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Books > Business & Economics > Economics > Economic theory & philosophy
The context for this book is the increasingly complex relationship between economic theory and competition law which gives rise to lively political and academic debate on the direction competition law should take in a more global and innovation-oriented market place. The authors adopt a comparative, research-orientated approach, taking into account different situations in the US, Europe, Japan and transition and developing countries. They investigate the impact of economics on the objectives of competition law in various fields - restrictive agreements, unilateral restraints and merger control - and on the effectiveness of enforcement in a given legal and judicial system. Economic Theory and Competition Law is an insightful resource for law and economics scholars. Legal practitioners in the field of competition law will also value this book.
This Companion of nineteen essays, accompanied by the editor's introduction, investigates aspects of the philosophical foundations of Adam Smith's thought as well as his economic analysis and approach to policy. The authors view Adam Smith's work as an interconnected system of thought, which incorporates both moral philosophy and economics. His earlier work in moral philosophy, The Theory of Moral Sentiments receives significant consideration and the contributors also discuss important connections and insights into the sort of economics that Adam Smith is more widely known for in his Wealth of Nations. This book is distinguished from other collections of essays on Adam Smith in that all of the contributors are economists, and the coverage is determined by the interests of contemporary economists and scholars in the history of economic thought. A wide audience will find this Companion of great value and interest, including economists, the general economics profession, political scientists and political theorists, and philosophers with an interest in Adam Smith's work as well as historians of economics. Advanced undergraduate and post-graduate students in these fields will also warmly welcome the book.
The Elgar Companion to Hayekian Economics provides an in-depth treatment of Friedrich August von Hayek's economic thought from his technical economics of the 1920s and 1930s to his broader views on the spontaneous order of a free society. Taken together, the chapters show evidence both of continuity of thought and of significant changes in focus. Providing a thorough and balanced account of Hayek's work, the authors examine his wide-ranging contribution to thought in the areas of business cycles, socialism and trade unions and the socialist calculation debate, as well as social justice, spontaneous order, globalization and free trade. The authors provide enlightening comparisons between Hayek's views and those of Ludwig von Mises, Ludwig M. Lachmann, Milton Friedman and John Maynard Keynes. Scholars working in the classical liberal tradition as well as academic economists and political scientists will find this in-depth account to be an invaluable resource. Contributors: R.E. Backhouse, C.W. Baird, P.J. Boettke, E. Colombato, C.J. Coyne, R.M. Ebeling, R.W. Garrison, S.G. Horwitz, P.T. Leeson, P. Lewin, P. Lewis, R. Nef, D. O'Brien, M. Pennington, M. Ricketts, C. Smith, G.R. Steele
Despite insoluble contradictions, intense volatility and fierce resistance, the crisis-ridden capitalism of the 21st century lingers on. To understand capital's paradoxical expansion and entrenchment amidst crisis and unrest, Mute Compulsionoffers a novel theory of the historically unique forms of abstract and impersonal power set in motion by the subjection of social life to the profit imperative. Building on a critical reconstruction of Karl Marx's unfinished critique of political economy and a wide range of contemporary Marxist theory, philosopher Soren Mau sets out to explain how the logic of capital tightens its stranglehold on the life of society by constantly remoulding the material conditions of social reproduction. In the course of doing so, Mau intervenes in classical and contemporary debates about the value form, crisis theory, biopolitics, social reproduction, humanism, logistics, agriculture, metabolism, the body, competition, technology and relative surplus populations.
This book is a welcome consolidation and extension of the recent expanding debates on happiness and economics. Happiness and economics, as a new field for research, is now of pivotal interest particularly to welfare economists and psychologists. This Handbook provides an unprecedented forum for discussion of the economic issues relating to happiness. It reviews the more recent literature and offers the interested reader an insight into the vast scope of the field in terms of the theory, its applications and also experimental design. The Handbook also gives substantial indications as to the future direction of research in the field, with particular regard to policy applications and developing an economics of interpersonal relations which includes reciprocity and social interaction theory. Reflecting the contribution of a major research activity on the study of happiness, economics and interpersonal relations, this book will be of great interest to economists and psychologists in general, as well as welfare economists and postgraduate scholars of cooperation, welfare, social planning, non-profit, corporate social responsibility and related fields.
