Macroeconomics Books

Book SynopsisThis book builds on the Marx-Keynes-Schumpeter (MKS) approach to understanding the evolution of capitalism. It does so by focusing on current frameworks that study macro-dynamical systems in the tradition of the Classical, the Neoclassical and the Keynesian interpretation of the working of modern capitalist economies, and of the societies that are built upon them. The distinguished authors concentrate on different paradigms of economic conjecture in terms of their applicability to labor market problems and their implications for growing capitalist economies. They present material clearly related to current macroeconomic research which goes beyond the New Consensus macroeconomics, and which can also be related to the discussion between practitioners and politicians on the reform of both financial and labor markets. A Future for Capitalism will prove a challenging and thought provoking read for heterodox economists and broad-minded mainstream macroeconomists with a special interest in alternatives to general equilibrium macroeconomics.Contents: Introduction Part I: Stabilizing an Unstable Economy: The Challenge in Place 1. Real Financial Market Interactions and the Choice of Policy Measures Part II: Classical Unbalanced Growth and Social Evolution 2. Income Security within the Bounds of the Reserve Army Mechanism 3. Segmented Labor Markets and Low Income Work 4. Atypical Employment and Smooth Factor Substitution Part III: Unemployment and Welfare Issues in Models of Endogenous Growth 5. Economic Growth with an Employer of Last Resort: A Simple Model of Flexicurity Capitalism 6. Economic Policy in a Growth Model with Human Capital, Heterogenous Agents and Unemployment 7. Public Debt, Public Expenditures and Endogenous Growth with Real Wage Rigidities Part IV: The Road to Full-Employment Capitalism 8. Flexicurity: A Baseline Supply Side Model 9. Factor Substitution, Okun s Law and Gradual Wage Adjustments 10. Skill Formation, Heterogeneous Labor and Investment-driven Business Fluctuations 11. Leashing Capitalism: Monetary Fiscal Policy Measures and Labor Market Reforms Some Useful Stability Theorems References IndexTable of ContentsContents: Introduction Part I: Stabilizing an Unstable Economy: The Challenge in Place 1. Real–Financial Market Interactions and the Choice of Policy Measures Part II: Classical Unbalanced Growth and Social Evolution 2. Income Security within the Bounds of the Reserve Army Mechanism 3. Segmented Labor Markets and Low Income Work 4. Atypical Employment and Smooth Factor Substitution Part III: Unemployment and Welfare Issues in Models of Endogenous Growth 5. Economic Growth with an Employer of Last Resort: A Simple Model of Flexicurity Capitalism 6. Economic Policy in a Growth Model with Human Capital, Heterogenous Agents and Unemployment 7. Public Debt, Public Expenditures and Endogenous Growth with Real Wage Rigidities Part IV: The Road to Full-Employment Capitalism 8. Flexicurity: A Baseline Supply Side Model 9. Factor Substitution, Okun’s Law and Gradual Wage Adjustments 10. Skill Formation, Heterogeneous Labor and Investment-driven Business Fluctuations 11. Leashing Capitalism: Monetary–Fiscal Policy Measures and Labor Market Reforms Some Useful Stability Theorems References Index

