Part of "The Collected Works" series, this book is the first volume of Karl Marx's famous text on the economies of capitalism, "Capital". The translation is based on the Moore and Aveling translation of 1887, but has been revised and supplemented with extensive notes. Aiming to become the definitive English-language edition of the "Collected Works" in 50 volumes, the series will eventually contain all the works of Marx and Engels, whether published in their lifetimes or since, including their complete correspondence and newly discovered works. Almost every volume contains published material published for the first time in English. The edition is organized into three main groups: philosophical, historical, political, economic and other works in chronological order; Marx's "Capital" with his preliminary versions, and works directly connected with it; and letters of Marx and Engels.

Economic Theory, academic policy analysis and public policy design are becoming more interdependent. Hence, the demands for close interactions between the policy community and the research community have been rising significantly. This book assesses how recent economic thinking has advanced under these influences. Furthermore, it evaluates the important contribution economics can add to the design and evaluation of public policy, now more than ever before. The study is of interest to policy makers, policy analysts, researchers and students of economics at all levels. The authors, which include many of Germany's most eminent economists, draw on their wide experience in research and consultancy to present a coherent view of where European economic theory stands today and how it can play a role in the management of the economy of the new millennium.

Hardbound. The market model, introduced over thirty years ago, is one of the most studied and utilized return generating models in finance. Over three decades it has withstood rigorous testing and, with refinements over the years, remains the standard of reference today, being applied to almost all existing global investment opportunities. The resulting literature is prolific, and the aim of this book is to consolidate the most important literature on the market model, focusing especially on recent research involving issues related to the model. The market model is analysed in detail and its characteristics discussed, criticisms presented and possible shortcomings tested. The book also presents a guide to the various applications of the model, as well as a discussion of other types of model, their forecasting power and their relationship with the market model.

This reader in the history of economic thought challenges the assumption that today's prevailing economic theories are always the most appropriate ones. As Leland Yeager has pointed out, unlike the scientists of the natural sciences, economists provide their ideas largely to politicians and political appointees who have rather different incentives that might prevent them from choosing the best economic theory. In this book, the life and work of each of the founders of economics is examined by the best available expert on that founding figure.These contributors present rather novel and certainly not mainstream interpretations of the founders of modern economics.

The primary theme concerns the development of economic thought as this emerged in the various continental traditions including the Islamic tradition.These continental traditions differed substantially, both substantively and methodologically, from the Anglo-Saxon orientation that has been dominant in the last century for example in the study of public finance or the very construct of the state itself.This books maps the various channels of continental economics, particularly from the late-18th through the early-20th centuries, explaining and demonstrating the underlying unity amid the surface diversity. In particular, the book emphasizes the writings of John Stuart Mill, his predecessor David Ricardo and his follower Jeremy Bentham; the theory of Marginalism by von Thunen, Cournot, and Gossen; the legacy of Karl Marx; the innovations in developmental economics by Friedrich List; the economic and monetary contributions and "struggle of escape" by John Maynard Keynes; the formidable theory in public finance and economics by Joseph Schumpeter; a reinterpretation of Alfred Marshall; Leon Walras, Heinrich von Stackelberg, Knut Wicksell, Werner Sombart, and Friedrich August von Hayek are each dealt with in their own right."

This insightful book presents topics in applied dynamic macrotheory for closed and open economies. The authors give an advanced treatment of macroeconomic topics such as the Phillips curve, forward and backward looking behavior, open economy macrodynamics, structural macroeconometric model building as well as the empirics of Keynesian oriented macro models. The dynamics of open economies in the context of interacting two country models are treated as well.

Intellectual time lags exist in every field of science. So it is that even today one often hears the same old "common knowledge" nonsense and simplistic analysis from the early post-Keynesian era when students learned about some of the monetary and fiscal policies applicable to the U.K. and its institutions (Keynes) on the premise that they are also applicable to the U.S. Many are not. The result has all too often been inflation or massive unemployment that continues even though it could be quickly ended without fiscal changes or new laws.

This is a re-presentation of Professor Lindauer's early ground-breaking work from the 1960s. It explains why not all Keynesian and neo-classical theory and monetary and fiscal policies are applicable to the unique structure and institutions of the United States and how the current United States' malaise can be quickly ended - via a new approach to monetary policy, long ago explained by Lindauer and adopted by other countries.

