Microeconomics Books

Book SynopsisThis Handbook provides an authoritative overview of current research in the field of cost-benefit analysis and is designed as a starting point for those interested in undertaking advanced research. The Handbook contains major contributions to the development of the field, focussing on standard microeconomic policy evaluations, the relatively neglected area of macroeconomic policy and its integration into a formal CBA framework, and dynamic considerations in CBAPresenting insights from many influential thinkers, and edited by a leading academic in the field, this comprehensive work will prove an invaluable reference tool for economists, researchers and scholars.Trade Review'Anyone interested in cost-benefit analysis will find this anthology valuable.' -- E. Kacapyr, Choice'This book breathes new life into an old but intellectually robust field by applying the principles of cost-benefit analysis to contemporary issues such as drug-abuse treatment, active labor market programs, tobacco addiction, financial regulation, malnutrition and corruption. Several chapters link cost-benefit analysis to other techniques such as cost-effectiveness and impact evaluation. The book will be valuable to scholars wanting to do further research in the field, as well as to consumers of cost-benefit analysis - those who need to know the underpinnings of what their analysts give them.' -- Shanta Devarajan, The World Bank, US'This is a very nice and very useful set of articles on cost-benefit applications. The book will be particularly useful for students but also for professionals interested in keeping up with the state of applied work. I will use some of the articles in my class. Brent's introduction is also well done.' -- Richard O. Zerbe, University of Washington, USTable of ContentsContents: Preface PART I: INTRODUCTION 1. Overview of the Field and the Contributions in the Handbook Robert J. Brent PART II: MICROECONOMIC EVALUATIONS 2. Cost–Benefit Analysis for Health Peter Zweifel and Harry Telser 3. Cost–Benefit Analysis of Drug Abuse Treatment William S. Cartwright 4. Can Cost–Benefit Analysis Guide Education Policy in Developing Countries? Emmanuel Jimenez and Harry Anthony Patrinos 5. Cost–Benefit Analysis in Transport: Recent Developments in Rail Project Appraisal in Britain Chris Nash and James Laird 6. Cost–Benefit Analysis of Environmental Projects and the Role of Distributional Weights Robert J. Brent and Booi Themeli 7. Cost–Benefit Analysis Applied to Labour Market Programmes Michele Campolieti and Morley Gunderson 8. Regulation and Cost–Benefit Analysis Franco Papandrea 9. Can Cost–Benefit Analysis of Financial Regulation be Made Credible? Patrick Honohan PART III: MACROECONOMIC EVALUATIONS 10. The Welfare Effects of Inflation: A Cost–Benefit Perspective Karl-Heinz Tödter and Bernhard Manzke 11. Cost–Benefit Analysis of Economic Globalization Clem Tisdell 12. Poverty Alleviation Programs and their Impacts: A Survey Jyotsna Jalan 13. Too Hungry to Read: Is an Education Subsidy a Misguided Policy for Development? Parantap Basu 14. Project Finance and Cost–Benefit Analysis Peggy B. Musgrave 15. Cost–Benefit Analysis and the Evaluation of the Effects of Corruption on Public Projects Robert J. Brent PART IV: DYNAMIC EVALUATIONS 16. Social Security and Future Generations Hans Fehr and Øystein Thøgersen 17. Irreversible Investments: A Cost–Benefit Perspective Rati Ram and Rajeev K. Goel 18. Pro-Growth, Pro-Poor: Is There a Trade-off? J. Humberto Lopez 19. The Value of the 1964 Surgeon General’s Report Frank Chaloupka and Richard M. Peck Index

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Book SynopsisTerutomo Ozawa examines Japan's once celebrated post-war economic success from a new perspective. He applies a 'flying geese' model of industrial upgrading in a country that is still catching-up, to explore the rise, fall and rebound of Japanese industry with its evolving institutions and policies. The book brings together and expands upon theories developed in the author's work over many years, using them as building blocks for his flying geese model. Concepts explored include: economics of hierarchical concatenation, increasing factor incongruity, comparative advantage (or market) recycling the Ricardo-Hicksian trap of industrial production, Smithian growth elan, triumvirate pro-trade structural transformation knowledge creation versus knowledge diversion, the price-knowledge/industry-flow mechanism 'a la David Hume' he syndrome of institutional incongruity, and socially justifiable moral hazard versus degenerative moral hazard. The dynamic process of industrial upgrading is analysed in detail, and important lessons for both developing and transition economies are highlighted. This fascinating book will attract a wide-ranging readership, encompassing practitioners and academics interested in international business, economic development, trade, and political science. In addition, sociologists focussing on business and industry, and researchers on, and policymakers in, developing and transition economies will also find this book of immense interest.Trade Review'. . . the book reviewed here will trigger a further interest in this area of research, and will invite more researchers to seek empirical evidence in the study of post-war industrial growth in Japan.' -- Hiroshi Ohashi, Journal of the Japanese and International Economies'This book provides a theoretically informed and empirically illustrative account of modern Japanese industrialization. Ozawa's translation of classical political economy to the Japanese context is both original and accessible and is a welcome addition to the literature on the Japanese variety of capitalism.' -- Tim Reiffenstein, Pacific Affairs'Ozawa succeeds in extending, building up, and joining the Akamatsu-Kojima lineage of this unique Japan-born theory of economic development from a fresh, unconventional, and discerning perspective.' -- From the foreword by Kiyoshi KojimaTable of ContentsContents: Foreword by Kiyoshi Kojima Preface Part I: Post-WWII Growth Clustering and Japan as a Second Goose 1. Hegemon-Led Growth Clustering and the Flying-Geese Paradigm of Catch-up Growth Part II: Out of, and Beyond, the Limit of Borrowed Knowledge and Home-Spun Goods 2. Labor-Driven Stage – and Logic – of Reconstruction 3. Scale-Driven Stage – and Logic – of Modernizing Heavy and Chemical Industries: A High Growth Period 4. Assembly-Driven Stage – and Logic – of Industrial Upgrading 5. Knowledge-Driven Stage – and Logic – of Catch-up Growth 6. IT-Driven Stage – and Logic – of New Growth 7. Analytics and Stylized Features of Structural Transformation: Additional Theoretical Expositions Part III: Changes in Institutions and Industrial Organization: Toward the Reform-Driven, M&A-Active Period of Growth 8. Network Capitalism: Industrial Organization in Evolution 9. Out of an Institutional Quagmire? International Business to the Rescue Bibliography Index

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Book SynopsisNetworks have a widespread economic significance. They structure the way that market traders interact and configure relations within and between social groups, urban centres and nation states. Networks also determine patterns of authority and dominance in hierarchical organisations such as governments. This authoritative selection of recent work on the economics of networks will appeal to researchers in microeconomics, spatial and business economics as well as international economics and development. Social scientists and natural scientists will also find the book useful as a guide to the increasing wealth of economic literature on networks.Trade Review‘We citizens of the 21st century are surrounded by networks: economic and social networks, real and virtual networks, business and personal networks, formal and informal networks, local and international networks. The Economics of Networks valuably assembles a fine collection of articles that illuminates the operations of networks from both social and economic perspectives. Read it and join the network of those who understand networks.’ -- Carl Shapiro, University of California and Berkeley, US‘I am delighted to see the publication of this volume. The choice of papers in the book superbly displays the multi-dimensional nature of network behaviour. Such networks are seen to operate on many different levels and in many different contexts of human behaviour. This volume will be an essential resource for social scientists of many disciplines who are interested in the communication and organizational behaviour of diverse types of agents.’ -- Philip McCann, University of Waikato, New Zealand and University of Reading, UKTable of ContentsContents: Acknowledgements Introduction Mark Casson and Marina Della Giusta 1. Harald Baldersheim, Jan Bucek and Pawel Swianiewicz (2002), ‘Mayors Learning across Borders: The International Networks of Municipalities in East-Central Europe’ 2. Ashok Deo Bardhan and Subhrajit Guhathakurta (2004), ’Global Linkages of Subnational Regions: Coastal Exports and International Networks’ 3. René Belderbos and Leo Sleuwaegen (1996), ‘Japanese Firms and the Decision to Invest Abroad: Business Groups and Regional Core Networks’ 4. Mark Brayshay, Mark Cleary and John Selwood (2005), ‘Interlocking Directorships and Trans-national Linkages within the British Empire, 1900–1930’ 5. Ronald S. Burt (1999), ‘Private Games are too Dangerous’ 6. Mark Casson and Howard Cox (1997), ‘An Economic Model of Inter-Firm Networks’ 7. Howard Cox, Simon Mowatt and Martha Prevezer (2003), ‘New Product Development and Product Supply within a Network Setting: The Chilled Ready-Meal Industry in the UK’ 8. Niek de Jong and Rob Vos (1995), ‘Regional Blocs or Global Markets? World Accounting Approach to Analyze Trade and Financial Linkages’ 9. Sarah Drakopoulou Dodd and Eleni Patra (2002), ‘National Differences in Entrepreneurial Networking’ 10. Peter Sheridan Dodds, Duncan J. Watts and Charles F. Sabel (2003), ‘Information Exchange and the Robustness of Organizational Networks’ 11. Mika Kallioinen (2004), ‘Information, Communication Technology, and Business in the Nineteenth Century: The Case of a Finnish Merchant House’ 12. Douglas S. Massey (1987), ‘Understanding Mexican Migration to the United States’ 13. Larry Neal and Stephen Quinn (2001), ‘Networks of Information, Markets, and Institutions in the Rise of London as a Financial Centre, 1660–1720’ 14. M.E.J. Newman and Juyong Park (2003), ‘Why Social Networks are Different from other Types of Networks’ 15. Lucy Newton (2003), ‘Capital Networks in the Sheffield Region, 1850–1885’ 16. Rebeca Raijman, Silvina Schmmah-Gesser and Adriana Kemp (2003), ‘International Migration, Domestic Work, and Care Work: Undocumented Latina Migrants in Israel’ 17. Kenneth D. Roberts and Michael D.S. Morris (2003), ‘Fortune, Risk, and Remittances: An Application of Option Theory to Participation in Village-Based Migration Networks’ 18. Janet W. Salaff and Arent Greve (2004), ‘Can Women’s Social Networks Migrate?’ 19. Ma Ángeles Serrano and Marián Boguñá (2003), ‘Topology of the World Trade Web’ 20. David A. Smith and Michael F. Timberlake (2001), ‘World City Networks and Hierarchies, 1977–1997: An Empirical Analysis of Global Air Travel Links’ 21. Barney Warf (1995), ‘Telecommunications and the Changing Geographies of Knowledge Transmission in the Late 20th Century’ 22. Tamar Diana Wilson (1998), ‘Weak Ties, Strong Ties: Network Principles in Mexican Migration’ Name Index

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Book SynopsisHow Markets Work presents a new and refreshing introduction to elementary economics. The venerable theory of supply and demand is reconstituted upon plausible and defensible assumptions concerning human nature, the law, and the facts of everyday life - in short - the 'Real World'. The message is that markets differ in ways that matter. Starting with a brief survey of property and contract law, the lectures develop several 'ideal types' of markets - such as credit, assets, and labor - while illuminating the similarities and differences among them. Care has been taken to ensure that the reformulations presented are accessible to students and compatible with a variety of non-mainstream traditions in economic thought.Topics covered include the theory of markets, labor markets, market processes when influenced by the availability of information, and social, ethical and political considerations. Also discussed are commodity, credit and asset markets, contracts, dynamics of labor markets, and the economics of discrimination.This book is intended as an essential supplemental text for undergraduate economics students, particularly in heterodox programs, as well as for those in companion liberal arts and sociology fields looking for an accessible introduction to essential economic theory.Table of ContentsContents: Part I: The Theory of Markets Introduction: Economics Today: Is Market Fundamentalism in Decline? 1. Property, Contract, and the Theory of Exchange 2. Commodity Markets: The Economics of a ‘Spot’ Contract Part II: Market Processes when Information Matters 3. Credit Markets: The Economics of a ‘Relational’ Contract 4. Asset Markets: Market Dynamics when Expectations are a Consideration Part III: Labor Markets 5. Labor Market Dynamics when Needs are a Consideration 6. Labor Market Dynamics when Motivation is a Consideration Part IV: Social, Ethical and Political Considerations 7. The Economics of Discrimination: The ‘Chicago School’ Approach 8. The Economics of Discrimination: The ‘Structural’ Approach 9. Values and Prices: Reintroducing Ethical Considerations into Economics Conclusion: Some Reflections on Economic Policy Bibliography Index

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Book SynopsisHow Markets Work presents a new and refreshing introduction to elementary economics. The venerable theory of supply and demand is reconstituted upon plausible and defensible assumptions concerning human nature, the law, and the facts of everyday life - in short - the 'Real World'. The message is that markets differ in ways that matter. Starting with a brief survey of property and contract law, the lectures develop several 'ideal types' of markets - such as credit, assets, and labor - while illuminating the similarities and differences among them. Care has been taken to ensure that the reformulations presented are accessible to students and compatible with a variety of non-mainstream traditions in economic thought.Topics covered include the theory of markets, labor markets, market processes when influenced by the availability of information, and social, ethical and political considerations. Also discussed are commodity, credit and asset markets, contracts, dynamics of labor markets, and the economics of discrimination.This book is intended as an essential supplemental text for undergraduate economics students, particularly in heterodox programs, as well as for those in companion liberal arts and sociology fields looking for an accessible introduction to essential economic theory.Table of ContentsContents: Part I: The Theory of Markets Introduction: Economics Today: Is Market Fundamentalism in Decline? 1. Property, Contract, and the Theory of Exchange 2. Commodity Markets: The Economics of a ‘Spot’ Contract Part II: Market Processes when Information Matters 3. Credit Markets: The Economics of a ‘Relational’ Contract 4. Asset Markets: Market Dynamics when Expectations are a Consideration Part III: Labor Markets 5. Labor Market Dynamics when Needs are a Consideration 6. Labor Market Dynamics when Motivation is a Consideration Part IV: Social, Ethical and Political Considerations 7. The Economics of Discrimination: The ‘Chicago School’ Approach 8. The Economics of Discrimination: The ‘Structural’ Approach 9. Values and Prices: Reintroducing Ethical Considerations into Economics Conclusion: Some Reflections on Economic Policy Bibliography Index

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Book SynopsisThis thought-provoking book explores the influences of market competition and diverse behaviors of economic agents on economic performance, particularly dynamic economic performance.Clem Tisdell illustrates - within evolutionary, dynamic and static contexts - how diversity can improve or impede economic performance. He addresses the fact the role of diversity in improving economic performance has been neglected by economic theorists by making economic diversity a focal point of economic analysis. In particular, special attention is given to the value of economic diversity and economic imperfections in improving the performance of economic processes in particular identified situations. Limitations of using market-like mechanisms for managing public bodies and business firms are discussed and the value of business cooperation (economic mutualism) as a means for improving economic performance is examined. It is also observed that as economies develop, different forms of economic competition and business cooperation evolve.Challenging yet accessible, this book will prove a stimulating read for academics and students in the fields of economics, industrial organization and business and management.Trade Review'Ecological and economic systems share some fundamental characteristics that Clem Tisdell has beautifully illuminated. He has given us a much better handle on the roles of competition, diversity, evolution and sustainability in complex, interdependent ecological and economic systems. Our ability to build a sustainable and desirable future fundamentally depends on this integrated understanding.' --Robert Costanza, Portland State University'Competition, Diversity, and Economic Performance considers in depth the impact of the diversity of agents on economic performance and discusses how this relation is mediated by the nature of competition. In doing so, the author links together ideas rooted in different perspectives from early contributions in industrial organization until recent approaches. Overall, the book is an inclusive summary of the concept of diversity in standard economic theorizing.' -Regional StudiesTable of ContentsContents: Preface 1. The Role of Competition and Diversity in Economic Performance: An Overview 2. Concepts of Economic Competition and Performance in Context 3. Diversity of Consumers, Product Innovation and Economic Performance 4. Schumpeter and the Dynamics of Capitalism: The Driving Force of Business Innovation 5. Reasons for Business Diversity and their Economic Importance 6. Diversity and the Evolution of Competitive Economic Systems 7. Competition, Diversity, Evolution and Sustainability: Are there Lessons from Ecology? 8. Market Niches, Competition and Economic Performance: More Clues from Ecology? 9. Market Impediments, Restrained Reactions and Market Dynamics 10. Variations in the Fitness of Firms, Dynamic Economic Performance, and Vulnerability 11. More on Differences in the Fitness of Firms, Market Selection and Product Variety 12. Using Market Mechanisms (for Example, Contracting Out) for the Efficient Public Provision of Commodities 13. Using Market and Market-like Mechanisms to Manage a Multidivisional Business Efficiently 14. Business Partnerships, Cooperation and the Enhancement of Economic Performance Index

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Book SynopsisOrthodox trade and growth theory, and the world's multilateral development institutions, extol the virtues of trade liberalisation and free trade for more rapid economic development of poor countries. However, the contemporary reality and history seem to tell a different story. The world economy has experienced an unprecedented period of trade liberalisation in the last thirty years, and yet international and global inequality is widening; domestic poverty (outside of China) is increasing; poor countries' exports have grown more slowly than their imports leading to balance of payments crises, and the so-called globalising economies of the world (excluding China and India) have fared no better, and in some cases worse, than those countries that have not liberalised so extensively. This book argues that orthodox theory is based on many unreal assumptions, and that there are sound economic arguments for selective protection of industrial activities in the early stages of economic development. The historical evidence of the now-developed countries also illustrates this fact.With supporting empirical evidence, this book provides a powerful theoretical critique of orthodox trade theory. It will be of great interest to students taking courses in international trade and development economics, as well as to professional economists and policymakers in international development institutions.Trade Review'This is a meticulously researched and well written book on a subject of immense contemporary academic and policy interest.' -- Prema-chandra Athukorala, Journal of Development Studies'The book is a valuable contribution to the analysis of the links between trade liberalisation, poverty and inequality . . . The book is a coherent piece of work offering an abundance of well-researched and argued information, effectively establishing it as a notable contribution to the investigation and understanding of this very important field. Therefore this book is highly recommended as an important publication for everyone interested in this field as it is a powerful guide to the complex questions that emerge when dealing with the issues of trade liberalisation and poverty elimination at international level.' -- Marios Koutsias, International Trade Law and Regulation'Thirlwall and Pacheco-LOpez's book makes its contribution by serving as a clearly written synthesis of a diversity of literatures on trade liberalization and its impacts on growth, inequality and wages, and poverty. . . . the book is an excellent one. It should be a required reading companion to any graduate-level trade course.' -- Kevin P. Gallagher, Journal of Human Development and Capabilities'This book breaks out of the standard distinction between "free trade" and "protectionism", and shows how to think constructively about trade policy as an instrument of national economic strategy. It is highly recommended for those who wish to think beyond orthodoxy, and especially for those in developing countries who wish to influence negotiations with developed countries and western-based international organisations.' -- Robert Wade, London School of Economics, UKTable of ContentsContents: Preface 1. The Theory and Measurement of Trade Liberalisation 2. Trade Liberalisation, Trade Performance and Economic Growth 3. Trade Liberalisation and International Inequality 4. Trade Liberalisation, Poverty and Domestic Inequality 5. Trade Strategy and Economic Development Bibliography Index