Read more less

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

Read more less

Book SynopsisThis challenging book examines the origins and dynamics of financial-economic crises. Its wide theoretical scope incorporates the theories of Marx, Keynes and various other Post Keynesian scholars of endogenous money, and provides a grand synthesis of these theoretical lineages, as well as a powerful critique of prevailing neoclassical/monetarist theories of money. Bill Lucarelli provides detailed historical analyses of the causes of the current international financial crisis, and offers alternative heterodox theories with more coherent and rigorous theoretical frameworks than existing economic orthodoxies. He illustrates that the very assumptions of neoclassical theory - informed by the efficient markets hypothesis - tend to rule out the very possibility of endogenous financial crises. Consequently, he argues, the endogenous causes of these crises are either ignored or simply treated as random, extraneous historical events. In stark contrast to these neoclassical/monetarist views, this book seeks to explain the recurrence of these financial crises as a result of the inner workings of the capitalist system. The Economics of Financial Turbulence will prove an invaluable contribution to modern heterodox theories of endogenous money, and as such will be essential reading for academics and students with an interest in economics, heterodox economics and money, finance and banking. Economic and financial policymakers will also find the book to be a fascinating read.Contents: Introduction; Part I: Marxian Perspectives; 1. A Monetary Theory of Production; 2. A Marxian Theory of Money, Credit and Crisis; Part II: Heterodox Theories of Endogenous Money; 3. Money and Keynesian Uncertainty; 4. Endogenous Money: Heterodox Controversies; 5. Towards a Theory of Endogenous Financial Instability and Debt-Deflation; Part III: The Roots of the Current Crisis; 6. Financialization: Prelude to Crisis; 7. Faustian Finance and the American Dream; Conclusion; BibliographyTable of ContentsContents: Introduction Part I: Marxian Perspectives 1. A Monetary Theory of Production 2. A Marxian Theory of Money, Credit and Crisis Part II: Heterodox Theories of Endogenous Money 3. Money and Keynesian Uncertainty 4. Endogenous Money: Heterodox Controversies 5. Towards a Theory of Endogenous Financial Instability and Debt-Deflation Part III: The Roots of the Current Crisis 6. Financialization: Prelude to Crisis 7. Faustian Finance and the American Dream Conclusion Bibliography Index

Read more less

Book SynopsisIn this updated and revised edition of Post Keynesian Macroeconomic Theory, Paul Davidson explains how and why contemporary macroeconomic textbooks fail to incorporate Keynes's liquidity and financial analysis framework to explain the importance of money and financial markets in the real world of experience. This important text develops Keynes's analytical framework for both closed and open economies and provides policy guidance for the global economy of the twenty-first century. In particular, it deals with problems such as inflation, financial contagion, global unemployment, outsourcing, trade patterns, and developing an international financial system that encourages expansionary growth among all trading partners while avoiding sovereign debt problems. Using this textbook in macroeconomics courses will provide students with a pragmatic insight that will be both useful and productive. Contents: 1. The Background for Keynes's Revolution 2. The Essential Difference between the General Theory and the Classical System 3. Taxonomy, Axioms and Expenditures Related to Income: Keynes's D1 Category 4. Investment Spending 5. Government and the Level of Output 6. Delving Further into the Relationship between Money, Liquidity and Uncertainty 7. Liquidity Preference the Basis of Keynes's Revolution 8. The Finance Motive and the Interdependence of the Real and Monetary Sectors 9. Financial Markets, Fast Exits and Great Depressions and Recessions 10. Inflation: Causes and Cures 11. Keynes's Aggregate Supply and Demand Analysis 12. The Demand and Supply of Labour 13. Money in an International Setting 14. Trade Imbalances and International Payments 15. International Liquidity and Exchange Rate Stability 16. Financing the Wealth of Nations 17. Export-led Growth and a Proposal for an International Payments Scheme 18. Epilogue: Truth in Labelling and Economic Textbooks IndexTrade ReviewPaul Davidson is the leading expert on Keynes and Keynesianism. --Larry Elliott, GuardianA work of art and science. Beautifully written and updated, rigorous, faithful and complete, Paul Davidson has given us a lucid and teachable Keynes for our time. --James K. Galbraith, The University of Texas at AustinPaul Davidson is the keeper of the Keynesian flame. Keynes lives (intellectually), and Davidson is one of the reasons. --Alan S. Blinder, Princeton UniversityTable of ContentsContents: 1. The Background for Keynes’s Revolution 2. The Essential Difference between the General Theory and the Classical System 3. Taxonomy, Axioms and Expenditures Related to Income: Keynes’s D1 Category 4. Investment Spending 5. Government and the Level of Output 6. Delving Further into the Relationship between Money, Liquidity and Uncertainty 7. Liquidity Preference – the Basis of Keynes’s Revolution 8. The Finance Motive and the Interdependence of the Real and Monetary Sectors 9. Financial Markets, Fast Exits and Great Depressions and Recessions 10. Inflation: Causes and Cures 11. Keynes’s Aggregate Supply and Demand Analysis 12. The Demand and Supply of Labour 13. Money in an International Setting 14. Trade Imbalances and International Payments 15. International Liquidity and Exchange Rate Stability 16. Financing the Wealth of Nations 17. Export-led Growth and a Proposal for an International Payments Scheme 18. Epilogue: Truth in Labelling and Economic Textbooks Index

