski 14. EU and CEE: Productivity and Convergence Boris Vujčić 15. Peering into the Crystal Ball: Can the CESEE Countries be an Engine of Growth for the EU? Iain Begg Index

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Book SynopsisRecent events, such as capital flow reversals and banking sector crises, have shaken faith in the widely held belief in the benefits of greater financial integration and financial deepening, which are typical in advanced economies. This book shows that emerging economies have occasionally weathered the storm best, despite the supposed burden of 'weak institutions'. Written by leading scholars and practitioners, the authors demonstrate that a better policy framework requires reliable indicators of vulnerability to financial instability. Using empirical evidence and case studies, the twelve chapters stress the necessity of improved policy tools and automatic stabilizers that anticipate and limit the vulnerabilities to financial crises. Cross-border capital flows, international reserves and foreign exchange markets are covered in depth.This timely book offers an insightful overview and policy solutions to the issues surrounding macroprudential regulation of economies in a globalized world. It is required reading for students and scholars of international finance and regulation.Contributors include: S. Cho, R. Cifuentes, S. Claessens, S.R. Ghosh, M.S. Gochoco-Bautista, J.-H. Hahm, A. Jara, D. Jeong, K.-C. Jung, D. Kang, J. Lee, J.-E. Lee, A. Mason, A. Munro, C. Nam, M. Reddell, C. Rhee, H.S. Shin, S. SuhTable of ContentsContents: 1. Introduction and Overview Dongsoo Kang and Andrew Mason 2. Macroprudential Policies: Indicators and Tools Hyun Song Shin 3. Business and Financial Cycles in Emerging Markets: Lessons for Macroprudential Policies Stijn Claessens and Swati R. Ghosh 4. Capital Controls: A Pragmatic Proposal Maria Socorro Gochoco-Bautista and Changyong Rhee 5. Irrational Expectations, Financial Amplification and Prudential Capital Controls Sangwon Suh and Jinsoo Lee 6. The Optimal International Reserves with Sudden Stop Risks Kyu-Chul Jung 7. International Reserves for Emerging Economies Jong-Eun Lee 8. Foreign Currency Liquidity Risk and Prudential Regulation of Banks Sungbin Cho and Joon-Ho Hahm 9. Investment Patterns of Foreign Bank Branches in Korea and Their Role in the Foreign Exchange Market Dongsoo Kang and Daehee Jeong 10. The Role of Reserves in a Small Open Economy: The Case of New Zealand Anella Munro and Michael Reddell 11. Facing Volatile Capital Flows: The Role of Exchange Rate Flexibility and Foreign Assets Rodrigo Cifuentes and Alejandro Jara 12. Risk Hedging in Korea’s Financial Markets: The Impacts of Foreign Investment Changwoo Nam Index

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Book SynopsisForeign Direct Investment and the Chinese Economy provides a comprehensive overview of the impact of foreign direct investment, with extensive empirical evidence, on the Chinese economy over the last three and a half decades. Chunlai Chen presents a compelling and thorough analysis of the leading theoretical explanations of the impact of FDI through a series of rigorous and in-depth empirical investigations on China's regional economic growth, urban-rural income inequality and urbanization development. These case studies show that despite FDI's contribution to economic growth, reduction of income inequality and the rise in urbanization, there is further evidence of uneven regional distribution of FDI inflow. This has negatively affected economic growth, exacerbated income inequality and impeded urbanization of inland China. The book concludes by demonstrating that these findings have important policy implications, not only for China, but also for other developing countries influenced by the implementation of FDI policies. This work of highly focused theoretical analysis is an invaluable resource for scholars and students of economics as well as policy-makers who are interested in the Chinese economy.Trade Review'Foreign direct investment (FDI) in China has been an important component of the country's development, particularly since the early 1990s, and many have written about FDI's impact on China's rapid growth. Very little work, however, has looked at the impact of FDI on different regions of China, on accelerating the pace of urbanization there, or on FDI's impact on the sharp divide between the registered rural and urban populations. Chunlai Chen, one of the leading analysts of the impact of foreign investment, explores these important issues in depth in this major study.' --Dwight H. Perkins, Harvard University'China's miracle has been driven by a small set of engines, none of which has been more influential than foreign direct investment, or FDI. In this book, Professor Chen provides the reader with an accessible picture of the role of FDI in China's economic development. He not only shows how FDI contributed technologies and much-needed capital; his book documents the impacts on the economy and society. This is a must-read book for any student of China or those wanting to understand the current and future role that China will play in the world.' --Scott Rozelle, Stanford UniversityTable of ContentsContents: 1. Introduction PART I IMPACTS ON REGIONAL ECONOMIC GROWTH 2. Regional characteristics and the impacts of foreign direct investment on China’s regional economic growth 3. The interregional impacts of foreign direct investment on China’s inland economic growth PART II IMPACTS ON INCOME INEQUALITY 4. The impacts of foreign direct investment on urban-rural income inequality in China 5. The interregional impacts of foreign direct investment on China’s inland urban-rural income inequality PART III IMPACTS ON URBANIZATION DEVELOPMENT 6. The impacts of foreign direct investment on urbanization development in China 7. Conclusion and policy implications Index

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Book SynopsisThe 2008 financial crisis presented the opportunity to overturn and rethink much of the stale or misguided parts of economic theory and, in so doing, build a rich and empirically meaningful social science. This never happened. By reconsidering the classical-Marxian tradition using modern tools of economic analysis, this book offers an alternative to the mainstream understanding of notions of value, price, and competition, concepts which serve as the foundation for a theoretically and empirically robust economic theory. Providing a unique synthesis of modern input-output analysis and classical political economics, this book combines current economic theory with historical economic thought. In this way, Value, Competition and Exploitation offers a deeper and more nuanced understanding of today's economic problems than can be gained through mainstream approaches. With a rigorous and empirically informed approach to classical theories of value and price, this book demonstrates that Marx's labor theory of value remains a valuable tool in understanding the structure and dynamics of capitalist economies. Written in an accessible style and presented with a clear structure, this book will be invaluable to economics students of all levels. The topics analyzed will also be of interest to scholars of classical and Marxian economics, as well as scholars of economics more widely.Trade Review'Economics has been searching for a new paradigm to understand the world around us. The Great Moderation failed. Now comes the most innovative response to the challenge of constructing that new paradigm. The authors reinvent the classical and Marxian paradigm, give it a rigorous mathematical structure, and demonstrate its effective superiority to the Walrasian alternative. The outstanding merit of this book is that it is able to relate the theoretical structure to contemporary data for the German economy. There are fruitful insights on productivity growth, technical progress, and profitability. This book will be a great asset to teachers, research students, and the next generation of budding economists.' --Lord Meghnad Desai, London School of Economics, UK'This innovative book elucidates a foundation for applying the Marxian labor theory of value to the modern economy. Drawing on ideas of one of the authors (Peter Flaschel of the Bielefeld School of Economics), it both explicates precursors of Marx's work starting with Quesnay and brings it up to date in light of arguments made by Okishio, Steedman, Foley, and others about such controversies as the transformation problem.' --J. Barkley Rosser Jr., James Madison University, US'Often Marxian economics is used to evaluate contemporary economic theory and current capitalism. This book reverses the perspective and asks the question: can long-standing puzzles in Marxian economics be resolved using modern Input-Output economics, pioneered by Wassily Leontief, and the Richard Stone System of National Accounts. The authors very competently take on these issues in this book which will be a very important work for economic historians as well as for contemporary economists.' --Willi Semmler, New School for Social Research, USTable of ContentsContents: Preface General Introduction Part I Classical Competition: Theory, Evidence, and Criticism 1. François Quesnay: The Circular Flow of Income and Input-Output Analysis 2. Adam Smith: The ‘Invisible Hand’ and Accumulation 3. Adam Smith II: The ‘Invisible Hand’ and ‘Natural Prices’ 4. David Ricardo: Long-Period Prices, Accumulation, and the Invariable Measure of Value 5. The von Neumann-Sraffa Model Part II Value and Exploitation: Marx’s Legacy 6. Labor Values: An Axiomatic Approach 7. Labor Productivity and the Law of Decreasing Labor Content 8. The Sources of Aggregate Profitability: Marx’s Theory of Surplus Value Revisited 9. Actual Labor Values with Multiple Activities 10. Joint Production in a (Marxian) System of National Accounts 11. Actual Labor Values with Joint Production 12. Production Prices and Imperfect Competition, Part I 13. Production Prices and Imperfect Competition, Part II 14. Conclusions References Index

