This groundbreaking title brings together a critical selection of key papers by the Nobel Memorial Laureates in Economics that have helped shape the development and present state of economics. The editors have organised this comprehensive series by theme and focuses on those Laureates working in the same broad area of study. The careful selection of papers is set in context by an insightful introduction to the Laureates' careers and main published works. This landmark title will be an essential reference for scholars throughout the world.

Heterodox economics can provide a more complete and robust explanation of economic realities than orthodox (or mainstream) economics. Contemporary Issues in Heterodox Economics: Implications for Theory and Policy Action argues that this greater explanatory power gives heterodox economics the ability to illuminate appropriate policy for the major crises of our time, as well as proffer the basis for a more rounded, pluralist approach to economic theory. The chapters in this wide-ranging volume address some of the key issues facing the global economy, including the growing disparity of income/wealth between persons and economic areas, environmental degradation, issues associated with employment, and the regularity of economic/financial crises. The authors examine potential policy responses such as modern monetary theory, models of public ownership, and the need to move beyond standard concepts of growth. They also explore the deficiencies of orthodox economics, and contend that a more pluralist approach to economics is required in the public sphere, in academia, and in the classroom in order to help face the challenges of the twenty-first century. This book is invaluable reading for students and scholars across the social sciences who are interested in alternatives to mainstream economic thinking.

This book explains inflation dynamic, using time series data from 1960 for 42 countries. These countries are different in every aspect, historically, culturally, socially, politically, institutionally, and economically. They are chosen on the basis of the data availability only and cover the Middle East and North Africa (MENA) region, Africa, Asia, the Caribbean, Europe, Australasia, and the United States. Inflation reached double digits in the developed countries in the 1970s and 80s, and then central banks, successfully stabilized it by anchoring inflation expectations for decades, until now. Conditional on common and country-specific shocks such as oil price shocks, financial and banking and political crises, wars, pandemics, natural disasters etc., the book tests various theoretical models about the long and short run relationships between money and prices, money growth and inflation, money growth and real output, expected inflation; the output gap, fiscal policy, and inflation, using a number of parametric and non-parametric methods, and pays attention to specifications and estimations problems. In addition, it explains why policymakers in inflation - targeting countries, e.g. the U.S., failed to anticipate the recent sudden rise in inflation. And, it examines the fallibility of the Modern Monetary Theory's policy prescription to reduce inflation by raising taxes. This is a unique and innovative book, which will find an audience among students, academics, researchers, policy makers, analysts in corporations, private and central banks and international monetary institutions.

The post-communist Central European and Baltic economies are now approaching the end of their transitions to well-functioning market systems. In some respects, the approaching EU accession and conclusion of the transition marks the end of a fascinating period in economic history. Beyond Transition focuses on the economic problems and issues facing Central Europe and the Baltics, the Balkans, and countries belonging to the Commonwealth for Independent States (CIS) in the post-transition context. This focus reflects the need to better understand two processes that are increasingly apparent in the post-communist economic space. First, many of the problems now facing policy makers in post-communist economies - choice of exchange rate regime, tax reform, labour market regulation, improving corporate governance - also face policy makers in developed and developing countries in other parts of the world. Second, the EU's eastern enlargement and the policy agendas facing the first wave accession candidates have major implications for the CIS and Balkan countries that have not been (and may never be) invited to join this process.

Long before Deng Xiaoping's market-based reforms, commercial relationships bound the Chinese Communist Party to international capitalism and left lasting marks on China's trade and diplomacy. China today seems caught in a contradiction: a capitalist state led by a Communist party. But as Market Maoists shows, this seeming paradox is nothing new. Since the 1930s, before the Chinese Communist Party came to power, Communist traders and diplomats have sought deals with capitalists in an effort to fuel political transformation and the restoration of Chinese power. For as long as there have been Communists in China, they have been reconciling revolutionary aspirations at home with market realities abroad. Jason Kelly unearths this hidden history of global commerce, finding that even Mao Zedong saw no fundamental conflict between trading with capitalists and chasing revolution. China's ties to capitalism transformed under Mao but were never broken. And it was not just goods and currencies that changed hands. Sustained contact with foreign capitalists shaped the Chinese nation under Communism and left deep impressions on foreign policy. Deals demanded mutual intelligibility and cooperation. As a result, international transactions facilitated the exchange of ideas, habits, and beliefs, leaving subtle but lasting effects on the values and attitudes of individuals and institutions. Drawing from official and commercial archives around the world, including newly available internal Chinese Communist Party documents, Market Maoists recasts our understanding of China's relationship with global capitalism, revealing how these early accommodations laid the groundwork for China's embrace of capitalism in the 1980s and after.

