'In Economics as Anatomy Peter Swann has produced a wonderful sequel to his earlier 2006 classic, Putting Econometrics into Its Place. In this powerful new book, Peter Swann shows how key ideas from the economics of innovation can reconstruct economics as an empirical science. The challenge for mainstream economists is to embrace diversity and help rebuild the subject of economics so that it is no less innovative and dynamic than the economy itself. Economists need to go back to their roots and build something different.' - Kevin Dowd, Durham University, UK 'This is an important, thought-provoking, well-argued and provocative work which questions the methodological basis of, and the status accorded to, econometric analyses. . . This book will prove useful to all economic researchers, whatever the stage of their career - from undergraduates to longstanding professors. This book should stimulate a lively debate and should result in all researching economists to reflect critically on their current approaches and become more open to methods other than the strictly econometric.' - Adrian Darnell, Durham University, UK There are two fundamentally different approaches to innovation: incremental and radical. In Economics as Anatomy, G.M. Peter Swann argues that economics as a discipline needs both perspectives in order to create the maximum beneficial effect for the economy. Chapters explore how and why mainstream economics is very good at incremental innovation but seems uncomfortable with radical innovation. Swann argues that economics should follow the example of many other disciplines, transitioning from one field to a range of semi-autonomous sub-disciplines. In this book, he compares the missing link in empirical economics to being the economic equivalent of anatomy, the basis of medical discourse. Working as a sequel to Swann's Putting Econometrics in its Place, this book will be a vital resource to those who are discontent with the state of mainstream economics, especially those actively seeking to promote change in the discipline. Students wishing to see progress in the teaching of economics will also benefit from this timely book.

This timely and provocative book challenges the conventional wisdom that neoliberal capitalism is incompatible with social justice. Employing public choice and market process theory, Nick Cowen systematically compares and contrasts capitalism with socialist alternatives, illustrating how proponents of social justice have decisive reasons to opt for a capitalism guided by neoliberal ideas. Cowen shows how general rules of property and voluntary exchange facilitate widespread cooperation. Revisiting the works of John Rawls, he offers an interdisciplinary reconciliation of Rawlsian principles with liberal democracy by introducing 'robust property-owning democracy', a new form of governance that aims to achieve social justice via practical, liberal means. Chapters address the knowledge problem and the incentive problem that emerge when aiming for a fair distribution of social resources and demonstrate how everyday political bargaining can help achieve just outcomes for all. Utilising insights from philosophy, politics and economics to show the role of market institutions and constitutional government in producing social justice, this book is crucial reading for academics, researchers and students of PPE and the political sciences. Its practical policy proposals will further benefit policymakers interested in mechanisms that spread the benefits of economic growth equitably.

Economic theory and philosophy have discussed concepts of fairness, but the criteria of fairness are in each case absolute: a situation is either fair or it is not. This book draws on these literatures to propose two criteria of relative fairness, and a hierarchical rule for the priority of application of these criteria, with a view to comparison of practicable alternatives in public policy. A veil-of-ignorance device of representation of rational fairness is used to argue that these criteria are normatively relevant. Applications to intergenerational fairness, fairness among regions in the context of migration, externalities and Pigovian taxes, to fair prices and wages, and to relative fairness in the status of racial and caste groups are sketched. The book is designed with real world public policy practice. Scholars with an interest in the economic evaluation of public policy will find this compelling book essential reading.

The twenty-first century has seen major challenges to freedom and democracy. Authoritarianism is on the rise and democracy is in retreat. Some promote individualism and markets as the solution to almost every problem. On the other side there are those who champion collectivism and full public ownership. Neither side is convincing. Unrestrained capitalism has exacerbated inequality. Socialism in practice has ended democracy. Effective defenders of liberty and human flourishing must find a different course. This book argues for a pragmatic, social democratic liberalism that avoids unrealistic extremes and tackles major problems such as inequality and climate change. This book is a topical and powerful statement of social democratic liberalism. It will be of interest to anyone concerned about modern politics, including those in universities and political parties

Contemporary capitalism is always evolving. From digital technologies to cryptocurrencies, current trends in political economy are much discussed, but often little understood. So where can we turn for clarity? As Michael Roberts and Guglielmo Carchedi argue, new trends don't necessarily call for new theory. In Capitalism in the 21st Century, the authors show how Marx's law of value explains numerous issues in our modern world. In both advanced economies and the periphery, value theory provides a piercing analytical framework through which we can approach topics as varied as labour, profitability, automation and AI, the environment, nature and ecology, the role of China, imperialism and the state. This is an ambitious work that will appeal to both heterodox economists and labour movement activists alike, as it demonstrates the ongoing contemporary relevance of Marxist theory to current trends in political economy.

