Macroeconomics Books

Book SynopsisThe Political Economy of Economic Freedom brings together a timely selection of Sir Alan Peacock's views on economic freedom, its philosophy, its influence on the critique of economic policy and the problems encountered in expanding it.The book represents a diversity of experience ranging from academic speculation to close involvement with policy issues. An opening chapter introduces the essays and discusses the promotion of economic freedom. The book is then divided into three parts and each essay is introduced with a discussions of its intellectual origins. Part I considers how far the pursuit of individual freedom conditions government intervention in the pursuit of economic growth, the right to freedom of expression, conduct in the market place and the distribution of income, affording the author an opportunity to analyse the views both of his contemporaries and such major figures as Hume and Keynes. In Part II the author uses his specialist knowledge of public choice and public finance to explore 'government failure' in attempts to impose progressive taxation, to influence industry through subsidy and regulation and to control bureaucracy. In the final part, the author draws on his personal experience to demonstrate the problems encountered by economic advisers in devising reforms in the tax system, the devolution of government, social security and broadcasting.This volume will be welcomed by business and government, as well as by professional economists and social scientists familiar with Sir Alan's commitment to economic analysis as the servant of policy debate rather than merely a form of intellectual gymnastics.Trade Review'The captivating nature of these contributions to political economy - which were all published between 1976 and 1996, but mostly in the last decade - is a clear reflection of Sir Alan's authoritative standing both as an academic economist and a government economic advisor. . . . the book addresses a wide range of philosophical questions and practical policy issues, thus offering plenty of stimulating material for both the theoretical and applied economist, as well as other social scientists.'Table of ContentsContents: Introduction 1. The Promotion of Economic Freedom Part I: Political Economy 2. Economic Freedom 3. Ethics, Economics and the Liberal Order 4. The Value of Freedom of Expression 5. Liberalism and Economic Growth 6. Welfare Philosophies and Welfare Finance 7. Foreword to David Hume’s Political Discourses 8. Keynes and the Role of the State 9. The LSE and Post-war Economic Policy Part II: Analysis 10. The Justification for Progressive Taxation 11. The Rise and Fall of the Laffer Curve 12. The Disaffection of the Taxpayer 13. Economic Analysis of Problems of Government Selective Aid with Martin Ricketts 14. Bargaining and the Regulatory System with Martin Ricketts 15. Public X-inefficiency: Informational and Institutional Constraints 16. Government Debt and Growth in Public Spending with Ilde Rizzo Part III: Policy and Reform 17. Fiscal Theory and the ‘Market’ for Tax Reform 18. Designing Tax Reform: Identifying the Problems 19. The Political Economy of Devolution: The British Case 20. The ‘Politics’ of Investigating Broadcasting Finance 21. The Political Economy of Public Service Broadcasting 22. The Credibility of Economic Advice to Government 23. The Utility-maximizing Government Economic Adviser: A Comment Index

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Book SynopsisFull employment and growth in the international economy remain the greatest economic challenges as we approach the twenty-first century. This important book, edited by two leaders in the field, rigorously examines these real world problems from a post Keynesian perspective and provides practical policy solutions for achieving growth and reducing unemployment.The increasing interdependence of world trade and the integration of capital markets has led to the globalization of the international economy. This globalization demands new policy prescriptions for international growth and employment without inflation. In order to combat stagflation, a distinguished group of authors suggests policies for achieving growth and employment within the framework of an entrepreneurial market system. They identify and evaluate the factors determining the expansion of the global economy and assess the impact of financial markets, derivatives and international regulations on domestic and global economic performance.Improving the Global Economy will be of special interest to policymakers, macroeconomists and all those concerned with global growth and employment issues.Trade Review'The book offers a useful collection of contributions . . . both on the relevance of the economics of Keynes, as well as on some key issues of concern for the growth of the global economy.' -- Claudio Lucifora, The Economic JournalTable of ContentsContents: Introduction Part I: Consumption, Investment and Government Spending Part II: Roundtable: Can Keynes’s Employment Policies Reach the Underclass? Part III: Keynes and Economic Development Part IV: Income Distribution Index

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Book SynopsisThe Rise and Fall of the Wealth of Nations is an interdisciplinary study concerning growth and cycles in economic development. It builds a bridge between rigorous economic theory and historical studies of long run economic evolution.This authoritative book explains long waves of economic activity and the rivalry of nations for leadership. It considers the concept that such waves of activity are characterized by a cyclical change of societies focusing alternately on capital accumulation and distribution. It also discusses the idea that a change in the economic leadership of a nation occurs after nations reach the height of their influence and turn away from accumulating capital in favour of distribution of income and wealth.This volume will be welcomed by academics, policymakers and students of economics and economic history.Trade Review'This book is a major contribution, with particular importance to those with an interest in growth theory and business cycles. . . Such a socio-cultural explanation of economic phenomena is unusual and highly original.'Table of ContentsContents: Preface 1. Introduction 2. Long Waves in the Economy and in Politics 3. Abundance of Explanations 4. Time Preference 5. Capital Formation with Population Growth 6. Economic Growth with Technological Change 7. Growth under Uncertainty and Imperfect Foresight 8. Long Waves of Economic Development 9. Long Waves and Business Cycles 10. Natural Resources and Population 11. Institutional Change 12. The History of Long Waves 13. International Rivalry 14. Epilogue Index

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Book SynopsisThe Struggle for World Markets examines the pattern of deepening integration and imbalances across the Atlantic as the European Union and North America are increasingly linked through high volume trade and expanding transnational production. Distinguished authors examine in detail structural policy issues, foreign direct investment flows, free trade options and the evolution of collaborative arangements between firms, especially in high technology sectors. The volume explores the possibility of promoting greater links between the European Union and North America. It offers assessments of potentials for the formation of new alliances that would strengthen Atlantic economic ties.The Struggle for World Markets will be invaluable to policymakers and scholars with an interest in international business, international political economy, commerce and political science.Table of ContentsContents: 1. Re-energizing the Transatlantic Connection (J.H. Dunning) 2. Atlantic Interdependencies and Free Trade (S. Blank and A. Taillandier) 3. Structural Interdependence between the European Union and the United States: Technological Positions (P. Buigues and A. Jacquemin) 4. North American Sectoral Profiles and Corporate Strategy in the Automobile Industry (A. Rugman and G. Boyd) 5. Atlantic Systems of Corporate Finance and Governance (S. Prowse) 6. Atlantic High-technology Complementarities (J. Niosi and B. Godin) 8. Atlantic Foreign Direct Investment Flows (P.J. Buckley and J. Clegg) 9. Atlantic Strategic Technology Alliances (J. Hagedoorn) 10. Systemic Approaches to Managing Interdependencies (G. Boyd) 11. Planning Atlantic Direct Investment Conferences (G. Boyd) Index

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Book SynopsisAdvances in General Equilibrium Theory presents a new approach to the construction of general equilibrium models. It considers the methods that should be adapted and some of the principal subjects with which general equilibrium modelling should be concerned in order to convert it into a useful body of knowledge.The book examines from new perspectives the major questions that have concerned general equilibrium theorists during this century, including the characteristics of perfect competition and the existence, uniqueness and stability of economic equilibrium. The author develops the concept of models as functioning systems, identifies the differences between models and equation systems and discusses the implications of the differences between mathematical methods and economic determinacy. He demonstrates that the treatment of perfect competition has been deeply flawed, that modern general equilibrium models are not functioning systems, that many equation systems in the literature are not supported by underlying models, and that models which would justify these equations are either improbable or inconceivable. In conclusion, Professor Walker indicates how these perspectives can be used to develop a new general equilibrium model, and presents an outline of its content.Advances in General Equilibrium Theory will be of special interest to microeconomists and those interested in economic methodology and general equilibrium modelling.Trade Review'I want to congratulate Professor Walker on what I think is a tour de force. He effectively demolishes what I have always thought was a very anaemic approach to discussing competition. I am going to suggest that a number of my colleagues read his book and hopefully develop a clearer perspective on the nature of markets.' -- Karl McDermott, National Economic Research Associates and formerly, Illinois Commerce Commission, USTable of ContentsContents: Introduction 1. The Construction of Functioning Models 2. Descriptions, Equations and Models 3. The Meaning and Conditions of Competition 4. New Perspectives on the Existence of Equilibrium 5. New Perspectives on the Stability and Uniqueness of Equilibrium 6. Reformation and Prospects of General Equilibrium Models Index