Read more less

Book SynopsisIn this updated and revised edition of Post Keynesian Macroeconomic Theory, Paul Davidson explains how and why contemporary macroeconomic textbooks fail to incorporate Keynes's liquidity and financial analysis framework to explain the importance of money and financial markets in the real world of experience. This important text develops Keynes's analytical framework for both closed and open economies and provides policy guidance for the global economy of the twenty-first century. In particular, it deals with problems such as inflation, financial contagion, global unemployment, outsourcing, trade patterns, and developing an international financial system that encourages expansionary growth among all trading partners while avoiding sovereign debt problems. Using this textbook in macroeconomics courses will provide students with a pragmatic insight that will be both useful and productive. Contents: 1. The Background for Keynes's Revolution 2. The Essential Difference between the General Theory and the Classical System 3. Taxonomy, Axioms and Expenditures Related to Income: Keynes's D1 Category 4. Investment Spending 5. Government and the Level of Output 6. Delving Further into the Relationship between Money, Liquidity and Uncertainty 7. Liquidity Preference the Basis of Keynes's Revolution 8. The Finance Motive and the Interdependence of the Real and Monetary Sectors 9. Financial Markets, Fast Exits and Great Depressions and Recessions 10. Inflation: Causes and Cures 11. Keynes's Aggregate Supply and Demand Analysis 12. The Demand and Supply of Labour 13. Money in an International Setting 14. Trade Imbalances and International Payments 15. International Liquidity and Exchange Rate Stability 16. Financing the Wealth of Nations 17. Export-led Growth and a Proposal for an International Payments Scheme 18. Epilogue: Truth in Labelling and Economic Textbooks IndexTrade ReviewPaul Davidson is the leading expert on Keynes and Keynesianism. --Larry Elliott, GuardianA work of art and science. Beautifully written and updated, rigorous, faithful and complete, Paul Davidson has given us a lucid and teachable Keynes for our time. --James K. Galbraith, The University of Texas at AustinPaul Davidson is the keeper of the Keynesian flame. Keynes lives (intellectually), and Davidson is one of the reasons. --Alan S. Blinder, Princeton UniversityTable of ContentsContents: 1. The Background for Keynes’s Revolution 2. The Essential Difference between the General Theory and the Classical System 3. Taxonomy, Axioms and Expenditures Related to Income: Keynes’s D1 Category 4. Investment Spending 5. Government and the Level of Output 6. Delving Further into the Relationship between Money, Liquidity and Uncertainty 7. Liquidity Preference – the Basis of Keynes’s Revolution 8. The Finance Motive and the Interdependence of the Real and Monetary Sectors 9. Financial Markets, Fast Exits and Great Depressions and Recessions 10. Inflation: Causes and Cures 11. Keynes’s Aggregate Supply and Demand Analysis 12. The Demand and Supply of Labour 13. Money in an International Setting 14. Trade Imbalances and International Payments 15. International Liquidity and Exchange Rate Stability 16. Financing the Wealth of Nations 17. Export-led Growth and a Proposal for an International Payments Scheme 18. Epilogue: Truth in Labelling and Economic Textbooks Index

