Macroeconomics Books

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and it is important to be aware of their impact.This book brings together James Tobin's recent work, both published and unpublished, on finance and globalization, currency crises and bailouts.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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Book SynopsisDavid Laidler is one of the leading scholars in the history of economic thought and macroeconomics. This important collection brings together nineteen of his essays on topics in the history of macroeconomics. It begins with a paper on Adam Smith and ends with a discussion of the implications of Newclassical economists' ideas on the role of economic ideas in conditioning agents' activities. Other chapters deal with the major themes developed by monetary economists in the intervening years. Two of the essays appear in their current form for the first time, and several others are reprinted from difficult-to-obtain sources. They should be of interest not just to historians of economic thought, but also to economists more generally.Trade Review'There is never a dull moment in David Laidler's essays. He writes relatively thick history, emphasising complexities and paradoxes, but with a very sharp pen and very strong opinions. . . this is a valuable collection.' -- J.E. King, History of Economics Review'The subjects of all these papers continue to reward study and argument, and I recommend this book to anyone who is interested in current monetary problems, which cannot be sharply distinguished from those of earlier times and about which we are still arguing.' -- John H. Wood, EH.NetTable of ContentsContents: Introduction 1. Adam Smith as a Monetary Economist 2. Rules, Discretion and Financial Crises in Classical and Neoclassical Monetary Economics 3. Two Views of the Lender of Last Resort: Thornton and Bagehot 4. Thomas Tooke on Monetary Reform 5. Alfred Marshall and the Development of Monetary Economics 6. From Bimetallism to Monetarism: The Shifting Political Affiliation of the Quantity Theory 7. Monetary Explanations of the Weimar Republic’s Hyperinflation: Some Neglected Contributions in Contemporary German Literature 8. Variations on a Two-Interest-Rate Theme 9. The Austrians and the Stockholm School: Two Failures in the Development of Modern Macroeconomics? 10. Hawtrey, Harvard, and the Origins of the Chicago Tradition 11. More on Hawtrey, Harvard and Chicago 12. Wage and Price Stickiness in Macroeconomics: An Historical Perspective 13. What was New about Liquidity Preference Theory? 14. Radcliffe, the Quantity Theory, and Monetarism 15. Hicks’s Later Monetary Thought 16. The Emergence of the Phillips Curve as a Policy Menu 17. Some Aspects of Monetarism circa 1970: A View from 1994 18. The Legacy of the Monetarist Controversy 19. The Role of the History of Economic Thought in Modern Macroeconomics Index

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Book SynopsisMore than a decade after the publication of the critically acclaimed A Modern Guide to Macroeconomics, Brian Snowdon and Howard Vane have produced a worthy successor in the form of Modern Macroeconomics. Thoroughly extended, revised and updated, it will become the indispensable text for students and teachers of macroeconomics in the new millennium. The authors skilfully trace the origins, development and current state of modern macroeconomics from an historical perspective. They do so by thoroughly appraising the central tenets underlying the main competing schools of macroeconomic thought as well as their diverse policy implications. To reflect the important developments which have occurred in macroeconomics over the final decades of the twentieth century, they also survey the burgeoning literature on the 'new political macroeconomics' and 'economic growth'. The book includes insightful chapters on the Post Keynesian and Austrian schools by Paul Davidson and Roger Garrison, and is enlivened by interviews with leading economists such as Robert Skidelsky, James Tobin, Milton Friedman, Robert Lucas Jr, Edward Prescott, Gregory Mankiw, Alberto Alesina, Robert Solow and Paul Romer. The volume also contains an extensive bibliography of over 1,300 publications which highlights the key titles recommended for further student reading.Erudite, accessible and lucidly written, this book is both a stimulating introduction and excellent guide to the controversies and diversity of modern macroeconomic debates. It will prove invaluable for students on undergraduate and postgraduate courses who want to understand as well as simply learn about macroeconomics. It is also a book that many teachers and lecturers will want on their shelves.Trade Review'Snowdon and Vane's book is extremely welcome. Indeed the authors examine, compare, and evaluate the evolution of the major rival stories comprising contemporary macroeconomic thought, but they also trace the development and interaction of key events and ideas as they occurred in the last century. Interviews with leading economists, one or two at the end of each chapter, also greatly help to shed light on this complexity. . . In sum, this is a book which is very difficult to put down.' -- Alessio Moneta, Journal of the History of Economic Thought'It is not difficult to understand why this volume commands high praise from macroeconomic theorists, practitioners and teachers. It contains many interesting features that make it an excellent companion for both students and teachers of tertiary level macroeconomics. . . The authors present the material in a way that conveys to readers that macroeconomics is a "living science", continually developing and still open to debate, controversy and competing policy prescriptions. In this respect it is a book that ought to be required reading for all teachers of the subject. It is also a valuable source of background reading for professional economists involved with economic policy making.' -- Economic Outlook and Business Review'. . . a wonderful history of macroeconomic thought from Keynes to the present, with an outstanding bibliography. It should be useful to undergraduates and graduate students as well as professional economists. Highly recommended.' -- Steven Pressman, Choice'Brian Snowdon and Howard Vane are well-known for their astute understanding of the main macroeconomic schools of thought and their skilled use of interviews with major figures. Here, they deploy a depth of scholarship in explaining the different schools and their key points of departure from one another. This book will be particularly useful to students looking for a clear, non-technical explanation of the main approaches to macroeconomics.' -- Patrick Minford, Cardiff University, UKTable of ContentsContents: Preface 1. Understanding Modern Macroeconomics 2. Keynes v. the ‘Old’ Classical Model 3. The Orthodox Keynesian School 4. The Orthodox Monetarist School 5. The New Classical School 6. The Real Business Cycle School 7. The New Keynesian School 8. The Post Keynesian School 9. The Austrian School 10. The New Political Macroeconomics 11. The Renaissance of Economic Growth Research 12. Conclusions and Reflections Bibliography Index

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Book SynopsisCollecting Nobel Laureate William S. Vickrey's articles on macroeconomic theory and policy written towards the end of his career, this volume demonstrates his enduring commitment to full employment and price stability, and his rejection of conventional macroeconomic theorizing. William Vickrey never lost hope that sensible macroeconomic policy could be understood and implemented, a faith inspired by his humanistic vision of a better world for all and his belief that common sense would ultimately prevail.Advocating sensible economic policies, this collection will offer much of value to heterodox and orthodox economists, graduate economics students and also policymakers.Trade Review'This collection of Vickrey's writings is primarily concerned with macro policy issues, and thus includes some of his lesser-known work. It is a collection that Bill would have wanted to get out to the public because he felt that a solid macro policy was necessary to create a foundation of equity and efficiency before one can even start talking about micro policy.' -- From the preface by David Colander, Middlebury College, USTable of ContentsContents: Preface by David Colander Introduction 1. Budget-Smudget: Why Balance What, How and When? 2. The Need for a Direct Anti-Inflation Program 3. Design of a Market Anti-Inflation Program 4. Meaningfully Defining Deficits and Debt 5. Chock-Full Employment without Increased Inflation: A Proposal for Marketable Markup Warrants 6. An Updated Agenda for Progressive Taxation 7. Today’s Task for Economists 8. My Innovative Failures in Economics 9. The Other Side of the Coin 10. Necessary and Optimum Government Debt 11. Why Not Chock-Full Employment? 12. A Trans-Keynesian Manifesto 13. Fifteen Fatal Fallacies of Financial Fundamentalism: A Disquisition on Demand Side Economics 14. We Need a Bigger ‘Deficit’ Epilogue by James K. Galbraith Index

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Book SynopsisPresenting new and innovative perspectives on macroeconomics at the national and international levels, the editors bring together contributions on a wide range of topics including: current issues of globalization; transitional economies; inequality; unemployment; national and international debt; and the relationship of macroeconomic policies to the environment. The contributors draw on expertise in a variety of areas to provide insight into debates on macroeconomic policy in the US and Europe, as well as in developing and transitional economies. Themes explored include: disequilibrium in the macroeconomy: analysis of the roots of instability and crisis in national and global systems• the evolution of macroeconomic institutions to stabilize and guide economic growth the paradoxes of globalization, the dangers of unrestricted financial flows, and the impacts of globalization on national institutional coherence macro and institutional strategies for the transitional economies of Russia and Eastern Europe distributional and equity issues, including employment, housing, and homelessness the impact of macroeconomic policy and debt on the environment long-term growth and its relationship to well-being and environmental sustainability. This collection is a valuable resource for researchers and students of macroeconomics, presenting numerous case studies and examples which bring to life some of the theoretical debates that will determine the future of macroeconomics. Policy professionals in a variety of fields including politics, political economy, and international relations will also find much of interest in this enlightening volume.Trade Review'The contributions in this volume constitute a valuable starting point for researchers and students of macroeconomics, extending the range of questions usually discussed by macroeconomists.' -- Matias Vernengo, Review of Radical Political EconomicsTable of ContentsContents: Preface Introduction Part I: National Institutions and Policies 1. Stock-Flow Traps in the American Economy 2. Can the Fed Give us Macroeconomic Stability? Lessons from History 3. New Bridges Across the Chasm: Macro and Institutional Strategies for Transitional Economies Part II: The International Context 4. Paradoxes of Globalization 5. Globalization and Financial Crises: A Proposal for a New Approach to Macroeconomics 6. International Foundations of Economic Growth and Price Stability Part III: Employment, Distribution, and Equity 7. The Micro-Foundations of High Unemployment in Developed Countries: Are Labor Market Rigidities the Problem? 8. Can a Rising Tide Raise All Boats? Evidence from the Kennedy–Johnson and Clinton-Era Expansions 9. Housing and Homelessness in a Globalizing Economy Part IV: Macroeconomic Growth and the Environment 10. Debt and Deforestation 11. Reconciling Growth and the Environment Afterword by John Kenneth Galbraith: A Japanese Social Initiative – The Relevant View Index