This accessible and comprehensive textbook explores the role of advertising in the marketplace. It investigates how firms' advertising strategies are informative, persuasive or add value to the product advertised. The book explains in detail empirical methodologies used to identify the impact of advertising on consumer demand and on market structure, and reviews some recent empirical findings. It concludes with an in-depth exploration of digital advertising and auctions along with a framework for current antitrust investigations into two-sided platforms (Google, Facebook) that are funded by advertising revenues. How advertising works in the marketplace, and whether it works well, is a complex question to address because there are three sets of players involved-the firms that advertise their products, the potential consumers who view the ads and the platform or medium that intermediates between them. Understanding how these three sets of players interact is the key to understanding the role of advertising in a market economy. The book begins by looking at the rise of advertising in market economies, a phenomenon not accounted for in standard textbook microeconomic models and carefully explains why. This is followed by an examination, both theoretical and empirical, of how firms strategically use advertising to reach consumers and expand the demand for their products. There are also chapters focused on the challenges of deceptive advertising and regulation. The final chapters investigate how two-sided platforms, such as Google and Facebook, are sustained by advertising revenues, and include a review of auction theory and the structure of advertising auction exchanges. These chapters also provide a detailed analysis of public policy issues, including media bias and antitrust concerns. While designed for use by students in any course that covers the economics of advertising, this book is also an excellent resource for any reader interested in a deeper understanding of this important topic.

2019 marked the 40th anniversary of the publication of Anthony P. Thirlwall's classic paper that laid out what became known as Thirlwall''s law. This article introduced and provided empirical evidence in favor of the proposition that the long-run rate of growth of an economy compatible with balance-of-payments equilibrium can be approximated by the simple rule of the ratio of the growth of exports to the income elasticity of demand for imports. Thirlwall's law provides a theoretical underpinning for several of the arguments traditionally espoused by the heterodox followers of Keynes. In addition, Thirlwall's law can also be viewed as a guide to policy-making. It has spurred a rich research agenda at both the theoretical and empirical levels. Theoretically the core model has been extended to include the different components of the current account of the balance of payments. Empirically, it has withstood the test of time and has been corroborated, with perhaps a few exceptions, for a variety of developed and developing countries under different historical contexts and different periods of time. This re-release of the special issue of the Review of Keynesian Economics brings together experts and researchers to present the latest developments and debates on Thirlwall's law. Students, economists and policy makers will find this volume enlightening.

Economic theory reached its highest level of analytical power and depth in the middle of the nineteenth century among John Stuart Mill and his contemporaries. This book explains classical economics when it was at its height, followed by an analysis of what took place as a result of the ensuing Marginal and Keynesian Revolutions that have left economists less able to understand how economies operate. Chapters explore the false mythology that has obscured the arguments of classical economists, clouding to the point of near invisibility the theories they had developed. Steven Kates offers a thorough understanding of the operation of an economy within a classical framework, providing a new perspective for viewing modern economic theory from the outside. This provocative book not only explains the meaning of Say's Law in an accessible way, but also the origins of the Keynesian revolution and Keynes's pathway in writing The General Theory. It provides a new look at the classical theory of value at its height that was not based, as so many now wrongly believe, on the labour theory of value. A crucial read for economic policy-makers seeking to understand the operation of a market economy, this book should also be of keen interest to economists generally as well as scholars in the history of economic thought.