In the aftermath of the Napoleonic Wars Britain found itself faced with a stagnant economy. Economist David Ricardo believed that the full re-integration of Britain into the world market would allow for both capital accumulation and population growth, and used arguments that anticipate ideas entertained in modern contributions to the theory of economic growth and development. However, several of these arguments have not yet been translated into the language of modern classical economics. Ricardo's Theory of Growth and Accumulation seeks to overcome this striking lacuna. The latest entry in the Graz Schumpeter lecture series, this text explores and elaborates Ricardo's arguments and the models utilized by those who subsequently followed in support of his work. The Ricardian system is first examined through a one-sector economy, following Kaldor's model, and a two-sector economy, following Pasinetti's model. These building blocks are developed through the exploration of a small open economy, which allows an analysis of the impact of international trade in exceedingly simple circumstances. This discussion expands further by considering the world economy. More sophisticated variants of the two-sector model are presented, in which commodity prices are endogenously determined by the trading interplay amongst several countries. A final analysis makes Ricardo's case by introducing accumulation in the world economy. This book is of interest to students and scholars of Ricardo, classical economics, and - more broadly - growth theory, the theory of international economics, and globalization. The author was keen to render the analytical parts compelling to the historian and the historical parts compelling to the theorist.

'A groundbreaking work . . . Federici has become a crucial figure for . . . a new generation of feminists' Rachel Kushner, author of The Mars Room A cult classic since its publication in the early years of this century, Caliban and the Witch is Silvia Federici's history of the body in the transition to capitalism. Moving from the peasant revolts of the late Middle Ages through the European witch-hunts, the rise of scientific rationalism and the colonisation of the Americas, it gives a panoramic account of the often horrific violence with which the unruly human material of pre-capitalist societies was transformed into a set of predictable and controllable mechanisms. It Is a study of indigenous traditions crushed, of the enclosure of women's reproductive powers within the nuclear family, and of how our modern world was forged in blood. 'Rewarding . . . allows us to better understand the intimate relationship between modern patriarchy, the rise of the nation state and the transition from feudalism to capitalism' Guardian

In this book, Martin Bunton focuses on the way in which the Palestine Mandate was part of a broader British imperial administration - a fact often masked by Jewish immigration and land purchase in Palestine. His meticulous research reveals clear links to colonial practice in India, Sudan, and Cyprus amongst other places. He argues that land officials' views on sound land management were derived from their own experiences of rural England, and that this was far more influential on the shaping of land policies than the promise of a Jewish National Home.
Bunton reveals how the British were intent on preserving the status quo of Ottoman land law, which (when few Britons could read Ottoman or were well grounded in its legal codes) led to a series of translations, interpretations, and hence new applications of land law. The sense of importance the British attributed to their work surveying and registering properties and transactions, is captured in the efforts of British officials to microfilm all of their records at the height of the Second World War. Despite this however, land policies remained in flux.

Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? In order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles, visiting, among other places, Paris and London in 1720, Latin America in the 1820s, Melbourne in the 1880s, New York in the 1920s, Tokyo in the 1980s, Silicon Valley in the 1990s and Shanghai in the 2000s. As they do so, they help us understand why bubbles happen, and why some have catastrophic economic, social and political consequences whilst others have actually benefited society. They reveal that bubbles start when investors and speculators react to new technology or political initiatives, showing that our ability to predict future bubbles will ultimately come down to being able to predict these sparks.

Volume 39C of Research in the History of Economic Thought and Methodology, features a symposium marking the 100th anniversary of the publication of Frank H. Knight's Risk, Uncertainty, and Profit. The symposium features contributions from Per Bylund, Richard E. Wagner, our own Carlos Eduardo Suprinyak and his co-author, Thiago Oliveira, as well as an essay from guest editor Ross B. Emmett. The Volume also includes general-research essays from David C. Coker, J. Patrick Higgins, and Charles R. McCann, Jr.

There is a standard belief that the modern theory of marginal utility originated in the UK with Jevons, Germany with Gossen, Austria with Menger and France with Walras. In this new book, John Chipman introduces new English translations of important writings from German economists such as Rau, Hildebrand, Roscher and Knies showing that the introduction of this concept originated with them. This ground breaking book comes with a long introduction from John Chipman analysing the theory.

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The book evaluates the importance of constitutional rules and property rights for the German economy in 1990-2015. It is an economic historical study embedded in institutional economics with main references to positive constitutional economics and the property rights theory. This interdisciplinary work adopts a theoretical-empirical dimension and a qualitative-quantitative approach. Formal institutions played a fundamental role in Germany's post-reunification economic changes. They set the legal and institutional framework for the transition process of Eastern Germany and the unification, integration and convergence between the two parts of the country. Although the latter process was not completed, the effects of these formal rules were positive, especially for the former GDR.