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Book SynopsisFor this two-volume set the editor has selected the key contributions to the field of open economy macroeconomics which have been made over the past half century and more. The articles selected cover traditional open economy models, first generation intertemporal open economy models, the structure of open economy macro-models, some controversies and puzzles, and second generation intertemporal models.Norman Miller has written an authoritative introduction to each volume, which both summarizes and offers a critical appraisal of the major ideas which have shaped macroeconomics during the last fifty years.This collection will be of particular interest to specialists and graduate students in the fields of international finance and open economy macroeconomics.Table of ContentsContents: Volume I Acknowledgements Introduction Norman C. Miller PART I TRADITIONAL OPEN ECONOMY MODELS 1. Arnold C. Harberger (1950), ‘Currency Depreciation, Income, and the Balance of Trade’ 2. Svend Laursen and Lloyd A. Metzler (1950), ‘Flexible Exchange Rates and the Theory of Employment’ 3. Sidney S. Alexander (1952), ‘Effects of a Devaluation on a Trade Balance’ 4. Sidney S. Alexander (1959), ‘Effects of a Devaluation: A Simplified Synthesis of Elasticities and Absorption Approaches’ 5. J. Marcus Fleming (1962), ‘Domestic Financial Policies Under Fixed and Under Floating Exchange Rates’ 6. R.A. Mundell (1963), ‘Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates’ 7. Rudiger Dornbusch (1976), ‘Expectations and Exchange Rate Dynamics’ 8. Jacob A. Frenkel and Carlos A. Rodriguez (1982), ‘Exchange Rate Dynamics and the Overshooting Hypothesis’ 9. R. Dornbusch, S. Fischer and P.A. Samuelson (1977), ‘Comparative Advantage, Trade, and Payments in a Ricardian Model with a Continuum of Goods’ PART II FIRST GENERATION INTERTEMPORAL OPEN ECONOMY MODELS 10. Norman C. Miller (1968), ‘A General Equilibrium Theory of International Capital Flows’ 11. Michael Connolly and Stephen Ross (1970), ‘A Fisherian Approach to Trade, Capital Movements, and Tariffs’ 12. Jeffrey D. Sachs (1981), ‘The Current Account and Macroeconomic Adjustment in the 1970s’ 13. Maurice Obstfeld (1982), ‘Aggregate Spending and the Terms of Trade: Is There a Laursen-Metzler Effect?’ 14. Robert E. Lucas, Jr. (1982), ‘Interest Rates and Currency Prices in a Two-Country World’ 15. Lars E.O. Svensson and Assaf Razin (1983), ‘The Terms of Trade and the Current Account: The Harberger-Laursen-Metzler Effect’ 16. Rudiger Dornbusch (1983), ‘Real Interest Rates, Home Goods, and Optimal External Borrowing’ 17. Reuven Glick and Kenneth Rogoff (1995), ‘Global versus Country-Specific Productivity Shocks and the Current Account’ 18. Alan C. Stockman (1987), ‘The Equilibrium Approach to Exchange Rates’ 19. Assaf Razin (1995), ‘The Dynamic-Optimizing Approach to the Current Account: Theory and Evidence’ 20. Paul Krugman (1993), ‘What do We Need to Know about the International Monetary System?’ PART III STRUCTURE OF OPEN ECONOMY MACRO-MODELS 21. Edward A. Kuska (1978), ‘On the Almost Total Inadequacy of Keynesian Balance-of-Payments Theory’ 22. Norman C. Miller (1986), ‘The Structure of Open Economy Macro-Models’ Name Index Volume II PART I CONTROVERSIES AND PUZZLES IN OPEN ECONOMY MACROECONOMICS 1. Martin Feldstein and Charles Horioka (1980), ‘Domestic Saving and International Capital Flows’ 2. Marianne Baxter and Mario J. Crucini (1993), ‘Explaining Saving-Investment Correlations’ 3. Jeffrey A. Frankel (1991), ‘Quantifying International Capital Mobility in the 1980s’ 4. Kenneth A. Froot and Richard H. Thaler (1990), ‘Anomalies: Foreign Exchange’ 5. Richard A. Meese and Kenneth Rogoff (1983), ‘Empirical Exchange Rate Models of the Seventies: Do They Fit Out of Sample?’ 6. James R. Lothian and Mark P. Taylor (1996), ‘Real Exchange Rate Behavior: The Recent Float from the Perspective of the Past Two Centuries’ 7. Kenneth Rogoff (1996), ‘The Purchasing Power Parity Puzzle’ 8. David K. Backus, Patrick J. Kehoe and Finn E. Kydland (1992), ‘International Real Business Cycles’ 9. Maurice Obstfeld and Kenneth Rogoff (2001), ‘The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?’ PART II SECOND GENERATION INTERTEMPORAL MODELS: THE NEW OPEN ECONOMY MACROECONOMICS 10. Lars E.O. Svensson and Sweder van Wijnbergen (1989), ‘Excess Capacity, Monopolistic Competition, and International Transmission of Monetary Disturbances’ 11. Maurice Obstfeld and Kenneth Rogoff (1995), ‘Exchange Rate Dynamics Redux’ 12. Caroline Betts and Michael B. Devereux (2000), ‘Exchange Rate Dynamics in a Model of Pricing-to-Market’ 13. John Fender and Chong K. Yip (2000), ‘Tariffs and Exchange Rate Dynamics Redux’ 14. Maurice Obstfeld and Kenneth Rogoff (2000), ‘New Directions for Stochastic Open Economy Models’ 15. Giancarlo Corsetti and Paolo Pesenti (2001), ‘Welfare and Macroeconomic Interdependence’ 16. Philip R. Lane (2001), ‘Money Shocks and the Current Account’ 17. Cédric Tille (2001), ‘The Role of Consumption Substitutability in the International Transmission of Monetary Shocks’ 18. Giovanni Ganelli (2003), ‘Useful Government Spending, Direct Crowding-Out and Fiscal Policy Interdependence’ 19. Francis E. Warnock (2003), ‘Exchange Rate Dynamics and the Welfare Effects of Monetary Policy in a Two-Country Model with Home-Product Bias’ Name Index

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Book SynopsisEconomics is the study of a complex system in which simple laws are not always forthcoming. That complexity mandates three branches of the profession: positive, normative and the art of economics. The economics profession has focused on one of these - positive economics, and in doing so has lost the art of economics. In a series of provocative essays the author argues that most of what economists do is applied policy, which belongs in the art of economics, not in normative or positive economics. The essays explore the forces in academic institutions that have led economics to its current position, as well as the implications of the lost art for the economics profession and its future. In the end, the author is positive about the future of the profession, and predicts that in 2050 it will no longer be as Solow suggested it currently is - 'the overeducated in pursuit of the unknowable'. Instead it will be the 'appropriately educated in search of the knowable'.The essays are written in a highly accessible style, and can be enjoyed by most non-economists, as well as by those economists who don't take themselves too seriously. It can be usefully read by all economists, even those who do take themselves too seriously.Trade Review'Few students of economics have managed to avoid the question of whether their chosen field qualifies as a true science. In this thought-provoking collection of essays, David Colander addresses this question with well-written, and often entertaining prose.' -- Mary Kokoski, Monthly Labor Review'Colander is to be congratulated for persuading us to see things differently, and for linking together the sociology of our profession with a frank appraisal of the artifacts our discipline has produced. This book is a stimulating read. . .' -- Laurence S. Moss, Eastern Economic Journal'This book is a must read for serious students of economic thought.' -- Lall B. Ramrattan, EH.Net'David Colander is one of those rare economists who, while wholly familiar with the techniques employed by economists, finds them wanting in realism and imagination. At the same time, he does not rest content with dismissal, but suggests constructive alternatives. His kind of methodological concern with meta-economic problems is, I believe, necessary and healthy, particularly if done in the attractive style that is so characteristic of him. Colander's work displays not only a high level of technical skill but also imagination and creativeness, the contribution of the artist. His knowledge of history and economic thought further enriches his work. The book is a gem.' -- Paul Streeten, Boston University, US, Balliol College, Oxford and University of Sussex, UKTable of ContentsContents: Preface Introduction Part I: How the Art of Economics was Lost 1. The Lost Art of Economics 2. Is Milton Friedman an Artist or a Scientist? Part II: Methodology of the Art of Economics 3. The Art of Economics by the Numbers 4. The Art of Monetary Policy Part III: Textbooks and the Art of Economics 5. Telling Better Stories in Introductory Macro 6. Teaching Keynes in the 21st Century Part IV: Doing Art in the Current Institutional Setting 7. Confessions of an Economic Gadfly 8. Surviving as a Slightly Out of Sync Economist Part V: Implications of the Lost Art of Economics for the Profession 9. Vision, Judgement, and Disagreement among Economics 10. The Sound of Silence: The Profession’s Response to the COGEE Report Part VI: The Future of the Economic Profession 11. The Death of NeoClassical Economics 12. New Millennium Economics in 2050: How Did It Get This Way, and What Way is It? Bibliography Index