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Book SynopsisThis book explores the nature of the flexibility of Estonia's rapid growth, that enables it to swiftly seize opportunities and weather crises without undue cost.The distinguished cast of contributors draws upon detailed data on individual firms and households to explore the basis for Estonia's record as the most successful of all the EU accession countries over the last decade. They conclude that much of this accomplishment can be attributed to the greater flexibility of the Estonian economy, both in price setting in employment and wages, and in consumption. The book also reveals that Estonia is able to adjust to shocks more rapidly and with less real impact than other countries. Coupled with a favourable macroeconomic policy and a good institutional structure and legal framework, this indicates that Estonia will be an excellent example to other countries despite the recent downturn.This unique book will be of great interest to researchers and students of the economics of transition, and will prove invaluable to policy-makers and their advisors in both transition countries and the rest of the EU, as well as graduate students studying microeconomics and monetary policy.Table of ContentsContents: Foreword 1. The Path of Transition in Estonia David G. Mayes and Martti Randveer 2. Comparison of Pricing Behaviour of Firms in the Euro Area and Estonia Aurelijus Dabušinskas and Martti Randveer 3. The Principles of Wage Formation in Estonian Companies Tairi Rõõm and Lenno Uusküla 4. Productivity in Estonian Enterprises: The Role of Innovation and Competition Priit Vahter 5. Liquidity and Productivity Shocks: A Look at Sectoral Firm Creation Lenno Uusküla 6. A Microeconometric Analysis of Household Saving in Estonia: Income, Wealth and Financial Exposure Dmitry Kulikov, Annika Paabut and Karsten Staehr 7. Estimates of Employment and Welfare Effects of Personal Labour Income Taxation in a Flat-Tax Country Karsten Staehr 8. Outlook David G. Mayes and Martti Randveer Index

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Book SynopsisTo date, the formulation of a systematic theory of the organization of markets has proved to be a difficult task and remains unfinished. Nevertheless, explanations do exist as to why, under given conditions, the basic activities of trade are organized in one particular fashion rather than another. This invaluable collection of essays brings together important papers by authors working in the tradition of the new institutional economics. The editors have provided an original introduction which presents a comprehensive overview of their selection. The volume is an essential source of reference and an excellent resource for economists, students of public policy, sociologists, political scientists and legal analysts.Table of ContentsContents: Acknowledgements Introduction Eirik G. Furubotn and Rudolf Richter PART I PRECONTRACTUAL ACTIVITIES: SEARCH AND INSPECTION 1. James M. Acheson (1985), ‘The Maine Lobster Market: Between Market and Hierarchy’ 2. Yoram Barzel (1982), ‘Measurement Cost and the Organization of Markets’ 3. Roy W. Kenney and Benjamin Klein (1983), ‘The Economics of Block Booking’ 4. Phillip Nelson (1974), ‘Advertising as Information’ 5. Joel M. Podolny (1993), ‘A Status-based Model of Market Competition’ 6. Walter W. Powell (1990), ‘Neither Market Nor Hierarchy: Network Forms of Organization’ PART II CONTRACTING: PRICE AND CONTRACT FORMATION 7. Dennis W. Carlton (1986), ‘The Rigidity of Prices’ 8. Harold Demsetz (1969), ‘Information and Efficiency: Another Viewpoint’ 9. Armen A. Alchian and Susan Woodward (1987), ‘Reflections on the Theory of the Firm’ 10. Armen A. Alchian (1965), ‘Some Economics of Property Rights’ 11. Ian R. Macneil (1978), ‘Contracts: Adjustment of Long-Term Economic Relations Under Classical, Neoclassical, and Relational Contract Law’ 12. Vernon L. Smith (1962), ‘An Experimental Study of Competitive Market Behavior’ 13. Oliver E. Williamson (1979), ‘Transaction-Cost Economics: The Governance of Contractual Relations’ PART III POSTCONTRACTUAL ACTIVITIES: EXECUTION, CONTROL AND ENFORCEMENT 14. David P. Baron (2002), ‘Private Ordering on the Internet: The eBay Community of Traders’ 15. Peter Bernholz (1993), ‘Constitutions as Governance Structures: The Political Foundations of Secure Markets: Comment’ 16. Avner Greif (1993), ‘Contract Enforceability and Economic Institutions in Early Trade: The Maghribi Traders’ Coalition’ 17. Avner Greif, Paul Milgrom and Barry R.Weingast (1994), ‘Coordination, Commitment, and Enforcement: The Case of the Merchant Guild’ 18. Benjamin Klein and Keith B. Leffler (1981), ‘The Role of Market Forces in Assuring Contractual Performance’ 19. Anthony T. Kronman (1985), ‘Contract Law and the State of Nature’ 20. John McMillan and Christopher Woodruff (2000), ‘Private Order Under Dysfunctional Public Order’ 21. Paul R. Milgrom, Douglass C. North and Barry R. Weingast (1990), ‘The Role of Institutions in the Revival of Trade: The Law Merchant, Private Judges, and the Champagne Fairs ’ 22. L.G. Telser (1980), ‘A Theory of Self-Enforcing Agreements’ 23. Barry R. Weingast (1993), ‘Constitutions as Governance Structures: The Political Foundations of Secure Markets’ Name Index

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Book SynopsisHow do we define an economic disaster? A difficult question. Most centuries would claim that they have had their share of disasters, but the twentieth century certainly seems to have been more prone to them than the previous one. A number of leading economists and economic historians assemble here to examine nine key disasters with international or global implications. The First and Second World Wars, the great depression, oil shocks, inflation, financial crises, stock market crashes, the collapse of the Soviet command economy and Third World disasters are discussed in this comprehensive book. The contributors subject these disasters to in-depth assessment, carefully considering their costs and impact on specific countries and regions, as well as assessing them in a global context. The book examines the legacy of economic disasters and asks whether economic disasters are avoidable or whether policymakers can learn from their mistakes. The book will appeal to a wide variety of social scientists, including those working in economic history, international relations, international political economy and geopolitics.Trade Review'The book would make a good text or supplemental reading for a course in the economic history of the twentieth century, either at the advanced undergraduate or graduate level. Students love disasters. . . all the essays reach a high level of quality. Each of the authors is a well-regarded expert in his field and clearly capable of producing a well-crafted essay. . . The authors and editors are to be congratulated.' -- Hugh Rockoff, EH.Net'. . . the editors have offered a compelling interpretation of the twentieth century as one of the economic disasters, and the contributors have provided the ammunition to back it up. . . many of the individual contributions will undoubtedly be cited in their respective fields for years to come.' -- David S. Jacks, Australian Economic History Review'. . . contains plenty of good stuff.' -- Sunday Times'Here is a book to warm the cockles of George Santayana's heart. Can policy makers and, especially, economists learn from their mistakes? If they can, then they should start by reading Oliver and Aldcroft's gripping collection of the great economic policy mistakes of the twentieth century.' -- Barry Eichengreen, University of California, Berkeley, US'This is a fine collection of essays. There is no point in playing the game of awarding gold, silver, and bronze medals, as reviewers often do, because all the essays reach a high level of quality. Each of the authors is a well-regarded expert in his field and clearly capable of producing a well-crafted essay. The surprising thing, given the variability that characterizes most collected volumes, is that all of the authors came through. Each wrestled with important questions and developed his answers in detail. There were no slackers. The authors and editors are to be congratulated.' -- Hugh Rockoff, Rutgers, The State University of New Jersey, Newark, US for EH.NetTable of ContentsContents: Introduction M.J. Oliver and D.H. Aldcroft 1. ‘Destruction. . . and Misery’: The First World War J. Singleton 2. The Great Depression, 1929–33 W.R. Garside 3. The Second World War as an Economic Disaster N. Ferguson 4. The Rise, Fall and Rise Again of OPEC M. Beenstock 5. Inflation in the Twentieth Century F.H. Capie 6. Financial Crises M.J. Oliver 7. Stock Market Crashes G.E. Wood 8. The Demise of the Command Economies in the Soviet Union and its Outer Empire S. Morewood 9. The Fatal Inversion: The African Growth Disaster D.H. Aldcroft Index

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Book SynopsisThis book explores the revolutionary development of the theory of the firm over the past 35 years. Despite rapid progress in the field, new developments in the microeconomic and industrial organization literature have been relatively scant. This book attempts to redress the balance by providing a comprehensive overview of the theory of the firm before moving on to explore firms and the organization of their economic activities. The contributors investigate the impact of ownership structure and board composition on firm performance, and examine how the institutional framework of an economy affects investment decisions. More specifically, detailed studies of topics including contracts, authority, competence blocs, institutional impacts and corporate governance mechanisms are presented. This unique blend of financial economics and industrial organization perspectives on the corporate firm will prove a stimulating read for scholars and researchers of economics, business administration and law.Table of ContentsContents: Preface 1. Introduction: The Modern Firm, Corporate Governance and Investment Per-Olof Bjuggren and Dennis C. Mueller PART I: KEY ISSUES 2. Opening the Black Box of Firm and Market Organization: Antitrust Oliver E. Williamson 3. The Corporation: An Economic Enigma Dennis C. Mueller PART II: THE THEORY OF THE FIRM FROM AN ORGANIZATIONAL PERSPECTIVE 4. A Contractual Perspective of the Firm with an Application to the Maritime Industry Per-Olof Bjuggren and Johanna Palmberg 5. The Use of Managerial Authority in the Knowledge Economy Kirsten Foss 6. Competence and Learning in the Experimentally Organized Economy Gunnar Eliasson and Åsa Eliasson PART III: INVESTMENTS AND THE LEGAL ENVIRONMENT 7. Corporate Governance and Investments in Scandinavia – Ownership Concentration and Dual-Class Equity Structure Johan E. Eklund 8. The Cost of Legal Uncertainty: The Impact of Insecure Property Rights on Cost of Capital Per-Olof Bjuggren and Johan E. Eklund 9. The Stock Market, the Market for Corporate Control and the Theory of the Firm: Legal and Economic Perspectives and Implications for Public Policy Simon Deakin and Ajit Singh PART IV: THE BOARD, MANAGEMENT RELATIONS AND OWNERSHIP STRUCTURE 10. Institutional Ownership and Dividends Daniel Wiberg 11. Contracting Around Ownership: Shareholder Agreements in France Camille Madelon and Steen Thomsen 12. Board Governance of Family Firms and Business Groups with a Unique Regional Dataset Lluís Bru and Rafel Crespí 13. Better Firm Performance with Employees on the Board? R. Øystein Strøm 14. The Determinants of German Corporate Governance Ratings Wolfgang Drobetz, Klaus Gugler and Simone Hirschvogl 15. Top Management, Education and Networking Mogens Dilling-Hansen, Erik Strøjer Madsen and Valdemar Smith Index

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Book SynopsisIn this carefully articulated investigation of the Walrasian general equilibrium model, the author sets forth one perception or explanation of how the microeconomy might operate. The focus is primarily on the behavior of individual consumers, firms and markets under perfectly competitive conditions and on the simultaneous interactions that occur among them. Central to his argument is that all of these elements fit together to form a unified whole for a complete, consistent, and cohesive picture of the perfectly competitive microeconomy.The book provides substantial discussion of the model's methodological background; returns to scale; the transformation surface and the fixed-factor-supply economy; existence, uniqueness, and stability of equilibria; the dynamics of market adjustments; methodological individualism and the theory of price determination; imperfectly competitive markets; welfare economics; and the role of money capital in the operation of the firm. The author suggests that the abandonment of general equilibrium theory by microeconomists is a mistake, and that it is too soon to give up on the possibility of constructing an adequate analysis of uniqueness, global stability, and price determination.Students and scholars of economics will find much of interest in this thorough exploration of the operation of the microeconomy.Trade Review'This is an important, rigorous, and thoroughly engaging text on the economic theory of market behavior. It is unique in the attention devoted to the philosophical underpinnings and the historical background of the Walrasian Theory. Professor Katzner challenges his readers to understand the strengths and the limitations of what has gone before, and he provides guidance as to how he would like to see price theory develop in the future. This is among those rare texts that is designed to inspire further research.' -- Hugo Sonnenschein, University of Chicago, USTable of ContentsContents: Preface Preface to Walrasian Microeconomics 1. Introduction 2. The Theory of Demand: Utility Maximization 3. Topics in Demand Theory 4. Production and Cost 5. Models of the Firm 6. Markets in Isolation 7. Interacting Markets 8. The Fixed-Factor-Supply Economy 9. Dynamics and Equilibrium 10. Methodological Individualism and the Theory of Price Determination 11. Imperfect Competition 12. Economic Welfare 13. Capital 14. The Grand View 15. Some Alternative Assumptions and Methods of Analysis Appendices Index

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Book SynopsisA growing literature in economics has studied how fairness considerations shape human behavior. This review analyses the key theoretical and empirical contributions spanning the last four decades, along with influential related work in normative economics. It argues that the fairness motive is essential for understanding human behavior in a wide range of settings, such as markets, bargaining, and redistributive situations. It moves on to a discussion of the large heterogeneity in what people view as fair and the importance people attach to fairness, displaying how a concern for fairness develops in childhood and manifests itself in the brain. This research review will be a valuable tool for those interested in the fascinating field of the economics of fairness.Trade Review‘This is a long-overdue book on fairness – one of the most exciting topics in behavioral economics. Alexander Cappelen and Bertil Tungodden did a great job collecting the important milestones in this literature. From early normative accounts to recent empirical advances, this book organizes and presents all you need to know in order to understand how economists think about the topic.’ -- Uri Gneezy, University of California, San Diego, USTable of ContentsContents: Introduction Alexander W. Cappelen and Bertil Tungodden PART I NORMATIVE ANALYSIS OF FAIRNESS 1. John E. Roemer (1986), ‘Equality of Resources Implies Equality of Welfare’, Quarterly Journal of Economics, 101 (4), November, 751–84 2. Marc Fleurbaey (1995), ’Three Solutions for the Compensation Problem’, Journal of Economic Theory, 65 (2), April, 505–21 3. Julian Le Grand (1990), ‘Equity versus Efficiency: The Elusive Trade-off’, Ethics, 100 (3), April, 554–68 4. James Konow (2003), ‘Which Is the Fairest One of All? A Positive Analysis of Justice Theories’, Journal of Economic Literature, XLI (4), December, 1188–239 5. Hal R. Varian (1975), ‘Distributive Justice, Welfare Economics, and the Theory of Fairness’, Philosophy and Public Affairs, 4 (3), Spring, 223–47 6. Amartya Sen (1979), ‘Equality of What?’, The Tanner Lecture on Human Values, Delivered at Stanford University, May 22nd, 1979, Salt Lake City, UT, USA: University of Utah Press, i–ii, 197–220 PART II FAIRNESS AND HUMAN BEHAVIOR 7. Matthew Rabin (1993), ‘Incorporating Fairness into Game Theory and Economics’, American Economic Review, 83 (5), December, 1281–302 8. Elizabeth Hoffman, Kevin McCabe and Vernon L. Smith (1996), ‘Social Distance and Other-Regarding Behavior in Dictator Games’, American Economic Review, 86 (3), June, 653–60 9. Ernst Fehr and Klaus M. Schmidt (1999), ‘A Theory of Fairness, Competition, and Cooperation’, Quarterly Journal of Economics, 114 (3), August, 817–68 10. James Konow (2000), ‘Fair Shares: Accountability and Cognitive Dissonance in Allocation Decisions’, American Economic Review, 90 (4), September, 1072–91 11. Armin Falk, Ernst Fehr and Urs Fischbacher (2008), ‘Testing Theories of Fairness – Intentions Matter’, Games and Economic Behavior, 62 (1), January, 287–303 12. Alexander W. Cappelen, Astri Drange Hole, Erik Ø. Sørensen and Bertil Tungodden (2007), ‘The Pluralism of Fairness Ideals: An Experimental Approach’, American Economic Review, 97 (3), June, 818–27 13. Gary E. Bolton and Axel Ockenfels (2000), ‘ERC: A Theory of Equity, Reciprocity, and Competition’, American Economic Review, 90 (1), March, 166–93 14. Gary Charness and Matthew Rabin (2002), ‘Understanding Social Preferences with Simple Tests’, Quarterly Journal of Economics, 117 (3), August, 817–69 15. Elizabeth Hoffman, Kevin McCabe, Keith Shachat and Vernon Smith (1994), ‘Preferences, Property Rights, and Anonymity in Bargaining Games’, Games and Economic Behavior, 7 (3), November, 346–80 16. Dirk Engelmann and Martin Strobel (2004), ‘Inequality Aversion, Efficiency, and Maximin Preferences in Simple Distribution Experiments’, American Economic Review, 94 (4), September, 857–69 17. James Andreoni and Lise Vesterlund (2001), ‘Which is the Fair Sex? Gender Differences in Altruism’, Quarterly Journal of Economics, 116 (1), February, 293–312 18. Raymond Fisman, Shachar Kariv and Daniel Markovits (2007), ‘Individual Preferences for Giving’, American Economic Review, 97 (5), December, 1858–76 19. Ernst Fehr and Simon Gächter (2000), ‘Fairness and Retaliation: The Economics of Reciprocity’, Journal of Economic Perspectives, 14 (3), Summer, 159–81 PART III THE DEVELOPMENT OF FAIRNESS PREFERENCES 20. Ernst Fehr, Helen Bernhard and Bettina Rockenbach (2008), ‘Egalitarianism in Young Children’, Nature, 454, 28th August, 1079–83 21. Joseph Henrich, Jean Ensminger, Richard McElreath, Abigail Barr, Clark Barrett, Alexander Bolyanatz, Juan Camilo Cardenas, Michael Gurven, Edwins Gwako, Natalie Henrich, Carolyn Lesorogol, Frank Marlowe, David Tracer and John Ziker (2010), ‘Markets, Religion, Community Size, and the Evolution of Fairness and Punishment’, Science, 327 (5972), 19th March, 1480–84, Erratum 22. Ingvild Almås, Alexander W. Cappelen, Erik Ø. Sørensen and Bertil Tungodden (2010), ‘Fairness and the Development of Inequality Acceptance’, Science, 328 (5982), 28th May, 1176–78 23. Ernst Fehr, Daniela Glätzle-Rützler and Matthias Sutter (2013), ‘The Development of Egalitarianism, Altruism, Spite and Parochialism in Childhood and Adolescence’, European Economic Review, 64, November, 369–83 24. Martin A. Nowak, Karen M. Page and Karl Sigmund (2000), ‘Fairness Versus Reason in the Ultimatum Game’, Science, 289 (5485), 8th September, 1773–75 PART IV NEURAL EVIDENCE OF FAIRNESS 25. Alexander W. Cappelen, Tom Eichele, Kenneth Hugdahl, Karsten Specht, Erik Ø. Sørensen and Bertil Tungodden (2014), ‘Equity Theory and Fair Inequality: A Neuroeconomic Study’, Proceedings of the National Academy of Sciences (PNAS), 111 (43), 28th October, 15368–72 26. Elizabeth Tricomi, Antonio Rangel, Colin F. Camerer and John P. O’Doherty (2010), ‘Neural Evidence for Inequality-Averse Social Preferences’, Nature, 463, 25th February, 1089–91, methods 27. Ming Hsu, Cédric Anen and Steven R. Quartz (2008), ‘The Right and the Good: Distributive Justice and Neural Encoding of Equity and Efficiency’, Science, 320 (5879), 23rd May, 1092–95 28. Ernst Fehr and Colin F. Camerer (2007), ‘Social Neuroeconomics: The Neural Circuitry of Social Preferences’, TRENDS in Cognitive Sciences, 11 (10), October, 419–27 29. Alan G. Sanfey, James K. Rilling, Jessica A. Aronson, Leigh E. Nystrom and Jonathan D. Cohen (2003), ‘The Neural Basis of Economic Decision-Making in the Ultimatum Game’, Science, 300 (5626), 13th June, 1755–58 PART V FAIRNESS AND BARGAINING 30. Linda Babcock and George Loewenstein (1997), ‘Explaining Bargaining Impasse: The Role of Self-Serving Biases’, Journal of Economic Perspectives, 11 (1), Winter, 109–26 31. Robert Forsythe, Joel L. Horowitz, N. E. Savin and Martin Sefton (1994), ‘Fairness in Simple Bargaining Experiments’, Games and Economic Behavior, 6 (3), May, 347–69 32. Werner Güth, Rolf Schmittberger and Bernd Schwarze (1982), ‘An Experimental Analysis of Ultimatum Bargaining’, Journal of Economic Behavior and Organization, 3 (4), December, 367–88 PART VI FAIRNESS AND REDISTRIBUTION 33. Alberto Alesina and George-Marios Angeletos (2005), ‘Fairness and Redistribution’, American Economic Review, 95 (4), September, 960–80 34. Roland Bénabou and Jean Tirole (2006), ‘Belief in a Just World and Redistributive Politics’, Quarterly Journal of Economics, 121 (2), May, 699–746 35. Christina Fong (2001), ‘Social Preferences, Self-Interest, and the Demand for Redistribution’, Journal of Public Economics, 82 (2), November, 225–46 36. Marc Fleurbaey and François Maniquet (2006), ‘Fair Income Tax’, Review of Economic Studies, 73 (1), January, 55–83 37. Ruben Durante, Louis Putterman and Joël van der Weele (2014), ‘Preferences for Redistribution and Perception of Fairness: An Experimental Study’, Journal of the European Economic Association, 12 (4), August, 1059–86 PART VII FAIRNESS AND MARKETS 38. Daniel Kahneman, Jack L. Knetsch and Richard Thaler (1986), ‘Fairness as a Constraint on Profit Seeking: Entitlements in the Market’, American Economic Review, 76 (4), September, 728–41 39. Ernst Fehr, Georg Kirchsteiger and Arno Riedl (1993), ‘Does Fairness Prevent Market Clearing? An Experimental Investigation’, Quarterly Journal of Economics, 108 (2), May, 437–59 40. George A. Akerlof and Janet L. Yellen (1990), ‘The Fair Wage-Effort Hypothesis and Unemployment’, Quarterly Journal of Economics, CV (2), May, 255–83 Index

