Macroeconomics Books

Book SynopsisUnder growing pressure from within and outside their economies, countries around the world have recently embarked upon wide-ranging programmes of financial reform. This major Handbook provides country studies of the latest developments in financial reform in a selection of both developed and developing countries from Western Europe, North America, South America, Asia and Australia, written by acknowledged experts in their fields. The outcome is an up-to-date, authoritative and comprehensive account of the current world-wide attempt to refashion the way in which the financial services industry (and especially the banking sector) is regulated and supervised. The contributors find that programmes of reform have embraced all or most of the following elements: central bank reform changes in the legal operating environment and market pressures for mergers consolidation demutualisation supervisory reform measures such as the introduction of explicit deposit insurance schemes. This comprehensive reference work contains a wealth of up-to-date knowledge, presented in an accessible manner and with a standardised format. It will be of interest to scholars of central banking and international banking reforms as well as policymakers, legislators, practitioners and organisations from the banking world.Trade Review'The editor did an excellent job in editing this Handbook. . . each chapter gives a very clear and highly informative account of how each country struggles during a crisis and manages to reform their financial industry, as well as the supervision that goes alongside it. What makes this Handbook great reading is the formula followed almost faithfully by all the contributors of the book.' -- Michael Ong, Journal of Financial Regulation and ComplianceTable of ContentsContents: Introduction 1. Financial Reform in Australia 2. Price Stabilization, the Banking Crisis and Financial Reform in Brazil 3. Financial Reform in Canada: Past, Present and Future 4. Financial System Reform in China 5. Financial Reform in Germany 6. Financial Reform in Hong Kong 7. Financial Reform in Italy 8. Financial Reform in Japan 9. Financial Sector Reforms in Singapore 10. Financial Reform in Thailand 11. Financial Reform in the UK 12. Financial Sector Reform in Vietnam Index

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Book SynopsisThis insightful book focuses on the economic consequences of structural reform policies in the economies at the cutting edge of reform: Denmark, The Netherlands, New Zealand and Norway. The contributors examine policies aimed at improving the underlying path of growth, employment and saving-investment balances of the economy and apply state of the art methods to measure and model structural reforms. They examine the areas of competition policy, regulation of entry barriers, non-tariff trade barriers and employment protection rules as well as the quality of education and training, the efficiency of various public sector agencies and labour supply effects of care for children and the elderly. Special attention is paid to two 'success stories': New Zealand's 'Kiwi-model' and the Dutch 'Polder-model'. The book provides a welcome addition to the scarce evidence on both the costs and the benefits of structural reform and identifies the policy problems and the analytical issues at stake.This book will be indispensable to policymakers and academics with an interest in structural reform and macroeconomic policy.Table of ContentsContents: Preface 1. Structural Reform: The Issues Part I: Experiences with Structural Reform 2. Reform and Experience in New Zealand 3. The Policy Experience of Structural Reform in the Netherlands 4. Structural Reform in the Netherlands and New Zealand: Two Roads to Success? Part II: Modelling Structural Reform 5. Gains from Improved Sectoral Efficiency in Norway 6. A Dynamic CGE Analysis of the Danish 1993 Tax Reform Act Part III: Measuring Structural Reform 7. A Miracle or Not? Recent Trends in the Growth Performance of the Dutch Economy 8. Productivity, Wage Moderation, and Specificity in Factor Inputs Index

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Book SynopsisThis book addresses the long absence of a satisfactory theory of macroeconomics. Keynesian theory is not consistent with rational self-interest, but neo-classical economics is unable to explain economic volatility and the trade cycle. Athol Fitzgibbons critiques the leading macroeconomic theories, which he believes are unduly mechanistic because they are incompatible with non-quantitative knowledge.The author sketches the intellectual history of partial knowledge and judgement so far as these relate to macroeconomics, and rejects the claims that Keynes recanted the analysis of practical reason in his Treatise on Probability. Fitzgibbons's theme is the possibility of a new synthesis of Keynes and the neoclassical system. This stresses financial rationality, but it also recognizes that there is an element of indeterminacy in both government policies and the movements of the market.Trade Review'The Nature of Macroeconomics is a short but adventurous book that punches well above its weight . . . As part of a growing literature that identifies methodological issues as central to any appreciation of macroeconomic debate, and which seeks to under-labor for a more relevant useful - indeed, more scientific - macroeconomics, Fitzgibbons' book is to be warmly welcomed.' -- Mark Setterfield, Review of Social Economy'Fitzgibbons examines the foundations of macroeconomic theory and policy and develops an insightful discussion of important issues, especially the state of knowledge of both market participants and policymakers . . . The Nature of Macroeconomics is clearly a book that contributes to the growth of our own partial knowledge.' -- David Dequech, Review of Political Economy'Athol Fitzgibbons's book distils the main lesson of the debates on Keynes over the last 25 years: that macroeconomics has to be based on a theory of knowledge consistent with the way life is lived, where decisions are made in the face of imperfect knowledge. All existing theory (including, he argues, the General Theory) assumes either perfect knowledge or complete ignorance. He shows us why this has happened, and suggests a way out. It is a brave, knowledgeable and important book.' -- Victoria Chick, University College London, UK'A well-written, well-argued discussion of the foundations of macro. If you are unfamiliar with the arguments that macro is not, and cannot be, a traditional science, then this book is definitely worth reading.' -- David Colander, Middlebury College, USTable of ContentsContents: Preface Part I: The Economics of Indeterminacy 1. The Crisis in the Keynesian System 2. Indeterminate Decisions 3. Uncertainty and Decisions Part II: A Critique of Macroeconomics 4. Macroeconomic Theories 5. The Theory of Macroeconomic Policy Part III: Economics and Practical Reason 6. Keynes and the Intellectual Context 7. Conclusion