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

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Book SynopsisErudite, accessible and lucidly written, this book provides a stimulating introduction to the careers and main published works of the Nobel Memorial Laureates in Economics. It will prove to be an invaluable reference book on key figures in economics and their path-breaking insights. The vignettes should also encourage the reader to sample some of the Laureates' original works and gain a better understanding of the context in which new ideas were first put forward. Original features of the book include: a foreword by Professor Mark Blaug a review of the Nobel Memorial Prize in Economics, including a biographical guide to potential future winners a table summarising the Laureates': year and country of birth; university and year of their first and higher degrees; their affiliation at the time of the award; broad field of study; and Prize citation comprehensive individual entries on each of the Laureates (including their photographs), covering their careers and main published works a glossary of selected associations, awards, institutions and societies. Written primarily for undergraduate and postgraduate students, this is also a book that many teachers and lecturers will want on their shelves. It will prove to be an invaluable reference tool for anyone wanting to understand how past events and individuals have helped mould contemporary economics.Trade Review'. . . this book will continue to share shelf-space next to my current textbooks. As a librarian, such utility makes this a desirable addition to any educator's collection. As a history of economic thought book, Vane and Mulhearn have brought together a breadth of information that can be found through disparate sources but at a cost of effort and, especially for students, qualitative decisions regarding sources. . . The convenience of their starting methodology, breadth over depth coverage, and clear intention of writing to an audience of students makes this a useful text.' -- Kirk Douglas Johnson, Journal of the History of Economic Thought'The essays summarizing the main achievements of the prize winners are well written and to the point. They are short enough that they never cause the reader to lose interest, but substantive enough to let you know what the winners' accomplishments amount to. These compact, factually accurate essays mark the real value of the book as a reference work. . . there is little for which to fault the authors. Vane and Mulhearn have done a very nice job with the book, and it is an added bonus that it includes a formal portrait photograph of each prize winner.' -- Bradley W. Bateman, History Political Economy'. . . Vane and Mulhearn have produced a useful reference work.' -- John Quiggin, Economic Analysis and Policy'This collection has the capacity to surprise the reader. You learn all sorts of new and sometimes admirable things about these economists and about the richness of the profession that is often obscured from students of the subject.' -- John Lodewijks, History of Economics ReviewTable of ContentsContents: Preface Foreword by Mark Blaug The Nobel Memorial Prize in Economics: A Biographical Overview 1969: Ragnar Frisch 1969: Jan Tinbergen 1970: Paul Samuelson 1971: Simon Kuznets 1972: John Hicks 1972: Kenneth Arrow 1973: Wassily Leontief 1974: Gunnar Myrdal 1974: Friedrich von Hayek 1975: Leonid Kantorovich 1975: Tjalling Koopmans 1976: Milton Friedman 1977: Bertil Ohlin 1977: James Meade 1978: Herbert Simon 1979: Theodore Schultz 1979: Arthur Lewis 1980: Lawrence Klein 1981: James Tobin 1982: George Stigler 1983: Gerard Debreu 1984: Richard Stone 1985: Franco Modigliani 1986: James Buchanan 1987: Robert Solow 1988: Maurice Allais 1989: Trygve Haavelmo 1990: Harry Markowitz 1990: Merton Miller 1990: William Sharpe 1991: Ronald Coase 1992: Gary Becker 1993: Robert Fogel 1993: Douglass North 1994: John Harsanyi 1994: John Nash Jr. 1994: Reinhard Selten 1995: Robert Lucas Jr. 1996: James Mirrlees 1996: William Vickrey 1997: Robert Merton 1997: Myron Scholes 1998: Amartya Sen 1999: Robert Mundell 2000: James Heckman 2000: Daniel McFadden 2001: George Akerlof 2001: Michael Spence 2001: Joseph Stiglitz 2002: Daniel Kahneman 2002: Vernon Smith 2003: Robert Engle 2003: Clive Granger 2004: Finn Kydland 2004: Edward Prescott Glossary of Selected Associations, Awards, Institutions and Societies References Index

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Book SynopsisThere is much confusion in the economics literature on wage determination and the employment-inflation trade-off. Few model builders pay as much careful attention to the definition and meaning of long-run concepts as did Albert Ando. Expanding on years of painstaking work by Ando, the contributors elaborate on the main issues of economic analysis and policies that concerned him.Some of the issues discussed include long-run properties of dynamic econometric models, demographic issues of modern times, stabilization policies - especially for Japan - and interaction between monetary and real economy issues, as well as life-cycle behavior patterns, and the appropriate role of the Phillips Curve and the determination of prices.Paying close attention to the concepts and properties of models, Long-run Growth and Short Run Stabilization is for those interested in the macroeconomics of the US, Italy, and Japan. Scholars of aggregative dynamic models based on realistic reasoning will benefit from the information imparted, as will policymakers who want to understand the functioning of the modern economy.Table of ContentsContents: Preface 1. The Economics Legacy of Albert Ando Lawrence R. Klein 2. The Age–Saving Profile and the Life-Cycle Hypothesis Tullio Jappelli and Franco Modigliani 3. Do Capital Gains Affect Consumption? Estimates of Wealth Effects from Italian Households’ Behavior Luigi Guiso, Monica Paiella and Ignazio Visco 4. Demographic Changes, Reforms to the Social Security System and Private Savings in Italy Sergio Nicoletti-Altimari 5. Do the Elderly Dissave in Japan? Charles Yuji Horioka 6. On Robust Monetary Policy Filippo Altissimo, Stefano Siviero and Daniele Terlizzese 7. The Euro and the Transmission of Monetary Policy Ignazio Angeloni and Michael Ehrmann 8. Monetary and Fiscal Policy in a Liquidity Trap Alan J. Auerbach and Maurice Obstfeld 9. A Three-Factor Yield Curve Model: Non-Affine Structure, Systematic Risk Sources and Generalized Duration Francis X. Diebold, Lei Ji and Canlin Li 10. The Over-Investment Hypothesis Fumio Hayashi 11. Designing Indexed Units of Account Robert J. Shiller 12. Land Prices and Business Fixed Investment in Japan Nobuhiro Kiyotaki and Kenneth D. West 13. Rationality, Behavior and Switching Idiosyncracies in the Euro–Dollar Exchange Rate Gabriella Cagliesi and Massimo Tivegna Index

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Book SynopsisThis book addresses the challenge posed by J.K. Galbraith over 50 years ago to make a constructive contribution to a different style of economic analysis - the economics of abundance. It identifies a system of abundance inhabited by the 'people of plenty' and illustrates that the driver of growth in this system is spending by affluent consumers. This timely book provides essential heterodox economic theory to explain this spending and explore its key drivers and constraints.Table of ContentsContents: Preface 1. Abundance, Scarcity and Sufficiency Appendix: Abundance in Historical Context 2. The Institution of Marketing 3. Socio-cultural Consumption 4. Subjective Consumption 5. Cognitive Consumption 6. The Role of Markets Appendix: Introducing the Simple Market Mechanism to Non-economists 7. Implications Bibliography Index

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Book SynopsisThis outstanding text, a follow-up to the authors' award-winning 1982 text, provides a thorough treatment of economic welfare theory and develops a complete theoretical and empirical framework for applied project and policy evaluation. The authors illustrate how this theory can be used to develop policy analysis from both theory and estimation in a variety of areas including: international trade, the economics of technological change, agricultural economics, the economics of information, environmental economics, and the economics of extractive and renewable natural resources.Building on willingness-to-pay (WTP) measures as the foundation for applied welfare economics, the authors develop measures for firms and households where households are viewed as both consumers and owner/sellers of resources. Possibilities are presented for (1) approximating WTP with consumer surplus, (2) measuring WTP exactly subject to errors in existing econometric work, and (3) using duality theory to specify econometric equations consistent with theory.Later chapters cover specific areas of welfare measurement under imperfect competition, uncertainty, incomplete information, externalities, and dynamic considerations. Applications are considered explicitly for policy issues related to information, international trade, the environment, agriculture, and other natural resource issues.The Welfare Economics of Public Policy is ideal for graduate and undergraduate courses in applied welfare economics, public policy, agricultural policy, and environmental economics and provides an essential reference for practitioners of applied welfare economics.Trade Review‘The Welfare Economics of Public Policy is a great book that should be of interest to all economists interested in applied welfare analysis. It is a good reference book for economists studying the effects of public policy. Finally, it should be a useful textbook for students studying economic policy and applied welfare economics.' -- Jean-Paul Chavas, American Journal of Agricultural Economics'. . . a very comprehensive overview of the state of the art in welfare economics. It can be used as a teaching book for advanced students as well as a reference volume for researchers. This duality of possible uses is supported by the fact that very complex issues are presented in an easily readable manner. More technical aspects are then outlined in the appendices of the relevant chapters, offering colleagues the option to study formal considerations in more detail. . . a welcome addition to and expression of the knowledge base of agricultural economics.' -- Stefan Mann, Journal of Agricultural Economics'I am absolutely delighted that the authors have revised and republished this text. I have used the previous version for years in my graduate environmental economics course; usually I had to share the one copy I have with students and I felt it was a shame that these students did not have the opportunity to purchase the book since every serious environmental economist should have this volume on their shelf. It has been a continuous reference volume for me over the years and I am sure this is true of many others in the discipline. In the field of applied welfare analysis (spanning environmental economics, international trade, agricultural policy, etc.) there is no need for further elaboration when "Just, Hueth and Schmitz" is referenced. Everyone knows the book that is being referred to: the "bible" of applied welfare economics.' -- Catherine Kling, Iowa State University, US'For the record, I am one of the people who requested that the authors revise and re-issue their textbook. It is an extremely valuable book for applied economists; as with the previous edition, I will use it extensively in two of my courses and consult it frequently in my own research endeavors.' -- Richard Adams, Oregon State University, USTable of ContentsContents: Preface 1. Introduction 2. Pareto Optimality and the Pareto Criterion 3. The Compensation Principle and the Welfare Function 4. Welfare Measurement for the Producer Appendix to Chapter 4: Alternative Measures of Producer Welfare in Factor and Product Markets 5. Consumer Surplus and Consumer Welfare Appendix to Chapter 5: Nonuniqueness of Consumer Surplus 6. Willingness to Pay and Consumer Welfare Appendix to Chapter 6: Welfare Measurement for Consumers 7. Factor Supply and Factor Owner Welfare Appendix to Chapter 7: Welfare Measurement for Factor Owners 8. Aggregation and Economic Welfare Analysis of Market-Oriented Policies Appendix to Chapter 8: Measurement of Aggregate Market Welfare 9. Multimarket Analysis and General Equilibrium Considerations Appendix to Chapter 9: Welfare Measures for Multimarket Equilibrium 10. The Welfare Economics of Market Structure with Applications to International Trade 11. The Welfare Economics of Information with Applications to Advertising and Information Policy Appendix to Chapter 11: Measuring the Welfare Effects of Quality and Information 12. Stochastic Welfare Economics with Applications to Agricultural Policy Analysis Appendix to Chapter 12: Producer Welfare Measurement under Risk 13. Nonmarket Welfare Measurement with Applications to Environmental Economic Policy 14. Intertemporal Considerations in Cost–Benefit Analysis with Applications to Natural Resource Economics Appendix to Chapter 14: Intertemporal Welfare Analysis with Investment in Producer Capital and Consumer Durables 15. Conclusions and Further Considerations Bibliography Index