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Book SynopsisStructural change analysis has been a distinctive feature of economics since its formative period. This authoritative three-volume collection presents a comprehensive selection of the key contributions to the topic.The Economics of Structural Change shows the central role that compositional dynamics plays in the analysis of fluctuations, development, employment and economy-environment interactions. Volume I covers concepts and theories in the economics of structural change; Volume II includes specific contributions to structural theories of growth, cycles and technological change; Volume III focuses on specific areas in the empirics of structural change analysis.This important three-volume set will be indispensable to researchers and practitioners alike.Trade Review'These volumes constitute a remarkably comprehensive collection of seminal articles on structural change, including historical works such as Adam Smith on the division of labor and Karl Marx on reproduction schemes and modern pieces by Leontief, Sraffa, Pasinetti, Goodwin, Baumol, Arrow, Aghion and Howitt.' -- Edward Wolff, New York University, USTable of ContentsContents: Volume I: Economic Structure and Change: Concepts and Theories Acknowledgements Introduction Harald Hagemann, Michael Landesmann and Roberto Scazzieri PART I PHASES OF ECONOMIC DEVELOPMENT: CLASSICAL APPROACHES 1. A.R.J. Turgot ([1766]1973), ‘Reflections on the Formation and the Distribution of Wealth’ 2. James Steuart ([1767]/1966), ‘Introduction’ 3. Adam Smith ([1776]/1976), ‘Of the Natural Progress of Opulence’ 4. François Quesnay ([1758]/1972) in the ‘Third Edition’ 5. Karl Marx ([1885]/1956), ‘III: Schematic Presentation of Accumulation’ and ‘Supplementary Remarks’ 6. Eugen v. Böhm-Bawerk ([1891]/1930), ‘The Theory of the Formation of Capital’ 7. John Bates Clark (1899), ‘Capital and Capital-Goods Contrasted’ PART II DYNAMIC FACTORS, GROWTH AND STRUCTURAL CHANGE 8. Adam Smith ([1763]/1978), ‘Division of Labour’ 9. John Rae (1834), ‘Of the Principle of the Division of Labor’ 10. T.R. Malthus (1820), excerpt from ‘On the Immediate Causes of the Progress of Wealth’ 11. David Ricardo ([1817]/1951), ‘On Rent’ 12. Erik Dahmen (1955), ‘Technology, Innovation and International Industrial Transformation’ 13. John Hicks (1973), ‘The Mainspring of Economic Growth’ PART III THE ANALYTICAL REPRESENTATION OF ECONOMIC STRUCTURE 14. Wassily Leontief (1928), ‘The Economy as a Circular Flow’ 15. Ragnar Nurkse (1935), ‘The Schematic Representation of the Structure of Production’ 16. J. v. Neumann (1937), ‘A Model of General Economic Equilibrium’ 17. Piero Sraffa (1960), ‘On "Sub-Systems"’ 18. Luigi L. Pasinetti (1973), ‘The Notion of Vertical Integration in Economic Analysis’ 19. John Hicks (1973), ‘The Process and its Profiles’ 20. Salvatore Baldone (1996), ‘Vertical Integration, the Temporal Structure of Production Processes and Transition Between Techniques’ 21. Nicholas Georgescu-Roegen (1971), ‘The Analytical Representation of Process and the Economics of Production’ 22. Herbert A. Simon and Albert Ando (1961), ‘Aggregation of Variables in Dynamic Systems’ 23. Camilo Dagum (1969), ‘Structural Permanence’ 24. R.M. Goodwin (1976), ‘Use of Normalized General Coordinates in Linear Value and Distribution Theory’ 25. Michael A. Landesmann and Roberto Scazzieri (1990), ‘Specification of Structure and Economic Dynamics’ Name Index Volume II: Growth, Cycles and Technological Change: Structural Approaches Acknowledgements An introduction by the editors to all three volumes appears in Volume I PART I STRUCTURAL THEORIES OF ECONOMIC GROWTH 1. Adolph Lowe (1955), ‘Structural Analysis of Real Capital Formation’ 2. John Hicks (1985), ‘Structural Disequilibrium-Traverse’ and ‘Traverse Again: The Austrian Method’ 3. Luigi L. Pasinetti (1993), ‘Structural Dynamics’ 4. Harald Hagemann (1990), ‘The Structural Theory of Economic Growth’ 5. Alberto Quadrio-Curzio (1986), ‘Technological Scarcity: An Essay on Production and Structural Change’ 6. William J. Baumol (1967), ‘Macroeconomics of Unbalanced Growth: The Anatomy of Urban Crisis’ PART II STRUCTURAL THEORIES OF ECONOMIC FLUCTUATIONS 7. Dennis Holme Robertson (1915), ‘Temptations to Over-Investment’ and ‘Aggravations of Depression’ 8. A. Spiethoff ([1933]/1937), ‘Overproduction’ 9. Albert Aftalion (1927), ‘The Theory of Economic Cycles Based on the Capitalistic Technique of Production’ 10. Franco Nardini (1990), ‘Cycle-trend Dynamics in a Fixwage Neo-Austrian Model of Traverse’ 11. Mario Amendola and Jean-Luc Gaffard (1998), ‘Change’ 12. Ragnar Frisch (1933), ‘Propagation Problems and Impulse Problems in Dynamic Economics’ 13. Eugen Slutzky (1937), ‘The Summation of Random Causes as the Source of Cyclic Processes’ 14. Joseph Schumpeter (1928), ‘The Instability of Capitalism’ 15. Philippe Aghion and Peter Howitt (1992), ‘A Model of Growth Through Creative Destruction’ 16. Gerald Silverberg and Doris Lehnert (1993), ‘Long Waves and "Evolutionary Chaos" in a Simple Schumpeterian Model of Embodied Technical Change’ PART III TECHNICAL PROGRESS AND ECONOMIC CHANGE 17. Nicholas Kaldor ([1961]/1963), ‘Capital Accumulation and Economic Growth’ 18. Kenneth J. Arrow (1962), ‘The Economic Implications of Learning by Doing’ 19. W.E.G. Salter ([1960]/1969), ‘A Model of the Delay in the Utilisation of New Techniques of Production’ and ‘Factor Prices and the Adjustment Process’ 20. Christopher Bliss (1968), ‘On Putty-Clay’ 21. Paul A. David (1985), ‘Clio and the Economics of QWERTY’ 22. W. Brian Arthur (1989), ‘Competing Technologies, Increasing Returns, and Lock-in by Historical Events’ 23. Giovanni Dosi (1982), ‘Technological Paradigms and Technological Trajectories: A Suggested Interpretation of the Determinants and Directions of Technical Change’ 24. Edward Ames and Nathan Rosenberg (1964), ‘The Progressive Division and Specialization of Industries’ 25. Xiaokai Yang and Jeff Borland (1991), ‘A Microeconomic Mechanism for Economic Growth’ 26. Danny T. Quah (1997), ‘Increasingly Weightless Economies’ Name Index Volume III: Economic Developments: Patterns and Empirics Acknowledgements An introduction by the editors to all three volumes appears in Volume I PART I DECOMPOSING ECONOMIC GROWTH: HISTORICAL PERSPECTIVES 1. W.G. Hoffmann ([1931]/1958), ‘The Pattern of Industrial Growth’ 2. Allan G.B. Fisher (1939), ‘Production, Primary, Secondary and Tertiary’ 3. Simon Kuznets (1971), ‘Summary and Interrelations’ 4. Ingvar Svennilson (1954), ‘The Process of Economic Growth’ 5. Nathan Rosenberg (1963), ‘Capital Goods, Technology, and Economic Growth’ 6. Moses Abramovitz (1986), ‘Catching Up, Forging Ahead, and Falling Behind’ 7. Bart Verspagen (1995), ‘Convergence in the Global Economy. A Broad Historical Viewpoint’ 8. Danny T. Quah (1996), ‘Empirics for Economic Growth and Convergence’ PART II PATTERNS OF ECONOMIC DEVELOPMENT 9. P.N. Rosenstein-Rodan (1943), ‘Problems of Industrialisation of Eastern and South-Eastern Europe’ 10. Paul Streeten (1959), ‘Unbalanced Growth’ 11. Shigeru Ishikawa (1967), ‘Initial Conditions’ 12. Hollis B. Chenery and Lance Taylor (1968), ‘Development Patterns: Among Countries and Over Time’ 13. Sukhamoy Chakravarty (1980), ‘Relevance of Growth Models to Development Planning’ 14. Kevin M. Murphy, Andrei Shleifer and Robert W. Vishny (1989), ‘Industrialization and the Big Push’ 15. Chin-Lih Wang, Juh-Luh Sun and Tein-Chen Chou (1992), ‘Sources of Economic Growth and Structural Change: A Revised Approach’ 16. Kiminori Matsuyama (1992), ‘Agricultural Productivity, Comparative Advantage, and Economic Growth’ PART III EMPLOYMENT AND TECHNOLOGY 17. Hans P. Neisser (1942), ‘"Permanent" Technological Unemployment: "Demand for Commodities Is Not Demand for Labor"’ 18. Wassily Leontief and Faye Duchin (1986), ‘The Future Impact of Automation on Employment’ 19. David M. Lilien (1982), ‘Sectoral Shifts and Cyclical Unemployment’ 20. Eileen Appelbaum and Ronald Schettkat (1995), ‘Employment and Productivity in Industrialized Economies’ PART IV ECONOMIC AND ENVIRONMENTAL CHANGE 21. Nicholas Georgescu-Roegen (1986), ‘The Entropy Law and the Economic Process in Retrospect’ 22. Charles Perrings (1987), ‘Closed Physical Systems: A Model’ 23. Robert Ayres (1991), ‘Evolutionary Economics and Environmental Imperatives’ 24. Robert Costanza and Herman E. Daly (1992), ‘Natural Capital and Sustainable Development’ PART V INSTITUTIONS AND ECONOMIC CHANGE 25. Irma Adelman and Cynthia Taft Morris (1967), ‘The Long-Run Analysis’ 26. Adam Przeworski and Fernando Limongi (1993), ‘Political Regimes and Economic Growth’ 27. Albert O. Hirschman (1994), ‘The On-and-Off Connection Between Political and Economic Progress’ 28. Mancur Olson (1993), ‘Dictatorship, Democracy, and Development’ 29. Douglass C. North (1984), ‘Transaction Costs, Institutions, and Economic History’ 30. Paul A. David (1994), ‘Why Are Institutions the "Carriers of History"?: Path Dependence and the Evolution of Conventions, Organizations and Institutions’ PART VI TESTING FOR STRUCTURAL CHANGE 31. T.C. Koopmans and O. Reiersøl (1950), ‘The Identification of Structural Characteristics’ 32. R.L. Brown, J. Durbin and J.M. Evans (1975), ‘Techniques for Testing the Constancy of Regression Relationships over Time’ 33. Dale J. Poirier (1991), ‘The Econometrics of Structural Change: A Retrospective View’ 34. Jushan Bai and Pierre Perron (1998), ‘Estimating and Testing Linear Models with Multiple Structural Changes’ 35. David F. Hendry (2000), ‘On Detectable and Non-detectable Structural Change’ Name Index

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Book SynopsisThis is the first of three volumes, written by an internationally renowned group of experts, to celebrate the contribution of Bernard Corry and Maurice Peston to teaching and research.In this first volume, the distinguished contributors provide original material on the formulation of macroeconomic policy in advanced countries ranging from a study of central bank independence, the consequences of European monetary union and macroeconomic policy in transition economies.Table of ContentsContents: Introduction Part I: The Trend of Macroeconomic Policy 1. Notes on Inflation Targeting 2. Kalecki’s ‘Political Aspects of Full Employment’ Revisited 3. Post Keynesian Economic Policy Part II: The Independent Central Bank 4. The Privatization of Monetary Policy 5. Emergency Changes in Monetary Policy 6. Central Bank Independence Has Costs, Not Just Benefits 7. What are the Central Bank’s and the Private Sector’s Objectives? Part III: Emerging Problems in Macroeconomic Policy 8. The Economics and Politics of European Monetary Union 9. Convergence in European Bond Markets 10. Severe Fiscal Contradictions and Expansions Part IV: Macroeconomic Policy Beyond the OECD 11. Non-linear Hyperinflationary Exchange Rate Dynamics 12. Islands of Tranquillity in a Turbulent World? Index

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Book SynopsisThe Keynesian revolution in the United States was a remarkable event in intellectual and economic history entailing a major shift in economists' thinking and the creation of a new field in economics - macroeconomics. From the first roots in the 1930s to Keynesianism's predominance in the early 1950s, The Coming of Keynesianism to America explains what the revolution was, as well as why and how it occurred.This book is based around a set of interviews with, what might be called, the Keynesian revolutionaries - the individuals most responsible for introducing Keynesian economics to the United States. It includes formal interviews with Richard Musgrave, Abba Lerner, Paul Samuelson, Tibor Scitovsky, Evsey Domar, Robert Bryce, Lorie Tarshis, John Kenneth Galbraith, Paul Sweezy, Walter Salant and Leon Keyserling. These interviews give the reader a sense of what the Keynesian revolution was and how it spread, as well as the hostility these earlier revolutionaries faced, and the similarities and differences in their views. The interviews are introduced by an essay which presents the Keynesian revolution in three parts as theoretical, political and pedagogical, concerned with the development of tools and models to teach macroeconomics. This essay sets the stage for the interviews and relates them to modern macroeconomic debates.The Keynesianization of America is interesting not just to historians of economic thought but also to other economists who want to know about the development of their discipline and to interested lay people and historians who follow the spread of ideas.Trade Review'. . . the most important merit of this book is simply that it is a good read which conveys the excitement of being a Keynesian at the end of the 1930s.' -- J.W. Nevile, History of Economics Review'. . . an important book, most of all for the generous human beings revealed, the genuine fire in the bellies of the people interviewed . . .' -- G.C. Harcourt, The Economic Society of Australia'David Colander and his co-author, Harry Landreth, via the reporting of "conversations" have rendered a great service to the economics profession by providing a written record on how Keynesianism came to America.' -- Paul Davidson, Journal of Economic Issues

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Book SynopsisThis important volume brings together 22 major essays written by A.P. Thirlwall over the last 30 years in the field of macroeconomics, and in particular on multiplier analysis, unemployment, inflation, growth and the balance of payments.These outstanding essays make pioneering contributions, such as the input-output formulation of the foreign trade multiplier; the derivation and use of the dynamic Harrod foreign trade multiplier; the measurements of types of unemployment; the estimation of regional Phillips curves, and the formalization of Kaldor's model of regional growth rate differences.Many of the essays are written from a Keynesian perspective, and the recent revival of interest in Keynesian economics means that the essays are as relevant today as when they were written, especially those on the nature of unemployment, the causes of inflation, and the link between the balance of payments and economic growth.Macroeconomic Issues from a Keynesian Perspective will be of interest not only to professional economists but also to policymakers in developed and developing countries for the insights it provides into the functioning of the macroeconomy.Table of ContentsContents: Introduction Part I: Keynesian Theory and Multiplier Analysis Part II: Unemployment and Inflation Part III: The Balance of Payments and Growth Index

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

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Book SynopsisThis important book offers a detailed and analytical reconstruction of the pioneering attempts of Walras and Pareto to coordinate money and general equilibrium theory. It argues that the very logic of the original static general equilibrium model excludes the integration of monetary and value theory.The book presents for the first time the entire Lausanne tradition from Walras to Pareto. Its detailed coverage of the main literature between 1870 and 1923 contributes to the understanding of a central issue in modern general equilibrium theory, that is, the impossibility of coordinating money and price theory with the logic of Walras's model based on the theory of exchange. It shows how money is prevented from playing its essential role as a social institution in allowing monetary exchanges between individuals. In particular, the discussion focuses on the static nature of Walras's pure economics and the simultaneous lack of a proper means of exchange. In conclusion it calls for some radical re-thinking on this theoretical construction on which much modern economic theory is based.Money and General Equilibrium Theory will be welcomed by historians of economic thought, microeconomists and general equilibrium and money theorists.Trade Review'. . . the book gives a very good idea of what Leon Walras did in the field of pure and applied monetary theory throughout his whole career. In particular, it gives the reader an impression of Walras's tenacity in trying to find how the economic variables depend on each other and on a number of parameters.'Table of ContentsContents: Introduction 1. The First Lausanne Decade: General Equilibrium and the Equation of Exchange (1871–1880) 2. Periodical Market, Equation of Exchange and ‘Forced Saving’: Walras’s Applied Theory of Money 3. From the Théorie de la Monnaie to the Etudes d’Économie Politique Appliquée: More Variations on the Same Themes (1886–1898) 4. The Last Monetary Model (1899–1900), or the Ultimate Triumph of Internal Consistency 5. The Fate of a Still-born Tradition: Pareto and After Index