This wide-ranging set of papers deals with crucial questions in economic theory, economic policy and economic history. The papers help explain why economic performance deteriorated dramatically in the West over the past three decades as the ''Golden Age'' of capitalism after World War II was replaced by global neoliberal capitalism. They show that theoretical frameworks rooted in the radical and heterodox traditions can explain this evolution and the current global economic and financial crisis, something mainstream theories cannot do. Topics include but are not limited to: methodology: a critique of ''positivism'' is used to explain why mainstream reliance on fairy-tale assumptions should be replaced by realistic assumption sets as argued by Marx and Keynes Marx, Keynes and Minsky on financial market instability versus mainstream theories of ''efficient'' financial markets how Keynes's assumption that the future is unknowable revolutionized not only macro theory but the micro theory of agent choice as well structural causes of the current global financial crisis how innovative theories of competition, globalization, capital investment and financialization inspired by Marx, Keynes and Schumpeter can be used to explain the crisis tendencies of neoliberal capitalism the influence of class conflict on economic policy, including in the current ''austerity'' regimes. The papers in this book should be of interest to most economists and can be used in both graduate and upper level undergraduate courses. Many of these papers are accessible to anyone who reads the business press.

Challenges the mainstream understanding of BRICS and US dominance to situate the new global rivalries engulfing capitalism.

BRICS is a grouping of the five major emerging economies of Brazil, Russia, India, China and South Africa. Volume five in the Democratic Marxism series, BRICS and the New American Imperialism challenges the mainstream understanding of BRICS and US dominance to situate the new global rivalries engulfing capitalism. It offers novel analyses of BRICS in the context of increasing US induced imperial chaos, deepening environmental crisis tendencies (such as climate change and water scarcity), contradictory dynamics inside BRICS countries and growing subaltern resistance.

The authors revisit contemporary thinking on imperialism and anti-imperialism, drawing on the work of Rosa Luxemburg, one of the leading theorists after Marx, who attempted to understand the expansionary nature of capitalism from the heartlands to the peripheries. The richness of Luxemburg’s pioneering work inspires most of the volume’s contributors in their analyses of the dangerous contradictions of the contemporary world as well as forms of democratic agency advancing resistance.

While various forms of resistance are highlighted, among them water protests, mass worker strikes, anti-corporate campaigning and forms of cultural critique, this volume grapples with the challenge of renewing anti-imperialism beyond the NGO-driven World Social Forum and considers the prospects of a new horizontal political vessel to build global convergence. It also explores the prospects of a Fifth International of Peoples and Workers.

Elgar Research Agendas outline the future of research in a given area. Leading scholars are given the space to explore their subject in provocative ways, and map out the potential directions of travel. They are relevant but also visionary. Presenting state-of-the-art reviews on classical and novel research fields in economic psychology, this Research Agenda studies the fundamentals, perceptions and understanding of economic phenomena and behaviour. Internationally renowned experts as well as the next generation of researchers summarize the field and outline promising avenues of future research. Research topics are addressed from an interdisciplinary perspective, providing a broad spectrum of thought on economic psychology. Exploring important gaps in research, chapters include theoretical as well as applied themes and cover novel research fields, to keep the reader abreast of contemporary developments. These include the psychology of money, product design, financial capabilities, sustainable consumption, diet, ethical conduct, gender inequality, the sharing economy, basic income, happiness, and tax psychology. Researchers and advanced students of economics and psychology looking to update their knowledge and refresh their thinking on future research will greatly benefit from this timely book. Contributors include: S. Asbach, J.M. Bauer, J. Bosak, S. Diefenbach, K. Gangl, A. Gasiorowska, B. Hartl, M. Hassenzahl, D. Hilton, E. Hofmann, J. Khan, E. Kirchler, C. Kulich, C. Loibl, T.L. Milfont, K. Patel, L.A. Reisch, G. Rivers, D. Schwartz, M. Sommer, D. Stimmler, O. Stravrova, C. Tanner, I. Vlaev

This volume contains thirty-seven contributions from the most significant early developers of monetary economics. Starting with Aristotle, the collection tracks the development of the modern theory of money through the ages by thinkers like Thomas Aquinas, Martin de Azpilcueta, John Locke, Richard Cantillon, David Hume, and A.R.J Turgot. Also included are the first translations of Jean Buridan's writings on money and of Albert the Great's writings on money from Latin. A Source Book on Early Monetary Theory will be of interest to bankers, historians, and macroeconomists and can be used as a supplementary text on courses in macroeconomics, money and banking, and the history of economic thought.