This book makes the bold attempt at proposing a new general theory of economic development founded on the fact-based perspective of economic behaviour. The main premise is that economic institutions and policies must embody 'economic discrimination' if there is to be any chance of real economic development. By economic discrimination, the author means 'treating differences differently' by selecting and supporting economic entities and behaviour that contribute positively to the economy. By presenting a general theory that goes beyond mainstream and ad hoc economic theories, Sung-Hee Jwa provides a new way to look at capitalism beyond the Marxian interpretation, explaining why some economies develop and others don't. The book identifies markets, government and corporations as the 'holy trinity of economic development', that is, the three most important institutions that must work together via economic discrimination to steer the economy towards real transformative progress. It also warns against the current trend of economic egalitarianism or 'not treating differences differently' because it destroys economic incentives and results in an array of economic problems including growth stagnation and worsening income distribution. The theory presented in this book and its implications for development management will be an invaluable resource for development economists, scholars, instructors, researchers and policymakers.
In light of the recent and ongoing surge of interest in Alfred Marshall's work, this new and original reference volume fills a gap in the literature through a detailed examination of his thought and of his contributions to economics and social science. The Companion places Alfred Marshall's ideas in their historical context, highlighting the many streams of social research originating from them. The contributors form a remarkable cast of leading experts, covering a spectrum of Marshallian themes and issues, including: * his life and work * background and influences * scope and methodology of economics * economic analysis - including distribution theory, industrial economics and money * social and political issues * relations with his contemporaries * the Marshallian tradition * relevance to contemporary economics. This comprehensive and multidisciplinary Companion illustrates the relevance of Marshall to present-day economic reality and as such will prove an invaluable reference tool for general economists and a wide ranging audience: historians of economic thought; economic, political and cultural historians; industrial, regional and development economists; economists interested in institutional, cognitive and evolutionary economics.
In his 'New Guide' to The General Theory, Mark G. Hayes presents Keynes's illustrious work as a sophisticated Marshallian theory of the competitive equilibrium of the economy as a whole. This unique book takes full account of the nature of time and money and illustrates that The General Theory remains highly relevant to the teacher and advanced student of modern macroeconomics. The Economics of Keynes introduces several interpretative innovations to resolve many puzzles presented in the literature of the last 70 years. It is designed to be read in parallel with The General Theory and will allow modern readers to find their bearings before plunging into an in-depth analysis of major themes contained in The General Theory. The key areas in which this 'New Guide' differs from the familiar exposition of current macroeconomics textbooks are also explicitly identified. The author reaches positive and hopeful conclusions for the development of economic theory and policy. Promoting a thorough understanding of the legitimate domain of equilibrium analysis and a renewed commitment to the possibility of genuinely full employment, this book will provide an illuminating and fascinating read for anyone wishing to appreciate fully the value of The General Theory. More specifically, academics and advanced students of macroeconomics across the board - classical, orthodox, Post Keynesian and heterodox - interested in a fresh attempt to connect The General Theory with modern macroeconomics will find this book to be the ideal tool.
Erudite, accessible and lucidly written, this book provides a stimulating introduction to the careers and main published works of the Nobel Memorial Laureates in Economics. It will prove to be an invaluable reference book on key figures in economics and their path-breaking insights. The vignettes should also encourage the reader to sample some of the Laureates' original works and gain a better understanding of the context in which new ideas were first put forward. Original features of the book include: * a foreword by Professor Mark Blaug * a review of the Nobel Memorial Prize in Economics, including a biographical guide to potential future winners * a table summarising the Laureates': year and country of birth; university and year of their first and higher degrees; their affiliation at the time of the award; broad field of study; and Prize citation * comprehensive individual entries on each of the Laureates (including their photographs), covering their careers and main published works * a glossary of selected associations, awards, institutions and societies. Written primarily for undergraduate and postgraduate students, this is also a book that many teachers and lecturers will want on their shelves. It will prove to be an invaluable reference tool for anyone wanting to understand how past events and individuals have helped mould contemporary economi
Economics Confronts the Economy is a challenging and unorthodox look at contemporary economic analysis. Philip Klein presents a highly reasoned and yet personal view of the state of economics today. While his views may be contentious to some, it is an accessible book that will provoke discussion and debate to a wide readership. Professor Klein begins with the assumption that the basic function of economic theory is to provide a sound guide for public policy in assisting society in defining what it means by 'economic progress'. In the words of Thorstein Veblen it involves economic activity as explicit steps to be taken at any given time to enable the economy to play its most effective role in 'enhancing human life'. The book argues that modern mainstream economics is failing in this task in terms of what it teaches young economists, what it contributes to public policy debates and what it has done to the field of economics. This book will have a wide audience throughout the many and varied fields of economics including heterodox economics, micro- and macroeconomics, history of economic thought and economic policy.
