In the area of dynamic economics, David Cass 's work has spawned a number of important lines of research, including the study of dynamic general equilibrium theory, the concept of sunspot equilibria, and general equilibrium theory when markets are incomplete. Based on these contributions, this volume contains new developments in the field, written by Cass's students and co-authors.

The papers in this volume explore various issues relating to theories of individual and collective choice, and theories of social welfare. The topics include individual and collective rationality, motivation and intention in economics, coercion, public goods, climate change, and voting theory. The book offers an excellent overview over latest research in these fields.

This book presents a theory of the general dynamic economic equilibrium which is a development of the static theory of Walras and Pareto. The work has built up an analytical model of the effective, current movement of an economic system, founded on the logic of the individual changing programmes - a basis for finding out the laws of all types of endogenous and exogenous movements of the economy. Indeed, the model can be used in the treatment of the typical problems of dynamic economics, by means of the author's method of variational dynamic analysis.

This book mainly addresses the general equilibrium asset pricing method in two aspects: option pricing and variance risk premium. First, volatility smile and smirk is the famous puzzle in option pricing. Different from no arbitrage method, this book applies the general equilibrium approach in explaining the puzzle. In the presence of jump, investors impose more weights on the jump risk than the volatility risk, and as a result, investors require more jump risk premium which generates a pronounced volatility smirk. Second, based on the general equilibrium framework, this book proposes variance risk premium and empirically tests its predictive power for international stock market returns.

In this book, Thompson and Hickson strongly challenge the standard interpretation of the basis of growth and viability of dominant wealthy nations. Briefly, efforts of the economically wealthy and the government leaders to increase their wealth and protect it from aggressors, internal and external, are cast in a new evolutionary light. The challenge is to the idea that societies' leading intellectual formulators of political and social policy have been helpful. Their alternative, and persuasive, interpretation is that the rise and survival of wealthier nations has been achieved because of an effective democracy'. The authors explain why an effective democratic state must avoid narrow, short-sighted', rational-appearing concessions to a sequence of aggressors. In short, the Thompson-Hickson interpretation of the rise of wealthy dominant nations does not rely on the advice of superior intellectual advisors, but instead rests on the pragmatic, almost ad hoc, actions of democratic legislators.

This important new book presents a state-of-the-art assessment of how economic models can be used by different levels of government to combat environmental problems. It considers policies for climate change and transport that can be used at federal and confederal levels of government. The authors examine the unique aspects of environmental policy making in a multi-layered government using empirical case studies covering Europe and the US. They consider the causes of pollution at three levels - federal government, local government and industries and firms. Concentrating on greenhouse gas abatement and the transport sector, they use quantitative techniques to compare alternative policy solutions. This quantitative approach overcomes problems of some inconclusive theoretical prescriptions, which often depend on combinations of particular parameter values. In addition, this method makes it possible to investigate the costs and benefits of a particular solution, and the distribution effects between different groups. This approach also provides insights into the economic consequences of the application of local versus national or federal policies. Climate Change, Transport and Environmental Policy provides the necessary analysis required for environmental policy making in that it uses a quantitative approach to balance the costs and benefits of alternative policy options. Climate Change, Transport and Environmental Policy is an important addition to the literature and will be welcomed by environmental policymakers at the local, regional, national and international level as well as scholars and postgraduate students in environmental economics and public policy.

Pollution, alternative fuels, congestion, intelligent transportation systems, and the shift from construction to maintenance all call for a reconsideration of the existing highway revenue mechanisms, especially the gas tax. David Levinson explores the fundamental theoretical basis of highway finance, in particular the use of tolls, and supports that theory with empirical evidence. The author examines highway finance from the perspective of individual jurisdictions and travellers, and considers their interactions rather than specifying a single optimal solution. Congestion pricing has long been a goal of transportation economists, who believe it will result in a more efficient use of resources. Levinson argues that if the governance were to become more decentralized, and collection costs continue to drop, tolls could return to prominence as the preferred means of financing roads for both local and intercity travel. An approach that creates the local winners necessary to implement road pricing is required before it can be expected to become widespread. Economists, civil engineers, planners, students and policymakers will find this detailed examination of transportation networks enlightening and useful.

Capital has dominated the imagination of Western society from the Industrial Revolution. "Means and Ends" offers the first comprehensive interpretation of the rise, evolution and crisis of this concept from the sixteenth century to the modern day. Based on a wealth of primary sources it offers an exciting study of intellectual and cultural history.