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Book SynopsisThe international fragmentation of current production processes has led to an explosion of trade in intermediate products, indirectly impacting jobs, income, resources, energy, and emissions. Much of what is consumed is produced via global value chains contributing to climate change via carbon dioxide emissions. The editors comprehensively present research that has advanced the state of the art in input-output analysis over the past two decades, along with an original introduction. Also provided is analysis of the complex interdependent international production structures and their links to social inequality and the environment, which has led to a demand for international input-output tables.Trade Review‘We were very pleased to learn of this ambitious new two-volume compendium of key contributions over the last twenty years or so to the field of input–output analysis, compiled by seasoned veteran input-output researchers Erik Dietzenbacher, Michael Lahr and Manfred Lenzen. The input-output field is experiencing a notable renaissance of methodological developments and applications, especially in conjunction with the growing collection of global data sets, to evaluate economic, environmental, and social policy issues. These recent developments are captured very effectively in the collection, which draws on a wide range of both traditional and newer, specialized journals with which some readers may be less familiar. The new compendium stands as an excellent resource on its own, and it will also serve as an especially useful companion to existing texts in the field.’ -- Peter Blair, National Academies of Sciences, Engineering and Medicine and Ronald E. Miller, University of Pennsylvania, USTable of ContentsContents: Volume I Introduction: Introducing the Recent Developments in Input–Output Analysis Erik Dietzenbacher, Michael L. Lahr and Manfred Lenzen xiv PART I DATA: INPUT–OUTPUT GOING GLOBAL 1. Jan A. van der Linden and Jan Oosterhaven (1995), ‘European Community Intercountry Input–Output Relations: Construction Method and Main Results for 1965–85’, Economic Systems Research, 7 (3), 249–69 2 2. Bo Meng, Yaxiong Zhang and Satoshi Inomata (2013), ‘Compilation and Applications of IDE-JETRO’s International Input–Output Tables’, Economic Systems Research, 25 (1), March, 122–42 23 3. Erik Dietzenbacher, Bart Los, Robert Stehrer, Marcel Timmer and Gaaitzen de Vries (2013), ‘The Construction of World Input–Output Tables in the WIOD Project’, Economic Systems Research, 25 (1), March, 71–98 44 4. Arnold Tukker, Evgueni Poliakov, Reinout Heijungs, Troy Hawkins, Frederik Neuwahl, José M. Rueda-Cantuche, Stefan Giljum, Stephan Moll, Jan Oosterhaven and Maaike Bouwmeester (2009), ‘Towards a Global Multi-Regional Environmentally Extended Input–Output Database’, Ecological Economics, 68 (7), May, 1928–37 72 5. Manfred Lenzen, Keiichiro Kanemoto, Daniel Moran and Arne Geschke (2012), ‘Mapping the Structure of the World Economy’, Environmental Science and Technology, 46 (15), 8374–81 82 6. Martin Bruckner, Stefan Giljum, Christian Lutz and Kirsten Svenja Wiebe (2012), ‘Materials Embodied in International Trade – Global Material Extraction and Consumption between 1995 and 2005’, Global Environmental Change, 22 (3), August, 568–76 90 7. Glen P. Peters, Robbie Andrew and James Lennox (2011), ‘Constructing an Environmentally-Extended Multi-Regional Input– Output Table Using the GTAP Database’, Economic Systems Research, 23 (2), June, 131–52 99 PART II TRADE 8. Faye Duchin (2005), ‘A World Trade Model Based on Comparative Advantage with m Regions, n Goods, and k Factors’, Economic Systems Research, 17 (2), June, 141–62 122 vi Recent Developments in Input–Output Analysis I 9. David Hummels, Jun Ishii and Kei-Mu Yi (2001), ‘The Nature and Growth of Vertical Specialization in World Trade’, Journal of International Economics, 54 (1), June, 75–96 144 10. Robert Koopman, Zhi Wang and Shang-Jin Wei (2014), ‘Tracing Value-Added and Double Counting in Gross Exports’, American Economic Review, 104 (2), February, 459–94 166 11. Robert C. Johnson and Guillermo Noguera (2012), ‘Accounting for Intermediates: Production Sharing and Trade in Value Added’, Journal of International Economics, 86 (2), March, 224–36 202 12. Bart Los, Marcel P. Timmer and Gaaitzen J. de Vries (2015), ‘How Global are Global Value Chains? A New Approach to Measure International Fragmentation’, Journal of Regional Science, Special Issue: Local Consequences of Global Production Processes, 55 (1), January, 66–92 215 13. Jeffrey J. Reimer (2006), ‘Global Production Sharing and Trade in the Services of Factors’, Journal of International Economics, 68 (2), March, 384–408 242 14. Daniel Trefler and Susan Chun Zhu (2010), ‘The Structure of Factor Content Predictions’, Journal of International Economics, 82 (2), November, 195–207 267 15. Erik Dietzenbacher and Isidoro Romero (2007), ‘Production Chains in an Interregional Framework: Identification by Means of Average Propagation Lengths’, International Regional Science Review, 30 (4), October, 362–83 280 16. Pol Antràs, Davin Chor, Thibault Fally and Russell Hillberry (2012), ‘Measuring the Upstreamness of Production and Trade Flows’, American Economic Review: Papers and Proceedings, 102 (3), May, 412–16 302 PART III STRUCTURAL DECOMPOSITION ANALYSIS 17. Erik Dietzenbacher and Bart Los (1998), ‘Structural Decomposition Techniques: Sense and Sensitivity’, Economic Systems Research, 10 (4), December, 307–23 308 18. Mark De Haan (2001), ‘A Structural Decomposition Analysis of Pollution in the Netherlands’, Economic Systems Research, 13 (2), June, 181–96 325 19. Jan Oosterhaven and Alex R. Hoen (1998), ‘Preferences, Technology, Trade and Real Income Changes in the European Union: An Intercountry Decomposition Analysis for 1975–1985’, Annals of Regional Science, 32 (4), November, 505–24 341 20. Yan Xia, Ying Fan and Cuihong Yang (2015), ‘Assessing the Impact of Foreign Content in China’s Exports on the Carbon Outsourcing Hypothesis’, Applied Energy, 150, July, 296–307 361 Recent Developments in Input–Output Analysis I vii 21. Xuemei Jiang, Erik Dietzenbacher and Bart Los (2014), ‘A Dissection of the Growth of Regional Disparities in Chinese Labor Productivity between 1997 and 2002’, Annals of Regional Science, 52 (2), March, 513–36 373 PART IV STRUCTURAL CHANGE AND PRODUCTIVITY 22. Thijs ten Raa and Edward N. Wolff (2001), ‘Outsourcing of Services and the Productivity Recovery in U.S. Manufacturing in the 1980s and 1990s’, Journal of Productivity Analysis, 16 (2), September, 149–65 398 23. Antonio F. Amores and Thijs ten Raa (2014), ‘Firm Efficiency, Industry Performance and the Economy: Three-Way Decomposition with an Application to Andalusia’, Journal of Productivity Analysis, 42 (1), August, 25–34 415 24. Masahiro Kuroda and Koji Nomura (2004), ‘Technological Change and Accumulated Capital: A Dynamic Decomposition of Japan’s Growth’, in Erik Dietzenbacher and Michael L. Lahr (eds), Wassily Leontief and Input–Output Economics, Chapter 15, Cambridge, UK: Press Syndicate of the University of Cambridge, 256–93 425 25. Yasuhide Okuyama, Michael Sonis and Geoffrey J.D. Hewings (2006), ‘Typology of Structural Change in a Regional Economy: A Temporal Inverse Analysis’, Economic Systems Research, 18 (2), June, 133–53 463 26. Philip R. Israilevich, Geoffrey J.D. Hewings, Michael Sonis and Graham R. Schindler (1997), ‘Forecasting Structural Change with a Regional Econometric Input– Output Model’, Journal of Regional Science, 37 (4), November, 565–90 484 PART V HYPOTHETICAL EXTRACTIONS 27. Ronald E. Miller and Michael L. Lahr (2001), ‘A Taxonomy of Extractions’, in Regional Science Perspectives in Economic Analysis: A Festschrift in Memory of Benjamin H. Stevens, Chapter 21, Bingley, UK: Emerald Group Publishing Ltd, 407–41 511 28. Yu Song, Chunlu Liu and Craig Langston (2006), ‘Linkage Measures of the Construction Sector Using the Hypothetical Extraction Method’, Construction Management and Economics, 24 (6), 579–89 546 29. Carsten A. Holz (2011), ‘The Unbalanced Growth Hypothesis and the Role of the State: The Case of China’s State-Owned Enterprises’, Journal of Development Economics, 96 (2), November, 220–38 557 30. Erik Dietzenbacher and Michael L. Lahr (2013), ‘Expanding Extractions’, Economic Systems Research, 25 (3), September, 341–60 576 viii Recent Developments in Input–Output Analysis I PART VI UPDATING AND PROJECTIONS 31. Wenfeng Huang, Shintaro Kobayashi and Hajime Tanji (2008), ‘Updating an Input–Output Matrix with Sign-Preservation: Some Improved Objective Functions and their Solutions’, Economic Systems Research, 20 (1), March, 111–23 597 32. Umed Temurshoev and Marcel P. Timmer (2011), ‘Joint Estimation of Supply and Use Tables’, Papers in Regional Science, 90 (4), November, 863–82 610 33. Sherman Robinson, Andrea Cattaneo and Moataz El-Said (2001), ‘Updating and Estimating a Social Accounting Matrix Using Cross Entropy Methods’, Economic Systems Research, 13 (1), March, 47–64 630 34. Manfred Lenzen, Maria Cecilia Pinto de Moura, Arne Geschke, Keiichiro Kanemoto and Daniel Dean Moran (2012), ‘A Cycling Method for Constructing Input–Output Table Time Series from Incomplete Data’, Economic Systems Research, 24 (4), December, 413–32 648 PART VII DISASTERS 35. Adam Rose, Juan Benavides, Stephanie E. Chang, Philip Szczesniak and Dongsoon Lim (1997), ‘The Regional Economic Impact of an Earthquake: Direct and Indirect Effects of Electricity Lifeline Disruptions’, Journal of Regional Science, 37 (3), August, 437–58 669 36. Joost R. Santos and Yacov Y. Haimes (2004), ‘Modeling the Demand Reduction Input–Output (I–O) Inoperability Due to Terrorism of Interconnected Infrastructures’, Risk Analysis, 24 (6), December, 1437–51 691 37. Sungbin Cho, Peter Gordon, James E. Moore II, Harry W. Richardson, Masanobu Shinozuka and Stephanie Chang (2001), ‘Integrating Transportation Network and Regional Economic Models to Estimate the Costs of a Large Urban Earthquake’, Journal of Regional Science, 41 (1), February, 39–65 706 38. Yasuhide Okuyama (2004), ‘Modeling Spatial Economic Impacts of an Earthquake: Input–Output Approaches’, Disaster Prevention and Management: An International Journal, 13 (4), 297–306 733 PART VIII DATA: OTHER NEW INITIATIVES 39. Tomohiro Okadera, Masataka Watanabe and Kaiqin Xu (2006), ‘Analysis of Water Demand and Water Pollutant Discharge Using a Regional Input–Output Table: An Application to the City of Chongqing, Upstream of the Three Gorges Dam in China’, Ecological Economics, 58 (2), June, 221–37 744 Recent Developments in Input–Output Analysis I ix 40. Geoffrey J.D. Hewings, Yasuhide Okuyama and Michael Sonis (2001), ‘Economic Interdependence within the Chicago Metropolitan Area: A Miyazawa Analysis’, Journal of Regional Science, 41 (2), May, 195–217 761 41. Xiannuan Lin and Karen R. Polenske (1998), ‘Input–Output Modeling of Production Processes for Business Management’, Structural Change and Economic Dynamics, 9 (2), June, 205–26 784 42. Vito Albino, Carmen Izzo and Silvana Kühtz (2002), ‘Input– Output Models for the Analysis of a Local/Global Supply Chain’, International Journal of Production Economics, 78 (2), July, 119–31 806 43. Xikang Chen, Leonard K. Cheng, K. C. Fung, Lawrence J. Lau, Yun-Wing Sung, K. Zhu, C. Yang, J. Pei and Y. Duan (2012), ‘Domestic Value Added and Employment Generated by Chinese Exports: A Quantitative Estimation’, China Economic Review, 23 (4), December, 850–64 819 44. Robert Koopman, Zhi Wang and Shang-Jin Wei (2012), ‘Estimating Domestic Content in Exports when Processing Trade is Pervasive’, Journal of Development Economics, 99 (1), September, 178–89 834 45. Chris Bachmann, Matthew J. Roorda and Chris Kennedy (2015), ‘Developing a Multi-Scale Multi-Region Input–Output Model’, Economic Systems Research, 27 (2), June, 172–93 846 46. Manfred Lenzen, Arne Geschke, Thomas Wiedmann, Joe Lane, Neal Anderson, Timothy Baynes, John Boland, Peter Daniels, Christopher Dey, Jacob Fry, Michalis Hadjikakou, Steven Kenway, Arunima Malik, Daniel Moran, Joy Murray, Stuart Nettleton, Lavinia Poruschi, Christian Reynolds, Hazel Rowley, Julien Ugon, Dean Webb and James West (2014), ‘Compiling and Using Input– Output Frameworks through Collaborative Virtual Laboratories’, Science of the Total Environment, 485–486, July, 241–51 868 47. G. Papaconstantinou, N. Sakurai and A. Wyckoff (1998), ‘Domestic and International Product-Embodied R&D Diffusion’, Research Policy, 27 (3), July, 301–14 879 Volume II Introduction An introduction to both volumes by the editors appears in Volume I PART I INTRODUCTION 1. Faye Duchin (1992), ‘Industrial Input–Output Analysis: Implications for Industrial Ecology’, Proceedings of the National Academy of Sciences of the USA, 89 (3), February, 851–55 2 2. Sangwon Suh and Shigemi Kagawa (2005), ‘Industrial Ecology and Input–Output Economics: An Introduction’, Economic Systems Research, 17 (4), December, 349–64 7 3. Edgar G. Hertwich (2005), ‘Consumption and Industrial Ecology’, Journal of Industrial Ecology, 9 (1–2), January, 1–6 23 4. Rutger Hoekstra and Jeroen C.J.M. van den Bergh (2006), ‘Constructing Physical Input–Output Tables for Environmental Modeling and Accounting: Framework and Illustrations’, Ecological Economics, 59 (3), September, 375–93 29 PART II HISTORICAL BACKGROUND 5. Walter Isard, Kenneth Bassett, Charles Choguill, John Furtado, Ronald Izumita, John Kissin, Eliahu Romanoff, Richard Seyfarth and Richard Tatlock (1968), ‘On the Linkage of Socio-Economic and Ecologic Systems’, Papers of the Regional Science Association, 21 (1), December, 79–99 49 6. Herman E. Daly (1968), ‘On Economics as a Life Science’, Journal of Political Economy, 76 (3), May–June, 392–406 70 7. Robert U. Ayres and Allen V. Kneese (1969), ‘Production, Consumption, and Externalities’, American Economic Review, 59 (3), June, 282–97 85 8. Wassily Leontief and Daniel Ford (1972), ‘Air Pollution and the Economic Structure: Empirical Results of Input–Output Computations’, in A. Brody and A.P. Carter (eds), Input–Output Techniques, Amsterdam, the Netherlands: North-Holland Publishing Co./American Elsevier, 9–30 101 9. Bruce Hannon (1973), ‘The Structure of Ecosystems’, Journal of Theoretical Biology, 41 (3), October, 535–46 123 10. Werner Antweiler (1996), ‘The Pollution Terms of Trade’, Economic Systems Research, 8 (4), December, 361–65 135 vi Recent Developments in Input–Output Analysis II 11. Steven J. Keuning, Jan van Dalen and Mark de Haan (1999), ‘The Netherlands’ NAMEA: Presentation, Usage and Future Extensions’, Structural Change and Economic Dynamics, 10 (1), January, 15–37 140 12. Mònica Serrano and Erik Dietzenbacher (2010), ‘Responsibility and Trade Emission Balances: An Evaluation of Approaches’, Ecological Economics, 69 (11), September, 2224–32 163 PART III RESOURCES AND ENERGY 13. Graham J. Treloar (1997), ‘Extracting Embodied Energy Paths from Input–Output Tables: Towards an Input–Output-Based Hybrid Energy Analysis Method’, Economic Systems Research, 9 (4), December, 375–91 173 14. Klaus Hubacek and Stefan Giljum (2003), ‘Applying Physical Input–Output Analysis to Estimate Land Appropriation (Ecological Footprints) of International Trade Activities’, Ecological Economics, 44 (1), February, 137–51 190 15. Kuishuang Feng, Ashok Chapagain, Sangwon Suh, Stephan Pfister and Klaus Hubacek (2011), ‘Comparison of Bottom-Up and Top- Down Approaches to Calculating the Water Footprints of Nations’, Economic Systems Research: Input–Output and Water, 23 (4), December, 371–85 205 16. Thomas O. Wiedmann, Heinz Schandl, Manfred Lenzen, Daniel Moran, Sangwon Suh, James West and Keiichiro Kanemoto (2015), ‘The Material Footprint of Nations’, PNAS – Proceedings of the National Academy of Sciences of the USA, 112 (20), 19th May, 6271–76 220 17. Manfred Lenzen, Daniel Moran, Anik Bhaduri, Keiichiro Kanemoto, Maksud Bekchanov, Arne Geschke, Barney Foran (2013), ‘International Trade of Scarce Water’, Ecological Economics, 94, October, 78–85 226 18. Jun Lan, Arunima Malik, Manfred Lenzen, Darian McBain and Keiichiro Kanemoto (2016), ‘A Structural Decomposition Analysis of Global Energy Footprints’, Applied Energy, 163 (1), February, 436–51 234 PART IV CLIMATE CHANGE 19. Jesper Munksgaard and Klaus Alsted Pedersen (2001), ‘CO2 Accounts for Open Economies: Producer or Consumer Responsibility?’, Energy Policy, 29 (4), March, 327–34 251 Recent Developments in Input–Output Analysis II vii 20. J.C. Minx, T. Wiedmann, R. Wood, G.P. Peters, M. Lenzen, A. Owen, K. Scott, J. Barrett, K. Hubacek, G. Baiocchi, A. Paul, E. Dawkins, J. Briggs, D. Guan, S. Suh and F. Ackerman (2009), ‘Input–Output Analysis and Carbon Footprinting: An Overview of Applications’, Economic Systems Research: Carbon Footprint and Input–Output Analysis, 21 (3), September, 187–216 259 21. Thomas Wiedmann, Richard Wood, Jan C. Minx, Manfred Lenzen, Dabo Guan and Rocky Harris (2010), ‘A Carbon Footprint Time Series of the UK – Results from a Multi-Region Input–Output Model’, Economic Systems Research, 22 (1), March, 19–42 289 22. Steven J. Davis and Ken Caldeira (2010), ‘Consumption-Based Accounting of CO2 Emissions’, PNAS – Proceedings of the National Academy of Sciences of the USA, 107 (12), 23rd March, 5687–92 313 23. Glen P. Peters, Jan C. Minx, Christopher L. Weber and Ottmar Edenhofer (2011), ‘Growth in Emission Transfers via International Trade from 1990 to 2008’, PNAS – Proceedings of the National Academy of Sciences of the USA, 108 (21), 24th May, 8903–8 319 24. Kuishuang Feng, Steven J. Davis, Laixiang Sun, Xin Li, Dabo Guan, Weidong Liu, Zhu Liu and Klaus Hubacek (2013), ‘Outsourcing CO2 within China’, PNAS – Proceedings of the National Academy of Sciences of the USA, 110 (28), 9th July, 11654–59 325 PART V OTHER ENVIRONMENTAL INDICATORS AND ECOSYSTEMS 25. Shinichiro Nakamura and Yasushi Kondo (2002), ‘Input–Output Analysis of Waste Management’, Journal of Industrial Ecology, 6 (1), January, 39–63 332 26. Sangwon Suh (2005), ‘Theory of Materials and Energy Flow Analysis in Ecology and Economics’, Ecological Modelling, 189 (3–4), December, 251–69 357 27. Azusa Oita, Arunima Malik, Keiichiro Kanemoto, Arne Geschke, Shota Nishijima and Manfred Lenzen (2016), ‘Substantial Nitrogen Pollution Embedded in International Trade’, Nature Geoscience, 9 (2), February, 111–15 376 28. Mulin Hui, Qingru Wu, Shuxiao Wang, Sai Liang, Lei Zhang, Fengyang Wang, Manfred Lenzen, Yafei Wang, Lixiao Xu, Zhongtian Lin, Hai Yang, Yan Lin, Thorjorn Larssen, Ming Xu and Jiming Hao (2017), ‘Mercury Flows in China and Global Drivers’, Environmental Science and Technology, 51 (1), January, 222–31 381 PART VI SUB-NATIONAL IO STUDIES 29. Dabo Guan and Klaus Hubacek (2007), ‘Assessment of Regional Trade and Virtual Water Flows in China’, Ecological Economics, 61 (1), February, 159–70 392 viii Recent Developments in Input–Output Analysis II 30. Erik Dietzenbacher and Esther Velázquez (2007), ‘Analysing Andalusian Virtual Water Trade in an Input– Output Framework’, Regional Studies, 41 (2), 185–96 404 31. Yang Yu, Klaus Hubacek, Kuishuang Feng and Dabo Guan (2010), ‘Assessing Regional and Global Water Footprints for the UK’, Ecological Economics, 69 (5), March, 1140–47 416 32. Manfred Lenzen and Greg M. Peters (2010), ‘How City Dwellers Affect Their Resource Hinterland: A Spatial Impact Study of Australian Households’, Journal of Industrial Ecology, Special Issue: Sustainable Consumption and Production, 14 (1), January– February, 73–90 424 33. Jan Minx, Giovanni Baiocchi, Thomas Wiedmann, John Barrett, Felix Creutzig, Kuishuang Feng, Michael Förster, Peter-Paul Pichler, Helga Weisz and Klaus Hubacek (2013), ‘Carbon Footprints of Cities and Other Human Settlements in the UK’, Environmental Research Letters, 8 (035039), September, 1–10 442 34. Ryoji Hasegawa, Shigemi Kagawa and Makiko Tsukui (2015), ‘Carbon Footprint Analysis through Constructing a Multi-Region Input–Output Table: A Case Study of Japan’, Journal of Economic Structures, 4 (5), December, 1–20 452 35. Makiko Tsukui, Shigemi Kagawa and Yasushi Kondo (2015), ‘Measuring the Waste Footprint of Cities in Japan: A Interregional Waste Input–Output Analysis’, Journal of Economic Structures, 4 (18), December, 1–24 472 PART VII IO-BASED LIFE-CYCLE ASSESSMENT 36. Satish Joshi (1999), ‘Product Environmental Life-Cycle Assessment Using Input–Output Techniques’, Journal of Industrial Ecology, 3 (2–3), April, 95–120 497 37. H. Scott Matthews and Mitchell J. Small (2000), ‘Extending the Boundaries of Life-Cycle Assessment through Environmental Economic Input–Output Models’, Journal of Industrial Ecology, 4 (3), July, 7–10 523 38. Sangwon Suh, Manfred Lenzen, Graham J. Treloar, Hiroki Hondo, Arpad Horvath, Gjalt Huppes, Olivier Jolliet, Uwe Klann, Wolfram Krewitt, Yuichi Moriguchi, Jesper Munksgaard and Gregory Norris (2004), ‘System Boundary Selection in Life-Cycle Inventories Using Hybrid Approaches’, Environmental Science and Technology, 38 (3), February, 657–64 527 39. Sangwon Suh and Shinichiro Nakamura (2007), ‘Five Years in the Area of Input–Output and Hybrid LCA’, International Journal of Life Cycle Assessment, 12 (6), September, 351–52 535 Recent Developments in Input–Output Analysis II ix 40. Edgar G. Hertwich (2011), ‘The Life Cycle Environmental Impacts of Consumption’, Economic Systems Research, 23 (1), March, 27–47 537 41. Shigemi Kagawa, Klaus Hubacek, Keisuke Nansai, Minori Kataoka, Shunsuke Managi, Sangwon Suh and Yuki Kudoh (2013), ‘Better Cars or Older Cars?: Assessing CO2 Emission Reduction Potential of Passenger Vehicle Replacement Programs’, Global Environmental Change, 23 (6), December, 1807–18 558 PART VIII TEMPORAL AND STRUCTURAL ANALYSIS 42. Iñaki Arto and Erik Dietzenbacher (2014), ‘Drivers of the Growth in Global Greenhouse Gas Emissions’, Environmental Science and Technology, 48 (10), May, 5388–94 571 43. Dabo Guan, Glen P. Peters, Christopher L. Weber and Klaus Hubacek (2009), ‘Journey to World Top Emitter: An Analysis of the Driving Forces of China’s Recent CO2 Emissions Surge’, Geophysical Research Letters, 36 (4), February, 1–5 578 44. Haiyan Zhang and Michael L. Lahr (2014), ‘China’s Energy Consumption Change from 1987 to 2007: A Multi-Regional Structural Decomposition Analysis’, Energy Policy, 67, April, 682–93 583 45. Jan Weinzettel and Jan Kovanda (2011), ‘Structural Decomposition Analysis of Raw Material Consumption: The Case of the Czech Republic’, Journal of Industrial Ecology, 15 (6), December, 893–907 595 46. Arnold Tukker, Tanya Bulavskaya, Stefan Giljum, Arjan de Koning, Stephan Lutter, Moana Simas, Konstantin Stadler and Richard Wood (2016), ‘Environmental and Resource Footprints in a Global Context: Europe’s Structural Deficit in Resource Endowments’, Global Environmental Change, 40, September, 171–81 610 47. Manfred Lenzen (2007), ‘Structural Path Analysis of Ecosystem Networks’, Ecological Modelling, 200 (3–4), January, 334–42 621 48. Richard Wood and Manfred Lenzen (2009), ‘Structural Path Decomposition’, Energy Economics, 31 (3), May, 335–41 630 PART IX ENVIRONMENTAL AND RESOURCE POLICY 49. Erik Dietzenbacher and Kakali Mukhopadhyay (2007), ‘An Empirical Examination of the Pollution Haven Hypothesis for India: Towards a Green Leontief Paradox?’, Environmental and Resource Economics, 36 (4), April, 427–49 638 x Recent Developments in Input–Output Analysis II 50. Glen P. Peters and Edgar G. Hertwich (2008), ‘Post-Kyoto Greenhouse Gas Inventories: Production versus Consumption’, Climatic Change, 86 (1–2), January, 51–66 661 51. Michael Jakob, Jan Christoph Steckel and Ottmar Edenhofer (2014), ‘Consumption- Versus Production-Based Emission Policies’, Annual Review of Resource Economics, 6, November, 297–318 677 52. John Barrett, Glen Peters, Thomas Wiedmann, Kate Scott, Manfred Lenzen, Katy Roelich and Corinne Le Quéré (2013), ‘Consumption- Based GHG Emission Accounting: A UK Case Study’, Climate Policy, 13 (4), 451–70 699 53. Haiyan Zhang, Michael L. Lahr and Jun Bi (2016), ‘Challenges of Green Consumption in China: A Household Energy Use Perspective’, Economic Systems Research, 28 (2), June, 183–201 719 54. Faye Duchin, Stephen H. Levine and Anders Hammer Strømman (2016), ‘Combining Multiregional Input–Output Analysis with a World Trade Model for Evaluating Scenarios for Sustainable Use of Global Resources, Part I: Conceptual Framework’, Journal of Industrial Ecology, 20 (4), August, 775–82 738 55. Arjan de Koning, Gjalt Huppes, Sebastiaan Deetman and Arnold Tukker (2016), ‘Scenarios for a 2 °C World: A Trade-Linked Input– Output Model with High Sector Detail’, Climate Policy, 16 (3), 301–17 746 PART X SOCIAL ASPECTS: RESPONSIBILITY AND FOOTPRINTS 56. Albert E. Steenge (1999), ‘Input–Output Theory and Institutional Aspects of Environmental Policy’, Structural Change and Economic Dynamics, 10 (1), January, 161–76 764 57. Roxana Juliá and Faye Duchin (2007), ‘World Trade as the Adjustment Mechanism of Agriculture to Climate Change’, Climatic Change, 82 (3–4), June, 393–409 780 58. Darian McBain and Ali Alsamawi (2014), ‘Quantitative Accounting for Social Economic Indicators’, Natural Resources Forum: Special Section on Oceans and Seas, 38 (3), August, 193–202 797 59. Ali Alsamawi, Joy Murray and Manfred Lenzen (2014), ‘The Employment Footprints of Nations: Uncovering Master–Servant Relationships’, Journal of Industrial Ecology, 18 (1), February, 59–70 807 60. Moana S. Simas, Laura Golsteijn, Mark A.J. Huijbregts, Richard Wood and Edgar G. Hertwich (2014), ‘The “Bad Labor” Footprint: Quantifying the Social Impacts of Globalization’, Sustainability, 6 (11), October, 7514–40 819 Recent Developments in Input–Output Analysis II xi 61. Daniel Moran, Darian McBain, Keiichiro Kanemoto, Manfred Lenzen and Arne Geschke (2015), ‘Global Supply Chains of Coltan: A Hybrid Life Cycle Assessment Study Using a Social Indicator’, Journal of Industrial Ecology, 19 (3), June, 357–65 846 62. Alexandre Tisserant and Stefan Pauliuk (2016), ‘Matching Global Cobalt Demand under Different Scenarios for Co-Production and Mining Attractiveness’, Journal of Economic Structures, 5 (4), December, 1–19 855 63. Jorge Gómez-Paredes, Ali Alsamawi, Eiji Yamasue, Hideyuki Okumura, Keiichi N. Ishihara, Arne Geschke and Manfred Lenzen (2016), ‘Consuming Childhoods: An Assessment of Child Labor’s Role in Indian Production and Global Consumption’, Journal of Industrial Ecology, Special Issue: Linking Local Consumption to Global Impacts, 20 (3), June, 611–22 874

