In this book, internationally renowned scholars, including two Nobel Laureates, have been drawn together to celebrate Arnold Heertje's rich contribution to the field of economics. Their essays reflect his influence in the areas of economic theory and policy. In particular, they follow in the tradition of his work on oligopoly and price theory, welfare theory and policy, growth theory, environmental economics, technical change and the history of economic thought and methodology.The contributors offer penetrating insights into the structure and functioning of different types of market structures and the character of technical change. In addition, they address current topics such as the recent problems in East Asian economies, the money supply in the European Monetary Union and economic development. Finally, they pay tribute to Arnold Heertje's work on the history of economic thought, discussing the writings of David Ricardo, the German historical school, Herbert Robinson, Alfred Marshall and Herbert Foxwell. This book will attract economic theorists, and scholars and students who are interested in the history of economic thought or in empirical subjects such as the policy implications of studies of labour markets, property rights and European Monetary Union.

First published in 1986, The Economics of Alfred Marshall is concerned with the theories of demand, supply, market structure and income distribution which the celebrated author of the Principles of Economics developed while standing on the shoulders of giants. It is thus concerned with hidden assumptions, institutional constraints, tentative conclusions and blurred distinctions; for these are an integral part of the contribution of an economist who warned against spurious over-simplification of that which is inherently complex.

The economics of Alfred Marshall appears easy when in fact it is fraught with difficulties. The Economics of Alfred Marshall seeks to explain Marshalla (TM)s theories in detail and to evaluate them in depth. The book attempts in that way to help the reader to gain a deeper understanding of an influential thinker whose insights, however difficult, continue to shed a great deal of light on the nature and workings of the economic system.

First published in 1986, 1987 and 1990, this three volume reissue covers the life and times of leading economic theorist, Alfred Marshall - one of the founders of neoclassical economics. David Reisman's incisive and comprehensive study divides Marshall's work into three key areas: economics, progress and politics, and moral principles. The author deals with everything from Marshall's magnum opus Principles of Economics through to his contribution to the progressive evolution in Victorian politics; and finally the way in which his background and upbringing influenced his highly moral approach to economic theory.

Comprising Wage-Fixing (first published 1982), and Demand Management (first published 1983) this two volume reissued set is a vital and stimulating analysis of the causes and consequences of stagflation ? a paralysing combination of mass unemployment and rapid inflation which affected a variety of economies across the developed world in the 1970s and early 1980s.

Wage-Fixing, written by James Meade, deals primarily with the needed reform of wage-fixing institutions, contrasting the Great Depression of the 1930s with the Great Stagflation of the 1970s. Meanwhile Demand Management is devoted to the design of fiscal, monetary and foreign exchange-rate policies for the control of the money demand for the products of labour. This volume deals with the theory of demand management, feedback control and the creation of a dynamic model of the UK economy.

Written in clear and accessible language, this reissue will appeal to the general reader as well as students of economics and professional economists. It should be required reading for all those who wish to learn the lessons of the Great Stagflation of the 1970s to avoid a repetition in the current economic climate.

First published in 1987, Alfred Marshall: Progress and Politics provides an enlightening insight into Marshall's thoughts on social improvement, adaptive upgrading, policy and polity. He planned books on these subjects which he never subsequently wrote, but the thesis of this work is that a close study of such writings as Marshall did complete makes possible a very detailed reconstruction of the important contribution which Marshall was capable of making to Victorian evolutionary thought (much in the shadow of Darwin and Spencer). In the ongoing debate on the political element in political economy, he reveals himself to have been as much an eclectic as was Adam Smith and as much a man of commitment as was T. H. Green.

Throughout his long career as a professional scholar, Paul Dale Bush has been a cogent theorist, a model practitioner and an ardent defender of academic freedom and of democratic practices. Institutionalist Theory and Applications is the second of two volumes celebrating his career and his contribution to neo-institutional economics.This volume presents contributions by a distinguished group of institutionalist scholars: Edythe S. Miller, Philip A. Klein, James A. Cypher, F. Gregory Hayden, John Groenewegen, Peter Soderbaum, Charles M.A. Clark, Catherine Kavanagh and Janice Peterson. The book explores the interdependence of theory and policy and applies institutional theory to several problem areas of governance and performance. This book will be of great interest to postgraduate students and academics in the field of institutional economics, evolutionary economics, political economy, history of economic theory, methodology, social economics, social policy and social value theory.

