Essays in Economic Theory, first published in 1983, combines two essays on game theory and its applications in economics. The first, "Learning Behavior and the Noncooperative Equilibrium", considers whether an adaptive justification, like those commonly available for the optimization models frequently employed elsewhere in economics, can be found for the Nash noncooperative equilibrium. The second essay, "A Game of Fair Division", was motivated by the desire to find attractive methods for solving allocation problems and bargaining disputes that are simple enough to provide useful alternatives to existing methods. It studies in detail one such simple method: the classical "divide-and-choose" procedure. This book will be of interest to students of economics.

* John Connor describes and evaluates the results of his extensive survey of reports of cartel overcharges.
* Dennis Weisman models the price effects of mergers that not only increase concentration in the relevant market but also increase the merged firms' participation in other, complementary markets.
* Malcolm Coate and Mark Williams develop a superior method for calculating critical loss in markets that are relatively homogenous and competitive premerger.
* Zhiqi Chen surveys recent developments in economic theories of buyer power and creates a general framework for antitrust analysis.
* Thomas J. Miceli and Kathern Segerson, given the difficulty of collecting damages after a long latency period, examine the desirability of granting toxic exposure victims an independent cause of action for medical monitoring at the time of exposure. They shows that such a cause of action incarease incentives for injurer care but only at the cost of greater litigation cost. the reluctance of courts to adopt such a proposed cause of action reflects theri awareness of this trade-off.
*Each chapter examines in depth a topic in law and economics.
*Written by leading experts in the field.

'An authoritative survey with exciting new insights of special interest to economists and econometricians who analyse intertemporal and interspatial price relationships.' - Professor Angus Maddison, Groningen University This book presents a comprehensive review of recent developments in the theory and construction of index numbers using the stochastic approach, demonstrating the versatility of this approach in handling various index number problems within a single conceptual framework. It also contains a brief, but complete, review of the existing approaches to index numbers with illustrative numerical examples. The stochastic approach considers the index number problem as a signal extraction problem. The strength and reliability of the signal extracted from price and quantity changes for different commodities depends upon the messages received and the information content of the messages. The most important applications of the new approach are to be found in the context of measuring rate of inflation; fixed and chain base index numbers for temporal comparisons and for spatial intercountry comparisons; the latter generally require special index number formulae that result in transitive and base invariant comparisons.

This book, first published in 1989, addresses an issue that stood at the centre of sociological concern - the changing character of industrial societies. The authors examine the nature of the industrialization process, in terms of its impact upon and development within both state socialist and capitalist societies. Is 'industrialism' a constant phenomenon within both kinds of society, or are distinctive differences apparent? In the 1960s, it did seem that economic growth and technological change were producing similarities in social structure between the different socio-political systems; it now appears however that the crisis that have developed during the 1980s how illustrated their contrasts. Through the analysis of this trend in the West, in Eastern Europe and in China the authors clarify central issues for the student of sociology: The changing character of national states, organized labour, stratification systems and class relationships Processes of social integration, cohesion and control The extent to which dominant groups are able to sustain social and economic privileges in different socio-economic systems The changing pattern of work and employment relationships The nature of class, gender and ethnicity as sources of socio-economic division

The approach to many problems in economic analysis has changed drastically with the development and dissemination of new and more efficient computational techniques. Computational Economic Systems: Models, Methods & Econometrics presents a selection of papers illustrating the use of new computational methods and computing techniques to solve economic problems. Part I of the volume consists of papers which focus on modelling economic systems, presenting computational methods to investigate the evolution of behavior of economic agents, techniques to solve complex inventory models on a parallel computer and an original approach for the construction and solution of multicriteria models involving logical conditions. Contributions to Part II concern new computational approaches to economic problems. We find an application of wavelets to outlier detection. New estimation algorithms are presented, one concerning seemingly related regression models, a second one on nonlinear rational expectation models and a third one dealing with switching GARCH estimation. Three contributions contain original approaches for the solution of nonlinear rational expectation models.