Read more less

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

Read more less

Book SynopsisWages and Profits in the Capitalist Economy provides an incisive study of the impact of monopolistic power on macroeconomic performance in the USA and the UK since 1945, within a post-Kaleckian framework.It provides new evidence to suggest that the implications of monopolistic power, in both product and labour markets, are important in understanding macroeconomic performance. It argues that the rise and fall in profitability that accompanies the cycle of boom and recession is indicative of the operation of oligopolistic markets. Furthermore, the political economy of the distribution of income exacerbates macroeconomic instability. The book concludes that traditional Keynesian approaches favouring solutions to increase economic growth, and neoclassical approaches advocating supply-side policies to suppress conflict over distribution, may offer little prospect of long-term economic stability.Trade Review'Henley nicely integrates Kalecki's theories of distribution and monopoly power with empirical examination of post-war macroeconomic performance in the US and the UK.' -- Cooperative Economic News Service

Read more less

Book SynopsisMacroeconomic Theory and Policy is the second collection of Richard G. Lipsey's essays and contains material that has previously remained unpublished or has not been widely available. The book considers the macroeconomic issues of unemployment, inflation and policies to combat inflation, the Keynesian macroeconomy and supply side economics.The book begins with a new autobiographical introduction to the intellectual development, personal achievements and the fields of interest of Richard G. Lipsey and is then divided into five parts. Part one considers the Phillips Curve, wage rates and profits. The second part discusses the various theories of the causes of inflation and explores issues such as the depreciation of money, monetarism and cost-push versus demand-pull inflation. Part three looks at anti-inflation policies, focusing on incomes policies, credit and monetary policy and wage-price controls among other issues. Keynesian macroeconomics is evaluated in the fourth section, as well as inflation and the national income model. The final part considers supply-side economics.Macroeconomic Theory and Policy is an essential reference companion to the work of Richard G. Lipsey, one of the most important economists of our generation.Trade Review'Therefore, these four books published by Edward Elgar will be at the reference desks of all good economic libraries. In addition, the book on monopolistic competition and economic geography needs to enter all reading lists on the currently hottest topic in economics.'Table of ContentsContents: Introduction Part I: Phillips Curves Part II: The Causes of Inflation Part III: Specific Anti-Inflation Policies Part IV: The Keynesian Macroeconomic Model Part V: The Supply Side Name Index

Read more less

Book SynopsisOpen economy macroeconomics is a major focus of research interest stimulated in part by the increasing interdependence of the world economy and by the move towards floating exchange rates. This important new book addresses several central issues in the macroeconomic theory of different forms of open economies under differing degrees of dependency.Trade Review'I am very happy to see a collection of papers like this, which uses standard methods of macro-dynamics and sensible down-to-earth models.' -- Stephen J. Turnovsky, University of Washington, US

Read more less

Book SynopsisThis major two volume work contains a selection of the best papers presented at the annual meeting of the History of Economics Society. They correct errors of interpretation and undertake constructive analyses. They show the importance of studies of the history of economic thought for an understanding of its influence on our conceptions of the world and on economic, social and political behaviour.Trade Review'. . . Perspectives offers a sparkling collection of stimulating flashes of the mind no one can do without.' -- Albert Jolink, The Economic Journal

