The study of bureaucracy must include certain key questions: what are bureaucrats and bureaucracies; why do they exist and what are their functions; how do they behave; how much power do they possess; what is their impact on efficiency and production; and how do they affect society? This book contains analyses of all these issues, done by a variety of economists of differing backgrounds, approaches and opinions, broadly categorized under the labels Neoclassical, Institutionalist, and Marxist, although there are overlaps and correspondences that cross ideological and/or paradigmal boundaries. In this book the labels are employed as a guide to the reader with a preference for one approach over the others, and as an indication of how chapters in different sections are related in their approaches.

The Impact of Keynes on Economics in the 20th Century reconsiders the nature and significance of Keynes's theories and economic policies. It provides important contrasting interpretations of Keynesian thought, and illustrates the diversity of Keynesianism in different European countries throughout the century. The book provides a blend of theoretical and historical discussions to evaluate the contents and implications of Keynesianism. It includes reappraisals of modern interpretations of Keynes's thought, the extent to which Keynesian ideas were anticipated in different European countries and the reactions to the Keynesian revolution. In addition the authors consider the impact of Keynesian thought on institutions which embraced, rejected or developed alternatives to this school of thought. The book is divided into three main parts. The first addresses Keynesian theory. The second part presents an overall picture of Keynesian-type policies and theories throughout Europe; many of these were not necessarily stimulated by Keynes but were the outcome of national traditions and on-going debates. The third part is devoted to how Keynesian policy has been used by government and non-governmental organizations in an attempt to deal with unemployment and deflation during the twentieth century. The Impact of Keynes on Economics in the 20th Century will be welcomed by historians of economic thought, economic historians and those interested in Keynesian and post-Keynesian developments in Europe during this century.

The papers collected here represent the growing range of issues addressed by both economists and psychologists. The collection's main objectives are twofold: to broaden the behavioral basis of economic analysis at a social level and to expand the limits of economic theory's applicability. The contributors attempt to find a common ground of analysis that bridges disciplines and to establish a framework that integrates psychology's contributions with economics. They explore mathematical models of psychological functions, the use of psychoanalytic theory in economics, entrepreneurial behaviour, and the impact of personality types on organizations.

The present volume seeks to inaugurate a new discussion of two schools of historical thought by social scientists, economists, and phi- losophers in the English language. The tradition of the "Historical and Ethical School of Economics" established by Friedrich List, Wilhelm Roscher, and Gustav Schmollerand the tradition of historism in the hu- manities represented by Wilhelm Dilthey are examined not so much for their own historical interest as for their potential systematic contribu- tion to the contemporary debates on business ethics, economics, sociol- ogy, and philosophy. The book contains the proceedings of the 1994 SEEP-Conference on Economics and Ethics held under the title "Economics and Ethics in the Historical School of Economics. Achievements and Present Relevance. Part A: The Older Historical School, Schmoller, Dilthey, and Others" with the financial support of the Fritz Thyssen Stiftung, Cologne, at Kloster Marlenrode near Hitdesheim and Hannover, Gennany, on March 23rd to 27th, 1994. The SEEP-Conferences on Economics and Ethics are organised an- nually by the editor and the editorial board of Studies in Economic Ethics and Philosophy (SEEP). The 1994 SEEP-Conference was the frrst of two conferences on the Historical School and will be followed by a conference in 1996 on the topic "Economics and Ethics in the His- torical School of Economics. Achievements and Present Relevance. Part B: Heinrich Rickert, Max Weber, Werner Sombart, and Others", concen- trating on the discussion in the 20th century.

'It is a serious piece of scholarship. Integrating economic history, economic thought, patent-hoarding, venture capital and the changing global economy, Kingston asks if modern capitalism might be an internally inconsistent system. Like Schumpeter, he is concerned that creative innovation might be stagnating into institutional ossification. It is an interesting argument, well presented, cross-disciplinary and thought-provoking.' - David Reisman, University of Surrey, UK and Nanyang Technological University, Singapore Capitalism has been sustained by inherited moral values that are now all but exhausted. A unique combination of a new belief in individualism and a long tradition of property rights had traditionally ensured that self-interested action also produced public benefit. However, these rights, including the laws underwriting economic and financial innovation and parliamentary democracy, were gradually captured and shaped by those who could benefit most from them. This fascinating book shows that the outcome is a reduced ability to generate real wealth combined with exceptional inequality, as well as a worldwide breach of the vital trust between voters and their representatives. Capitalism's injuries are both self-inflicted and fatal. William Kingston uniquely deals with capitalism from a property rights standpoint, providing the first convincing explanation of economic cycles in terms of changes to these rights. The lucid exploration of the historical evolution of property includes a remarkable precursor of modern capitalism in medieval culture and pays particular attention to intellectual property. The book also calls attention to the harm that inaccurate measurement of economic activity can cause, both at the micro-level (auditing of corporations) and macro-level (the Kuznets GDP/GNP system). In conclusion, it argues that the exceptional levels of inequality today have been caused primarily by allowing financiers to escape from the laws that traditionally prevented them from 'generating money from nothing'. Challenging the orthodox thinking, this is an essential book for economists and political scientists in academia, the public sector and industry. It offers an imperative warning that capitalism's next crash is coming sooner rather than later.

