In this volume, continuities and discontinuities between Historical School of Economics and Old Institutional Economics are examined with regard to common research objectives and methods. Similarly, those between these two economic movements and New Institutional Economics as well as new economic sociology are discussed. The following questions functioned as a guideline for the contributing economists, sociologists, historians, and philosophers: Can we meaningfully speak of the Historical School of Economics (HSE) as an economic research program? What are the commonalities between the HSE and American old economic institutionalism? Does the HSE represent a part of the "lost anteroom" of New Institutional Economics and new economic sociology? How and why should the HSE matter to how we do economic and social theory today?

This collection of essays is a contribution to an understanding of the research themes to which Sylos Labini dedicated attention: the themes of an economic science interpreted as political economy in the Classical tradition, i.e. as a logically rigorous but not purely technical effort to understand the world in which we live, as the basis for acting in it in the pursuit of common welfare.

This book presents an original empirical investigation of the market structure of airline city pair markets, shedding new light on the workings of competitive processes between firms. Examining a cross-section of US airline city pairs, Tabacco proposes for the first time that the industry can be understood as a natural oligopoly, each airline market being dominated by one to three airline carriers regardless of market size. The author questions the extent to which airlines deliberately prevent head-to-head competition within city pair markets, and draws intriguing conclusions about competitive forces from the observed market structure. Uncovering some of the main corporate strategies of the airline industry, the book is of immediate relevance to industry managers and practitioners, as well as academic economists.

We are now living in a period of disillusion in the ability of economic policy to stabilise the economy. This is proven by the onset of severe world recession in the early 1980s and the inability to invert the negative phase of the business cycle under way in the industrialized countries in the early 1990s. The failure of old policies motivates the research into the causes of economic fluctuations and their measurement whose results are published in this volume

Duncan Pritchard offers students not only a new exploration of topics central to current epistemological debate, but also a new way of doing epistemology. This advanced textbook covers such key topics as virtue epistemology, anti-luck epistemology, epistemological disjunctivism and attributer contextualism.

Originally published between 1951 and 1987, the 8 volumes in this set: Provide a wide-ranging and critical review of both first and second generation theories of inflation (and the related problem of unemployment), including the classical approach to macroeconomics. Examine how inflation as a policy has come about in modern democracies, how it works, how to avoid it and at what cost Reassess the strengths and weaknesses of incomes policies Examine pay control policies in major Western economies and survey developments from 1945, explore the aims of pay policies and discusse the problems of implementation, comparing the different kinds of policies.

This book advances Post-Keynesian Institutional economics, an integrative tradition-inspired by keen economic observers such as John Kenneth Galbraith, Joan Robinson, and Hyman Minsky-that bridges Institutional and Post Keynesian economics. The tradition proved its worth by addressing the global financial crisis of 2007-2009, as well as by analyzing long-term trends accompanying the evolution of investor-driven ("money manager") capitalism, including financialization, spreading worker insecurity, and rising inequality. This Modern Guide begins with the history and contours of Post-Keynesian Institutionalism, and then breaks new ground, extending recent analyses of contemporary economic problems, sharpening concepts and methods, sketching new theories, and synthesizing ideas across research traditions. Written by leading scholars, this authoritative collection identifies policy-relevant frontiers-on matters ranging from social capital and economic democracy to feminism and environmental sustainability-thereby setting an ambitious agenda for further Post-Keynesian Institutionalist research. In addition to being useful as a statement of current Post-Keynesian Institutionalist issues and research, the book serves as both a valuable reference volume and a source of material appropriate for course adoption for undergraduate and graduate students. Policymakers and policy analysts dissatisfied with the status quo should also find the book of interest. It will likely be especially relevant to those concerned with financial instability, worker insecurity, and inequality, problems that in recent years have had considerable economic and political consequences.

This book surveys the contributions that economic theory has made to the often contentious debate over the government's use of its power of eminent domain, as prescribed by the Fifth Amendment. It addresses such questions as: When should the government be allowed to take private property without the owner's consent? Does it depend on how the land will be used? And what amount of compensation is the landowner entitled to receive (if any)? The recent case of Kelo v. New London (2005) revitalized the debate, but it was only the latest skirmish in the ongoing struggle between advocates of strong governmental powers to acquire private property in the public interest and private property rights advocates. Written for a general audience, the book advances a coherent theory that views eminent domain within the context of the government's proper role in an economic system whose primary objective is to achieve efficient land use.