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

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Book SynopsisPost-Keynesian economics is moving beyond criticism of mainstream economics and is focusing on providing a positive alternative to orthodoxy. This book gathers carefully selected and original papers by a number of distinguished post-Keynesian writers from Europe and the Americas and converges on the principles that should guide post-Keynesian economic policy in the 21st century.The policy prescriptions examined and discussed in this book include the New Consensus, inflation targeting, fiscal and monetary policies to name but a few. It puts forth a coherent approach to policy and is divided into three components: monetary policy, fiscal policy and effective demand, and international issues, including discussion of currency boards, dollarization and the EMU. The contributors aim to emphasize the post-Keynesian ability to provide renewed principles of economic policy in contrast with the failures of the mainstream approach.Scholars and researchers of economics and political economy at all levels will find much to engage them within this book.Table of ContentsContents: Introduction Claude Gnos and Louis-Philippe Rochon PART I: MONETARY POLICY 1. Interest Rates and the Real Economy Philip Arestis and Malcolm Sawyer 2. Banking Behaviour and the Brazilian Economy After the End of the Real Plan: A Post-Keynesian Approach Luiz Fernando De Paula and Antonio J. Alves, Jr 3. Is There an Active Role for Monetary Policy in the Endogenous Money Approach? Giuseppe Fontana and Alfonso Palacio-Vera 4. The Post-Keynesian Consensus, the New Consensus and Endogenous Money Virginie Monvoisin and Louis-Philippe Rochon 5. A Post-Keynesian Framework for Monetary Policy: Why Interest Rate Operating Procedures Are Not Enough Thomas I. Palley PART II: FISCAL POLICY AND EFFECTIVE DEMAND 6. What a Long, Strange Trip It’s Been: Can We Muddle Through Without Fiscal Policy? Stephanie Kelton and L. Randall Wray 7. Views on Long-term Investment and Finance: Keynes’s Heterodoxy Co-Opted Omar F. Hamouda 8. The Absolute Paradox of Economic Policy in Contemporary Capitalism Alain Parguez 9. Fiscal Policy, Government Intervention and Endogenous Money: Are Chartalist and Circuitist Theories Complementary? Corinne Pastoret 10. Monetary Policy, Labour Market Institutions and US Macroeconomic Performance During the 1990s Mark Setterfield PART III: REGIONAL AND INTERNATIONAL ISSUES 11. A Fully Coherent Post-Keynesian Model of Currency Boards Marc Lavoie 12. The Post-Keynesian Case for No Exchange Rates Basil J. Moore 13. EMU and EU Enlargement: Lessons and Perspectives Sergio Rossi Index

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Book SynopsisThe Economics of an Ageing Population studies the effects of demographic transition on the economies of industrialised countries. The authors demonstrate that an ageing population does not necessarily lead to a reduction in growth, providing that the working population are more productive and save a greater percentage of their income. They look in detail at the examples of Italy and Japan, two countries which have the fastest ageing populations in Europe and the world respectively.The book begins by studying the past decade of stagflation in Japan. The authors argue that a reduction in innovation, shorter working hours and saturation of demand are to blame for the slow-down in growth, rather than demographic transition. They move on to investigate pension reforms in different countries and their macroeconomic effects on the redistribution of consumption between workers and retirees. They provide tools to compare different pension types (public pay-as-you-go versus privately funded) and argue that alternative pension systems should be evaluated according to their ability to increase potential output growth. Finally, the authors present an empirical model to simulate the impact on the world economy of interactions between countries in different phases of demographic transition.A rapidly ageing population is a problem which, before too long, will face most industrialised countries in the world. This book provides some of the answers to the difficult decisions governments and citizens will have to make. It will be required reading for academics and researchers with an interest in macroeconomics, demographics and public finance, and professional economists working in insurance houses, commercial banks and financial institutions.Table of ContentsContents: Preface Introduction Part I: Demographic Transition and the Impact on Growth: The Case of Japan 1. Economic Growth Under the Demographic Transition: A Theory and Some International Evidence 2. The 1990s in Japan: A Lost Decade 3. Effects of Information Technology and Ageing Workforce on Labor Demand and Technological Progress in Japanese Industries: 1980–1998 4. Demand Saturation – Creation and Economic Growth Part II: Demographic Transition and Pension Systems 5. Distributional Impact of Social Security Reform 6. Asset Accumulation and Retirement Income Under Individual Retirement Accounts: Evidence from Five Countries 7. Pension Reforms, Tax Incentives and Saving in Italy Part III: The Impact of the Demographic Transition on the World Economy 8. Incorporating Demographic Change in Multi-Country Macroeconomic Models: Some Preliminary Results Index

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Book SynopsisThis book argues that the shift in general equilibrium theory, from its early long-period to the modern very-short-period versions, has had very important consequences which are insufficiently appreciated by large parts of the economics profession. This shift has produced new difficulties, and has undermined central tenets of neoclassical macroeconomic theory (such as the negative dependence of aggregate investment on the interest rate, or the existence of a downward-sloping demand curve for labour) which had their basis in the long-period versions where capital was treated as a single factor.According to the author, what makes it difficult to appreciate these consequences is the current imperfect grasp of the long-period method (an approach common to classical and to the first generations of neoclassical economists, but nowadays often confused with steady-growth analysis). The origins of this problem date back to the 1930s, and to this day still obscure the history and the logic of the neoclassical approach. The book explains the analytical differences between long-period, steady-growth, and short-period general equilibrium analyses, and proves that on this basis considerable clarification can be achieved, not only in many aspects of the history of economic theory, but also in fundamental issues in the theories of value, distribution, capital, investment, employment and money. For example, the reasons for the disagreements in the 'Cambridge controversies' over capital theory become very apparent.This stimulating critique on the present state of economic theory will appeal to academics and researchers with an interest in macroeconomics, the history of economic thought, and the theory of value and distribution. It will also enlighten and inform anyone wanting to understand the reasons behind the current dissatisfaction with neoclassical economics.Trade Review'Petri's book is a painstakingly rigorous work of historical reconstruction designed to show that the neo-Walrasian general model proves logically indefensible in any case and constitutes the latest and most glaring proof of the blind alley in which neoclassical theory has been groping for over 70 years. The language is clear and the arguments will be accessible to readers encountering the critique of the neoclassical theory of capital for the first time. The use of mathematics is kept to the bare minimum. The book could serve as a supplementary reference for an advanced course in economic theory for graduate students.' -- Emiliano Brancaccio, Review of Political Economy'Fabio Petri's book is a tour de force of critical economic analysis that carefully dissects the explanatory limitations of modern general equilibrium theory. The author shows how these weaknesses are connected to the capital controversies of the last century and to a little-noticed but scientifically disastrous shift in the orthodox conception of equilibrium. Having exposed these connections, he then presents a highly original discussion of their relevance to modern macroeconomics. The book's powerful case for the classical surplus approach will challenge the preconceptions of both neoclassicals and post Keynesians alike.' -- Gary Mongiovi, St John's University, US'Fabio Petri has been a persistent critic of marginalist theories of value and distribution. In this provocative book, he presents an extensive scrutiny of the reasons why many economists are unsatisfied with the Neo-Walrasian approach to General Equilibrium theory and why some reject it altogether. General Equilibrium, Capital and Macroeconomics throws down a challenge to all economic theorists.' -- Neri Salvadori, University of Pisa, Italy'General Equilibrium, Capital and Macroeconomics is a thorough and deep book. It contains a remarkably clear and precise statement of the conceptual, methodological and analytical difficulties besetting the demand and supply approach to economics as it is advocated in partial and general equilibrium models, old and new, micro and macro. This work covers essential parts of modern economics, it is well written and the subject matter is carefully arranged. The book will be of interest to a wide range of economists.' -- Heinz D. Kurz, University of Graz, AustriaTable of ContentsContents: Preface 1. The Long-Period Method 2. The Problematic Relationship Between Neo-Walrasian Equilibrium Analyses and Real Economies 3. Long-Period Equilibria 4. Must Long-Period Equilibria Be Stationary? With Initial Observations on Investment 5. Walras, the Shift to Neo-Walrasian Equilibria, and Some Confusions 6. Reswitching and Reverse Capital Deepening 7. Capital Theory and Macroeconomics I: The Theory of Aggregate Investment 8. Capital Theory and Macroeconomics II: The Labour Demand Curve 9. Summary of the Critical Argument, and Sketch of an Alternative Approach References Index