economic modelling and thought. Part three presents two case studies as examples of deceptive autonomy and shows the impact of this deception on the situation of women from the viewpoint of cultural studies and social anthropology. Part four relates methodological reflections on feminist and mainstream economics to the theme of the book. The first part of this book is devoted to a reconsideration of Adam Smith as a starting point for feminist perspectives on exchange. Drawing on Adam Smith's Theory of Moral Sentiments Caroline Gerschlager sets the stage for expanding the economic concept of exchange. She analyses and develops Smith's insight that deception is inevitable in the social setting. Smith's system of sympathy, which Gerschlager analyses as a system of exchange, i.e. exchange is conceived in terms of changing places in the imagination, is compared with exchange as conceived by the neoclassical approach. Her analysis reveals that these approaches arrive at contrasting results with regard to deception. Whereas in the former deception is vital to an understanding of exchange, the latter regards deception as an inefficiency, hindering exchange and ultimately making it impossible. Gerschlager points out that a certain degree of deception is inevitable, and that living in society therefore also amounts to "deceiving and being deceived."

The Truth can be known with Theanthropic Ethics, which is one of the few scientific ethical categories.

Dr. Brian Keen has researched numerous ethical categories, and has found only Theanthropic Ethics understands that there is one universally applicable Truth. The Truth has practical application in every enterprise, business, or profession.

Any business, enterprise, or profession operating in an ethical manner will have the necessary "POWER" to succeed. Accounting is featured since accountants as professionals must utilize scientific methodologies.

Businesses and enterprises require "POWER Living People" to employ, since ethical employees are an asset in Truth. Many entrepreneurs are "POWER Living People."

Dr. Keen proves through conclusions from objective data that the Truth has relevance for today. Ethical dilemmas can be resolved through adherence to the Truth. For example, would you allow a cashier to accept two $5 bills for a product costing $45, and give a $10 bill for change? Would adherence to a philosophy that 5 + 5 = 55 be sufficient?

Dr. Keen knows the Truth that 5 + 5 = 10 when the same types are added. Living the Truth is ethical when utilizing this scientifically-verifiable ethical category, which is confirmed in Theanthropic Ethics.

This book aims to explain to the readers the basic idea of the general equilibrium theory, which forms the core of the current mainstream economics called neoclassical school. To understand this theory is absolutely necessary, either to study further or to criticize the contemporary economic theories. The author not only explains traditional theories, but also makes clear the many problems which are still unsolved.

As a text book or reference book for those students who are studying microeconomics for the first time, the author recommends the use of Chapter 1, Chapter 2 (except section 9), Chapter 3 (from section 1 to section 3, section 6, section 11), Chapter 4 (from section 1 to section 4), Chapter 5 (from section 1 to section 5, section 8), Chapter 6 (except sections 6 and 7), Chapter 7 (from section 1 to section 5), Chapter 8 (from section 1 to section 6) and Chapter 9 (sections 1, 4 and 7). For more advanced readers, the author recommends the remaining sections and the literature recommended in the last part of each chapter. Problems given at the end of each chapter allow readers to confirm understanding of the content of the chapter and suggest to the readers more advanced studies. Incidentally, the author tried to avoid the use of the advanced mathematics. Onlyelementary knowledge ofdifferential calculus and linear algebra are required to read this book."

