The history of policymaking has been dominated by two rival assumptions about markets. Those who have advocated Keynesian-type policies have generally based their arguments on the claim that markets are imperfectly competitive. On the other hand laissez faire advocates have argued the opposite by claiming that in fact free market policies will eliminate "market imperfections" and reinvigorate perfect competition. The goal of this book is to enter into this important debate by raising critical questions about the nature of market competition in both the neoclassical and Kaleckian traditions By drawing on the insights of the classical political economists, Schumpeter, Hayek, the Oxford Economists' Research Group (OERG) and others, the authors in this book challenge this perfect versus imperfect competition dichotomy in both theoretical and empirical terms. There are important differences between the theoretical perspectives of several authors in the broad alternative theoretical tradition defined by this book; nevertheless, a unifying theme throughout this volume is that competition is conceptualized as a dynamic disequilibrium process rather than the static equilibrium state of conventional theory. For many of the authors the growth of the firm is consistent with a heightened degree of competitiveness, as the classical economists and Schumpeter emphasized, and not a lowered one as in the conventional 'monopoly capital' and imperfect competition perspectives. Contributions by Rania Antonopoulos, Serdal Bahce, Cyrus Bina, Scott Carter, Benan Eres, Jason Hecht, Jack High, William Lazonick, Andreis Lazzarini, Fred S. Lee, J. Stanley Metcalfe, Jamee Moudud, John Sarich, Anwar Shaikh, Persefoni Tsaliki, Lefteris Tsoulfidis, and John Weeks.

This work contains articles on Adam Smith, Antonio Horta Ororio, John Maynard Keynes, and on methodological, interpretive and policy issues of economic development in Ghana. It also contains review essays on twenty-two new books on the history and methodology of economics.

Before his death in 1997, leading Marxist theoretician Geoff Pilling was preparing a collection that brought together some of his most important articles, along with some previously unpublished material. Work on the volume has now been completed by Doria Pilling, and it includes a new introduction by Ben Fine.

This is a timely publication, as Pilling 's analyses were remarkably prescient of the situation that the world 's economy finds itself in today. In particular, he analyses the crises of post-war capitalism, providing a state of the art analysis of the deep-seated and fundamental problems of the capitalist system. Chapters include an explanation of the fundamental concepts of Marx 's analysis of capitalism, their irreconcilability with Keynes theoretical system and refute the contention that all Marxist theoretical development post-Marx was distorted by Stalinism. Pilling also shows how problems in British capitalism were forerunners of those in world capitalism, and defends Engels contention that the greatest significance of the industrial revolution was the development of a working class that was forced to fight against its conditions of oppression.

David Ricardo on Public Debt provides a comprehensive view of public debt from the Ricardian standpoint. It shows how and why Ricardo's analysis of public debt connects to other themes and issues in Ricardian economics. Nancy Churchman demonstrates that his writings and speeches on the subject of public debt provide an interesting exploration of issues still very relevant today. In addition, they furnish us with a rich source of evidence regarding topics of interest to all Ricardian scholars, including his theories of resource allocation and economic growth, the quality of his applications of analysis to practical questions, and the motives behind both his abstract reasoning and policy recommendations.

First published in 1931, this Routledge Revivals title reissues J.A Hobson's analysis of financial distribution in the early years of Twentieth Century Britain. The book focuses on the moral questions that he considered to be important in regard to the economic reforms that were necessary to secure the utilisation of modern productivity for the welfare of mankind. In this work, Hobson considers the wasteful working of the economic system, with its over-production, under-consumption and unemployment and states that these errors are due to the unfair way in which income is apportioned among the nations, classes and individuals that produce it. Poverty in Plenty argues for a conscious economic government inspired by a sense of justice and humanity. It makes suggestions towards the establishment of such a government and presents business prosperity as a problem of morals.

