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.

Economics as Moral Science investigates the problem of the ethical neutrality of "mainstream" economic theory within the context of the methodology of economics as a science. Against the conventional wisdom, the author argues that there are serious moral presuppositions to the theory, but that economics could still count as a scientific or rational form of inquiry. The basic questions addressed - the ethical implications of economics, its status as a scientific mode of theory-construction, and the relation between these factors - are absolutely fundamental ones for an understanding of contemporary economics, the philosophy of the human sciences, and our current market culture. Moreover, the study provides a thorough philosophical analysis of the critical issues at stake from the inside, from the credible perspective of a particular, but foundational economic theory - the neoclassical theory of rational choice.

* Presents many of the microeconomic and macroeconomic theories and schools of thought not generally covered in mainstream principles of economics textbooks * Each chapter starts with a short "refresher" of standard neoclassical economic modelling before demonstrating how that model is distorted by people, problems and events in the real world to provide students with a more realistic picture of how the economy works * Updates throughout and new material on populism, racism, inequality, climate change and the covid-19 pandemic * Now has online supplements: quiz questions for students and PowerPoint slides for instructors

Women are vital members of the economics profession, yet they have traditionally received scant recognition for their work. This volume provides information on 51 remarkable women in the profession. They come from all areas of economics-academia, the business world, public policy-and include those who are currently active as well as 19th-century pioneers in the field. Entries cover biographical information, as well as the subjects' work, providing a unique guide to the many and varied contributions these women have made to economics. Joan Robinson was one of the most significant economists of the 20th century. Juanita Morris Kreps was Secretary of Commerce under Jimmy Carter. And forecasting guru Abbey Joseph Cohen appears regularly on PBS, CNN, and CNBC. Women are vital members of the economics profession, yet they have traditionally received scant recognition for their work. This volume provides information on 51 remarkable women in the profession. They come from all areas of economics-academia, the business world, public policy-and include those who are currently active as well as 19th-century pioneers in the field. Entries cover biographical information, as well as the subjects' work, providing a unique guide to the many and varied contributions these women have made to economics. Seeking to provide balanced coverage, this book covers accomplished and emerging economists, living and deceased individuals, and women from all philosophical perspectives and economic areas. Some have worked in several areas. Kathleen Bell Cooper, for instance, was Chief Economist at Exxon Corporation and is now Under Secretary of Commerce for Economic Affairs, while Marina Whitman, now with the University of Michigan Business School, was a senior executive with General Motors and the first woman appointed to the President's Council of Economic Advisors. Others have spent their career in academia. All have been prolific writers, as their entries document, and all made their mark on economics. This book is a testament to their achievements.

This title discusses the phenomenon of alcohol abuse as a behavioural disease and the associated costs. The author details alcohol's status as a psychoactive drug; he notes, however, that in contrast to other psychoactive drugs, alcohol has been widely culturally accepted in Western countries and legally available, except in isolated incidents for a short period of time. Joshua considers which policies are being correctly utilised so as to reduce the abuse of alcohol, and how these policies may operate on a supply and demand model. Whereas programs of prevention and treatment operate on the demand side of alcohol abuse, legislation is directed at the supply side of alcohol; that is, dealing with marketing - product, promotion, point of sales and price. This is the second title in a four volume series 'The Economics of Addictive Behaviours', consisting of three additional volumes on smoking, illicit drug abuse and overeating.

The world economy is on the brink of a profound crisis. The threat of global deflation and the emergence of chronic excess global capacity characterizes the contemporary phase of crisis and stagnation. Lucarelli argues that these pathological features of globalization acquire a remorseless logic during the "mature" stages of monopoly capitalism. He explores the historical origins and theoretical tendencies of this protracted crisis from a Keynes/Kakecki perspective.

Italian Economists of the 20th Century provides a unique up-to-date assessment and appreciation of the work of 12 pioneering economists. The essays - written by a group of leading international scholars - are a fitting tribute to the important contribution that Italian economists have made to twentieth century economics. This important book includes entries not only on familiar names such as Vilfredo Pareto, Piero Sraffa and Franco Modigliani, but also on less well known yet equally important economists. It demonstrates the rich intellectual tradition in Italy and its profound - yet often unrecognized - impact on economics in general.

This collection of essays looks at recent developments in the crisis theory of capitalist development and relates such theories directly to the current patterns of economic, political, technological and cultural changes associated with societal restructuring in industrialized countries. It brings together contributors from eight different countries and represents the fields of economics, political science, political economy, urban planning and sociology. The relation between crisis and societal restructuring is addressed at four different levels. First, the general level of crisis theory is discussed, and several alternative theoretical approaches are addressed. Second, the international effects of contemporary crisis and restructuring are looked at, involving the relation between the older and newer industrialized countries. Third, the national level is addressed with regard to the restructuring of the welfare state and new forms of class conflict and political participation. Lastly, contributors address socio-spatial restructuring at the local or regional level in response to crisis, especially the restructuring of industrial/urban areas. M. Gottdeiner's previous works are "Plann

The Austrian School forms a concise but comprehensive exposition of the main tenets of the modern Austrian School of Economics while also providing a detailed explanation of the differences between the Austrian and the neoclassical (including the Chicago School) approaches to economics. The book also includes: * reviews of the contributions of the main Austrian economists, critical analysis of the major objections to Austrian economics and an evaluation of its likely future development * complete exposition on the concepts and implications of entrepreneurship and dynamic competition * a new concept of dynamic efficiency (as an alternative to the standard Paretian criterion) and a generalised definition of socialism (as a systematic aggression against entrepreneurship) * evaluation of the role of Spanish Scholastics of the 16th century as forerunners of the Austrian School, as well as the influence and contributions of the main Austrian Scholars of the 19th and 20th centuries. This book will most notably appeal to Austrian economists but also to other free market economists as well as researchers and academics of economic methodology, the history of economic thought, institutional economics and comparative economic systems.