Read more less

Book SynopsisThis key textbook provides a fresh introduction to macroeconomics in developing countries.It presents the main elements of 20th century macroeconomics and shows how the models produced for industrialised societies need to be modified for various groups of less developed countries. It is designed for those who start with little or no economics but need to understand the issues involved in the stabilizing of national income and the price level, and in keeping a sustainable balance of payments. It focuses on a number of measures designed to create stability including fiscal policy, the exchange rate, wages and interest rates. There are several case studies of policy experiments conducted since the mid 1970s.The book will be essential reading for graduate students from developing countries and all students taking courses on development economics.Table of ContentsPart 1 Purposes and concepts: meaning and purposes of economic stabilization; national income, product and expenditure; money and the balance of payments; exchange rates and international money. Part 2 Standard models for stabilization: Keynesian and monetarist approaches; managing the external balance. Part 3 Models for developing countries: relevant differences among types of economy; structuralism - model or attitude of mind?. Part 4 International approaches to stabilization: commodity-price stabilization; earnings compensation and insurance; debt and borrowing. Part 5 Domestic instruments of stabilization: stabilization targets and instruments; fiscal rules; choosing exchange-rate regimes and policies; wage policies; interest-rate policies; adjusting from gross imbalance. Part 6 Case-studies and conclusions: some recent experiments and experiences; concluding lessons.

Read more less

Book SynopsisUnderstanding Macroeconomics provides short non-technical summaries of important areas of economics, especially those where the alternative literature is either not easily accessible or else highly specialized. An important objective of the book is to provide an analysis of current economic policy. It successfully demonstrates that simple economic analysis can be brought to bear lucidly and penetratingly on economic problems. The result is a book which, for its concise and authoritative survey of major areas, will be an essential purchase for school and college economics teachers and their libraries. It will also prove invaluable to university and polytechnic students of economics seeking an introduction to the application of economic theory to the major problems facing economists today.Trade Review'This is much better than Modern Economic Analysis which I always considered excellent. Clear and yet detailed enough to be of interest at all levels of the subject from "A" level upwards.' -- Peter Desmond, Cheney School, Oxford, UK'David Gowland's chapters are always lucid and written with his usual panache. Difficult concepts are explained clearly and his analysis demonstrates the power of elementary economic theory. It is enjoyable to read and there is plenty to stimulate further reading. I thought the book topical with a good blend of theory and policy issues.' -- Stephen James, Yarm School, Cleverland, UK

Read more less

Book SynopsisThis book explores the principle issues surrounding the effective participation of the developing countries in the new, more interdependent global economy. It is up-to-date and offers a fresh and critical assessment of traditional approaches in the sphere of international financial and trading policies. Particular emphasis is placed upon what is not known and requires further research. Among the major issues addressed are the impact of the global exchange rate system on developing countries, the efficacy of growth-oriented structural adjustment lending, the future role of foreign direct investment, the relevance of the 'new' trade theories to the developing countries, primary commodity market problems, poverty alleviation in adjustment programmes and the role of information systems.Trade Review'. . . the book bears witness of thorough research, and its lay-out complements the contents. It can be recommended without any hesitation, particularly for teaching and research purposes.'

Read more less

Book SynopsisThe Economics of Restructuring and Intervention carries forward the work of Marx, Kalecki, Keynes and Kaldor in analysing questions of growth, distribution and government intervention. It will be essential reading for all those wishing to understand the massive economic and political shifts as we enter the 1990s - the globalization of markets and production, continued growth of the Third World and East European debt, the emerging digital economy. Political debates thrown up by these economic, industrial and technological developments are subject to rigorous scrutiny and critique - from the employment effects of wage cuts to the calls for ‘supply side socialism’.Table of ContentsContents: Introduction Part I: The Global Economy 1. The Modern Dialectic: Ideology and Economic Reality (John Kenneth Galbraith) 2. The Economic Instability of the 1980s (Ferdinando Targetti) 3. East European Debt: A Comparative Perspective (Hans van Zon) Part II: Kalecki and Kaldor 4. Kalecki and Kaldor on Development Finance (Laurence Harris) 5. Kaldor's Vision of the Growth and Development Process (A.P. Thirlwall) 6. Analysing the Operation of Market Economies in the Spirit of Kaldor and Kalecki (Malcolm C. Sawyer) Part III: Wages and Prices 7. The Search for a 'Stylised Fact' of Cyclical Wages (Jonathan Michie) 8. Efficiency Wages: Mark-up Pricing and Effective Demand (Peter Skott) 9. The Economic of Shortage: A Post-Kaleckian Approach (Malcolm C. Sawyer) Part IV: Supply Side Socialism 10. Industrial Restructuring and Public Intervention (Nicholas Costello, Jonathan Michie and Seumas Milne) 11. Supply Side Socialism in the UK: A Post-Keynesian Perspective (Philip Arestis)

