This book, set out over three-volumes, provides a comprehensive history of economic thought in the 20th century with special attention to the cultural and historical background in the development of theories, to the leading or the peripheral research communities and their interactions, and finally to an assessment and critical appreciation of economic theories. Volume II addresses economic theory in the period between the two world wars in which the economic theory went through a process of criticism of old mainstream, deconstruction and reconstruction and theoretical ferment which involved the intellectual communities of economists emphasizing their nature of evolving interacting entities. This work provides a significant and original contribution to the history of economic thought and gives insight to the thinking of some of the major international figures in economics. It will appeal to students, scholars and the more informed reader wishing to further their understanding of the history of the discipline.

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

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.

A major book from one of the most influential and well-known economists of the 20th century, who coined the term 'creative destruction' His students include famous economists such as Robert Solow and the former Federal Reserve chairman, Alan Greenspan and The Economist magazine even had a column called 'Schumpter' for many years Schumpeter launched the idea of the 'business cycle' in this book, which has become a permanent feature of thousands of curricula in business and economics Includes a new foreword by Richard Swedberg

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.

One of TIME magazine's All-TIME 100 Best Nonfiction Books One of Times Literary Supplement's Hundred Most Influential Books Since the War One of National Review's 100 Best Nonfiction Books of the Century One of Intercollegiate Studies Institute's 50 Best Books of the 20th Century How can we benefit from the promise of government while avoiding the threat it poses to individual freedom? In this classic book, Milton Friedman provides the definitive statement of an immensely influential economic philosophy--one in which competitive capitalism serves as both a device for achieving economic freedom and a necessary condition for political freedom. First published in 1962, Friedman's Capitalism and Freedom is one of the most significant works of economic theory ever written. Enduring in its eminence and esteem, it has sold nearly a million copies in English, has been translated into eighteen languages, and continues to inform economic thinking and policymaking around the world. This new edition includes prefaces written by Friedman for both the 1982 and 2002 reissues of the book, as well as a new foreword by Binyamin Appelbaum, lead economics writer for the New York Times editorial board.

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

This book approaches economic problems from a systems thinking and feedback perspective. By introducing system dynamics methods (including qualitative and quantitative techniques) and computer simulation models, the respective contributions apply feedback analysis and dynamic simulation modeling to important local, national, and global economics issues and concerns. Topics covered include: an introduction to macro modeling using a system dynamics framework; a system dynamics translation of the Phillips machine; a re-examination of classical economic theories from a feedback perspective; analyses of important social, ecological, and resource issues; the development of a biophysical economics module for global modelling; contributions to monetary and financial economics; analyses of macroeconomic growth, income distribution and alternative theories of well-being; and a re-examination of scenario macro modeling. The contributions also examine the philosophical differences between the economics and system dynamics communities in an effort to bridge existing gaps and compare methods. Many models and other supporting information are provided as online supplementary files. Consequently, the book appeals to students and scholars in economics, as well as to practitioners and policy analysts interested in using systems thinking and system dynamics modeling to understand and improve economic systems around the world. "Clearly, there is much space for more collaboration between the advocates of post-Keynesian economics and system dynamics! More generally, I would like to recommend this book to all scholars and practitioners interested in exploring the interface and synergies between economics, system dynamics, and feedback thinking." Comments in the Foreword by Marc Lavoie, Emeritus Professor, University of Ottawa and University of Sorbonne Paris Nord

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.

This accessible and comprehensive textbook explores the role of advertising in the marketplace. It investigates how firms' advertising strategies are informative, persuasive or add value to the product advertised. The book explains in detail empirical methodologies used to identify the impact of advertising on consumer demand and on market structure, and reviews some recent empirical findings. It concludes with an in-depth exploration of digital advertising and auctions along with a framework for current antitrust investigations into two-sided platforms (Google, Facebook) that are funded by advertising revenues. How advertising works in the marketplace, and whether it works well, is a complex question to address because there are three sets of players involved-the firms that advertise their products, the potential consumers who view the ads and the platform or medium that intermediates between them. Understanding how these three sets of players interact is the key to understanding the role of advertising in a market economy. The book begins by looking at the rise of advertising in market economies, a phenomenon not accounted for in standard textbook microeconomic models and carefully explains why. This is followed by an examination, both theoretical and empirical, of how firms strategically use advertising to reach consumers and expand the demand for their products. There are also chapters focused on the challenges of deceptive advertising and regulation. The final chapters investigate how two-sided platforms, such as Google and Facebook, are sustained by advertising revenues, and include a review of auction theory and the structure of advertising auction exchanges. These chapters also provide a detailed analysis of public policy issues, including media bias and antitrust concerns. While designed for use by students in any course that covers the economics of advertising, this book is also an excellent resource for any reader interested in a deeper understanding of this important topic.