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Book SynopsisThis original and instructive new book defines and explores the concept of knowledge as the talent, skills, know-how and understanding embodied in individuals. The distinguished contributors advance the current research frontier in three novel directions which focus on: the role of human capital and talent for creativity, entrepreneurship and regional development; the role of institutions for the behavior of firms and entrepreneurs; and the influence of the global context on the location, export and innovation behavior of firms in a knowledge economy. They also address critical questions that underpin the emerging knowledge economy: Why does human capital and talent tend to agglomerate in large urban regions? How does this agglomeration affect the location of different types of economic activities? How does this agglomeration affect regional growth? Presenting the state of the art in the field of knowledge economics, this book will prove a stimulating and challenging read for scholars and researchers with an interest in economics, business and management, and regional and urban studies. Contributors: M. Andersson, C. Autant-Bernard, P. Billand, G.A.S. Cook, U. Grasjo, J.J. Gutierrez, T. Hatori, B. Johansson, S. Johansson, C. Karlsson, K. Kobayashi, H. Loof, N. Massard, K. Matsushima, P. Nijkamp, D. Nilsson, K. Nystrom, M. Olsson, N.R. Pandit, M. Sahin, R.J. Stimson, R.R. Stough, A. TodirasTrade Review’As a collection of good papers by respectable authors in regional science, this book makes insightful reading.’ -- Roel Rutten, Environment and Planning B‘Charlie Karlsson, Börje Johansson and Roger R. Stough have collected a set of important articles on some of the most important factors determining the growth of contemporary regional economies. The focus of the book is on important growth determinants that are almost never mentioned in the standard analyses of economic growth. Entrepreneurship is discussed from theoretical as well as empirical points of view. The role of social capital as well as institutional governance are highlighted in chapters that ought to be read by all economists interested in the economic growth and development of regions.’ -- Åke E. Andersson, Jönköping International Business School, Jönköping, Sweden‘This is an exceptional work that is the result of an outstanding selection of the best papers on agglomeration and innovation given at the 10th anniversary of the Udevalla conference. It is the finest set of conference papers I have seen in the past 25 years. These are artfully woven together into three primary areas. The first focuses on the role of knowledge and innovation in entrepreneurship, the second incorporates the institutional environment, while the third looks at the international context. I recommend this collection to academics, students and all who are interested in the role of creativity and innovation in entrepreneurial development. Not only are these the very best researchers in the field, but the materials are presented in a clear and concise manner, making it an outstanding base for advanced courses in this area. This work combines some of the best writings by top-notch authors sharing the sharpest insight into the complex area of the role of human capital in structuring agglomerative advantages. I take my hat off to the fine editorial work represented in this volume.’ -- Kingsley E. Haynes, George Mason University, US‘The book provides a remarkable contribution on the role of human capital as major creator of knowledge, interpreted as abilities, capabilities, methods, creativity and persistency in identifying and solving problems by collecting, selecting, interpreting and applying existing knowledge and information. The laws of increasing returns to human capital - among which are urban agglomerations as magnets which attract persons who embody knowledge - are conceptually searched and empirically verified. The book answers questions such as: Why do highly educated people, i.e. the carriers of human capital, tend to concentrate in large agglomerations?; What are the agglomerative forces?; and How does this agglomeration of human capital impact different types of economic activities and in particular their location behaviour? Important normative implications are thus derived from such a collected effort.’ -- Roberta Capello, Politecnico di Milano, ItalyTable of ContentsContents: Preface 1. Introduction – Human Capital and Agglomeration Charlie Karlsson, Börje Johansson and Roger R. Stough PART I: HUMAN CAPITAL AND TALENT 2. Knowledge, Creativity and Regional Development Charlie Karlsson and Börje Johansson 3. Innovation and Space – from Externalities to Networks Corinne Autant-Bernard, Pascal Billand and Nadine Massard 4. The Development Potential of Urban Migrant Entrepreneurship – New Opportunity Seekers in the Netherlands Mediha Sahin, Alina Todiras and Peter Nijkamp 5. Innovation in Low- and Medium-Technology Manufacturing – The Role of Networks and Non-R&D Inputs Juan Julio Gutierrez 6. Endogenous Factors in Regional Performance: A Review of Research in Australia Robert J. Stimson 7. Free versus Monitored Job Search in Sweden Michael Olsson PART II: INSTITUTIONS 8. Regional Institutional Environment and New Firm Formation Kristina Nyström 9. Knowledge, Political Innovation and Referendum Tsuyoshi Hatori and Kiyoshi Kobayashi 10. Economic Evaluation of Pre- and Post-Discounting Fee Systems Kakuya Matsushima and Kiyoshi Kobayashi PART III: THE GLOBAL CONTEXT 11. Clustering and the Location of Multinational Enterprises: An Exploration of Financial Services in London Gary A.S. Cook and Naresh R. Pandit 12. Globalization and Distribution of Exports Börje Johansson and Désirée Nilsson 13. Firm Performance and International Trade – Evidence from a Small Open Economy Martin Andersson, Sara Johansson and Hans Lööf 14. Imports, R&D and Local Patent Production Urban Gråsjö Index

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Book SynopsisThis authoritative volume focuses on the rise of modern firms, from their early history to the present day. It considers the role of laws and contracts in shaping the growth and influence of business enterprises. It presents entrepreneurs, executives and the firms they controlled as driving actors in national economies and international growth. Alongside an original introduction the editors have selected work by scholars who have used corporate archives to explore the fine details of how firms actually operated. It also includes work by those who have been influenced by evolutionary, transaction-cost and resource-based theories of the firm. The book will be an essential source of reference for economic historians as well as industrial economists.Trade Review‘This timely collection by two of the world’s most eminent business historians reviews the evolution of the modern firm from a geographical and chronological perspective. It demonstrates definitively how the strategy and organisational structure of the firm, together with the legal framework in which it operates, has adapted to the challenges posed by the rise of the high-technology global economy.’Table of ContentsContents: Acknowledgements Introduction Geoffrey Jones and Walter A. Friedman PART I WHAT IS A FIRM? 1. Alfred D. Chandler, Jr. (1992), ‘What is a Firm? A Historical Perspective’ 2. Mira Wilkins (1986), ‘Defining a Firm: History and Theory’ 3. S.R.H. Jones (1997), ‘Transaction Costs and the Theory of the Firm: The Scope and Limitations of the New Institutional Approach’ PART II EARLY FIRMS 4. Karl James Moore and David Charles Lewis (2000), ‘Multinational Enterprise in Ancient Phoenicia’ 5. Constance Jones Mathers (1988), ‘Family Partnerships and International Trade in Early Modern Europe: Merchants from Burgos in England and France, 1470–1570’ 6. Ann M. Carlos and Stephen Nicholas (1988), ‘“Giants of an Earlier Capitalism”: The Chartered Trading Companies as Modern Multinationals’ PART III MODERN FIRMS 7. N. McKendrick (1960), ‘Josiah Wedgewood: An Eighteenth-Century Entrepreneur in Salesmanship and Marketing Techniques’ 8. Pat Hudson (1994), ‘Financing Firms, 1700–1850’ 9. Eric Hilt (2008), ‘When Did Ownership Separate from Control? Corporate Governance in the Early Nineteenth Century’ 10. Alfred D. Chandler, Jr. (1965), ‘The Railroads: Pioneers in Modern Corporate Management’ 11. Walter A. Friedman (1998), ‘John H. Patterson and the Sales Strategy of the National Cash Register Company, 1884 to 1922’ PART IV MATURE FIRMS 12. Edith T. Penrose (1960), ‘The Growth of the Firm – A Case Study: The Hercules Powder Company’ 13. Alfred D. Chandler, Jr. (1976), ‘The Development of Modern Management Structure in the US and UK’ 14. Richard Whittington, Michael Mayer and Francesco Curto (1999), ‘Chandlerism in Post-War Europe: Strategic and Structural Change in France, Germany, and the UK, 1950–1993’ 15. Robert F. Freeland (1996), ‘The Myth of the M-Form? Governance, Consent, and Organizational Change’ 16. Geoffrey Jones and Peter Miskell (2007), ‘Acquisitions and Firm Growth: Creating Unilever’s Ice Cream and Tea Business’ PART V VARIETIES OF FIRM 17. Madeleine Zelin (2009), ‘The Firm in Early Modern China’ 18. W. Mark Fruin (1980), ‘The Family as a Firm and the Firm as a Family in Japan: The Case of Kikkoman Shõyu Company Limited’ 19. Albert Carreras and Xavier Tafunell (1997), ‘Spain: Big Manufacturing Firms between State and Market, 1917–1990’ 20. Hartmut Berghoff (2006), ‘The End of Family Business? The Mittelstand and German Capitalism in Transition, 1949–2000’ PART VI LAW AND REGULATION 21. Peter L. Payne (1980), ‘Fields of Enterprise’ 22. Naomi R. Lamoreaux (1998), ‘Partnerships, Corporations, and the Theory of the Firm’ 23. William C. Kirby (1995), ‘China, Unincorporated: Company Law and Business Enterprise in Twentieth Century China’ 24. Aldo Musacchio (2008), ‘Can Civil Law Countries Get Good Institutions? Lessons from the History of Creditor Rights and Bond Markets in Brazil’ PART VII GLOBAL FIRMS 25. Mira Wilkins (1975), ‘Epilogue’ 26. Geoffrey Jones and Judith Wale (1998), ‘Merchants as Business Groups: British Trading Companies in Asia before 1945’ 27. Chiara Betta (2005), ‘The Trade Diaspora of Baghdadi Jews: From India to China’s Treaty Ports, 1842–1937’

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Book SynopsisOrthodox trade and growth theory, and the world's multilateral development institutions, extol the virtues of trade liberalisation and free trade for more rapid economic development of poor countries. However, the contemporary reality and history seem to tell a different story. The world economy has experienced an unprecedented period of trade liberalisation in the last thirty years, and yet international and global inequality is widening; domestic poverty (outside of China) is increasing; poor countries' exports have grown more slowly than their imports leading to balance of payments crises, and the so-called globalising economies of the world (excluding China and India) have fared no better, and in some cases worse, than those countries that have not liberalised so extensively. This book argues that orthodox theory is based on many unreal assumptions, and that there are sound economic arguments for selective protection of industrial activities in the early stages of economic development. The historical evidence of the now-developed countries also illustrates this fact.With supporting empirical evidence, this book provides a powerful theoretical critique of orthodox trade theory. It will be of great interest to students taking courses in international trade and development economics, as well as to professional economists and policymakers in international development institutions.Trade Review'This is a meticulously researched and well written book on a subject of immense contemporary academic and policy interest.' -- Prema-chandra Athukorala, Journal of Development Studies'The book is a valuable contribution to the analysis of the links between trade liberalisation, poverty and inequality . . . The book is a coherent piece of work offering an abundance of well-researched and argued information, effectively establishing it as a notable contribution to the investigation and understanding of this very important field. Therefore this book is highly recommended as an important publication for everyone interested in this field as it is a powerful guide to the complex questions that emerge when dealing with the issues of trade liberalisation and poverty elimination at international level.' -- Marios Koutsias, International Trade Law and Regulation'Thirlwall and Pacheco-LOpez's book makes its contribution by serving as a clearly written synthesis of a diversity of literatures on trade liberalization and its impacts on growth, inequality and wages, and poverty. . . . the book is an excellent one. It should be a required reading companion to any graduate-level trade course.' -- Kevin P. Gallagher, Journal of Human Development and Capabilities'This book breaks out of the standard distinction between "free trade" and "protectionism", and shows how to think constructively about trade policy as an instrument of national economic strategy. It is highly recommended for those who wish to think beyond orthodoxy, and especially for those in developing countries who wish to influence negotiations with developed countries and western-based international organisations.' -- Robert Wade, London School of Economics, UKTable of ContentsContents: Preface 1. The Theory and Measurement of Trade Liberalisation 2. Trade Liberalisation, Trade Performance and Economic Growth 3. Trade Liberalisation and International Inequality 4. Trade Liberalisation, Poverty and Domestic Inequality 5. Trade Strategy and Economic Development Bibliography Index

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Book SynopsisThis Handbook provides an authoritative overview of current research in the field of cost-benefit analysis and is designed as a starting point for those interested in undertaking advanced research. The Handbook contains major contributions to the development of the field, focussing on standard microeconomic policy evaluations, the relatively neglected area of macroeconomic policy and its integration into a formal CBA framework, and dynamic considerations in CBAPresenting insights from many influential thinkers, and edited by a leading academic in the field, this comprehensive work will prove an invaluable reference tool for economists, researchers and scholars.Trade Review'Anyone interested in cost-benefit analysis will find this anthology valuable.' -- E. Kacapyr, Choice'This book breathes new life into an old but intellectually robust field by applying the principles of cost-benefit analysis to contemporary issues such as drug-abuse treatment, active labor market programs, tobacco addiction, financial regulation, malnutrition and corruption. Several chapters link cost-benefit analysis to other techniques such as cost-effectiveness and impact evaluation. The book will be valuable to scholars wanting to do further research in the field, as well as to consumers of cost-benefit analysis - those who need to know the underpinnings of what their analysts give them.' -- Shanta Devarajan, The World Bank, US'This is a very nice and very useful set of articles on cost-benefit applications. The book will be particularly useful for students but also for professionals interested in keeping up with the state of applied work. I will use some of the articles in my class. Brent's introduction is also well done.' -- Richard O. Zerbe, University of Washington, USTable of ContentsContents: Preface PART I: INTRODUCTION 1. Overview of the Field and the Contributions in the Handbook Robert J. Brent PART II: MICROECONOMIC EVALUATIONS 2. Cost–Benefit Analysis for Health Peter Zweifel and Harry Telser 3. Cost–Benefit Analysis of Drug Abuse Treatment William S. Cartwright 4. Can Cost–Benefit Analysis Guide Education Policy in Developing Countries? Emmanuel Jimenez and Harry Anthony Patrinos 5. Cost–Benefit Analysis in Transport: Recent Developments in Rail Project Appraisal in Britain Chris Nash and James Laird 6. Cost–Benefit Analysis of Environmental Projects and the Role of Distributional Weights Robert J. Brent and Booi Themeli 7. Cost–Benefit Analysis Applied to Labour Market Programmes Michele Campolieti and Morley Gunderson 8. Regulation and Cost–Benefit Analysis Franco Papandrea 9. Can Cost–Benefit Analysis of Financial Regulation be Made Credible? Patrick Honohan PART III: MACROECONOMIC EVALUATIONS 10. The Welfare Effects of Inflation: A Cost–Benefit Perspective Karl-Heinz Tödter and Bernhard Manzke 11. Cost–Benefit Analysis of Economic Globalization Clem Tisdell 12. Poverty Alleviation Programs and their Impacts: A Survey Jyotsna Jalan 13. Too Hungry to Read: Is an Education Subsidy a Misguided Policy for Development? Parantap Basu 14. Project Finance and Cost–Benefit Analysis Peggy B. Musgrave 15. Cost–Benefit Analysis and the Evaluation of the Effects of Corruption on Public Projects Robert J. Brent PART IV: DYNAMIC EVALUATIONS 16. Social Security and Future Generations Hans Fehr and Øystein Thøgersen 17. Irreversible Investments: A Cost–Benefit Perspective Rati Ram and Rajeev K. Goel 18. Pro-Growth, Pro-Poor: Is There a Trade-off? J. Humberto Lopez 19. The Value of the 1964 Surgeon General’s Report Frank Chaloupka and Richard M. Peck Index

