This important textbook offers a comprehensive look into the two main traditions in contemporary macroeconomics ? New Classical and Keynesian ? and examines the work of economists who have drawn on principles from both traditions to form a new, integrated approach known as New Neoclassical Synthesis. Importantly, this provides the theoretical foundation for much of current mainstream economics and the work done by central banks around the world. With a dual focus on research methods and policy applications, this book bridges the gap between intermediate macroeconomic and advanced graduate-level texts, making it an ideal resource for senior undergraduate and Masters students in applied economics programs. Key topics include:? a concise summary of intermediate macroeconomics, including the foundational ideas of both the New Classical and Keynesian traditions? the Lucas critique of standard methods for evaluating policy design? debt sustainability and austerity vs. stimulation debate? optimal inflation rates? tax reform and growth analysis? alternative monetary policies for pursuing price stability? theories of unemployment.Students and instructors will find additional useful resources on the book?s companion website, including practice questions for each chapter.

Providing an exceptional overview and analysis of the global economy, from the origins of Homo sapiens to the present day, Colin White explores our past to help understand our economic future. He veers away from traditional Eurocentric approaches, providing a truly global scope for readers. A History of the Global Economy takes a holistic, interdisciplinary approach, beyond the narrow application of economic theory, to include the impact of climate change, genetics and culture. The main themes include the creative innovativeness of humans and how this generates economic progression, the common economic pathway trodden by all societies and the complementary relationship between government and the market. The book moves through the four key economic stages of human history - foraging, agriculture, industry and services - to finally examine where the direction of our future may lie. This comprehensive and ambitious book is a must-read for economists, particularly economic historians, as well as anthropology and political history scholars. It not only explores the history and origins of the global economy but also provides a valuable analysis of the current state of economic affairs, making it an ideal book for those wishing to understand more about our ever-evolving global society.

The literature of monetary economics has been characterised by controversy and changes in the received wisdom throughout its history. The controversies have related not merely to the effects on incomes and prices of changes in the money supply, but even to the question of whether causality runs from money to incomes and prices or vice versa. This book begins with the pioneering work of the sixteenth century French writer Jean Bodin, followed by the celebrated John Law, and John Locke (and his eighteenth century critics). It considers both the theory and the evidence involved in the controversy between the Currency and Banking schools. Closely related to this was the work of two writers, Thomas Joplin and Walter Bagehot, both of whom provided perspectives strikingly different from those of the main controversialists and, in so doing, advanced the subject of monetary economics. The book seeks, through the examination of monetary controversies, to provide an historical perspective on modern understanding of monetary policy. It will be essential reading for economists with an interest in monetary economics and the history of economic thought.

In light of the recent and ongoing surge of interest in Alfred Marshall's work, this new and original reference volume fills a gap in the literature through a detailed examination of his thought and of his contributions to economics and social science. The Companion places Alfred Marshall's ideas in their historical context, highlighting the many streams of social research originating from them. The contributors form a remarkable cast of leading experts, covering a spectrum of Marshallian themes and issues, including: * his life and work * background and influences * scope and methodology of economics * economic analysis - including distribution theory, industrial economics and money * social and political issues * relations with his contemporaries * the Marshallian tradition * relevance to contemporary economics. This comprehensive and multidisciplinary Companion illustrates the relevance of Marshall to present-day economic reality and as such will prove an invaluable reference tool for general economists and a wide ranging audience: historians of economic thought; economic, political and cultural historians; industrial, regional and development economists; economists interested in institutional, cognitive and evolutionary economics.

On the 100th anniversary of the birth of one of the 20th century's most accomplished and controversial economists, scholars from around the world reflect on the legacy of Joan Robinson's work. Addressing Robinsonian themes in growth, money, trade and methodology, their essays provide fresh perspectives on old questions. Joan Robinson's first priority was not theoretical perfection or abstract rigor. The arcane debates of the profession had little practical relevance and became increasingly tedious to her. Ironically, much of current economic theory embraces the realism she was striving toward. Indeed, as the essays in this volume show, she was in many ways ahead of her time. The volume begins by tracing the intellectual contours of her work and discussing the people and events that shaped her thinking. The succeeding chapters address her theories on accumulation, capital, and equilibrium, her interpretation of Marx, as well as the influence of Piero Sraffa. Several chapters analyze and extend her theory of growth, illustrating the wide applicability of her approach. A compelling exploration of Joan Robinson's contributions, this volume will be of great interest to scholars interested in growth, income distribution, post-Keynesian economics, macroeconomics, history of thought, money, capital theory, international trade and finance.