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Book SynopsisAt the beginning of the 1990's the first encouraging results on GDP growth combined with the fulfilment of international requirements led many to believe that Albania was a 'shining star' in Central and Eastern Europe. But in 1997 this progress was reversed by unprecedented institutional, political and social turmoil leading to a spiral of violence and chaos.This book presents, for the first time, a comprehensive analysis of the different factors behind the 1997 political, economic and social upheaval in Albania. It shows that the crisis was both predictable and complex, and not simply a matter of a disgruntled population attempting to regain their money. Using extensive and detailed evidence Daniel Vaughan-Whitehead identifies the major reasons for the growing discontent and final explosion: - the increase in unemployment, collapse of industrial production, inefficiency of the banking system, limitations and drawbacks of foreign investment, failure of mass privatization, falling living standards, and rising poverty. He examines the consequences of the crisis at the enterprise level, by region, sector, industry and property form using a unique survey of over 1,000 enterprises. In conclusion he offers a series of policy recommendations with a view to regenerating production whilst avoiding a new social explosion in a destroyed economy, weakened by political instability and the conflict in Kosovo.This unique book will be essential reading for all academics working in the area of transition as well as policymakers from international organizations involved in transition economies.Trade Review'. . . a comprehensive and timely overview of one of the least known and least understood of the transition economies, Albania . . . the book is an excellent overview of events in Albania during the past decade. It assembles an impressive range of data and other information about Albania and presents in a very accessible manner. The surveys, in particular, provide a wealth of useful information and can be very helpful in shaping future policies. The author presents the main arguments in a very clear and cogent manner . . . I hope and expect that this valuable book will do much to stimulate further debate and research about Albania.' -- Peter Sanfey, Journal of Comparative Economics'This book provides an analysis of economic developments in Albania since 1990, with particular emphasis on the political, economic, and social collapse of 1997. It is, on the whole, an excellent, thoroughly researched book . . . this is far and away the finest book on the Albanian economy in the 1990s to have appeared thus far.' -- Adi Schnytzer, Slavic Review'Albania in Crisis will be of great interest not only to those international organizations and experts working on the reconstruction of Albania, but also to other policymakers in the region, and to anybody with a professional, academic or general interest in the "transition".' -- Elizabeth Goodson, International Labour Review'One of the most comprehensive economic analyses on Albania. Based on personal experience, Daniel Vaughan-Whitehead's book is an excellent alternative approach to the Albanian 1997 crisis explanation. It represents a deep insight into the social problems of a poor but still promising country. Surveys and the enormous work with data are a great help in designing sustainable policies for recovery and growth . . . it will be an excellent addition to the scarce literature on Albania.' -- Marta Muco, Bank of Albania, Albania'During the early 1990s the Albanian economic performance was often lauded as one of the success stories on the path to systematic transformation and its policies as worthy of emulation by other countries in transition. The astonishing reversal in economic fortunes that followed and the accompanying social conflicts have led some to question that optimism and the general relevance of orthodox prescriptions. But this book - which is informed by extensive field work and findings from a large enterprise-level data set - is the first to provide a critical, comprehensive account and analysis of the Albanian experience. The volume - and especially its provocative findings - will be of considerable interest to social scientists and policymakers who are interested in promoting sustainable reform in former communist countries.' -- Derek C. Jones, James L. Ferguson Professor of Economics, Hamilton College, US'This is a riveting, first-hand, unique account of the spectacular rise and fall of the Albanian economy in transition. From a good observation point (ILO) and on the strength of a large scale enquiry into over 1,000 enterprises over three years, Daniel Vaughan-Whitehead helps us understand the 1997 reversal and crisis, which was not just unleashed by the banking pyramid's collapse but was predictably rooted in the fragility of earlier achievements and their large-scale social costs. The book is of very great value not only to country specialists but to anybody with a professional, academic or general interest in the "transition".' -- D. Mario Nuti, University of Rome 'La Sapienza' , Italy and London Business School, UKTable of ContentsContents: Preface Part I: Assessment: The Reasons for the Crisis 1. The Apparent Rapid Success of the Balkan Tiger 2. The Profound Crisis in Industry 3. Difficulties in Emerging Services 4. The Missing Pillar: The Inadequacy of the Banking System 5. The Unemployment Shock 6. Impoverishment Wages and Incomes 7. The Avoidance of Social Dialogue and Participation 8. The Failure of the Mass Privatisation Programme 9. Limitations and Drawbacks of Foreign Capital 10. The Collapse of the Albanian Pyramid Part II: Prospects: Albania after the Storm 11. The Extent of the Destruction 12. A Halt to Economic Activity 13. Macroeconomic Indicators Moving Backwards 14. The Social Abyss 15. Reviving Production Forces 16. Reviving Life Forces Bibliography Index