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

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Book SynopsisMicroeconomics, Growth and Political Economy is the first of two volumes which collect together many of Professor Lipsey's writings on economics, some of which are previously unpublished or currently inaccessible. This book contains papers on economic growth and technical change, monetary and value theory, the theory of second best, international trade theory, political economy and methodology. A separate book, On the Foundations of Monopolistic Competition and Economic Geography, contains works on oligopoly and location theory, all coauthored with Curtis Eaton.The book begins with a new autobiographical introduction to the intellectual development, personal achievements and the fields of interest of Richard G. Lipsey and is divided into five parts. The first part considers various aspects of economic growth and technical change taking into account the structuralist view, markets and the globalization of the economy. Part two is concerned with the microeconomic issues of second-best theory and monetary and value theory. The third part looks at trade theory and surveys customs unions and competitiveness. Political economy is considered in the fourth part, which contains essays on topics such as the balance of payments, the survival of the market economy, international liquidity theory and American trade policy. The final part features papers on methodology.Microeconomics, Growth and Political Economy is an essential reference companion to the work of Richard G. Lipsey, one of the most important economists of our generation.Trade Review'Therefore, these four books published by Edward Elgar will be at the reference desks of all good economic libraries. In addition, the book on monopolistic competition and economic geography needs to enter all reading lists on the currently hottest topic in economics.'Table of ContentsContents: Introduction Part I: Growth from a Microeconomic Point of View Part II: Value Theory Part III: International Trade Theory Part IV: Political Economy Part V: Methodology Name Index

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Book SynopsisThis major three volume work contains 54 key papers which reflect the invigoration, innovation and imagination that has characterized the field of microeconomics during the last 50 years. The selections range from literary treatments to the most advanced mathematical presentations. However all readers, regardless of their mathematical sophistication or methodological predilections, will find a large number of the papers interesting and worthwhile in giving an overview of the present state of microeconomics and providing guides to the literature of specialities of particular interest.Each one of these carefully structured volumes contains an introduction which offers the reader a brief discussion of the nature and significance of the contributions of each selection. Where worthwhile, cross references to other relevant selections are included in the summary. It is hoped that the reader's task will be aided materially by this systematization and concise discussions of the selections.This landmark book is an essential reference guide for professors, researchers and students concerned with the major innovations and advances in microeconomics.Table of ContentsVolume I: CONTENTS General Introduction Introduction Part I: The Methodology of Microeconomic Theory The Structure of Economic Theory 1. Herber A Simon (1959), 'Theories of Decision-Making in Economics and Behavioral Science' 2. Ernest Nagel (1963), 'Assumptions in Economic Theory' 3. Donald N. McCloskey (1983), 'The Rhetoric of Economics' The Analytical Use of Microeconomic Models 4. Paul A. Samuelson (1941), 'The Stability of Equilibrium' 5. Eugene Silberg (1974), ' A Revision of Comparative Statics Methodology in Economics' 6. G.C. Archibald (1965), 'The Qualitative Content of Maximizing Models' Part II: Consumer Decision Making Newer Developments Within the Neoclassical Framework 7. Gary S. Becker (1965), 'A Theory of the Allocation of Time' 8. Harvey Leibenstein (1950), 'Bandwagon, Snob, and Veblen Effects in the Theory of Consumers' Demand' Part III: Production and Cost Functions Analytical Fittings to Empirical Forms 9. A.A. Walters (1963), 'Production and Cost Functions: An Econometric Survey' Part IV: The Pricing of Factor Services Firms and Industry Behavior 10. Gary S. Becker (1962), 'Investment in Human Capital: A Theoretical Analysis' 11. Michael Spence (1973), 'Job Market Signalling' 12. Joseph E. Stiglitz (1974), 'Alternative Theories of Wage Determination and Unemployment in LDC's: The Labor Turnover Model' 13. Harold Hotelling (1931), 'The Economics of Exhaustible Resources' 14. Anthony Scott (1955), 'The Fishery: The Objectives of Sole Ownership' 15. William D. Nordhaus (1973), 'World Dynamics: Measurement without Data' Volume II: Contents General Introduction Introduction Part I: The Firms's Price Strategies in Alternative Market Structures Perfect Competition 1. Paul R. Milgrom and Robert J. Weber (1982), 'A Theory of Auctions and Competitive Bidding' 2. George J. Stigler (1957), 'Perfect Competition, Historically Contemplated' Monopolistic Competition 3. Dennis R. Capozza and Robert Van Order (1978), 'A Generalized Model of Spatial Competition' Oligopoly 4. Andrew Schotter and Gerhard Schwödiauer (1980), 'Economics and the Theory of Games: A Survey' 5. Timothy F. Bresnahan (1981), 'Duopoly Models With Consistent Conjectures' 6. Robert E. Kuenne (1980), 'Duopoly Reaction Functions Under Crippled Optimization Regimes' Part II: The Firm's Non-Price Competitive Strategies Advertising, Marketing and Promotion 7. William S. Comanor and Thomas A. Wilson (1979), 'The Effect of Advertising on Competition: A Survey' Product Differentiation 8. Avinash K. Dixit and Joseph E. Stiglitz (1977), 'Monopolistic Competition and Optimum Product Diversity' 9. Michael Spence (1976), 'Product Selection, Fixed Costs, and Monopolistic Competition' Product Quality and Innovation 10. Martin I Kamien and Nancy L. Schwartz (1975), 'Market Structure and Innovation: A Survey' Spatial Location 11. B. Curtis Eaton and Richard G. Lipsey (1975), 'The Principle of Minimum Differentiation Reconsidered: Some New Developments in the Theory of Spatial Competition. Part III: Information Flows Implications for the Behaviour of Firms and Markets 12. Jack Hirschleifer and John G. Riley (1979), 'The Analytics of Uncertainty and Information—An Expository Survey' 13. Michael Rothschild (1973), 'Models of Market Organization With Imperfect Information: A Survey' Part IV: Uncertainty Implications for the Behaviour of Agents and Markets 14. John W. Pratt (1964), 'Risk Aversion in the Small and in the Large' 15. Stephen A. Ross (1973), 'The Economic Theory of Agency: The Principal's Problem' 16. Kenneth J. Arrow (1963), 'Uncertainty and the Welfare Economics of Medical Care' Part V: Market Adjustment Mechanisms Cobweb Adjustments 17. Kenneth J. Arrow and William M. Capron (1959), 'Dynamic Shortages and Price Rises: The Engineer-Scientist Case' Volume III General Introduction Introduction Part I: Market Interaction: General Microeconomic Equilibrium Theory Measuring the Efficiency of the Perfectly Competitive Market Economy 1. Armen A. Alchian (1953), 'The Meaning of Utility Measurements' 2. Robert D. Willig (1976), 'Consumer Surplus Without Apology' 3. Arnold C. Harberger (1954), 'Monopoly and Resource Allocation' 4. Keith Cowling and Dennis C. Mueller (1978), 'The Social Costs of Monopoly Power' Social Welfare and Distributive Equity 5. Nicholas Kaldor (1939), 'Welfare Propositions of Economics and Interpersonal Comparisons of Utility' 6. Tibor de Scitovsky (1942), 'A Note on Welfare Propositions in Economics' 7. Kenneth J. Arrow (1950), 'A Difficulty in the Concept of Social Welfare' 8. Carl Christian von Weizäcker (1973), 'Modern Capital Theory and the Concept of Exploitation' Existence and Uniqueness of Static General Equilibrium 9. Abraham Wald (1951), 'On Some Systems of Equations of Mathematical Economics' 10. Kenneth J. Arrow and Gerard Debreu (1954), 'Existence of an Equilibrium for a Competitive Economy' Stability of General Equilibria and Systems 11. Kenneth J. Arrow and Leonoid Hrwicz (1958), 'On the Stability of the Competitive Equilibrium' Intertemporal General Equilibrium 12. John von Neumann (1945-46), 'A Model of General Economic Equilibrium' Part II: Market Differences and the Role of Government Externalities and Property Rights 13. Garret Hardin (1968), 'The Tragedy of the Commons' 14. Harold Demsetz (1967), 'Toward a Theory of Property Rights' 15. Steven N.S. Cheung (1973), 'The Fable of the Bees: An Economic Investigation' 16. Bruce M. Johnson (1964), 'On the Economics of Road Congestion' Declining Average Costs 17. Aubrey Silbertson (1972), 'Economies of Scale in Theory and Practice' Public Goods and Public Choice 18. Paul A. Samuelson (1954), 'The Pure Theory of Public Expenditure' 19. James M. Buchanan (1965), 'An Economic Theory of Clubs' Government Regulation 20. Richard A. Posner (1974), 'Theories of Economic Regulation' 21. Harvery Averch and Leland L. Johnson (1962), 'Behavior of the Firm Under Regulatory Constraint' The Social Discount Rate 22. Kenneth J. Arrow and Robert C. Lind (1970), 'Uncertainty and the Evaluation of Public Investment Decisions' Name Index

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Book SynopsisThis important reference book provides a non-partisan introduction to rational expectations, traces its evolution through three decades, and puts a comprehensive annotated bibliography at the reader's fingertips. In the lengthy introduction, Redman examines in a non-technical way what it means to form expectations of variables rationally, explores the concept's ambiguities, and considers the numerous criticisms the concept has raised. She discusses the evolution of the concept with an emphasis on its association with new classical economics, reviews briefly the empirical findings and obstacles to testing rational expectations and puts the development into perspective within a broader scope of economics in general.The second part provides the reader with an annotated bibliography of over 470 significant books and articles on rational expectations.A Reader's Guide to Rational Expectations will be an essential reference guide for all economists who wish to keep abreast of the most recent developments in economic theory.Trade Review'This is a concise and balanced overview of the theory of rational expectations and its impact upon modern macroeconomic analysis. This text begins with a well-organized, well-written and non-technical introduction into rational expectations. The text also includes a comprehensive, although non-exhaustive, list of major and influential books, articles and reviews of rational expectations published from 1961 through 1989.' -- Timothy E. Sullivan, American Reference Book Annual'. . . provides the most comprehensive bibliography of the literature that I have yet come across. It will be particularly useful for graduate students who are trawling the literature for relevant material.' -- David Demery, The Economic JournalTable of ContentsA reader's guide to rational expectations; critique - what's wrong with the narrow version of rational expectations?; what about stabilization policy - the new classical school; is the rational expectations controversy merely a debate over market-clearing and non-market-clearing models?; what the evidence shows; a comprehensive annotate bibliography.

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Book SynopsisThe theory of the firm is one of the most exciting fields of current economic research. Transaction cost theory, agency theory, contract theory and competency-based theories have all made important contributions. Both the classic and key contemporary papers are included hence The Theory of the Firm gathers together in one volume the major key thinking within the literature.The main topics covered are the scope and boundaries of the firm, international organization and information costs, vertical integration, growth competence and flexibility, the employment relation, inter-firm collaboration and networking. A substantial analytical introduction by Mark Casson provides a state-of-the-art review of current thinking in the area.Trade Review'The theory of the firm is the subject of a particularly large body of literature in economics. To select a balanced volume, therefore, is very challenging. The publisher of this book managed to find an able editor for this volume in the person of Mark Casson, who brings to bear a deep understanding of the literature. In addition to selecting a set of readings that gives the reader a complete overview of the development and current state into thematic sections that provide an excellent perspective, even for the established researcher in this field. . . . Scholars in both economics and management will find this collection a valuable resource.' -- Ram Mudambi, Transnational CorporationsTable of Contents36 articles, dating from 1923 to 1995 Contents: Introduction Part I: The Nature of the Firm Part II: Organization and Hierarchy Part III: Vertical Integration Part IV: Competence, Flexibility and Growth Part V: Inter-Firm Cooperation and Networking Part VI: Historical Perspectives Index

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Book SynopsisIn this important book, Gerard Dumenil and Dominique Levy assess the impact of the profit rate on modern economies, its role in the allocation of resources among industries, its influence on business fluctuations, and its relation to accumulation, technological change and wages.The Economics of the Profit Rate presents a broad synthesis of recent work and builds on classical theory, using the tools of modern economics, to suggest alternative approaches to conventional microeconomics and macroeconomics. In sharp contrast to the general equilibrium theory, the emphasis is placed on dynamics and the reaction of individual agents to disequilibrium. This impressive book includes an assessment of the history of the US economy in which theoretical and empirical analyses are consistently combined.Trade Review'This treatise should be read by Sraffian, post Keynesian, Kaleckian, Marxian, and even Walrasian economists interested in deeper theory and more extensive empirical work.'Table of ContentsPart 1 The profit rate: the economics of the profit rate - a summary; definitions and measures of the profit rate. Part 2 Competition and prices of production: prices of production; long-term equilibrium in classical and Walrasian models; the classical analysis of competition; convergence? Part 3 General disequilibrium: a general disequilibrium model; development of the basic model; proportions and dimension in the short and long terms; out of the mainstream. Part 4 Stability and business fluctuations: the real and monetary determinants of macro (in)stability; the impact of the profit rate on the macroeconomy; business fluctuations in other paradigms. Part 5 Technology and distribution - a historical perspective: the historical profile of the profit rate; historical tendencies; accumulation and growth; profitability trends. Part 6 History: profitability and management; a chronological overview; the historical dynamics of capitalism.

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Book SynopsisTraditional aggregate theories of the business cycle, Keynesian or the neoclassical, have not succeeded in explaining the severe down turns in the United States and other advanced economies. New Perspectives on Business Cycles proposes a theory that economic inequality and heterogeneity in a market economy may be an important influence on business cycles. The author, Satya Das, provides for the first time a systematic assessment of possible links between business cycles and changes in the distribution of income and wealth.Arguing that changes in the distribution of wealth and income in a private market economy can generate variations in the aggregate output, Professor Das uses a series of models to relate economic inequalities across households to fluctuations in the economy. In particular, he argues that severe inequities in wealth and income distribution can lead to fluctuations in a macroeconomy, with important implications for the financial markets. Empirical evidence from the post-war US economy is presented in support of this theory.Trade Review’This interesting book argues that traditional aggregate theories of the business cycle have not succeeded in explaining the recent downturn in advanced Western economies, and proposes that economic inequality and heterogeneity are important influences on business cycles. . . . Overall this is a valuable contribution to the literature on business cycles which merits careful study.’Table of ContentsContents: 1. Introduction 2. Basic Premises and Methodology 3. Inequality, Heterogeneity and Business Cycles in Models of Capital Accumulation 4. Heterogeneity, Redistributive Lobbying and Business Cycles 5. Firm Heterogeneity and Business Cycles 6. Inequality, Heterogeneity and Business Cycles via Aggregate Demand 7. Inequality, Demand for Stocks and Demand for Money 8. Inequality, and the Stability of the Banking Sector 9. Preliminaries: Available Data and Correlations 10. Linkage of Income Inequality to Aggregate Output, Unemployment, Demand for Money and Stock Price: Postwar US

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Book SynopsisA key element in the development and competitiveness of businesses rest on the management and enhancement of 'human resource'. Although it is a subject very much in vogue, the organisation of human resources is too rarely grounded in the relevant historical and comparative contexts which shape their practice. Furthermore, there is a need to counter the over-simplistic 'one best way' views and management exhortation so common to this topic, and historical comparisons offer insight into the nature, scale and long-term impact of trends, whilst uncovering the complex interaction of differing circumstance and 'optimum practice'.This important new two volume set presents key reading in paternalism and industrial welfare; employee relations and the professionalisation of management; Taylorism and flexibility: technological change and the division of labour; industrial training and skills; and labour and politics are covered in a theoretically informed and critical fashion.Trade Review'Both [volumes] will no doubt be of more than marginal interest to both teachers and students of management, even some practising HR managers, a number of whom are possibly readers of this journal. They will be, for example, ready-at-hand for the tutor when assembling reading material for the HRM section of an MBA course.'Table of Contents25 articles, dating from 1910 to 1995 Contents: Volume I: Introduction by the Editors Part I: Paternalism and Industrial Welfare Part II: Employment Relations and the Professionalisation of Management Part III: From Taylorism to Flexibility? • Volume II: Part I: Technological Change and the Division of Labour Part II: Industrial Training and Skills Part III: Labour and Politics

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Book SynopsisIn this important and original book, Professor Sylos Labini offers an analysis of growth that is at once theoretical, historical and statistical. The central aim of neoclassical economics has been to discover the equilibrium values of prices, incomes, employment and production. Economic Growth and Business Cycles, by contrast, seeks to understand the logic behind the movement of these quantities over time. Drawing upon a tradition in economics which dates from Adam Smith, while making use of modern analytical techniques, Sylos Labini views the process of growth as central to economic theory. Economic growth is seen not as a systematic increase of output conceived as an homogeneous aggregate, but rather as a process of structural change, affecting the composition of employment and bringing about changes in market forms, output, income distribution and the system of prices.Economic Growth and Business Cycles will be welcomed by students and teachers of economics who wish to become acquainted with an original approach to the process of growth.Table of ContentsSraffa's critique of the Marshallian theory of prices; the great debates on the laws of returns and the value of capital - when will economists finally accept their own logic?; long-run changes in the wage and price mechanisms and the process of growth; the general theory - critical reflections suggested by some important problems of our time; new aspects of the cyclical development of the economy; the changing character of the so-called business cycle; oligopoly - static and dynamic analysis; the theory of unemployment, too, is historically conditioned; technical progress, unemployment, and economic dynamics; "capitalism, socialism and democracy" and large-scale firms.