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Book SynopsisBy combining recent research (especially that of Piketty and his associates) with established ideas (particularly from Sir Arthur Lewis), Roger McCain proposes policies that, together, would aim to reverse the observed tendency towards the concentration of wealth in market economies, thus 'approach equality.' The shortcomings and dangers of rising wealth inequality are discussed, both from the point of view of increasing instability and of equalitarian values. Drawing on Marxist concepts of class, the book clarifies both the relation of wealth to income inequality and the causal link between wealth inequality and economic instability, exploring practical issues related to the proposed policies. The role of the 'middle class' and the causes of the failure of much of the population to save even for retirement are analyzed. The author goes on to examine the implications for programs of distribution according to need and the role of the corporation, and the possibility of a scheme of economic planning that would retain the known advantages of the market allocation of resources. With inequality still a rising issue for public policy, professionals and students studying policy economics will benefit from the analysis in this book and its tight focus on inequality of wealth, as will interested lay readers with a background in economics and an interest in inequality.Trade Review‘This is an important book that tackles an important problem and it could usefully inform governments' economic policies.’ -- Citizen’s Income NewsletterTable of ContentsContents: 1. Introduction: Plan and Scope of the Book 2. The Future of Capitalism 3. Why Be Concerned? Inequality and Instability 4. Sir Arthur Lewis’ Equalitarian Vision 5. Piketty’s Narrative and the Wealth Tax 6. Can we “Grow the Middle Class?” 7. Synthesis and Extension 8. To Each According to Need 9. Civilizing the Corporation 10. Planning from the Bottom Up Index

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Book SynopsisIn this significant new book, Bruna Ingrao and Claudio Sardoni emphasize the crucial importance of considering credit/debt relations and financial markets for a comprehensive understanding of the world in which we live. The book offers both a thorough historical and theoretical reconstruction of how 20th century macroeconomics got (or did not get) to grips with the interactions between banks and financial markets, and the 'real' economy. The book is split into two distinct and thematic parts to expose the different attitudes to banks and finance before and after the Great Depression of the 1930s. Part I explores the period from the turn of the 20th century to the late 1930s, when many important economists devoted great attention to banks and credit relations in their explanations of the working of market economies. Part II discusses the post-war period up until the modern day, when banks and financial markets ceased to be a major concern of mainstream macroeconomics. The 2007-8 crisis gave rise to a renewed interest in credit relations, but many problems inherited from the past still remain open. The authors stress, in particular, the implications of the uneasy, if not impossible, coexistence of the endeavour to set macroeconomics within the framework of general equilibrium theory with the attempt to develop the analysis of the monetary and financial features of actual economies. Macroeconomists will greatly benefit from this timely book as it examines the historical evolution of the discipline, pointing out the major factors that have largely prevented the development of satisfactory analyses of the interrelations of credit, finance and the macroeconomy. Those involved in current economic policy debates will also benefit from the lessons offered in this book.Trade Review'Financial markets are terribly important in a modern economy. Yet, economists have mostly preferred to approach money from highly simplified perspectives that shunt the complexities of finance to one side. Still, from time to time, economists have tried to grasp the nettle. Ingrao and Sardoni provide a highly readable historical account of those efforts to integrate banking and finance into macroeconomic theory, which illuminates both why the problem is a difficult one and why it is important.' --Kevin D. Hoover, Duke University, US'By historically analysing the ways in which macroeconomic theories have conceptualized the role of banks and financial markets, this book solves the puzzle of why mainstream macroeconomics puts the financial system in the background even though it has expanded enormously in its complex interaction with the real side of the economy.' --Mario Amendola, University of Rome, ItalyTable of ContentsContents: PART I From the 1920s to the early postwar period 1. Introduction 2. Banks and the quantity theory: Wicksell and Fisher 3. Money and banking in the process of change: Schumpeter and Robertson 4. Banks, debt and deflation in the Great Depression 5. Keynes on banks in A Treatise, The General Theory and after 6. Further discussions and criticisms of Keynes’s General Theory PART II From the Neoclassical Synthesis to New Keynesian Economics 7. Finance in macroeconomics in the post-war years: The neoclassical synthesis 8. The Monetarist counter-revolution: from the ‘resuscitation’ to the disappearance of money 9. Credit and finance in today mainstream 10. Conclusions Index