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Book SynopsisThis innovative book shows how new Keynesian economics has reacted to the challenges of new classical economics. It argues that new Keynesian economists have responded positively to the challenge and strengthened the analytical power of their models.The first part of the book offers a critical reconstruction of the two crucial strains developed in new Keynesian economics. Firstly, the analysis of nominal and real rigidities based on imperfect competition in markets and secondly the analysis of capital market imperfections based on information asymetries. The authors argue that the constraints and market failures of new Keynesian models need to be specified. In the second part they focus on the financial constraint of credit rationing, the market failure of unemployment equilibria and the links between financial constraints and the workings of the labour market in economic cycles. The analysis of this does not provide a solution to all the analytical problems of the new Keynesian framework, but assesses the strengths and weaknesses of new Keynesian economics. The authors suggest that new Keynesian economics has opened a promising path of research which could make a pathbreaking contribution to macroeconomic theory.Table of ContentsContents: Preface 1. The New Keynesian Economics: A Survey 2. An Investigation into the New Keynesian Macroeconomics of Imperfect Capital Markets 3. New Keynesian Economics and Sequence Analysis 4. Credit Rationing with Loans of Variable Size 5. Market Imperfections, Unemployment Equilibria and Nominal Rigidities 6. Nominal Shocks, Net Worth and Economic Activity: A New Keynesian View of the Monetary Transmission Mechanism Index

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Book SynopsisThis book is the third and final volume of essays celebrating the work and lifetime contribution of Paul Davidson to economics, specifically the development of post Keynesian Economics.The outstanding group of international economists examine areas in which Paul Davidson has an interest, or has made significant contributions. They explore international macroeconomic issues such as consumption and investment, wage and price flexibility, sticky prices and aggregate production, and financial liberalization. Other contributions discuss economic rhetoric and post Keynesian methodological issues while the final part of the book turns to real problems such as the politics and economics of the European Union, the stabilization of the international oil market and realities of financial liberalization.Trade Review'The editor has skillfully included the discussion of policy issues in a manner that the reader is allowed to discuss the topical issues from the point of view of different perspectives on the basis of their respective methodological foundations. The book is a methodologist's delight, and at the same time the focus is on understanding methodological foundations, which is tantamount to understanding crucial dimensions of economic processes.' -- Satya Prasad, KyklosTable of ContentsContents: Introduction (P. Arestis) 1. Davidson, Non-Ergodicity and Individuals (J.B. Davis) 2. Social Relations, Social Reproduction and Stylised Facts (T. Lawson) 3. Rhetoric, Paradigms, and the Relevance of the Aggregate Production Function (J. McCombie) 4. Keynes in Retrospect (R. Clower) 5. Consumption and Investment when Bankruptcy is not a Fate worse than Death (M.J. Gordon, S. P. Sethi) 6. Marx, Keynes, and Class War in America (W.C. Peterson) 7. Why Wage and Price Flexibility is Destabilising (B. Moore) 8. On Sticky Prices: A Post Keynesian Perspective (R. Rotheim) 9. Some Considerations on the Economics and Politics of the EU and the Maastricht Treaty (K.W. Rothschild) 10. The International Oil Market: Structural Changes and Stabilization Policies (A. Roncaglia) 11. Financial Liberalisation: Myth or Reality (P. Arestis, P. Demetriades) P. Davidson: Bibliography Index

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Book SynopsisThe Evolution of the Single European Market provides a detailed empirical and theoretical analysis of the impact of the Single European Market - one of the most significant developments in the world economy in the late twentieth century.A distinguished group of contributors examines how the Single Market has developed in practice and the impact it has had on industry regions and groups in society. They chart the likely future course of further integration in the light of public choice theory, subsidiarity and the current experience within the Single Market. The differences between the member states are analysed in detail as are the reasons why it has been so difficult to obtain agreement. They examine, from an evolutionary approach, issues such as competition law, the Single European Act, the unofficial means of implementation and enforcement, 'competition among rules', and the social dimension and external impact of the Single Market. The contributors include lawyers, economists, political scientists, sociologists and regional scientists, whose contribution stems from the work of over one hundred researchers across Europe in a linked programme of projects.This forward looking book will be required reading for researchers and students with an interest in economic and political integration as well as politicians and businesses involved in cross-border trade and investment. It will also be of interest to academics in the areas of economics, politics, law, social policy and geography.Table of ContentsContents: 1. Introduction (D.G. Mayes) 2. Setting and Influencing the Rules (S. Bulmer) 3. Implementing the Rules (J.A. Usher) 4. Competition among Rules in the European Union (S. Woolcock) 5. The Impact of Rules (K. Hartley, A. Cox and D. Mayes) 6. Socio-economic Environments and Rule-making in the EU (R.M. Lindley) 7. The Evolution of Rules (D. Matthews) 8. The Single Market, European Integration and Political Legitimacy (A. Weale) 9. The External Impact (C. Brewin) 10. Mutual Trust, Credible Commitments and the Evolution of Rules for a Single European Market (G. Majone) Index

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Book SynopsisPersistent Disparity provides a comprehensive examination of the magnitude and scope of racial economic disparity in the United States. The authors directly assess the extent of black economic progress in the US since World War II and address the controversy of whether the racial income gap is closing or widening as America approaches the 21st century. Darity and Myers explicitly make the connection between what the theory of racial inequality espouses and corresponding policy recommendations for remedying such disparity such as affirmative action and reparations. The authors challenge the cultural-genetic explanation and advance a new theoretical explanation that incorporates a more expansive characterization of the nature and role of discrimination. They also conclude that conventional anti-discrimination efforts are unlikely to be sufficient to close the gap.This book will be essential reading for anyone interested in US social and economic history, political economy, African-American studies, and public policy.Trade Review'. . . the authors raise serious questions that often are not dealt with much in the mainstream economics literature. . . . Persistent Disparity is an interesting book with a provocative thesis that challenges conventional thinking. . .'/Table of ContentsContents: 1. The Widening Gap – Increasing Interracial and Intraracial Inequality 2. General Inequality in American Society and the Widening of the Gap within Races 3. Inequality and the Widening Gap between the Races 4. Education and Earnings Inequality among Family Heads 5. Family Structure, Labour Force Participation and Earnings Inequality 6. Forecasts and Prospects 7. Remedies for Racial Economic Inequality 8. Conclusions and Policy Directions

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Book SynopsisThe pursuit of economic growth is at the top of every nation's policy agenda at the end of the 20th century. This authoritative and comprehensive book goes beyond the narrowly-based convergence model of economic growth by considering global, national and regional patterns of growth from a comparative perspective. Issues examined include: the evolution of the firm and the role of R&D long-term implications of the loss of national sovereignty international 'openness' social and political institutions patterns of regional harmonization in the United States, particularly income and earnings trends across states and the reasons for convergence persistent regional disparities in Europe including the roles of sectoral transformation, regional spillovers, human capital formation and the allocation of structural funds the experience of convergence in individual countries including Italy, the UK, Spain and Germany Trade Review'. . . this is an interesting book containing on the whole respectable well-tried approaches typical of the mid-to-late 1990s and addressing serious issues of real practical concern to human welfare, rather than being an expose of avant-garde innovations in methodology or theory. . . the contributions are well written and accessible, so that the book could profitably be used as supplementary reading by advanced students of regional economics, regional science or quantitative economic geography. The editors and authors, have made a significant and important contribution.'Table of ContentsContents: Introduction Part I: The Fabric of Global Economic Growth Part II: Contrasting Patterns: The United States and Europe Part III: Regional Mosaics in National Contexts Index

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Book SynopsisRapid technological developments in communications and transportation, economic liberalization and the emergence of new economies with vast market potential have changed the shape of international production. This scholarly selection of articles represents some of the most important contributions to an understanding of this ongoing, global economic restructuring and its impact on the geographic configuration of production and the economic competitiveness of nations in the world economy.Trade Review'The 29 contributions in volume 3 provide an excellent overview of the theoretical and empirical economics literature on global economic restructuring and changes in industrial location and competitiveness.' -- Journal of Peace ResearchTable of ContentsContents: Introduction Part I: Origins of Structural Change: Marshallian Agglomeration and Schumpeterian Innovation Part II: The Role of the Multinational in Global Agglomeration Part III: Synergies Between MNEs and Local Firms Part IV: Government Policies, Industry Location and National Competitiveness Part V: The Unfolding Pattern

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Book SynopsisTwo of the most important economic processes at work in recent years are the globalization of the world economy and the economic transition in Central and Eastern Europe and the former Soviet Union. This book analyses the transition process from a comparative perspective and places these changes within the wider framework of globalization.It assesses the problems of transition faced by business and governments to better understand the direction in which future economic and political policy should move for improved growth. It evaluates the current stage of economic development in the transitional countries and discusses trends in the world economy since the early 1990s. Specifically, it addresses trends in global and regional development strategies, government policies, privatization, foreign investment and external balances. The authors then analyse the future prospects for economic and political relations between Eastern Europe and the European Union, the World Trade Organization and the international community as a whole. Some of the specific issues they focus on include US industrial competitiveness policy, economic nationalism, privatization in Eastern Europe, venture capital activities, the required economic conditions for Eastern European countries to join the European Union, regionalism and industrial policy for Eastern Europe, and lessons to be learned from the Japanese and Hong Kong transformations, as well as a comparative assessment of some political aspects of the economic strategies in Japan and Germany.Eastern Europe and the World Economy will be welcomed by scholars and students interested in the economics of transition, comparative economic systems, international economics and development economics, as well as by policymakers and government officials.Trade Review'The book makes a valuable contribution to the rather controversial issues of the mutual interweaving of transition and globalization. Although it covers a wide variety of topics it creates an integrated and coherent product . . . One can say that the book will not only assist scholars but also managers in their dealings with the countries of Central and Eastern Europe in their transformation into modern market economies integrated into the processes of globalization.' -- Matija Rojec, Journal of International Relations and Development '. . . the chapters are . . . interesting and well argued . . . some of the authors' suggestions are as relevant today as they were at the time of writing.'– Andras Koves, Slavic ReviewTable of ContentsContents: Introduction Part I: The Developed Economies Part II: The East European Economies Part III: International Organizations and the Transitional Economies in Eastern Europe Part IV: Selected Aspects and Perspectives Index

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Book SynopsisService Industries in the Global Economy is a comparative international reference collection which identifies and reprints the most important articles on services and the service economy written by geographers, economists and sociologists. The focus is on the growth and evolution of service activities in the advanced economies of Europe, North America and the Pacific Rim within the framework of the global economy.The first volume explores the shift away from manufacturing employment towards a variety of service occupations in the advanced economies. It provides an empirical and theoretical account of the transformation, exploring the growth and nature of service employment as well as the evolution of a service class and the issue of social polarisation. The second volume explores the relationship between service activities and economic development as well as the relationship between producer services and manufacturing companies. It also provides an analysis of the growth of multinational service firms and examines the relationship between services, technological change and globalisation.Trade Review'The papers it contains make compelling reading on the problematic nature of defining service activities and occupations, and the difficulty of accounting for the growth in service employment given the evolution of the broader economic system of which services are a part and the heterogeneity of the sector itself. . . . The structure of the collection has been carefully thought through and coheres well. . . . brings together a set of important articles from a diverse range of journals, the scope of which is likely to be represented in only the largest of university libraries' holdings.' -- Niall Majury, Progress in Human GeographyTable of ContentsContents: Volume I: Introduction Part I: Towards the Service or Post-Industrial Society Part II: Theories of the Service Economy Part III: Service Employment Part IV: The Nature of Service Work Part V: Social Polarization and the Rise of the Service Class • Volume II: Introduction (as vol 1) Part I: Services and Economic Development Part II: Producer Services Part III: Multinational Service Firms Volume IV: Services, Technological Change and Globalization