The motivation behind this book is the desire to integrate complexity theory into economic models of technological evolution. By means of developing an evolutionary model of complex technological systems, the book contributes to the neo-Schumpetarian literature on innovation, diffusion and technological paradigms. Recent advances in complexity theory provide a new understanding of technological innovation and complex problem-solving. This book offers an approach based on Stuart Kauffman's NK-model of complex systems to better understand and analyse search strategies that firms apply to develop new technologies. The models deal with a range of topics including bounded rationality, myopia, decomposability, modularity and the emergence of technological paradigms. Empirical applications include the evolution of early 18th century steam engine technology, 20th century aircraft and helicopter designs and recent innovations in personal computers. Innovation, Evolution and Complexity Theory makes excellent use of complexity theory and large datasets on technologies with which to complement the analysis. The book will be of great interest to evolutionary and innovation economists and academics as well as scholars in the interdisciplinary field of complexity theory and industrial organisation.
This fascinating sequel to the 1998 Teaching Economics to Undergraduates provides more alternatives to the lecture and chalkboard approach that dominates university economics teaching. Distinguished contributing authors provide a wide range of innovative teaching techniques and examples aimed at more effectively engaging undergraduates in the learning of economics. New topics covered in this volume include game theory, using active learning techniques in large classes, a streamlined content agenda for macroeconomic principles, distance learning, and assessment of student learning. Other chapters revisit topics from the first volume, though often from different perspectives or with new approaches provided by different authors. Topics covered in these chapters include cooperative learning techniques, using technology in the classroom (including dozens of websites), bringing the work of the Nobel Laureates into undergraduate classes, and teaching with experimental economics, case studies, or team writing assignments and presentations. Teaching Economics is an invaluable and practical tool for teachers of economics, administrators responsible for undergraduate instruction and graduate students who are just beginning to teach. Each chapter includes specific teaching tips for classroom implementation and summary lists of dos and don'ts for instructors who are thinking of moving beyond the lecture method of traditional chalk and talk.
This book reconsiders and analyses the different approaches historically proposed in the literature on growth and distribution. The contributors have achieved, through a comprehensive and cohesive analysis of the approaches of different schools of thought, a wide-ranging interpretation of a variety of important economic phenomena. The book identifies elements characterising each approach and tries to derive from them a range of insights into the complexity of the growth process.Classical, Neoclassical and Keynesian Views on Growth and Distribution is an original, insightful and thought-provoking book which, it is intended, will generate further research in the area of growth and income distribution. The book will appeal to scholars and researchers at many different levels of academe, and in many different schools of thought, interested in the theory of economic growth and in the analysis of the complexity of growth processes.
In standard economic theory human beings are portrayed as selfish money-maximizing actors. This book investigates the conditions under which people deviate from this prediction and when they are prepared to contribute to the common good in a more altruistic fashion. Based on field experiments from charitable giving, Stephan Meier analyses people's decisions to contribute to public goods. He argues that people are more likely to contribute if their giving is matched by more money - people are generous if their peers also show this trait. He investigates the conditions under which people are willing to voluntarily contribute and draws conclusions on how the empirical findings influence economic theory and policy. Academic economists interested in behavioural economics or public economics will find The Economics of Non-selfish Behaviour of great interest as will the general public interested in developments in economics.