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Book SynopsisWritten by distinguished Keynesian and Post-Keynesian economists from diverse national backgrounds, this book examines the economic growth and employment experiences of both large areas of the world and specific economies. Dealing with critical issues in macroeconomic theory and policy, this book puts current issues in a historical perspective. Emphasising developments during and after the Great Recession, and paying due attention to the impacts of austerity policies, chapters explain that high growth of aggregate demand is as essential as ever to achieving full employment and rising living standards. Organised into three distinct thematic parts, the book moves from discussing theoretical considerations, to aggregate demand and employment in the EU, Latin America and the developing world, to individual country studies including Canada, India and Japan. Economics students, particularly those interested in heterodox economics and macroeconomics, will find the accessible language and perspectives on a range of major regions helpful. This will also be a useful read for macroeconomic policy-makers looking for a more in-depth understanding of the importance of boosting aggregate demand. Contributors include: H. Bougrine, J.K. Galbraith, B.K. MacLean, J.W. Mason, L. Osberg, L.-P. Rochon, M. Sawyer, M. Seccareccia, S. Sen, J. Toporowski, M. VernengoTrade Review'This volume features an all-star cast of some of the world's leading heterodox economists, evaluating the state of economics a decade after the global financial crisis, and identifying promising directions for a more realistic and humane approach to both theory and policy. The key lessons of this troubled time are still denied by orthodoxy: namely, that aggregate demand is predominant, and knee-jerk austerity only exacerbates the failures of deregulated, financialized capitalism. Combining careful empirical evidence with thoughtful criticism, these essays locate important chinks in the armour of conventional doctrine, and lead us toward better approaches. It's a powerful, and ultimately hopeful, collection.' --Jim Stanford, Centre for Future Work, Australia'A challenging set of essays indeed. ''High ... aggregate demand is ... essential ... to full employment and rising living standards.'' There is a negative relationship between unemployment and growth, and a positive one between growth and real wages. But, how to square this with fashionable views about the limits to growth?' --John Smithin, York University, Canada'. . . this book assembles essays by distinguished economists in the Keynesian and Post Keynesian traditions, offering a unified analytical framework for the recent economic experiences of large parts of the world. . . These essays therefore pose important questions, beginning with the most central: given that the crisis did occur, would a more progressive, more expansionary, more Keynesian policy have produced a faster recovery and a better long-term condition? This question can, in effect, be taken as a template for the entire book, which explores the potential consequences of better policies in a range of settings, some related directly to the Great Financial Crisis and others bound to it not so much directly, as by the pervasive application of mainstream policies to analogous situations.' --from the Foreword by James K. GalbraithTable of ContentsContents: Preface xiv Introduction: the importance of aggregate demand for full employment and rising living standards 1 Brian K. MacLean, Hassan Bougrine and Louis-Philippe Rochon PART I THEORETICAL CONSIDERATIONS 1 Macroeconomic lessons from the past decade 11 J.W. Mason 2 Dualism and economic stagnation: can a policy of guaranteed basic income return mature market economies to les Trente glorieuses ? 34 Mario Seccareccia 3 Kaleckian reflections on the wage share in recent Post-Keynesian controversies 52 Jan Toporowski PART II MULTI-COUNTRY PERSPECTIVES 4 The fiscal constraints of the Economic and Monetary Union 62 Malcolm Sawyer 5 The failure of development in Latin America 75 Mat.as Vernengo 6 Austerity, unemployment and poverty in developing countries 97 Hassan Bougrine and Louis-Philippe Rochon PART III COUNTRY STUDIES 7 Full employment in Canada in the early 21st century 116 Lars Osberg 8 Employment in India: aggregate demand and structural transformations 142 Sunanda Sen 9 Abenomics and the Japanese labour market 156 Brian K. MacLean Index 179

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Book SynopsisThis research review assesses the ground-breaking contributions to the evolution of knowledge in the economics of risk and time, from its early twentieth-century explorations to its current diversity of approaches. The analysis focuses first on the basic decisions under uncertainty, and then on asset pricing. It further discusses both classical expected utility approach and its non-expected utility generalizations, with applications to dynamic portfolio choices, insurance, risk sharing, and risk prevention. This review will be valuable for scholars in finance and macroeconomics, particularly those with an interest in the modeling foundations of consumer and investor decisions under uncertainty. Table of ContentsContents: PART I EXPECTED UTILITY 1. Daniel Bernoulli (1954), ‘Exposition of a New Theory on the Measurement of Risk’, trans. by Louise Sommer, Econometrica, 22 (1), January, 23–36 2. Milton Friedman and L.J. Savage (1948), ‘The Utility Analysis of Choices Involving Risk’, Journal of Political Economy, 56 (4), August, 279–304 3. John W. Pratt (1964), ‘Risk Aversion in the Small and in the Large’, Econometrica, 32 (1–2), January-April, 122–36 4. Michael Rothschild and Joseph Stiglitz (1970), ‘Increasing Risk: I. A Definition’, Journal of Economic Theory, 2 (3), September, 225–43 5. Paul A. Samuelson (1963), ‘Risk and Uncertainty: The Fallacy of the Law of Large Numbers’, Scientia, 57 (6), 1–6 6. Larry G. Epstein and Stephen M. Tanny (1980), ‘Increasing Generalized Correlation: A Definition and Some Economic Consequences’, Canadian Journal of Economics, 13 (1), 16–34 7. Louis Eeckhoudt and Harris Schlesinger (2006), ‘Putting Risk in its Proper Place’, American Economic Review, 96 (1), March, 280–8 8. Christian Gollier and John W. Pratt (1996), ‘Risk Vulnerability and the Tempering Effect of Background Risk’, Econometrica, 64 (5), September, 1109–23 PART II STATIC CHOICES UNDER UNCERTAINTY 9. Charles A. Holt and Susan K. Laury (2002), ‘Risk Aversion and Incentive Effects’, American Economic Review, 92 (5), December, 1644–55 10. Kenneth J. Arrow (1963), ‘Uncertainty and the Welfare Economics of Medical Care’, American Economic Review, 53 (5), December, 941–73 11. Artur Raviv (1979), ‘The Design of an Optimal Insurance Policy’, American Economic Review, 69 (1), March, 84–96 12. Jan Mossin (1968), ‘Aspects of Rational Insurance Purchasing’, Journal of Political Economy, 76 (4), July-August, 533–68 13. Isaac Ehrlich and Gary S. Becker (1972), ‘Market Insurance, Self-Insurance, and Self-Protection’, Journal of Political Economy, 80 (4), July-August, 623–48 14. Robert Wilson (1968), ‘The Theory of Syndicates’, Econometrica, 36 (1), January, 119–32 15. Robert M. Townsend (1994), ‘Risk and Insurance in Village India’, Econometrica, 62 (3), May, 539–91 16. Agnar Sandmo (1971), ‘On the Theory of the Competitive Firm under Price Uncertainty’, American Economic Review, 61 (1), March, 65–73 PART III RISK AND TIME 17. Jacques H. Drèze and Franco Modigliani (1972), ‘Consumption Decisions Under Uncertainty’, Journal of Economic Theory, 5 (3), December, 307–35 18. Kenneth J. Arrow and Anthony C. Fisher (1974), ‘Environmental Preservation, Uncertainty and Irreversibility’, Quarterly Journal of Economics, 88 (2), May, 312–19 19. Robert Pindyck (1991), ‘Irreversibility, Uncertainty and Investment’, Journal of Economic Literature, 29 (3), September, 1110–48 20. Jan Mossin (1968), ‘Optimal Multiperiod Portfolio Policies’, Journal of Business, 41 (2), April, 215–29 21. Paul A. Samuelson (1969), ‘Lifetime Portfolio Selection by Dynamic Stochastic Programming’, Review of Economics and Statistics, 51 (3), August, 239–46 PART IV ASSET PRICING 22. Karl H. Borch (1962), ‘Equilibrium in a Reinsurance Market’, Econometrica, 30 (3), July, 424–44 23. Robert E. Lucas, Jr. (1978), ‘Asset Prices in an Exchange Economy’, Econometrica, 46 (6), November, 1429–46 24. Mark Rubinstein (1974), ‘An Aggregation Theorem for Securities Markets’, Journal of Financial Economics, 1 (3), September, 225–44 25. Rajnish Mehra and Edward Prescott (1985), ‘The Equity Premium: A Puzzle’, Journal of Monetary Economics, 15 (2), March, 145–61 26. Narayana R. Kocherlakota (1996), ‘The Equity Premium: It’s Still a Puzzle’, Journal of Economic Literature, 34 (1), March, 42–71 27. Ian Martin (2012), ‘On the Valuation of Long-Dated Assets’, Journal of Political Economy, 120 (2), April, 346–58 28 Robert J. Barro (1989), ‘Rare Disasters and Asset Markets in the Twentieth Century’, Quarterly Journal of Economics, 121 (3), August, 823–66 29. Martin L. Weitzman (2007), ‘Subjective Expectations and Asset-Return Puzzle’, American Economic Review, 97 (4), September, 1102–30 PART V NON-EXPECTED UTILITY 30. Uzi Segal and Avia Spivak (1990), ‘First Order Versus Second Order Risk Aversion’, Journal of Economic Theory, 51 (1), June, 111–25 31. Matthew Rabin (2000), ‘Risk Aversion and Expected-Utility Theory, A Calibration Theorem’ Econometrica, 68 (5), September, 1281–92 32. Menahem E. Yaari (1987), ‘The Dual Theory of Choice Under Risk’, Econometrica, 55 (1), January, 95–115 33. John Quiggin (1982), ‘A Theory of Anticipated Utility’, Journal of Economic Behavior and Organization, 3 (4), December, 323–43 34. Amos Tyversky and Daniel Kahneman (1992), ‘Advances in Prospect Theory – Cumulative Representation of Uncertainty’, Journal of Risk and Uncertainty, 5 (4), October, 297–323 35. Mark J. Machina (1987), ‘Choice Under Uncertainty: Problems Solved and Unsolved’, Journal of Economic Perspectives, 1 (1), Summer, 121–54 36. Faruk Gul (1991), ‘A Theory of Disappointment Aversion’, Econometrica, 59 (3), May, 667–86 37. Larry G. Epstein and Stanley Zin (1991), ‘Substitution, Risk Aversion and the Temporal Behavior of Consumption and Asset Returns: An Empirical Analysis’, Journal of Political Economy, 99 (2), April, 263–86 38. Philippe Weil (1989), ‘The Equity Premium Puzzle and the Risk-Free Rate Puzzle’, Journal of Monetary Economics, 24 (3), November, 401–21 39. Ravi Bansal and Amir Yaron (2004), ‘Risks for the Long Run: A Potential Resolution of Asset Pricing Puzzles’, Journal of Finance, 59 (4), August, 1481–509 40. Yoram Halevy and Vincent Feltkamp (2005), ‘A Bayesian Approach to Uncertainty Aversion’, Review of Economic Studies, 72 (2), April, 449–66 41. Fabio Maccheroni, Massimo Marinacci and Doriana Ruffino (2013), ‘Alpha as Ambiguity: Robust Mean-Variance Portfolio Analysis’, Econometrica, 81 (3), May, 1075–113 Index

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Book SynopsisThis book studies the relationships between aggregate demand, inequality and instability. It extends the traditional approach by introducing wealth and inequality into a dynamic macroeconomic model. Furthermore, it examines the role that debt and financial instability can play in turbulent times such as the Great Recession and its aftermath.Unlike Piketty, the author analyzes the relationships between instability and inequality, and the feedbacks from the latter to the former, in a system approach where real and monetary factors interact to generate complex patterns. The book does not discover 'iron laws' because the results depend on the nature of the model, the values of the parameters and the policy pursued. However, the role of inequality is proven to play a decisive role in shaping dynamics. Finally, the author discusses the link between medium and long- run problems, and the challenges that remain to be faced.Piero Ferri's original application of economic principles to the topic of inequality will make this book essential reading for all economists, particularly those of a macro orientation.Trade Review'Piero Ferri is one of the most sophisticated economists with a firm grasp of the economic methodologies necessary to understand our complex and unstable economies, which he has studied for many years. He now adds to his modelling of Minsky processes, studies of income inequality that highlight and illuminate the key issues that bother us today. This book is essential reading for the professional economist.' --Jan Toporowski, SOAS, University of London, UKTable of ContentsContents: 1. Introduction PART I: Basic Concepts 2. Piketty’s Contribution 3. Measurement 4. Inequality and Aggregate Demand PART II: Endogenous Dynamics and Instability 5. Aggregate Demand, Growth and Instability 6. Wealth, Public Debt and Instability 7. Recursive Workhorses PART III: The Macro Inference of Inequality 8. Rent, Wealth and Bubbles 9. A Model with Heterogeneous Supply 10. Wealth and Capital Gains in Financial Markets PART IV: Inequality, Finance and Instability 11. Inequality and the Financial Instability Hypothesis 12. Instability in a Regime Switching Model PART V: Concluding Remarks 13. A Summary 14. The Challenges Index

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Book SynopsisAfter more than four decades of real income stagnation, ever-increasing inequality and household financial distress, this book explores how the very fabric of our society is under threat. It argues that although capitalism is imperfect, it can be improved, and harnessing its forces of production to more suitable social relations of production is key to that improvement.Highlighting the concept of ‘social capitalism’ and ensuring that it is consistent with our underlying theoretical vision of how capitalism works, chapters address the need for an alternative theory of economic policy-making by combining elements of Marx, Keynes, and Schumpeter (MKS). Applying their emphasis on distributive conflicts, effective demand, and innovation, the MKS system provides an in-depth description of capitalist dynamics and how they reflect observed capitalist history. Based on this approach, Capitalism, Inclusive Growth, and Social Protection suggests that an unregulated capitalistic system is inherently unstable, generates social inequality and is ultimately unviable.This comprehensive book is an excellent resource for scholars concerned with alternatives to prevailing economics who wish to examine more intensively the current problems of capitalism. The analysis will also be of great value to policy makers and representatives of civil society.Trade Review‘When this book gets published we celebrate the tricentenary of the birth of Adam Smith, who in The Wealth of Nations famously wrote: “what improves the circumstances of the greater part [of society] can never be regarded as an inconvenience to the whole. No society can‘This book is a persuasive case for social capitalism as the only path to a sustainable future of liberal democracies. Fair labor markets, shared prosperity, and balanced power between social classes are key features of the solution that Krämer, Proaño, and Setterfield propose to correct the damage done by neoliberal capitalism.’ -- Codrina Rada, University of Utah, US‘Our world is buffeted by economic, financial and political shocks. In this important book, Krämer, Proaño and Setterfield ambitiously hazard an answer. The authors draw on classic works by Marx, Keynes and Schumpeter to help us understand the interaction of structural change and macroeconomic dynamics in the 21st century. -- From the foreword by Barry Eichengreen, University of California, Berkeley, USTable of ContentsContents: Foreword Preface and Acknowledgements General Introduction Part I The Point of Departure: The Marx-Keynes-Schumpeter (MKS) System 2 The MKS System, Part II Part II Unveiling the Fault Lines in Modern Capitalism: Systemic Crises in the Making 3 Inequality in the Distribution of Income and Wealth: Trends, Drivers and Impacts 4 Financialization 5 External Macroeconomic Imbalances: Causes and Consequences 6 Increasing Inequality, Financialization and Macroeconomic Instability: A Three Act Tragedy Part III Inclusive Growth and Social Protection: Towards Social Capitalism 8 Achieving Sustainable and Inclusive Growth 9 Conclusions and Outlook References Index