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Book SynopsisThe major industrialized countries are undergoing a significant demographic transition associated with low fertility rates combined with reduced mortality rates. A major consequence of the current transition is that populations are expected to age substantially over the next forty years. This innovative book studies the effects of population ageing with the associated factor of immigration, on social expenditure and public finance.The authors begin by providing an introduction to some of the main issues concerning population ageing and migration. This is followed by a discussion of the demographic and economic aspects of the transition towards an older population which is taking place in the major industrialized countries. Within this framework the impacts of ageing on government budgets and the labour market are analysed. The book then turns to a discussion of some of the economic, social and demographic issues related to immigration. Particular emphasis is placed on the Australian economy, which provides an interesting case study in view of its high immigration levels, particularly over the last fifty years. The authors project population structure and social expenditure patterns under a variety of assumptions concerning the number and composition of immigrants. The quantitative techniques developed to produce these projections can be applied without modification to any other country. Population Ageing, Migration and Social Expenditure will be of use to academics and students with an interest in public finance, public policy and population studies.Trade Review'. . . the study has been useful for its exploration of the effect of decomposition and issues such as social expenditure and the ratio of social expenditure to GDP. The ideas for the research were commendable, the literature review with its examples from other countries was most revealing, and the economic skills of the authors were clearly evident.'Table of ContentsContents: Part I: Introduction Part II: Population Ageing and Migration Part III: Population Decomposition Part IV: Population and Expenditure Projections Index

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Book SynopsisThis highly original contribution examines one of the most controversial concepts in the history of economics - the true meaning of the Law of Markets. This has been a contentious issue since the publication of Keynes's General Theory, but has also divided economists since it first emerged almost two centuries ago in the writings of James Mill. This book discusses the change in the understanding of the nature of the business cycle wrought by the General Theory whose major innovation in overturning Say's Law was to introduce demand deficiency into mainstream economic thought.The volume provides a robust and innovative exposition of the crucial point of division between classical and Keynesian economics, demonstrating that the role of demand deficiency was the fundamental issue at stake. Steven Kates first discusses Keynes's interpretation of Say's Law before documenting its development within classical theory. He then charts the development of post-General Theory interpretations of Say's Law, challenging Keynes's definition which was captured in the phrase 'supply creates its own demand'. The author also attempts to unravel the vast literature on the progress made by Keynes between his Treatise on Money published in 1930 and the General Theory, published six years later. He suggests that the crucial point in the origins of the General Theory was Keynes's discovery of Malthus's writings on Say's Law at the very depths of the Great Depression in 1932.This provocative book will be required reading for scholars and students interested in the history of economic thought, the history of macroeconomics and the Keynesian revolution.Trade Review'Say's Law and the Keynesian Revolution is a book par excellence. I have never encountered a text that explains the business cycle so cogently and provides a thorough repudiation of Keynesian economics to boot. It is a great contribution to economic literature.'Table of ContentsContents: Introduction 1. Say’s Law in the Structure of the General Theory 2. J.-B. Say, James Mill and Robert Torrens 3. David Ricardo 4. John Stuart Mill 5. Say’s Law in English Classical Theory 6. Say’s Law in the Classical Theory of the Business Cycle 7. Keynes’s Discovery of Say’s Law 8. Influences Deepening Keynes’s Understanding of Say’s Law 9. The Early Post-General Theory Evolution of Say’s Law 10. Modern Interpretations of Say’s Law 11. Critics of the Modern Interpretation 12. Conclusion Appendix Bibliography Index

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Book SynopsisChina's rapid economic growth has attracted much international attention in recent years, partly due to the potential purchasing power of the largest population in the world. This timely book examines general patterns of Chinese household demand for a variety of consumer goods such as food, durables, housing and health care and investigates the impact of economic and social factors on household consumption. China's Consumer Revolution focuses on comparisons between different consumer groups, such as rural versus urban and rich versus poor. Special attention is given to the impact of the newly affluent consumers, the so-called 'new rich'. This book also compares China with other countries in terms of household demand for consumer goods and sheds light on the prospects for international trade in this area. Drawing upon newly released household surveys, this book is the first of its kind and it will be of interest to both academic researchers and business advisors.Trade Review'The structure of the book is clear and straightforward. . . business people, economists and other social scientists may find this book a useful source of data related to China's changing economic situation.'Table of ContentsContents: Preface 1. Introduction 2. Emerging Patterns of Wealth and Expenditure 3. Food Consumption in Urban Households 4. Food Consumption in Rural Households 5. Grain Consumption and the Effects of Urbanisation 6. Alcohol Consumption and its Implications for the Grain Sector 7. Demand and Prospects of Consumer Durables 8. Health–care Demand and Reforms 9. Housing Demand and Reforms 10. Conclusions Bibliography Index

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Book SynopsisFull Employment and Growth presents James Tobin's unique modern Keynesian slant on the major monetary, fiscal and international policy issues of the 1990s.More than twenty recent essays collected together in this volume address the major contemporary issues of macroeconomic policy, especially in America. Usually dissenting from the orthodoxies of the day, both liberal and conservative, Professor Tobin offers a common sense, unhysterical view of public deficits and debt, speaks for pragmatic monetary policies, argues against protectionism and favours slowing down the speculative movement of funds between currencies. The author also presents his own suggestions for reform of social security and health care.Again and again, Professor Tobin warns against blind faith that the markets will always produce optimal results. All those interested in the application of economic analysis and argument to the salient policy issues of our time will find these essays eminently readable and will appreciate the clear ways in which the power of economic analysis is explained and used.Trade Review'The essays are permeated with that upsurge of optimism and spirit. Long may Jim Tobin continue to instruct and inspire us.' -- G.C. Harcourt, The Manchester School'The style is lucid and very readable and all mathematical formalization is left out. An impressive and important book, it is highly recommended to all.'– Tareen Hussain, The Economic JournalTable of ContentsContents: Acknowledgements Part I: Macroeconomic Policy Part II: Monetary Policy Part III: Fiscal Policy Part IV: International Economic Relations Part V: Social Policy Index

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Book SynopsisThe Economics of Budget Deficits provides a comprehensive overview of the scholarly literature exploring the causes and consequences of deficit spending and the public debt. Incorporating classical, Keynesian and public choice analyses of debt-financed public expenditures, the two volumes contain major theoretical and empirical contributions to the debate. They cover such critical fiscal policy issues as the history and measurement of budget deficits, the question of who bears the burden of the public debt, the use of deficits to solve problems of dynamic policy inconsistency and the relative effectiveness of fiscal rules and constitutional constraints as mechanisms for achieving budget balance. The editors provide an authoritative introduction to the two volumes and separate overviews of each of the seven parts. The Economics of Budget Deficits is an indispensable reference for all scholars and students interested in fiscal policy and for all policymakers.Trade Review'. . . a valuable resource for anyone interested in public finance issues. The editors have pulled together the most important and influential articles in the field. From Adam Smith to the present, the two-volume set is a comprehensive guide to the budget deficit debate.' -- Daniel J. Mitchell, Public ChoiceTable of ContentsContents: Volume I Acknowledgements Introduction Charles K. Rowley, William F. Shughart II and Robert D. Tollison PART I THE HISTORY AND MEASUREMENT OF BUDGET DEFICITS Part I Overview Charles K. Rowley, William F. Shughart II and Robert D Tollison 1. Gary M. Anderson (1986), ‘The US Federal Deficit and National Debt: A Political and Economic History’ 2. Alberto Alesina (2000), ‘The Political Economy of the Budget Surplus in the United States’ 3. Mario I. Blejer and Adrienne Cheasty (1991), ‘The Measurement of Fiscal Deficits: Analytical and Methodological Issues’ 4. Laurence J. Kotlikoff and Bernd Raffelhüschen (1999), ‘Generational Accounting Around the Globe’ 5. Jody W. Lipford (2001), ‘How Transparent is the U.S. Budget?’ PART II CLASSICAL PUBLIC DEBT THEORY Part II Overview Charles K. Rowley, William F. Shughart II and Robert D. Tollison 6. Adam Smith (1776/1976), ‘Of Publick Debts’ 7. T.R. Malthus (1803/1992), ‘Of Poor-laws, continued’ 8. David Ricardo (1817/1951), ‘Taxes on Other Commodities than Raw Produce’ 9. John Stuart Mill (1848/1965), ‘Of a National Debt’ PART III KEYNESIAN PUBLIC DEBT THEORY Part III Overview Charles K. Rowley, William F. Shughart II and Robert D Tollison 10. John Maynard Keynes (1936/1973), ‘The Marginal Propensity to Consume and the Multiplier’ 11. Abba P. Lerner (1943), ‘Functional Finance and the Federal Debt’ 12. Abba P. Lerner (1948), ‘The Burden of the National Debt’ 13. Paul A. Samuelson (1948), ‘Fiscal Policy and Full Employment without Inflation’ 14. Paul A. Samuelson (1970), ‘Fiscal Policy and Full Employment without Inflation’ PART IV THE BURDEN OF DEBT REEXAMINED Part IV Overview Charles K. Rowley, William F. Shughart II and Robert D. Tollison 15. J.E. Meade (1958), ‘Is the National Debt a Burden?’ 16. J.E. Meade (1959), ‘Is the National Debt a Burden? A Correction’ 17. James M. Buchanan (1958), ‘Concerning Future Generations’, Chapter Four, and ‘A Suggested Conceptual Revaluation of the National Debt’ 18. Richard A. Musgrave (1959), ‘Classical Theory of Public Debt’ 19. Abba P. Lerner (1961), ‘The Burden of Debt’ 20. Franco Modigliani (1961), ‘Long-Run Implications of Alternative Fiscal Policies and the Burden of the National Debt’ 21. James M. Buchanan (1964), ‘Public Debt, Cost Theory, and the Fiscal Illusion’ 22. James Tobin (1965), ‘The Burden of the Public Debt: A Review Article’ 23. James M. Buchanan (1966), ‘The Icons of Public Debt’ 24. James Tobin (1966), ‘Reply’ Name Index Volume II Acknowledgements An introduction by the editors to both volumes appears in Volume I PART I RICARDIAN EQUIVALENCE IN THE DOCK Part I Overview Charles K. Rowley, William F. Shughart and Robert D. Tollison 1. Robert J. Barro (1974), ‘Are Government Bonds Net Wealth?’ 2. Martin Feldstein (1976), ‘Perceived Wealth in Bonds and Social Security: A Comment’ 3. James M. Buchanan (1976), ‘Barro on the Ricardian Equivalence Theorem’ 4. Robert J. Barro (1976), ‘Reply to Feldstein and Buchanan’ 5. Gerald P. O’Driscoll, Jr. (1977), ‘The Ricardian Nonequivalence Theorem’ 6. Robert J. Barro (1979), ‘On the Determination of the Public Debt’ 7. Geoffrey Brennan and James M. Buchanan (1980), ‘The Logic of the Ricardian Equivalence Theorem’ 8. Paul Evans (1993), ‘Consumers are not Ricardian: Evidence from Nineteen Countries’ 9. T.D. Stanley (1998), ‘New Wine in Old Bottles: A Meta-Analysis of Ricardian Equivalence’ PART II PUBLIC CHOICE AND PUBLIC DEBT: THEORY AND EVIDENCE Part II Overview Charles K. Rowley, William F. Shughart and Robert D. Tollison 10. Edgar K. Browning (1975), ‘Why the Social Insurance Budget is too Large in a Democracy’ 11. Torsten Persson and Lars E.O. Svensson (1989), ‘Why a Stubborn Conservative Would Run a Deficit: Policy with Time-Inconsistent Preferences’ 12. Amihai Glazer (1989), ‘Politics and the Choice of Durability’ 13. Alberto Alesina and Guido Tabellini (1990), ‘A Positive Theory of Fiscal Deficits and Government Debt’ 14. Guido Tabellini and Alberto Alesina (1990), ‘Voting on the Budget Deficit’ 15. Timothy Besley and Anne Case (1995), ‘Does Electoral Accountability Affect Economic Policy Choices? Evidence from Gubernatorial Term Limits’ 16. W. Mark Crain and Robert D. Tollison (1993), ‘Time Inconsistency and Fiscal Policy: Empirical Analysis of U.S. States, 1969–89’ 17. W. Mark Crain and Lisa K. Oakley (1995), ‘The Politics of Infrastructure’ PART III DEFICIT FINANCE IN CONSTITUTIONAL PERSPECTIVE Part III Overview Charles K. Rowley, William F. Shughart and Robert D. Tollison 18. James M. Buchanan (1985), ‘The Moral Dimension of Debt Financing’ 19. Robert D. Tollison and Richard E. Wagner (1986), ‘Balanced Budgets and Beyond’ 20. Milton Friedman (1978), ‘The Limitations of Tax Limitation’ 21. Alvin Rabushka (1982/1987), ‘A Compelling Case for a Constitutional Amendment to Balance the Budget and Limit Taxes’ 22. Henry Hazlitt (1983/1987), ‘A Proposal for Two Constitutional Amendments’ 23. Aaron Wildavsky (1985), ‘Equality, Spending Limits, and the Growth of Government’ 24. W. Mark Crain and James C. Miller III (1990), ‘Budget Process and Spending Growth’ 25. Jürgen von Hagen (1991), ‘A Note on the Empirical Effectiveness of Formal Fiscal Constraints’ 26. James M. Poterba (1994), ‘State Responses to Fiscal Crises: The Effects of Budgetary Institutions and Politics’ 27. W. Mark Crain and Timothy J. Muris (1995), ‘Legislative Organization of Fiscal Policy’ 28. Edward M. Gramlich (1995), ‘The Politics and Economics of Budget Deficit Control: Policy Questions and Research Questions’ 29. James M. Buchanan (1997), ‘The Balanced Budget Amendment: Clarifying the Arguments’ 30. James M. Poterba (1997), ‘Do Budget Rules Work?’ 31. Robert D. Reischauer (1997), ‘Comment’ 32. David Romer (1997), ‘Comment’ 33. W. Mark Crain and Nicole Verrier Crain (1998), ‘Fiscal Consequences of Budget Baselines’ 34. Charles K. Rowley (2000), ‘Budget Deficits and the Size of Government in the UK and US: A Public Choice Perspective on the Thatcher and Reagan Years’ Name Index