This book proposes a new capital asset pricing model dubbed the ZCAPM that outperforms other popular models in empirical tests using US stock returns. The ZCAPM is derived from Fischer Black's well-known zero-beta CAPM, itself a more general form of the famous capital asset pricing model (CAPM) by 1990 Nobel Laureate William Sharpe and others. It is widely accepted that the CAPM has failed in its theoretical relation between market beta risk and average stock returns, as numerous studies have shown that it does not work in the real world with empirical stock return data. The upshot of the CAPM's failure is that many new factors have been proposed by researchers. However, the number of factors proposed by authors has steadily increased into the hundreds over the past three decades. This new ZCAPM is a path-breaking asset pricing model that is shown to outperform popular models currently in practice in finance across different test assets and time periods. Since asset pricing is central to the field of finance, it can be broadly employed across many areas, including investment analysis, cost of equity analyses, valuation, corporate decision making, pension portfolio management, etc. The ZCAPM represents a revolution in finance that proves the CAPM as conceived by Sharpe and others is alive and well in a new form, and will certainly be of interest to academics, researchers, students, and professionals of finance, investing, and economics.

During the last two centuries, the way economic science is done has changed radically: it has become a social science based on mathematical models in place of words. This book describes and analyses that change both historically and philosophically using a series of case studies to illuminate the nature and the implications of these changes. In format, it offers a tourist guide to economics by focusing chapters on specific models, explaining how economists create them and how they reason with them. It is not a technical book; it is written for the intelligent person who wants to understand how economics works from the inside out. This book will be of interest to economists and science studies scholars (historians, sociologists and philosophers of science). But it also aims at a wider readership in the public intellectual sphere, building on the current interest in all things economic, and in the recent failure of the so-called economic model, which has shaped our beliefs and the world we live in."

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.

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.

Elinor Ostrom, co-recipient of the 2009 Nobel Prize in economics, argues that in studying social order, we should not be limited to only the conceptions of order derived from the work of Adam Smith and Thomas Hobbes. To be precise, we should not limit ourselves to theoretical frameworks of The State and to theoretical frameworks of The Market. We need approaches that match the extensive variety of institutional arrangements existent in the world. In this book, Paul Dragos Aligica discusses some of the most challenging ideas emerging out of the research program on institutional diversity associated with Ostrom and her associates, while outlining a set of new research directions and an original interpretation of the significance and future of this program.

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.

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.

Complexity and the Economy brings together a range of perspectives from internationally-renowned scholars. The book surveys conceptual approaches to understanding complexity as a key subject in evolutionary and political economy. The authors examine the causes and consequences of complexity among the broadly economic phenomena of firms, industries and socio-economic policy. The book makes a valuable contribution to the increasingly prominent subject of complexity, especially for those whose interests include evolutionary, behavioural, political and social approaches to understanding economics and economic phenomena. Complexity has become something of a leitmotif among scholars with these interests. This book contributes specific, distinctive and policy-oriented elaborations, criticisms, applications and analyses of economic phenomena as interpreted complexly. Drawing together strands of research with the aim of applying complexity theory, this book will be of great interest to researchers of political economy and evolutionary economics.

Challenges the mainstream understanding of BRICS and US dominance to situate the new global rivalries engulfing capitalism.

BRICS is a grouping of the five major emerging economies of Brazil, Russia, India, China and South Africa. Volume five in the Democratic Marxism series, BRICS and the New American Imperialism challenges the mainstream understanding of BRICS and US dominance to situate the new global rivalries engulfing capitalism. It offers novel analyses of BRICS in the context of increasing US induced imperial chaos, deepening environmental crisis tendencies (such as climate change and water scarcity), contradictory dynamics inside BRICS countries and growing subaltern resistance.

The authors revisit contemporary thinking on imperialism and anti-imperialism, drawing on the work of Rosa Luxemburg, one of the leading theorists after Marx, who attempted to understand the expansionary nature of capitalism from the heartlands to the peripheries. The richness of Luxemburg’s pioneering work inspires most of the volume’s contributors in their analyses of the dangerous contradictions of the contemporary world as well as forms of democratic agency advancing resistance.

While various forms of resistance are highlighted, among them water protests, mass worker strikes, anti-corporate campaigning and forms of cultural critique, this volume grapples with the challenge of renewing anti-imperialism beyond the NGO-driven World Social Forum and considers the prospects of a new horizontal political vessel to build global convergence. It also explores the prospects of a Fifth International of Peoples and Workers.

Few writers have had a more demonstrable impact on the development of the modern world than has Karl Marx (1818-1883). Born in Trier into a middle-class Jewish family in 1818, by the time of his death in London in 1883, Marx claimed a growing international reputation. Of central importance then and later was his book Das Kapital, or, as it is known to English readers, simply Capital. Volume One of Capital was published in Paris in 1867. This was the only volume published during Marx's lifetime and the only to have come directly from his pen. Volume Two, published in 1884, was based on notes Marx left, but written by his friend and collaborator, Friedrich Engels (1820-1895). Readers from the nineteenth century to the present have been captivated by the unmistakable power and urgency of this classic of world literature. Marx's critique of the capitalist system is rife with big themes: his theory of 'surplus value', his discussion of the exploitation of the working class, and his forecast of class conflict on a grand scale. Marx wrote with purpose. As he famously put it, 'Philosophers have previously tried to explain the world, our task is to change it.'