Read more less

Book SynopsisThis unique book focuses on the central issues in macroeconomics - examining some of the lively theoretical controversies troubling contemporary economists - in order to establish a genuine basis for communication between the alternative theoretical traditions.The past two decades have witnessed the emergence of several competing approaches to macroeconomic analysis: post Keynesian economics, Kaleckian analysis, neo-Ricardian theory, the neo-Austrian school, the Rational Expectations School etc. This book presents new work by 14 respected economists from nine different countries who address a series of unresolved yet well-defined issues in monetary theory and policy, market structure and accumulation, and problems of effective demand and the theory of distribution. The main purpose of Macroeconomic Theory is to identify areas of common ground among the various theoretical approaches. The excitement of that dialogue and the intellectual vitality generated are captured for the reader in a volume that will be essential for an understanding of modern macroeconomic theory.Trade Review'This collection is a stimulus to the further development of post-classical political economy.' -- John Hillard, The Economic Journal'The book's aim of providing a bridge "across" heterodox schools is undeniably a courageous undertaking. It would be quite easy to miss such an idealistic mark, but Mongiovi and Ruhl do not miss. While the text will be most useful to one steeped in the views of the schools in question, it does not preclude its use as a preliminary avenue into the subtleties of the various analyses in question. Our profession would certainly benefit from more economists willing to follow in these footsteps.' -- Michael C. Carroll, Review of Social Economy

Read more less

Book SynopsisThis major book presents, for the first time, an authoritative history of developments in macroeconometric modelling since the 1930s. It focuses in particular on the construction of mathematico-statistical models of entire economies, estimated from national accounts and other macroeconomic data. International and comparative in scope, the book contains chapters prepared by specialists from the different countries concerned. This landmark book is indispensable to an understanding of the history and development of large scale econometric models of modern economies.Trade Review’This is highly recommended reading for all model-builders and model-users.’Table of ContentsContents: Part I: Introduction 1. Antecedents of Macroeconometric Models 2. Econometric Model-Building at the Origins Part II: Experience in the USA 3. American Econometric Models of the 1950s: the Klein-Goldberger Model 4. Expansion and Theoretical Development During the 1960s: the Brookings Model as a Milestone 5. American Econometric Models of the 1970s Part III: Comparative Experience 6. The History of Dutch Macroeconometric Modelling, 1936–1986 (A.P. Barten) 7. Macroeconometric Model-Building in the United Kingdom (Sir J. Ball and S. Holly) 8. Macroeconomic Modelling in France (R. Courbis) 9. Canadian Macroeconometric Modelling, 1947–1979 and Selectively Beyond 10. Econometric Models of the Japanese Economy (K. Sato) 11. Macroeconometric Modelling of South-East Asia: the Case of India 12. Macroeconometric Modelling of Latin American Countries, 1965–1985 (A. Beltran-del-Rio) Part IV: Systems of Models 13. Regional Econometric Models (Roger Bolton) 14. Project LINK and Multicountry Modelling (B.G. Hickman) Part V: Summing Up 15. A History of Computation in Econometrics 16. Lessons from Half a Century of Macroeconometric Modelling 17. Prospects for Macroeconomic Modelling

Read more less

Book SynopsisControversies in Post Keynesian Economics proves that it is possible to meet the most exacting scholarly standards while also managing to make economics enjoyable to read. Professor Davidson provides a lucid review of the debates between neoclassical Keynesians, monetarists and post Keynesians. These debates have been rekindled as a result of the revitalisation of the post Keynesian tradition coupled with the failure of the monetarist approach to explain economic developments in the 1980s. He develops this history of the struggle for the minds of economists, as well as explaining in intelligible language, the different roles assigned to money, contracts and the uncertainty of the inflationary process. In conclusion, he discusses which of these theories is likely to be most relevant to the economic problems that will be facing the free world in the 21st century. Trade Review’Useful supplementary reading for upper-level undergraduates.’

