The transformation of Eastern and Central Europe into functioning market democracies can be facilitated by incorporating the lessons of cooperation theory into standard economic theory. By doing so, the countries are more likely to achieve the fruits and benefits of a market democracy so long denied their citizens. Institutional, theoretical, and empirical results of game theory and policy analysis are woven together to present a timely understanding of this complex issue. Policy makers with key roles in the transformation processes, general economists, political scientists, and laypersons will find this analysis a useful resource.

Making the Environment Count brings together, in one accessible volume, an outstanding selection of Alan Randall's essays published over the past 30 years. It explores ideas on making the environment count from a conceptual perspective and addresses a range of topics pertinent to the study of environmental economics including: the limits of markets in reflecting environmental quality, and the implications of this for policy and institutional design cost-benefit analysis, with emphasis on its welfare-theoretic foundations, and its ability to reflect the public's demand for environmental quality conservation, biodiversity and sustainability developments in methodology the ethical foundations of public policy conceptual foundations of empirical methods of valuing the environment By improving access to Alan Randall's many important contributions, this volume makes a significant addition to the literature and will be welcomed by environmental economists.

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 shows the necessity of measuring the incidence-basis indirect economic effects of public investments. The essential argument can be traced back to H. Mohring versus J. Tinbergen, the conclusions of one contradicting those of the other. Their arguments are called, respectively, "transfer" and "existing theory" of the indirect economic effect of public investments such as highways. The author has first defined the categories of "generation-basis" and "incidence-basis" economic effects in addition to the categories of direct and indirect economic effects, and has shown that it is essential to measure the incidence-basis indirect economic effects for decision making about public investments. The second major point is that, in this sense, the measurement must rely on the general and dynamic spatial modeling simulation approach. The third essential point is that Tinbergen is correct as far as we have to cope with a real setting in which the Marshallian type of external economies exists. Another characteristic is that the monetary (pecuniary) external economies are dealt with systematically, for the superiority of public investment criteria depends greatly on whether they are taken hold of or not. This book lays emphasis on the process toward the equilibrium, not the equilibrium itself.

This volume, and a subsequent one, contain several new papers on index number and aggregation theory, as well as some previously published papers, by W.E. Diewert and co-authors. The two volumes study aggregation problems in economics, primarily the aggregation over goods problem. However, some of the chapters also touch on aspects of the aggregation over agents problem. In the present volume the reader can find, according to his/her requirements, either a short course on index number theory; a more in-depth course; or chapters on specific topics such as the measurement of inequality, functional forms for social welfare functions, or the theory of choice under uncertainty. Students and researchers will appreciate having these papers easily accessible. The book will be valuable too for those in the government agencies around the world that produce price statistics, insuring an understanding of important properties of alternative indexes, and of how economists use and interpret price indexes.

Joan Robinson is widely considered to be amongst the greatest economists of the 20th Century. This book provides a comprehensive study of her life and work, examining her role in the making of The General Theory, her critical interest in Marxian eocnomics, her contributions to Labour Party policy and her writings on development, especially China.

In an era of increasing inequalities, and also of deep anxieties about the consequences of two major economic crises, economists are faced with a major question: can economic growth be achieved without inequalities? Economic Growth and Inequality critically evaluates the economic literature on this question from a pragmatic perspective, seeking to reconcile those who regard economic liberties as a paramount value, and critics who object that prioritizing these liberties leads to inequitable outcomes. The book presents an overview of the models used by economists to define and measure inequalities and the ongoing dialogues between political philosophers and economists in an effort to find solutions to the problems. It explores Rawlsian justice, Sen's capability theory, and the theory of rent and compares and contrasts the most often discussed institutions and policies designed for remedying poverty and reducing inequalities. This book marks a significant contribution to the literature on some of the most pressing problems of our time and will be of great interest to readers of political economy, public policy, moral philosophy, and history of economic and political thought.

This book focuses on the analysis of liability rules of tort law from an efficiency perspective, presenting a comprehensive analysis of these rules in a self-contained and rigorous yet accessible manner. It establishes general results on the efficiency of liability rules, including complete characterizations of efficient liability rules and efficient incremental liability rules. The book also establishes that the untaken precaution approach and decoupled liability are incompatible with efficiency. The economic analysis of tort law has established that for efficiency it is necessary that each party to the interaction must be made to internalize the harm resulting from the interaction. The characterization and impossibility theorems presented in this book establish that, in addition to internalization of the harm by each party, there are two additional requirements for efficiency. Firstly, rules must be immune from strategic manipulation. Secondly, rules must entail closure with respect to the parties involved in the interaction giving rise to the negative externality, i.e., the liability must not be decoupled.

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 advancements in this field and their implications for applied and policy analysis.
This third volume collects papers concerning the evolution of Sraffa's ideas and the interpretation of his contribution in relation to other streams in economics, methodology and the history of economic thought.

In many parts of the world, weather and climate are one of the biggest production risks and uncertainty factors impacting on agricultural systems performance and management. Both structural and non-structural measures can be used to reduce the impacts of the variability (including extremes) of climate resources on crop production. While the structural measures include strategies such as irrigation, water harvesting, windbreaks etc., the non-structural measures include use of seasonal to interannual climate forecasts, improved application of medium-range weather forecasts and crop insurance. This book based on an International Workshop held in New Delhi, India should be of interest to all organizations and agencies interested in improved risk management in agriculture.

Rapid economic changes throughout the world economy offer new possibilities for economic development. Yet the multitude of people in an impoverished underclass often find the burst of economic development in their country continues to exclude them. As technologies and demographics reshape economies, the underclass finds its skills increasingly peripheral to the urban economy into which it is drawn. The daunting task before Mexico in raising the living standards of its people is carefully analyzed with the help of economic theory. The current focus on Mexico and Latin America since the passage of NAFTA makes this a particularly relevant book for economists and readers interested in labor, international topics, and in Mexico.

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."

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.

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 textbook provides a survey of the literature of social choice. It integrates the ethical aspects of the subject, (discussing potentially desirable conditions for social judgements) with positive aspects of decision mechanisms that centre on the revelation of true preferences. The literature on the subject presently consists of a great many papers. This book draws them together in common notation and points out interpretations which are often missing in specialist papers. Applications in economics, electoral politics, and ethics are discussed. The book will be used by senior undergraduate and graduate students of economics, political science and philosophy as a text book in the subject.

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.

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.

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.

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.

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.

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.

The third in a series on the middle East, this volume deals with the way in which Islamic economists believe that an economic system should reflect religious values, rather than a society's values being determined by the economic system.

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.

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.