More than five years have passed since South Korea fell prey to the Asian financial crisis. Bringing together experts from Korea and a variety of other countries, this book aims to better understand the three stages of the Korean crisis: the onset, the policy reaction, and the economic response. Providing an integrated analysis of the event and its consequences, the chapters in the book consider the causes of the crisis, the response of the US government and International Monetary Fund, adjustments in the Korean monetary and fiscal policies, and the success of financial and corporate restructuring. The concluding chapters bring the story up to date, describing the aftermath of the crisis and assessing whether there has been sufficient reform to facilitate the country's recovery and growth. International and also Asian economists will find this a thoroughly accessible and illuminating book, as will specialists on Korea, political scientists and political economists.

This book is unique in providing the first full English translation of Menger's seminal article Geld - one of the most influential papers on the origin of money. The editors aim to facilitate a broader and more detailed discussion of Menger's method, theory and findings with this translation and in depth analysis. Menger's institutional approach is applied and extended to the analysis of the evolution of payments systems, focusing in particular on electronic money, on its institutional character, and on monetary policy as well as predictions of likely future developments. Carl Menger and the Evolution of Payments Systems will be of great interest to financial economists and Austrian economists as well as historians of economic thought.

Warren Samuels's second and concluding selection of essays focuses on early 20th century economists who, while relatively well-known in their times, have tended to be obscured by the more prominent stars of the discipline. It illustrates that economics is more diverse and complex than conventional histories of economic thought tend to identify. In particular it includes contributions on those economists who were not in the mainstream, or, if in the mainstream, practised economics in a somewhat alternative manner. Warren Samuels has assembled a collection of essays on thirteen economists - six German and seven Italian - who remain noteworthy of study to this day. The economists featured in the volume represent a variety of ways of practising economics - theoretical, methodological and policy-orientated - who all contributed to the understanding of economic processes and institutions at the deepest levels. European Economists of the Early 20th Century will appeal to all those with an interest in the philosophy and evolution of economics and to historians of economic thought.

This comprehensive and far-reaching book describes the growth and economic integration of the European economy from 1500 to 1913. The authors apply macroeconomic techniques to identify growth rates, inflation, product markets, trade networks and business cycles across a set of countries over the period. The book demonstrates that growth was the natural state for European economies throughout the period although, under the impetus of the industrial revolution, growth rates generally accelerated by the end of the nineteenth century. Similarly, business cycles in the modern sense seem to have been in evidence at the beginning of the period but by the eighteenth century there is no doubt that modern cycles affected these countries, sometimes simultaneously. Inflationary episodes are both distinct and shared in this long period, with the long inflation of the sixteenth century attesting to the integration of European markets. Finally, the authors find abundant quantitative evidence to support the argument that economies linked by international trade in 1500 came close to achieving global integration by 1913. The European Macroeconomy will be of interest to scholars of economic history, international economics and macroeconomics.

This influential volume, which has been revised and updated for the twenty-first century, includes both new material and more detailed expositions of existing arguments. Although so-called 'real' theories of business cycles and growth are prevalent in contemporary mainstream economics, Controversies in Monetary Economics suggests that those economists who have instinctively focused on monetary factors in explaining macroeconomic behaviour are more genuinely 'realistic'. The author combines an explanation of past and present monetary controversy with practical proposals for the conduct of monetary policy in the contemporary global economy. Several alternative approaches are discussed, ranging from the traditional quantity theory to post Keynesian theories of endogenous money. This insightful book will be of interest to all those concerned with monetary economics and macroeconomics, including academic researchers, graduate and senior undergraduate students - particularly those looking for an alternative to current economic orthodoxy - and historians of economic thought. Practitioners in central banks, international financial institutions, the financial markets and finance ministries will also find this work invaluable.

The Theory of Economic Growth compares the main theories of growth from Adam Smith to the present day in order to isolate their logical structures, theoretical domains and methodological underpinnings. The book provides original solutions to theoretical questions still debated in contemporary literature and points out new directions for further research.The authors carry out a 'vertical' or in-depth analysis of the three main schools of thought; classical, Keynesian and neo-classical. They perform a 'horizontal' analysis of a wide range of items connected with growth theory, such as competition, technical change, division of labour, business cycles, the impact on environment, and the financial intermediation. Attention is also given to the evolutionary approach to economic growth. This book will be of great interest to scholars of economic growth, macroeconomics, and historians of economic thought.