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Book SynopsisMicroeconomics for Business and Marketing is an innovative new text for intermediate-level students of microeconomics which offers a series of alternative approaches to economic analysis."And now for something completely different". So starts the preface to Peter Earl's new book. And he is right. He has put together a superbly interesting, intellectually challenging book. It is a book that covers not only the basics of intermediate microeconomics, but also relates microeconomics both to real world business decisions and to the literature wherein the ideas developed. An intermediate micro student who masters this book will be a well trained student.Earl's book will be useful not only to intermediate students, but, perhaps even more so, to graduate students and to faculty teaching intermediate micro and managerial economics. It gives microeconomics both an intellectual context and institutional context for microeconomics. It also contains a wealth of real world examples and discussions of how microeconomic reasoning applies to business. The wealth of essays and problems in the book will be challenging to everyone.This textbook is especially relevant to students of business and commerce since it emphasises practical problem solving and helps readers develop skills in choosing appropriate theoretical 'tools' to deal with particular types of 'real world' problems. While other microeconomics texts focus on mainstream technical set pieces, this book explores, compares and contrasts the tools of both mainstream microeconomic analysis and the behavioural/new institutionalist approaches associated with recent Nobel Laureates Herbert Simon and Ronald Coase. This wider theoretical coverage enables a broader range of practical topics to be addressed, including policy implications of consumer decision processes, and the economics of corporate strategy.Key features of this book include: Worked essays and case study questions within the chapters, as well as post-mortem' reports on examination questions that have been set to classes using this material. Overview chapters on theories of decision-making and consumer choice and theories of business behaviour. Extensive coverage of the economics of uncertainty, including scenario planning, bargaining and competitive games. Emphasizes and analyses on the significance of technological change, and the variety of methods used to organize modern business activities, such as franchising, joint ventures and multinational enterprises. Microeconomics for Business and Marketing is a wide-ranging, innovative textbook which will stimulate students and teachers alike. It will be of particular relevance to students of marketing, commerce and business strategy. Specifically designed with today's larger class sizes in mind, the book encourages students to question and to develop both analytical and written skills, as well as to use economics as a tool for problem solving.Trade Review'Microeconomics for Business and Marketing is an extremely impressive piece of work. I would go so far as to say that it is without any doubt the best textbook on microeconomics which is available, both in terms of the range of material covered and in the way in which it is presented so clearly. It will be useful for non-specialist economics students, because it shows them that economics, when done properly, can say some interesting things without making ridiculous assumptions. And specialists will benefit from having such a wide range of material made accessible in a single text. I would recommend it without hesitation.' -- Paul Ormerod, author of The Death of Economics and Consultant, Henley Centre for Forecasting'The book's most remarkable property is the combination of traditional neoclassical micoreconomics with alternative approaches such as the behavioural theory and elements of post Keynesian theory. Therefore the book is especially useful for students who want to go beyond mainstream economics and who want to make acquaintance with minority views.' -- Thorsten Posselt, Kyklos'If you are looking for a book with which to teach microeconomics as truth embodied in two dimensional graphs, this book is not for you. If you are looking for a book that will help you teach microeconomics as a reasoning process - an an engine of analysis with which to consider real world problems - you will want to look at this book. It is a superb addition to the literature.' -- David C. Colander, Middlebury College, US'How refreshing to encounter a textbook that interweaves, in balanced fashion, the sharp tools of neoclassical price theory with an empirically based account of the real world of economic decision making. Professor Earl shows how neoclassical and behavioural theory, used in careful combination, yield much more than the sum of their separate parts. Although the book is stated to be "for business and marketing", it provides a distinctly superior alternative to the narrow neoclassical treatments of general microeconomics that now dominate instruction in that subject.' -- Herbert A. Simon, Carnegie Mellon University, US'This is an extremely interesting book which incorporates behavioural material with the standard theory. Peter Earl has written a textbook that stands alone. It is unique. It is an important book for education in economics and business and contributes to a greater understanding of basic economic theory.' -- Richard M. Cyert, Carnegie Mellon University, US'A first-class and unique textbook which presents a wide range of material whilst encouraging students to question, to develop analytical and written skill and to use economics as a tool for problem solving.' -- Aslib Book Guide'. . . Earl is definitely one for the lecturer's collection . . . It undoubtely deserves a wide audience as it combines precision with innovation.' -- R. Woodfield, British Review of Economic Issues'This is one of the most challenging, exciting and interesting microeconomics textbooks I have come across for a long time. I will adopt it for my Honours Applied Microeconomics course as essential reading.' -- A. Antoniou, The Philips College, CyprusTable of ContentsContents: 1. Introduction: Alternative Ways of Learning about Microeconomics 2. Theories of Choice: An Overview 3. The Neoclassical Theory of Consumer Behaviour 4. Behavioural Perspectives on Decision-Making 5. Risk and Uncertainty 6. Theories of Firms and Markets: An Overview 7. Production Methods and Productivity 8. Price and Output Decisions (1): From Marshall to Marginalism 9. Price Theory (2): Modern Variations on Marshall and Marginalism 10. The Coordination of Economic Activities 11. Economics of Corporate Strategy and Structure Bibliography Index

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Book SynopsisMicroeconomics for Business and Marketing is an innovative new text for intermediate-level students of microeconomics which offers a series of alternative approaches to economic analysis."And now for something completely different". So starts the preface to Peter Earl's new book. And he is right. He has put together a superbly interesting, intellectually challenging book. It is a book that covers not only the basics of intermediate microeconomics, but also relates microeconomics both to real world business decisions and to the literature wherein the ideas developed. An intermediate micro student who masters this book will be a well trained student.Earl's book will be useful not only to intermediate students, but, perhaps even more so, to graduate students and to faculty teaching intermediate micro and managerial economics. It gives microeconomics both an intellectual context and institutional context for microeconomics. It also contains a wealth of real world examples and discussions of how microeconomic reasoning applies to business. The wealth of essays and problems in the book will be challenging to everyone.This textbook is especially relevant to students of business and commerce since it emphasises practical problem solving and helps readers develop skills in choosing appropriate theoretical 'tools' to deal with particular types of 'real world' problems. While other microeconomics texts focus on mainstream technical set pieces, this book explores, compares and contrasts the tools of both mainstream microeconomic analysis and the behavioural/new institutionalist approaches associated with recent Nobel Laureates Herbert Simon and Ronald Coase. This wider theoretical coverage enables a broader range of practical topics to be addressed, including policy implications of consumer decision processes, and the economics of corporate strategy.Key features of this book include: Worked essays and case study questions within the chapters, as well as post-mortem' reports on examination questions that have been set to classes using this material. Overview chapters on theories of decision-making and consumer choice and theories of business behaviour. Extensive coverage of the economics of uncertainty, including scenario planning, bargaining and competitive games. Emphasizes and analyses on the significance of technological change, and the variety of methods used to organize modern business activities, such as franchising, joint ventures and multinational enterprises. Microeconomics for Business and Marketing is a wide-ranging, innovative textbook which will stimulate students and teachers alike. It will be of particular relevance to students of marketing, commerce and business strategy. Specifically designed with today's larger class sizes in mind, the book encourages students to question and to develop both analytical and written skills, as well as to use economics as a tool for problem solving.Trade Review'Microeconomics for Business and Marketing is an extremely impressive piece of work. I would go so far as to say that it is without any doubt the best textbook on microeconomics which is available, both in terms of the range of material covered and in the way in which it is presented so clearly. It will be useful for non-specialist economics students, because it shows them that economics, when done properly, can say some interesting things without making ridiculous assumptions. And specialists will benefit from having such a wide range of material made accessible in a single text. I would recommend it without hesitation.' -- Paul Ormerod, author of The Death of Economics and Consultant, Henley Centre for Forecasting'The book's most remarkable property is the combination of traditional neoclassical micoreconomics with alternative approaches such as the behavioural theory and elements of post Keynesian theory. Therefore the book is especially useful for students who want to go beyond mainstream economics and who want to make acquaintance with minority views.' -- Thorsten Posselt, Kyklos'If you are looking for a book with which to teach microeconomics as truth embodied in two dimensional graphs, this book is not for you. If you are looking for a book that will help you teach microeconomics as a reasoning process - an an engine of analysis with which to consider real world problems - you will want to look at this book. It is a superb addition to the literature.' -- David C. Colander, Middlebury College, US'How refreshing to encounter a textbook that interweaves, in balanced fashion, the sharp tools of neoclassical price theory with an empirically based account of the real world of economic decision making. Professor Earl shows how neoclassical and behavioural theory, used in careful combination, yield much more than the sum of their separate parts. Although the book is stated to be "for business and marketing", it provides a distinctly superior alternative to the narrow neoclassical treatments of general microeconomics that now dominate instruction in that subject.' -- Herbert A. Simon, Carnegie Mellon University, US'This is an extremely interesting book which incorporates behavioural material with the standard theory. Peter Earl has written a textbook that stands alone. It is unique. It is an important book for education in economics and business and contributes to a greater understanding of basic economic theory.' -- Richard M. Cyert, Carnegie Mellon University, US'A first-class and unique textbook which presents a wide range of material whilst encouraging students to question, to develop analytical and written skill and to use economics as a tool for problem solving.' -- Aslib Book Guide'. . . Earl is definitely one for the lecturer's collection . . . It undoubtely deserves a wide audience as it combines precision with innovation.' -- R. Woodfield, British Review of Economic Issues'This is one of the most challenging, exciting and interesting microeconomics textbooks I have come across for a long time. I will adopt it for my Honours Applied Microeconomics course as essential reading.' -- A. Antoniou, The Philips College, CyprusTable of ContentsContents: 1. Introduction: Alternative Ways of Learning about Microeconomics 2. Theories of Choice: An Overview 3. The Neoclassical Theory of Consumer Behaviour 4. Behavioural Perspectives on Decision-Making 5. Risk and Uncertainty 6. Theories of Firms and Markets: An Overview 7. Production Methods and Productivity 8. Price and Output Decisions (1): From Marshall to Marginalism 9. Price Theory (2): Modern Variations on Marshall and Marginalism 10. The Coordination of Economic Activities 11. Economics of Corporate Strategy and Structure Bibliography Index

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Book SynopsisThe Economics of Location traces developments in location theory, the economics of space and value and spatial microeconomics from its early beginnings in the work of von Thunen to the most recent applications in modern industrial organization and international trade.Trade Review'These edited volumes will prove important additions to teaching libraries at those institutions where backruns of material are scant; offer a convenient access point to those moving into the field; and, for the specialist, they offer important reference material.' -- Kenneth Button, The Economic JournalTable of ContentsTHE ECONOMICS OF LOCATION I CONTENTS PART I LEAST COST LOCATION THEORY 1. Mark Blaug (1979), ‘The German Hegemony of Location Theory: A Puzzle in the History of Economic Thought’ 2. Benjamin H. Stevens (1967), ‘Location Theory and Programming Models: The von Thünen Case’ 3. Paul A. Samuelson (1983), ‘Thünen at Two Hundred’ 4. François Louveaux, Jacques-François Thisse and Hubert Bequin (1982), ‘Location Theory and Transportation Costs’ 5. Morris Altman (1986), ‘Resource Endowments and Location Theory in Economic History:: A Case Study of Quebec and Ontario at the Turn of the Twentieth Century’ 6. Jeffrey P. Osleeb and Robert G. Cromley (1978), ‘The Location of Plants of the Uniform Delivered Price Manufacturer: A Case Study of Coca-Cola Ltd.’ 7. Hisao Nashioka (1962), ‘A Reconsideration of the Economic Location Theory - A Note On Characteristics of the Location Theory’ 8. Donald W. Jones and John R. Krummel (1987), ‘The Location Theory of the Plantation’ 9. Jan Nowak and Hanna Romanowska (1985), ‘Locational Patterns of the Food-Processing Industry in Poland’ PART II LOCATIONAL INTERDEPENDENCE AND MARKET AREAS 10. A. P. Lerner and H. W. Singer (1967), ‘Some Notes on Duopoly and Spatial Competition’ 11. Frank A. Fetter (1924), ‘The Economic Law of Market Areas’ 12. Morris A. Copeland (1940), ‘Competing Products and Monopolistic Competition’ 13. James V. Pinto (1977), ‘Launhardt and Location Theory: Rediscovery of a Neglected Book’ 14. Melvin L. Greenhut (1952), ‘Integrating the Leading Theories of Plant Location’ 15. R. P. Oakey and S. Y. Cooper (1989), ‘High Technology Industry, Agglomeration and the Potential for Peripherally Sited Small Firms’ 16. Brian J. L. Berry and William L. Garrison (1958), ‘A Note on Central Place Theory and the Range of a Good’ 17. W. Arthur Lewis (1945), ‘Competition in Retail Trade’ 18. Melvin L. Greenhut (1952), ‘The Size and Shape of the Market Area of a Firm’ 19. August Lösch (1938), ‘The Nature of Economic Regions’ 20. John M. Hartwick (1973), ‘Lösch’s Theorem on Hexagonal Market Areas’ 21. Toshiharu Ishikawa and Masao Toda (1990), ‘Spatial Configurations, Competition and Welfare’ 22. A. de Palma, V. Ginsburgh, Y.Y. Papageorgiou and J.-F. Thisse (1985), ‘The Principle of Minimum Differentiation Holds under Sufficient Heterogeneity’ 23. Ali al-Nowaihi and George Norman (1992), ‘Spatial Competition by Quantity-Setting Firms: A Comparison of Simultaneous and Two-Stage Quantity-Location Games’ 24. Melvin L. Greenhut (1955), ‘A General Theory of Plant Location’ 25. Jacques-François Thisse (1987), ‘Location Theory, Regional Science, and Economics’ 26. Gardiner Ackley (1942), ‘Spatial Competition in a Discontinuous Market’ 27. Walter Isard (1949), ‘The General Theory of Location and Space-Economy’ 28. Chao-Cheng Mai and Hong Hwang (1992), ‘Production-Location Decision and Free Entry Oligopoly’ 29. Edward C. Prescott and Michael Visscher (1977), ‘Sequential Location Among Firms with Foresight’ 30. C. d’Aspremont, J. Jaskold Gabszewicz and J.-F. Thisse (1979), ‘On Hotelling’s “Stability in Competition”’ 31. Yeung-Nan Shieh (1990), ‘FOB Mill Pricing and Plant Location When Demand is Linear but Non-Uniform’ 32. Michael Webber and S.P.H. Foot (1988), ‘Profitability and Accumulation’ 33. Phillip J. Lederer (1994), ‘Competitive Delivered Pricing and Production’ 34. Martin J. Beckmann (1976), ‘Spatial Price Policies Revisited’ 35. Phillip J. Lederer and Arthur P. Hurter (1986), ‘Competition of Firms: Discriminatory Pricing and Location’ 36. Melvin L. Greenhut (1957), ‘Games, Capitalism and General Location Theory’ THE ECONOMICS OF LOCATION II CONTENTS PART I SPATIAL PRICING: FOB AND DISCRIMINATORY 1. Martin J. Beckmann and Charles A. Ingene (1978), ‘The Profit Equivalence of Mill and Uniform Pricing Policies’ 2. A. de Palma, M. Labbé and J. -F. Thisse (1986), ‘On the Existence of Price Equilibria Under Mill and Uniform Delivered Price Policies’ 3. Edgar M.J. Hoover Jr. (1936-37), ‘Spatial Discrimination’ 4. John G. Greenhut and M.L. Greenhut (1975), ‘Spatial Price Discrimination, Competition and Locational Effects’ 5. George Normal (1981), ‘Spatial Competition and Spatial Price Discrimination’ 6. Dennis R. Capozza and Robert Van Order (1978), ‘A Generalized Model of Spatial Competition’ 7. George Normal (1981), ‘Uniform Pricing as an Optimal Spatial Pricing Policy’ 8. Louis Phlips (1988), ‘Price Discrimination: A Survey of the Theory’ 9. Fred S. Inaba and Nancy E. Wallace (1989), ‘Spatial Price Competition and the Demand for Freight Transportation’ 10. David D. Haddock (1982), ‘Basing-Point Pricing: Competitive vs. Collusive Theories’ 11. Stephen H. Karlson (1990), ‘Competition and Cement Basing Points: F.O.B. Destination, Delivered from Where?’ 12. H. Ohta (1980), ‘Spatial Competition, Concentration and Welfare’ 13. Bruce L. Benson (1984), ‘Spatial Price Theory and an Efficient Congestion Toll Established by the Free Market’ 14. John J. Greenhut and M. L. Greenhut (1977), ‘Nonlinearity of Delivered Price Schedules and Predatory Pricing’ PART II SPATIAL PRICE THEORY 15. Paul A. Samuelson (1957), ‘Intertemporal Price Equilibrium: A Prologue to the Theory of Speculation’ 16. M.L. Greenhut (1978), ‘Impacts of Distance on Microeconomic Theory’ 17. Louis Phlips (1980), ‘Intertemporal Price Discrimination and Sticky Prices’ 18. Dennis R. Capozza and Robert Van Order (1987), ‘Spatial Competition’ 19. John G. Greenhut (1977), ‘On the Economic Advantages of Spatially Discriminatory Prices Compared with F.O.B. Prices’ 20. H. Ohta (1981), ‘The Price Effects of Spatial Competition’ 21. William L. Holahan (1975), ‘The Welfare Effects of Spatial Price Discrimination’ 22. Benjamin Hobbs (1986), ‘Mill Pricing Versus Spatial Price Discrimination Under Bertrand and Cournot Spatial Competition’ 23. Kenneth G. Elzinga and Thomas F. Hogarty (1973), ‘The Problem of Geographic Market Delineation in Antimerger Suits’ 24. Bruce L. Benson (1980), ‘Spatial Competition: Implications for Market Area Delineation in Antimerger Cases’ 25. Timothy Gronberg and Jack Meyer (1981), ‘Competitive Equilibria in Uniform Delivered Pricing Models’ 26. James W. Friedman (1971), ‘A Non-cooperative Equilibrium for Supergames’ 27. Jonathan Hamilton, Jacques-François Thisse and Anita Weskamp (1989), ‘Spatial Discrimination: Bertrand vs. Cournot in a Model of Location Choice’ 28. Jacques-François Thisse and Xavier Vives (1988), ‘On the Strategic Choice of Spatial Price Policy’ THE ECONOMICS OF LOCATION III CONTENTS PART I THE NEW ECONOMICS 1. Stephen Enke (1942), ‘Space and Value’ 2. Richard Schmalensee (1972), ‘A Note on Monopolistic Competition and Excess Capacity’ 3. Harold Demsetz (1959), ‘The Nature of Equilibrium in Monopolistic Competition’ 4. H. Ohta (1977), ‘On the Excess Capacity Controversy’ 5. Dennis R. Capozza and Robert Van Order (1980), ‘Unique Equilibria, Pure Profits, and Efficiency in Location Models’ 6. J.M.A. Gee (1976), ‘A Model of Location ad Industrial Efficiency with Free Entry’ 7. B. Curtis Eaton and Richard G. Lipsey (1977), ‘The Introduction of Space into the Neoclassical Model of Value Theory’ 8. William J. Baumol (1982), ‘Contestable Markets: An Uprising in the Theory of Industry Structure’ 9. William G. Shephard (1984), ‘“Contestability” vs. Competition’ 10. David Ulph (1983), ‘Rational Conjectures in the Theory of Oligopoly’ 11. M.L. Greenhut and W.J. Lane (1989), ‘A Theory of Oligopolistic Competition’ 12. Michael Waterson (1982), ‘Vertical Integration, Variable Proportions and Oligopoly’ 13. H. Ohta (1976), ‘On Efficiency of Production Under Conditions of Imperfect Competition’ 14. M.L. Greenhut and H. Ohta (1979), ‘Vertical Integration of Successive Oliogopolists’ PART II SPATIAL FRAMEWORK ANALOGUES 15. François Perroux (1950), ‘Economic Space: Theory and Applications’ 16. Edward H. Chamberlin (1953), ‘The Product as an Economic Variable’ 17. D. Neven (1986), ‘“Address” Models of Differentiation’ 18. William Novshek (1980), ‘Equilibrium in Simple Spatial (or Differentiated Product) Models’ 19. Avinar Dixit and Joseph E. Stiglitz (1977), ‘Monopolistic Competition and Optimum Product Diversity’ 20. George Norman (1989), ‘Monopolistic Competition: Some Extensions from Spatial Competition’ 21. Louis Phlips and Jacques-François Thisse (1982), ‘Spatial Competition and the Theory of Differentiated Markets: An Introduction’ 22. Richard K. Anderson, Donald House and Michael B. Ormiston (1981), ‘A Theory of Physician Behavior With Supplier-Induced Demand’ 23. M.L. Greenhut, C.S. Hung, G. Norman and C.W. Smithson (1985), ‘An Anomaly in the Service Industry: The Effect of Entry on Fees’ 24. Michael L. Walden (1990), ‘Testing Implications of Spatial Economics Models: Some Evidence from Food Retailing’ 25. John J. Greenhut and Melvin L. Greenhut (1992), ‘Alternative Uses of Spatial Microeconomics’ 26. A. S. De Vany and T. R. Saving (1977), ‘Product Quality, Uncertainty, and Regulation: The Trucking Industry’ PART III THE LAND MARKET, INTERNATIONAL TRADE AND MULTINATIONALS 27. Harry W. Richardson (1977), ‘A Generalization of Residential Location Theory’ 28. J.H. Love (1989), ‘External Takeover and Regional Economic Development: A Survey and Critique’ 29. Patsy Healey and Susan M. Barrett (1990), ‘Structure and Agency in Land and Property Development Processes: Some Ideas for Research’ 30. M.L. Greenhut (1967), ‘Interregional Programming and the Demand Factor of Location’ 31. Robert B. Ekelund Jr. and Donald L. Hooks (1972), ‘Joint Demand, Discriminating Two-Part Tariffs and Location Theory: An Early American Contribution’ 32. James A. Brander (1981), ‘Intra-Industry Trade in Identical Commodities’ 33. Thomas Horst (1971), ‘The Theory of the Multinational Firm: Optimal Behavior under Different Tariff and Tax Rates’ 34. Peter J. Buckley and Mark Casson (1981), ‘The Optimal Timing of a Foreign Direct Investment’ 35. Ignatius J. Horstmann and James R Markusen (1987), ‘Strategic Investments and the Development of Multinationals’ 36. Alasdair Smith (1987), ‘Strategic Investment, Multinational Corporations and Trade Policy’ 37. S. I. Abumere (1978), ‘Multinationals, Location Theory and Regional Development: Case Study of Bendel State of Nigeria’ 38. M.L. Greenhut, H. Ohta and Joel Sailor (1985), ‘Reverse Dumping: A Form of Spatial Price Discrimination’ 39. Paul Krugman (1991), ‘Increasing Returns and Economic Geography’