First published in 1997. Routledge is an imprint of Taylor & Francis, an informa company.

The purpose of this translated volume Tadeusz Kowalik's book is to examine Rosa Luxemburg's contribution to economic theory. The essential subject-matter is the dependence of capital accumulation on effective demand, the dependence of economic growth on specific capitalist barriers to growth.

In Architectures of Knowledge, Ash Amin and Patrick Cohendet argue that the time is right for research to explore the relationship between two other dimensions of knowledge in order to explain the innovative performance of firms: between knowledge that is 'possessed' and knowledge that is 'practiced' generally within communities of like-minded employees in a firm. The impetus behind this argument is both conceptual and empirical. Conceptually, there is a need to explore the interaction of knowledge that firms possess in the form of established competencies of stored memory, with the knowing that occurs in distributed communities through the conscious and unconscious acts of social interaction. Empirically, the impetus comes from the challenge faced by firms to the hierarchically defined architecture that bring together specialized units of ((possessed)) knowledge and the distributed and always unstable architecture of knowledge that draws on the continuously changing capacity of interpretation among actors. In this book, these questions of the dynamics of innovating/learning through practices of knowing, and the management of the interface between transactional and knowledge imperatives, are approached in a cross-disciplinary and empirically grounded manner. The book is the synthesis of an innovative encounter between a socio-spatial theorist and an economist. The book results from the delicate interplay between two very different epistemologies and consequent positions, but which progressively converged towards what is hoped to be a novel vision. The book begins by explaining why knowledge is becoming more of a core element of the value- generating process in the economy, then juxtaposes the economic and cognitive theorization's of knowledge in firms with pragmatic and socially grounded theorization's and a critical exploration of the neglected dimension of the spatiality of knowledge formation in firms. The book concludes by discussing the corporate governance implications of learning based on competencies and communities, and a how national science and technology policies might respond to the idea of learning as a distributed, non-cognitive, practice-based phenomenon.

This book is an introduction to the history of - and current measurement practice of - inflation for the United Kingdom. The authors describe the historical development of inflation measures in a global context, and do so without using formal mathematical language and related jargon that relates only to a few specialist scholars. Although inflation is a widely used and quoted statistic, and despite the important role inflation plays in real people's lives - through pension uprating, train tickets, interest rates and the work of economists - few people understand how it is created. O'Neill, Ralph and Smith mix historical data with a description of practices inside the UK statistical system and abroad, which will aid understanding of how this important economic statistic is produced, and the important and controversial choices that statisticians have made over time.

An increasing body of literature concerns the economics of those highly appreciated qualities of life that are not easily provided by market exchange. Today these problems are visible as never before, for example environmental problems. But already at the dawn of industrial society the problem had been observed by Rousseau. His statements on the economy claim to take these problems into account with due importance. In this way his economic philosophy concerns a different domain of the economy from, for example, Adam Smith's work. Rousseau's philosophy attempts to consider phenomena later labeled information asymmetries and information costs, bargaining, collective good problems. Some of Rousseau's most puzzling social proposals (on theater, women, music, etc.) can be explained by his well-argued conviction that an optimal economy demands a high social morale, a communicative morale. He proposes an economic philosophy for the most important properties of richness - such as experiencing the unique, and being free although dependent on others (empowerment). It is for the adult capable of true deliberation, not for the trifle of the innocent child. He develops a concept of richness that is close to the Aristotelian capability-concept, later explored by Amartya Sen. Rousseau's economic philosophy has not been treated in a monograph before. The book should be rewarding to those interested in social theory, the history of social and economic thought, problems at the margins of market exchange, e.g. cultural economics, environmental economics, students of Rousseau and the thought of the 18th century, welfare economic theory in the direction of Arrow or Sen, and Poanyi's and others' theses about the transition from selfsufficiency to market.

This timely book presents a critique of binary majority rule and provides insights into why, in many instances, the outcome of a two-option ballot does not accurately reflect the will of the people. Based on the author's first-hand experience, majority-voting is argued to be a catalyst of populism and its divisive outcomes have prompted countless disputes throughout Europe and Asia. In like manner, simple majority rule is seen as a cause of conflict in war zones, and of dysfunction in so-called stable democracies. In order to safeguard democracy, an all-party power-sharing approach is proposed, which would make populism less attractive to voters and governments alike. In geographically arranged chapters, well-tested alternative voting procedures (e. g. non-majoritarian Modified Borda Count) are presented in case studies of Northern Ireland, Central Europe, the Balkans, the Caucasus, Russia, China, North Korea and Mongolia.