Regulatory reform represents a major shift in the government's role toward price determination in the transportation and telecommunication industries. The resulting policy emphasizes dependence on market forces to set prices and to encourage efficient production techniques. While extensive research investigates the influence of deregulation on prices, profits and productivity, the effect on labor markets has not received the same scrutiny. Firms in these industries are of major importance to business operations in other industries because they provide the critical services of transporting goods and transmitting information. This may partly explain such extensive research on the product market aspects of regulatory reform. Examining labor markets in the transportation and telecommunications industries is also highly warranted, as historically these industries represented some of the most heavily unionized sectors in the economy. The extent to which regulatory reform has encouraged product market competition may not necessarily result in the same degree of competition across industries. Regulatory Reform and Labor Markets debates the notion that research on regulatory reform and labor markets should develop within the framework of the competitive model. This is achieved by presenting diverging views on wage and employment determination in distinctly different deregulated industries.

This Handbook provides an overview of established and cutting-edge contributions to political economic thought. Chapters by leading and emerging scholars showcase the diverse approaches and productive debates among researchers. Separate sections of the book deal with political economy as an area of knowledge, its principal theoretical traditions, the dynamics and socio-ecological foundations of economic systems, and political economy's interdisciplinary connections. Thirty-two chapters cover the full spectrum of contemporary political economy, including classical, Marxist, post-Keynesian, institutional, evolutionary, and feminist approaches, recent studies of capital as power, modern money theory, behavioural economics, social structures of accumulation, and race, gender and class. The volume concludes by reflecting on how these theories of political economy can contribute to making a better world. Pluralist and interdisciplinary in its approach, this Handbook is a key resource for students and teachers of political economy and heterodox economics, as well as for other social scientists wanting to understand political economic processes.

A critical perspective on the foundations of economic theory showing the importance of ethical considerations and focusing in particular on altruism, cooperation and equity. Mainstream neoclassical economics is analysed and challenged from a moral and socio-economic perspective, emphasizing the relationship between economics, ethics and politics. Throughout the book the nature of homo economicus is contrasted with that of homo ethicus. Their different moral principles, behavioural rules and values are compared and the importance of this battle for a good and civilised society is emphasised.

The place of money capital in the theory of the firm has remained a relatively neglected question in traditions of economic analysis. In this highly integrative work, issues in production, pricing, capital investment and financial theory are brought to new levels of interdependence. Developing a three-part argument, Money Capital in the Theory of the Firm deals successively with the theoretical issues and analytic motivation, the neoclassical tradition and postclassical perspectives. In doing so, it presents a self-contained foundation in the basic structures of microeconomic analysis relating to optimize decision making in the firm and in the accounting concepts and statistical apparatus of probability theory relevant to the neoclassical aspects of the argument. Additionally, the book provides the essential mathematical development of such advanced topics as utility functions defined over stochastic arguments, the equilibrium theory of financial asset prices and yields, the cost of money capital, and investment decision criteria. This book makes an important contribution to the formation of new and analytically richer perspectives in the important area of economics it addresses. It will be of particular interest to those working in economic theory and microeconomics, and their advanced students.

The scholars invited to contribute the primary essays for this collection were given three mandates. The first was to survey the contemporary research in their assigned fields and to provide a bibliography that would give any interested scholar an entree into the literature. The second was to develop their own interpretive perspective on the economic literature of their assigned period. The third, and perhaps the most difficult, was to be very brief and concise. In a project of this type it would be difficult to extrapolate themes or evolutionary sequences that run through the literature over the two thousand years spanned by this survey. To some degree, the invited commentators provide a fund of suggestions that will stimulate interested readers to pursue this line of synthesis for themselves. The editor of this collection did not even entertain the idea of trying to coordinate the presentations and commentaries of this intellectually erudite and diverse group of scholars into agreed upon lines of interpretation. There is enough material, however, to provide a reference base for the interested scholar who desires to follow particular ideas from period to period.