The contingent valuation technique for measuring the economic value of environmental goods and services has become increasingly popular in recent years and has many advantages over other revealed or stated preference methods. It has been criticised, however, for being inconsistent with economic theory by reflecting altruistic motives and moral obligations. This book examines the role of the 'warmglow' effect (the pleasure derived from giving to good causes or being concerned about the environment) in contingent valuation studies and examines whether warmglow is an underlying force in CV responses. The author argues that if the empirical evidence suggests that warmglow is important, then its magnitude needs to be assessed in the valuation function. The ultimate goal is to disentangle the warmglow effect from the original 'willingness-to-pay' mean estimates and compute a dry estimate, free from any warmglow. The author conducts a CV application in a Portuguese natural park to test the validity of this approach. He tests the premise that the financial contribution by itself constitutes a source of well-being to the respondent and also discusses whether the warm glow component should or should not be included when formulating benefit-cost analysis and environmental policy. This innovative book will be essential reading to all students and scholars of the economics of environmental valuation.

This book provides fresh insights on Pierro Sraffa's work, by examining previously unpublished papers from Sraffa Archives. It offers new perspectives on the connection between Sraffa amd Marx, and examines Sraffa's approach to money, the role of equilibrium and of the surplus in economic theory.

Macroeconomics has undergone profound changes since the Keynesian consensus broke down in the mid-1960s. Axel Leijonhuvfvud belonged to that core group of distinguished macroeconomists who wrought the changes that brought back the classical questions to the subject: microfoundations, money, markets, institutions, information and transition dynamics. He fashioned a whole series of conceptual innovations that have become part of the folklore of monetary macroeconomics.;This collection of essays by distinguished colleagues and former students pay homage to Leijonhuvfvud. Issues that have featured at the centre of his research for over 30 years are discussed by the contributors. History of thought, philosophy of science and transition dynamics, in addition to the more central issues of money, inflation, monetary regimes, information, institutions, microfoundations, increasing returns and stabilizing speculation are some of the central topic discussed, empirically and theoretically, in these essays.;Kumaraswamy Vellupillai is the author of "Business Cycles", "Nonlinear and Multisectoral Macrodynamics" and "Nonleantities, Disequilibria and Simulation".

This biography examines the life and career of Sir Austin Robinson. Now the last survivor of the Cambridge economists of the 1930s and a close associate of Keynes, he began as a seaplane pilot in World War I and spent two years in the 1920s, tutoring a maharajah in India. He was at the centre of economic policy-making during and after World War II, and in post-war years has been professor, editor, promoter of economic debate and economic adviser in many countries.

Angus Maddison has made a major contribution to our understanding of the comparative, historical and quantitative aspects of economic growth. This important collection of his work - including a number of original new essays - offers an authoritative analysis of the economic performance of nations. Drawing extensively on quantitative and qualitative evidence, Professor Maddison provides a clear view of why growth rates differ, why real income and productivity spreads are so wide, and why the pace of growth has varied over time. The first section features essays which provide an analytical framework for causal analysis of growth performance, this is followed by papers on investment and capital stock estimation, savings behaviour and measurement of economic performance levels. There are three essays on the roots of economic 'backwardness' and the final section deals with the effect of economic and social policy on the performance of advanced capitalist countries. These essays offer a depth of historical and interspatial perspective which is unrivalled. In addition to focusing on the influences of institutions, ideology and colonialism, Professor Maddison's analysis makes sophisticated use of the growth accounting approach. A specially-written autobiographical essay has also been included.

Economics, considered as worldly philosophy, asks questions and seeks answers that will stand the test of history. These essays, written by students of Robert Heilbroner, develop the characteristic themes of his work - the way economic knowledge differs from other kinds of social understanding, the importance of historical perspective, the central role of political issues, and the ambiguities inherent in economic concepts.;The essays begin with methodology, offering a critique of neo-classical rational maximizing, then seek a broader foundation in history and the development of institutions, examined in relation to the development of technology. Questions of politics, the state and distribution are analyzed, drawing on the work of the classical economists, considered in relation both to their own times and to ours.

This book is a collection of academic lectures given on fintech, a topic that has been written about extensively but only from a business or technological point of view. In contrast to other publications on the subject, this book shows the reader how fintech should be understood in relation to economics, financial theory, policy, and law. It provides introductory explanations on fintech-related concepts and instruments such as blockchains, crypto assets, machine learning, high-frequency trading, and AI. The collected lectures also point to surrounding issues including start-ups, monetary policy, asset management, cyber and other security, and stability of financial systems. The authors include professors, a former central bank official, current officials at Japan's Financial Services Authority, a lawyer, the former dean of the Asian Development Bank Institute, and private sector professionals at the frontline of fintech. The book is most suitable for those both within and outside of academia who are beginning to learn about fintech and wish to successfully take part in the revolution that is certain to have wide-ranging effects on our economy and society.