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Book SynopsisThe timeliness of this book is beyond question. Since the crisis erupted in Thailand in mid-1997 and spread, with varying degrees of severity, to the rest of Asia, the export-led industrialization strategy that has driven economic growth in East and Southeast Asia over the last 50 years has come into question. Is this model still applicable to latecomers such as Vietnam?The Asian financial crisis has highlighted the dangers of implementing export-oriented industrialization through government subsidies and protection. This book finds that the strategy followed by the Asian economies in the last half-decade remains a valid model for Vietnam. In order to avoid grave damage to its financial institutions, the strategy needs to be implemented in conjunction with the development of a sound financial system and a robust private sector.Based on a detailed analysis of the causes and nature of the Asian financial crisis as well as the Vietnamese economy, this book concludes that it is unlikely that Vietnam will face a banking and currency crisis in the short term, but Vietnam could be plagued by balance of payments difficulties for some time to come unless major structural reforms are undertaken soon.This timely book will be of great use to Asian studies scholars and those interested in the role of the financial sector in economic management and development.Trade Review'Can Vietnam make it? Is the crisis likely to spread and make the transition still more difficult, if not impossible?. . . This is a well documented and timely case study, raising almost all relevant issues of development. The book helps us to understand what is really at stake. It has succeeded in bringing together significant contributions and discussions on the big issues and important lessons can be derived for the future of Vietnam. . . . There are on the whole enough reasons for believing that Vietnam may be on the right track. But a 'strategic vision' would indeed seem to be needed.' -- Jacques De Bandt, Universite de Nice - Sophia Antipolis, FranceTable of ContentsContents: Preface Part I: Vietnam and the Region 1. Crisis in Asia and Vietnam’s Economic Policy Response 2. Needed: A Strategic Vision for Setting Reform Priorities in Vietnam Part II: The Asian Financial Crisis and Vietnam 3. Asia’s Financial Crisis: Lessons and Implications for Vietnam 4. Current and Capital Account Liberalisation: Issues Facing Indonesia 5. Paradise Lost: The Pernicious Impact of Exchange Rate Policy on Indonesia’s Banking System 6. Dollarisation and Financial Sector Developments in Vietnam 7. Borrower Transaction Costs and Segmented Markets: A Study of the Rural Credit Market in Vietnam Part III: East Asian Export-Oriented Industrialisation and Vietnam’s Strategic Directions 8. Industrialisation in ASEAN: Some Analytical and Policy Lessons 9. Developing with Foreign Investment: What Can Vietnam Learn from Malaysia? 10. Experiences in the Region and Private Sector Incentives in Vietnam 11. Implications for Vietnam of Rural Industrialisation in China 12. Market Reform and Vietnamese Agriculture References Index

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Book SynopsisThe horizontalist perspective is an extension of the post-Keynesian approach, that has hitherto focused on a theory of credit and money. This book extends horizontalism beyond its traditional boundaries and makes it consistent with the post-Keynesian theories of output and the open economy.The authors compare and contrast the horizontalist position with various orthodox and non-orthodox views on money. They argue that horizontalism is perfectly compatible with liquidity preference, credit constraints, and a flexible interest-rate mark-up, and address recent developments in banking that reinforce the validity of a horizontal schedule of credit-money. The overall intention is to place horizontalism within the current heterodox tradition as a general theory of the creation of money that is consistent with the post-Keynesian view on macroeconomic policy.Credit, Interest Rates and the Open Economy is essential reading for those who wish to expand their theoretical understanding of international financial issues and will be of great interest to those involved in macroeconomics, money and banking and radical economics.Trade Review'This is a very pleasant volume on credit, interest rates, and the open economy. It would be useful to anyone interested in gaining knowledge of the major issues in the horizontalist interpretation of the endogenous money hypothesis.' -- Giuseppe Fontana, Eastern Economic Journal'This book should be on the reading list of every graduate course in monetary economics. The distinguished contributors not only examine and discuss the nature of money and the conduct of monetary policy in a modern credit economy, but also take an historical perspective through the writings of Cassel, Wicksell, Sraffa and Hicks, as well as Keynes and Kaldor, and extend the theory of money endogeneity (or "horizontalism") to the open economy and economic growth. Interested readers have a feast before them.' -- A.P. Thirlwall, University of Kent at Canterbury, UKTable of ContentsContents: Preface: Anthony Thirlwall Introduction Part I: Setting the Record Straight 1. Some Reflections on Endogenous Money 2. Horizontalism Part II: Debates on Horizontalism 3. Money without Scarcity 4. Money Endogeneity and Monetary Non-Neutrality 5. Horizontalism and New Keynesian Economics Part III: Horizontalism and History of Thought Issues 6. The German Balance of Payments School and the Latin American Neo-Structuralists 7. Horizontalism and Inflation Accommodation 8. Notes on Hicks on Money and Monetary Theory 9. Bank Creation of Money and Endogenous Money Supply as the Outcome of the Evolution of the Banking System Part IV: Horizontalism and the Open Economy 10. The Reflux Mechanism and the Open Economy 11. Monetary Autonomy and Financial Integration 12. Foreign Exchange, Interest and Prices Index