Analyzing government as the product of exchange among individuals who differ in their bargaining power, this approach shows why individuals agree to political institutions that give their governments extensive power, and why even the most powerful government benefits from constitutional rules constraining the government's power. This foundation is used to examine a wide range of government activities, including its protection of rights, its military activities and democratic political institutions. Randall G. Holcombe is the author of Public Finance and the Political Process, An Economic Analysis of Democracy, Public Sector Economics and Economic Models and Methodology.

Despite the dynamic development of the discipline of economics, the ways in which economics is taught and how it defines its basic principles have hardly changed, resulting in economics being criticised for its inability to provide relevant insights on global challenges. In response, this book defines new principles of economics and seeks to establish economics as the science of markets. A New Principles of Economics provides an alternative conceptual framework for the study of economics, integrating recent developments and research in both economics and neighbouring social sciences. Adopting the structure of a standard principles text, it separates the study of markets as mechanisms and markets in their wider contexts. In doing so, a number of new perspectives are introduced, including approaching the economy as part and parcel of the Earth system; directly connecting the analysis of production with an analysis of technology and thermodynamic principles; explicitly treating markets as forms of social networks mediated by the institution of money; and reinstating the central role of distribution in political economy analysis. Drawing on the latest theories and research on the economy, and including both the natural and social sciences, this text provides a holistic introduction suitable for postgraduates and other advanced students.

This reissue, first published in 1982, is the first of two volumes on the causes and cure of Stagflation - the two-headed monster that combines mass unemployment with rapid inflation, which affected contemporary economies across the industrially developped world in the 1970s.

Professor Meade outlines the nature of the problem, contrasting the Great Slump of the 1930s with the Great Stagflation of the 1970s and comparing the Orthodox Keynesian and Monetarist approaches with the New Keynesian strategy. Various proposals for the reform of wage-fixing institutions are discussed, including the limitation of trade-union bargaining powers, an official incomes policy, labour management and ownership in business, and tax or subsidy measures to discourage inflationary rises in wages and prices.

The book will be essential reading for all concerned with both the theory and policy of contemporary macroeconomics, industrial relations, labour economics and labour law. It has been written so that the general argument in the main text is accessible to the general reader as well as of interest to the professional economist.

First published in 1938 this Routledge Revival is a reissue of the autobiography of influential economist J. A. Hobson. A comprehensive work, it details many aspects of his life including his background, influences, ethical principles, philosophy and religion. In a life which spanned great social, political and economic change - not least that brought about in the aftermath of the first world war - Hobson's humanist economic philosophy had a lasting impact upon economic and sociological thought.

When John Kenneth Galbraith passed away on April 29, 2006, the economics profession lost one of its true giants. And this is not just because Galbraith was an imposing figure at 6 feet, 9 inches tall. Throughout his life, Galbraith advised Presidents, made important professional contributions to the discipline of economics, and also tried to explain economic ideas to the general public. This volume pays tribute to Galbraith's life and career by explaining some of his major contributions to the canon of economic ideas. The papers describe the series of unique contributions that Galbraith made in many different areas. He was a founder of the Post Keynesian view of money, and a proponent of the Post Keynesian view that price controls were necessary to deal with the problem of inflation in a modern economy where large firms already control prices and prices are not determined by the market. He promulgated the view that firms manipulate individual preferences and tastes, through advertising and other means of persuasion, and he drew out the economic implications of this view. He was a student of financial frauds and euphoria, and a forerunner of the Post Keynesian/Minskean view of finance and how financial markets really work. This book was published as a special issue of the Review of Political Economy.

The book discusses the nature of Marxist theory of crisis and applies it to the global financial crisis which began in 2007. Is the contemporary crisis simply the usual periodic upturn and downturn or is there something more fundamental? Is there a structural crisis of capitalism, from which there is no immediate solution? Is capitalism managed and does it have a strategy? Is the financial crisis representative of a failure in capitalism itself to subject banks and other financial institutions to the overall economy? The book discusses Marx's view on crises, as well as ideas on money and finance. It considers the different modern Marxist ideas on the causes of crises -- falling rate of profit, disproportionality and underconsumption. It goes into detail as to the nature of the present crisis, its course and causes in a spirited and independent manner. Apart from the United States, it considers the situation in the two countries, in which protests erupted: Iran and Greece. They are taken as examples of the effect of the crisis on the country, the society and the economy as well as its politics. This book was originally published as a special issue of Critique.