Over five decades of economic and technical assistance to the countries of Africa and the Middle East have failed to improve the life prospects for over 1.4 billion people who remain vulnerable. Billions of dollars have been spent on such assistance and yet little progress has been made. Persistent hunger and hopelessness threaten more than individuals and families. These conditions foster political alienation that can easily metastasize into hostility and aggression. Recent uprisings in the Middle East are emblematic of this problem. Vulnerable people give rise to vulnerable states. This book challenges the dominant catechism of development assistance by arguing that the focus on economic growth (and fighting poverty) has failed to bring about the promised "convergence." Poor people and poor countries have clearly not closed the gap on the rich industrialized world. Pursuing convergence has been a failure. Here we argue that development assistance must be reconstituted to focus on creating economic coherence. People are vulnerable because the economies in which they are embedded do not cohere. The absence of economic coherence means that economic processes do not work as they must if individual initiative is to result in improved livelihoods. Weak and vulnerable states must be strengthened so that they can become partners in the process of creating economic coherence. When economies do not cohere, countries become breeding grounds for localized civil conflicts that often spill across national borders.

Jean-Paul Fitoussi needs no introduction as one of the world's foremost Macroeconomists of his generation. This celebration of his work includes contributions from Nobel Prize - winning economists Robert W. Clower and Robert Solow as well as Olivier Blanchard and leading economic theorist, Edmond Malinvaud.

Most economic theory is based on the assumption that economies grow in a linear fashion. Recessions, depressions and (financial) crises are explained by policy mistakes. However, economic development has historically been uneven, and this state of affairs continues today. This book argues that twentieth century economic theory has marginalized individualism and organizational variety, and puts forward the case for a pluralist approach. This book represents a unique synthesis of business theory and economic theory, which pinpoints the problems with many current mainstream theories and sets out new agendas for research. Here, Maria Brouwer argues that market competition is not about adapting to changes from outside, but is driven by human motivation and goal directed behavior. This gives managerial skills, which do not traditionally have a significant place in mainstream economic theory, a key role. It also highlights the need for organizations that have a motivational culture and appreciate human capital. This differs from the traditional view of the firm as a production function dictated by technology. Brower argues that organizations should be depicted as voluntary associations of people that pursue goals of their own, while firms compete on markets, where relative performance determines their fate. This argument builds on older theories of innovation and market competition that live on in business school curricula, and paints a picture of an economy directed by individuals and firms. This signals a bold departure from standard economic thinking.

Consumption used to be a disease. Now it is the dominant manner in which most people meet their most basic needs and - if they can afford the price - their wildest desires. In this new book, Ian and Mark Hudson critically examine how consumption has been understood in economic theory before analyzing its centrality to our social lives and function in contemporary capitalism. They also outline the consequences it has for people and nature, consequences routinely made invisible in the shopping mall or online catalogue. Hudson and Hudson show, in an approachable manner, how patterns of consumption are influenced by cultures, individual preferences and identity formation before arguing that underlying these determinants is the unavoidable need within capitalism to realize profit. This accessible and comprehensive book will be essential reading for students and scholars of political economy, economics and economic sociology, as well as any reader who wants to confront their own practices of consumption in a meaningful way.

This collection of papers reflects the variety of interpretations and definitions connected with the concept of mercantilism' which have evolved historically during the last two centuries. They range from interpretations of mercantilistic' ideas to interpretations of policies. They stress the relationship between economic, social and political ideas and range from the 17th to the late 20th century. Lastly, they provide us with more knowledge of specific national cases as well as a discussion of mercantilism as a general phenomenon.

The growth of serious interest during the last fifty years in the scholastic contribution to the development of economic thought has been very marked, and no-where more so than in the history of economic thought in Spain. This book begins in the Middle Ages and traces the effect on business practice and on thought of the presence of the Christian, Islamic and Jewish communities who lived side by side in the Peninsula. It shows how the economics of Plato and Aristotle were transmitted by way of Toledo to the Latin West. In the second half of the book the author considers 'Salamancan' ideas and the views of the political economists and 'projectors' who preceded the Enlightenment. At the same time she surveys the present state of the subject and offers bibliographical guidance for the reader.