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Book Synopsis'. . . the volume constitutes an important collection, which portrays the evolution of the Phillips Curve and the potency of policy debates in a single canvas in an elegant and comprehensive manner. The gaps that seem to have remained may be remedied by the editors in the form of a companion volume discussing open economies and global interdependence. The production quality and editing of the book are also excellent. . .'- Biswajit Chatterjee, Indian Society of Labour Economics This authoritative three-volume collection provides a comprehensive anthology of many of the most important and influential articles written since the publication of Phillips' 1958 study - the most-cited macroeconomic paper published in the 20th century. Along with an original introduction by the editors, the papers evaluate the original contribution and place it in its historical context. The works also discuss the strengths and weaknesses of the New Classical critique and the expectations augmented Phillips Curve that resulted from it, and critique the part played by the 'New Keynesian Phillips Curve' in the New neo-Classical Synthesis that has emerged in macroeconomics. This indispensable volume will be of immense value to students, scholars and practitioners interested in the field of economics, and the Phillips Curve in particular.Trade Review‘. . . the volume constitutes an important collection, which portrays the evolution of the Phillips Curve and the potency of policy debates in a single canvas in an elegant and comprehensive manner. The gaps that seem to have remained may be remedied by the editors in the form of a companion volume discussing open economies and global interdependence. The production quality and editing of the book are also excellent.’ -- Biswajit Chatterjee, Indian Society of Labour EconomicsTable of ContentsContents: Volume I Acknowledgements Introduction Essay: The History, Significance and Policy Context of the Phillips Curve Richard G. Lipsey and William Scarth PART I PRECURSORS 1. Thomas M. Humphrey (1985), ‘The Early History of the Phillips Curve’ 2. Irving Fisher (1926), ‘A Statistical Relation between Unemployment and Price Changes’ PART II THE ORIGINAL PHILLIPS CURVE AND ITS CRITICS 3. A.W. Phillips (1958), ‘The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861–1957’ 4. Richard G. Lipsey (2010), ‘The Phillips Curve’ 5. K.G.J.C. Knowles and C.B. Winsten (1959), ‘Can The Level of Unemployment Explain Changes in Wages?’ 6. Guy Routh (1959), ‘The Relation Between Unemployment and the Rate of Change of Money Wage Rates: A Comment’ 7. 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’ 8. James M. Holmes and David J. Smyth (1970), ‘The Relation between Unemployment and Excess Demand for Labour: An Examination of the Theory of the Phillips Curve’ 9. Richard G. Lipsey (1974), ‘The Micro Theory of the Phillips Curve Reconsidered: A Reply to Holmes and Smyth’ 10. Nancy J. Wulwick (1996), ‘Two Econometric Replications: The Historic Phillips and Lipsey-Phillips Curves’ PART III FURTHER U.K. STUDIES 11. L.A. Dicks-Mireaux and J.C.R. Dow (1959), ‘The Determinants of Wage Inflation: United Kingdom, 1946-56’ and ‘Discussion on Paper’ 12. L.R. Klein and R.J. Ball (1959), ‘Some Econometrics of the Determination of Absolute Prices and Wages’ 13. John H. Pencavel (1971), ‘A Note on the Comparative Predictive Performance of Wage Inflation Models of the British Economy’ 14. S.G.B. Henry, M.C. Sawyer and P. Smith (1976), ‘Models of Inflation in the United Kingdom: An Evaluation’ 15. D.I. MacKay and R.A. Hart (1974), ‘Wage Inflation and the Phillips Relationship’ PART IV FITS TO U.S. DATA 16. Paul A. Samuelson and Robert M. Solow (1960), ‘Analytical Aspects of Anti-Inflation Policy’ 17. G.L. Perry (1964), ‘The Determinants of Wage Rate Changes and the Inflation-Unemployment Trade-off for the United States’ 18. William G. Bowen and R. Albert Berry (1963), ‘Unemployment Conditions and Movements of the Money Wage Level’ 19. Otto Eckstein and Thomas A. Wilson (1962), ‘The Determination of Money Wages in American Industry’ 20. Jim Taylor (1970), ‘Hidden Unemployment, Hoarded Labor, and the Phillips Curve’ 21. J.C.R. Rowley and D.A. Wilton (1973), ‘The Empirical Sensitivity of the Phillips Curve’ PART V THE LOOPS 22. Edward A. Kuska (1966), ‘The Simple Analytics of the Phillips Curve’ 23. G.C. Archibald, Robyn Kemmis and J.W. Perkins (1974), ‘Excess Demand for Labour, Unemployment and the Phillips Curve: A Theoretical and Empirical Study’ 24. A.P. Thirlwall (1969), ‘Demand Disequilibrium in the Labour Market and Wage Rate Inflation in the United Kingdom (1)’ 25. David J. Smyth (1979), ‘Unemployment Dispersion and the Phillips Loops: A Direct Test of the Lipsey Hypothesis’ PART VI PHILLIPS CURVE AS AN EXPLICIT MENU OF CHOICE 26. G.L. Reuber (1964), ‘The Objectives of Canadian Monetary Policy, 1949-61: Empirical “Trade-Offs” and the Reaction Function of the Authorities’ 27. David Laidler (1997), ‘The Emergence of the Phillips Curve as a Policy Menu’ 28. Robert Leeson (1997), ‘The Trade-Off Interpretation of Phillips’s Dynamic Stabilization Exercise’ PART VII ALTERNATIVE INTERPRETATIONS 29. Richard G. Lipsey and M.D. Steuer (1961), ‘The Relation between Profits and Wage Rates’ 30. E. Kuh (1967), ‘A Productivity Theory of Wage Levels – An Alternative to the Phillips Curve’ 31. Meghnad Desai (1975), ‘The Phillips Curve: A Revisionist Interpretation’ 32. C.L. Gilbert (1976), ‘The Original Phillips Curve Estimates’ Volume II Acknowledgements An introduction to all three volumes by the editors appears in Volume I PART I EXPECTATIONS OF INFLATION – THE FRIEDMAN-PHELPS CRITIQUE 1. Milton Friedman (1968), ‘The Role of Monetary Policy’ 2. Edmund S. Phelps (1967), ‘Phillips Curves, Expectations of Inflation and Optimal Unemployment Over Time’ 3. Edmund S. Phelps (1968), ‘Money-Wage Dynamics and Labor-Market Equilibrium’ 4. Milton Friedman (1977), ‘Nobel Lecture: Inflation and Unemployment’ PART II REACTIONS TO THE CRITIQUE 5. Robert E. Lucas, Jr. and Leonard A. Rapping (1969), ‘Price Expectations and the Phillips Curve’ 6. James Tobin (1972), ‘Inflation and Unemployment’ 7. Gordon Tullock (1972), ‘Can You Fool All of the People All of the Time? A Comment’ 8. James Tobin and Leonard Ross (1972), ‘A Reply to Gordon Tullock’ 9. Robert E. Lucas, Jr. (1972), ‘Econometric Testing of the Natural Rate Hypothesis’ 10. Robert E. Lucas and Thomas J. Sargent (1978), ‘After Keynesian Macroeconomics (including discussion by Benjamin M. Friedman and response and rebuttal by Robert E. Lucas and Thomas J. Sargent)’ 11. Robert M. Solow (1978), ‘Summary and Evaluation’ 12. Arthur M. Okun (1978), ‘Efficient Disinflationary Policies’ 13. Edmund Phelps (1995), ‘The Origins and Further Development of the Natural Rate of Unemployment’ 14. James Tobin (1995), ‘The Nature Rate as New Classical Macroeconomics’ 15. Robert E. Lucas, Jr. (1996), ‘Nobel Lecture: Monetary Neutrality’ PART III EMPIRICAL EVALUATION OF FOUR EMERGING CONCEPTS: THE ACCELERATIONIST PROPOSITION, THE LUCAS CRITIQUE, THE SACRIFICE RATIO AND THE NAIRU 16. Thomas J. Sargent (1971), ‘A Note on the “Accelerationist” Controversy’ 17. John B. Taylor (1979), ‘Estimation and Control of a Macroeconomic Model with Rational Expectations’ 18. George S. Alogoskoufis and Ron Smith (1991), ‘The Phillips Curve, the Persistence of Inflation, and the Lucas Critique: Evidence from Exchange- Rate Regimes’ 19. Laurence Ball (1994), ‘What Determines the Sacrifice Ratio?’ 20. Jeffrey C. Fuhrer (1995), ‘The Phillips Curve is Alive and Well’ 21. Laurence Ball and N. Gregory Mankiw (2002), ‘The NAIRU in Theory and Practice’ PART IV GENERAL ASSESSMENT AFTER THE EXPECTATIONS CRITIQUE 22. Anthony M. Santomero and John J. Seater (1978), ‘The Inflation-Unemployment Trade-off: A Critique of the Literature’ 23. Robert J. Gordon (1990), ‘What is New-Keynesian Economics?’ 24. Robert G. King and Mark W. Watson (1994), ‘The Post-War U.S. Phillips Curve: A Revisionist Econometric History’ 25. Charles L. Evans (1994), ‘The Post-War U.S. Phillips Curve: A Comment’ 26. Bennett T. McCallum (1994), ‘Identification of Inflation-Unemployment Tradeoffs in the 1970s: A Comment’ 27. Robert G. King and Mark W. Watson (1994), ‘Rejoinder to Evans and McCallum’ 28. Paul Beaudry and Matthew Doyle (2000), ‘What Happened to the Phillips Curve in the 1990s in Canada?’, Steven James and Jeffrey Fuhrer ‘Discussion’ and ‘General Discussion’ Volume III Acknowledgements An introduction to all three volumes by the editors appears in Volume I PART I THE PHILLIPS CURVE AS AN ANSWER TO FRIEDMAN’S MISSING EQUATION IN A COMPLETE MACRO MODEL 1. A.W. Phillips (1954), ‘Stabilisation Policy in a Closed Economy’ 2. Richard G. Lipsey (1978), ‘The Place of the Phillips Curve in Macroeconomic Models’ 3. Bennett T. McCallum (1987), ‘The Development of Keynesian Macroeconomics’ 4. Alan S. Blinder (1987), ‘Keynes, Lucas, and Scientific Progress’ 5. Richard G. Lipsey (2000), ‘IS-LM, Keynesianism, and the New Classicism’ PART II SOME STABILIZATION POLICY IMPLICATIONS OF THE EXPECTATIONS-AUGMENTED PHILLIPS CURVE: MONETARY POLICY RELEVANCE, DYNAMIC CONSISTENCY AND THE VOLITILITY TRADE-OFF 6. Stanley Fischer (1977), ‘Long-Term Contracts, Rational Expectations and the Optimal Money Supply Rule’ 7. Edmund S. Phelps and John B. Taylor (1977), ‘Stabilizing Powers of Monetary Policy under Rational Expectations’ 8. Stephen J. Turnovsky (1984), ‘Rational Expectations and the Theory of Macroeconomic Policy: An Exposition of Some of the Issues’ 9. Alex Cukierman (1986), ‘Central Bank Behavior and Credibility: Some Recent Theoretical Developments’ 10. John B. Taylor (1994), ‘The Inflation/Output Variability Trade-off Revisited (including ‘Discussion’ by Lawrence M. Ball)’ 11. Michael Parkin (2000), ‘What Have We Learned About Price Stability?’, Peter Howitt, ‘Discussion’, W. Craig Riddell, ‘Discussion’, and Kim McPhail, ‘General Discussion’ 12. Marvin Goodfriend (2004), ‘Monetary Policy in the New Neoclassical Synthesis: A Primer’ 13. Jeffrey M. Lacker and John A. Weinberg (2007), ‘Inflation and Unemployment: A Layperson’s Guide to the Phillips Curve’ PART III THE NEW NEO-CLASSICAL SYNTHESIS: MORE MICRO-FOUNDATIONS FOR THE PHILLIPS CURVE 14. Guillermo A. Calvo (1983), ‘Staggered Prices in a Utility-Maximizing Framework’ 15. N. Gregory Mankiw (2001), ‘The Inexorable and Mysterious Tradeoff Between Inflation and Unemployment’ 16. Jordi Galí (2000), ‘The Return of the Phillips Curve and Other Recent Developments in Business Cycle Theory’ 17. Michael T. Kiley (2002), ‘Partial Adjustment and Staggered Price Setting’ 18. N. Gregory Mankiw and Ricardo Reis (2003), ‘Sticky Information: A Model of Monetary Nonneutrality and Structural Slumps’ 19. Richard Dennis (2007), ‘Fixing the New Keynesian Phillips Curve’ 20. Michael Woodford (2007), ‘Interpreting Inflation Persistence: Comments on the Conference on “Quantitative Evidence on Price Determination”’ 21. Mark Gertler and John Leahy (2008), ‘A Phillips Curve with an Ss Foundation’ PART IV THE NEW NEO-CLASSICAL SYNTHESIS: THE ONGOING EMPIRICAL TESTING OF THE PHILLIPS CURVE 22. John M. Roberts (1995), ‘New Keynesian Economics and the Phillips Curve’ 23. Jeff Fuhrer and George Moore (1995), ‘Inflation Persistence’ 24. Jeremy Rudd and Karl Whelan (2007), ‘Modeling Inflation Dynamics: A Critical Review of Recent Research’ 25. Luca Benati (2008), ‘Investigating Inflation Persistence Across Monetary Regimes’ 26. Jean-Marie Dufour, Lynda Khalaf and Maral Kichian (2006), ‘Inflation Dynamics and the New Keynesian Phillips Curve: An Identification Robust Econometric Analysis’ 27. Andreas Hornstein (2007), ‘Evolving Inflation Dynamics and the New Keynesian Phillips Curve’