In traditional theory of economic crisis, and in all its manifestations, there is no fundamental difference between economic disorder and economic crisis: the two types of economic turmoil are both considered temporary states. This book is a methodical study of deep-seated causes of economic crises. The aim of the book is to explain the key difference between economic disorder and economic crisis. Its key argument is that economic disorder is a permanent condition, whereas economic crises are a series of transitory periods. Economic crises, unlike economic disorders, are acute and frenzied volatilities that are unpredictable and short-lived. Humans cannot survive in a condition of perpetual economic crises but can only accommodate life under unremitting economic disorders. The book also explores the root cause of economic crisis. Unlike the received wisdom in economics, this book looks at the root cause of such hysterical economic turbulences as a result of an innate propensity of human fallibility. The final section of this book looks at the ramifications of this alternative perspective on macroeconomic policy formation and implementation. This book is a major contribution to the literature on economic disorder and crises and will be of great interest to readers of economic theory, philosophy of economics, and the history of economic thought.

Keynes and the Classics Reconsidered is a collection of scholarly work re-evaluating Keynes's revolution in economic thought, both in the method of macroeconomic reasoning and in policy-making. This book brings together mostly a younger generation of economists to revisit Keynes's interpretation of the classics and its impact on macroeconomic theory and policy. There has been a considerable advance in the literature re-interpreting the classics and the early neoclassical economists. Most of the contributing authors have themselves been active participants in this reinterpretation. The participation of Robert Clower, an active participant in the Keynes versus the classics debate since the 1960s, brings a particularly significant retrospective to this fresh look at the record. Keynes and the Classics Reconsidered will be of interest to policy-makers and economists, especially those working in the areas of macro and monetary economics.

Geoff Hodgson's innovative and important new book is about the future of economics as a viable discipline. It examines not only evolutionary economics but the development of economic theory during the twentieth century. The book reflects on the origins and consequences of the narrowing and increasing irrelevance of mainstream economics, suggesting that it will be inadequate to cope with the complex ideas of the new millennium. Geoff Hodgson analyses some of the attempts to redirect theoretical economics to real world issues. He proposes a move away from mathematical formalization, greater tolerance given to different approaches and the possibility of learning from other sciences especially biology. He suggests that the toleration of a plurality of theoretical approaches in economics - including institutional and evolutionary approaches - based on a common orientation towards real world economies is the best overall strategy for future theoretical advance. A unique and important contribution to our understanding, it will be welcomed by academics and researchers working in all fields of economics, especially evolutionary economics as well as by other social scientists.

Telecommunications systems are central to the development of a global economy, and are fundamental to the means by which most business is conducted, organised and managed. Supported by recent sophisticated econometric analyses, the International Telecommunications Union considers the link between telecommunications and economic development to be axiomatic. This volume takes a broader view. Four themes are considered: Telecommunications and Development focuses on new technology diffusion, and the regional impact of telecommunications investment. International Dimensions provides an examination of the political, strategic and legal environment within which new communications technology evolves and is employed. Organisational Aspects is concerned with organisation-specific analyses of the role and impact of telecommunications within firms. Such an approach avoids the 'telecommunications as oil' treatment of much recent analysis. Country Studies examines telecommunications issues in the Asia-Pacific region, South America, and the former communist nations of Central and Eastern Europe. The papers tacitly stress the importance of path dependence; that is, institutional features and history, are important in determining telecommunications futures.

This text is part of a series of five volumes which offers a comprehensive overview of the regulation approach to capitalism and its crisis-tendencies. Edited by a major British contributor to the approach, the volumes contain not only key theoretical and empirical works from French regulationists but also representative work from other regulation schools and scholars. They also feature major critiques of the approach. Topics covered throughout the series include regulationist approaches to the labour process, accumulation regimes (especially Fordism and post-Fordism), modes of social regulation, forms of state intervention, and the crisis tendencies of capitalism. Contributions cover different periods and different countries as well as different sectors and the changing global economy as a whole. The set includes both pioneer works and theoretical innovations and also explores the links between regulationism and other approaches, such as institutionalism, radical geography, critical discourse analysis, and feminism. The contributors include M. Aglietta, R. Boyer, R. Brenner, J. Jenson and L. McDowell.

This text is part of a series of five volumes which offers a comprehensive overview of the regulation approach to capitalism and its crisis-tendencies. Edited by a major British contributor to the approach, the volumes contain not only key theoretical and empirical works from French regulationists but also representative work from other regulation schools and scholars. They also feature major critiques of the approach. Topics covered throughout the series include regulationist approaches to the labour process, accumulation regimes (especially Fordism and post-Fordism), modes of social regulation, forms of state intervention, and the crisis tendencies of capitalism. Contributions cover different periods and different countries as well as different sectors and the changing global economy as a whole. The set includes both pioneer works and theoretical innovations and also explores the links between regulationism and other approaches, such as institutionalism, radical geography, critical discourse analysis, and feminism. The contributors include M. Aglietta, R. Boyer, R. Brenner, J. Jenson and L. McDowell.