Since the days of Adam Smith, ethics and economics have been closely intertwined, and were nominally separated only with the advent of neoclassical economics in the beginning of the last century. This book features eleven essays by leading scholars in economics and philosophy who argue for a renewal of the bond between the two disciplines. Several of the contributors argue that the ethical content of economics and moral status of the market have been misunderstood, for better and for worse. Some recommend changes in the way that individual economic choice is modelled, in order to incorporate ethical as well as self-interested motivations. Finally, others question the way that societies assess economic policies that affect the welfare and dignity of their constituents. A wide range of philosophical perspectives is offered, drawing from the classic writings of Adam Smith, Immanuel Kant, and the ancient Stoics, to that of current scholars such as Amartya Sen, Elizabeth Anderson, and Christine Korsgaard. This book provides a comprehensive introduction to the cutting edge of interdisciplinary research between ethics and economics, and is sure to be an important resource for scholars in both fields. This book was published as a combination of the special issues Review of Political Economy and Review of Social Economy.

This third volume in the series is divided into four parts. The first presents a symposium on models of socialism, the second presents current research, the third, review essays, and the fourth, book reviews.

Trade, Technology and Economics represents a careful selection of papers from some of the world's most influential economists of today reflecting areas in which Richard Lipsey has made fundamental contributions.This important volume pays tribute to Richard Lipsey, who has established a major international reputation through his wide ranging contribution to economics. Focusing on certain aspects of his work, the issues explored within the volume include: the theory of second best; unemployment, inflation and the Phillips Curve; trade theory, customs unions and the growth of the global economy; strategic behaviour in an exchange economy; competition and strategic choice of technology to support collusive oligopoly equilibria and property rights and technology. This collection of outstanding papers, written by a distinguished group of scholars - including Mark Blaug, Richard G. Harris, Kelvin Lancaster, David Card, David Laidler, R.J. Wonnacott and Michael Parkin - reflects the high esteem in which Richard Lipsey is held.

Despite the dynamic development of the discipline of economics, the ways in which economics is taught and how it defines its basic principles have hardly changed, resulting in economics being criticised for its inability to provide relevant insights on global challenges. In response, this book defines new principles of economics and seeks to establish economics as the science of markets. A New Principles of Economics provides an alternative conceptual framework for the study of economics, integrating recent developments and research in both economics and neighbouring social sciences. Adopting the structure of a standard principles text, it separates the study of markets as mechanisms and markets in their wider contexts. In doing so, a number of new perspectives are introduced, including approaching the economy as part and parcel of the Earth system; directly connecting the analysis of production with an analysis of technology and thermodynamic principles; explicitly treating markets as forms of social networks mediated by the institution of money; and reinstating the central role of distribution in political economy analysis. Drawing on the latest theories and research on the economy, and including both the natural and social sciences, this text provides a holistic introduction suitable for postgraduates and other advanced students.

Scholars within the Hayekian-Austrian tradition of classical liberalism have done virtually no work on the family as an economic and social institution. In addition, there is a real paucity of scholarship on the place of the family within classical liberal and libertarian political philosophy. Hayek's Modern Family offers a classical liberal theory of the family, taking Hayekian social theory as the main analytical framework. Horwitz argues that families are social institutions that perform certain irreplaceable functions in society. These functions change as economic, political, and social circumstances change, and the family form adapts accordingly, kicking off the next wave of developments in the social structure. In Hayekian terms, the family is an evolving and undesigned social institution. Horwitz offers a non-conservative defense of the family as a social institution against the view that either the state or "the village" is able or required to take over its irreplaceable functions.

Indonesia experienced strong economic growth at greatest risk, that too would be useful for strategy formulation purposes, especially in cases in the 1970s with the help of high oil prices, a where employment protection is an important period of stagnation in the 1980s when oil prices declined and another period of strong economic objective. Finally, to the extent that policies can growth after 1986 when substantial trade and alter the probability ofsuccess or failure in coping investment liberalization enabled a dramatic with shocks, it would be useful to know which of policies is most effective and under what surge in labor-intensive manufacturing export set production. Recently, the regional financial crisis conditions. of 1997-1998 dealt Indonesia a severe shock The recent crisis in East Asia provides an from which it has not yet fully recovered. How opportunity to examine the link between industrial structure and economic resilience. The relative have its SMEs done through the twists and turns of the economy in the past quarter century? impact of the crisis by size of firm can be judged Unfortunately, the data needed to track the per in part by the effects on capacity utilization and formance of the SME sector are not as good for employment. The table below summarizes some Indonesia as for many of the other countries in results from a survey sponsored by the World East Asia."