Despite the important methodological critiques of the mainstream offered by heterodox economics, the dominant research method taught in heterodox programmes remains econometrics. This compelling handbook provides a comprehensive introduction to a range of alternative research methods, invaluable for analyzing the data prominent in heterodox studies. Providing a solid basis for a mixed methods approach to economic investigations, the expertly crafted contributions are split into three distinct sections: philosophical foundation and research strategy, research methods and data collection, and applications. Introductions to a host of invaluable methods such as survey, historical, ethnographic, experimental and mixed approaches, together with factor, cluster, complex, and social network analytics are complemented by descriptions of applications in practice. Practical and expansive, this handbook is highly pertinent for students and scholars of economics, particularly those dedicated to heterodox approaches, as it provides a solid reference for mixed methods not available in mainstream economics research methods courses. Contributors: V. Adams, S. Austen, A. Basole, M. Bewley, N. Bracarense, T. Cardao-Pito, Z.B. Catanzarite, L. Chester, J.F. Cogliano, B. Cronin, B. Davidson, C.D. Deere, P. Downward, A. Gezici, G.C. Gu, T. Jefferson, X. Jiang, A.R. Johnson, T.E. Lambert, F.S. Lee, G. Lewin, N.O. Martins, A. Mearman, M. Meurs, J. Morgan, J.K. Moudud, J. Munoz, M.J. Murray, R. Ong, L. Pickbourn, S. Ramnarain, S.K. Schroeder, R. Sharp, R. Szostack, G. Zezza

In this volume, international scholars challenge neoliberalism on its assumptions, way of reasoning and empirical evidence. In particular, they discuss critically, from the standpoint of radical perspectives, the issues of limiting the state and privatization, inflation and unemployment, and the possibility of a socialist society. They also discuss the current project for the monetary and economic union (EMU) of Europe, considered as an application of neoliberalism. They assess and question the internal market, the common currency and central bank independence and investigate alternatives to the EMU project and the marketization agenda.

This authoritative collection assesses the scope and limitations of public choice theory for informing the choices of policy-makers. Theoretical contributions are combined with case studies of specific areas of economic policy, including the growth of budget deficits under Reagan and Thatcher; European economic integration; macroeconomic management; science and technology and housing policy.

William Beveridge (1879-1963) was a key figure in the modernization of British economic and social policy who published widely on unemployment and social security. Among his most notable works and reprinted in this set are, Full Employment in a Free Society (1944), and Pillars of Security (1943). Beveridge's Report on social insurance was published in 1942. It proposed that all people of working age should pay a weekly national insurance contribution. In return, benefits would be paid to people who were sick, unemployed, retired or widowed. Beveridge included as one of three fundamental assumptions the fact that there would be a National Health Service of some sort. Beveridge's arguments were widely accepted. He argued that welfare institutions would increase the competitiveness of British industry in the post-war period, not only by shifting labour costs like healthcare and pensions onto the public account but also by producing healthier, wealthier and more productive workers. Beveridge saw full employment as the pivot of the social welfare programme he expressed in the 1942 report. As well as making available some of Beveridge's key, and in some case, lesser known works, this set includes as its final volume an indispensable overview of Beveridge and his prolific work.

One of the reasons which make the Keynesian controversy still so live, is the missing distinction between aspects concerning methodology and others pertaining to theory. Another cause of the ongoing debate is to be found in unsettled problems concerning methodology, in primis the concept the equilibrium. Nor could the situation have been different, given, on the one hand, Keynes's manifest disaffection with these matters (especially in The General Theory) and, on the other hand, their implications as regards Keynesian economic theory and policy. The aim of this volume ensues from this analysis; accordingly, a wide spectrum of questions of method are considered and different interpretations of Keynes's approach in this field are taken into consideration.

This book provides a unified and comprehensive analysis of the work of Joseph Alois Schumpeter (1883-1950), the world-famed economist ranked with John Maynard Keynes. Although Schumpeter is well known for his work on economic development and innovation, his aim to construct a universal social science addressing the evolution of mind and society is usually ignored. A major contribution to the history of economic thought, this book will be the standard of Schumpeter scholarship for years to come.