In the 1970s, the Keynesian orthodoxy in macroeconomics began to break down. In direct contrast to Keynesian recommendations of discretionary policy, models advocating laissez-faire came to the forefront of economic theory. Laissez-faire no longer stood as an exceptional policy endorsed for rare occurrences of market clearing; rather it became the policy standard. This book provides the definitive account of this watershed and traces the evolution of laissez-faire using the cases of its proponents, Frank Knight, Henry Simons, Friedrich von Hayek, Milton Friedman, James Buchanan and Robert Lucas. By elucidating the pre-analytical framework of their writings, Sherryl Kasper accounts for the ideological influence of these pioneers on theoretical work, and illustrates that they played a primary role in founding the theoretical and philosophical use of rules as the basis of macroeconomic policy. A case study of the way in which interwar pluralism transcended to postwar neoclassicism is also featured. The volume concludes that economists ultimately favoured new classical economics due to the theoretical developments it incorporated, although at the same time, since Lucas uncritically adapted some of the ideas and tools of Friedman, an avenue for ideological influence remained. Tracing the evolution of American macroeconomic theory from the 1930s to the 1980s, this book will appeal to those with an interest in macroeconomics and in the history of scholars associated with the Chicago School of economics.

'Kurz and Salvadori have done researchers on Ricardo a great service with their compilation of these essays.' - EH.Net 'Do we have to know today what Ricardo wrote two hundred years ago? Can we still learn from him? Of course, we can! The book edited by Heinz D. Kurz and Neri Salvadori provides highly instructive insights into the work and importance of David Ricardo, the ''economists' economist'', as Paul Samuelson dubbed him.' - Frankfurter Allgemeine Zeitung Arguably one of the most important economists who has lived, Ricardo's impact on the economics profession is immense. This unique and comprehensive Companion elucidates his significance and continuing legacy. Ricardo made major contributions to all fields of the subject, from monetary issues to value and income distribution, from capital accumulation, technical progress and economic growth to foreign trade and international specialization, and from taxes to public debt. What he called the main problem of political economy, the distribution of income and wealth, is again back on the political and economic agenda with a vengeance. Leading experts in the field explore his influence and offer novel interpretations of received doctrines. The concise yet comprehensive entries are arranged alphabetically for ease of use with cross references and suggestions for further reading. The Companion will serve as the standard reference work for all those engaged in the field of classical economics. It will also be essential reading for scholars and researchers interested in the history of economic thought, macroeconomics and political economy. Contributors include: R. Arena, T. Aspromourgos, M.S. Asslander, R.E. Backhouse, I. Barens, E. Bellino, C. Bidard, S. Blankenburg, C. Casarosa, R. Ciccone, S. Cremaschi, M. Dardi, G. Deleplace, T. Dome, G. Erreygers, G. Faccarello, R. Faucci, D. Fiaschi, S. Fratini, G. Freni, C. Gehrke, A.F. Gilbert, G. Gilibert, P. Groenewegen, D. Haas, H. Hagemann, A. Heertje, J.E. King, H. Klausinger, H.D. Kurz, A. Maneschi, M.C. Marcuzzo, F. Meacci, M. Milgate, G. Mongiovi, F. Moseley, D.P.O'Brien, A. Opocher, A. Palumbo, S. Parrinello, C. Perrotta, M. Pivetti, P.L. Porta, A. Quadrio Curzio, S.A.T. Rizvi, A. Rosselli, C. Rotondi, N. Salvadori, R. Signorino, N. Sigot, M. Smith, A. Stirati, R. Sturn, P. Trabucchi, H.-M. Trautwein, P. Tubaro, K. Watarai

This volume of new, original essays reflects the lifelong concerns and writings of the person they honor, Professor Howard Sherman. Sherman wrote on a wide range of topics - the causes of recessions, depressions and mass unemployment under capitalism; the difficulties and challenges of establishing viable democratic planning systems under socialism; the down-to-earth realities of economic life in the United States, the Soviet Union and elsewhere; and the theoretical traditions he drew upon to inform these empirical studies, i.e. Keynesianism, institutionalism and, most especially, Marxism. The contributors follow in Sherman's tradition through their careful analysis of topics such as the long-term trends in contemporary global capitalism; the relationship between Marxism and institutionalism; debates over the usefulness of class analysis; the political economy of financial liberalization; lessons from the demise of socialism in the Soviet Union and China; and the possibilities for advancing a workable egalitarian economic agenda. This book demonstrates the continued vibrancy and relevance of radical political economy as a mode of social scientific analysis. Scholars and students in economics, sociology, history, philosophy and political science will find the essays thought-provoking and informative.