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Book SynopsisSince the demise of communism, Russia has become increasingly disparate. Some regions have grown in strength while others have been less successful. This book examines regional patterns of economic change in Russia by addressing questions such as: Is Russia a single economic area? Why are regional economic inequalities increasing? Are there significant regional differences in the economic regime? What influence do leaders have in their own regions, and on federal economic policies? To what extent do central policymakers affect regional outcomes? How are Russian regions affected by their new openness to foreign trade and investment? Based on research carried out by an international and interdisciplinary group of experts, this book analyses case studies from eight regions as well as testing hypotheses on data for the 77 main administrative regions. It will be of immense value to academics, those working for government and non-government agencies, and business people.Trade Review'Members of the geographic community and the broader community of scholars and policymakers interested in economic transition will find this volume useful. . . . worthwhile for both regional specialists and those more generally interested in economic transition.' -- Beth Mitchneck, The Professional Geographer'Overall, the book is very well written. Its analyses are based upon a broad range of research techniques, but the findings are stated simply; the researchers delve into the vastness of multi-dimensional problems, yet the conclusions are succinct; the language is lucid and the style is polished. It is actually quite amazing how neatly this enormous wealth of information fits in a ten-chapter volume. I enjoyed reading it, and I know many others will too. The book is remarkable in many aspects and has a lot to offer to the inquisitive reader.' -- Nani Boyce, Papers in Regional ScienceTable of ContentsContents: 1. Introduction 2. Russia’s Regions in the ‘Triple Transition’ 3. Regional Dynamics of Economic Restructuring Across Russia 4. Demographic Responses to Regional Economic Change 5. Federal Government Responses to Regional Economic Change 6. St Petersburg and Kostroma 7. Samara and Krasnodar 8. Irkutsk and Sakhalin 9. Kaliningrad and Primorskiy Kray 10. Conclusions References Index

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Book SynopsisRegulatory regimes appear wherever market economies exist and whenever there is competition for limited resources. However, the rationale of public regulation of markets, as well as the mechanisms that characterise regulatory regimes, is not well understood. The State, Regulation and the Economy illustrates how economic theory, whether positive or normative, is not convincing in explaining the complex interactions between the state and the market. Instead, the book examines regulation and state intervention from an institutional and historical perspective. Utilising empirical evidence from Scandinavia and the US, the authors argue that the form and content of state interventionism is strongly influenced by historical and path dependent factors, and go on to propose an approach which illuminates the role of specific historical events in forming regulatory policy. Various aspects of regulation are discussed with reference to infrastructure and network industries, one of the few areas in the economy where the role of the state has changed dramatically during the past two decades. The authors believe that the fast changing attitudes and policies towards regulation might be better understood by applying a longer time horizon combined with analysis based on new institutional economics.Scholars of economics, business administration, economic history and political science, as well as those wishing to gain a greater insight into the historical dimension of regulation, will find this an original and valuable book.Trade Review'. . . this book is a collection of well written, very interesting and informative essays that should be valuable to scholars and professional practitioners in the fields of economic history and political science.' -- Fredrik Wilander, Scandinavian Economic History Review'This collection of papers provides important and refreshing context to today's issues, reminding us that the debate over effective regulation is not new and that today's regulations have historical roots . . . Overall, The State, Regulation and the Economy provides a thoughtful collection of papers that give good historical context to contemporary regulatory issues. It reminds us that today's regulations have historical roots that not only help explain why regulations look the way they do, but also that the historical evolution of regulation can help us understand issues facing regulatory policy today.' -- Scott Wallsten, The Journal of Economic History'Occasionally . . . studies come along that take seriously the charge that historians perform genuinely historical studies, in which early events can endure and have lasting impacts on future outcomes (so-called path dependence). The State Regulation and the Economy is an ambitious foray into this area . . . The State, Regulation and the Economy is an excellent volume which I very much enjoyed reading. It is a productive collaboration of practitioners of different disciplines, and provides much useful information and interpretation of the long-term regulatory experiences of two quite different economies. The editors are to be commended for attempting to fill an important gap in the literature on comparative institutional change.' -- Mark Kanazawa, EH.NetTable of ContentsContents: 1. Private Actors, Policy Regulation and the Role of History: An Introduction Part I: General Aspects of Regulation and Institution Decision Making 2. Information Distortion by Politicians and Constituent Groups in Promoting Regulatory Transfers 3. Bursting Through State Limits 4. Origins of the Myth of Neo-Liberalism 5. Taxation, Redistribution and Regulation 6. The Role of Path Dependence in the History of Regulation Part II: Sweden as a Role Model of a Regulated Economy 7. Introduction 8. Compensating the Periphery 9. The State and Regulatory Orders in Early European Civil Aviation 10. Liberalization and Control 11. From Informal Practice to Formal Policy Bibliography Index