Read more less

Book SynopsisThis landmark book provides an up-to-date assessment and evaluation of industrial reform in 14 countries. Topics covered in detail include the changing role of the industrial enterprise, the state and private sectors, privatization, pricing, foreign trade and direct foreign investment. Emphasis is placed on events since 1989, the year of 'revolution' in Eastern Europe.Few of the countries are now traditionally 'socialist'. Cuba and North Korea can be so described, economically and politically. China and Vietnam grapple with market-orientated economic reforms while in the firm grip of the Communist Party. Other countries are now at various distances along the road to democracy and the market. These 'emerging democracies' or 'emerging market economies' face new and formidable challenges in making the transition from predominantly state-owned, planned economies to market economies based on private property. East Germany has been reunited with the Federal Republic, but the former industrial sector has been badly hit. The Soviet Union and Yugoslavia, on the other hand, are disintegrating. Their emerging, independent states face daunting tasks; one critical question is whether they can form voluntary and sustainable economic unions.This book provides authoritative up-to-date studies of industrial reform in socialist countries and will be essential reading for anyone with an interest in the transition to market economies in post-Communist societies.Trade Review'. . . the book contains a wealth of information on the current process of industrial restructuring and transformation in the former Centrally Planned Economies (CPEs). The editor is to be congratulated on putting together a highly readable set of essays on these very important problems. It should become required reading for students of the political economy of transformation as well as for the specialists and practitioners dealing with the problems of restructuring in the former CPEs.' -- Igor Filatochev, The World EconomyTable of ContentsContents: 1. Industrial Reform in Historical Perspective (I. Jeffries) 2. Albania: the Purge of Stalinist Ideology (A. Schnytzer) 3. Innovation with an Unchanging Core: No Path to the Market in Bulgaria? (R.J. McIntyre) 4. Industrial Reform in China (R.C. Hsu) 5. Industrial Reform and the Cuban Economy (A. Zimbalist) 6. Industrial Reform in Czechoslovakia (L. Rychetnik) 7. East Germany (I. Jeffries) 8. Hungary (P. Hare) 9. Mongolia (M. Kaser) 10. North Korea (I. Jeffries) 11. Poland (G. Blazyca) 12. The Romanian Enterprise (A.H. Smith) 13. The Soviet Industrial Enterprise in the 1980s (G.E. Schroeder) 14. Industrial Reform in Vietnam (M. Beresford) 15. Reform in Yugoslavia: the Retreat from Self-Management (S. Estrin and L. Takla)