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Book SynopsisThis important book is concerned with the evaluation of changes in income distribution and the analysis of tax and transfer systems.The book begins with an introduction to the measurement of inequality and poverty, stressing the role of value judgements. The following six chapters deal with cross- sectional comparisons, including the analysis of a labour market model of income distribution, the choice of transfer system, marginal indirect tax reform, and the distributional effects of inflation. The next seven chapters are concerned with dynamic aspects of income distribution. These examine the complex relationship between cross-sectional and lifetime distributions, relative income mobility, and the effects of income mobility on temporary and permanent poverty.The Dynamics of Inequality and Poverty will be essential reading for students and scholars of public sector economics, welfare economics and social economics, along with those directly concerned with policy formulation.Trade Review'. . . this book is likely to be of most interest to specialists in income distribution and tax-transfer systems. Since many of the original articles are not easily accessible, it is convenient to have them brought together.' -- S.P. Jenkins, Journal of EconomicsTable of ContentsContents: Part I: Introduction 1. Introduction and Outline 2. Measuring Inequality and Poverty Part II: Cross-sectional Comparisons 3. Cross-sectional comparisons 4. A Model of Income Distribution 5. Comparing Transfer Systems 6. Poverty with Threshold Consumption 7. Indirect Tax Reform 8. The Distributional Effects of Inflation Part III: Income Dynamics 9. Income Dynamics 10. Mobility and Inequality 11. Income Dynamics over the Life Cycle 12. Evaluating Income Tax Changes 13. Income Taxation and the Time Period 14. Mobility and Social Welfare 15. Poverty over Two Periods Index

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Book SynopsisThis important book investigates the causes of the decline in public capital spending which has occurred in most OECD countries over the past 25 years, and estimates the macroeconomic consequences of this decline.Governments can improve the future living conditions of their citizens in various ways including stimulating private investment, increasing spending on education and health programmes, preserving the environment and adding to the stock of public capital. In Public Capital Spending in OECD Countries the author focuses on government investment in physical capital within a macroeconomic context. He examines the consequences of the decline in public investment on physical assets such as infrastructure and the environment. The past few years have witnessed a growing awareness that especially the stock of public capital has been neglected by many OECD governments. Such a reduction in public investment may lead to a decline in economic growth, and therefore it is vital that the fall in government spending is rigorously examined.Key features include:- a detailed and comprehensive review of existing literature. original empirical investigations using alternative techniques and different datasets. possible explanations for the trends in public capital spending. estimates of the effect of public capital spending on economic growth. Trade Review'Sturm manages to communicate his findings in a way that makes the book readable even to those not familiar with the field of econometrics.' -- Tijdschrift voor Economische en Sociale Geografie'For the past decade public capital has been the great imponderable of economic growth studies. Most developed countries have seen a simultaneous slowing of public capital investment and overall productivity growth. Are the two related? Which causes what, to what degree? This book contains a series of very sophisticated tests to try to unravel the mysteries, in The Netherlands and throughout the OECD.' -- Edward Gramlich, University of Michigan, US'This book applies the tools of modern econometrics to the analysis of the causes and consequences of the slowdown of public investment in the OECD nations. The work is careful and convincing. The comprehensive literature review by itself makes this a valuable volume for anyone who is interested in infrastructure spending.' -- Harvey S. Rosen, Princeton University, US'This book will rapidly establish itself as the main reference point on public capital spending. It combines excellent argumentation with first class technical analysis.' -- Peter Jackson, University of Leicester, UKTable of ContentsContents: 1. Introduction Part I: Development 2. Public Capital Spending in the Netherlands 3. Public Capital Spending in the OECD Part II: Impact 4. Modelling Public Capital Spending and Growth 5. Productivity Effects of Public Capital 6. Sectoral Cost Elasticities of Public Infrastructure 7. Output Effects of Infrastructure Investment 8. Conclusions Index

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Book SynopsisA feature of the new consumer societies which has emerged in more recent years has been the growing economic and social importance of conspicuous consumption. Status-directed consumer demand, stimulated and promoted by the supply of products and services marketed as symbols of social identity and style, now represents a significant part of overall economic and commercial activity. Once regarded as a form of consumer behaviour associated only with the rich and privileged, conspicuous consumption is today a worldwide phenomenon, easily observed at all social and economic levels and a major determinant of the nature and direction of consumer demand. The origins of modern-day conspicuous consumption can be traced to the seventeenth and eighteenth centuries, to a time when the first consumer societies were being established. As these new markets emerged, so economics struggled to come to terms with a form of socially-inspired consumer behaviour with which it felt instinctively uneasy. Roger Mason traces the development of economic theory and thought since 1700 in its attempts to accommodate a new economics of conspicuous consumption. This enlightening book will be of much interest to scholars, researchers and students of consumer behaviour in economic theory, and will also be welcomed by those in the disciplines of sociology, psychology and business studies.Trade Review'Among the merits of Mason's book is that it offers a well-documented portray of the debate between Marshall and Pigou on the opportunity to explicitly include the analysis of conspicuous consumption into the realm of economics . . . Professor Mason's book offers an instructive description of the early contributions to the economics of conspicuous consumption and a useful guide to recent bibliographic sources.' -- G. Corneo, Journal of Economics'Mason provides an admirable history of conspicuous consumption, tracing its more recent expansion to all socioeconomic levels.' -- R.T. Averitt, Choice'The interdependence of individual consumption choices is one of those subterranean themes that run through the history of economics - never quite in the mainstream, but never wholly forgotten. Common observation reminds us that fashion matters, as does the desire to flaunt wealth or to conceal it, but this is an awkward fact that does not fit well into a framework which takes individual preferences as a given starting point. Roger Mason's history of the idea of conspicuous consumption from 1700 to the present is a valuable addition to our understanding of this important theme.' -- Anthony Brewer, University of Bristol, UKTable of ContentsContents: Introduction 1. The New Consumer Society 2. John Rae and ‘The Passion of Vanity’ 3. A Confusion of Ideas 4. The Neoclassical View 5. Thorstein Veblen and the Gilded Age 6. The Resistance to Change 7. Demand Reconsidered: External Effects and the Relative Income Hypothesis 8. Consumer Theory and the Economics of Affluence 9. Status, Identity and Style: Towards a NewTheory of Consumption 10. Perspective Index

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Book SynopsisIn this ground-breaking book, leading commentators on the Japanese economy analyse both the immediate and deep-seated causes that make a sustained economic recovery in Japan problematic. They debate the deep-rooted structural causes of Japan's decline and assess Japan's faltering financial system before prescribing policies to abate the continuing crisis.Starting with Japan's unanticipated economic collapse in the 1990s, the volume's contributors try to fathom the way forward for a seemingly catatonic economy. The first section deals with the entrenched structural causes of Japan's economic decline and demonstrates why sustained recovery is likely to be difficult. The second section tackles a more immediate difficulty impeding economic recovery - Japan's nearly bankrupt financial system - and discusses how regulators and politicians both helped to cause and can possibly combat this problem. All contributors agree that measures must be taken to ensure the synchronization of political, institutional and cultural structures to guarantee Japan's successful recovery. They are unable to agree on which measures will be effective and feasible. This highly insightful and accessible volume will be of interest to scholars of Japanese studies, financial economics and international economics as well as anyone with an interest in the current Japanese crisis.Trade Review'. . . interesting, informative, and worthwhile reading. This reviewer recommends the book for anyone interested in understanding what happened to Japan in the 1990s.' -- Thomas F. Cargill, Journal of Economic Literature'. . . the publication of Why Did Japan Stumble? . . . is very welcome. In a single location, the reader can sample a wide variety of conflicting explanations, some of them by very influential Japanese thinkers. . . . Those interested in the state of debate among top rank participants would do well to include this book on their reading list.' -- Richard Katz, Journal of Japanese StudiesTable of ContentsContents: 1. The Catatonic Economy Part I: Future Directions 2. Why do I Expect Japan to Collapse? 3. Declining Population, the Size of the Government and the Burden of Public Debt: Some Economic Policy Issues in Japan 4. Japan’s Business Culture and Society Part II: Current Problems 5. Why has the Japanese Economy been Stumbling for so Long? 6. Empirical Determinants of Banking Crises: Japan’s Experience in International Perspective 7. Crisis? What Crisis? The Policy Response to Japan’s Banking Crisis Index

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Book SynopsisThe rise and relative decline of the Japanese economy has been an important feature of the world economy over the last decade. In this innovative book, distinguished experts re-evaluate commonly held perceptions in the West and in Japan about the strength of the economy. They shed new light on Japan's current economic situation and prescribe policies to restructure the domestic economy in order to achieve growth objectives.Japanese Economic Policy Reconsidered provides a critical evaluation of the key issues facing the Japanese economy, and the political and economic environments that continue to hold back Japan's future growth. The contributors advocate far-reaching structural reform in order to allow market forces to dictate industry policy. They then turn to the changing role of foreign trade and evaluate the Clinton Administration's attempt to define a new approach to US-Japan trade relations. Special attention is given to an empirical analysis of the problem of overseas production. They also examine the peculiar characteristics of Japanese foreign direct investment inflows, and advocate the removal of disincentives to foreign investment, in order to encourage trade and economic growth. The authors then discuss the role of the financial sector, particularly in relation to Germany and the United States, and discover parallels in monetary policy in all three countries. They recommend regulatory reform of the financial sector in Japan to adapt to the future financial environment.This volume will be accessible to both scholars and practitioners looking for a deeper insight into modern Japan. It will also be of great use to students of macroeconomics, Asian studies, business economics and international economics.Trade Review'This attractively titled volume, Japanese Economic Policy Reconsidered, analyses the Japanese economy and associated economic policy issues not by responding to old arguments dealing with Japan's 'Economic Miracle', but by taking a pragmatic view of the current complexities that define the industrial and financial organization of Japan. The internationally known scholars tackle the problems associated with the need for reform in a mature economy. They conclude that Japan requires significant reforms in monetary, regulatory and even foreign policy. The striking insights are made easily accessible thanks to the editor's insightful introduction. Anyone interested in the economic problems currently facing Japan will find much in this volume to be of lasting interest.' -- Mitsuaki Okabe, Keio University, JapanTable of ContentsContents: 1. The End of Economic Miracles (C. Freedman) Part I: Main Issues facing Japan’s Economy 2. The Japanese Economy at Historical Crossroads 3. Structural Reforms Proposed in the Japanese Government’s Mid-term Economic Plan 4. Theoretical Approaches to the Japan–American Security Alliance Part II: Foreign Trade and Investment 5. Japan and the 1994 Economic Report of the President 6. Foreign Direct Investment in Japan 7. Japanese Foreign Direct Investment Part III: The Financial Sector 8. Monetary Policy in Japan, Germany and the United States 9. Prudential Policy in Japan 10. Asset Prices and Consumption Index