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Book SynopsisThis modern and comprehensive book offers a broad survey of economic growth theory, with special emphasis on the impact of natural resources on long-term development. The book begins with the standard growth models of the 1950s and 1960s and extends its analysis to the so-called 'new' growth theory, in which the long-term growth rate of an economy becomes an endogenous variable. The impact of positive spillovers, human capital formation, public services and innovation on the growth process are carefully studied. Using models and empirical illustration, the author evaluates to what extent growth theory is able to explain the huge international differences in living standards prevailing in the world today. The theoretical foundation is then used to consider the issue of sustainable growth under stricter environmental regulation. Growth Theory and Sustainable Development shows that the understanding of growth theory is an important key to predict the sustainability of long-term development, making it required reading for students of economic development and environmental economics.Trade Review'Bretschger's book is useful for readers who have a relatively short time to digest essential ideas of modern development of neo-classical and endogenous growth theories and to bridge the gap between economic sustainability and environmental issues. . . Growth Theory and Sustainable Development is a meaningful addition to the growth economics and environmental economics literatures. The author surveys comprehensively the impact of positive spillovers, human capital formation, public services, and innovation on the growth process.' -- H. Park, Journal of Economics / Zeitschrift fur Nationalokonomie'This is a very impressive volume destined to become a standard treatise in the latest attempts to combine growth theory with the issue of sustainable development.' -- G.K. Shaw, The Economic Journal'Bretschger's pioneering textbook shows that endogenous growth theory provides a powerful framework for the analysis of sustainable development. It illustrates clearly and simply how the new theory can be used to bring diverse social, institutional and environmental factors back into mainstream economics.' -- Peter Howitt, Ohio State University, USTable of ContentsContents: Preface 1. Long-Term Development in Perspective 2. Early Approaches to Formal Growth Theory 3. The Neo-Classical Growth Model 4. Intertemporal Optimisation 5. Positive Spillovers 6. Endogenous Growth with Different Capital Stocks 7. Research and Development 8. Open Economy 9. Extensions 10. Sustainable Development 11. Natural Resources 12. Achieving Sustainability Index

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Book SynopsisThis major book presents an objective and penetrating economic analysis of stabilization and reform in Eastern Europe, combined with a compassionate plea for individual rights and solidarity.Janos Kornai - one of the most famous Hungarian economists of his generation - focuses on two main issues: first, the problems of stabilization and adjustment, which are painful but necessary conditions of sustainable growth and second, the reform of the 'premature welfare state' of Eastern European countries, which is disproportionately large in relation to the resources available and which was hitherto managed in a highly centralized, bureaucratic and paternalistic way.Struggle and Hope goes beyond most other books on the transition process by placing considerable emphasis on the understanding of the ethical implications and the historical roots of each problem, and also the political conditions and consequences of change. Although economic efficiency is extremely important, it is not the exclusive criterion; ethical principles of individual sovereignty and solidarity must also receive particular attention.Professor Kornai's insightful analysis will become required reading for all those concerned with the process of post-socialist transition.Trade Review'. . . he [the author] presents an interesting and original analysis of the transition to a post-socialist economy. . . . The book presents an illuminating analysis of the macroeconomic and social policy options in the process of change from a centrally planned, socialist economy to one based on the market and private enterprise.'Table of ContentsContents: 1. Eliminating the Shortage Economy: a General Analysis and Examination of Developments in Hungary 2. Lasting Growth as Top Priority: Macroeconomic Tensions and Government Economic Policy in Hungary 3. A Steep Road: an Interview by László Zsolt Szabó on the Stabilization Programme 4. The Dilemmas of Hungarian Economic Policy: An analysis of the Stabilization Programme 5. Paying the Bill for Goulash Communism: Hungarian Development and Macro Stabilization in a Political-Economy Perspective 6. Adjustment without Recession: A Case Study of Hungarian Stabilization 7. The Responsibility of the Individual and Society: An Interview by Mihály Laki on Social Issues 8. The Citizen and the State: Reform of the Welfare System Index

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Book SynopsisMacroeconomic analysis has undergone profound and controversial changes during the past twenty-five years and, as such, economists have developed and evolved their approaches to the discipline. Reflections on the Development of Modern Macroeconomics presents a collection of eight original essays, from leading scholars, each of which focuses on an important issue relating to these developments.These accessible, reflective surveys include: to stabilize or not to stabilize: is that the question? Brian Snowdon and Howard Vane the rhetoric and methodology of modern macroeconomics Roger Backhouse how relevant is Keynesian economics today? Keith Shaw what remains of the monetarist counter-revolution? Thomas Mayer macroeconomics: before and after rational expectations Patrick Minford the ups and downs of modern business cycle theory Cillian Ryan and Andrew Mullineux the role of imperfect competition in new Keynesian economics Huw Dixon politics and the macroeconomy: endogenous politicians and aggregate instability Brian Snowdon and Howard Vane This book will attract a wide readership among intermediate undergraduates, as well as postgraduates and lecturers in the fields of macroeconomics and the history of economic thought.Trade Review'An eclectic, insightful collection on the development of modern macroeconomics.' -- David C. Colander, Middlebury College, US'This is a superb book providing a comprehensive, authoritative and lucid coverage of today's macroeconomic debates. It is a welcome addition for both students and their teachers.'– Peter M. Jackson, University of Leicester, UKTable of ContentsContents: Preface 1. To Stabilize or not to Stabilize: Is that the Question? (B. Snowdon, H.R. Vane) 2. The Rhetoric and Methodology of Modern Macroeconomics (R.E. Backhouse) 3. How Relevant is Keynesian Economics Today? (G.K. Shaw) 4. What Remains of the Monetarist Counter-Revolution? (T. Mayer) 5. Macroeconomics: Before and After Rational Expectations (P. Minford) 6. The Ups and Downs of Modern Business Cycle Theory (C. Ryan, A.W. Mullineux) 7. The Role of Imperfect Competition in New Keynesian Economics (H.D. Dixon) 8. Politics and the Macroeconomy: Endogenous Politicians and Aggregate Instability (B. Snowdon, H.R. Vane)