A discussion of the anthropological roots of the market, tracing its development using the history of ideas and cultures as well as simple game theory. In his analysis of market ethics, Bruni calls for a reconsideration of some of the central tenets of modern political economy, and the need for a new spirit of capitalism.

The volume at hand publishes the proceedings of the conference "Develop mental Systems, Competition, and Cooperation in Sociobiology and Eco nomics," a "Studies in Economic Ethics and Philosophy (SEEP)-Conference" held at Marienrode Monastery, Hildesheim-Marienrode near Hannover, Ger many, on 24-28 April 1996. This "Studies in Economic Ethics and Philoso phy (SEEP)-Conference" was made possible by the support of the Stiftung Forschungsinstitut fUr Philosophie Hannover Foundation Hannover Insti tute of Philosophical Research. The editor wishes to thank his co-workers at the Forschungsinstitut fUr Philosophie Hannover for their assistance in organizing the conference at Ma rienrode and Anna Maria Hauk M. A. and Bettina Lohnert M. A. for their as sistance in preparing the computerized version of this book. A special word of gratitude is due the Stiftung Forschungsinstitut fOr Phi losophie Hannover whose financial support made the conference in 1996 pos sible. Hannover, September 1998 P. K. Contents Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . V Sociobiology, Theory of Evolution, and Bioeconomics Introduction PETER KOSLOWSKI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Part I Neo-Darwinian Synthesis, Sociobiology, and the Economy of Nature Chapter 1 Darwinian Monism: The Economy of Nature MICHAEL T. GHISELIN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Chapter 2 Coercion TIM CLUTION-BROCK and GEOFF A. PARKER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Chapter 3 Does the Second Law of Thermodynamics Refute the Neo-Darwinian Synthesis? BRUCE H. WEBER and DAVID 1. DEPEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 CONTENTS Partll Natural Selection and Developmental Systems: Redrawing the Boundaries Between Genetic and Non-Genetic Factors of Evolution Chapter 4 Evolutionary and Developmental Formation: Politics of the Boundary SUSAN OyAMA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."

It is a popular notion that money and output are separate and autonomous entities. Money and Inflation argues that this idea can neither explain the purchasing power of money nor its variations over time, and a new theory is therefore presented in its place. The book aims to provide the foundations for a new analysis of inflation from a macroeconomic perspective. The role of money is investigated in terms of value, prices, profit, and capital accumulation. The author argues that in order to gain a thorough comprehension of inflation it is necessary to focus on the formation of national income, not on its distribution. Sergio Rossi's new approach proposes a structural reform of modern banking systems, and outlines an original macro-theoretical investigation of measurement problems in price index theory. Despite its elective affinity with the works of Ricardo, Walras and Keynes, the new analysis overturns traditional concepts of money. The discussion elicits a deeper understanding of the conditions underlying today's inflationary pressures and prescribes new solutions to permanently eradicate them. This unique and path-breaking study will be of enormous interest to academics, researchers, and students involved in monetary economics, as well as monetary policy makers, and central bank and international banking officials.

In the early 1800s, Robert Owen was a mill owner, political figure, and an advocate for social reform, and his publications attained considerable circulation. He believed that people need good working conditions in order to be encouraged to work and motivated to learn. Despite the higher costs associated with this kind of operation, compared to the traditional ones, Owen's management resulted in increased productivity and profit. His results caught the attention of men of wealth who were interested in social reform. In particular, at a similar time, Jeremy Bentham was developing his own theories. Owen and Bentham seemed to be based on some similar ideas that the greatest happiness creates the greatest results. Their ideas developed against the backdrop of the Industrial Revolution, and growing social and economic problems in England. Owen and Bentham were forerunners of highly relevant current theories of economics - marginalism, entrepreneurship, personnel management, and constructivism. They were acquainted with such important authors as James Mill, Malthus, Ricardo and John Stuart Mill. However, their economic theories were ruled out by classical economists, who actively tried to silence perspectives different from the orthodoxy. This book presents an innovative study of these two social thinkers and reformers, who have rarely, if ever, been studied together. This comparative study provides new context both on the social debate taking place during the Industrial Revolution, and on the development of modern social thought, in particular, the relationship between socialism and utilitarianism. Economics, Entrepreneurship and Utopia will be of great relevance to scholars with an interest in the history of economic ideas, the history of entrepreneurship, and social reform in both historical and contemporary contexts.

