Foreword by Eric Maskin (Nobel Laureate in Economics, 2007)This book is a collection of articles written by the two authors on the topic of equality of opportunity. All articles build on the idea that a just society should equalize the resources that determine the opportunities agents face in order to follow their goals. Resources are either external, like financial resources, or internal, like preferences or skills. The authors propose to define "equality of opportunity" as the combination of ethical principles of compensation and responsibility. The principle of compensation requires external resources to be used to compensate low-skilled agents (considering that inequalities due to skill differences are unjust). The principle of responsibility requires external resources to be allocated without regards to inequalities due to differences in preferences (considering that these inequalities are not unjust). The articles present different ways of combining the two principles in different economic contexts.The book offers many possible aspects of the analysis of equality of opportunity, ranging from axiomatic discussions in abstract compensation models, to the design of redistribution policies in concrete labor income taxation models.

This volume of new, original essays reflects the lifelong concerns and writings of the person they honor, Professor Howard Sherman. Sherman wrote on a wide range of topics - the causes of recessions, depressions and mass unemployment under capitalism; the difficulties and challenges of establishing viable democratic planning systems under socialism; the down-to-earth realities of economic life in the United States, the Soviet Union and elsewhere; and the theoretical traditions he drew upon to inform these empirical studies, i.e. Keynesianism, institutionalism and, most especially, Marxism. The contributors follow in Sherman's tradition through their careful analysis of topics such as the long-term trends in contemporary global capitalism; the relationship between Marxism and institutionalism; debates over the usefulness of class analysis; the political economy of financial liberalization; lessons from the demise of socialism in the Soviet Union and China; and the possibilities for advancing a workable egalitarian economic agenda. This book demonstrates the continued vibrancy and relevance of radical political economy as a mode of social scientific analysis. Scholars and students in economics, sociology, history, philosophy and political science will find the essays thought-provoking and informative.

This book brings together John Creedy's most important essays on the history of economic analysis. The book contributes to our understanding of the development of economics by looking at the subject and some of its major players including Pareto, Edgeworth, Marshall and Wicksell, from an historical perspective. It reveals how learning about a subject and its past is critical to understanding current debates.

This book presents the fundamentals of evolutionary game theory and applies them to the analysis of epidemics, which is of paramount importance in the aftermath of the worldwide COVID-19 pandemic. The primary objective of this monograph is to deliver a powerful tool to model and analyze the spread of an infectious disease during a pandemic as well as the human decision dynamics. The book employs a variant of the "vaccination game," in which a mathematical epidemiological model dovetails with evolutionary game theory. From a social physics standpoint, this book introduces an extended concept of the vaccination game starting from the fundamental issues and touching on the newest practical applications. The book first outlines the fundamental basis of evolutionary game theory, in which a two-player and two-strategy game, the so-called 2 x 2 game, and a multi-player game are concisely introduced, and the important issue of how social dilemmas are quantified is highlighted. Subsequently, the book discusses various recent applications of the extended concept of the vaccination game so as to quantitatively evaluate provisions other than vaccination, including practical intermediate protective measures such as mask-wearing, efficiency of quarantine compared with that of isolation policies for suppressing epidemics, efficiency of preemptive versus late vaccination, and optimal subsidy policies for vaccination.

In 1965, a family-reunification policy for admitting immigrants to the United States replaced a system that chose immigrants based on their national origin. With this change, a 40-year hiatus in Asian immigration ended. Today, over three-quarters of US immigrants originate from Asia and Latin America. Two issues that dominate discussions of US immigration policy are the progress of post-reform immigrants and their contributions to the US economy. This book focuses on the earnings and human capital investment of Asian immigrants to the US after 1965. In addition, it provides a primer on studying immigrant economic assimilation, by explaining economists' methodology to measure immigrant earnings growth and the challenges with this approach. The book also illustrates strategies to more fully use census data such as how to measure family income and how to use "panel data" that is embedded in the census. The book is a historical study as well as an extremely timely work from a policy angle. The passage of the 1965 Immigration and Nationality Act set the United States apart among economically developed countries due to the weight given to family unification. Based on analyses by economists-which suggest that the quality of immigrants to the US fell after the 1965 law-policymakers have called for fundamental changes in the US system to align it with the immigration systems of other countries. This book offers an alternative view point by proposing a richer model that incorporates investments in human capital by immigrants and their families. It challenges the conventional model in three ways: First, it views the decline in immigrants' entry earnings after 1965 as due to investment in human capital, not to permanently lower "quality." Second, it adds human capital investment and earnings growth after entry to the model. And finally, by taking investments by family members into account, it challenges the policy recommendation that immigrants should be selected for their occupational qualifications rather than family connections.