Energy price rises have been amongst the biggest change that has taken place in our society over the last few decades. Their impact, particularly when this book was first published in 1983, had a growing importance in social policy, practice and research, and fuel was, and still is, a major public issue. This collection of essays describes how any why domestic fuel prices have been rising faster than other prices and incomes, what impacts this has on domestic budgets, and the extent of 'fuel poverty'. The resulting problems of debts, disconnections, cold conditions and hypothermia are discussed by specialists in these fields. This book is ideal for students of economics and social policy.

Why it is so difficult for liberal economic ideas to become generally accepted (that is socially 'embedded') in industrialising countries despite the universal support for liberal political ideas and a single global market system? Drawing on the results of a sustained and collaborative interdisciplinary research project, international scholars provide a perspective on previous shifts towards (and away from) economic liberalism within Latin America, on the interaction of internal and external drivers in this process, and on the international context of the evolution of economic ideas.

In 1936 Keynes published the most provocative book written by any economist of his generation. Arguments about the book continued until his death in 1946 and still continue today. This new edition, published 70 years after the original, features a new introduction by Paul Krugman which discusses the significance and continued relevance of "The General Theory,"

In this book Dr Walker brings together Dr William Jaffe's essays on the important and interesting work of Leon Walras, the founder of general equilibrium analysis. The essays were selected on the basis of their importance to the Walrasian literature, in that they provide information on Walras's intellectual biography with which we would otherwise be unfamiliar or they make a contribution to the interpretation and analysis of his ideas. One of Jaffe's main interests was to explain the genesis of Walras's work, which he did by examining Walras's biography. Using a wide variety of sources, Jaffe pieced together an account of these matters in the belief that biography is essential for understanding the origins and development of a scientist's work. Jaffe corrected what he regarded as errors of interpretation of Walras by other writers, evaluated Walras's contributions, and indicated his significance for modern economics. The essays are informative, illuminating, and - as a result of Jaffe's scholarly and literary craftsmanship - aesthetically satisfying.

Improved understanding of the key role of financial aspects in the growth and development of economic systems is an important aspect of economic analysis. This first textbook on development finance provides a comprehensive coverage of this new area of economics. The book integrates relevant theoretical approaches and their policy applications. A unique perspective combines transaction cost economics and neoclassical economics. The author also treats important policy issues of national and international relevance. The roles of public and private finance, domestic and external finance, short-term and long-term capital flows, sovereign debt management features, country risk and other determinants of foreign direct investments, multilateral official development assistance and development of financial institutions are some of the topics examined in this book.

Evolutionary Social Theory and Political Economy traces the origins, extension, marginalization and revival of evolutionary approaches to social theory from the Enlightenment through the beginning of the 21st century. It demonstrates how changes in understandings of social evolution corresponded to changes in definitions of Political Economy and how both reflected changes in the Philosophy of Science. This book is written for students and researchers alike in all the social sciences. Economists will benefit from understanding how ideas about evolution in Economics corresponded to ideas about evolution in other social sciences, and Social Scientists outside of Economics will benefit from understanding how Economics has related to their discipline.

Here, two highly experienced authors present an alternative approach to optimal stopping problems. The basic ideas and techniques of the approach can be explained much simpler than the standard methods in the literature on optimal stopping problems. The monograph will teach the reader to apply the technique to many problems in economics and finance, including new ones. From the technical point of view, the method can be characterized as option pricing via the Wiener-Hopf factorization.

These essays develop a Marxist response to and approach to aspects of the recent economic past in the United Kingdom. They reflect issues and controversies that have arisen within economic policy debate and the economic theory associated with the debate, highlighting the problematic nature of economic policy in the period since the mid-1970s. The book, first published in 1986, develops a line of argument organized around issues of 'calculation', thus challenging the orthodox Marxist framework and presenting a neo-Marxist analysis.

This book provides an intellectual portrait of Robert Heilbroner. It traces the development of his work and places it within the literature of economic thought. The book finds that Heilbroner is a writer of political economy in the classical sense. His work is more reminiscent of Smith or Marx than of contemporary economic theorists. Heilbroner's economics is built on a solid foundation of social psychology, evolutionary dynamics and human history. This holistic approach affords Heilbroner a wide latitude to define the economic process and the discipline that studies it.