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Book SynopsisRobert Eisner has made a seminal contribution to the development of macroeconomic analysis in the latter half of the twentieth century. This carefully edited selection of his essays traces the development of economic thought in the wake of the Keynesian revolution and offers a critique of the neoclassical contribution to economic analysis and major macroeconomic policy issues.Professor Eisner is fundamentally concerned with the determinants of employment and growth in a market economy. In this book, he provides a rigorous analysis of the permanent income hypothesis, the multiplier, interest rates, the liquidity trap, consumption and saving, depreciation, unemployment and growth models. He goes on to examine fiscal and monetary policy and the measurement and effects of budget deficits over the post-war period, challenging the view that budget deficits should necessarily be avoided. Professor Eisner also offers new measures of saving, investment and national income and product, which provide new insights into the economic factors affecting current welfare and future growth. Finally, he discusses the importance of full employment and criticises the idea that there is a natural rate of unemployment.Table of ContentsContents: Acknowledgements Introduction Part I: The Keynesian Revolution – Consumption, Interest Rates and Growth Part II: Fiscal and Monetary Policy and Budget Deficits Part III: Budget Deficits and Saving Part IV: Natural Rate of Unemployment and NAIRU Appendix

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Book SynopsisThis carefully edited selection of Robert Eisner's essays ties together his authoritative contributions to economic analysis and macroeconomic policy issues, particularly business, investment and tax policy. He offers a trenchant analysis of the fundamental issues of employment, investment and economic welfare in an advanced market economy, offering a challenge to the conventional wisdom on macroeconomic theory and policy.Professor Eisner first examines the determinants of business investment and criticizes neoclassical theories on investment. He goes on to assess the role of tax incentives in investment and finds that tax policy is a flawed way of attempting to encourage investment. He also analyses national income accounting and offers some alternative measurements for calculating national product. Professor Eisner then examines the implications of war for the economy and explores the macroeconomic consequences of disarmament including its possible effects on unemployment. Lastly, he addresses the conflict between economic policy and principle; particularly concerning the environment, insurance and the theory of choice, academic freedom and the elderly.Table of ContentsContents: Acknowledgements Introduction Part I: Business Investment Part II: TISA and National Income Accounting Part III: Taxes and Tax Incentives Part IV: War, Conscription and Disarmament Part V: Economic Policy and Principle Appendix

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Book SynopsisNew growth theory attempts to explain the process of long run economic growth through endogenous forces such as human capital, knowledge spillover and information technology. This book offers an up-to-date critical review of the most important economic issues in new growth theory and discusses its empirical evidence, optimality and usefulness in national policy making. Professor Sengupta critically analyzes the dynamic and disequilibrium models as applied to recent international growth and discusses their policy implications for structural adjustment, technological innovation and international spillover of knowledge. He empirically illustrates the various phases of growth in technology-intensive sectors such as flexible manufacturing and the semi-conductor and telecommunications industries, presenting new insights into the effects of the learning process on growth and the different phases of the innovation process. He also provides a detailed new approach to learning by doing. He then critically reviews the foreign exchange market in relation to international development. Lastly, he applies time-series econometric methods to R&D investment in human capital in a global framework.New Growth Theory will be invaluable to graduate students and scholars of macroeconomics and researchers in growth theories and economic development.Trade Review'Sengupta's monograph New Growth Theory is both an excellent critical review of applied work developed in new growth theory and a challenge for modern theorists to test models of nonlinear and evolutionary dynamics, with special emphasis on learning phenomena and adaptive behaviour, which play a key role in stochastic growth.' -- Elettra Agliardi, The Economic JournalTable of ContentsContents: Preface 1. Theory and Empiricism in Economic Growth 2. New Growth Theory: Empirical Perspectives 3. Stochastic Aspects of Learning by Doing 4. Recent Growth Episodes in NICs 5. Growth Stabilization and Exchange Rate Instability 6. Growth and Development Policy 7. Evolutionary Dynamics in Economic Growth 8. Infrastructure and Economic Growth References Index

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Book SynopsisDo taxes improve the environment at a reasonable cost? This book focuses on the environmental effects and effectiveness of market-based policy instruments, especially taxes, at improving the environment.In order to calculate their efficiency, the authors compare taxes levied in different ways and at different stages in the product life-cycle with other market-based instruments such as charges, subsidies, tradeable emission permits and deposit-refund systems. They also compare the effectiveness of environmental taxes with other regulatory instruments and schemes including liability and insurance schemes and green labelling. Several chapters focus on the transaction and information costs associated with the implementation of market based policy instruments. The contributors use case study examples to support their findings on the most effective method to improve the environment.Trade Review'The Market and the Environment is a very good book. Thomas Sterner has done an excellent job of assembling a set of high quality papers that complement each other very well.' -- Robert E. Wright, Environmental ConservationTable of ContentsContents: Preface 1. Introduction 2. Disclosure Strategies for Pollution Control 3. Theoretical Considerations Regarding the Effectiveness of Policy Instruments 4. Locally Rational Affection and the Choice of Environmental Policy Instruments 5. Impacts of Environmental Policy on International Trade and Capital Movement 6. Effects of Uncertainty over Environmental Taxes on Emission-reducing Capital in an Oligopoly 7. Regulating Road Transport Externalities 8. Variations on the Wrong Themes? 9. Environmental Taxes seem to be Effective Instruments for the Environment 10. Energy and Environmental Taxes in the European Community and in OECD Countries 11. Energy and Environmental Taxation in Sweden 12. The Distributional Effects of Carbon Regulation 13. Market-Based Instruments for Environmental Policy in Developing Countries 14. Environmental Taxation in Kenya 15. Economic Instruments for Environmental Management in Tanzania 16. The Role of Enforcement and Economic Instruments in Inducing Environmental Investment in a Transition Economy 17. Design and Performance of Economic Instruments for Waste Management and Air Emission Control in Hungary 18. Do Pollution Charges Reduce Emissions in Lithuania? 19. Issues in Designing an Effective Solid Waste Policy 20. Waste Management and Recycling 21. The Effectiveness of the UK Landfill Tax - Early Indications 22. Environmental and Economic Implications of Market-Based Instruments in Portugal Index

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Book SynopsisIn The Methodology of Macroeconomic Thought, Sheila Dow attempts to bridge the gap between methodology and macroeconomic theory through the study of four different schools of thought in economics - the Neo-Austrian, mainstream, post Keynesian and Marxian traditions - and by seeking to understand their methodological foundations in their own terms. In this substantially-revised new edition of her classic work, Macroeconomic Thought: A Methodological Approach, Dr Dow argues for methodological awareness among practising economists as a basis for constructive debate and reasoned argument. The methodological content has been substantially increased to include material on recent developments in the field. After analysing the historical and methodological development of each of the schools, the author covers the micro-foundations of their macroeconomics and their approaches to key concepts including equilibrium, expectations, money and macroeconomic policy. The author seeks to identify the sources of differences between schools of thought as well as potential and actual commonalities before examining their differences at a conceptual level. Unlike other accounts, mainstream economics is treated here as one school of thought on a par with Neo-Austrian economics, PostKeynesian economics and Marxian economics.The Methodology of Macroeconomic Thought will be welcomed by readers for its description and analysis of these schools in their own terms, as well as for the wider perspective it offers on methodology.Trade Review'This book provides an excellent springboard for reflection on issues of theory construction. . . Dow provides a complete snapshot of the current state of macroeconomics.'Table of ContentsContents: 1. Introduction 2. Modes of Thought in Economics 3 . Methodological Issues in Economics 4. The Historical and Methodological Development of Schools of Thought in Macroeconomics 5. The Micro-foundations of Macroeconomics 6. Equilibrium 7. Expectations 8. Money 9. Methodology and Macroeconomic Policy 10. Conclusion Bibliography Indexes

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Book SynopsisThe concept of equilibrium is of enormous significance in economics and is central to economic analysis. Volume I provides historical perspectives on the origins, development and criticisms of the idea of economic equilibrium and explains the meaning of modern equilibrium theory and the methods and techniques that are used. Volume II presents the classic literature on perfectly competitive equilibrium and the important models that explore equilibrium in imperfectly competitive markets. Volume III reveals the variety of recent developments and applications of the equilibrium concept, including stationary, temporary, underemployment, growth, rational expectations, Bayesian, and cooperative and non-cooperative game theoretic equilibrium.This important and comprehensive reference collection is essential reading for all microeconomic and macroeconomic theorists and students.Table of ContentsContents: Volume I: Acknowledgements • Introduction Part I: Historical Perspectives 1. Kenneth J. Arrow and F.H. Hahn (1971), ‘Historical Introduction’ 2. M.L. Myers (1976), ‘Adam Smith’s Concept of Equilibrium’ 3. Peter Flaschel and Willi Semmler (1987), ‘Classical and Neoclassical Competitive Adjustment Processes’ 4. D.J. Harris (1991), ‘Equilibrium and Stability in Classical Theory’ 5. Jean Magnan de Bornier (1992), ‘The “Cournot-Bertrand Debate”: A Historical Perspective’ Part II: Criticisms of the Equilibrium Concept 6. Fritz Machlup (1991), ‘Equilibrium and Disequilibrium: Misplaced Concreteness and Disguised Politics’ 7. Nicholas Kaldor (1972), ‘The Irrelevance of Equilibrium Economics’ 8. Joan Robinson (1974), ‘History Versus Equilibrium’ 9. Nicholas Kaldor (1975), ‘What Is Wrong With Economic Theory’ 10. Nicholas Kaldor (1979), ‘Equilibrium Theory and Growth Theory’ 11. Jack Wiseman (1989), ‘General Equilibrium or Market Process: An Evaluation’ 12. Meyer Burstein (1991), ‘History versus Equilibrium: Joan Robinson and Time in Economics’ 13. Krishna Bharadwaj (1991), ‘History versus Equilibrium’ 14. Charles C. Fischer (1993), ‘On The “Stickiness” Of The Economic Equilibrium Paradigm: Causes of Its Durability’ 15. Mark Blaug (1997), ‘Competition as an End-State and Competition as a Process’ Part III: Meaning and Concepts of Modern Economic Equilibrium Theory 16. Gerard Debreu (1962), ‘New Concepts and Techniques for Equilibrium Analysis’ 17. John S. Chipman (1965), ‘The Nature and Meaning of Equilibrium in Economic Theory’ 18. F.H. Hahn (1973), excerpt from On the Notion of Equilibrium in Economics 19. Kenneth J. Arrow (1974), ‘General Economic Equilibrium: Purpose, Analytic Techniques, Collective Choice’ 20. Alan Coddington (1975), ‘The Rationale of General Equilibrium Theory’ 21. Stephen Smale (1976), ‘Dynamics in General Equilibrium Theory’ 22. John F. Henry (1983-84), ‘On Equilibrium’ 23. Frank Hahn (1984), ‘Introduction’ 24. M.H.I. Dore (1984-85), ‘On the Concept of Equilibrium’ 25. Thomas Frank Kompas (1985), ‘Traditional Notions of Equilibrium Reconsidered’ 26. Jacques Henry (1987), ‘Equilibrium as a Process’ 27. Martin J. Beckmann (1990), ‘The Meaning of General Equilibrium’ 28. Giovanni Caravale (1994), ‘Updating an Old Question: Prices and Quantities’ 29. Paul Milgrom and John Roberts (1994), ‘Comparing Equilibria’ 30. Christian Bidard and Guido Erreygers (1998), ‘The Number and Type of Long-term Equilibria’ Name Index Volume II: Part I: Perfectly Competitive Equilibrium in Virtual Models A Existence 1. E. Roy Weintraub (1983), ‘On the Existence of a Competitive Equilibrium: 1930-54’ 2. John H. Boyd III and Lionel W. McKenzie (1993), ‘The Existence of Competitive Equilibrium over an Infinite Horizon with Production and General Consumption Sets’ 3. Paulo Klinger Monteiro (1994), ‘Inada’s Condition Implies Equilibrium Existence Is Rare’ 4. Kam-Chau Wong (1997), ‘Excess Demand Functions, Equilibrium Prices, and Existence of Equilibrium’ 5. Donald A. Walker (1997), ‘New Perspectives on the Existence of Equilibrium’ B Uniqueness 6. Gerard Debreu (1970), ‘Economies With a Finite Set of Equilibria’ 7. Yves Balasko (1975), ‘Some Results on Uniqueness and on Stability of Equilibrium in General Equilibrium Theory’ 8. Timothy J. Kehoe (1985), ‘Multiplicity of Equilibria and Comparative Statics’ 9. Anjan Mukherji (1997), ‘On the Uniqueness of Competitive Equilibrium’ C Stability 10. Kenneth J. Arrow and Leonid Hurwicz (1960), ‘Competitive Stability Under Weak Gross Substitutability: The “Euclidean Distance” Approach’ 11. Kenneth J. Arrow and Leonid Hurwicz (1962), ‘Competitive Stability Under Weak Gross Substitutability: Nonlinear Price Adjustment and Adaptive Expectations’ 12. Takashi Negishi (1962), ‘The Stability of a Competitive Economy: A Survey Article’ 13. M.G. Allingham (1974), ‘Equilibrium and Stability’ 14. Michael J.P. Magill (1979), ‘The Stability of Equilibrium’ 15. H. Jerome Keisler (1996), ‘Getting to a Competitive Equilibrium’ 16. Yves Balasko (1994), ‘The Expectational Stability of Walrasian Equilibria’ 17. Donald A. Walker (1997), ‘New Perspectives on the Stability and Uniqueness of Equilibrium’ Part II: Non-Virtual Purely Competitive Models 18. Frank H. Hahn and Takashi Negishi (1962), ‘A Theorem on Non-Tâtonnement Stability’ 19. Franklin M. Fisher (1976), ‘A Non-Tâtonnement Model with Production and Consumption’ 20. Franklin M. Fisher (1983), ‘The Development of the Stability Literature’ 21. Francesca Busetto (1995), ‘Why the Non-Tâtonnement Line of Research Died Out’ Part III: Models with Various Forms of Market Imperfection 22. Jacques H. Drèze (1991), ‘On Supply-Constrained Equilibria’ 23. Jean-Pascal Bénassy (1993), ‘Nonclearing Markets: Microeconomic Concepts and Macroeconomic Applications’ 24. Russell Cooper (1994), ‘Equilibrium Selection in Imperfectly Competitive Economies with Multiple Equilibria’ 25. Jean Mercenier (1995), ‘Nonuniqueness of Solutions in Applied General Equilibrium Models with Scale Economies and Imperfect Competition’ 26. P. Jean-Jacques Herings (1996), ‘Equilibrium Existence Results for Economies with Price Rigidities’ 27. Claude d’Aspremont, Rodolphe Dos Santos Ferreira and Louis-André Gérard-Varet (1997), ‘General Equilibrium Concepts under Imperfect Competition: A Cournotian Approach’ Supplementary Reading List Name Index Volume III: Part I: Stationary 1. Truman F. Bewley (1981), ‘Stationary Equilibrium’ 2. D. Duffie, J. Geanakoplos, A. Mas-Colell and A. McLennan (1994), ‘Stationary Markov Equilibria’ 3. Piero Gottardi (1996), ‘Stationary Monetary Equilibria in Overlapping Generations Models with Incomplete Markets’ 4. Robert Becker and Itzhak Zilcha (1997), ‘Stationary Ramsey Equilibria under Uncertainty’ Part II: Temporary 5. Jean-Michel Grandmont (1991), ‘Temporary Equilibrium: Money, Expectations and Dynamics’ 6. Lionello F. Punzo (1991), ‘Comment’ Part III: Underemployment 7. Paola Potestio (1986), ‘Equilibrium and Employment in “The General Theory”’ Part IV: Growth 8. V.M. Polterovich (1977), ‘Models of Equilibrium Economic Growth’ Part V: Rational Expectations 9. George W. Evans and Seppo Honkapohja (1994), ‘Learning, Convergence, and Stability with Multiple Rational Expectations Equilibria’ Part VI: Bayesian 10. Jean-Jacques Laffont (1991), ‘Perfect Bayesian Equilibrium’ Part VII: Game Theoretic Equilibrium A Introduction to Equilbrium in Game Theory and to Nash Equilibrium 11. John F. Nash, Jr. (1950), ‘The Bargaining Problem’ 12. Elon Kohlberg (1990), ‘Refinement of Nash Equilibrium: The Main Ideas’ 13. Adam Brandenburger (1992), ‘Knowledge and Equilibrium in Games’ 14. Dave Furth (1993), ‘Game Equilibrium Modelling’ 15. Robert J. Leonard (1994), ‘Reading Cournot, Reading Nash: The Creation and Stabilisation of the Nash Equilibrium’ 16. Hans Jørgen Jacobsen (1996), ‘On the Foundations of Nash Equilibrium’ B The Core 17. Karl Vind (1995), ‘Perfect Competition or the Core’ 18. Lester G. Telser (1996), ‘Competition and the Core’ C Cooperative Games 19. John Nash (1953), ‘Two-Person Cooperative Games’ 20. Debraj Ray and Rajiv Vohra (1997), ‘Equilibrium Binding Agreements’ D Noncooperative Games 21. Donald Wittman (1993), ‘Nash Equilibrium vs Maximin: A Comparative Game Statics Analysis’ 22. Vijay Krishna and Roberto Serrano (1995), ‘Perfect Equilibria of a Model of N-Person Noncooperative Bargaining’ 23. Ferenc Szidarovszky and Koji Okuguchi (1997), ‘On the Existence and Uniqueness of Pure Nash Equilibrium in Rent-Seeking Games’ E Evolutionary Games 24. George J. Mailath (1998), ‘Do People Play Nash Equilibrium? Lessons From Evolutionary Game Theory’ F Other 25. Gerard Debreu (1954), ‘Valuation Equilibrium and Pareto Optimum’ 26. Frank Hahn (1978), ‘On Non-Walrasian Equilibria’ 27. James Bullard (1994), ‘Learning Equilibria’ 28. Yves Balasko, David Cass and Karl Shell (1995), ‘Market Participation and Sunspot Equilibria’ Supplementary Reading List Name Index