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Book SynopsisThis biography of the applied English economist Arthur (A.J.) Brown, an English economist from the late 1930s to the 1980s, sets his work in the context of the Great Depression, the emergence of Oxford University as centre of applied economic research, the contraction of British colonialism in Africa, the enlarging of the UK university system, the post-war arms race, the UK joining the Common Market, and significant changes in the industrial structure of Britain.Brown's approach epitomized the role the applied economist. His career included pioneering analysis in Keynesian economics, serving on official bodies concerned with decolonisation, and membership in the UN's group to examine the economic implications of disarmament, the UK's Hunt Committee, and the EEC's MacDougall Commission. He was also heavily involved in building the Economics Department at Leeds University and serving on the University Grants Committee. Through Brown's experiences, we are granted a unique perspective on applied economics research at Oxford University in 1930s as well as reviews of early debates over the Phillips Curve, the role of economics in British decolonisation policy, and the importance of UK regional policy in the 1970s.Arthur Brown's appreciation of both the technical side of economics and the need for practical, real-world advice for decision-makers makes this a important resource for academics interested in the history of economic ideas, inflation, liquidity preference, Keynesian economics, regional policy, decolonisation, and university finances, as well as economists working in government and industry.Trade Review'Arthur Brown was one of the finest applied economists of his generation. I benefitted from his wisdom both as a student and a colleague. His favourite aphorism that ''the economy is made for man, not man for the economy'' was his guiding principle. Ken Button has done a splendid job in highlighting the importance of applied economic research through the life and work of one of its foremost practitioners.' --Tony Thirlwall, Keynes College, University of Kent, UKTable of ContentsContents: Preface Foreword by Henry Brown and William Brown 1. Introduction 2. The development of an applied economist 3. Early career and Keynesianism 4. Building an economics department 5. African decolonization and world disarmament 6. The “Phillips Curve” and inflation 7. Domestic policy advisor 8. Regional economic policy and the Hunt Committee 9. Brown’s later activities References Index

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Book SynopsisThis informative research review discusses the most prominent papers within the economics of structural change and growth. This piece focuses on research that investigates the causes and consequences of structural change with either theoretical or calibrated models, mindfully referring to some of the most celebrated literature over the last two decades. The research review analyses literature covering the impact structural change has on an array of economic factors including convergence, per capita income and spatial development. Prefaced by an original introduction from the editors, this collection would be well suited to scholars and macro-development economists wishing to extend their knowledge of this compelling topic. Table of ContentsContents: Acknowledgements Introduction Kei-Mu Yi, Micheal Sposi and Jing Zhang PART I THEORIES OF STRUCTURAL CHANGE 1. Piyabha Kongsamut, Sergio Rebelo and Danyang Xie (2001), ‘Beyond Balanced Growth’, Review of Economic Studies, 68 (4), October, 869–82 2. Reto Foellmi and Josef Zweimüller (2008), ‘Structural Change, Engle’s Consumption Cycles and Kaldor’s Facts of Economic Growth’, Journal of Monetary Economics, 55 (7), December, 1317–28 3. Timo Boppart (2014), ’Structural Change and the Kaldor Facts in a Growth Model with Relative Price Effects and Non-Gorman Preferences’, Econometrica, 82 (6), November, 2167–96 4. L. Rachel Ngai and Christopher A. Pissarides (2007),’Structural Change in a Multisector Model of Growth’, American Economic Review, 97 (1), March, 429–43 5. Daron Acemoglu and Veronica Guerrieri (2008),’Capital Deepening and Nonbalanced Economic Growth’, Journal of Political Economy, 116 (3), June, 467–98 6. Kiminori Matsuyama (2009),’Structural Change in an Interdependent World: A Global View of Manufacturing Decline’, Journal of European Economic Association, 7 (2–3), May, 478–86 PART II QUANTITATIVE INVESTIGATION OF STRUCTURAL CHANGE 7. Berthold Herrendorf, Richard Rogerson and Akos Valentinyi (2013), ‘Two Perspectives on Preferences and Structural Transformation’, American Economic Review, 103 (7), December, 2752–89 8. Berthold Herrendorf, Christopher Herrington and Ákos Valentinyi (2015),’Sectoral Technology and Structural Transformation’, American Economic Journal: Macroeconomics, 7 (4), October, 104–33 9. Francisco J. Buera and Joseph P. Kaboski (2009),’Can Traditional Theories of Structural Change Fit the Data?’, Journal of The European Economic Association, 7 (2–3), April, 469–77 10. Benjamin N. Dennis and Talan B. Işcan (2009), ’Engel Versus Baumol: Accounting for Structural Change using Two Centuries of U.S. Data’, Explorations in Economics History, 46 (2), April, 186–202 11. Francisco Alvarez-Cuadrado and Markus Poschke (2011), ’Structural Change out of Agriculture: Labor Push Versus Labor Pull’, American Economic Journal: Macroeconomics, 3 (3), July, 127–58 12. Robert Dekle and Guillaume Vandenbroucke (2012), ’A Quantitative Analysis of China’s Structural Transformation’, Journal of Economic Dynamics and Control, 36 (1), January, 119–35 13. Dale W. Jorgenson and Marcel P. Timmer (2011), ‘Structural Change in Advanced Nations: A New Set of Stylised Facts’, Scandinavian Journal of Economics, 113 (1), March, 1–29 14. Francisco J. Buera and Joseph P. Kaboski (2012), ‘Scale and the Origins of Structural Change’, Journal of Economic Theory, 147 (2), March, 684–712 15. Francisco J. Buera and Joseph P. Kaboski (2012), ’The Rise of the Service Economy’, American Economic Review, 102 (6), October, 2540–69 16. Timothy Uy, Kei-Mu Yi and Jing Zhang (2013), ’Structural Change in an Open Economy’, Journal of Monetary Economics, 60 (6), September, 667–82 17. Caroline Betts, Rahul Giri and Rubina Verma (2017), ’Trade, Reform, and Structural Transformation in South Korea’, IMF Economic Review, 65 (4), November, 745–91 18. Marc Teignier (2018), ’The Role of Trade in Structural Transformation’, Journal of Developmental Economics, 130, January, 45–65 19. Tomasz Święcki (2017), ‘Determinants of Structural Change’, Review of Economic Dynamics, 24, March, 95–131 20. Timothy J. Kehoe, Kim J. Ruhl and Joseph B. Steinberg (2018), ’Global Imbalances and Structural Change in the United States’, Journal of Political Economy, 126 (2), April, 761–96 PART III STRUCTURAL CHANGE, PER CAPITA INCOME, GROWTH AND CONVERGENCE, AND SPACE 21. Diego Restuccia, Dennis Tao Yang and Xiadong Zhu (2008), ‘Agriculture and Aggregate Productivity: A Quantitative Cross-Country Analysis’, Journal of Monetary Economics, 55 (2), March, 234–50 22. David Lagakos and Michael E. Waugh (2013), ’Selection, Agriculture, and Cross-Country Productivity Differences’, American Economic Review, 103 (2), April, 948–80 23. Douglas Gollin, Stephen L. Parente, and Richard Rogerson (2007), ‘The Food Problem and the Evolution of International Income Levels’, Journal of Monetary Economics, 54 (4), May, 1230–55 24. Margarida Duarte and Diego Restuccia (2010), ‘The Role of the Structural Transformation in Aggregate Productivity’, Quarterly Journal of Economics, 125 (1), February, 129–73 25. Cristina Echevarria (1997), ‘Changes in Sectoral Composition Associated with Economic Growth, International Economic Review, 38 (2), May, 431–52 26. John Laitner (2000),’Structural Change and Economic Growth’, Review of Economic Studies, 67 (3), May, 545–61 27. Yongsung Chang and Andreas Hornstein (2015) ‘Transition Dynamics in the Neoclassical Growth Model: The Case of South Korea’, BE Journal of Macroeconomics, 15 (2), July, 649–76 28. Tasso Adamopoulos (2011), ’Transportation Cost, Agricultural Productivity, and Cross-country Income Differences’, International Economic Review, 52 (2), May, 489–521 29. Berthold Herrendorf, James A. Schmitz and Arilton Teixeira (2012), ’The Role of Transportation in the U.S. Economic Development: 1840–1860’, International Economic Review, 53 (3), August, 693–715 30. Francesco Caselli and Wilbur John Coleman II (2001), ’The U.S. Structural Transformation and Regional Convergence: A Reinterpretation’, Journal of Political Economy, 109 (3), June, 584–616 31. Guy Michaels, Ferdinand Rauch and Stephen J. Redding (2012), ‘Urbanization and Structural Transformation’, Quarterly Journal of Economics, 127 (2), May, 535–86 32. Klaus Desmet and Esteban Rossi-Hansberg (2014), ’Spatial Development’, American Economic Review, 104 (4), April, 1211–43 Index

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Book SynopsisThis compelling research review touches on the contemporary debates in macroeconomics that have consequentially emerged as a result of government debt. Should governments tolerate high public debt or become more indebted given the now prevailing low interest rates? Or is high public debt bad for private sector confidence and growth, by feeding uncertainty, expectation of future tax hikes and an imminent collapse in the wake of the next crisis? This review presents a collection of articles reflecting on these complex and intriguing topics. This review will be useful for policy makers and academics alike, while being particularly suited for those wishing to explore this exciting research area further. Table of ContentsContents: Acknowledgements Introduction Cristina Checherita-Westphal PART I THEORETICAL LITERATURE ON THE ECONOMIC IMPACT OF PUBLIC DEBT A. Older Literature 1. James E. Meade (1958), ‘Is the National Debt a Burden?’, Oxford Economic Papers, 10 (2), June, 163–83 2. Franco Modigliani (1961), ‘Long-Run Implications of Alternative Fiscal Policies and the Burden of the National Debt’, Economic Journal, 71 (284), December, 730–55 3. Peter A. Diamond (1965), ‘National Debt in a Neoclassical Growth Model’, American Economic Review, 55 (5), December, 1126–50 B. More Recent Literature 4. Olivier J. Blanchard (1985), ‘Debt, Deficits and Finite Horizons,’ Journal of Political Economy, 93 (2), April, 223–47 5. Gilles Saint-Paul (1992), ‘Fiscal Policy in an Endogenous Growth Model’, Quartely Journal of Economics, 107 (4), November, 1243–59 6. Cristina Checherita-Westphal, Andrew Hughes Hallet and Philipp Rother (2014), ‘Fiscal Sustainability using Growth-Maximising Debt Targets’, Applied Economics, 46 (6), February, 638–47 PART II EMPIRICAL LITERATURE ON THE ECONOMIC IMPACT OF PUBLIC DEBT AND ITS CHANNELS A. Debt and Growth 7. Carmen M. Reinhart, Vincent R. Reinhart and Kenneth S. Rogoff (2012), ‘Public Debt Overhangs: Advanced-Economy Episodes Since 1800’, Journal of Economic Perspectives, 26 (3), August, 69–86 8. Cristina Checherita-Westphal and Philipp Rother (2012), ‘The Impact of High Government Debt on Economic Growth and its Channels: An Empirical Investigation for the Euro Area’, European Economic Review, 56 (7), October, 1392–405 9. Anja Baum, Cristina Checherita-Westphal and Philipp Rother (2013), ‘Debt and Growth: New Evidence for the Euro Area ’, Journal of International Money and Finance, 32, February, 809–21 10. Jaejoon Woo and Manmohan S. Kumar (2015), ‘Public Debt and Growth’, Economica, 82 (328), October, 705–39 11. Ugo Panizza and Andrea F. Presbitero (2013), ‘Public Debt and Economic Growth in Advanced Economies: A Survey’, Swiss Journal of Economics and Statistics, 149 (2), January, 175–204 B. Interest Rates and Sovereign Bond Spreads 12. Alberto F. Alesina, Mark De Broeck, Alessandro Prati and Guido Tabellini (1992), ‘Default Risk on Government Debt in OECD Countries’, Economic Policy, 7 (15), October, 428–63 13. Lorenzo Codogno, Carlo Favero and Alessandro Missale (2003), ‘Yield Spreads on EMU Government Bonds’, Economic Policy, 18 (37), October, 503–32 14. Thomas Laubach (2009), ‘New Evidence on the Interest Rate Effects of Budget Deficits and Debt’, Journal of the European Economic Association, 7 (4), June, 858–85 15. Maria-Grazia Attinasi, Cristina Checherita-Westphal and Christiane Nickel (2010), ‘What Explains the Surge in Euro Area Sovereign Spreads During the Financial Crisis of 2007–09?’, Public Finance and Management, 10 (4), 595–645 C. Public Investment 16. Nigel Chalk and Vito Tanzi (2002), ‘Impact of Large Public Debt on Growth in the EU: A Discussion of Potential Channels’, in Marco Buti, Jürgen Von Hagen and Carlos Martinez-Mongay (eds), The Behaviour of Fiscal Authorities: Stabilisation, Growth and Institutions, Part II, Chapter 11, London, UK: Palgrave Macmillan, 186–211 D. Financial Intermediation 17. Riccardo De Bonis and Massimiliano Stacchini (2013), ‘Does Government Debt Affect Bank Credit?’, International Finance, 16, December, 289–310 18. Óscar Jordà, Moritz Schularick and Alan M. Taylor (2016), ‘Sovereigns versus Banks: Credit, Crises, and Consequences’, Journal of the European Economic Association, 14 (1), February, 45–79 E. Debt Crisis and Default 19. Carmen M. Reinhart and Kenneth S. Rogoff (2009), ‘A Digression on the Theoretical Underpinnings of Debt Crisis’, in This Time is Different: Eight Centuries of Financial Folly’, Part II, Chapter 4, Princeton, NJ, USA: Princeton University Press, 51–67 20. Ugo Panizza , Federico Sturzenegger and Jeromin Zettlelmeyer (2009), ‘The Economics and Law of Sovereign Debt and Default’, Journal of Economic Literature, 47 (3), September, 651–98 PART III DEBT REDUCTION STRATEGIES: ISSUES AND EFFECTS 21. S.M. Ali Abbas, Nazim Belhocine, Asmaa ElGanainy and Mark Horton (2013), ‘Historical Patterns and Dynamics of Public Debt – Evidence from a New Database’, IMF Economic Review, 59 (4), November, 717–42 22. Alberto F. Alesina and Silvia Ardagna (2013), ‘The Design of Fiscal Adjustments’, in, Jeffrey R. Brown (ed.), Policy and the Economy, Chapter 2, Chicago, IL, USA: University of Chicago Press, 27, September, 19–68 23. Thomas Warmedinger, Cristina Checherita-Westphal and Pablo Hernández De Cos (2015), ‘Fiscal Multipliers and Beyond’, Hacienda Pública Española/Review of Public Economics, 215 (4), January, 139–68 24. Alberto F. Alesina and Andrea Passalacqua (2015), ‘The Political Economy of Government Debt’, NBER Working Papers No. 21821, Cambridge, MA, USA: National Bureau of Economic Research, 1–74 Index