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Book SynopsisThis important book provides fascinating insights into the origins, development and current state of modern macroeconomics. The reader's imagination is instantly captured, and the subject matter brought alive, through conversations with fourteen leading economists including five Nobel Laureates. These interviews shed new light on the controversies witnessed in the field of macroeconomic theory and policy, the way macroeconomics is taught and the history and methodology of macroeconomic research. Their illuminating and contrasting discussions provide students and scholars alike with a unique, highly accessible and enjoyable way to explore the ever-changing landscape of modern macroeconomics.The major economists featured in this book are:Alberto Alesina Olivier Blanchard Mark Blaug Robert W. Clower David C. Colander Milton Friedman Robert E. Lucas, Jr. Gregory Mankiw Franco Modigliani Edward N. Prescott Paul C. Romer Robert M. Solow John B. Taylor James TobinTrade Review'. . . all the interviews are worth reading.' -- Economic Affairs'. . . these interviews, and the introduction of the editors, make for good reading and provide an interesting overview of the development of macroeconomics during the last decades.' -- Ivo Maes, Tijdschrift voor Economie en Management'The interviews are informative and a delight to read. This is not the first enterprise of this sort for Snowdon and Vane, and their experience shows. So does their knowledge of the macroeconomics literature. The questions were prepared with skill to prompt the subjects to reflect on their own work and the work of their contemporaries in light of macroeconomics before and after the peaks of their influence.' -- J. Daniel Hammond, Journal of the History of Economic Thought'These conversations are valuable on many levels. The more or less casual reader with a general sense for the issues and interest in the subject might read them for enjoyment. The student struggling to construct a coherent picture in time for exams will find them of tremendous value. And I suspect that many professional economists will learn a great deal about every area but their own and perhaps even something about that.' -- James Forder, The Business Economist'More than fifteen years after I tried to find out what macroeconomists were up to in my book Conversations with Economists I wanted to go back to these economists to hear from them what has happened since then. There is no need to do that anymore here is the update. I am surprised to find out how similar the thinking has remained in some ways but also how rapidly the field has been changing in other ways, how more technical economics has become and how the issue of growth has come to dominate the agenda. These conversations are chock full of information and interesting tidbits, and provide a surprising and insightful view of the current state in macroeconomics. They should be mandatory reading to all students of economics and on top of the reading list of anyone who is interested in what is going on in macroeconomics.' -- Arjo Klamer, Erasmus University, The Netherlands'This book looks behind the now prevalent and sanitised text book portrayals of macroeconomics and introduces the reader to the theoretical and ideological controversies which lie at the heart of the subject. A very clear introductory extended essay by the authors, which sets the scene is followed by a delightful, thought provoking and engaging set of conversations with some of the principal agenda setters of macroeconomic research. This book is for those who wish to gain a sense of excitement of the modern macroeconomic research agenda. It might even encourage them to read some economics.' -- Peter M. Jackson, University of Leicester, UK'This collection amounts to a great deal more than a series of entertaining conversations, though entertaining they certainly are. Snowdon and Vane provide their readers with a thoughtful introductory essay outlining the development of macroeconomics since the 1930s, and the themes that they deal with there occur and re-occur throughout their interviews, bringing considerable unity to the book as a whole. In Snowdon and Vane's view, macroeconomics is a serious subject that deals with substantive questions of great social importance, and its progress depends on vigorous and open debate among competing points of view. Student readers, of whom there ought to be many, will get from this book a sense of the infectious excitement that marks such debate, and even the most jaded of their teachers will be reminded of why, when all is said and done, there is no subject more worthwhile than economics.' -- David Laidler, University of Western Ontario, Canada'Interviewing leading economists provides an effective way to comprehend the matrix in which their formal contributions arise. In providing these interviews Snowdon and Vane have performed a valuable service both for advanced students and professional economists.' -- Thomas Mayer, University of California, Davis, USTable of ContentsContents: Preface 1. Interpreting Modern Macroeconomics: From Tobin to Romer 2. James Tobin 3. N. Gregory Mankiw 4. Milton Friedman 5. Robert E. Lucas Jr 6. Alberto Alesina 7. Robert W. Clower 8. John B. Taylor 9. David C. Colander 10. Olivier Blanchard 11. Franco Modigliani 12. Edward C. Prescott 13. Robert M. Solow 14. Paul M. Romer 15. Mark Blaug References Index