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Book SynopsisDuring a distinguished career, Basil Moore has made numerous important contributions to macroeconomics and monetary economics, and is renowned as the progenitor of the 'horizontalist' analysis of endogenous money. More recently, he has embraced complexity theory as part of an ongoing effort to understand macroeconomics as an evolving, path-dependent process. This book celebrates and explores Basil Moore's interests in and contributions to monetary and macroeconomic theory. Complexity, Endogenous Money and Macroeconomic Theory features original essays by internationally acclaimed and expert authors. It comprises a selection of papers on five distinct but interrelated themes: economic concepts, tools and methodology; complexity, uncertainty and path dependence; the macroeconomics of endogenous money; the macroeconomics of exogenous interest rates; and unemployment, inflation and the determination of aggregate income. These papers combine to provide a comprehensive methodological and theoretical discussion of the macroeconomics of a monetary-production economy.The book will be of interest to professionals and research students in the fields of macroeconomics and monetary economics - especially those with an interest in the Post Keynesian approach to analyzing these fields, including the wide audience that has been reached by the contributions of Basil Moore himself.Trade Review'That the chapters in the volume cover such a wide range of important, often fundamental, topics is a proper tribute to Basil Moore's influence and contributions over his working life.' -- From the foreword by G.C. Harcourt, University of New South Wales, AustraliaTable of ContentsContents: Foreword by G.C. Harcourt Preface A Tribute to Basil J. Moore and an Introduction to Complexity, Endogenous Money and Macroeconomic Theory Mark Setterfield PART I: ECONOMIC CONCEPTS, TOOLS, AND METHODOLOGY 1. Accounting Identities: More Than Just Bookkeeping Conventions Claude Gnos 2. The Need and Some Methods for Dynamic Modelling in Post Keynesian Economics Steve Keen PART II: COMPLEXITY, UNCERTAINTY AND PATH DEPENDENCE 3. The Complex Problem of Modelling Economic Complexity Richard Day 4. Complex Dynamics and Post Keynesian Economics J. Barkley Rosser, Jr. 5. Corridor of Viability: Complexity Analysis for Enterprise and Investment Jerry Courvisanos and Colin Richardson 6. Effective Demand and Endogenous Money in a Path-Dependent Economy: Towards a ‘Moorian’ Credit Supply Curve – and a Reconciliation between Horizontalists and Structuralists? Mark Setterfield PART III: THE MACROECONOMICS OF ENDOGENOUS MONEY 7. Exogenous versus Endogenous Money: The Conceptual Foundations Paul Davidson 8. The Endogeneity of Money and the Eurosystem: A Contribution to the Theory of Central Banking Otto Steiger 9. Endogenous Money, Central Banks and the Banking System: Basil Moore and the Supply of Credit Louis-Philippe Rochon 10. The Demand for Endogenous Money: A Lesson in Institutional Change Peter Howells 11. Tax-driven Money: Additional Evidence from the History of Economic Thought, Economic History and Economic Policy Mathew Forstater 12. Monetary Policy when Money is Endogenous Philip Arestis and Malcolm Sawyer 13. ICT, Financial Innovation and Monetary Policy: Some Critical Considerations Claudio Sardoni 14. Features of a Realistic Banking System within a Post-Keynesian Stock-flow Consistent Model Marc Lavoie and Wynne Godley PART IV: THE MACROECONOMICS OF EXOGENOUS INTEREST RATES 15. When are Interest Rates Exogenous? L. Randall Wray 16. Exogenous Interest Rates and Modern Monetary Theory and Policy: Moore in Perspective Colin Rogers 17. Gradualism in the Adjustment of Official Interest Rates: Some Partial Explanations Charles Goodhart PART V: UNEMPLOYMENT, INFLATION AND THE DETERMINATION OF AGGREGATE INCOME 18. Limitations to Keynesian Demand Management through Monetary Policy: Whither Cartesian Policy Control? Arne Heise 19. Telling Better Stories in Macroeconomic Textbooks: Monetary Policy, Endogenous Money and Aggregate Demand Giuseppe Fontana 20. Institutionalist-Post Keynesian Economics and the Post Monetarist New Consensus Chris Niggle 21. A Future for Keynesian Macroeconomics Wendy Cornwall and John Cornwall Selected Works by Basil J. Moore Index

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Book SynopsisPresenting new and innovative perspectives on macroeconomics at the national and international levels, the editors bring together contributions on a wide range of topics including: current issues of globalization; transitional economies; inequality; unemployment; national and international debt; and the relationship of macroeconomic policies to the environment. The contributors draw on expertise in a variety of areas to provide insight into debates on macroeconomic policy in the US and Europe, as well as in developing and transitional economies. Themes explored include: disequilibrium in the macroeconomy: analysis of the roots of instability and crisis in national and global systems• the evolution of macroeconomic institutions to stabilize and guide economic growth the paradoxes of globalization, the dangers of unrestricted financial flows, and the impacts of globalization on national institutional coherence macro and institutional strategies for the transitional economies of Russia and Eastern Europe distributional and equity issues, including employment, housing, and homelessness the impact of macroeconomic policy and debt on the environment long-term growth and its relationship to well-being and environmental sustainability. This collection is a valuable resource for researchers and students of macroeconomics, presenting numerous case studies and examples which bring to life some of the theoretical debates that will determine the future of macroeconomics. Policy professionals in a variety of fields including politics, political economy, and international relations will also find much of interest in this enlightening volume.Trade Review'The contributions in this volume constitute a valuable starting point for researchers and students of macroeconomics, extending the range of questions usually discussed by macroeconomists.' -- Matias Vernengo, Review of Radical Political EconomicsTable of ContentsContents: Preface Introduction Part I: National Institutions and Policies 1. Stock-Flow Traps in the American Economy 2. Can the Fed Give us Macroeconomic Stability? Lessons from History 3. New Bridges Across the Chasm: Macro and Institutional Strategies for Transitional Economies Part II: The International Context 4. Paradoxes of Globalization 5. Globalization and Financial Crises: A Proposal for a New Approach to Macroeconomics 6. International Foundations of Economic Growth and Price Stability Part III: Employment, Distribution, and Equity 7. The Micro-Foundations of High Unemployment in Developed Countries: Are Labor Market Rigidities the Problem? 8. Can a Rising Tide Raise All Boats? Evidence from the Kennedy–Johnson and Clinton-Era Expansions 9. Housing and Homelessness in a Globalizing Economy Part IV: Macroeconomic Growth and the Environment 10. Debt and Deforestation 11. Reconciling Growth and the Environment Afterword by John Kenneth Galbraith: A Japanese Social Initiative – The Relevant View Index

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Book SynopsisComplexity research draws on complexity in various disciplines. This Handbook provides a comprehensive and current overview of applications of complexity theory in economics. The 15 chapters, written by leading figures in the field, cover such broad topic areas as conceptual issues, microeconomic market dynamics, aggregation and macroeconomics issues, econophysics and financial markets, international economic dynamics, evolutionary and ecological-environmental economics, and broader historical perspectives on economic complexity.This Handbook presents perspectives at a broad and high level of current cutting edge research in complexity, and will be of great interest to academics concerned with all aspects of economics and in particular economic theory, macroeconomics and evolutionary economics.Trade Review'This volume is a solid introduction to the topics of economic complexity for both the general economist and provides new results that will interest the economists already well versed in the field of economic complexity.' -- Troy Tassier, Eastern Economic Journal'Complexity theory, complexity science, a general theory of complex systems: these subjects are the height of fashion and for good reason and so a book with this title is very welcome. . . a valuable book, particularly because the chapter-by-chapter bibliographies are a major resource. . . the strength of the book lies in its historical reviews and the bibliographies that support them. . . it will be an important reference book and will contribute to the larger complexity project yet to be undertaken.' -- Alan Wilson, Environment and Planning BTable of ContentsContents: PART I: CONCEPTUAL OVERVIEWS 1. Introduction J. Barkley Rosser, Jr. 2. Complexity and the Economy W. Brian Arthur 3. Computational and Dynamic Complexity in Economics J. Barkley Rosser, Jr. 4. A Computable Economist’s Perspective on Computational Complexity K. Vela Velupillai PART II: MARKET DYNAMICS 5. Bounded Rationality and Learning in Complex Markets Cars H. Hommes 6. Oligopoly Dynamics Michael Kopel PART III: MACROECONOMIC ISSUES 7. Complexity and Aggregation Alan Kirman 8. On Simplicity and Macroeconomic Complexity Richard H. Day PART IV: ECONOPHYSICS AND FINANCIAL MARKETS 9. Applications of Statistical Physics in Finance and Economics Thomas Lux 10. On the Analysis of Time Series with Nonstationary Increments Joseph L. McCauley, Kevin E. Bassler and Gemunu H. Gunaratne PART V: INTERNATIONAL ECONOMICS 11. Exchange Rate Dynamics: A Nonlinear Survey Frank H. Westerhoff 12. Complex Systems Modeling and International Development Hans-Peter Brunner and Peter Allen PART VI: EVOLUTIONARY AND ECOLOGICAL-ENVIRONMENTAL ECONOMICS 13. Subgame Perfection in Evolutionary Dynamics with Recurrent Perturbations Herbert Gintis, Ross Cressman and Thijs Ruijgrok 14. Complex Dynamics in Ecological-Economic Systems J. Barkley Rosser, Jr. PART VII: BROADER HISTORICAL PERSPECTIVES 15. Complexity and Austrian Economics Roger Koppl 16. Complexity and the History of Economic Thought David Colander Index