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Book SynopsisIn this volume, Louis-Philippe Rochon and Hassan Bougrine bring together key post-Keynesian voices in an effort to push the boundaries of our understanding of banks, central banking, monetary policy and endogenous money. Issues such as interest rates, income distribution, stagnation and crises - both theoretical and empirical - are woven together and analysed by the many contributors to shed new light on them. The result is an alternative analysis of contemporary monetary economies, and the policies that are so needed to address the problems of today. Students and professors of economics, policymakers interested in alternative policies, academics and scholars in all fields will benefit from the explorations therein, and would also appreciate the companion publication, Economic Growth and Macroeconomic Stabilization Policies in Post-Keynesian Economics, also published by Edward Elgar Publishing. Contributors include: R. Bellofiore, H. Bougrine, J. Chen, L. Cordonnier, E. Correa, S. Dow, T. Ferguson, G. Fontana, C. Gnos, R. Guttmann, P.D. Jorgensen, P. Kriesler, E. Le Heron, J. Leclaire, V. Monvoisin, A. Parguez, E. Pérez Caldentey, P. Petit, J.-F. Ponsot, L.-P. Rochon, S. Rossi, S. Thabet, J. Toporowski, M. VernengoTrade Review'This is an outstanding, wide-ranging collection of seventeen state-of-the-art essays on endogenous money, banking and monetary policy. The riveting essays are deeply engaging, well written, with a keen eye on current real-world developments and great clarity in exposition. The analyses are solidly grounded in the history of economic thought and all authors bring a commendable commitment to not just understand the world of money and banking, but also to improve the workings of our monetary economies for the common good. A must read.' --Servaas Storm, Delft University of Technology, the NetherlandsTable of ContentsContents: INTRODUCTION Louis-Philippe Rochon and Hassan Bougrine PART 1: MONEY, INCOME DISTRIBUTION AND POST-KEYNESIAN ECONOMICS 1. Celebrating Pioneers Louis-Philippe Rochon and Hassan Bougrine 2. Understanding Credit-Money: Lavoie and Seccareccia’s Contribution to Monetary Theory Robert Guttmann 3. Money, State and Growth of Welfare: Fighting the dangerous transformation of capitalism Alain Parguez and Slim Thabet 4. Two Easy Pieces Riccardo Bellofiore 5. The Role of Stabilization Policies in the New Consensus Macroeconomics (NCM): Modern Lessons from John Kenneth Galbraith Giuseppe Fontana 6. The Macroeconomic Dimension of Money Virginie Monvoisin and Jean-Francois Ponsot 7. The Theory of Money, Interest and Unemployment Hassan Bougrine 8. International Money: Where do we stand? Claude Gnos and Sergio Rossi 9. Endogenous Money, Liquidity Preference and Confidence: For a qualitative theory of money Edwin Le Heron 10. High Finance, Political Money, and the U.S. Congress: A Quantitative Assessment of the Campaign to Roll Back Dodd-Frank Thomas Ferguson, Paul Jorgensen, and Jie Chen 11. International Rentiers, Finance and Income Distribution: A Latin American and post-Keynesian Perspective Esteban Pérez Caldentey and Matías Vernengo PART 2: CRISES AND POST-KEYNESIAN ECONOMICS 12. Is Macro in Crisis? Sheila Dow 13. Stagnation and Crisis: Understanding Credit Flows in Latin America from a Circuitist Perspective Eugenia Correa and Wesley Marshall 14. Secular Stagnation and the Curse of Contemporary Eldorados: What ever happened to broad-impact products? Laurent Cordonnier 15. Seccareccia and Lavoie on Financial Crises: Linking the Real and Financial Sectors of the Economy: The Major Contribution of Post-Keynesians Joelle Leclaire 16. On the changing nature and geography of crises: lessons for a sustainable internationalization Pascal Petit 17. Banking and Financial Crises Jan Toporowski Index

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Book SynopsisHassan Bougrine, Louis-Philippe Rochon and the expert contributors to this book explore issues of economic growth and full employment; presenting a clear explanation to stagnation, recessions and crises, including the latest Global Financial Crisis of 2007-8. With a central focus on the role played by government spending, deficits and debt as well as the setting of interest rates, the chapters propose alternative policies that can be used by central banks and fiscal authorities to deal with problems of income inequality, unemployment and slow productivity. Students and professors of economics, policymakers interested in alternative policies, academics and scholars in all fields will benefit from the explorations therein and would do well to seek out the companion publication, Credit, Money and Crises in Post-Keynesian Economics, also published by Edward Elgar Publishing. Contributors include: P. Arestis, R.A. Blecker, S. Cesaratto, O. Costantini, J.J. da Silveira, M. Dufour, A.K. Dutt, G. Epstein, G. Fujii-Gambero, M. García-Ramos, J. Halevi-Haifa, G.C. Harcourt, E. Hein, E. Kam, J.E. King, P. Kriesler, G.T. Lima, J.A. Montecino, T.I. Palley, F.J. Prante, M. Sawyer, M. Setterfield, J. Smithin, J. Stanford, S. StormTrade Review'This volume brings together some of the finest cutting-edge research in contemporary macroeconomics. It's a fitting tribute to Marc Lavoie and Mario Seccareccia, but beyond that it will become an invaluable resource for anyone seeking to understand current patterns of economic growth and development across the world.' --Jayati Ghosh, Jawaharlal Nehru University, New DelhiTable of ContentsContents: Acknowledgments INTRODUCTION: Economic policies for growth and development Hassan Bougrine and Louis-Philippe Rochon PART 1: ECONOMIC GROWTH AND POST-KEYNESIAN ECONOMICS 1. Celebrating Pioneers Louis-Philippe Rochon and Hassan Bougrine 2. Autonomous demand growth, distribution and fiscal and monetary policy in the short and long Runs Amitava Krishna Dutt 3 Functional distribution and wage inequality in recent Kaleckian growth models Eckhard Hein and Franz J. Prante 4 Trade and growth in middle-income economies: Mexico, Korea and China Gerardo Fujii-Gambero, Julio López-Gallardo and Manuel García-Ramos 5 Household Debt and the Rentiers’ Share of Income Orsola Costantini 6 Secular stagnation, loanable funds and demography: why the Zero-Lower Bound (ZLB) is not the problem Servaas Storm 7 Hicks on Hayek, Keynes, and Wicksell John Smithin and Eric Kam 8 Garegnani, Ackley and the years of high theory at Svimez Sergio Cesarrato 9 The Role of Destabilising Expectations in the 2000-2001 Turkish Crisis: A Behavioural Economics Complement to the Financial Fragility Hypothesis Mathieu Dufour PART 2: MACRO-STABILIZATION POLICIES AND POST-KEYNESIAN ECONOMICS 10 Long-term shifts in demand and distribution in neo-Kaleckian and neo-Goodwinian models Robert A. Blecker 11 The Problematic Nature of the Macroeconomic Policies of the Economic and Monetary Union Philip Arestis and Malcom Sawyer 12 The Political Economy of QE and the Fed: Who Gained, Who Lost and Why did it End? Juan Antonio Montecino and Gerald Epstein 13 Central Bank Independence Revisited Geoffrey. C. Harcourt, Peter Kriesler and Joseph Halevi 14 The Case for a Capital Levy John E. King 15 Negative interest rate policy (NIRP) and the fallacy of the natural rate of interest: Why NIRP may worsen Keynesian unemployment Tom I. Palley 16 Dimensions and Implications of the Slowdown in OECD Business Investment Jim Stanford 17 The Great Deception: The ‘Science’ of Monetary Policy and the Great Moderation Revisited Gilberto Tadeu Lima , Mark Setterfield and Jaylson Jair da Silveira Index

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Book SynopsisThe Post-Keynesian methodology emphasising uncertainty is indispensable to analysing and understanding the major challenges of the 21st Century. On that basis, this book focuses on the failures of the market economic system to secure stability and sustainability, and demonstrates why this is not recognised by conventional economic theory. The Post-Keynesian economics set out here aims for an understanding of the economy as a whole and as an integral part of society. Chapters analysing money, banks and finance as dynamic phenomena open the book. They are followed by chapters focusing on methodological issues such as uncertainty, longer-term aspects, sustainability and other non-monetary economic activities.This important book is a useful tool for students and researchers who wish to gain a better understanding of real world economics. In these areas where conventional macroeconomic theory may not be sufficient, this book offers viable post-Keynesian alternatives.Contributors include: A. Asensio, V. Chick, S. Dow, A. Freeman, J. Ghosh, C. Goodhart, P. Hawkins, J. Jespersen, M.O. Madsen, R. McMaster, C.J. Rodríguez-Fuentes, R. Rotheim, S. Sen, R. Studart, B. Tieben, G. TilyTrade Review'The Post Keynesian contributors to this remarkable volume provide contrasting opinions on monetary theory and monetary policy on four continents, together with a discussion of some major issues in macroeconomic methodology. The book concludes with incisive analyses of two big issues for the future: the probable approach of a stationary state, and the emergence of personal care as a large and growing component of aggregate output.' --John E. King, La Trobe University and Federation University, Australia'This book is a must-read for those who wish to recover the essence of Keynes's message on monetary economics. The authors apply Vicky Chick's interpretation of Keynes and of the evolution of the banking system to contemporary issues such as shadow banking, financialization and the problems of the BRIC economies.' --Marc Lavoie, University of Paris, FranceTable of ContentsContents: Acknowledgements Introduction 1. Monetary regimes: then and now Charles Goodhart 2. Keynes applied Geoff Tily 3. Rethinking monetary restraint Roy J. Rotheim 4. The evolutionary approach to banking and the credit-hungry consumer: a view of the failure of African Bank Penelope Hawkins 5. Financial fragility in Asia Jayati Ghosh 6. Shadow banking in emerging economies like India Sunanda Sen 7. Finance for transformation: a Post-Keynesian perspective on global sustainable development Rogério Studart 8. A personal interpretation of Victoria Chick’s monetary thought: intellectual rigour, scientific innovation and common sense Carlos J. Rodríguez-Fuentes 9. Equilibrium and uncertainty Bert Tieben 10. Hicks’s progress from statics to historical time Mogens Ove Madsen 11. A ‘static model of a dynamic process’: underemployment equilibrium with flexible wages and prices Angel Asensio 12. The economics of enough: a future for capitalism or a new way of living? Victoria Chick and Alan Freeman 13. Does Post Keynesianism need a theory of care? Robert McMaster Index

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Book SynopsisThis book is devoted to examining the lasting impact of The General Theory and Keynes?'s thought on macroeconomic theory, methodology and its relevance for understanding the financial and economic challenges of the 21st Century. A number of contributions take their departure from Keynes?'s presentation during the 1930s of his new macroeconomic understanding and its policy implications. The book also discusses pluralistic views of Keynes?'s ideas and their importance for contemporary debates. The General Theory and Keynes for the 21st Century develops the analysis of money and banking, and the intertwined relationship between financial and real-world activities throughout. It demonstrates how vital Keynes?s work is to understanding the failure of the globalised financial system as well as pointing to an alternative way forward. The broad scope and richness of the contributions are reminders of how most books severely misrepresent The General Theory and therefore fail to act as a guide to 21st Century policy. As such, this book is a necessary tool for scholars, researchers and advanced students of economics, as well as policy makers who wish to create a more just society in the face of the current deregulated global market economy.Contributors include: G.M. Ambrosi, A.M. Carabelli, M.A. Cedrini, V. Chick, T. Congdon, A. Denis, R. Desai, S. Dow, G.C. Harcourt, M.G. Hayes, J. Jespersen, P. Kriesler, H.D. Kurz, M.C. Marcuzzo, J.W. Nevile, R. Skidelsky, T.D. Togati, A. VercelliTrade Review'A fresh and deep dive into a host of outstanding issues in the canon of Keynes studies, from Indian Finance to IS-LM and beyond.' --James K. Galbraith, The University of Texas at Austin, US'The economic ruptures that began in 2007 have revealed how profoundly mistaken were the sustained efforts to remove Keynes's General Theory from its central place in macroeconomic theory and policy. Drawing on the celebrated work of Victoria Chick, our ablest interpreter of that enigmatic volume, the essays gathered here build new bridges from Keynes's insights to our current policy dilemmas.' --Gary Dymski, University of Leeds, UKTable of ContentsContents: Introduction 1. On the relevance of The General Theory at 80: economic change and economic theory Victoria Chick 2. Against twisting The General Theory Maria Cristina Marcuzzo 3. The Keynesian unblocking Robert Skidelsky 4. The attacks on The General Theory: how Keynes’s theory was lost G.C. Harcourt, Peter Kriesler and J.W. Nevile 5. What future for ‘Macroeconomics after Keynes’? A road map to restore the generality of The General Theory Teodoro Dario Togati 6. Expectations, equilibrium and time in The General Theory Anna M. Carabelli and Mario A. Cedrini 7. Weight of argument and liquidity preference Alessandro Vercelli 8. On some principles to fix the quantity of bank money Tim Congdon 9. John Maynard Pangloss: Indian currency and finance in imperial context Radhika Desai 10. Keynes on domestic and international monetary reform Sheila Dow 11. The ‘Gibson Paradox’, The General Theory and beyond Gerhard Michael Ambrosi 12. Sraffa’s prices of production understood in terms of Keynes’s state of short-term expectation M. G. Hayes 13. Keynes and Marx: some points of contact Andy Denis 14. No invitation to ‘Alles Walzer!’: Schumpeter on The General Theory Heinz D. Kurz Index