This book attempts to explain the changes in specifiC macroeconomic vari- ables-such as the relative share oflabor, the profIt rate, and the real wage rate in advanced capitalist economies-in relation to the influence of the business cycle in income distribution. In the pursuit of this inquiry, I fIrSt establish some stylized facts that I wish to investigate. The three countries discussed here-the United Kingdom, the United States, and Japan-are observed over a period of twenty-two years beginning in 1970, which covers at least three business cycles. This study makes several assumptions. First, there is no common feature on whether labor share moves countercyclically or procyclically; however, labor share increases in the fIrst year of contraction and decreases in the fIrst year of expansion, though there are some exceptions. Second, the profIt rate moves pro cyclically . Third, labor productivity moves pro cyclically and shows a symmetrical change; productivity sharply increases in the fIrSt year of expansion in terms of the growth rate and decreases in the fIrst year of con- traction. Fourth, the real wage rate has no common feature. Finally, labor shares with and without "labor income of self-employment" imputed from self-employment income are almost parallel (except for Japan), and their move- ments are also similar, though they move differently for some years. To explain these facts, I examine three types of model (or theory)-Kaldorian theory, real-business-cycle theory, and new Keynesian theory-but the focus is on Kaldor's approach-hence, the book's subtitle, A Kaldorian Analysis.

In this ambitious book, the authors challenge mainstream economic theory by reconsidering the principle of individualism as its foundation. They refer to that version which fails to recognize the existence of the interests of society as such, and thus excludes the role of the state as an independent market player seeking to realize these interests. The outcome is a new theoretical concept called "Economic Sociodynamics." The book reveals this concept in detail, in particular its key notions of the sociodynamic multiplier and the rational behavior of the state.

By exploring the integral relationship between democracy and economic justice, this study explains how democratic countries with market systems should deal with the problem of high levels of income-inequality. The book provides an interdisciplinary approach that combines political, economic, and legal theory. It also analyzes the nature of economic society and the considerations bearing upon the ethics of relative pay, such as the nature of individual contributions and the extent of community. Hb ISBN (2000): 0-521-79033-6

Joseph Halevi, G. C. Harcourt, Peter Kriesler and J. W. Nevile bring together a collection of their most influential papers on post-Keynesian thought. Their work stresses the importance of the underlying institutional framework, of the economy as a historical process and, therefore, of path determinacy. In addition, their essays suggest the ultimate goal of economics is as a tool to inform policy and make the world a better place, with better being defined by an overriding concern with social justice. Volume IV explores theory.

'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.

This edited volume is the first collection of essays exploring the intersection of social economics and the law, providing alternatives to neoclassical law-and-economics and applying them to real-world issues. Law is a social enterprise concerned with values such as justice, dignity, and equality, as well as efficiency - which is the same way that social economists conceive of the economy itself. Social economists and legal scholars alike need to acknowledge the interrelationship between the economy and the law in a broader ethical context than enabled by mainstream law-and-economics. The ten chapters in Law and Social Economics, written by an international assortment of scholars from economics, philosophy, and law, employ a wide variety of approaches and methods to show how a more ethically nuanced approach to economics and the law can illuminate both fields and open up new avenues for studying social-economic behavior, policy, and outcomes in all their ethical and legal complexity.

"Adam Smith in Context" delves into some central components of Smith's thought, especially his moral philosophy, and challenges some commonly shared views. It combines philosophical, historical, methodological and economic issues of Smith's legacy, uncovering original interpretations of what Smith really said. It is an important contribution for those interested in Adam Smith as it proposes a different reading of his works by investigating the classical sources of his moral thought and the influences of his own time.

Until recently, central bank independence was confined to just two major capitalist countries, the USA and Germany. As a result of stagflation and the voguish espousal of neo-liberalism in the 1980s, the institution has been adopted in most OECD and in many other countries. This book questions the principle of autonomy, examining the Bundesbank in historical context and exposing the flaws in both the technical and the political case for the wholesale adoption of the Bundesbank model by other states.

* The real strength of the book lies in setting out an alternative vision to the current practice in economics, especially in light of the re-evaluation being forced by COVID-19 in addition to the climate crisis. * Offers an important challenge to the current corporate sustainability gospel expressed in recent books. * Written by a well-recognised commentator on the environment and economics. * The book specifically connects global environmental imperatives with their microeconomic implications for businesses and households, which makes it utterly unique.