The role of asymmetric information in allocation of resources, together with the associated information-revelation process, has long been a central focus of economic research. While the bulk of the literature addresses these is sues within the framework of principal-agent relationship, which essentially reduces the problem to the sole principal's (the sole Stackelberg leader's) optimization problem subject to the agents' (the Stackelberg followers') re sponses, there are recent attempts to extend analysis to other economic setups characterized by different relationships among decision-makers. A notable strand of such attempts is the core analysis of incomplete in formation. Here, there is no Stackelberg-type relationship, and more impor tantly the players can talk to each other for coordinated choice of strategies. See, e.g., Wilson (1978) for a pioneering work; Yannelis (1991) for formula tion of feasibility of a strategy as its measurability; Ichiishi and Idzik (1996) for introduction of Bayesian incentive-compatibility to this strand; Ichiishi, Idzik and Zhao (1994) for information revelation (that is, endogenous deter mination of updated information structures); Ichiishi and Radner (1997) and Ichiishi and Sertel (1998) for studies of a specific model of Chandler's firm in multidivisional form for sharper results; and Vohra (1999) for a recent work. It is a common postulate in these works that every player takes part in design of a mechanism and also in execution of the signed contract."

The collection brings together proponents and critiques of the post- Fordist thesis. The debate focuses on the relation between crisis and societal as well as political restructuring. The collection provides an introduction to, and a critique of, the post-Fordist debate. The articles represent the fields of political economy, state theory, value theory, Marxist philosophy, and general questions of Marxist methodology. The volume includes, alongside the original debate between Werner Bonefeld, Bob Jessop and John Holloway, hitherto unpublished material by a wide range of authors.

The neo-Weberian state constitutes an attempt to combine the Weberian model of administration with the principles laid down during the retreat from the bureaucratic management paradigm (new public management and public governance). The concept of neo-Weberian state involves changing the model of operation of administrative structures from an inward-oriented one, focused on compliance with internal rules, into a model focused on meeting citizens' needs (not by resorting to commercialisation, as is the case with new public management, but by building appropriate quality of administration). This book discusses the context of the neo-Weberian approach and its impact on the processes of societal transformation. Further, it identifies and systematises the theoretical and functional elements of the approach under consideration. This volume includes comparative analyses of the neo-Weberian state and public management paradigms. In the empirical part of the work, its authors review selected policies (economic, innovation, industrial, labour, territorial, urban management, and health) from the perspective of tools typical of the neo-Weberian approach. This part also includes a critical scrutiny of changes which have taken place in the framework of selected policies in recent decades. The study assesses the appropriateness of the neo-Weberian approach to the management of public affairs regarding countries which have modernised their public administrations in its spirit. One of the aims of this analysis is to answer the question whether the application of neo-Weberian ideas may result in qualitative changes in the context of public policies. The final part of the book covers implications for public management resulting from the concept of neo-Weberian state. Public Policy and the Neo-Weberian State is suitable for researchers and students who study political economy, public policy and modern political theory.

During the second half of the twentieth century, economics exported its logic - utility maximization - to the analysis of several human activities or realities: a tendency that has been called "economic imperialism". This book explores the concept termed by John Davis as "reverse imperialism", whereby economics has been seen in recent years to have taken in elements from other disciplines. Economics and Other Disciplines sheds light on the current state and possible future development of economics by focusing on it from a philosophical perspective, broadening the concept of rationality in economic theory. The beliefs that prevail in the world today make up a physicalist worldview. This book argues that this pervasive view is harmful for economics as a social science. Do new economic currents like behavioral economics, evolutionary economics, neuroeconomics, institutional economics, happiness economics, the capability approach and civil economy, escape this widespread mentality? What would be an adequate underlying economic ethos? Do these approaches fit into this ethos? Ricardo F. Crespo appraises the contributions from a classical philosophy angle, emphasizing their implications regarding practical reason. This volume is of great importance to those who are interested in political economy, economic theory and philosophy, as well as philosophy of social science.

This book discusses important recent developments in the theory, concepts and empirical applications of ecological economics and sustainable development. The editors have assembled a fascinating collection of papers from some of the leading scholars in the field of ecological economics. Topics covered include: * the contribution of classical economics to ecological economics * alternatives to the growth paradigm and Gross Domestic Product * valuation in ecological economics and indicators of natural resource scarcity * case studies of sustainable development * critical reviews of the environmental Kuznets curve * green national accounting. This will be an invaluable text for scholars, policy analysts and students interested in sustainable development and ecological, environmental and resource economics.

German industry in particular is a central focus for studying technical and organizational changes in industry due to its pivotal position in international markets, its technological sophistication and its well-established training systems. Originally published in 1992, this study brings together contributions which contain both theoretical approaches and extensive empirical studies, on the manufacturing industry in Germany, including comparisons to other european countries. It looks at the developments of new technology, identifying trends in rationalization and the influences they have on organizational behaviour. As it discusses the relationships between technology and the work-force it includes discussion on flexible specialization, labour processes, union relations, small and large firms and training processes.