Contemporary, strictly interdependent, financial, socio-economic and ecological crises are associated with a pattern of economic activity that subordinates substantial short and long term interests of society to sectional groups and vested interests within the economy. This book reassesses the work of key institutional economists such as Veblen, Commons, Clark and Kapp in the context of the current crisis and the theory of social costs. This book addresses the need for an updated theoretical framework to address those crises, namely social costs as extremely heterogeneous, widespread and cumulatively self-reinforcing adverse effects, induced by the ordinary functioning of business and market institutions in advanced global capitalism and offers evidence-based analyses of essential dimensions of the contemporary financial, socio-economic and ecological crises, and the policies required to deal with them.

Political and economic liberalism has generally been considered to be of marginal import in France, but at an intellectual level, it is a different story. An exploration of the history of French economic thought shows how a rich intellectual tradition developed during the nineteenth century, which has been previously neglected in English language studies of French thinking. In this important new collection, Robert Leroux brings together key works, both from widely regarded and lesser known authors, whose thinking constituted the core of a singular intellectual movement. These include such figures as Charles Dunoyer, Joseph Garnier, Gustave de Molinari, Yves Guyot, Alexis de Tocqueville, Benjamin Constant and Frederic Bastiat. Including several works that have never before been published in English, this anthology begins with a full introduction that provides an overview of liberal thought in the nineteenth century, and each text is preceded by a biographical note on the author, and an explanation of the wider significance of the text. This anthology, by bringing to the fore a number of writers and doctrinal positions, seeks to give a coherence, an overall cast to French liberalism without exaggerating its unity. It will be of interest to economists, political scientists, historians, philosophers and sociologists alike.

First published in 1960, this seminal work illuminates the interrelations of the various approaches to the theory of economic growth. Professor Meade seeks to understand the factors which determine the speed of economic growth and outlines the ways in which classical economic analysis may be developed for application to the problem of economic growth.

First published in 1964, this is a study of the extreme inequalities in the ownership of property, in economies across the globe. Professor Meade examines in depth the economic, demographic and social factors which lead to such inequalities. He considers a wide range of remedial policies - educational development, reformed death duties and capital taxes, demographic policies, trade union action, the socialization of property, the development of a property-owning democracy, the expansion of the welfare state. The argument is expressed in precise analytical terms, but the main exposition is free of mathematics and technical jargon and is designed for the interested layman as well as the economist.

First published in 1940, this book suggested the basic principles upon which a new international economic order should be built at the end of the Second World War. Particular attention is paid to the possibility of constructing such an international order on the basis of divergent national economic systems - whether liberal or planned, capitalist or socialist. In undertaking this task the author combines theoretical analysis with a description of the immediate pre-war economic situation and writes in a language which is equally accessible to the economist and the layman.

First published in 1952, this work is a systematic exposition of Professor Meade's geometric method, bringing together into a single coherent account the modern geometrical analysis of the theory of international trade. The work makes a number of original contributions, notably in the geometrical treatment of domestic production, of the balance of payments, and of import and export duties.

What can economics, the natural and the social sciences learn from each other in better understanding complex forms of change? How far can models, methodologies or metaphors that have been used successfully in one disciplinary field be 'exported' and meaningfully applied to other fields? Distinguished researchers from across the globe assess, in a rare example of successful cross-disciplinary engagement, the explanatory power of chaos theory, new evolutionary theory, path dependency, neo-institutional economics, multiple modernities and historical institutionalism. The book provides an exciting panorama of state of the art thinking and new avenues to combining the power of various traditions of thought.