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Book SynopsisThe election of the Clinton administration in the United States and the debate in the European Community about the consequences of the industrial policy clause in the Maastricht treaty have put industrial policy back on the academic and political agenda again. This volume brings together the key articles on industrial policy, ranging from general theoretical perspectives and overviews of the literature to studies of the experience of particular countries, including Japan and the newly industrialising countries of East Asia. Four articles are concerned with the industrial programmes of the European Community. This is a comprehensive and authoritative compilation of work on a theme of interest to economists and political scientists.Table of ContentsContents: Acknowledgements Introduction Part I: Overviews and Theoretical Perspectives 1. S. Wilks (1986), ‘Government-Industry Relations: A Review Article’ 2. M. Wright (1988), ‘Policy Community, Policy Network and Comparative Industrial Policies’ 3. M.M. Atkinson and W.D. Coleman (1989), ‘Strong States and Weak States; Sectoral Policy Networks in Advanced Capitalist Economies’ 4. J.A. Hart (1992), ‘The Effects of State-Societal Arrangements on International Competitiveness; Steel, Motor Vehicles and Semiconductors in the United States, Japan and Western Europe’ Part II Industrial Policies in European Countries 5. Nick Crafts (1991), ‘Reversing Relative Economic Decline? The 1980s in Historical Perspective’ 6. C. Deubner (1984), ‘Change and Internationalization in Industry: Toward a Sectoral Interpretation of West German Politics’ 7. S. Wilks (1984), ‘The Practice of the Theory of Industrial Adaptation in Britain and West Germany’ 8. K. Morgan and D. Webber (1986), ‘Divergent Paths: Political Strategies for Telecommunications in Britain, France and West Germany’ Part III The United States 9. W.E. Hudson (1985), ‘The Feasibility of a Comprehensive U.S. Industrial Policy’ 10. R.D. Norton (1986), ‘Industrial Policy and American Renewal’ 11. P. Eisinger (1990), ‘Do the American States Do Industrial Policy?’ 12. R.B. Reich (1990), ‘Who Is Us?’ Part IV Japan And The East Asian NICs 13. E. S. Krauss (1992), ‘Political Economy: Policymaking and Industrial Policy in Japan’ 14. R. Boyd (1989), ‘The Political Mechanics of Consensus in the Industrial Policy Process: The Shipbuilding Industry in the Face of Crisis, 1973–1978’ 15. R. Sarathy (1989), ‘The Interplay of Industrial Policy and International Strategy: Japan’s Machine Tool Industry’ 16. H. Kitschelt (1991), ‘Industrial Governance Structures, Innovation Strategies, and the Case of Japan: Sectoral or Cross-National Comparative Analysis?’ 17. Y.-H. Chu (1989), ‘State Structure and Economic Adjustment of the East Asian Newly Industrializing Countries’ 18. R. Wade (1992), ‘Review Article: East Asia’s Economic Success: Conflicting Perspective, Partial Insights, Shaky Evidence’ Part V The European Community 19. P.A. Geroski (1989), ‘European Industrial Policy and Industrial Policy in Europe’ 20. M. Sharpe (1987), ‘Europe: Collaboration in the High Technology Sectors’ 21. J. Peterson (1991), ‘Technology Policy in Europe: Explaining the Framework Programme and Eureka in Theory and Practice’ 22. W. Sandholtz (1992), ‘ESPRIT and the Politics of International Collective Action’ Name Index

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Book SynopsisThis is a succinct but comprehensive account of the research programme in rent-seeking launched in 1967 by Gordon Tullock’s argument that the availability of monopoly rents through government encourages self-seeking individuals to waste economic resources in competitive bidding for those rents. Rent Seeking reviews each of the contributions for which Professor Tullock is famous, including the basic insight, the cost of transfers, competition for aid, the political market in rent-seeking, efficient rent-seeking, the transitional gains trap, and the cost of rent-seeking, and shows how each of these insights has triggered a burgeoning research literature. He skilfully draws out the dangerous implications of rent-seeking behaviour for private property rights. In characteristic fashion, he returns to his path-breaking work on the economic theory of constitutions in search of novel ways to secure the right to life, liberty and property through a reinforced constitutional republic. Both for the specialist scholar and for the new initiate, this is a great and instructive essay.

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Book SynopsisThis important two volume set provides the main contributions to product differentiation theory, starting from early works to recent advances. A taxonomy based on modern economic theory puts the papers into a new perspective. The resulting collection of papers gives the reader the fundamental results in the field and an introduction provides a general overview of the topic.Trade Review'. . . the collection contains many of the key contributions and will be attractive to anyone wishing to catch up with developments in the field.' -- Christopher J. Hammond, The Economic Journal'An impressive overview. . .'– Long Range PlanningTable of ContentsCONTENTS VOLUME 1 PART 1 EARLY ANALYSIS 1. Harold Hotelling (1929), ‘Stability in Competition’ 2. Nicholas Kaldor (1935), ‘Market Imperfection and Excess Capacity’ 3. Edward H. Chamberlin (1951), ‘Monopolistic Competition Revisited’ PART 2 CHARACTERISTIC MODELS OF PRODUCT DIFFERENTIATION A: DEMAND FOR DIFFERENTIATED PRODUCTS AND THE ‘NEW’ CONSUMER THEORY 4. Kelvin J. Lancaster (1966), ‘A New Approach to Consumer Theory’ 5. William Novshek and Hugo Sonnenschein (1979), ‘Marginal Consumers and Neoclassical Demand Theory’ 6. Simon P. Anderson, André de Palma and Jacques-François Thisse (1989), ‘Demand for Differentiated Products, Discrete Choice Models, and the Characteristics Approach’ 7. Sherwin Rosen (1974), ‘Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition’ B: HORIZONTAL DIFFERENTIATION 8. Edward C. Prescott and Michael Visscher (1977), ‘Sequential Location Among Firms with Foresight’ 9. C d’Aspremont, J. Jaskold Gabszewicz and J. F. Thisse (1979), ‘On Hotelling’s “Stability in Competition”’ 10. Steven C. Salop (1979), ‘Monopolistic Competition with Outside Goods’ 11. B. Curtis Eaton and Myrna Holtz Wooders (1985), ‘Sophisticated Entry in a Model of Spatial Competition’ 12. Richard Schmalensee (1978), ‘Entry Deterrence in the Ready-to-East Breakfast Cereal Industry’ 13. Kenneth L.Judd (1985), ‘Credible Spatial Preemption’ C: VERTICAL DIFFERENTIATION 14. Michael Mussa and Sherwin Rosen (1978), ‘Monopoly and Product Quality’ 15. J.Jaskold Gabszewicz and J. F .Thisse (1979), ‘Price Competition, Quality and Income Disparities’ 16. Avner Shaked and John Sutton (1983), ‘Natural Oligopolies’ 17. Paul Champsaur and Jean-Charles Rochet (1989), ‘Multiproduct Duopolists’ 18. Shabtai Donnenfeld and Shlomo Weber (1992), ‘Vertical Product Differentiation with Entry’ VOLUME II PART 1 REPRESENTATIVE CONSUMER MODELS OF PRODUCT DIFFERENTIATION 1. Michael Spence (1976), ‘Product Selection, Fixed Costs, and Monopolistic Competition’ 2. Avinash K. Dixit and Joseph E. Stiglitz (1977), ‘Monopolistic Competition and Optimum Product Diversity’ 3. Xavier Vives (1985), ‘On the Efficiency of Bertrand and Cournot Equilibria with Product Differentiation’ 4. G.K.. Yarrow (1985), ‘Welfare Losses in Oligopoly and Monopolistic Competition’ PART 2 PROBABILISTIC MODELS OF PRODUCT DIFFERENTIATION 5. Jeffrey M. Perloff and Steven C. Salop (1985), ‘Equilibrium with Product Differentiation’ 6. Oliver D. Hart (1985), ‘Monopolistic Competition in the Spirit of Chamberlin: Special Results’ 7. Raymond Deneckere and Michael Rothschild (1992), ‘Monopolistic Competition and Preference Diversity’ 8. Simon P. Anderson and André de Palma (1992), ‘Multiproduct Firms: A Nested Logit Approach’ 9. Andrew Caplin and Barry Nalebuff (1991), ‘Aggregation and Imperfect Competition: On the Existence of Equilibrium’ PART 3 PRODUCT DIFFERENTIATION AND NON-PRICE COMPETITION 10. Anthony Downs (1957), ‘An Economic Theory of Political Action in a Democracy’ 11. B. Curtis Eaton and Richard G. Lipsey (1975), ‘The Principle of Minimum Differentiation Reconsidered: Some New Developments in the Theory of Spatial Competition’ 12. A. Denzau, A. Kats and S. Slutsky (1985), ‘Multi-Agent Equilibria with Market Share and Ranking Objectives’ PART 4 PRODUCT DIFFERENTIATION IN INTERNATIONAL TRADE 13. Paul Krugman (1980), ‘Scale Economies, Product Differentiation, and the Pattern of Trade’ 14. Elhanan Helpman (1981), ‘International Trade in the Presence of Product Differentiation, Economies of Scale and Monopolistic Competition: A Chamberlin-Hecksher-Ohlin Approach’ 15. Bruce R. Lyons (1984), ‘The Pattern of International Trade in Differentiated Products: An Incentive for the Existence of Multinational Firms’ 16. Avner Shaked and John Sutton (1984), ‘Natural Oligopolies and International Trade’ PART 5 PRODUCT DIFFERENTIATION AND MARKETING 17. Daniel McFadden (1980), ‘Econometric Models for Probabilistic Choice Among Products’ 18. John Hauser (1980), ‘Comments on “Econometric Models for Probabilistic Choice Among Products’ 19. Allan D. Shocker and V. Srinivasan (1974), ‘A Consumer-Based Methodology for the Identification of New Product Ideas’ 20. S. Chan Choi, Waynes S. DeSarbo and Patrick T. Harker (1990), ‘Product Positioning Under Price Competition’

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Book SynopsisThe concept of quality measurement is revived and given new meaning in this innovative new book. Steven Payson argues that quality measurement is an important issue in the study of price indices and in the additional areas of product innovation and evolutionary change. The user-value definition of quality is forcefully defended against the producer-cost definition, and a new method of measurement is introduced - the representative good approach (RGA). The RGA provides a new means for measuring quality over long periods of time by examining historical documents. A discussion of evolutionary change lays the groundwork for the identification of two processes: quality improvement and cost reduction. Using data from the Sears Catalog, quality improvement and cost reduction rates are estimated for five goods between 1928 and 1993: shoes, sofas, gas ranges, window fans and air conditioners, and cameras. The results are dramatic, supporting ground-breaking hypotheses on the determinants of quality improvement and cost reduction.Trade Review'Dr Payson has combined interesting and sometimes unorthodox ideas with solid and innovative use of data from consumer catalog material, to give us a multi-threaded volume, sometimes provocative, that should interest a variety of readers and scholars.' -- Kelvin J. Lancaster, Columbia University, US'. . . the book is a "buy".' -- Ralph Gamble, Southern Economic Journal'For years, economists have known that technical advance in many key sectors largely involved the creation of new products with significantly different performance characteristics than older ones, or the improvement of performance characteristics of older products or both. Yet almost all of the empirical and theoretical work on technical change has focused on cost reduction rather than quality improvement. This book by Steven Payson takes a giant step forward regarding quality measurement. Methodologically sophisticated and empirically painstaking, Payson's study documents and measures the enormous improvements in quality in a wide range of items that have been described in and sold through the catalogue of Sears Roebuck and Co. This is a fascinating and important work.' -- Richard R. Nelson, Business and Law at Columbia University, the City of New York, USTable of ContentsThe meaning of quality; quality change in the context of economic evolution and scientific inquiry; microeconomic foundations and empirical approaches; a new approach toward measuring quality change; estimation of cost reduction and income response effects; a model on long-run evolutionary change; long-run determinants of quality and relative process; the quality of economic literature.