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Book SynopsisThis seminal work offers a carefully edited collection of Ryuzo Sato's pioneering contributions to the analysis of the theories of production, preference, stability and dynamic symmetry in economics.The author examines production functions and preference functions containing both goods and money and studies the stability of general equilibrium systems and economic conservation laws. The book also includes Professor Sato's groundbreaking work on the application of Lie group theory to the estimation of technical progress.This important book will be welcomed by scholars interested in technical change and progress.Table of ContentsContents: Introduction Part I: Production and Preferences Part II: Stability Part III: Dynamic Invariance

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Book SynopsisThis important book presents a new original study of the German and UK financial markets. It addresses the relationship between corporate governance, ownership and financial performance in German and UK firms floated during the 1980s.Marc Goergen uses detailed company micro-data to examine the ownership and performance of each firm from the time of its flotation to six years later. He finds that the evolution of ownership depends on certain corporate characteristics and that differences in financial performance cannot be explained simply by differences in the concentration of ownership. The book sheds new light on the important issue of whether corporate ownership influences or is influenced by financial performance.The main findings of the book have important implications for public policy and the current public debate on corporate governance and the globalisation of financial markets. They are important for established financial markets and the transitional economies of Eastern and Central Europe as well as for international scholars interested in issues of corporate governance and the performance of firms.Trade Review'. . . the overall contribution of the volume is considerable. It deserves to be read by anyone interested in comparative aspects of the corporate governance debate.' -- Steve Thompson, The Economic Journal'Using two sharply contrasting markets, Marc Goergen draws valuable lessons about the dynamics of company ownership and financial performance. This deeply researched book is an important contribution to the growing debate about the role of financial markets as Europe moves towards the single currency.' -- David Lascelles, Centre for the Study of Financial Innovation'An excellent study of both ownership and new issue markets in Germany. A text that will inform both scholars and students interested in how European capital markets work.' -- Julian Franks, London Business School, UKTable of ContentsContents: Preface 1. Introduction 2. Theory and Empirical Research 3. The German and UK Capital Markets 4. The Evolution of Ownership and Control in German IPO’s 5. British and German IPO’s – A Comparison 6. Explaining the Evolution of Ownership 7. Do German Firms have a Better Performance? 8. Conclusion and Policy Implications Bibliography Index

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Book SynopsisIn this book, Nancy and Richard Ruggles demonstrate their unique grasp of the measurement and analysis of macro and micro data and elucidate ways of integrating the two data sets.Their analysis of macrodata is used to examine the economic growth of the United States from the 1920s to the present day. They focus particularly on recession and recovery between 1929 and 1974 and the measurement of short-run economic growth. They also examine the measurement of saving, investment and capital formation in the United States. On a microeconomic level, they analyse economic intelligence in World War II, offer a study of fertility in the United States in the pre-war era and analyse longitudinal establishment data. Finally they integrating the two approaches to provide a method of providing a more complete picture of social and economic performance.Trade Review'Richard Ruggles, often assisted by Nancy Ruggles, has been a major contributor to national income accounting and to the empirical study of microeconomics and macroeconomics using that and other data. He has focused on the quantitative analysis of actual economic systems in a discipline increasingly preoccupied with abstract pure conceptual models. Like the work of Simon Kuznets and others, Ruggles's analyses encompass an unusually wide range of variables.' -- Warren J. Samuels, Michigan State University, US'The essays collected in this volume represent pioneering work by Nancy and Richard Ruggles on both the integration of micro and macro accounting data and the development of microdata . . . [They] have wide-ranging implications for modern theories of savings and investment.' -- From the foreword by Edward N. WolffTable of ContentsContents: Preface Part I: Macroanalysis 1. Recession and Recovery in the United States, 1929–74, and Sectoral Saving and Investment Accounts 2. Economic Growth in the Short Run 3. Theoretical Concepts and Empirical Measurement of Saving and Investment 4. Household and Enterprise Saving and Capital Formation in the United States, 1947–91 5. Accounting for Saving and Capital Formation in the United States, 1947–91 Part II: Microanalysis 6. An Empirical Approach to Economic Intelligence in World War II 7. A Study of Differential Fertility Based on Census Data 8. A Strategy for Merging and Matching Microdata Sets 9. Merging Microdata 10. The Analysis of Longitudinal Establishment Data Part III: The Integration of Macro- and Microdata 11. Methodological Developments 12. Macroaccounts and Microdata Sets 13. The Relation of Methodology to the Technology of Economic Research 14. The Role of Microdata in the National Economic Accounts 15. Social Indicators and a Framework for Social and Economic Accounts 16. The Measurement of Economic and Social Performance 17. The Development of Integrated Data Bases for Social, Economic and Demographic Statistics 18. The Integration of Macro- and Microdata for the Household Sector Bibliography Index

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Book SynopsisThis volume reflects the pioneering contribution of Nancy and Richard Ruggles to the development of national accounts. It provides a comprehensive overview of the evolution of national accounting systems over the last 50 years.The book is divided into three parts: the evolution of national accounting, the United States national accounts and the United Nations system of national accounts. The authors look at the treatment of pensions, insurance, and value added in national accounting, and the relationship between national income accounting and economic policy. They then look at the conceptual basis and evolution of national accounting systems in the United States between 1947 and 1977 and the integrated economic accounts between 1947 and 1980. Finally, the book includes a review of the major issues in the United Nations system of national accounts, both in terms of measurement and in their applicability to economies in transition and developing countries.Trade Review'Richard Ruggles, often assisted by Nancy Ruggles, has been a major contributor to national income accounting and to the empirical study of microeconomics and macroeconomics using that and other data. He has focused on the quantitative analysis of actual economic systems in a discipline increasingly preoccupied with abstract pure conceptual models. Like the work of Simon Kuznets and others, Ruggles's analyses encompass an unusually wide range of variables.' -- Warren J. Samuels, Michigan State University, US'They are clearly a classic team that has contributed enormously to national income account analysis over the years. The recent concern about measuring prices and productivity and about the correct indexing for Social Security has brought renewed attention to their work. Every serious economics library should have the volumes.' -- Martin Feldstein, National Bureau of Economic Research, US'The papers speak for themselves and demonstrate the magnitude of the contribution which Nancy and Richard Ruggles have made to the subject of economic accounting in the last half century. In contrast to many introverted and overly technical manuals and articles on national accounts, their papers are invariably clear, stimulating and readable.' -- From the foreword by Peter HillTable of ContentsContents: Part I: Evolution and Concepts of National Accounting 1. National Income Accounting and its Relation to Economic Policy 2. Concepts of Real Capital Stock and Services 3. The Evolution and Present State of National Economic Accounting 4. The Role of the National Accounts in the Statistical System 5. The Treatment of Pensions and Insurance in National Accounts 6. National Income Accounting Concepts and Measurement: Economic Theory and Practice 7. The Value Added of National Accounting Part II: United States National Accounts 8. The Evolution of National Accounts and the National Data Base 9. The United States National Income Accounts, 1947–77: Their Conceptual Basis and Evolution 10. Integrated Economic Accounts for the United States, 1947–80 11. Integrated Economic Accounts: Reply Part III: United Nations System of Accounts 12. The System of National Accounts: Review of Major Issues 13. Financial Accounts and Balance Sheets: Issues for the Revision of the SNA 14. A Note on the Revision of the United Nations System of National Accounts 15. Statistical Measurements for Economic Systems in Transition: Strategy for Implementing the UN System of National Accounts (SNA) 16. Issues Relating to the UN System of National Accounts and Developing Countries 17.The United Nations System of National Accounts (SNA) and the Integration of Macro- and Microdata Bibliography Index