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Book SynopsisA new international standard of national accounts is being implemented worldwide under the auspices of the United Nations. The New National Accounts is an authoritative introduction to this new system and provides a comprehensive explanation, with illustrative data, of the accounts and accounting concepts that all countries will use in the future. The book assumes no previous knowledge of either economics or national accounting. Beginning with an overview of the entire structure of the new system of accounts, both for flow transactions and their derived balancing items and also for stocks of economic assets and liabilities, Dudley Jackson explains the system's main balancing item - gross value added - and its relation to gross domestic product, to final expenditures, to primary incomes and to transfer payments. The book concludes by explaining the accumulation accounts and the resulting 'wealth of the nation' as recorded in the new system's balance sheets.The New National Accounts will be essential reading for both students and practitioners concerned with macroeconomics, economic policy, national accounting and comparative studies of the economic performance of advanced and developing countries.Trade Review'It was a pleasure to read this book and to review it . . . this is a standalone book and an excellent introduction to national accounts . . . I recommend its reading with enthusiasm.' -- Kishori Lal, Economic Systems Research'Readers with a background in the subject will find the topics covered in the volume familiar. Others will find it a good place to begin. All will find thorough coverage of national income accounting with many illustrations using data from the UK and Australia.' -- E.L. Whalen, ChoiceTable of ContentsContents: 1. The Economy and the Sequence of Accounts 2. Gross Value Added and Gross Domestic Product 3. Final Expenditure and Gross Domestic Product 4. Taxes on Products and the Valuation of Gross Domestic Product 5. External Transactions, the Balance of Primary Incomes and Gross National Income 6. General Government, Households and Disposable Income 7. Gross Saving and the Accumulation of Assets Index

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Book SynopsisThe Economics of Demand-Led Growth is a collection of specially written essays that develop and apply the theory of demand-led growth.Long-run growth is usually portrayed as a supply-determined process. The contributions to this volume, however, are rooted in the theory of demand-led growth. In addition to general discussions of the role of demand in the long-run, the volume contains essays in the Kaldorian and Kaleckian traditions, and a section on the relationship between demand-led growth and structural change. The conclusion reached is that current neglect of the role of demand in analyses of long-run growth is unwarranted. This book will prove indispensable to academic economists and graduate students in economics for its contributions to the field of macrodynamics and, in particular, its development of non-neoclassical approaches to macrodynamics.Trade Review'Demand-led growth theories call our attention to the powerful effects of factors usually neglected by neoclassical growth economics, including income distribution, institutions, structural change, history, path dependency and demand management policy. . . Setterfield's Demand-led Growth provides a useful introduction to this literature. It should be on the syllabus of graduate macroeconomics courses; most of the essays are suitable for advanced undergraduates as well.' -- Christopher J. Niggle, Review of Political Economy'As Keynes noted 65 years ago, the "great puzzle of effective demand" disappeared from economics for a century between Malthus and Keynes. It has recently been in danger of disappearing again. These lucid essays help assure that it will not. They ably summarize growth theory from the demand-side perspective, and in particular, they highlight for a new generation the continuing vital importance of Nicholas Kaldor's ideas.' -- James K. Galbraith, University of Texas, Austin, USTable of ContentsContents 1 Introduction: a dissenter’s view of the development of growth theory and the importance of demand-led growth Mark Setterfield PART ONE FUNDAMENTAL ISSUES IN THE THEORY OF DEMAND-LED GROWTH 2 Keynesian macroeconomics and the theory of economic growth: putting aggregate demand back in the picture Thomas I. Palley 3 The exogeneity of investment: from systemic laws of accumulation and growth to effective demand conditions Joseph Halevi and RŽduane Taouil 4 Growth and fluctuations in the USA: a demand-oriented explanation H. Sonmez Atesoglu PART TWO KALDORIAN MODELS OF DEMAND-LED GROWTH 5 A neo-Kaldorian perspective on the rise and decline of the Golden Age Mark Setterfield and John Cornwall 6 The role of the balance of payments in economic growth J.S.L. McCombie and Mark Roberts 7 Pitfalls in the theory of growth: an application to the balanceof-payments-constrained growth model Thomas I. Palley PART THREE KALECKIAN MODELS OF DEMAND-LED GROWTH 8 Distribution, demand and growth in neo-Kaleckian macro-models Robert A. Blecker 9 Longer-run aspects of Kaleckian macroeconomics Tracy Mott 10 The Kaleckian growth model with target return pricing and conflict inflation Marc Lavoie 11 Conflict, inflation, distribution and terms of trade in the Kaleckian model Mario Cassetti PART FOUR TRAVERSE ANALYSIS AND DEMAND-LED GROWTH 12 A model of Kaldorian traverse: cumulative causation, structural change and evolutionary hysteresis Mark Setterfield PART FIVE STRUCTURAL CHANGE AND DEMAND-LED GROWTH 13 Endogenous demand in the theory of transformational growth George Argyrous 14 Notes on the transformational growth of demand Edward J. Nell 15 Is a biased technological change fuelling dualism? Pascal Petit and Luc Soete Index

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Book SynopsisThe globalisation of the world economy is one of the major concepts of our time and is likely to influence thinking and policy making well into the 21st century. Although officially welcomed as a major contribution to world welfare it is held by many to be responsible for low wages and mass unemployment. This book questions the seemingly inevitable progress of globalisation and the role of the state as a powerless institution in a globalised economy. Issues discussed include: trade liberalisation and the role of the World Trade Organisation in providing global responses to global issues the globalisation of finance; in particular the integration of capital markets the role of EMU in limiting the social protection level in member states< the effect of globalisation on the structure of the modern nation-state a challenge to the conventional image of globalisation, which is viewed as being far less widespread than we are led to believe This book will be of interest to scholars of the international economics, international political economy and international finance.Trade Review'Each of the chapters is rigorous in its accumulation of evidence and thoughtful in its application of analysis.' -- Ben Rosamond, DemocratizationTable of ContentsContents: Globalisation and the Nation-State: An Introduction 1. Globalisation of International Trade and Investment 2. Globalisation of Financial Markets 3. Globalisation, Competitiveness, Unemployment and Social Protection Co-ordination 4. Reconstructing the Political in a Globalising World: States, Institutions, Actors and Governance 5. The Tyranny of Globalisation: Myth or Reality? Index