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Book SynopsisIn interaction with their environment, firms change constantly; in trying to reduce uncertainties, they influence both their markets and the wider socio-political environment. Dynamics of the Firm addresses theoretical, empirical and policy issues concerned with the changing structure of firms. This book seeks to develop a theory of the dynamics of the firm which contrasts with the neoclassical view of the firm as a static production function in a world of given technology and institutions. Papers discussing new institutional theories of the firm in relation to sociological approaches, in which power and trust play an important role, are followed by contributions which focus on empirical issues such as pricing strategies, industrial groups and networking. The public policy implications are discussed extensively.Offering an original analysis of the organizational structures of firms operating in changing environments, this volume of essays by a distinguished group of economists will be welcomed by students, teachers and researchers in the areas of industrial organization and organizational economics.Trade Review’. . . This is therefore a useful and interesting book.’ -- David Young, The Manchester SchoolTable of ContentsContents: Introduction 1. Networks and Transactions: Do they Connect? (B. Nooteboom) 2. Facts, Theory and the Pricing Foundation of Post Keynesian Price Theory (F. Lee) 3. Corporate Networks: A US Case Study (F.G. Hayden and K. Stephenson) 4. The Japanese Group (J. Groenewegen) 5. Dynamics of Enterprises; (R)evolution of a Large Enterprise: A case study of Philips Electronics N.V. (P. Merkelbach) 6. The Holding Company in Belgium: A Case Study of the Société Générale (F. Buelens) 7. Policy Implications of Industrial Transformation (J. Donders and E. van Kooij) Index

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Book SynopsisAlthough what has come to be known as transaction cost economics has its origins in the 1930s, it was not until the 1970s that transaction cost economics as a systematic and identifiable field of study began. Since then, numerous theoretical developments and empirical applications have expanded and enriched the field. Recognition of its contributions to our understanding of organizations and institutions includes two Nobel laureates, Ronald Coase in 1991 and Oliver Williamson in 2009. This is an important selection of key articles on transaction cost economics by distinguished scholars including Ronald Coase, Herbert Simon, Kenneth Arrow and Richard A. Posner. This research review addresses key areas such as private ordering and credibility, contracts and organization, internal organization, vertical integration and contracting.Trade Review‘The individual items included are all worthy, and the brief introductons provided to each volume are useful guides. The collection is clearly worthwhile as a place to send students to begin, or as a handy reference source.’ -- Malcom Rutherford, Journal of Institutional and Theoretical EconomicsTable of ContentsVolume I PART ONE: CLASSICS 1. R.H. Coase (1972), ‘Industrial Organization: A Proposal for Research.’ 2. Kenneth J. Arrow (1974), ‘Organization and Information.’ 3. Herbert A. Simon (1962), ‘The Architecture of Complexity.’ PART II: RUDIMENTS 4. Armen A. Alchian and Harold Demsetz (1972), ‘Production, Information Costs, and Economic Organization.’ 5. Benjamin Klein, Robert G. Crawford and Armen A. Alchian (1978), ‘Vertical Integration, Appropriable Rents, and the Competitive Contracting Process.’ 6. Oliver E. Williamson (1979), ‘Transaction-Cost Economics: The Governance of Contractual Relations.’ 7. Oliver E. Williamson (1991), ‘Comparative Economic Organization:The Analysis of Discrete Structural Alternatives.’ 8. David J. Teece (1982), ‘Towards an Economic Theory of the Multiproduct Firm.’ PART III: PRIVATE ORDERING AND CREDIBILITY 9. Benjamin Klein and Keith B. Leffler (1981), ‘The Role of Market Forces in Assuring Contractual Performance.’ 10. Oliver E. Williamson (1983), ‘Credible Commitments: Using Hostages to Support Exchange.’ 11. Avner Greif (1993), ‘Contract Enforceability and Economic Institutions in Early Trade: The Maghribi Traders' Coalition.’ 12. Douglass C. North and Barry R. Weingast (1989), ‘Constitutions and Commitment: The Evolution of Institutions Governing Public Choice in Seventeenth-Century England.’ PART IV: CONTRACTS AND ORGANIZATION 13. Sanford J. Grossman and Oliver D. Hart (1986), ‘The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration.’ 14. Oliver Hart and John Moore (1990), ‘Property Righs and the Nature of the Firm.’ 15. Michael H. Riordan (1990), ‘What is Vertical Integration.’ 16. Jean Tirle (1988), ‘The Theory of the Firm.’ PART V: INTERNAL ORGANIZATION 17. Oliver E. Williamson (1985), ‘The Limits of the Firms: Incentive and Bureaucratic Features.’ 18. Paul Milgrom and John Roberts (1990), ‘Bargaining Costs, Influence Costs, and the Organization of Economic Activity.’ 19. David M. Kreps (1990), ‘Corporate Culture and Economic Theory.’ 20. Bengt Holmstrom and Paul Milgrom (1991), ‘Multitask Principal–Agent Analyses: Incentive Contracts, Asset Ownership, and Job Design.’ 21. Masahiko Aoki (1990), ‘Toward an Economi Model of the Japanese Firm.’ PART VI: PROSPECTS AND RETROSPECTIVE 22. Eirik G. Furubotn and Rudolf Richter (1991), ‘The New Institutional Economics: An Assessment.’ 23. Ronald H. Coase (1991), ‘The Institutional Structure of Production.’ 24. Richard A. Posner (1993), ‘The New Institutional Economics Meets Law and Economics.’ 25. Ronald H. Coase (1993), ‘Coase on Posner on Coase.’ 26. Oliver E. Williamson (1993), ’Transaction Cost Economics Meets Posnerian Law and Economics.’ Volume II PART I: VERTICAL INTEGRATION 1. Benjamin Klein (1988), ‘Vertical Integration as Organizational Ownership.’ 2. Paul L. Joskow (1985), ‘Vertical Integration and Long-term Contracts: The Case of Coal-burning Electric Generating Plants.’ 3. Kirk Monteverde and David J. Teece (1982), ‘Supplier Switching Costs and Vertical Integration in the Automobile Industry.’ 4. Scott E. Masten (1984), ‘The Organization of Production: Evidence from the Aerospace Industry.’ 5. Erin Anderson and David C. Schmittlein (1984), ‘Integration of the Sales Force: An Empirical Examination.’ 6. George John and Barton A. Weitz (1988), ‘Forward Integration into Distribution: An Empirical Test of Transaction Cost Analysis.’ 7. Scott E. Masten, James W. Meehan Jr. and Edward A. Synder (1991), ‘The Costs of Organization.’ PART II: CONTRACTING 8. Thomas M. Palay (1984), ‘Comparative Institutional Economics: The Governance of Rail Freight Contracting.’ 9. Victor P. Goldberg and John R. Erickson (1987), ‘Quantity and Price Adjustment in Long-Term Contracts: A Case Study of Petroleum Coke.’ 10. Paul L. Joskow (1987), ‘Contract Duration and Relationship-Specific Investments: Empirical Evidence from Coal Markets.’ 11. J. Harold Mulherin (1986), ‘Complexity in Long-term Contracts: An Analysis of Natural Gas Contractual Provisions.’ 12. Scott. E. Masten and Keith J. Crocker (1985), ‘Efficient Adaptation in Long-Term Contracts: Take-or-Pay Provisions for Natural Gas.’ 13. Keith B. Leffler and Randal R. Rucker (1991), ‘Transactions Costs and the Efficient Organization of Production: A Study of Timber-Harvesting Contracts.’ 14. Keith J. Crocker and Scott E. Masten (1991), ‘Pretia ex Machina? Prices and Process in Long-Term Contracts.’ PART III: REGULATION AND POSITIVE POLITICAL ECONOMY 15. Oliver E. Williamson (1976), ‘Franchise Bidding for Natural Monopolies – In General and with Respect to CATV.’ 16. Victor P. Goldberg (1976), ‘Regulation and Administered Contracts.’ 17. George L. Priest (1993), ‘The Origins of Utility Regulation and the “Theories of Regulation” Debate.‘ 18. Brian Levy and PabloT. Spiller (1994), ‘The Institutional Foundations of Regulatory Commitment: A Comparative Analysis of Telecommunications Regulation.’ 19. Barry R. Weingast and William J. Marshall (1988), ‘The Industrial Organization of Congress; or, Why Legislatures, Like Firms, Are Not Organized as Markets.’ 20. Rafael Gely and Pable T. Spiller (1990), ‘A Rational Choice Theory of Supreme Court Statutory Decisions with Applications to the State Farm and Grove City Cases.’ PART IV: ANTITRUST 21. Oliver E. Williamson (1979), ‘Assessing Vertical Market Restrictions: Antitrust Ramifications of the Transaction Cost Approach.’ 22. Roy W. Kenney and Benjamin Klein (1983), ‘The Economics of Block Booking.’ 23. Scott E. Masten and Edward A. Snyder (1993), ‘United States versus United Shoe Machinery Corporation:

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Book SynopsisMethodology, Money and the Firm brings together Denis O'Brien's most important essays on issues ranging from methodology to competition policy but is primarily focused on the history of economic thought, an area in which he has made a notable contribution. This two volume set begins with Professor O'Brien's work on methodology and includes essays which take their approaches from the history and philosophy of science as applied to economics, and from the role of theory and data in economics. Industrial problems are addressed in the next section, focusing particularly on competition policy but also covering the question of patents and the neglected contributions of Alfred Marshall in the field of industrial economics. Marshall's achievements are also a theme of the third section which deals with the treatment of the firm by economists. Later sections include discussions of money and trade, the history of English economics from Petty to the end of the classical era, and English and Austrian economics after 1870 with essays on Marshall, Robbins and Hayek. The book also includes a specially written introduction in which Professor O'Brien explains the influences behind his work.Trade Review'This compendium of economic scholarship should be brought to the attention of all economics students - and of all practising economists. It demonstrates wide reading (which is meticulously referenced), thoughtful appraisal and clear argument, and so by both method and content offers a corrective to the deficiencies of our much modern economics. . . . I am confident that economists will benefit from studying any of O'Brien's exemplars of good practice.'Table of ContentsPart 1 Methodology: whither economics?; theories of the history of science - a test case; theory and empirical observation; economists and data. Part 2 The industry: information agreements - a problem in search of a policy, with D. Swann; 200 years of competition; competition policy in Britain - the silent revolution; divestiture - the case of AT&T; patents - an economist's view; Marshall's industrial analysis. Part 3 The firm: the evolution of the theory of the firm; research programmes in competitive structure; Marshall, monopoly and rectangular hyperbolas. Part 4 Money and trade: monetary economics; Overstone, Lord; [Overstone's] monetary thought; the transition in Torrens' monetary thought; the macroeconomics of Thomas Joplin; Torrens, McCulloch and Disraeli; customs unions - trade creation and trade diversion; competition and credit control. Part 5 English economics 1660-1860: Petty's "Political Arithmetick"; Ravenstone, Piercy; classical economics; Ricardian economics and the economics of David Ricardo; classical reassessments; J.R. McCulloch and the theory of value; Torrens on wages and emigration; Torrens, McCulloch and the "Digression on Sismondi" - whose digression, with A.C. Darnell; J.R. McCulloch. Part 6 English and Austrian economics after 1870: A. Marshall, 1842-1925; Marshall's work in relation to classical economics; Lionel Charles Robbins, 1898-1984; Lionel Robbins and the Austrian connection; Hayek as an intellectual historian.

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Book SynopsisAxel Leijonhufvud has made a unique contribution to the development of macroeconomic theory. This volume draws together his insightful essays dealing with the extremes of economic instability: great depressions, high inflation and the transition from socialism to a market economy. In several of the papers, Leijonhufvud brings a neo-institutionalist perspective to the problems of coordination in economic systems.The papers within Macroeconomic Instability and Coordination some of them already considered classics, deal with the questions that dominated Leijonhufvud's interest throughout his career as an economist: what are the limits to an economy's capacity to coordinate the activities of its members? How does the behavior of the system change under extreme conditions? In what ways does its performance depend upon the institutions that govern the market process? This book presents in one volume several of Axel Leijonhufvud's most important contributions to macroeconomic theory and monetary economics. It will be invaluable to monetary and financial economists as well as to historians of economic thought.Table of ContentsContents: Preface Part I: Keynesianism, Monetarism and Rational Expectations Part II: Monetary Regimes and Inflation Part III: Markets, Firms and the Division of Labor Part IV: Problems of Socialist Transformation Part V: Reflections Bibliography Index

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Book SynopsisThis three-volume collection - prepared by a leading scholar and practitioner - presents the subject through a collection of important published articles on the debt market. It focuses first on the classical bond market and moves on to a discussion of rational expectations, estimation and the term structure. This is followed by the modern theory of the term structure derived from modelling the stochastic movements of interest rates. The third section discusses implementation and related subtopics including taxation and the management of interest rate risk. The final section extends the discussion to corporate bonds and mortgages.Table of ContentsContents: Volume I: Acknowledgements • Introduction Part I The Classical Expectations Hypothesis 1. F.A. Lutz (1941), ‘The Structure of Interest Rates’ 2. J.M. Culbertson (1957), ‘The Term Structure of Interest Rates’ 3. John H. Wood (1964), ‘The Expectations Hypothesis, the Yield Curve, and Monetary Policy’ 4. Franco Modigliani and Richard Sutch (1966), ‘Innovations in Interest Rate Policy’ 5. J. Huston McCulloch (1975), ‘An Estimate of the Liquidity Premium’ Part II Testing Rational Expectations Hypotheses 6. Robert J. Shiller (1990), ‘The Term Structure of Interest Rates’ 7. John Y. Campbell and Robert J. Shiller (1991), ‘Yield Spreads and Interest Rate Movements: A Bird’s Eye View’ 8. Robert F. Stambaugh (1988), ‘The Information in Forward Rates: Implications for Models of the Term Structure’ 9. Eugene F. Fama (1975), ‘Short-Term Interest Rates as Predictors of Inflation’ 10. Bradford Cornell (1978), ‘Monetary Policy, Inflation Forecasting and the Term Structure of Interest Rates’ 11. Eugene F. Fama (1984), ‘Term Premiums in Bond Returns’ 12. Tadashi Kikugawa and Kenneth J. Singleton (1994), ‘Modeling the Term Structure of Interest Rates in Japan’ Part III The Derivative Asset Approach to the Term Structure 13. Robert C. Merton (1973), ‘Theory of Rational Option Pricing’ 14. John C. Cox and Stephen A. Ross (1976), ‘The Valuation of Options for Alternative Stochastic Processes’ 15. Oldrich Vasicek (1977), ‘An Equilibrium Characterization of the Term Structure’ 16. John C. Cox, Jonathan E. Ingersoll, Jr. and Stephen A. Ross (1981), ‘A Re-examination of Traditional Hypotheses about the Term Structure of Interest Rates’ 17. John C. Cox, Jonathan E. Ingersoll, Jr. and Stephen A. Ross (1985), ‘A Theory of the Term Structure of Interest Rates’ 18. John C. Cox, Jonathan E. Ingersoll, Jr. and Stephen A. Ross (1985), ‘An Intertemporal General Equilibrium Model of Asset Prices’ 19. Michael J. Brennan and Eduardo S. Schwartz (1979), ‘A Continuous Time Approach to the Pricing of Bonds’ 20. David Heath, Robert Jarrow and Andrew Morton (1992), ‘Bond Pricing and the Term Structure of Interest Rates: A New Methodology for Contingent Claims Valuation’ 21. Philip H. Dybvig, Jonathan E. Ingersoll, Jr. and Stephen A. Ross (1996), ‘Long Forward and Zero-Coupon Rates Can Never Fall’ Name Index Volume II: Part I Testing the Derivative Asset Approach 1. Stephen J. Brown and Philip H. Dybvig (1986), ‘The Empirical Implications of the Cox, Ingersoll, Ross Theory of the Term Structure of Interest Rates’ 2. Robert Litterman and José Scheinkman (1991), ‘Common Factors Affecting Bond Returns’ 3. Robert Litterman, José Scheinkman and Laurence Weiss (1991), ‘Volatility and the Yield Curve’ 4. Michael R. Gibbons and Krishna Ramaswamy (1993), ‘A Test of the Cox, Ingersoll, and Ross Model of the Term Structure’ 5. Roger H. Brown and Stephen M. Schaefer (1994), ‘The Term Structure of Real Interest Rates and the Cox, Ingersoll, and Ross Model’ Part II Implementing the Derivative Asset Approach 6. John C. Cox, Stephen A. Ross and Mark Rubinstein (1979), ‘Option Pricing: A Simplified Approach’ 7. Thomas S.Y. Ho and Sang-Bin Lee (1986), ‘Term Structure Movements and Pricing Interest Rate Contingent Claims’ 8. Fischer Black, Emanuel Derman and William Toy (1990), ‘A One-Factor Model of Interest Rates and Its Application to Treasury Bond Options’ 9. John Hull and Alan White (1990), ‘Pricing Interest-Rate-Derivative Securities’ Part III Taxation and Clientele Effects 10. J. Huston McCulloch (1975), ‘The Tax-Adjusted Yield Curve’ 11. Philip H. Dybvig and Stephen A. Ross (1986), ‘Tax Clienteles and Asset Pricing’ and ‘Discussion’ 12. Walter N. Torous (1985), ‘Differential Taxation and the Equilibrium Structure of Interest Rates’ 13. Stephen M. Schaefer (1982), ‘Tax-Induced Clientele Effects in the Market for British Government Securities: Placing Bounds on Security Values in an Incomplete Market’ 14. Richard Roll (1984), ‘After-Tax Investment Results from Long-Term vs. Short-Term Discount Coupon Bonds’ 15. George M. Constantinides and Jonathan E. Ingersoll, Jr. (1984), ‘Optimal Bond Trading with Personal Taxes’ Part IV Duration, Immunization and Hedging 16. F.M. Redington (1952), ‘Review of the Principles of Life-Office Valuations’ 17. Lawrence Fisher and Roman L. Weil (1971), ‘Coping with the Risk of Interest-Rate Fluctuations: Returns to Bondholders from Naïve and Optimal Strategies’ 18. G.O. Bierwag (1977), ‘Immunization, Duration, and the Term Structure of Interest Rates’ 19. Jonathan E. Ingersoll, Jr., Jeffrey Skelton and Roman L. Weil (1978), ‘Duration Forty Years Later’ 20. Jonathan E. Ingersoll, Jr. (1983), ‘Is Immunization Feasible? Evidence from the CRSP Data’ 21. Stephen M. Schaefer (1984), ‘Immunisation and Duration: A Review of Theory, Performance and Applications’ 22. John C. Cox, Jonathan E. Ingersoll, Jr. and Stephen A. Ross (1979), ‘Duration and the Measurement of Basis Risk’ Name Index Volume III: Part I Corporate Bonds 1. Fischer Black and Myron Scholes (1973), ‘The Pricing of Options and Corporate Liabilities’ 2. Robert C. Merton (1974), ‘On the Pricing of Corporate Debt: The Risk Structure of Interest Rates’ 3. Fischer Black and John C. Cox (1976), ‘Valuing Corporate Securities: Some Effects of Bond Indenture Provisions’ 4. Jonathan E. Ingersoll, Jr. (1977), ‘A Contingent-Claims Valuation of Convertible Securities’ 5. Michael J. Brennan and Eduardo S. Schwartz (1977), ‘Savings Bonds, Retractable Bonds and Callable Bonds’ 6. Clifford W. Smith, Jr. and Jerold B. Warner (1979), ‘On Financial Contracting: An Analysis of Bond Covenants’ 7. René M. Stulz and Herb Johnson (1985), ‘An Analysis of Secured Debt’ 8. Edward I. Altman (1989), ‘Measuring Corporate Bond Mortality and Performance’ 9. Robert Litterman and Thomas Iben (1991), ‘Corporate Bond Valuation and the Term Structure of Credit Spreads’ 10. Kenneth B. Dunn and Kenneth M. Eades (1989), ‘Voluntary Conversion of Convertible Securities and the Optimal Call Strategy’ 11. Douglas W. Diamond (1993), ‘Seniority and Maturity of Debt Contracts’ Part II Mortgages and Other Fixed Income Instruments 12. Scott M. Pinkus, Susan Mara Hunter and Richard Roll (1987), ‘An Introduction to the Mortgage Market and Mortgage Analysis’ 13. Douglas T. Breeden (1991), ‘Risk, Return, and Hedging of Fixed-Rate Mortgages’ 14. Scott F. Richard and Richard Roll (1989), ‘Prepayments on Fixed-Rate Mortgage-Backed Securities’ 15. Eduardo S. Schwartz and Walter N. Torous (1989), ‘Valuing Stripped Mortgage-Backed Securities’ 16. Sheridan Titman and Walter Torous (1989), ‘Valuing Commercial Mortgages: An Empirical Investigation of the Contingent-Claims Approach to Pricing Risky Debt’ 17. John C. Cox, Jonathan E. Ingersoll, Jr. and Stephen A. Ross (1980), ‘An Analysis of Variable Rate Loan Contracts’ 18. Krishna Ramaswamy and Suresh M. Sundaresan (1986), ‘The Valuation of Floating-Rate Instruments: Theory and Evidence’ 19. Richard Roll (1996), ‘U.S. Treasury Inflation-Indexed Bonds: The Design of a New Security’ Name Index