It was while at Claremont as professor of economics that Lindauer first modeled the concept of aggregate supply and related it with the concept of aggregate demand to develop many of the macroeconomic theories presented herein and integrate them into the then-existing theories of inflation and unemployment.

Importantly in these days of high unemployment, the unique and quickly effective monetary policies he suggested years ago to end recessions and depressions without causing inflation or exacerbating government deficits are today immediately available without requiring fiscal changes or the passage of new laws and regulations.

Professor Lindauer's other publications include "Land Taxation and Indian Economic Development" (with Sarjit Singh); various editions of his "Macroeconomics" series; and his early ground-breaking journal articles such as ""Stabilization Inflation and the Inflation-Unemployment Trade-off."" A non-technical version of this work is available as "Inflations, Unemployment, and Government Deficits: End Them." It is suitable for journalists, laymen, and lawyers serving as Federal Reserve governors.

Lindauer's books have been translated into Japanese, Spanish, Portugese, Korean, Hindi, and Chinese and the policies his theories suggest implemented by central banks around the world. He has additionally served as a visiting professor at Sussex University, the University of California (SD), and Punjab University. He lives in Scottsdale and Chicago. His teaching is limited to lectures and visiting professorships.

Leading experts on Kalecki have contributed special essays on what economists in the 21st century have to learn from the theories of Kalecki. Authors include surviving students of Kalecki, such as Amit Bhaduri, Mario Nuti, Kazimierz Laski Jerzy Osiatynski, and Post-Keynesian economists such as Geoff Harcourt, Marc Lavoie, and Malcolm Sawyer.

This book represents the full spectrum of Alan Walters's contribution to economics over thirty years, from academic debate to close involvement in British policy making. It includes not only his earlier contributions to applied monetary economics but also his work on political economy which generated much interest following his appointment as economic adviser to Margaret Thatcher. The volume charts the development of Alan Walters's thinking on money, monetary policy and macroeconomics. It makes special reference to his work on the demand for money and the money multiplier, money and the business cycle and the political economy of money. The book opens with an introduction by Kent Matthews in which he provides an overview of Alan Walters's work in the context of the so-called 'monetarist counter-revolution'. He also offers an introductory discussion on each of the essays, which include: the quantity theory of money, consistent expectations, the time lag effects of money, supply-side policies, foreign exchange rates and anti-inflation policies. These essays offer important policy prescriptions, some of which are particularly timely in the light of increasing European economic and monetary integration. The Economics and Politics of Money will be welcomed by business and government as well as professional economists, social scientists and researchers interested in monetary economics and political economy.

German Ordoliberalism and French Regulation theory, two institutionalist theories born in different national contexts, show striking convergences and complementarities. Based on an original comparison, Institutional Economics in France and Germany analyses the basic concepts, the development and the present relevance of both schools, the way they deal with the crucial methodological issue of complexity and with transformation in post-socialist Europe. It underlines the specificity and fruitfulness of these European approaches to institutional economics, often unfortunately ignored in the English-language literature. Written by leading scholars, this book is a clear presentation of both theories, with numerous illustrations and in-depth analysis of recent research developments. This theoretical, methodological and thematic comparison raises central issues in the growing field of socioeconomic and institutionalist theory.

In Poverty from the Wealth of Nations , the author presents an analysis of the evolution of global disparities that goes beyond the earlier neo-Marxist critiques of global capitalism. He moves beyond their narrative by inserting two additional asymmetries into the global economy - those created by 'unequal races' and unequal states. The author analyzes not only the power of markets, but the powers that shaped these markets. More importantly, he marshals cross-country evidence to show that loss of sovereignty retarded industrialization, human capital formation and economic growth.