Economic Growth is an advanced undergraudate text written specifically for one semester courses in growth theory and for first year graduate students to refresh their knowledge. It should also be of great use for scholars and professional economists as the text contains many references to practical policy issues. The author condenses the fundamental issues of growth theory and covers the new ideas in a highly entertaining text, written in a clear and accessible style.
On the 100th anniversary of the birth of one of the 20th century's most accomplished and controversial economists, scholars from around the world reflect on the legacy of Joan Robinson's work. Addressing Robinsonian themes in growth, money, trade and methodology, their essays provide fresh perspectives on old questions. Joan Robinson's first priority was not theoretical perfection or abstract rigor. The arcane debates of the profession had little practical relevance and became increasingly tedious to her. Ironically, much of current economic theory embraces the realism she was striving toward. Indeed, as the essays in this volume show, she was in many ways ahead of her time. The volume begins by tracing the intellectual contours of her work and discussing the people and events that shaped her thinking. The succeeding chapters address her theories on accumulation, capital, and equilibrium, her interpretation of Marx, as well as the influence of Piero Sraffa. Several chapters analyze and extend her theory of growth, illustrating the wide applicability of her approach. A compelling exploration of Joan Robinson's contributions, this volume will be of great interest to scholars interested in growth, income distribution, post-Keynesian economics, macroeconomics, history of thought, money, capital theory, international trade and finance.
Part of The Elgar Series on Central Banking and Monetary Policy, this book explores challenges surrounding central banking today. It goes beyond the immediate concerns with monetary policy and focuses instead on the concept of central banking more generally. Chapter authors explore emerging fields of central bank's actions, discussing, for instance, how monetary policy can affect income distribution, how it has differentiated impacts according to gender, how it can help to deal with climate change, and how it can promote financial stability and structural change. Policy makers, academics and the financial press will all benefit from the insight in The Future of Central Banking.
This sequel to Marx and Non-Equilibrium Economics introduces the key advances in modern value theory. Leading authors with contrasting theoretical viewpoints debate equilibrium and non-equilibrium approaches, abstract labour and money, and provide an invaluable introduction to the rapidly growing body of new work in these fields. The authors cover cutting-edge topics in value theory including gender and money, crisis theory, the impact of technology, skilled and complex labour, and the effect of international transfers of value. All of the papers in The New Value Controversy and the Foundations of Economics concentrate on new research. The mathematical content is minimal, allowing both active researchers and new students to introduce themselves to the burgeoning critical reappraisal of the foundations of Twentieth Century economic thinking.
In the 1990s, institutional and evolutionary economics emerged as one of the most creative and successful approaches in the modern social sciences. This timely reader gathers together seminal contributions from leading international authors in the field of institutional and evolutionary economics including Eileen Appelbaum, Benjamin Coriat, Giovanni Dosi, Sheila C. Dow, Bengt-Ake Lundvall, Uskali Maki, Bart Nooteboom and Marc R. Tool. The emphasis is on key concepts such as learning, trust, power, pricing and markets, with some essays devoted to methodology and others to the comparison of different forms of capitalism. An extensive introduction places the contributions in the context of the historical and theoretical background of recent developments in economics and the social sciences.Essential reading for lecturers, researchers, graduates and advanced undergraduates in economics, business studies and sociology, this diverse yet complementary collection of essays will also find a broad readership amongst those wanting to understand the manifest changes apparent within modern socio-economic systems.
The re-emergence of institutional economics in the final quarter of the twentieth century is one of the most important and fruitful developments in social science. In bringing together some of the most significant previously published papers by leading scholars in the field, this authoritative collection explores the major changes in the 'new' and 'old' institutional economics, the developments of new approaches and the extension of applications to new areas which have taken place since the early 1990s. This volume is a definitive collection of readings showing both changes in the research agenda and new developments at the cutting edge. It is an ideal reference source for students and researchers in the fields of economics, sociology, business and other related disciplines.