This book expands upon a range of economic insights within the overall context of critical theory, particularly with respect to the question of socioeconomic inequalities, and presents an explanation of how critical theory provides a number of interesting perspectives for economists. Economic agents, deliberately imprisoned in their instrumental rationality as a means to survive under competitive relationships, are microscopic constituents of systemic forces which exist beyond their will. Despite the subjective rationality of such agents in terms of formally-logical consistency and transitivity, aggregate market distributional mechanisms also display non-rational patterns. The crucial aspect of the dynamics of this system consists of the paralysing effect of the high level of socioeconomic inequality, which is driven by a permanent struggle for self-preservation under competitive rules; it is a reminiscence of natural, uncivilised relationships that constituted the reproduction process of the whole. These reified agents thus become instruments of their socially constructed powers on the one hand, and objects of their existential conditionality on the other. Hence, the dialectical approach adopted by the author aims to uncover the way in which structurally-genetic market forces govern individual behaviour, as well as how individual behaviour shapes these structurally-genetic forces, which, together, form the transcending principles of unequal distribution. This book will be of particular interest to scholars of the political economy, philosophy and the methodology of the social sciences, especially those concerned with inequality issues. This book includes a preface written by Professor Martin Jay.

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The US in 1913 was one of the last major economies to establish an institution of a central bank. The book examines, however, the history and evolution of central banking in the US from the perspective of central banking functions-i.e. aggregator of private lending to the federal government, fiscal agent for the government, regulator of money supply, monopoly over currency issuance, banking system supervision, and lender of last resort. The evolution of central banking functions is traced from earliest pre-1987 proposals, through the Constitutional Convention and Congressional debates on Hamilton's 1st Report on Credit, the rise and fall of the 1st and 2nd Banks of the United States, through the long period of the National Banking System, 1862-1913. The book describes how US federal governments-often in cooperation with the largest US private banks in New York, Philadelphia, and elsewhere in the northeast-attempted to expand and develop those functions, sometimes successfully sometimes not, from 1781 through the creation of the Federal Reserve Act of 1913. Other themes include how rapid US economic growth, and an expanding, geographically dispersed private banking system, created formidable resistance by banks at the state and local level to the evolution and consolidation of central banking functions at the national level. Whenever central banking functions were dismantled (1810s, 1830s) or were weakened (after 1860s), the consequences were financial instability and severe economic depressions. The book concludes with a detailed narrative on how, from 1903 to 1913, big eastern banks-leveraging the Panic of 1907, weak economic recovery of 1909-13, and need to expand internationally-allied with Congressional supporters to prevail over state and local banking interests and created the Fed; how the structure of the 1913 Fed clearly favored New York banks while granting concessions to state and local banks to win Congressional approval; and how that compromise central bank structure doomed US monetary policy to fail after 1929.

An analysis of later Stuart economic culture that contributes significantly to our understanding of early modern society. The English economy underwent profound changes in the seventeenth and eighteenth centuries, yet the worldly affairs of ordinary people continued to be shaped as much by traditional ideals and moral codes as by material conditions.This book explores the economic implications of many of the era's key concepts, including Christian stewardship, divine providence, patriarchal power, paternal duty, local community, and collective identity. Brodie Waddell drawson a wide range of contemporary sources - from ballads and pamphlets to pauper petitions and guild regulations - to show that such ideas pervaded every aspect of social and economic relations during this crucial period. Previous discussions of English economic life have tended to ignore or dismiss the influence of cultural factors. By contrast, Waddell argues that popular beliefs about divine will, social duty and communal bonds remained the frame through which most people viewed vital 'earthly' concerns such as food marketing, labour relations, trade policy, poor relief, and many others. This innovative study, demonstrating both the vibrancy and the diversity of the 'moral economies' of the later Stuart period, represents a significant contribution to our understanding of early modern society. It will be essential reading for all early modern British economic and cultural historians. BrodieWaddell is Leverhulme Early Career Fellow at the University of Cambridge. He has published on preaching, local government, the landscape and other aspects of early modern society.

Through an examination of election campaign propaganda and various public relations campaigns, reflecting new electioneering techniques borrowed from the United States, this work explores how conservative political and economic groups sought to construct and sell a political meaning of the Social Market Economy and the Economic Miracle in West Germany during the 1950s.The political meaning of economics contributed to conservative electoral success, constructed a new belief in the free market economy within West German society, and provided legitimacy and political stability for the new Federal Republic of Germany.