Read more less

Book SynopsisThis volume is concerned with periods of very rapid inflation in the period before 1950 and shifts the emphasis from hyperinflation as commonly defined to a wider range of experience. It examines the source and origins of these inflationary episodes, how they started and what measures were used to bring them to an end. The experience of the last twenty years, when the entire world has been on fiat money and inflation has burgeoned, sometimes in excess of 100 per cent per annum, has led economists to reflect on historical examples of this phenomena. The extreme nature of episodes such as the German inflation of the early 1920s ensures that they offer a special kind of evidence on money and prices that is of considerable interest at the present time. Much of the material here is very recent, as relatively little contemporary attention was given to inflations and much of the best scholarship has only appeared in the last twenty years. However, this volume also provides the reader with access to the reflections of contemporary economists, such as Joan Robinson and Gordon Tullock.Trade Review'. . . a collection of important articles which will be most useful for students of monetary disorder.'Table of ContentsContents Introduction Part I: The Sources, Development and Ending of Major Inflations 1. Forrest Capie (1986), ‘Conditions in which Very Rapid Inflation has Appeared’ 2. Phillip Cagan (1956), ‘The Monetary Dynamics of Hyperinflation’ 3. Thomas J. Sargent (1982), ‘The Ends of Four Big Inflations’ Part II: Inflations before 1900 4. Francis T. Lui (1983), ‘Cagan's Hypothesis and the First Nationwide Inflation of Paper Money in World History’ 5. Bruce D. Smith (1985), ‘Some Colonial Evidence on Two Theories of Money: Maryland and the Carolinas’ 6. Earl J. Hamilton (1977), ‘The Role of War in Modern Inflation’ 7. Andrew Dickson White (1959), ‘Fiat Money Inflation in France’ 8. Milton Friedman (1951), ‘The Role of War in American Economic Development: Prices, Income and Monetary Changes in Three Wartime Periods’ 9. Eugene M. Lerner (1954), ‘The Monetary and Fiscal Programs of the Confederate Government, 161–65’ 10. Eugene M. Lerner (1955), ‘Money, Prices and Wages in the Confederacy’ Part III: The 1920s 11. Costantion Bresciani-Turroni (1937), ‘The National Finances, the Inflaton and the Depreciation of the Mark’ 12. Joan Robinson (1938), ‘Review of Bresciani-Turroni's The Economics of Inflation’ 13. Carl-Ludwig Holtfrerich (1986), ‘The Determinants of Monetary Expansion’ 14. Stephen B. Webb (1985), ‘Government Debt and Inflationary Expectations as Determinants of the Money Supply in Germany’ 15. Charles Maier (1978), ‘The Politics of Inflation in the Twentieth Century’ 16. Rodney L. Jacobs (1977), ‘Hyperinflation and the Supply of Money’ Part IV: Inflations in the 1940s 17 Bertrand Nogaro (1948), ‘Hungary's Recent Monetary Crisis and its Theoretical Meaning’ 18. Andrew C. Huang (1948), ‘The Inflation in China’ 19. Colin D. Campbell and Gordan C. Tullock (1954), ‘Hyperinflation in China, 1937–49’ 20. Gail E. Makinen (1986), ‘The Greek Hyperinflation and Stabilization of 1943–46’ 21. William A. Bomberger and Gail E. Makinen (1983), ‘The Hungerian Hyperinflation and Stabilization of 1945–6’ Name Index

Read more less

Book SynopsisCapitalism With a Human Face is a carefully edited selection of Samuel Brittan’s most important recent essays. It covers topics ranging from utilitarianism and the ethics of self-interest, to the principles of macroeconomic policy and how to price people into work without throwing them into poverty. The book will be controversial, for the individualistic ethic, which it is so fashionable to attack, is not merely defended but celebrated. This collection will be of special interest both to readers of Samuel Brittan’s articles who would like a more extended treatment and those new to his work. A notable feature is a specially written introduction explaining how the author came to take up political economy and how he arrived at the positions elaborated in this book.Trade Review’Any society with aspirations to egalitarianism would long since have abolished Samuel Brittan. He writes the best weekly economics column, elegant in style and provocative in content. He covers a range of subjects to a depth that should shame those of us who can cope only by concentrating on a narrow topic. He finds time to attend seminars where, inevitably, he asks the penetrating questions the speaker most dreads. He writes important books. He manages to display in the course of a few minutes more courage in challenging those to whom he might look for favours than most of us can summon in a lifetime. He is that rare British creature: an intellectual.’Table of ContentsContents: Introduction: Footfalls in the Memory (Intellectual Autobiography) Part I: Political Economy Part II: Keynes and Hayek Part III: Jobs, Inflation and Economic Management Part IV: Problems and Policies Part V: Capitalism with a Human Face Finale: Some Presumptions of Economic Liberalism

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less