In The Methodology of Macroeconomic Thought, Sheila Dow attempts to bridge the gap between methodology and macroeconomic theory through the study of four different schools of thought in economics - the Neo-Austrian, mainstream, post Keynesian and Marxian traditions - and by seeking to understand their methodological foundations in their own terms. In this substantially-revised new edition of her classic work, Macroeconomic Thought: A Methodological Approach, Dr Dow argues for methodological awareness among practising economists as a basis for constructive debate and reasoned argument. The methodological content has been substantially increased to include material on recent developments in the field. After analysing the historical and methodological development of each of the schools, the author covers the micro-foundations of their macroeconomics and their approaches to key concepts including equilibrium, expectations, money and macroeconomic policy. The author seeks to identify the sources of differences between schools of thought as well as potential and actual commonalities before examining their differences at a conceptual level. Unlike other accounts, mainstream economics is treated here as one school of thought on a par with Neo-Austrian economics, PostKeynesian economics and Marxian economics. The Methodology of Macroeconomic Thought will be welcomed by readers for its description and analysis of these schools in their own terms, as well as for the wider perspective it offers on methodology.
This research review discusses the most critical and influential articles that utilise field experimentation to answer questions of economic importance. Field experiments have gained popularity in recent years, allowing researchers to infer causal effects of different market environments, policies and interventions. The articles analysed here provide insights into market functioning and individual and group decision-making across a wide range of domains, including marketplace transactions, labor decisions, charitable giving, financial planning, and education and health-related decision-making. This research review will be an important resource for students new to the methodology and applications of field experiments and academics alike.
This book unites diverse heterodox traditions in the study of endogenous money - which until now have been confined to their own academic quarters - and explores their similarities and differences from both sides of the Atlantic. Bringing together perspectives from post-Keynesians, Circuitists and the Dijon School, the book continues the tradition of Keynes's and Kalecki's analysis of a monetary production economy, emphasising the similarities between the various approaches, and expanding the analytical breadth of the theory of endogenous money. The authors open new avenues for monetary research in order to fuel a renewed interest in the nature and role of money in capitalist economies, which is, the authors argue, one of the most controversial, and therefore fascinating, areas of economics. Providing new theoretical and empirical grounds for the construction of a general, policy oriented theory of money, this thought-provoking collection will appeal to academics, researchers and students interested in monetary economics. It will also be welcomed by monetary policymakers and central bank officials.
The OECD includes the richest nations in the world. It issues recommendations on economic and social policies. Is its counsel on welfare state policies coherent? And is it followed by member states in Western Europe? These are the guiding questions of this book, which is a first to deal with such issues. The OECD and European Welfare States comprises 14 country studies considering OECD recommendations and their implementation in Western European welfare states, an analysis of the internal processes in the OECD, a theoretical introduction and a concluding comparative chapter. The overall results show a large degree of consistency in OECD analyses and recommendations, though little efficacy is revealed. The authors of this book have compiled a major contribution to the analysis of the impact of international organisations on national welfare states, widening the scope of traditional analyses of national welfare state development. This edited book will be of special interest to those researchers and graduate students in the fields of international business, welfare state policy and comparative politics. It will also appeal to policy makers concerned with the OECD or welfare state development.
RADIO 4 BOOK OF THE WEEK Economic thinking - about globalisation, climate change, immigration, austerity, automation and much more - in its most digestible form For decades, a single free market philosophy has dominated global economics. But this is bland and unhealthy - like British food in the 1980s, when bestselling author and economist Ha-Joon Chang first arrived in the UK from South Korea. Just as eating a wide range of cuisines contributes to a more interesting and balanced diet, so too is it essential we listen to a variety of economic perspectives. In Edible Economics, Chang makes challenging economic ideas more palatable by plating them alongside stories about food from around the world. He uses histories behind familiar food items - where they come from, how they are cooked and consumed, what they mean to different cultures - to explore economic theory. For Chang, chocolate is a life-long addiction, but more exciting are the insights it offers into post-industrial knowledge economies; and while okra makes Southern gumbo heart-meltingly smooth, it also speaks of capitalism's entangled relationship with freedom and unfreedom. Explaining everything from the hidden cost of care work to the misleading language of the free market as he cooks dishes like anchovy and egg toast, Gambas al Ajillo and Korean dotori mook, Ha-Joon Chang serves up an easy-to-digest feast of bold ideas. Myth-busting, witty and thought-provoking, Edible Economics shows that getting to grips with the economy is like learning a recipe: if we understand it, we can change it - and, with it, the world. |
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