Workers in Brazil and the United States have followed parallel and entangled histories for many centuries. Recent experiences with progressive, popular presidents and authoritarian, populist presidents in the two most populous countries in the hemisphere have underscored important similarities. The contributors in this volume focus on the comparative and transnational histories of labor between and across Brazil and the United States. The countries' histories bear the marks of slavery, racism, transoceanic immigration, and rapid urbanization, as well as strong regional differentiation and inequalities. These features decisively shaped the working classes. Brazilian and US labor history debates have erupted and subsided at different times. This collection synthesizes those debates while adding new topics and new sources from both countries. The international group of historians' methodologically innovative chapters explore links, resonances, and divergences between US and Brazilian labor history. They widen the scope of analysis for themes and problems that have long been familiar to historians of work and workers in the two countries, but have not provoked close dialogues between scholars in the respective places. Though the histories themselves were often entangled, the debates about them have too rarely intertwined.

This book explores the twists and turns in Argentina's modern economic history and the debates that raged there around a problem common to all former colonies: how to achieve a level of economic growth for its population in a world characterized by unequal economic relations between the industrialized nations of the north and the commodity producers of the south. This new perspective examines the history of ideas surrounding industrialization and economic development in Argentina, drawing on a rigorous investigation of multiple sources. It demonstrates Argentina's role as a laboratory for and disseminator of ideas that would eventually become the common property of all the developing world. Influential thinkers such as Raul Prebisch and Aldo Ferrer, leading figures in twentieth century Latin American economic thought, developed important ideas such as unequal international trade relations, the promise and limits of Import Substitution Industrialization, the role of the state in the development of a national capitalism. These were the forerunners of similar concerns in other countries in Latin America and elsewhere in the world. The book will be of interest to historians, economists, sociologists of economic development, and related disciplines concerned with questions of global economic inequality.

This volume features 19 original essays on Adam Smith's conception of modernity. The contributions demonstrate the relevance of Smith as the great interpreter of modernity 250 years after the publication of The Wealth of Nations.

This book uses 'politics of urban knowledge' as a lens to understand how professionals, administrations, scholars, and social movements have surveyed, evaluated and theorized the city, identified problems, and shaped and legitimized practical interventions in planning and administration. Urbanization has been accompanied, and partly shaped by, the formation of the city as a distinct domain of knowledge. This volume uses 'politics of urban knowledge' as a lens to develop a new perspective on urban history and urban planning history. Through case studies of mainly 19th and 20th century examples, the book demonstrates that urban knowledge is not simply a neutral means to represent cities as pre-existing entities, but rather the outcome of historically contingent processes and practices of urban actors addressing urban issues and the power relations in which they are embedded. It shows how urban knowledge-making has reshaped the categories, rationales, and techniques through which urban spaces were produced, governed and contested, and how the knowledge concerned became performative of newly emerging urban orders. The volume will be of interest to scholars and students in the field of urban history and urban studies, as well as the history of technology, science and knowledge and of science studies.

The nineteenth century was an exciting and dynamic era of rapid progress in industry and technology. One of the most vigorous of the new industries was petroleum. It first transformed the way people lit their houses, displacing whale oil and other substitutes, and then revolutionized the entire field of energy and helped create the modern world. During the nineteenth century, oil was overwhelmingly dominated by the United States and the Russian Empire, together responsible for 97% of the world's production; and over the course of the century, nearly all the Russian Empire's oil came from the territory that is now the independent state of Azerbaijan. Many people don't know that the world's first industrial oil well was drilled in Azerbaijan in 1846, thirteen years before Drake's celebrated well in Pennsylvania. This book covers oil in the United States and Azerbaijan, in all its dynamism, from its earliest beginnings to the turn of the twentieth century. It treats both business and technology, from the early wildcatters to Standard Oil and the Nobel Brothers (yes, that remarkable family created more than a famous prize!). The book echoes into the present day; for good or ill, oil still moves the world.

This comprehensive two-volume collection includes seminal and classic articles that are key in the development of economic analysis of the distribution of wealth. Volume I discusses measurement of the distribution of wealth and analyses the time trends in wealth concentration and the importance of the role of inheritance. Theoretical approaches, including both stochastic and behavioural models are also explored. Volume II continues with articles on the determinants of saving and bequests whilst analysing life cycle and permanent income studies, as well as the role of entrepreneurship and taxation. It also includes key contributions to the controversy over the relative importance of inherited vs. self-made wealth. Along with a new and original introduction by the editor, these volumes are an indispensable tool for scholars and practitioners alike.