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Book SynopsisNancy and Richard Ruggles's seminal work on prices has a contemporary relevance for modern-day theorists and practitioners. These carefully selected essays provide a core analysis of pricing systems and the behavior and measurement of prices.Initially, the authors examine pricing systems and the role of prices in the theories of value and income distribution. They examine the theory of marginal cost pricing and the welfare basis of the marginal cost pricing principle before focusing on the problems of measuring price changes over time and space. They also examine the reliability of domestic price statistics and price indices and offer an evaluation of the wholesale price index. They expand this analysis to examine the behavior of prices, costs, wage rates and earnings in the United States economy, placing particular emphasis on inflation between 1950 and 1973 and on price stability and economic growth.This book will be invaluable to academics, statisticians and policymakers with an interest in micreoconomics and pricing.Trade Review'Richard Ruggles, often assisted by Nancy Ruggles, has been a major contributor to national income accounting and to the empirical study of microeconomics and macroeconomics using that and other data. He has focused on the quantitative analysis of actual economic systems in a discipline increasingly preoccupied with abstract pure conceptual models. Like the work of Simon Kuznets and others, Ruggles's analyses encompass an unusually wide range of variables.' -- Warren J. Samuels, Michigan State University, US'[Nancy and Richard Ruggles] were able to state and explain theoretical propositions and debates clearly and accurately, and they skilfully and tellingly brought empirical data to bear. These essays were written between 1940 and 1990 but almost all of them are very relevant to issues of great importance in 2000.' -- From the foreword by James Tobin'They are clearly a classic team that has contributed enormously to national income account analysis over the years. The recent concern about measuring prices and productivity and about the correct indexing for Social Security has brought renewed attention to their work. Every serious economics library should have the volumes.' -- Martin Feldstein, National Bureau of Economic Research, USTable of ContentsContents: Preface Part I: Price Theory 1. The Welfare Basis of the Marginal Cost Pricing Principle 2. Recent Developments in the Theory of Marginal Cost Pricing 3. Discriminatory and Competitive Pricing 4. The Value of Value Theory Part II: Price Measurement 5. The Wholesale Price Index 6. Measuring the Cost of Quality 7. Domestic Price Statistics 8. Redundancy in Price Indexes for International Comparisons 9. Price Indexes and International Price Comparisons 10. The Wholesale Price Index Part III: Price Behavior 11. The Relative Movements of Real and Money Wage Rates 12. The Nature of Price Flexibility and the Determinants of Relative Price Changes in the Economy 13. Price Stability and Economic Growth in the United States 14. Chronic Inflation in the United States, 1950–73 15. The Anatomy of Earnings Behavior 16. The Measurement of the Supply and the Use of Labor Bibliography Index

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Book SynopsisThis book traces the evolution of the highly integrated global financial system from 1750 to the present. It examines the corporate form of business organization in the eighteenth century that saw an explosion of growth in the nineteenth, which facilitated the international movement of capital. The author also deals with the parallel growth of financial markets and explains how the need to finance public debts paved the way for stock markets as well as outlining the role of private merchant bankers, who originated as international bankers with family-run offices across Europe. He charts the development of banks into public corporations and follows the evolution of modern paper money, explaining the emergence of institutions such as the International Monetary Fund and the World Bank. While tracing the development of foreign-exchange markets and the history of trading blocs, the book also examines how economic powers such as Britain and France used access to capital to wield power in less-developed parts of the world. Finally, an history of financial crises is presented, revealing how economic shocks reverberate from one country to another today through the global financial network.Trade Review'This is an enjoyable, easy-to-read book and Allen effortlessly weaves a pattern from the multiple strands that have made the global economy an excellent general economic history and makes fascinating reading.' - The Irish Times

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Book SynopsisMarshall Goldsmith wrote in his book, What Got You Here, Won’t Get You There, that people rely on their past experience to address new challenges. The limitation with this approach is that these new challenges often arise from different contexts and may not be susceptible to traditional approaches.In the coming era of artificial intelligence (AI), expanded use of robots, and increased trans-national commerce, humanity will face monumental challenges that will differ from those we have faced in the past, including how to avoid mass unemployment due to rapid growth of automation. In order to survive and thrive in this new era, we will have to think and act differently, so that new ideas can solve not only the problems of the present but also of the near and distant future.Economic Renaissance in the Age of Artificial Intelligence explores a wide range of new approaches to the economic, social, legal, scientific, technological, financial, architectural, environmental, and humanistic challenges that humanity will face due to increased automation. The new methods and approaches outlined by the various experts in this book will help inform and inspire humanity to create a more balanced world in which science, economics, and the environment can thrive for years to come.

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Book SynopsisThis book provides an understanding of the aggregate economy based on the decision calculus of the individual economic “agent” – consumer, worker, and investor. The exposition is micro-oriented through Chapter 8 but then delves into macro considerations of market failure resulting from a misinterpretation of price signals by workers or employers (Chapters 9-12). The book concludes (Chapters 13-14) with a review of recent economic history and of how that history can be explained by the theory laid out in the book. NEW TO THIS EDITION: A consideration of “modern monetary theory.” Reduction in the space given to “suppressed inflation.”

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Book SynopsisThis book explores the present conflictual relationship between the economy, the environment, and society. The current mainstream economic model is analysed from the perspective of the founding economists to review its suitability to tackle issues of sustainable development. The problems of redistribution and social justice are debated at length; alongside those concerning the giant state, degrowth, and a vision of sustainability that is founded on the idea of a self-regulating free market economy. Business cycle sustainability, anti-crisis therapy, technological unemployment, the natural rate of interest, and the Bruntland matrix are also examined.This book aims to present a holistic approach to sustainable development where social, ecological, and economic components are balanced. It will be relevant to students and researchers interested in this topic.Table of ContentsChapter 1. First Steps In Perverting Sustainability.- Chapter 2. In Search Of A Lost Lesson.- Chapter 3. How To Conceive The Brundtland Agenda In The Context Of The Nominal Economy’s Imperialism.- Chapter 4. Social Pressure.- Chapter 5. Degrowth - A Logical Inadequacy?.- Chapter 6. Nature – The Highlight Of The Theory Of Sustainability.- Chapter 7. General Conclusions.

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Book Synopsis This book provides a coherent Blockchain framework for the business community, governments, and universities structured around microeconomics, macroeconomics, finance, and political economy and identifies how business organizations, financial markets and governmental policies are changed by digitalization, specifically Blockchain. This framework, what they authors call “disintermediation economics,” affects everything by providing a paradigm that transforms the way we organize markets and value chains, financial services, central banking, budgetary policies, innovation ecosystems, government services, and civil society. Bringing together leading and experienced policy makers, corporate practitioners, and academics from top universities, this book offers a road map of best practices that can be immediately useful to firms, policy makers as well as academics by balancing theory with practice. Table of ContentsCh. 1: What is Disintermediation Economics: An introduction (Psarrakis).- Part A: Disintermediation in Microeconomics.- Ch. 2: Distributed Ledger Economics: Organizations, Incentives and Strategy (Psarrakis).- Ch. 3: Economics of Smart Contracts: Efficiency and legal challenges (Dobrauz-Saldapenna and Schrackmann).- Ch. 4: Corporate Strategies for Blockchain-based Solutions (Verheggen).- Ch. 5: Distributed Data Economics (Shrier).-Part B: Disintermediation in Macroeconomics and Finance.- Ch. 6: Blockchain for Growth: Applying distributed ledger technologies to the UN Sustainable goals (Thomason).- Ch. 7: The New Money: The utility of Cryptocurrencies and the need for a New Monetary Policy (Lee and Teo).- Ch. 8: Privately Issued Digital Currencies (Disparte).- Ch. 9: Crypto-assets, Distributed Ledger Technologies and Disintermediation in Finance: Overcoming impediments to scaling: A view from the EU (Noble).- Ch. 10: Crypto-assets and Disintermediation in Finance: A view from Asia (Johnstone).- Part C: Disintermediation in Political Economy and Regulation.- Ch. 11: The Political Economy of the Blockchain (Zilgalvis).- Ch. 12: Regulating Blockchain in the EU: Building a global competitive advantage (Kaili).- Ch. 13: Advancing Digital Transformation in the Public Sector with Blockchain: A view from the European Union (Baldacci and Frade).- Ch. 14: Disposable Identities? Why digital identity matters to blockchain disintermediation and for society (Anania, Le Gars, and van Kranenburg).

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Book SynopsisThis book presents the evolution of the international monetary system from the gold standard to the monetary system in force today. It adopts a political economy approach, emphasizing the economic and political conditions under which an international monetary system can come into existence and be maintained over time. This approach highlights how the gradual transition in the international context from commodity money to fiat money has been led by the need for greater elasticity of money supply and smooth adjustments. This transition, however, raises the issue of how to guarantee, over time, the value of a money devoid of intrinsic value. By presenting a historical evolution, the book explains how the existence of an international monetary system based on money without intrinsic value can only occur when a particular balance of power exists at the international level that allows for the production of trust in a fiat money. The book is a must-read for scholars, researchers, and students in the fields of economic history and international monetary economics, interested in better understanding the evolution of the international monetary system.Table of ContentsIntroduction - The Main Features of the International Money's Evolution.- Money and the International Monetary System: Origins and Evolution.- The Classic Gold Standard.- The Gold-Exchange Standard, its Collapse, and the Interwar Lack of an International Money.- The Bretton Woods System.- The Dollar Standard.- Critical Issues in the Current International Monetary System and Future Prospects.- Conclusions.

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Book SynopsisThis textbook helps students truly understand how to apply the principles behind corporate finance in a real world context from both a firm and investor perspective. In its second edition, this text focuses on traditional theory applied to a holistic and realistic business case study, written as a novel set in current times so that all readers can relate. As such, this textbook offers readers both a quantitative and qualitative perspective on topics such as capital budgeting, time value of money, corporate risk, and capital structure. The sections are laid out to mirror the financial decision process, making it easier for readers to grasp the idea of the corporate financial life cycle. New topics such as socially responsible investing and private capital markets are also incorporated into this edition. Finally, PowerPoint slides, answer keys and data sets are available online for instructors. Table of ContentsChapter 1: In the Beginning.- Chapter 2: Financial Statement Analysis: What’s Right, What’s Wrong, and Why.- Chapter 3: Cash Flow: Easy Come, Easy Go.- Chapter 4: The Right Frame of Time.- Chapter 5: Capital Structure: Borrow it.- Chapter 6: Capital Structure: Sell it Off.- Chapter 7: The Rocky Marriage of Risk and Return.- Chapter 8: This is So WACC.- Chapter 9: Capital Budgeting Decisions: The End of the Roads Meets the Beginning of Another.- Appendix.- Index.

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Book SynopsisFor several decades now, advanced economies across the globe have been undergoing a process of rapid transformation towards becoming knowledge economies. It is now widely recognized that intangible capital has been a crucial element in the growth performance of these economies and their firms. The term serves as a useful device for capturing those dimensions of capital that are not tangible in nature but are nevertheless fundamentally important for growth. It encompasses investments in education (human capital) and in informal (social capital) and formal (rule of law) institutions by the public sector and households, as well as investments by businesses aimed at enhancing their knowledge base, such as software, innovative property, and economic competencies.Intangible Capital and Growth is the first of two open-access volumes presenting a selection of the author's essays on Labor Productivity, Monetary Economics, and Political Economy. This first volume brings together eight of the author's essays, selected with the aim of providing an overview of his research to date on intangible capital and growth.Table of ContentsChapter 1: The Productivity Puzzle – A critical assessment and an outlook on the COVID-19 crisis.- Chapter 2: Revisiting intangible capital and labour productivity growth, 2000-2015: Accounting for the crisis and economic recovery in the EU.- Chapter 3: The Rule of Law and Labour Productivity Growth by Businesses: Evidence for the EU, 1998-2005.- Chapter 4: Organizational Trust, Organizational Fear and TFP Growth: A sectoral analysis for the EU.- Chapter 5: Intangible Capital and Labor Productivity Growth: Panel evidence for the EU from 1998-2005.- Chapter 6: Measuring Innovation – Intangible capital investment in the EU.- Chapter 7: Does too much trust hamper economic growth.- Chapter 8: Social Capital, Trust and Economic Growth.

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