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Book SynopsisJapan?s dramatic transformation from economic success to economic stagnation offers important policy lessons to advanced countries everywhere that are struggling with stagnation. The term '?Japanization'? is often used by economists to describe long-term stagnation and deflation. Symptoms include high unemployment, weak economic activity, interest rates near zero, quantitative easing and population aging. In the global context, what can governments do to mitigate the downward trends experienced by Japan? This judicious volume investigates in depth the causes of Japan?s ?lost decades? versus the real recovery achieved by the United States, and the lessons that can be learned.This book helps to provide a basis for assessing a wide range of policy approaches from which policymakers and governments can choose to avoid economic decline. The expert contributions provide an overview of the pattern of '?Japanization'? in a global economic perspective, analyze similarities and differences between the Korean and Japanese economies, and examine policies taken by Japan during the lost decades. From this analysis, the book proposes future policy solutions for countries experiencing ?'Japanization'?.Economic stagnation and the relevant policy reactions have been of keen interest around the globe since the global financial crisis and this book will be an invaluable resource for scholars, policymakers, and economic commentators alike.Contributors include: D. Cho, M. Fukao, K. Ito, T. Ito, D. Jeong, K.-C. Jung, S.T. Kim, Y.G. Kim, K. Kwon, A. Mason, J. Oh, I. Saito, J. Schiff, I. SongTrade Review‘. . . this book is a valuable summary of where the discussion on Japanese deflation is, and why research on this topic needs to be taken further. The prospect of ‘Japanization’ in the rest of the world, raised by Takatoshi Ito, is one that cannot be left to regional experts.’ -- Economic IssuesTable of ContentsContents: Preface 1. Introduction and overview Dongchul Cho, Takatoshi Ito and Andrew Mason PART I AGING, INDUSTRY MATURATION AND JAPANIZATION 2. Japanization: Is it spreading to the rest of the world? Takatoshi Ito 3. GDP growth from the perspective of demographic change: Will aging Korea become another Japan? Kyooho Kwon 4. Export dynamics of Japan, Korea and China Kyu-Chul Jung PART II RESOURCE ALLOCATIONS AND TFP 5. Product market efficiencies and TFP: A comparative study of Japanese and Korean firms Keiko Ito and YoungGak Kim 6. Misallocation in the manufacturing sector of Korea: A micro data analysis Jiyoon Oh PART III ROLES OF FINANCIAL MARKETS 7. Financial market efficiency: A comparative perspective Mitsuhiro Fukao 8. How to deal with the rise of zombie firms in Korea Daehee Jeong PART IV MONETARY POLICY AND HOUSE PRICES 9. Deflation and monetary policy Barry Eichengreen 10. Is Korea’s monetary policy following in the footsteps of Japan? Dongchul Cho 11. Aging and housing prices: The cases of Korea and Japan Inho Song PART V JAPANIZATION AND FISCAL POLICY 12. Avoiding another “lost decade”: What role for fiscal policy? Jerry Schiff and Ikuo Saito 13. Lessons for Korea from Japan’s fiscal policy SeongTae Kim Index

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Book SynopsisArguably one of the most important economists who has lived, Ricardo's impact on the economics profession is immense. This unique and comprehensive Companion elucidates his significance and continuing legacy. Ricardo made major contributions to all fields of the subject, from monetary issues to value and income distribution, from capital accumulation, technical progress and economic growth to foreign trade and international specialization, and from taxes to public debt. What he called the main problem of political economy, the distribution of income and wealth, is again back on the political and economic agenda with a vengeance. Leading experts in the field explore his influence and offer novel interpretations of received doctrines.The concise yet comprehensive entries are arranged alphabetically for ease of use with cross references and suggestions for further reading. The Companion will serve as the standard reference work for all those engaged in the field of classical economics. It will also be essential reading for scholars and researchers interested in the history of economic thought, macroeconomics and political economy.Contributors include: R. Arena, T. Aspromourgos, M.S. Aßländer, R.E. Backhouse, I. Barens, E. Bellino, C. Bidard, S. Blankenburg, C. Casarosa, R. Ciccone, S. Cremaschi, M. Dardi, G. Deleplace, T. Dome, G. Erreygers, G. Faccarello, R. Faucci, D. Fiaschi, S. Fratini, G. Freni, C. Gehrke, A.F. Gilbert, G. Gilibert, P. Groenewegen, D. Haas, H. Hagemann, A. Heertje, J.E. King, H. Klausinger, H.D. Kurz, A. Maneschi, M.C. Marcuzzo, F. Meacci, M. Milgate, G. Mongiovi, F. Moseley, D.P.O'Brien, A. Opocher, A. Palumbo, S. Parrinello, C. Perrotta, M. Pivetti, P.L. Porta, A. Quadrio Curzio, S.A.T. Rizvi, A. Rosselli, C. Rotondi, N. Salvadori, R. Signorino, N. Sigot, M. Smith, A. Stirati, R. Sturn, P. Trabucchi, H.-M. Trautwein, P. Tubaro, K. WataraiTrade Review‘Heinz D. Kurz and Neri Salvadori have prepared a superb companion that mirrors their deep understanding of classical economics and additionally their familiarity with the international scene of scholars who have worked on Ricardo’s work and his life.’ -- Volker Caspari, Œconomia‘Although there are serious concerns, it cannot be denied that no other individual, or team, could invite so many commentators from all over the world to contribute articles and compile them into a volume on so many aspects of this genuine economist.? The geographical distribution of contributors stretches from USA and UK? ?through (most densely) continental Europe to Australia and Japan, thanks to which? ?the monolingual Anglo-American reader can access the rich non English literature? ?and tradition. The subject coverage extends not only to Ricardo’s? ?economics, pure or? ?applied, and to later economists on him, but also to his life, family, friends, business,? ?religion, politics, and other subjects - a liberal materialization of the editors’ conviction? ?that there is no essential variance between rational and historical reconstruction? ?in the historiography of economics.? ?The reader using this as a reference book should? ? consult as many entries as possible, with the aid of the “See also” sections at the end? ?of each entry. This volume seems, unlike the Ricardian world, to yield increasing? ?returns to scale.?‘ -- Shin Kubo, ?Journal of the History of Economic Thought’As the contributions demonstrate, these scholars from different countries are authorities in their respective areas of Ricardian theory and often for the history of economic thought in general, as are the editors. . . it is encouraging that even nowadays there are still scholars with an intimate knowledge of the roots of our discipline. And, we should be grateful to the editors that they encouraged these authorities, brought together in this volume, to pass on their knowledge to future generations. They contributed to a volume that can be recommended emphatically as a true Companion because it belongs to the sort of books you will not read only once and then put it away. Actually, it should be on one’s book shelf because it is the sort of volume that merits consultation time and again.’ -- History of Economics Review‘. . .Kurz and Salvadori have done researchers on Ricardo a great service with their compilation of these essays.’ -- EH.NetTable of ContentsContents: 1. Accumulation of Capital Enrico Bellino 2. Belsham, Thomas, and Ricardo Sergio Cremaschi 3. Bentham Jeremy and Ricardo Nathalie Sigot 4. Biaujeaud, Huguette, on Ricardo Gilbert Abraham-Frois 5. Blaug, Mark, on Ricardo Roger E. Backhouse 6. Böhm-Bawerk, Eugen von, on Ricardo Heinz D. Kurz 7. Bortkiewicz, Ladislaus von, on Ricardo Heinz D. Kurz 8. Bullionist Controvercy Ghislain Deleplace 9. Capital and Profits Giorgio Gilibert 10. Colonies Davide Fiaschi and Rodolfo Signorino 11. Comparative Advantage Gilbert Faccarello 12. Competition Richard Arena and Stephanie Blankenburg 13. Corn Laws Andrea Maneschi 14. Corn Model Roberto Ciccone and Paolo Trabucchi 15. Demand and Supply Antonella Palumbo 16. Dmitriev, Vladimir Karpovich, on Ricardo Christian Gehrke 17. Endogeneous Growth Heinz D. Kurz and N. Salvadori 18. Essay on Profits Rodolfo Signorino 19. Exchange Value and Utility S. Abu Turab Rizvi 20. Exhaustible Resources and Mines Heinz D. Kurz and Neri Salvadori 21. Foreign Trade Sergio Parrinello 22. Funding System Rodolfo Signorino 23. General Glut Harald Hagemann 24. Gold Alberto Quadrio Curzio and Claudia Rotondi 25. Hayek, Friedrich von, on Ricardo Hansjoerg Klausinger 26. Hicks on Ricardo Carlo Casarosa 27. Historical Schools on Ricardo Riccardo Faucci 28. Hollander, Jacob Harry, on Ricardo Christian Gehrke 29. Improvements in Production Christian Gehrke 30. Invariable Measure of Value Heinz D. Kurz and Neri Salvadori 31 Jevons, William Stanley, on Ricardo David Haas 32. Jewish Background Arnold Heertje 33. Kaldor, Nicholas, on Ricardo John E. King 34. Keynes, John Maynard, on Ricardo Ingo Barens 35. Labour and Wages Antonella Stirati, 36. Labour Theory of Value Gilbert Faccarello 37. Land and Rent Christian Bidard and Guido Erreygers 38. Life and Activities Arnold Heertje 39. Limiting and Regulating Principles Heinz D. Kurz 40. Malthus-Ricardo Debate Sergio Cremaschi 41. Marshall, Alfred, on Ricardo Marco Dardi 42. Marx, Karl Heinrich, on Ricardo Fred Moseley 43. Mathematical Formulations of Ricardian Economics Giuseppe Freni 44. McCulloch, John Ramsay, and Ricardo Katsuyoshi Watarai 45. Member of Parliament Murray Milgate 46. Mill, James, and Ricardo Sergio Cremaschi 47. Mill, John Stuart, on Ricardo Michael S. Aßländer 48. Monetary Theory Ghislain Deleplace 49. National Debt D.P.O'Brien 50. Natural and Market Prices Rodolfo Signorino 51. Natural Quantity of Money Maria Cristina Marcuzzo and Annalisa Rosselli 52. Non-English Editions of Ricardo’s Works Christian Gehrke 53. Notes on Malthus Pier Luigi Porta 54. Papers on Money and Banking Ghislain Deleplace 55. Pasinetti, Luigi Lodovico, on Ricardo Enrico Bellino 56. Poor Laws Arrigo Opocher 57. Population Arrigo Opocher 58. Porter, Sarah Ricardo Sergio Cremaschi 59. Principles of Political Economy and Taxation Heinz D. Kurz and N. Salvadori 60. Rate of Interest Massimo Pivetti 61. Recent Interpretations Gary Mongiovi 62. Revenue Giorgio Gilibert 63. Ricardian Dynamics Christian Bidard and Guido Erreygers 64. Ricardian Equivalence Richard Sturn 65. Ricardian Socialists John E. King 66. Ricardo Editions Christian Gehrke 67. Ricardo on Adam Smith Tony Aspromourgos 68. Ricardo's Emancipation from Smith's Theory of Prices Katsuyoshi Watarai 69. Ricardo's Four Magic Numbers Andrea Maneschi 70. Riches and Value Cosimo Perrotta 71. Samuelson, Paul Anthony on Ricardo Heinz D. Kurz and N. Salvadori 72. Say Jean-Baptiste and Ricardo Christian Gehrke 73. Say's Law Ferdinando Meacci 74. Schumpeter, Joseph Alois, on Ricardo Heinz D. Kurz 75. Sraffa, Piero, on Ricardo Heinz D. Kurz and N. Salvadori 76. Surplus Saverio M.Fratini 77. Taxation Takuo Dome 78. Technical Change Heinz D. Kurz 79. Tooke, Thomas, and Ricardo Matthew Smith 80. Torrens, Robert, and Ricardo Gary Mongiovi 81. Tozer, John Edward, on Ricardo Paola Tubaro 82. Trower, Hutches, and Ricardo Peter Groenewegen 83. Walras, Marie-Esprit-Léon, on Ricardo Heinz D. Kurz and N. Salvadori 84. Wealth Ferdinando Meacci 85. Whewell William on Ricardo Christian Gehrke 86. Wicksell, Knut on Ricardo Hans-Michael Trautwein Index