This text is part of a series of five volumes which offers a comprehensive overview of the regulation approach to capitalism and its crisis-tendencies. Edited by a major British contributor to the approach, the volumes contain not only key theoretical and empirical works from French regulationists but also representative work from other regulation schools and scholars. They also feature major critiques of the approach. Topics covered throughout the series include regulationist approaches to the labour process, accumulation regimes (especially Fordism and post-Fordism), modes of social regulation, forms of state intervention, and the crisis tendencies of capitalism. Contributions cover different periods and different countries as well as different sectors and the changing global economy as a whole. The set includes both pioneer works and theoretical innovations and also explores the links between regulationism and other approaches, such as institutionalism, radical geography, critical discourse analysis, and feminism. The contributors include M. Aglietta, R. Boyer, R. Brenner, J. Jenson and L. McDowell.

The concept of equilibrium is fundamental to economic theory, according to which, it exists when supply and demand are balanced. Equilibrium Models in Economics critically examines the major problematic assumptions employed to build equilibrium models. It gives particular attention to the assumptions used to characterize learning, knowledge and expectations. Lawrence Boland here explores whether equilibrium models can provide a realistic explanation of economic events and objects such as prices, market demands and market supplies. He traces how the different perspectives on equilibrium models represented by such creators as Kenneth Arrow, Robert Clower, and George Richardson influenced subsequent developments in economics. A key debate is about the comparative importance of whether equilibrium refers to a state of an actual economy or a property of a formal mathematical model. Another is the extent that the distinction between a model's exogenous vs. endogenous variables involves causality. Also explored are more recent efforts provided by behavioral, evolutionary, and complexity economics-whether they might change how economics is practiced in the future and how they could. Equilibrium Models in Economics is a trenchant exploration of how the discipline has grappled with attempts to understand and explain the way information, knowledge, and the expectations of actors participating in the economy influence outcomes and behavior. It presents a realistic, workable theory of knowledge and learning, simulating how decision makers and other actors operate in fast-changing equilibrium conditions.

First published in 1991 this text provides an incisive analysis of theories concerning the origins of economic inequality between nations. Central to the authora (TM)s investigation is the concept of underdevelopment, and a focus on successive Western a ~systems of conceptualisationa (TM) of the relationship between the west and the rest of the world. The first part of the book concerns the Marx/Engels theory of the Asiatic mode of production, and the anti-Imperialist reaction against Eurocentrisim initiated by the theoretical synthesis of J. A. Hobson. This is followed by an examination of the post-World War II era, particularly the evolution of development studies and the differing versions of dependency theory.

The author concludes with an analysis of the most recent reactions against economic imperialism and dependency theory, and concludes with an assessment of their implications for the further economic development of todaya (TM)s Third World.

This volume, first published in 1982, is a collection of original essays written to honour Professor W. Arthur Lewis, 1979 co-winner of the Nobel Prize in economics. The authors, an international group of distinguished scholars, address a varied set of specific issues reflecting Professor Lewis' research interests, covering topics which include: technological change in agriculture, analyses of unemployment and income distribution, the role of government policy in the development process, the historical record of development, and the relationship between developed and developing nations. The book will be of interest to both the academic researcher and practicing professionals in the international organisations and national governments, and are particularly appropriate to graduate courses in economic development, cost-benefit analysis and economic history.

The fifth edition of Economic indicators covers all the recent revisions of the GDP, the CPI, the PPI, the various labour market surveys, the balance of payments and other economic indicators. All the data that are used to illustrate and explain the various indicators have been updated and, as always, a wealth of data on the South African economy is provided.

This volume rests on three thematic pillars: the limits of conventional macroeconomics; the long-run agenda of structural transformation and the development of capabilities. Islam and Kucera highlight the tenuous links of conventional macroeconomics with core development concerns. The chapters of this book enunciate an empirical approach to track the various sources of structural transformation and nurture the thesis that investment in infrastructure leads to the inculcation of capabilities, broadly defined to include knowledge accumulation, dissemination and application. The editors reinterpret social protection from the perspective of inclusive development and structural transformation. The volume examines secular trends in the functional distribution of income and explores their possible macroeconomic consequences by developing a two-country macroeconomic model for open economies. It seeks to establish whether growing inequality in many countries combined with stagnant real incomes is one of the sources of the global and financial crisis of 2007-2009.