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Book SynopsisCovering Robert Clower’s writings over four decades, this collection brings together important papers that have not been reprinted in any other similar volume and recent material on economic method and theoretical foundations. Issues discussed include the doctrine and methodology of economics, price determination, oligopoly theory and Keynesian economics, as well as some of Professor Clower’s substantial reviews of the work of other scholars. Above all, they offer an instructive ‘history’ of one scholar’s attempt to enhance scientific understanding of observed economic phenomena during the last half century. The volume concludes with a complete listing of Professor Clower’s publications.Table of ContentsContents: Introduction Part I: Doctrine and Method Part II: Microeconomics Part III: Macroeconomics Part IV: Miscellaneous Notes and Reviews Part V: Appendix Index

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Book SynopsisPrimary commodities - food, raw materials, fuels and base metals - continue to be a substantial proportion of the exports of many developing countries and account for over 40 per cent of world trade. The determinants of primary commodity prices, and the terms on which they are traded for manufactured goods, are topics of considerable importance for development economists.The Economics of Primary Commodities brings together in one volume important new work by a group of leading scholars on the economic analysis of primary commodity markets. Their detailed coverage of major recent developments in the field include discussion of modelling and policy issues. Topics addressed include excess co-movement of commodity prices, the stabilization of earnings in volatile commodity markets, a macroeconomic framework for trade terms between north and south, and the influence of economic policy on commodity markets. The essays should provide the reader with an overview of the current 'state-of-the-art' and a useful platform on which future research might be based.This book will be welcomed by academic researchers, practitioners and postgraduate students concerned with the economics of trade, economic development and international economics.Trade Review'An excellent and up-to-date volume. . .' -- Aslib Book Guide'In general, the editors succeeded in that the selected papers reflect the "richness and diversity" of the economics of commodity markets. . . it is a useful additional source for those who are dealing with commodity markets.' -- Roland Herrmann, Weltwirtschaftliches ArchivTable of ContentsContents: Preface 1. Introduction (D. Sapsford, W. Morgan) 2. Commodities in Crisis (A. Maizels) 3. The Excess Co-movement of Commodity Prices, Revisited (S. Leybourne, T. Lloyd, G. Reed) 4. Stabilising Earnings in Volatile Commodity Markets: Production Controls vs Price Stabilization (A. Hughes Hallett) 5. The Terms of Trade Between the North and the South: A macroeconomic Framework (P. Sarkar) 6. Trend and Volatility in the Terms of Trade: Consequences for Growth (H. Singer, M. Lutz) 7. Does Economic Policy Influence the Price Volatility of Commodities?: An Econometric Investigation of the Rice Market in Taiwan (J. Chen) 8. Trade Liberalization, Domestic Price Instability and Commodity Futures Markets: The Case of Potatoes (W. Morgan, A. Rayner, C. Ennew)

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Book SynopsisProductivity Change, Public Goods and Transaction Costs presents in one definitive volume a selection of Yoram Barzel’s acclaimed articles and papers. It will improve access to his many important contributions and reveals how his research interests have evolved over more than three decades.Focusing upon issues in microeconomics, this volume features pathbreaking articles and papers on production functions and productivity, optimal timing, labour, public choice, industrial organization, demand analysis, and property rights and transaction costs. Key contributions featured in this collection include ‘Some Observations on the Index Number Problem’, ‘An Alternative Approach to the Analysis of Taxation’, ‘An Economic Analysis of Slavery’ and ‘Measurement Cost and the Organization of Markets’. As an introduction to this volume, Professor Barzel has prepared an autobiographical sketch in which he discusses his education, the development of his ideas and influences such as Don Patinkin, Douglass North and Aaron Director.Table of ContentsProduction functions and productivity; optimal timing; labour; public choice; industrial organization; demand analysis; property rights and transaction costs.

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Book SynopsisFollowing German reunification in 1990, East Germany's centrally planned economy was abolished and replaced by West Germany's social market economy. Western Germany has since provided vast financial support to aid the transformation, and enable eastern Germany to catch-up with western Germany's productivity and living standards. This book evaluates the main events and their outcomes since mid-1990 and the associated policy issues. The authors assess the medium to long term growth prospects of eastern Germany and the wider implications for western Germany and Europe.The Economics of German Unification analyses the economic process of assimilating eastern Germany into the institutions and performance levels of western Germany. It includes original research as well as providing an overview of existing literature. Among the topics discussed are: the relative backwardness of East Germany's economy the impact of monetary and economic integration restructuring and privatization <>li>labour market and industrial policy, including an analysis of wage restraint and cost reduction the prospects for eastern Germany catching-up economically with western Germany the repercussions for German competitiveness nationally and within the wider European context This book will be welcomed by academics, researchers and undergraduates interested in the economics of transition, comparative economic systems, political economy and the European business environment.Trade Review'A model of clarity and organization, this relatively short book is marvellously handy for any researcher, student or practitioner engaged in international trade or policy making because issues are laid out clearly and answers presented persuasively with a sufficiently full explanation of sources and argument. A concise summary of the individual chapters' contents and main arguments at the start, and a twelve-point conclusion (with a few subpoints) at the end, plus a well laid-out index, make it easy and convenient to find information quickly.'Table of ContentsContents: 1. GEMSU – Switching from Socialism to Capitalism 2. The DDR Economy Revisited 3. The 1948 Currency and Economic Reforms in Comparison with the 1990 Economic and Monetary Union 4. Restructuring and Privatization 5. The Labour Market in Post-Unification Eastern Germany 6. Catching up with the West: The Achievements and Limitations of Creative Destruction 7. Convergence and Catch-Up: Results and Prospects 8. International and Domestic Repercussions of German Unification 9. Conclusion Index

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Book SynopsisRegional Policy and Regional Integration reprints the most important papers on those government policies that have an intentional and formal geographic focus. These policies have typically been motivated by equity considerations such as reducing unemployment, increasing incomes, promoting structural adjustments or realizing development potentials. While the main objective of regional policy is to improve conditions in deprived areas, public resources must be used in such a way that these objectives are achieved efficiently.The topics covered in this important volume include regional integration and urban systems; income, amenities and welfare; infrastructure; manufacturing; services; innovative milieux; delineating planning regions and policy instruments.Table of ContentsPart I Regional integration and urban systems. Part II Income, amenities and welfare. Part III Infrastructure. Part IV Manufacturing. Part V Services. Part VI Innovative milieux. Part VII Delineating planning regions. Part VIII Policy instruments.

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Book SynopsisThe Economic Impact of New Firms in Post-Socialist Countries analyses the emergence and contribution of new entrepreneurs in the transforming economies of Eastern Europe.Small firms and new enterprises are widely assumed to play an important role in the process of economic development and transformation. The contributors to this volume investigate how far small and newly founded enterprises have compensated for losses in employment and contributed to economic recovery in Eastern Europe. With analysis based on new empirical data, this extensive volume covers the situation in Russia, Estonia, Poland, Hungary, the Czech Republic, Bulgaria, Romania and Slovenia as well as East Germany. Issues covered include attempts to stimulate entrepreneurship, guidelines for successful bottom-up transformation and the prospects for new and small firms in Eastern Europe.The Economic Impact of New Firms in Post-Socialist Countries will be welcomed for its detailed, empirically-founded discussion of entrepreneurship, micro-level studies of transition, small business economics and comparative economic systems.Trade Review'Summing up, this book is a great collection of reflections on transition in Eastern Europe. It leads to a number of conclusions and recommendations for economic policy.' -- Ryszard Lawniczak, Economic SystemsTable of ContentsContents: Foreword 1. Introduction: The Scope for Bottom-up Transformation in Post-socialist Countries (H. Brezinski, M. Fritsch) 2. The Role of Entrepreneurship in Economic Systems: Developed Market and Post-socialist Economies (P.D. Reynolds) 3. A Dynamic Evolutionary Perspective on Transformation (M. Keren) 4. Entrepreneurship in Eastern Europe: A Critical View (S. Arzeni) 5. Small Businesses in Russia (A. Chepurenko and A.V. Vilensky) 6. The Development of Science Parks and New Technology-Based Firms in Russia (S. Batstone and P. Westhead) 7. Big Problems of Small Businesses in Estonia (K. Haav) 8. Private Economy in an Etatist Environment: The Case of Romania (G. Hunya) 9. The Small Private Firms in Bulgaria and the Impact of the Economic Reform on their Growth and Future (T. Houbenova-Delissivkova and P. Puchev) 10. The Nature and Performance of Small Firms in Bulgaria (D.C. Jones) 11. Small Firms in South East Europe: The Importance of Initial Conditions (W. Bartlett, P. Hoggett) 12. Poland and the Czech Republic: Privatization from Above versus Privatization from Below or Mass Privatization versus Generic Private Enterprise Building (K.J. Ners) 13. The Entrepreneurial Sector and its Role in Industrial Transformation in East Germany and Poland (H.-P. Brunner) 14. Small Entrepreneurs in the Society of Employees (R. Ruzicka) 15. How to Become an Entrepreneur in East Germany: Conditions, Steps and Effects of the Constitution of New Entrepreneurs (M. Thomas) 16. Businesses Founded in East Germany: Economic Activity and Capital Investment (T. Hinz and R. Ziegler) 17. The Bottom-up Strategy to Transformation: Summary and Policy Conclusions (H. Brezinski, M. Fritsch)

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Book SynopsisMicroeconomic Theories of Imperfect Competition: Old Problems and New Perspectives is an authoritative collection of readings which, together with a new, original introductory essay by the editors, provides a broad overview of the major theoretical concepts in the field.This collection includes published papers on industry size: quantity and price competition, entry barriers, product differentiation, incomplete information, general equilibrium with imperfect competition.This book will be essential reading both for those seeking an introduction to the subject and those seeking a new perspective.Table of ContentsContents: Acknowledgements • Introduction Part I: Industry Size: Quantity and Price Competition 1. Augustin Cournot (1960), ‘Of the Competition of Producers’ 2. M. McManus (1962), ‘Numbers and Size in Cournot Oligopoly’ 3. Charles R. Frank, Jr. (1965), ‘Entry in a Cournot Market’ 4. William Novshek (1980), ‘Cournot Equilibrium with Free Entry’ 5. F.Y. Edgeworth (1925), ‘The Pure Theory of Monopoly’ 6. Eric Maskin and Jean Tirole (1988), ‘A Theory of Dynamic Oligopoly, II: Price Competition, Kinked Demand Curves, and Edgeworth Cycles’ 7. David M. Kreps and José A. Scheinkman (1983), ‘Quantity precommitment and Bertrand competition yield Cournot outcomes’ 8. Jean-Pascal Benassy (1986), ‘On the Existence of Bertrand-Edgeworth Equilibria with Differentiated Commodities’ 9. D.K. Osborne (1976), ‘Cartel Problems’ 10. James W. Friedman (1971), ‘A Non-cooperative Equilibrium for Supergames’ 11. George J. Stigler (1964), ‘A Theory of Oligopoly’ 12. Jesse W. Markham (1951), ‘The Nature and Significance of Price Leadership’ Part II: Entry Barriers 13. Joe S. Bain (1956/1965), ‘The Importance of the Condition of Entry’ 14. William J. Baumol (1982), ‘Contestable Markets: An Uprising in the Theory of Industry Structure’ 15. Franco Modigliani (1958), ‘New Developments on the Oligopoly Front’ 16. Darius W. Gaskins, Jr. (1971), ‘Dynamic Limit Pricing: Optimal Pricing under Threat of Entry’ 17. J.W. Friedman (1979), ‘On Entry Preventing Behavior and Limit Price Models of Entry’ 18. Avinash Dixit (1980), ‘The Role of Investment in Entry-Deterrence’ 19. B. Curtis Eaton and Richard G. Lipsey (1980), ‘Exit barriers are entry barriers: the durability of capital as a barrier to entry’ 20. Drew Fudenberg and Jean Tirole (1984), ‘The Fat-Cat Effect, The Puppy-Dog Ploy, and the Lean and Hungry Look’ 21. Edward C. Prescott and Michael Visscher (1977), ‘Sequential location among firms with foresight’ Part III: Product Differentation 22. Edward H. Chamberlin (1953), ‘The product as an economic variable’ 23. E.H. Chamberlin (1933), ‘Group Equilibrium’ 24. Avinash K. Dixit and Joseph E. Stiglitz (1977), ‘Monopolistic Competition and Optimal Product Diversity’ 25. Nicholas Kaldor (1935), ‘Market Imperfection and Excess Capacity’ 26. Martin J. Beckmann (1972), ‘Spatial Cournot Oligopoly’ 27. Harold Hotelling (1929), ‘Stability in Competition’ 28. A. de Palma, V. Ginsburgh, Y.Y. Papageorgiou, and J.-F. Thisse (1985), ‘The Principle of Minimum Differentiation Holds under Sufficient Heterogeneity’ 29. J. Jaskold Gabszewicz and J.-F. Thisse (1980), ‘Entry (and Exit) in a Differentiated Industry’ 30. Avner Shaked and John Sutton (1983), ‘Natural Oligopolies’ Part IV: Incomplete Information 31. Peter A. Diamond (1971), ‘A Model of Price Adjustment’ 32. Steven Salop and Joseph Stiglitz (1977), ‘Bargains and Ripoffs: A Model of Monopolistically Competitive Price Dispersion’ 33. Edward J. Green and Robert H. Porter (1984), ‘Noncooperative Collusion under Imperfect Price Information’ 34. Reinhard Selten (1978), ‘The Chain Store Paradox’ 35. David M. Kreps and Robert Wilson (1982), ‘Reputation and Imperfect Information’ 36. Paul Milgrom and John Roberts (1982), ‘Limit Pricing and Entry under Incomplete Information: An Equilibrium Analysis’ 37. Jean-Pierre Ponssard (1979), ‘The Strategic Role of Information on the Demand Function in an Oligopolistic Market’ 38. Xavier Vives (1984), ‘Duopoly Information Equilibrium: Cournot and Bertrand’ Part V: General Equilibrium with Imperfect Competition 39. Benyamin Shitovitz (1973), ‘Oligopoly in Markets with a Continuum of Traders’ 40. Jean Jaskold Gabszewicz and Jean-François Mertens (1971), ‘An Equivalence Theorem for the Core of an Economy whose Atoms are not “too” big’ 41. Takashi Negishi (1961), ‘Monopolistic Competition and General Equilibrium’ 42. Jean Jaskold Gabszewicz and Jean-Philippe Vial (1972), ‘Oligopoly “A la Cournot” in a General Equilibrium Analysis’ 43. Jean-Pascal Benassy (1988), ‘The Objective Demand Curve in General Equilibrium with Price Makers’ 44. Oliver D. Hart (1979), ‘Monopolistic Competition in a Large Economy with Differentiated Commodities’ Name Index

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Book SynopsisThis is the first of a two volume collection of the late Julian Simon's important and radical contributions to a wide variety of economic problems. Often considered as controversial and unorthodox, these essays challenge conventional approaches. The book begins with introductory chapters in which the author discusses his background and experiences as a controversial scholar. Divided into six parts, the first part considers some basic concepts on issues such as welfare, natural resources, causality and product differentiation. The second part contains essays on managerial economics as well as general microeconomics including monopoly, duopoly and oligopoly. Advertising is discussed in the third part and industrial organization in the fourth. Part five focuses on policies for exchange and auction considering, among other issues, airline overbooking, and the final section features articles on macroeconomics.This collection of controversial essays will be welcomed by academics and students interested in unorthodox approaches to various economic theories and concepts.Table of ContentsContents: Introduction Part I: Philosophical Analyses of Basic Conceptual Issues Part II: Managerial Economics and General Microeconomics Part III: Microeconomics – Advertising Part IV: Industrial Organization Part V: Policy Schemes Based on Exchange and Auction Part VI: Macroeconomics Index

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Book SynopsisThe process of transition from a centrally planned economy to one driven primarily by market forces has been a source of controversy and debate. Although the pace and approach has varied we are now beginning to understand some of the essential ingredients necessary for a successful transition.These changes have produced a tremendous quantity of literature which can make it difficult to grasp the most important issues. This book focuses on the key questions and problems facing the monetary and financial sectors of transitional economies, specifically in Hungary, Poland and the Czech Republic. It examines many of the reforms, why these proved necessary, and their impact in the early stages of transition. The authors focus on four main themes: the removal of state intervention and its effect on liquidity and the availability of credit the failure of credit markets and the implications for corporate finance< the role of property rights and the importance of bankruptcy in a well-functioning market economy effects of the separation of the central bank from commercial lending functions, and its consequences for the overall operation of monetary policy in a transitional economy. Money and Finance in the Transition to a Market Economy will be essential reading for those wishing to learn more about the financial and monetary implications of the transition to a market economy in the Central and Eastern European countries. It will be welcomed by graduates, academics, researchers and policymakers alike.Table of ContentsContents: Preface 1. State Desertion and Credit Market Failure in the Transition 2. Constraints on Enterprise Liquidity and their Impact on Monetary Policy 3. Fiscal and Monetary Policies in the Transition: Searching for the Credit Crunch 4. The Economics of Bankruptcy in the Transition to a Market Economy 5. Changing Structure of Household Portfolios in Emerging Market Economies 6. Financial Intermediation and Industrial Restructuring in Central and Eastern Europe 7. The Gradual Approach to Banking Reform and the Anatomy of the Bad Loans Problem 8. The Banking Sector and Macroeconomic Performance: A Current Assessment 9. Central Bank Independence in the Early Stages of the Transition 10. Stabilization and Convertibilty in the Transition: The Legacies of the Twin Deficits References Index

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