Despite their common emphasis upon uncertainty as a key economic variable, Frank Knight and John Maynard Keynes viewed its role from different ethical perspectives. These attitudes were derived from contrasting formative influences and differing views regarding the role of economic theory as applied to the real world.William Greer reveals that the intellectual atmosphere into which Keynes was born led him to consider individual and collective action positively, enabling policymakers to take purposeful, deliberate action, in the face of an uncertain, non-ergodic future. The conservative, theological era from which Knight emerged left him accepting of a predetermined, ergodic world in which the government should assume a minimal role in ensuring the smooth operation of a system of otherwise free markets. Ethics and Uncertainty explores how two economists, who both placed 'uncertainty' at the heart of their economic theories, come to drastically different and opposing policy recommendations. The volume illustrates that the important lesson to learn from both Knight and Keynes is that ethics and the desire to improve mankind should be the focus of economic enquiry. This fascinating volume will be essential reading for followers of Keynes and Knight. The book will also be welcomed by scholars in the field of economic thought, and those interested in the development of modern macroeconomics and microeconomics.

RADIO 4 BOOK OF THE WEEK Economic thinking - about globalisation, climate change, immigration, austerity, automation and much more - in its most digestible form For decades, a single free market philosophy has dominated global economics. But this is bland and unhealthy - like British food in the 1980s, when bestselling author and economist Ha-Joon Chang first arrived in the UK from South Korea. Just as eating a wide range of cuisines contributes to a more interesting and balanced diet, so too is it essential we listen to a variety of economic perspectives. In Edible Economics, Chang makes challenging economic ideas more palatable by plating them alongside stories about food from around the world. He uses histories behind familiar food items - where they come from, how they are cooked and consumed, what they mean to different cultures - to explore economic theory. For Chang, chocolate is a life-long addiction, but more exciting are the insights it offers into post-industrial knowledge economies; and while okra makes Southern gumbo heart-meltingly smooth, it also speaks of capitalism's entangled relationship with freedom and unfreedom. Explaining everything from the hidden cost of care work to the misleading language of the free market as he cooks dishes like anchovy and egg toast, Gambas al Ajillo and Korean dotori mook, Ha-Joon Chang serves up an easy-to-digest feast of bold ideas. Myth-busting, witty and thought-provoking, Edible Economics shows that getting to grips with the economy is like learning a recipe: if we understand it, we can change it - and, with it, the world.

This comprehensive and far-reaching book describes the growth and economic integration of the European economy from 1500 to 1913. The authors apply macroeconomic techniques to identify growth rates, inflation, product markets, trade networks and business cycles across a set of countries over the period. The book demonstrates that growth was the natural state for European economies throughout the period although, under the impetus of the industrial revolution, growth rates generally accelerated by the end of the nineteenth century. Similarly, business cycles in the modern sense seem to have been in evidence at the beginning of the period but by the eighteenth century there is no doubt that modern cycles affected these countries, sometimes simultaneously. Inflationary episodes are both distinct and shared in this long period, with the long inflation of the sixteenth century attesting to the integration of European markets. Finally, the authors find abundant quantitative evidence to support the argument that economies linked by international trade in 1500 came close to achieving global integration by 1913. The European Macroeconomy will be of interest to scholars of economic history, international economics and macroeconomics.

This major new book contains contributions by many of the leading historians of technology. The contributors argue that culture, institutions and learning either made the way for, or blocked technological and industrial transformation. Their essays include broad comparative frameworks between Europe and Asia, and Europe and America, and examine the specific experiences of Britain, France, Holland, Germany and Scandinavia. Themes addressed include cultures of invention and the learning economy, technological inertia and path dependence, patents and product innovation, and technology, institutions and boundaries.