Part of the Elgar Series on Central Banking and Monetary Policy, this book explores the relationship between central banking, monetary policy and the economy at large. It focuses on the specific relationship between central banking, monetary policy and the environment as central banks wake up to new realities. The book examines not only the impact of changes in interest rates on the environment, but also the impact that the environment and climate change have on monetary policy. New green policies are proposed for central banks to implement as they move forward and navigate the pitfalls of climate change. Scholars and students interested in central banking, monetary policy and the environment will appreciate this take on Central Banking, Monetary Policy and the Environment.

Examining the fundamental thinking underpinning the foundation for economic studies of happiness, this book explores the theories of key economists and philosophers from the Greek philosophers to more modern schools of thought. Lall Ramrattan and Michael Szenberg explore the general measures of happiness, utility as a method, metrical measures of happiness, happiness in literature and the scope of happiness in this concise book. Fundamentals of Happiness builds on major moral and philosophical theories from the ancient, medieval and modern schools that form the foundation of utility analysis. The authors classify the economics of happiness based on psychological, individual, social and institutional views of happiness, revealing how historical schools of thought implicitly or explicitly deal with this. The book also focuses on the relationship between happiness and society and welfare, analysing the measurement of subjective well-being. This will be an invigorating read for economics students, in particular those studying the history of economic thought, looking to understand the basic principles underlying the economics of happiness.

Elgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences and law, expertly written by the world's leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. The intellectual origins of the area are explicated, and the current state of the subfield outlined. Specific topics covered include conflict over terminology, pedagogy, and content in the field of economics, measurement of the unmeasured economy, the role of caring labor in the economy, heteronormativity in economics, feminist approaches to economic development, multiple approaches to empiricism, modeling of intrahousehold relationships, consideration of the role of property rights in reifying gender roles, differential effects of international trade and finance by gender, and feminist approaches to public finance and social welfare.

'This wise and lucid guide to pluralism in economics embodies the values of its cause. Generous, open-minded, fair, accurate and accessible: John Harvey's new book is a fine achievement that every economics major should read.' - James K. Galbraith, The University of Texas at Austin, USJohn Harvey's accessible book provides a non-technical yet rigorous introduction to various schools of thought in economics. Premised on the idea that economic thinking has been stunted by the almost complete rejection of anything outside the mainstream, the author hopes that this volume will open readers' minds and lead them in new and productive directions. In his exploration of Neoclassical, Marxist, Austrian, Post Keynesian, Institutionalist, New Institutionalist and Feminist schools of thought, unique features of each approach are highlighted, complemented by discussions of methodology, world views, popular themes, and current activities. Accurate and impartial, every chapter covering a heterodox school of thought has been vetted by an acknowledged expert in that field. Though written for use in undergraduate courses, this guide will no doubt offer a great deal to any scholar wishing to gain a fresh perspective and greater understanding of the variety and breadth of current economic thinking.

Innovative in its approach, Rethinking Public Choice reviews the concept of public choice since the 1950s post-war period and the application of economics to political practices and institutions, as well as its evolution in recent years attracting contributions from political science and philosophy. Examining the growing variety of theoretical orientations on the topic, such as entangled political economy and additive political economy, the book provides new analytical insights into combining the old and new to establish a more unified political economy. Richard E. Wagner expertly highlights the key issues an entangled economy can bring, including incomplete information and its constant evolution as it reflects ever changing public choice ideas. Wagner seeks to extend the reach of public choice by distinguishing the formal idea of rationality that has dominated public choice from the immensely varied practice of human action that opens up now directions for public choice. This insightful approach will prove an excellent resource for academics and scholars of economics and political science, as well as those within the field of public administration as it offers an excellent blend of all subjects.

Countering the claims that competition contradicts and undermines ethical thought processes and actions, Christoph Lutge successfully argues that competition and ethics do not necessarily have to oppose one another. He highlights how intensified competition can in fact work in favour of ethical goals, and that many criticisms of competition stem from an out-dated understanding of how modern societies and economies function. Illustrating this view with examples from ecology, healthcare and education, the author calls for a more entrepreneurial spirit in analysing the relationship between competition and ethics. This book delivers important arguments for the ethics of innovation, using a combination of theoretical and practical evidence to support it. Researchers and scholars of economics, business, philosophy and politics will greatly benefit from the fresh interdisciplinary perspectives and thorough exploration of the complex relationship between modern competition and ethics.