Social choices, about expenditures on government programs, or about public policy more broadly, or indeed from any conceivable set of alternatives, are determined by politics. This book is a collection of essays that tie together the fields spanned by Jeffrey S. Banks' research on this subject. It examines the strategic aspects of political decision-making, including the choices of voters in committees, the positioning of candidates in electoral campaigns, and the behavior of parties in legislatures. The chapters of this book contribute to the theory of voting with incomplete information, to the literature on Downsian and probabilistic voting models of elections, to the theory of social choice in distributive environments, and to the theory of optimal dynamic decision-making. The essays employ a spectrum of research methods, from game-theoretic analysis, to empirical investigation, to experimental testing.

This book brings together articles by international political economists on Keynesian economics and its legacy. The book begins with Don Patinkin's assessment of Keynes' early life and focuses attention on Keynes' contribution to monetary economics. Among the many controversies surrounding "The general theory", Axel Leijonhufvud takes the view that the Keynesian revolution began and stayed on the wrong track.;Leland Yeager refutes the idea that Keynesian economics was responsible for the general prosperity in the indusrialized world immediately after the Second World War. Although Karl Brunner is not fundamentally against Keynes' methodological approach, he is critical of his reliance on fiscal rather than monetary policy. Whereas Terence Hutchison defends Keynes, both against his critics but also against Keynesians, and argues that Keynes would not have shared their interpretation of his work on fundamental grounds. Patrick Minford traces the roots of neoclassical economics, based on the concept of rational expectations, back to "the general theory". In the final chapter, Stephen Littlechild offers an alternative to Keynesian economics by focusing attention on the Austrian school.

Intelligent Transportation Systems (ITS) are expected to add considerable productivity to existing transportation infrastructure and to therefore partially reduce the need for more physical infrastructure such as additional lanes of roadway. But there are huge barriers to achieving this vision ranging from the technical to the institutional. In this book a new outcome oriented methodology is developed and applied to a diverse set of ITS case studies in an effort to gain insight into the barriers to deployment. The case studies, most from the National Capital Region (Washington) in the US, include but are not limited to evaluation of electronic tolling, truck roll over warning systems, Advanced Traffic Information Systems (ATIS), variable message signs (VMS), ITS enhanced emergency management systems and ITS bridge operations. The evaluation methodology bears similarity to the benefit/cost balance sheet approach. Full cost (benefit) assessment is adopted with multiple externalities (environment, economic development, social equity issues, etc.) formally included in each of the individual evaluations. Transportation policymakers as well as scholars and students of economic, public policy and political science will find this study useful and informative.

The horizontalist perspective is an extension of the post-Keynesian approach, that has hitherto focused on a theory of credit and money. This book extends horizontalism beyond its traditional boundaries and makes it consistent with the post-Keynesian theories of output and the open economy. The authors compare and contrast the horizontalist position with various orthodox and non-orthodox views on money. They argue that horizontalism is perfectly compatible with liquidity preference, credit constraints, and a flexible interest-rate mark-up, and address recent developments in banking that reinforce the validity of a horizontal schedule of credit-money. The overall intention is to place horizontalism within the current heterodox tradition as a general theory of the creation of money that is consistent with the post-Keynesian view on macroeconomic policy. Credit, Interest Rates and the Open Economy is essential reading for those who wish to expand their theoretical understanding of international financial issues and will be of great interest to those involved in macroeconomics, money and banking and radical economics.

Post-Keynesian Economic Theory explores and develops several areas of post- Keynesian economics most in need of additional fundamental research, including: a monetary theory of production; post-Keynesian price theory; international economics; labor economics; financing aggregate demands; and the liquidity preference theory of interest. The book presents a constructive post-Keynesian critique of contemporary macroeconomic conceptualization and practice. It illustrates the illusory character of the search for unique, determinate results in the problems of macroeconomics and clearly demonstrates the complexity and resulting richness of meaningful economic theory.

Since the works by Ludwig von Mises and F.A. von Hayek in the 1920s, the Austrian School of Economics has developed a unique analysis of how the interventions by governments may cause problems, which in turn may lead to calls for further intervention. The Austrian concept of how such a dynamic of interventionism may evolve has however never been very influential outside the Austrian School nor been widely applied for empirical studies. This volume seeks to bring together economists and political scientists with perspectives from both Austrian and public choice analysis so as to further enrich and apply the Mises-Hayek logic, as well as critically assess its value.