'In an age of specialization, Capaldi and Lloyd have recreated that ancient tool of learning: the conversation. Beginning with the debate between Locke and Rousseau, and continuing through to Galbraith, Friedman, Hayek and Piketty, this book invites the reader to join a conversation which has now lasted over three centuries. Don't read this book if you just want a simple answer to complex problems. Do read this book if you want to think deeply and widely about the fundamental questions of how to organize a society.' - Jim Hartley, Mount Holyoke College 'Liberty and Equality in Political Economy takes the reader across a convincing roadmap of how and why the ongoing conversation between Lockean Liberty and Rousseau Equality provides an evolutionary explanation of the development of formal and informal institutions that define Western Civilization and explain their consequences. This book should be a must-read for undergraduate and graduate students in humanities and social sciences.' - Svetozar (Steve) Pejovich, Texas A&M University Liberty and Equality in Political Economy is an evolutionary account of the ongoing debate between two narratives: Locke and liberty versus Rousseau and equality. Within this book, Nicholas Capaldi and Gordon Lloyd view these authors and their texts as parts of a conversation, therefore highlighting a new perspective on the texts themselves. The authors argue that the debate initiated between Locke and Rousseau continues to define political economy today. They not only explore the strengths of each narrative, but also indicate how proponents within each will respond to their rivals. Other important views in economics and philosophy, including the works of Immanuel Kant, Georg Wilhelm Friedrich Hegel, Alexis de Tocqueville, John Stuart Mill, Milton Friedman, Friedrich Hayek, and Michael Oakeshott, are examined in conjunction with Locke; the works of the French Revolution, Proudhon, Marx and Engels, the Progressives, Keynes, Galbraith, Rawls, and Piketty reflect Rousseau's divergent views. Together this provides a rich exploration of the philosophical underpinnings of modern economics and politics. This comprehensive analysis will be of interest to philosophers, political theorists, and economists who wish to join the conversation. Graduate and undergraduate students in political theory, history of economics, political philosophy, and business ethics courses will also find this book valuable.

By his intellectual contributions in economics, epistemology, ethics, law, philosophy, politic, and psychology, Friederich Hayek has come closest to a unified theory of human action. The central theme is of a natural and spontaneous evolution--founded upon essentially competitive processes, the cultural selection of systems an rules brings order to human affairs. While this book is both comprehensive and concise, Hayek's economics cannot be discussed in isolation. So the author attempts to present an economist's understanding of that which any economist ought to know, or, in Hayek's own terms, "nobody can be a great economist who is only an economist." The book is a comprehensive account of Frederich Hayek's intellectual achievements. In this updated and expanded edition, the author explores the broad features of Hayek's economic philosophy, shows the interrelationship between the liberal philosophy and economic advance, examines Hayek's approach to the problems of a money economy, and explains Hayek's aversion to all forms of centralized economic planning.

Heinrich von Stackelberg's book, "Grundlagen einer reinen Kostentheorie," published in 1932 was at the forefront of a growing conceptual revolution in the theory of the firm, a theory which appears more relevant than ever in today s economic climate. In this work, Stackelberg masterfully built a theoretical framework which he later developed in Market Structure and Equilibrium.

Foundations of a Pure Cost Theory represents the first translation of the original German version into English. This substantial book offersreaders a critical and technical understanding of the firm, how firms functionand the environments in which they operate. Fundamental notions of cost production, market economy, optimum position and velocities of production are given prominence. Ultimately, this work, which remains largely unknown, can be seen as a milestone text in our understanding of the strategies adopted by firms as a whole.

The book has been meticulously translated from the German into English, retaining the author s examples in their historical context and capturing the spirit of the time with all its subtlety and significance."

Gilboa and Schmeidler provide a new paradigm for modeling decision making under uncertainty. Case-based decision theory suggests that people make decisions by analogies to past cases: they tend to choose acts that performed well in the past in similar situations, and to avoid acts that performed poorly. The authors describe the general theory and its relationship to planning, repeated choice problems, inductive inference, and learning. They highlight its mathematical and philosophical foundations and compare it to expected utility theory as well as to rule-based systems.