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Book SynopsisAntidumping trade protection is one of the most frequent and ubiquitous trade policies in the global economy. This review discusses the key reference pieces in the antidumping literature that have critically defined and shaped what we know about this important and unique form of trade protection. The review critically analyzes the literature and discusses its future directions - it is an important research tool not only for new and established scholars in international economics, but also policymakers and legal scholars.Trade Review‘Nothing comes closer to “everything you wanted to know about antidumping” than this volume. This is a great collection of well-known, thought-provoking papers that have influenced our thinking about antidumping, and antidumping practice alike. Academics and practitioners now have a magnificent one-stop shop to be inspired from.’ -- Petros C. Mavroidis, Columbia Law School, USTable of ContentsContents: Acknowledgements Introduction Bruce A. Blonigen and Thomas J. Prusa PART I THEORIES OF DUMPING 1. James Brander and Paul Krugman (1983), ‘A “Reciprocal Dumping” Model of International Trade’, Journal of International Economics, 15 (3–4), November, 313–21 2. Wilfred J. Ethier (1982), ’Dumping’, Journal of Political Economy, 90 (3), June, 487–506 3. Robert W. Staiger and Frank A. Wolak (1992), ‘The Effect of Domestic Antidumping Law in the Presence of Foreign Monopoly’, Journal of International Economics, 32 (3–4), May, 265–87 4. Kyle Bagwell and Robert W. Staiger (1990), ‘A Theory of Managed Trade’, American Economic Review, 80 (4), September, 779–95 5. Richard H. Clarida (1993), ‘Entry, Dumping, and Shakeout’, American Economic Review, 83 (1), March, 180–202 6. James E. Anderson (1992), ‘Domino Dumping, I: Competitive Exporters’, American Economic Review, 82 (1), March, 65–83 PART II ANTIDUMPING TRADE EFFECTS 7. Thomas J. Prusa (1997), ‘The Trade Effects of U.S. Antidumping Actions’, in Robert C. Feenstra (ed.), The Effects of U.S. Trade Protection and Promotion Policies, Chapter 7, Chicago, IL, USA and London, UK: University of Chicago Press and Cambridge, MA, USA: National Bureau of Economic Research, 191–213 8. Chad P. Bown and Meredith A. Crowley (2007), ‘Trade Deflection and Trade Depression’, Journal of International Economics, 72 (1), May, 176–201 9. Kathy Baylis and Jeffrey M. Perloff (2010), ‘Trade Diversion from Tomato Suspension Agreements’, Canadian Journal of Economics, 43 (1), February, 127–51 10. Tibor Besedeš and Thomas J. Prusa (2017), ‘The Hazardous Effects of Antidumping’, Economic Inquiry, 55 (1), January, 9–30 11. Robert W. Staiger and Frank A. Wolak (1994), ‘Measuring Industry-Specific Protection: Antidumping in the United States’, Brookings Papers on Economic Activity: Microeconomics, 51–103, references 12. Corinne M. Krupp and Patricia S. Pollard (1996), ‘Market Responses to Antidumping Laws: Some Evidence from the U.S. Chemical Industry’, Canadian Journal of Economics, XXIX (1), February, 199–227 PART III POLITICAL ECONOMY OF ANTIDUMPING USE 13. J. M. Finger, H. Keith Hall and Douglas R. Nelson (1982), ‘The Political Economy of Administered Protection’, American Economic Review, 72 (3), June, 452–66 14. Chad P. Bown and Meredith A. Crowley (2013), ‘Self-Enforcing Trade Agreements: Evidence from Time-Varying Trade Policy’, American Economic Review, 103 (2), April, 1071–90 15. Bruce A. Blonigen and Chad P. Bown (2003), ‘Antidumping and Retaliation Threats’, Journal of International Economics, 60 (2), August, 249–73 16. Alberto Martin and Wouter Vergote (2008), ‘On the Role of Retaliation in Trade Agreements’, Journal of International Economics, 76 (1), September, 61–77 17. Michael O. Moore and Maurizio Zanardi (2009), ‘Does Antidumping Use Contribute to Trade Liberalization in Developing Countries?’, Canadian Journal of Economics, 42 (2), May, 469–95 PART IV ANTIDUMPING AND MACROECONOMIC INFLUENCES 18. Michael M. Knetter and Thomas J. Prusa (2003), ‘Macroeconomic Factors and Antidumping Filings: Evidence from Four Countries’, Journal of International Economics, 61 (1), October, 1–17 19. Bruce A. Blonigen and Stephen E. Haynes (2002), ‘Antidumping Investigations and the Pass-Through of Antidumping Duties and Exchange Rates’, American Economic Review, 92 (4), September, 1044–61 20. Chad P. Bown and Meredith A. Crowley (2013), ‘Import Protection, Business Cycles, and Exchange Rates: Evidence from the Great Recession’, Journal of International Economics, 90 (1), May, 50–64 PART V FIRM RESPONSES TO ANTIDUMPING PROTECTION 21. Bruce A. Blonigen and Jee-Hyeong Park (2004), ‘Dynamic Pricing in the Presence of Antidumping Policy: Theory and Evidence’, American Economic Review, 94 (1), March, 134–54 22. Justin R. Pierce (2011), ‘Plant-Level Responses to Antidumping Duties: Evidence from U.S. Manufacturers’, Journal of International Economics, 85 (2), November, 222–33 23. Yi Lu, Zhigang Tao and Yan Zhang (2013), ‘How Do Exporters Respond to Antidumping Investigations?’, Journal of International Economics, 91 (2), November, 290–300 24. Irene Brambilla, Guido Porto and Alessandro Tarozzi (2012), ‘Adjusting to Trade Policy: Evidence from U.S. Antidumping Duties on Vietnamese Catfish’, Review of Economics and Statistics, 94 (1), February, 304–19 25. Bruce A. Blonigen (2002), ‘Tariff-Jumping Antidumping Duties’, Journal of International Economics, 57 (1), June, 31–49 26. Jozef Konings and Hylke Vandenbussche (2008), ‘Heterogeneous Responses of Firms to Trade Protection’, Journal of International Economics, 76 (2), December, 371–83 27. Maya Cohen-Meidan (2013), ‘The Heterogeneous Effects of Trade Protection: A Study of US Antidumping Duties on Portland Cement’, Review of Industrial Organization, Special Issue: Antidumping and Industrial Organization, 42 (4), June, 369–94 PART VI RULES AND DISCRETION 28. Wendy L. Hansen and Thomas J. Prusa (1996), ‘Cumulation and ITC Decision-Making: The Sum of the Parts is Greater than the Whole’, Economic Inquiry, XXXIV (4), October, 746–69 29. Bruce A. Blonigen (2006), ‘Evolving Discretionary Practices of U.S. Antidumping Activity’, Canadian Journal of Economics, 39 (3), August, 874–900 30. Chad P. Bown and Thomas J. Prusa (2011), ‘U.S. Anti-dumping: Much Ado about Zeroing’, in Will Martin and Aaditya Mattoo (eds), Unfinished Business? The WTO’s Doha Agenda, Chapter 14, London, UK: Centre for Economic Policy Research and Washington, DC, USA: International Bank for Reconstruction and Development/The World Bank, 355–92 31. Benjamin H. Liebman and Kara M. Reynolds (2006), ‘The Returns from Rent-Seeking: Campaign Contributions, Firm Subsidies and the Byrd Amendment’, Canadian Journal of Economics, 39 (4), November, 1345–69 PART VII THE PROLIFERATION OF ANTIDUMPING AND ITS EFFECTS 32. Thomas J. Prusa (2001), ‘On the Spread and Impact of Anti-dumping’, Canadian Journal of Economics, 34 (3), August, 591–611 33. Chad P. Bown (2011), ‘Taking Stock of Antidumping, Safeguards and Countervailing Duties, 1990–2009’, World Economy, Special Issue: Global Trade Policy 2011, 34 (12), December, 1955–98 34. Chad P. Bown and Patricia Tovar (2011), ‘Trade Liberalization, Antidumping, and Safeguards: Evidence from India’s Tariff Reform’, Journal of Development Economics, 96 (1), September, 115–25 35. Hylke Vandenbussche and Maurizio Zanardi (2010), ‘The Chilling Trade Effects of Antidumping Proliferation’, European Economic Review, 54 (6), August, 760–77 36. Peter Egger and Douglas Nelson (2011), ‘How Bad is Antidumping? Evidence from Panel Data’, Review of Economics and Statistics, 93 (4), November, 1374–90 Index

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Book SynopsisThe original essays in this book connect the microeconomic and macroeconomic approaches to public debt. Through their thought-provoking views, leading scholars offer insights into the incentives that individuals and governments may have in resorting to public debt, thereby promoting a clearer understanding of its economic consequences. The authors explore public debt along two distinct but complementary analytical paths. One path concerns microeconomic aspects of public debt as it emerges through budgetary processes where individuals respond to the costs and gains of different courses of action. The other concerns the systemic properties of rational individual acting within a democratic system of political economy. Within this scheme of thought, the two levels of analysis are integrated by recognition that efforts to control macro-level outcomes must address the micro-level circumstances and conditions that promote public debt as systemic budgetary outcomes. Scholars and students, as well as policy makers in public debt and political economy, will find this critical resource invaluable to understanding this vital issue.Contributors include: A. Alupoaiei, F. Balassone, G. Brennan, S. Cecchetti, M. Cecioni, M. Cioffi, W. Cornacchia, F. Corneli, F. Dragu, G. Eusepi, E. Longobardi, K. Mause, F. Neagu, A. Pedone, A. Rieck, L. Schuknecht, G. Semeraro, L. Voinea, R.E. WagnerTable of ContentsContents: Preface PART I PUBLIC DEBT AND INDIVIDUAL RATIONALITY 1. De Viti de Marco vs. Ricardo on Public Debt: Self-Extinction or Default? Giuseppe Eusepi and Richard E. Wagner 2. Governing the Market for Sovereign Bailouts Karsten Mause 3. Political Obligations: Is Debt Special? Geoffrey Brennan 4. Debt Default and the Limits of the Contractual Imagination: Pareto and Mosca Meet Buchanan Richard E. Wagner PART II MACRO CONSEQUENCES AND IMPLICATIONS OF PUBLIC DEBT 5. Political economy of government solvency - the institutional framework for stability and sustainability Andrea Rieck and Ludger Schuknecht 6. On Some Recent Proposals of Public Debt Restructuring in the Eurozone Ernesto Longobardi and Antonio Pedone 7. Economic governance in the euro area: balancing risk reduction and risk sharing Fabrizio Balassone, Sara Cecchetti, Martina Cecioni, Marika Cioffi, Wanda Cornacchia, Flavia Corneli and Gabriele Semeraro 8. Adjustments in the balance sheets – is it normal, this “new normal”? Liviu Voinea, Alexie Alupoaiei, Florin Dragu and Florian Neagu Index

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Book SynopsisThis timely book is devoted to the advance of post-Keynesian economics, covering the last ten years of persistent and nuanced disparities in many dimensions of macroeconomic 'reality'. Taking a pluralistic approach to modern Keynesian economics, the book presents innovative contributions to methodology, analyses of financialization and macroeconomic modeling. It explores how to model a complex macro-system at a time when economic uncertainty is dominant. Rich case studies examine increasing macroeconomic imbalances, paving the way for a better understanding of the political challenges of the future. With chapters dedicated to teaching macroeconomics, the book adopts a practical stance, exploring the notion of moving away from mathematical modeling towards problem-based learning. Provocative and comprehensive, this book is crucial reading for all macroeconomists, from academic researchers to ministerial officials, seeking guidance on dealing with macroeconomic 'reality'. Postgraduate students of heterodox economics and political economy will also benefit from the innovative contributions of top post-Keynesian scholars, offering an alternative understanding of contemporary macroeconomic theory. Trade Review'Progressive Post-Keynesian Economics exemplifies beautifully the badly needed approach to economic theory and policy, which starts from real-life economic problems and is open to genuine dialogue with other approaches and social sciences. Discussing many key aspects of post-Keynesian theory, policy and teaching in an open-minded and realist manner, this book provides solid building blocks for a 21st century political economy that integrates insights and draws conceptions from a diversity of approaches. The era of one-sided abstract mathematical modelling that is detached from reality yet often functions as free-market ideology is over. Highly recommended!' --Heikki Patomäki, University of Helsinki, FinlandTable of ContentsContents: Introduction 1. Opportunities and Challenges for Post-Keynesian Economics? Sheila Dow 2. Challenges for Post-Keynesian macroeconomics: a behavioural and structuralist perspective Peter Skott 3. The Microfoundation and Autonomous Agents: G.L.S. Shackle as a front-runner to Progressive Post-Keynesian Economics Greg Hill 4. Ergodicity/Non-ergodicity or else? Finn Olesen 5. Schumpeter and Keynes after the Financial Crisis: Progressive Post-Keynesian opportunities? Stefan Voss 6. Financialisation and the dysfunctional nature of the financial system Malcolm Sawyer 7. Recognition of early financialisation in the writings of John Maynard Keynes Diego Guevara, Apostolos Fasianos and Christos Pierros 8. Central Bank Independency and the Idea of Money Neutrality: Re-considering the theoretical link Ulas Sener 9. A Post-Keynesian model of the balance of payments crisis Hamid Raza, Mikael Randrup Byrialsen, Bjorn Runar Gudmundsson and Gylfi Zoega 10. Stagnation policy in the Eurozone and Post-Keynesian economic policy alternatives Eckhard Hein 11. Problem-Based Learning and Mainstream Economics: Post-Keynesian Economics to the rescue? Jan Holm Ingemann and Poul Thøis Madsen 12. Teaching macroeconomics: how to benefit from Problem-Based Learning Mogens Ove Madsen and Finn Olesen 13. Do not blindly trust economists Mogens Lykketoft Index

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Book SynopsisSince the rational expectations revolution in macroeconomics, the subject has evolved in a major way, adopting the principles behind the revolution and building on them in spectacular fashion. In this thoroughly revised and updated second edition, the authors provide a complete and up-to-date textbook designed to guide students through the mathematical and conceptual maze of modern macroeconomics.The updated second edition includes: Explanation of the historical development of the subject Introduction to traditional macro-classical/adaptive expectations Demonstration of how rational expectations are handled in macro models and in finance An explanation of the importance of structural, micro-founded models Key examples of structural models examined in detail, and with extension to the open economy Discussion of policy implications throughout Methodology for testing models against macro data behaviour, complete with the latest evidence on these models' success Coverage of key topics, including the supply-side, unemployment, growth and the open economy. By explaining the basics of each topic, and providing the solid grounding for students to tackle more complex and detailed material, this textbook will be an invaluable resource for both postgraduate and upper level undergraduate students of macroeconomics alike.

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Book SynopsisSince the rational expectations revolution in macroeconomics, the subject has evolved in a major way, adopting the principles behind the revolution and building on them in spectacular fashion. In this thoroughly revised and updated second edition, the authors provide a complete and up-to-date textbook designed to guide students through the mathematical and conceptual maze of modern macroeconomics.The updated second edition includes: Explanation of the historical development of the subject Introduction to traditional macro-classical/adaptive expectations Demonstration of how rational expectations are handled in macro models and in finance An explanation of the importance of structural, micro-founded models Key examples of structural models examined in detail, and with extension to the open economy Discussion of policy implications throughout Methodology for testing models against macro data behaviour, complete with the latest evidence on these models' success Coverage of key topics, including the supply-side, unemployment, growth and the open economy. By explaining the basics of each topic, and providing the solid grounding for students to tackle more complex and detailed material, this textbook will be an invaluable resource for both postgraduate and upper level undergraduate students of macroeconomics alike.

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