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Book SynopsisNational Accounting and Capital presents definitive solutions to current problems in national accounting practice. Professor Hartwick deals expertly with problems in accounting natural capital, financial capital and skills capital and communicates his solutions in specially designed national accounting tables or matrices. Key issues discussed include: new developments in the theory of green national accounting, particularly the place of natural resource stocks in the national accounts the relationship between dollar valued net national product and sustainable income an extension of standard treatments of capital, (buildings, machines, etc.), in the national accounts to deal with natural resources, human capital, and financial capital, (equities of banks and other firms and loans from banks to firms) the sustainability of the current path of an economy the role of capital gains on 'new' types of capital in the expression for net national product In addition, Professor Hartwick indicates how to deal with certain long-standing issues involving services to banks in the national accounts. The accounts are always expressed in a national accounting matrix and this makes for consistency in style. He wishes to persuade readers of the value of this approach.This book will be of immense use to scholars of national and environmental accounting and practitioners in government statistical agencies, the UN, the World Bank and the IMF.Trade Review'The book is an important contribution to the strictly neoclassical approach to analysing and calculating national income.' -- Michael Harris, The Australian Journal of Agricultural and Resource Economics'. . . an impressive volume that will be essential reference for anyone interested in the construction of consistent national accounts, and for those whose concerns are broader and relate, for example, to the ways in which we might measure notions of "sustainable development". . . Hartwick's analysis is challenging and the result of a huge intellectual effort that has done much to change the way we look at our national accounts. National accountants will want to study this volume. Environmental economists will benefit enormously from its welfare analysis.' -- David Pearce, The Economic Journal'In this ten-chapter monograph, Professor Hartwick undertakes the difficult but important task of analyzing national accounting. In so doing, he expands the existing literature by addressing issues such as the incorporation of heterogeneous capital - both man-made and natural - and financial services into national accounts, the simultaneous accounting for net national product (NNP) and Net national income (NNI), and welfare dimensions and the greening of national accounts. . . . The extensive use of the Hamiltonian methodological approach in a number of alternative models, the questions posed regarding issues such as the treatment of leisure and labor services in the home, and non-linearities and multiplicity of equilibria, make this monograph extremely useful for researchers both in national accounting and in environmental and resource economics and could provide a stimulating starting point for further research in the economic and ecological view of sustainability.' -- Anastasios Xepapadeas, Journal of Economic Literature'This is an authoritative, path-breaking treatise on national accounting and capital. It will prove extremely useful for researchers and applied economists.' -- Ngo van Long, McGill University, CanadaTable of ContentsContents: Introduction 1. The National Accounts and Capital 2. Integrating Financial-Capital Accounts of Firms into the National Accounts 3. Welfare Considerations in National Accounting 4. Exhaustible Resources 5. Renewable Resources 6. Green National Accounting for an Economy with a Free Access Distortion 7. International Trade 8. Labor, Leisure and Human Capital 9. Technical Change 10. Recapitulation and Questions about Implementation Index

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Book SynopsisThe search for the key to economic growth has proved elusive and contentious. This book uses new empirical evidence to propose an integrated approach for achieving strong industrial and technological capabilities to form the basis for regional and national economic development.The authors use the experiences of countries in Europe and Latin America to show that socio-technical constituencies play a fundamental role in innovation based economic development at both a regional and national level. By blending insights from the industrial cluster and national innovation system approaches with the socio-technical constituencies approach, the authors successfully integrate long standing debates such as agency structure and micro-meso-macro analysis. The work is based both on a theoretical effort to build a new framework for economic growth, and on a number of concrete experiences from a number of countries in Europe and Latin America.Knowledge Flows in National Systems of Innovation will prove essential reading for scholars of innovation, technology and economic development.Table of ContentsContents: Prologue: Alfonso Molina 1. Introduction: The Meso-Foundations of National Innovation Systems Part I: Theoretical Contributions 2. National Systems of Innovation, Industrial Clusters and Constituency-building in Scotland’s Electronics Industry 3. Systems of Innovation, Knowledge and Networks Part II: Regional Industrial Clusters and Sociotechnical Constituencies in Europe and Latin America 4. Constituency-building in the Development of the City of Rome’s Telematics Strategy 5. The Role of the University in Constituency-building for Industrial and Territorial Innovation 6. University–enterprise Linkages in the Area of Biotechnology 7. The Role of the Biotechnology and Pharmaceutical Scientific and Productive Cluster in the Cuban Innovative Activity Part III: Policy Making for Constituency-building in Europe and Latin America 8. Policy Making for Constituency-building in Mexico 9. Industrial Policy of Providing Support to Clusters 10. Policies and Shared Values in the Promotion of Competitiveness Index

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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