This handbook presents a systematic and comprehensive overview of economic sociology, an exemplary interdisciplinary field which draws on theoretical frameworks and empirical findings from both economics and sociology to present a unique lens on the interdependence of the economy and society. The handbook is arranged in four parts which together present the current state-of-the-art of economic sociology as well as pointing toward future directions for research. The first part outlines the theoretical foundations of economic sociology and its relations to other fields, particularly with regard to other alternative approaches to economics, and looks at conceptions and definitions of economic sociology vary. The second part provides an overview of the historical development of economic sociology from classical political economy to the present day. The third part explores the main problematics of economic sociology, analyzing the economy in relation to particular social institutions, the state, ideology, culture and art, religion, gender, race/ethnicity, and more. The fourth part focuses on the principal branches including sociology of the market, industrial organization and work, uncertainty, distribution and inequality, money and finance, and the environment. The stellar international cast of contributors is drawn from both economics and sociology, therefore presenting a holistic view of the field and contributing to a rejuvenation of economic sociology within economics. It is an indispensable reference work for researchers and students across a broad range of sociological and economic disciplines.

This book - the second of two volumes- looks at episodes in American economic history from a public choice perspective. Each chapter discusses citizens, special interests, and government officials responding to economic incentives in both markets and politics. In doing so, the book provides fresh insights into important periods of American history, from the First Nationalist Movement of 1783 to the perpetual renewal of the Federal Reserve in 1927. This volume features the work of prominent economic historians such as Hugh Rockoff; well-known public choice scholars such as Joshua Hall and J.R. Clark; and younger scholars such as Marcus Witcher and Zachary Gocenour. This book will be useful for researchers and students interested in economics, history, political science, economic history, public choice, and political economy.

This book examines the life and work of the extraordinary Polish economist, Michal Kalecki. It discusses Kalecki's theory of the capitalist economy, and provides a thorough guided tour through his published works, including his important writings on the economics of underdeveloped countries.
Kalecki's ideas received wide international recognition during the period when Keynesianism predominated in the economic landscape. In the early 1930s, Kalecki anticipated many aspects of the principle of effective demand that later John Maynard Keynes put forward in his General Theory of Employment, Interest and Money. This book commemorates Kalecki's originality, and great contribution to economics. The book is co-authored by a former student of Kalecki. It includes original notes taken from Kalecki's courses, which up till now have never been published.
This book is indispensable reading for all interested in the history of economic thought.

This is a book about the simultaneous location, production and distri bution decisions of a firm entering a competitive market whose spatial nature is describable by a network in which the market either achieves an equilibrium or is equilibrium tending. As such, the problem is of clear theoretical and practical importance, for it is a rather general version of the problem faced by real firms every day in deciding where to locate. Further, the timeliness of this subject manifests itself in the growing excitement and interest found both in the research/academic communities and in the practitioner/private industry communities for more comprehensive approaches to competitive facility location analy sis and equilibrium modeling of networks. The desire both for new conceptual approaches yielding enhanced insights and for practical methodologies to capture these insights drives this interest. While nor mative, deterministic facility location modeling techniques currently provide valuable input into the location decision-making process, re searchers and practitioners alike have realized the vast and relatively untapped potential of more advanced location decision making tech niques. In this book, we develop what we believe represents a major new line of research in the field of competitive facility location analysis; namely, equilibrium facility location modeling. In particular, this book offers a number of innovations in the mathe matical analysis and computation of solutions to location models which we have pioneered and which are collected under a single cover for the first time."

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. First published in 1978, 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.

The overall aim of this book, an outcome of the European FP7 FET Open NESS project, is to contribute to the ongoing effort to put the quantitative social sciences on a proper footing for the 21st century. A key focus is economics, and its implications on policy making, where the still dominant traditional approach increasingly struggles to capture the economic realities we observe in the world today - with vested interests getting too often in the way of real advances. Insights into behavioral economics and modern computing techniques have made possible both the integration of larger information sets and the exploration of disequilibrium behavior. The domain-based chapters of this work illustrate how economic theory is the only branch of social sciences which still holds to its old paradigm of an equilibrium science - an assumption that has already been relaxed in all related fields of research in the light of recent advances in complex and dynamical systems theory and related data mining. The other chapters give various takes on policy and decision making in this context. Written in nontechnical style throughout, with a mix of tutorial and essay-like contributions, this book will benefit all researchers, scientists, professionals and practitioners interested in learning about the 'thinking in complexity' to understand how socio-economic systems really work.

John E. Roemer, one of the founders of analytical Marxism, draws on contemporary mathematical economics to put forward a refined extension of the Marxian theory of exploitation, labour value and class.