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Book SynopsisIn 2000, the European Union adopted an overall strategy to effect transition to a knowledge economy. After coordinating the preparation of the Lisbon European Summit which launched this ten year strategy, Maria Joao Rodrigues provides a unique insight into the renewal of European economic and social policies.European Policies for a Knowledge Economy explores the information society and research and education policies which are being combined to build a stronger knowledge base, and enhance the growth potential of Europe via economic reforms, enterprise and innovation policies. The author ascertains that the European social model should be reformed by investing in people, improving welfare provision and fighting new forms of social exclusion. She goes on to argue that macroeconomic policies will help to advance these structural changes. The critical issues and underpinning debates that are highlighted include, amongst others: reforms targeting the creation of more growth potential macroeconomic policies which vitalise employment and structural change policies for the information society aimed at improving standards of living new priorities for national education policies towards lifelong learning reforms of the labour markets for more and better jobs implications of the Lisbon Strategy for the institutional reform of the European Union. Illustrating the challenges of a new strategic goal for European policies, this highly accessible book will be essential reading for a wide-ranging audience - scholars, public administrators, business people and anyone else with an interest in European policies and their implications for national agendas.Trade Review'This book gives important new insight in current European policy making by transcending the borderlines between social science and practical policy making. Starting with the Lisbon process of 2000 it sketches the most recent European attempts to integrate social considerations with competitiveness. Maria Rodrigues has given us a strongly needed guide (including website addresses) to the many recent policy documents covering labour market, education, social policy, innovation and industrial policy coming from Brussels and from Ministerial meetings.' -- Bengt-Ake Lundvall, Aalborg University, DenmarkTable of ContentsContents: Preface 1. European Dilemmas and New Prospects 2. Strategy and Governance for a Knowledge Economy 3. Policies for the Information Society 4. Policies for Research and Development 5. Policies for Enterprise and Innovation 6. A Learning Society 7. Renewing the European Social Model 8. Conclusion Index

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Book SynopsisThis innovative and multidisciplinary book explores Japan's economic crisis and recovery. Specifically, it analyses the role of corporations, the state, macroeconomic and industrial policy, and the changing status of Japan as an economic role model.The contributors list comprises an international panel of economists, political scientists and international relations specialists. From vantage points across Japan, North America and Europe, they bring together a collection of original studies considering Japan's economic malaise and the potential for sustained recovery. Topics covered include: the relevance of Western economic models to the Japanese case the Japanese macro-economy and financial system the deep-seated controversy over the process and problems of kudoka - the hollowing out of Japan's industrial base the future of Japan's small firm sector in a globalizing world. This provocative and timely book offers new reflections and original research findings on a topic of global interest and significance. As such it will strongly appeal to a wide-ranging audience including: academics in the fields of economics, political science and international relations, policymakers, advisors and practitioners in international institutions, think-tanks and labour organizations.Trade Review‘Crisis or Recovery in Japan is a well-written volume that updates our knowledge of the Japanese economy into the 2000s. It constitutes a convenient source of readings for courses on contemporary Japan.' -- Brian K. Maclean, Pacific Affairs'Japan's economy has finally emerged from the recession that lasted more than ten years. What happened to the once highly praised (or despised) Japanese model? Leading experts explore this issue, and go much deeper than the simplistic "J model" arguments. The discourse included in this book has important implications for not only Japan specialists but also those who are interested in the transformation and evolution of a dynamic economy.' -- Akira Goto, Japanese Fair Trade Commission and University of Tokyo, JapanTable of ContentsContents: 1. Introduction: The Attributes of the Crisis David Bailey, Dan Coffey and Philip R. Tomlinson 2. The Workings of the Japanese Economy Donald W. Katzner 3. The Cause of Japan’s Recession and the Lessons for the World Richard A. Werner 4. Transnational Monopoly Capitalism, the J-mode Firm and Industrial ‘Hollowing Out’ in Japan Keith Cowling and Philip. R. Tomlinson 5. Globalization and the Japanese Subcontractor System Ulrike Schaede 6. Institutionally Driven Growth and Stagnation – and Struggle for Reform Terutomo Ozawa 7. Kūdōka, Restructuring and Possibilities for Industrial Policy in Japan David Bailey and Roger Sugden 8. The National Innovation System: A Key to Japan’s Future Growth Hiroyuki Odagiri 9. The Rise and Fall of Japan as a Model of ‘Progressive Capitalism’ David Coates 10. ‘Can Japan Compete?’ Reconsidered Dan Coffey and Carole Thornley Index

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Book SynopsisThe contributors to this comprehensive book compile and analyse the latest data available on household wealth using, as case studies, the United States, Canada, Germany, Italy, Sweden, and Finland during the 1990s and into the twenty-first century. The authors show that in the US, trends are highlighted in terms of wealth holdings, among the low-income population, along with changes in wealth polarization, racial differences in wealth holdings, and the dynamics of portfolio choices. The consensus between the authors is that wealth inequality has generally risen among these OECD countries since the early 1980s, although Germany stands out as an exception. In the case of the US, it is also noted that wealth holdings have generally failed to improve among low-income families and that the racial wealth gap widened during the late 1980s.International Perspectives on Household Wealth also contains new results on a number of topics, including measures and changes of wealth polarization in the US, measurement and changes of portfolio span in the US, asset holdings of low-income households in the US, and the effects of parental resources on asset holdings in Chile.Academic, government, and public policy economists in OECD countries, as well as those in so-called middle-income countries around the world, will find much to engage them within this book. It will also appeal to academics and researchers of international and welfare economics and other social scientists interested in the issue of inequality.Trade Review'Editor Wolff is a leading authority on income, wealth, and inequality in the US, and contributing authors are well-respected experts in their field. Overall, the research is high quality, and most papers include a substantial list of references. A plethora of data is considered, and much statistical evidence is presented. . . . A useful contribution to the literature on income distribution and wealth inequality. Recommended.' -- E. Kacapyr, ChoiceTable of ContentsContents: Foreword Dimitri B. Papadimitriou 1. International Comparisons of Wealth: Methodological Issues and a Summary of Findings Edward N. Wolff PART I: WEALTH CHANGES IN NORTH AMERICA 2. A Rolling Tide: Changes in the Distribution of Wealth in the US, 1989–2001 Arthur B. Kennickell 3. Who Shared in the Growth of Wealth in the 1990s? Subpopulation Trends in US Household Wealth Holdings John L. Czajka, Scott Cody and Daniel Kasprzyk 4. Changes in Household Wealth in the 1980s and 1990s in the United States Edward N. Wolff 5. The Evolution of Wealth Inequality in Canada, 1984–1999 René Morissette, Xuelin Zhang and Marie Drolet PART II: WEALTH INEQUALITY IN EUROPEAN COUNTRIES 6. Inequality of the Distribution of Personal Wealth in Germany, 1973–98 Richard Hauser and Holger Stein 7. Household Wealth Distribution in Italy in the 1990s Andrea Brandolini, Luigi Cannari, Giovanni D’Alessio and Ivan Faiella 8. On Household Wealth Trends in Sweden Over the 1990s N. Anders Klevmarken 9. Trends in the Distribution of Income and Wealth: Finland, 1987–98 Markus Jäntti PART III: OTHER TYPES OF WEALTH INEQUALITY 10. Parental Wealth Effects on Living Standards and Asset Holdings: Results from Chile Florencia Torche and Seymour Spilerman 11. Trends and Turbulence: Allocations and Dynamics of American Family Portfolios, 1984–2001 Elena Gouskova, F. Thomas Juster and Frank P. Stafford 12. Is Wealth Becoming More Polarized in the United States? Conchita D’Ambrosio and Edward N. Wolff Index

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

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Book SynopsisIn this book, a group of distinguished authors addresses three broad questions: what broad strategies and macroeconomic policies best support poverty reduction efforts in Asia; what role should targeted antipoverty interventions play, and how should such interventions be designed; and how is poverty measured, what new approaches are needed, and how does measurement affect our understanding of poverty. Each of these three broad themes is also considered together in chapters examining the poverty situations in a number of countries in Asia and the Pacific.The book represents a major scholarly contribution of the Asian Development Bank to the literature on poverty in the region it serves. The organization adopted poverty reduction as the principal objective of its lending in 1999. This book will be of interest to scholars and students of development economics and Asian studies, and will be useful reading for policymakers and development practitioners working in national, international or nongovernmental organizations.A Joint Publication with the Asian Development BankTrade Review'The edited collection presents thoughtful and up-to-date analyses that significantly improve our understanding of poverty in Asia, both from a theoretical and empirical standpoint.' -- Ugo Pica Ciamarra, Progress in Development Studies'This is a rich collection of papers by distinguished authors. . . this book clearly contributes to the empirical understanding of poverty in Asia, and can spur debate and better understanding in designing poverty reduction strategies in Asia. It will certainly be important reading for policymakers and scholars of development economics and Asian studies.' -- Vivi Alatas, Bulletin of Indonesian Economic StudiesTable of ContentsContents: Foreword by Tadao Chino Introduction Part I: The Macroeconomy, Globalization, and Pro-Poor Growth 1. Marginalization in a Globalizing World: Some Plausible Scenarios and Suggestions for Measurement 2. Balanced Development: An Approach to Development Policy and Priorities 3. Poverty Analysis and Measurement within a General Equilibrium Framework 4. Macroeconomic Policies and Poverty Reduction: Stylized Facts and an Overview of Research Part II: Targeting Urban or Industrial Sectors 5. New Technologies, Competitiveness, and Poverty Reduction 6. Use of Information Technology for Poverty Reduction: A Case Study of Efforts in the Indian State of Andhra Pradesh 7. Small and Medium Enterprise Development in Equitable Growth and Poverty Alleviation Part III: New Developments and Issues in Poverty Measurement 8. Poverty Lines: Eight Countries’ Experiences and the Issue of Specificity and Consistency 9. Poverty Comparison in the Philippines: Is What We Know About the Poor Robust? 10. Assessing the Poverty Impact of Policy- and Sector-Based Lending Part IV: Country Studies 11. Pathways of Poverty Reduction: Rural Development and Transmission Mechanisms in the Philippines 12. Structural Adjustment, Macroeconomic Policies, and Poverty Trends in Pakistan 13. The Poverty Situation and Policy in Sri Lanka 14. Pacific Islands: Is Poverty an Issue? 15. Opening Doors to More Inclusive Societies: The Case of the Pacific Island Countries 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 SynopsisMore than a decade after the publication of the critically acclaimed A Modern Guide to Macroeconomics, Brian Snowdon and Howard Vane have produced a worthy successor in the form of Modern Macroeconomics. Thoroughly extended, revised and updated, it will become the indispensable text for students and teachers of macroeconomics in the new millennium. The authors skilfully trace the origins, development and current state of modern macroeconomics from an historical perspective. They do so by thoroughly appraising the central tenets underlying the main competing schools of macroeconomic thought as well as their diverse policy implications. To reflect the important developments which have occurred in macroeconomics over the final decades of the twentieth century, they also survey the burgeoning literature on the 'new political macroeconomics' and 'economic growth'. The book includes insightful chapters on the Post Keynesian and Austrian schools by Paul Davidson and Roger Garrison, and is enlivened by interviews with leading economists such as Robert Skidelsky, James Tobin, Milton Friedman, Robert Lucas Jr, Edward Prescott, Gregory Mankiw, Alberto Alesina, Robert Solow and Paul Romer. The volume also contains an extensive bibliography of over 1,300 publications which highlights the key titles recommended for further student reading.Erudite, accessible and lucidly written, this book is both a stimulating introduction and excellent guide to the controversies and diversity of modern macroeconomic debates. It will prove invaluable for students on undergraduate and postgraduate courses who want to understand as well as simply learn about macroeconomics. It is also a book that many teachers and lecturers will want on their shelves.Trade Review'Snowdon and Vane's book is extremely welcome. Indeed the authors examine, compare, and evaluate the evolution of the major rival stories comprising contemporary macroeconomic thought, but they also trace the development and interaction of key events and ideas as they occurred in the last century. Interviews with leading economists, one or two at the end of each chapter, also greatly help to shed light on this complexity. . . In sum, this is a book which is very difficult to put down.' -- Alessio Moneta, Journal of the History of Economic Thought'It is not difficult to understand why this volume commands high praise from macroeconomic theorists, practitioners and teachers. It contains many interesting features that make it an excellent companion for both students and teachers of tertiary level macroeconomics. . . The authors present the material in a way that conveys to readers that macroeconomics is a "living science", continually developing and still open to debate, controversy and competing policy prescriptions. In this respect it is a book that ought to be required reading for all teachers of the subject. It is also a valuable source of background reading for professional economists involved with economic policy making.' -- Economic Outlook and Business Review'. . . a wonderful history of macroeconomic thought from Keynes to the present, with an outstanding bibliography. It should be useful to undergraduates and graduate students as well as professional economists. Highly recommended.' -- Steven Pressman, Choice'Brian Snowdon and Howard Vane are well-known for their astute understanding of the main macroeconomic schools of thought and their skilled use of interviews with major figures. Here, they deploy a depth of scholarship in explaining the different schools and their key points of departure from one another. This book will be particularly useful to students looking for a clear, non-technical explanation of the main approaches to macroeconomics.' -- Patrick Minford, Cardiff University, UKTable of ContentsContents: Preface 1. Understanding Modern Macroeconomics 2. Keynes v. the ‘Old’ Classical Model 3. The Orthodox Keynesian School 4. The Orthodox Monetarist School 5. The New Classical School 6. The Real Business Cycle School 7. The New Keynesian School 8. The Post Keynesian School 9. The Austrian School 10. The New Political Macroeconomics 11. The Renaissance of Economic Growth Research 12. Conclusions and Reflections Bibliography Index