Post-Keynesian Monetary Theory recaps Marc Lavoie's views on monetary theory over a 35-year period, seen from a post-Keynesian perspective. The book contains a collection of twenty previously published papers, as well as an introduction which explains how these papers came about and how they were received. All of the selected articles avoid mathematical formalism. Readers will find analyses of the earlier advocates of endogenous money such as Nicholas Kaldor and Jacques Le Bourva. They will discover how the arguments in support of the post-Keynesian theory of endogenous money and the credit view of banking have evolved through this 35-year period, and how they have been related to the new procedures pursued by central banks. All these essays show the relevance of the realistic post-Keynesian monetary theory in understanding the subprime and euro crises, quantitative easing and the distributional role of interest rates. Within these pages Marc Lavoie provides an overview of what has happened in post-Keynesian monetary economics over the last three and a half decades for students and scholars with interest in monetary economics, the horizontalist-structuralist debates and the recent history of economic thought.

The theory of value structure concerns the meaning of "better than" and "good," as well as the way in which values serve as a basis for rational decision making. Drawing methodologically from economics and theories of decision making, the aim of serious axiology in metaethics is to do justice to problems that have puzzled philosophers of value for centuries. Can value comparisons be cyclic? Are all values comparable with each other and can decision makers just add up different aspects of an evaluation to determine the best course of action? A Theory of Value Structure: From Values to Decisions starts with a thorough introduction to the modeling of "better than" comparisons from a normative perspective. In the philosophical part of the book, Erich H. Rast argues that aspects of "better than" comparisons can differ qualitatively so much that one aspect may outrank another. Consequently, the classical weighted sum aggregation model fails. Values cannot always be summed up and comparisons may be fundamentally noncompensatory, an indeterminacy that explains problems like the apparent nontransitivity of "better than" and hard cases in decision making. Using a lexicographic method of value comparisons, Rast develops a multidimensional theory of "better than" and shows how and to which extent it can be combined with standard methods of decision making under uncertainty by using rank-dependent utility theory.

Elgar Research Agendas outline the future of research in a given area. Leading scholars are given the space to explore their subject in provocative ways, and map out the potential directions of travel. They are relevant but also visionary. Providing a critical overview of cultural economics, this Research Agenda explores the current state of affairs in the field, suggesting methods of improvement for the coherency and progressiveness of future research. Situating work in this area in its historical context, Samuel Cameron draws together a range of international contributors to explore the development of cultural economics. Undertaking a thorough examination of matters of data quality, statistical methodology and the challenge of new developments in technology, chapters examine the different approaches to cultural economics. The book explores the myriad ways in which the topic has been neglected by mainstream economics, and examines reasons why it needs to be considered, evaluated and explored in more detail in our modern world. Current researchers in cultural economics, as well as cultural policies and leisure studies will find this book an invaluable read in exploring different ways to integrate cultural economics into mainstream studies. This Research Agenda will also be an invaluable aid for advanced students to create discussions suitable for essay topics and dissertations. Contributors include: S. Cameron, C. Peukert, J. Snowball, H. Sonnabend, M. Zieba

Elgar Research Agendas outline the future of research in a given area. Leading scholars are given the space to explore their subject in provocative ways, and map out the potential directions of travel. They are relevant but also visionary. Providing a critical overview of cultural economics, this Research Agenda explores the current state of affairs in the field, suggesting methods of improvement for the coherency and progressiveness of future research. Situating work in this area in its historical context, Samuel Cameron draws together a range of international contributors to explore the development of cultural economics. Undertaking a thorough examination of matters of data quality, statistical methodology and the challenge of new developments in technology, chapters examine the different approaches to cultural economics. The book explores the myriad ways in which the topic has been neglected by mainstream economics, and examines reasons why it needs to be considered, evaluated and explored in more detail in our modern world. Current researchers in cultural economics, as well as cultural policies and leisure studies will find this book an invaluable read in exploring different ways to integrate cultural economics into mainstream studies. This Research Agenda will also be an invaluable aid for advanced students to create discussions suitable for essay topics and dissertations. Contributors include: S. Cameron, C. Peukert, J. Snowball, H. Sonnabend, M. Zieba