Written on the occasion of the 50th anniversary of the publication of Piero Sraffa's "Production of Commodities by Means of Commodities," the papers selected and contained in "Sraffa and the Reconstruction of Economic Theory" account for the work completed around the two central aspects of his contribution to economic analysis, namely the criticism of the neoclassical (or marginalist) theory of value and distribution, and the reconstruction of economic theory along the lines of the Classical approach. Divided into three volumes, "Sraffa and the Reconstruction of Economic Theory" debates the most fruitful routes for advancement in this field and their implications for applied and policy analysis.
This second volume focuses on the theory of output and growth as developed in the modern classical approach on the basis of the extension to the long run of the Keynesian principle of effective demand, and on the implications of the revival of the classical approach for policy analysis and for understanding the evolution of the international economic order in the last few decades.

In this innovative highly readable contribution to the study of Keynes, Wayne Parsons makes a radical departure from the conventional approaches to Keynesian economies.As a political scientist Parsons believes that, if we are to grasp the revolutionary nature of Keynes's way of thinking about policy problems, we need to place his theories in a wider intellectual and inter-disciplinary setting. Keynes, he suggests, was a social scientist, philosopher and opinion-former with one foot in the age of science and another in the age of sorcery. Like Newton, about whom Keynes wrote with considerable knowledge and insight, he was a thinker whose method was rooted in an alchemical fascination with the art of transmutation and the quest for the philosophers' stone. Parsons maintains that unless we appreciate this alchemical quality of Keynes's economics we fail to comprehend his particular genius as a philosopher of possibility. The author paints a portrait of a Bloomsbury Faust, a Mephistopheles in Whitehall: an image which is a long way removed from the modernist discourse which has largely framed our reading of his economics. Free from the mechanistic and positivistic language which has come to obscure his work Wayne Parsons concludes that Keynes can once again become a source of inspiration and illumination for the theory and practice of public policy. Keynes and the Quest for a Moral Science is an accessible, highly readable account which will appeal to scholars and students in the field of economics, history of economics, public policy and history of ideas.

Kalecki's opus has been acknowledged chiefly as a contribution to the theory of distribution and the business cycle. Little attention has been given to the theory of effective demand and to unemployment equilibrium, i.e. to the field traditionally covered by Keynesian economics. This book is an attempt to draw attention to the most innovative core of Kalecki's thought on capitalist economies, which is also strictly interrelated to the history of economic thought. Accordingly, it focuses on the relationships with other theoretical approaches, to methodology and the theory of effective demand and investment, to the theory of distribution and prices, and to the theory of money.

Part of The Elgar Series on Central Banking and Monetary Policy, this book explores the relationship between central banking, monetary policy and income distribution. The usual central bank mandate - that of exclusively fighting inflation - is being increasingly questioned by policymakers and academics. Many countries are finding that there is a need for broader mandates that will have an impact on economic activity, unemployment and other economic issues. The chapters present a multitude of theoretical views on this topic, from classical and Marxist views to mainstream and post-Keynesian approaches. They consider the democratic aspects of central banking, critically assess the distributional outcomes of inflation targeting regimes and explore policymaking implications. Policy makers, academics and the financial press will appreciate the relevance of the material and state of the art discussions featured in Central Banking, Monetary Policy and Income Distribution.

Richard Layard is one of Britain's foremost applied economists, whose work has had a profound impact on the policy debate in Britain and abroad. This book contains his most influential articles on education, equality and income distribution and on the lessons of economic transition in Eastern Europe. It is published along with a companion volume. Inequality argues that lifetime inequality is the basic inequality we should worry about. In this context education is a powerful instrument of redistribution, as well as a national investment. Cash redistribution has efficiency costs which can be calculated, but it may also serve to discourage inefficient over-work arising from each person's efforts to earn more than his neighbour. A final series of essays is based on Layard's recent work on reform strategies in Russia and Poland. The book opens with Richard Layard's personal credo 'Why I became an economist'.

During the 1980s Britain became one of the world's most market-oriented economies, an approach which resulted in three severe recessions and a deepening degree of inequality. This book argues that a rebalancing of the economy will remain elusive until proactive policies are implemented at the corporate and industrial level.

This work provides a statement of post-Keynesian macroeconomic theory, focusing on the significance of privately created inside debts and income distribution for the determination of economic activity. It highlights the coherence of post-Keynesian macroeconomics, and analyzes its distinctive differences from conventional macroeconomic theory.