Have slums become 'cool'? More and more tourists from across the globe seem to think so as they discover favelas, ghettos, townships and barrios on leisurely visits. But while slum tourism often evokes moral outrage, critics rarely ask about what motivates this tourism, or what wider consequences and effects it initiates.

In this provocative book, Fabian Frenzel investigates the lure that slums exert on their better-off visitors, looking at the many ways in which this curious form of attraction ignites changes both in the slums themselves and on the world stage. Covering slums ranging from Rio de Janeiro to Bangkok, and multiple cities in South Africa, Kenya and India, Slumming It examines the roots and consequences of a growing phenomenon whose effects have ranged from gentrification and urban policy reform to the organization of international development and poverty alleviation.

Controversially, Frenzel argues that the rise of slum tourism has drawn attention to important global justice issues, and is far more complex than we initially acknowledged.

This book examines real and monetary analysis in economic paradigms and looks at real analysis in a range of economic theories. The book also examines interest rate, distribution and capital accumulation through post-Keynesian models, including the Kaldor-Robinson and Kaleckian models, and distribution conflict, inflation and monetary policy in a credit economy.

This text proposes and applies an analytical framework to study the institutional continuity and changes in China. More specifically, this study examines and explains the premodernity and the modernization process of China. On the track of a state-led modernization, China is found to be institutionally entering the nets of the market economy. An inquiry of China's labour allocation patterns and their changes serves as an indicator for the institutional analysis.

The volumes in this set, originally published between 1934 and 1994, draw together research by leading academics in the area of monetary economics and provides a rigorous examination of related key issues. The volumes examine monetary management and policy, equilibrium theory and credit rationing, as well as the general principles and practices of monetary economics. This set will be of particular interest to students of economics and finance.

In this age of overlapping and mutually reinforcing deep global crises (financial convulsions, global warming, mass migrations, militarism, inequality, selfish nation-states, etc.), there needs to be more realistic dialogue about radical alternatives to the status quo. Most literature produced heretofore has focused on the surface causes of these crises without much attention given to the sorts of major societal changes needed in order to deal with the crises we face. This book moves the debate beyond the critiques and the false or not fully realised alternatives, to focus on what can be termed "practical utopias". The contributors to this book outline a range of practical proposals for constructing pathways out of the global economic, ecological and social crisis. Varieties of Alternative Economic Systems eschews a single blueprint but insists on dealing directly with the deep structural problems and contradictions of contemporary global capitalism. It provides a diverse array of complementary proposals and perspectives that can inform both theoretical thinking and practical action. This volume will be of interest to academics and students who study political science, ecological economics, international politics and socialism.

The subject of this volume is the human economy and its coevolutionary relationship with the natural world. This relationship is examined in three broad types of societies; hunter--gatherers, agriculturalists, and modern market economies. A growing body of scientific evidence has made it clear that the current human impact on the environment is far above the level that can be maintained without causing profound changes in the biophysical world to which we belong. The new fields of ecological economics and evolutionary economics can help us understand the relationship between the economy, society and the environment and may help us to formulate effective policies to manage these changes.

The book shows the ideological underpinning of the economist's work, and the ideological perspectives are those that have largely prevailed in the last couple of centuries: liberalism, nationalism and socialism. It is on the ground and strength of these ideologies that systems of political economy have been built. Roselli explores the connections between theory and value judgements to identify the philosophical premises behind the economic reasoning of economists as diverse as Smith, Ricardo, Marx, Pareto, Keynes, Hayek, among others. Liberalism originally leaned towards an unhindered laissez-faire, then towards a wider role of the State in the economic system, under the influence of socialist ideology, then again it has relied on an individualistic approach to issues of wealth production and distribution; more recently the unrealiability of this approach has been revealed by systemic crises, suggesting new reflections and uncertainties about the coherence of economic reasoning with the liberal idea: an institutional and historical perspective may open new spaces to the understanding of a liberal and capitalistic economy. The vicissitudes of economic nationalism, its statist and protectionist features, its decline and recent resurgence are examined, being unclear what shape it is currently taking from an economic and political viewpoint. This is particularly obscure in the case of that specific form of nationalism called populism. The decline and fall of Marx's historical materialism cannot hide the inherent contrast of interest between the two sides of a labour contract. The lasting legacy of socialism is the enduring and multiform relevance - from a cowed labour force to environmental issues - of social themes in modern economies.