This interesting work presents a unique perspective on the history of economic thought by showing that classical economists from Adam Smith to Alfred Marshall had sympathy for workers - for example, the theory of the subsistence wage echoed the theological call for a just wage that existed in the middle ages. It also describes how these thinkers promoted either a set of social obligations or a form of social insurance to assist workers. These economic thinkers of the past argued that a subsistence standard of living was important to maintain and improve workers' efficiency and to raise healthy families. The notion that these writers had an undeveloped theory of social costs that they applied to labor should appeal to economists and others concerned with the plight of workers as the modern economy restructures itself.

Change manifests itself in all facets of the economy. This important collection of previously published essays illustrates how the evolutionary approach can reveal not only where change comes from, and how it happens, but also where it will lead. The Evolving Economy covers a broad spectrum of issues ranging from the biological foundations of economic behavior to the co-evolution of firms, markets, and institutions. Ulrich Witt's individualistic approach synthesizes elements familiar from the writings of Veblen and Schumpeter on economic evolution. A conceptual debate on what the notion of evolution means in the economic context is as much emphasized as is the discussion of concrete hypotheses explaining why and how evolutionary economic change comes about. Offering an outline of a paradigm focusing on endogenous economic change, this book will be of great interest to economists and economic historians. Sociologists, philosophers and anthropologists will also find this work invaluable as it presents an encompassing assessment of the role of Darwinian thought for understanding human behavior and societal evolutio

This volume is centered around the issue of market design and resulting market dynamics. The economic crisis of 2007-2009 has once again highlighted the importance of a proper design of market protocols and institutional details for economic dynamics and macroeconomics. Papers in this volume capture institutional details of particular markets, behavioral details of agents' decision making as well as spillovers between markets and effects to the macroeconomy. Computational methods are used to replicate and understand market dynamics emerging from interaction of heterogeneous agents, and to develop models that have predictive power for complex market dynamics. Finally treatments of overlapping generations models and differential games with heterogeneous actors are provided.

Contemporary general equilibrium theory is characteristically short-run, separated from monetary aspects of the economy, and as such does not deal with long-run problems such as capital accumulation, innovation, and the historical movement of the economy. These phenomena are discussed by growth theory, which assumes a given or shifting production function, and in turn cannot therefore deal with the fundamental problem of growth, namely how the production function is derived. Thus traditional theories have a common weakness in that they divorce real economic growth from the activities of the financial sector. This book provides a much-needed synthesis of growth theory and monetary theory. Professor Morishima draws on the work of Schumpeter, Keynes and the pre-war neoclassical economists to formulate a capital-theoretic general equilibrium theory.

This volume contains the proceedings of the Tenth Keynes Seminar held by Keynes College at the University of Kent at Canterbury in 1991. The purpose of the seminars is to examine for the student and the layman, as well as for the professional economist, the varous aspects of Keynes's life and work.

This book discusses the developments of Sraffian-Ricardian economics, as well as looking at Sraffa's critique of the Marshallian theory of the firm and the industry, his edition of Ricardo's Works and correspondence, his book on production of commodities by means of commodities, and his influence Antonio Gramsci and Ludwig Wittgenstein.

Today's economies fail to recognise that we are in a rapidly worsening crisis, reproducing and often worsening vast and harmful inequalities between people and countries. The current models are unsustainable, and at a time when global temperatures are rising and divides are deepening, humanity is left in a rapidly worsening situation of its own making, the destruction of the living world, which will make large parts of the earth uninhabitable. Without access to the knowledge, skills or tools to build a better future, local, national and global economies will continue to fail to address the interlinked challenges of systemic racism, inequalities faced by women, the Covid-19 pandemic and the nature and climate emergency. Across the world, economics students are coming together under the banner of the student movement, Rethinking Economics, to create a better economics - one which can help to create a world where all our children can flourish regardless of their gender, background or birthplace. Drawing on over sixty interviews with students and professionals from identities and backgrounds marginalised in economics and a wide range of global and historical research, this book illustrates the ways in which the discipline is currently not fit for purpose and sets out a vision for how it can be diversified, decolonised and democratised. The struggle to reclaim economics could not be more crucial - our futures depend on it. This book explains how it can be done. This book is relevant to United Nations Sustainable Development Goal 8, Decent work and economic growth -- .