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

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Book SynopsisInnovation, Unemployment and Policy in the Theories of Growth and Distribution increases our understanding about the more relevant economic determinants and policy aspects of the interdependence between economic growth and income distribution.This book integrates the analytical methods and the research themes of the New Growth Theory into the cultural tradition of the Classical and post-Keynesian economists. The contributors examine technological innovations, the diffusion of knowledge, the imperfections and institutional characteristics of the labour market, the evolution of consumption patterns and of educational models and social conflicts as they relate to public spending and taxation policies. It provides a new insight into the processes of the growth of modern economies which highlights the interdependence between distribution and growth. The book shows that political and social stability, security of property rights, efficiency of the capital market, research, education, investment in physical and human capital, public spending and taxation policies are all necessary for the success and stability of a country's development process.This book will appeal to upper level students, scholars and researchers of economics and economic growth as well as those more specifically involved in labour, microeconomics and the history of economic thought.Table of ContentsContents: Introduction Part I: Human Capital and Innovation 1. Human Capital, Product Market Power and Economic Growth 2. Scientific Research, Externalities and Economic Growth Part II: Variety and Quality Innovation 3. Consumption Variety and Growth 4. Consumption Composition: Growth and Distribution 5. Partial Imitation, Inequality and Growth: The Role of the Courts’ Interpretation of Patent Law Part III: Employment and Inequality 6. Bargaining, Distribution and Growth 7. Job Contact Networks, Inequality and Aggregate Output 8. Crime, Inequality and Economic Growth 9. Redistributing Opportunities in a Job Search Model: The Role of Self-Confidence and Social Norms Part IV: Public Policy 10. Fiscal Policy and Economic Growth 11. Government Debt, Growth and Inequality in Income Distribution: A Post-Keynesian Analysis 12. Foreign Debt, Growth and Distribution in an Investment-Constrained System 13. Saving Capitalism from Capitalists: Inequality, Taxation and Growth in a Concentrated Economy 14. Economic Growth and Poverty Traps: A Simple Geometry of Intergenerational Transfers Index

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Book SynopsisThis volume, a collection of essays by internationally known experts in the area of the history of economic thought and of the economics of Keynes and macroeconomics in particular, is designed to celebrate the 75th anniversary of the publication of The General Theory. The essays contained in this volume are divided into four sections. The first section contains three essays that explore the concept of fundamental uncertainty and its unique role in The General Theory. The second section contains four essays that examine the place of The General Theory in the history of macroeconomics since 1936. The third section contains three essays that explore the interrelationships among Keynes, Friedman, Kaldor, Marx and Sraffa and their approaches to macroeconomic theory and policy. The final section contains a pair of essays that provide several new interpretations of The General Theory and its position within macroeconomics. Keynes's General Theory is intended for those students and scholars who are interested in the economics of Keynes and the rich variety of approaches to macroeconomic theory and policy.Trade Review‘This volume of essays certainly deserves a warm welcome and a readership outside as well as within the economics profession.’ -- Peter Clarke, CerclesTable of ContentsContents: In Memory of Gilles Dostaler Robert W. Dimand Editor’s Introduction Thomas Cate PART I: THE GENERAL THEORY AND FUNDAMENTAL UNCERTAINTY 1. On Keynes’s Seminal Innovation and Related Essential Features: Revisiting the Notion of Equilibrium in The General Theory Angel Asensio 2. Keynes, the Neglected Theorist M.G. Hayes 3. Keynes’s Economic Theory – Judgement under Uncertainty Elke Muchlinski PART II: THE GENERAL THEORY AND THE HISTORY OF MACROECONOMICS 4. Dead or Alive? The Ebbs and Flows of Keynesianism Over the History of Macroeconomics Michel DeVroey 5. The Roots of the Present are in the Past: The Relation of Postwar Developments in Macroeconomics to Interwar Business Cycle and Monetary Theory Robert W. Dimand 6. Keynes’s General Theory, the Quantity Theory of Money and Monetary Policy Peter Docherty 7. The General Theory of Employment, Interest, and Money after 75 Years: The Importance of Being in the Right Place at the Right Time Matthew N. Luzzetti and Lee E. Ohanian 8. The impact of The General Theory on Economic Theory and the Development of Public Policies: A Nested Vision of Keynes’s Ideas with the Classical Vision through a Panoramic View of his Works Lall Ramrattan and Michael Szenberg PART III: THE GENERAL THEORY AND FRIEDMAN, KALDOR, MARX AND SRAFFA 9. The Right Kind of an Economist: Friedman’s View of Keynes Roger E. Backhouse and Bradley W. Bateman 10. Keynes after Sraffa and Kaldor: Effective Demand, Accumulation and Productivity Growth Alcino F. Camara-Neto and Matías Vernengo 11. The General Theory, Marx, Marxism and the Soviet Union Gilles Dostaler PART IV: THE GENERAL THEORY AND NEW INTERPRETATIONS 12. The General Theory: Seventy-Five Years Later Omar F. Hamouda 13. Money’s Endogeneity, Keynes’s General Theory and Beyond Louis-Phillippe Rochon 14. Interest and Profit John Smithin 15. Keynes after 75 Years: Rethinking Money as a Public Monopoly L. Randall Wray Index

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Book SynopsisThis original and timely book presents the most comprehensive, empirically based analysis of clustering dynamics in the high-technology sector across liberal and co-ordinated market economies. By carefully exploring and comparing ICT and biotechnology in the UK and Austria, the authors find evidence that industry innovation characteristics can overcome some of the supposed constraints of such 'varieties of capitalism' and themselves usher in regulatory reforms. They also provide a first examination of the ways in which firms utilize knowledge spillovers in such settings. In addition, the book highlights the practices of 'free-riders' and the excess land rents that they and more collaborative firms endure as 'diseconomies of agglomeration'. Finally, arising from these findings, the authors present a new post-sectoral, post-cluster policy methodology called 'Innovative Platform Policy', which they believe is more attuned to the dynamics of the knowledge economy.This book will be of great interest to academics, especially regional and industrial economists, economic geographers, regional scientists, political scientists and economic sociologists. It will also appeal to students and researchers, as well as government officials in industry, trade and economic development at national and regional levels.Trade Review'The book gives a good overview, an extensive and well-organized picture, of previous regional economic studies and analyzes them from the point of view of knowledge-based industries. . . Due to the extensive theoretical consideration of topics the book is a suitable text for students interested in regional and industrial economics. On the other hand, the in-depth analyses with empirical findings make it interesting for researchers as well as for national and regional officials.' -- Ulla Kotonen, Journal of Regional Science'This volume represents an important information source for a broad range of disciplines - regional and development economics, public policy, economic geography and industrial studies. It will interest teachers, researchers, students and policymakers within these fields.' -- Economic Outlook and Business ReviewTable of ContentsContents: Preface Part I: Conceptual Issues 1. Introduction: Aims of the Book 2. The Emergent Knowledge Economy: Concepts and Evidence 3. Knowledge-based Sectors: Key Drivers of Innovation and Modes of Knowledge Exchange 4. Local Clusters and Global Networks 5. Varieties of Business System and Innovation Part II: Empirical Findings 6. Introduction to Key Research Results 7. UK ICT and Biotechnology Performance: The Significance of Collaboration and Clustering 8. Austrian Catch-up in Knowledge-based Sectors: Research Exploitation, Spatial Clustering and Knowledge Links 9. Comparing the Cases and Lessons for Knowledge-based Sector Policy 10. Reflections on the Research and Conclusions for Policy Index

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