These volumes gather together a selection of autobiographical essays written by significant economists whose work is generally recognized to be at the forefront of the discipline as we enter the twenty-first century. The essays are largely based on introductions to volumes in the Edward Elgar series Economists of the Twentieth Century (which collects together the key papers of these economists). This volume focuses on leading economists who were born, or have spent the greater part of their lives, in America. The main chapters are accompanied by an introduction in which the editors place the autobiographical essays in a wider context. Economists will be fascinated by: * the stories that lie behind familiar names * why economists approach problems the way they do * how careers develop * how economists view what they are doing. These are all points that are invisible to those who simply read the published output of economics, so readers will gain personal insights into the development of the field. The books will be a valuable resource for economists, particularly historians of economic thought, as well as sociologists concerned with the economics profession, and those interested in the creative process and the social and scientific development of economics.

Amartya Sen has made deep and lasting contributions to the academic disciplines of economics, philosophy, and the social sciences more broadly. He has engaged in policy dialogue and public debate, advancing the cause of a human development focused policy agenda, and a tolerant and democratic polity. This argumentative Indian has made the case for the poorest of the poor, and for plurality in cultural perspective. It is not surprising that he has won the highest awards, ranging from the Nobel Prize in Economics to the Bharat Ratna, India's highest civilian honor. This public recognition has gone hand in hand with the affection and admiration that Amartya's friends and students hold for him.
This volume of essays, written in honor of his 75th birthday by his students and peers, covers the range of contributions that Sen has made to knowledge. They are written by some of the world's leading economists, philosophers and social scientists, and address topics such as ethics, welfare economics, poverty, gender, human development, society and politics. The second volume covers the topics of Human Development and Capabilities; Gender and Household; Growth, Poverty and Policy; and Society, Politics and History. It is a fitting tribute to Sen's own contributions to the discourse on Society, Institutions and Development.
Contributors include: Bina Agarwal, Isher Ahluwalia, Montek S Ahluwalia, Ingela Alger, Muhammad Asali, Amiya Kumar Bagchi, Pranab Bardhan, Lourdes Beneria, Sugata Bose, Lincoln C. Chen, Martha Alter Chen, Kanchan Chopra, Simon Dietz, Sakiko Fukuda-Parr, Jonathan Glover, Cameron Hepburn, Jane Humphries, Rizwanul Islam, Ayesha Jalal, Mary Kaldor, Sunil Khilnani, Stephan Klasen, Jocelyn Kynch, Enrica Chiappero Martinetti, Kirsty McNay, Martha C. Nussbaum, Elinor Ostrom, Gustav Ranis, Sanjay G. Reddy, Emma Samman, Rehman Sobhan, Robert M. Solow, Nicholas Stern, Frances Stewart, Ashutosh Varshney, Sujata Visaria, and Jorgen W. Weibull."

Socialist planning played an enormous role in the economic and political history of the twentieth century. Beginning in the USSR it spread round the world. It influenced economic institutions and economic policy in countries as varied as Bulgaria, USA, China, Japan, India, Poland and France. How did it work? What were its weaknesses and strengths? What is its legacy for the twenty-first century? Now in its third edition, this textbook is fully updated to cover the findings of the period since the collapse of the USSR. It provides an overview of socialist planning, explains the underlying theory and its limitations, looks at its implementation in various sectors of the economy, and places developments in their historical context. A new chapter analyses how planning worked in the defence-industrial complex. This book is an ideal text for undergraduate and graduate students taking courses in comparative economic systems and twentieth-century economic history.

This stimulating and authoritative book features original essays from leading scholars in the discipline - each of whom addresses the question: how should economists do economics? What emerges is a diverse, constructive commentary on how economics is done and how it should be done.Leading thinkers from a wide variety of perspectives and fields address issues such as the scope of economics, the corpus of theory and its stature, the process of theory construction, the place of mathematical formalism, the role of quantitative analysis, the place of institutions in economic analysis, and, inter alia, technical methods of research. Foundations of Research in Economics: How do Economists do Economics? brings together some of the leading figures from many different schools of thought. This volume ranges across all aspects of professional discourse, ensuring that it will be widely read by economists active in many different areas of research while being of particular interest to economic theorists, methodologists and historians of economics.

El termino economia politica -como fue conocida nuestra ciencia por mas de dos siglos- se introdujo por primera ocasion en el ano 1615. Durante los siglos XVII y XVIII, gran cantidad de pensadores aportaron sus observaciones y fueron integrando un cuerpo de saberes que en 1776 Adam Smith conjuntaria en un cuerpo teorico del que naceria como ciencia la Economia. A partir de Smith y durante casi un siglo, de 1776 hasta la segunda mitad del siglo XIX, los economistas se referiran a la economia como economia politica. Cuando leemos la gran cantidad de obras maestras de este periodo que llevaban el titulo de Principios de Economia Politica encontramos que compartian una caracterisitica fundamental, su interes en el origen del valor, en la creacion de la renta y su distribucion entre los tres grandes grupos economicos: los trabajadores, los propietarios de la tierra y los capitalistas industriales. No fue sino hasta las dos ultimas decadas del siglo XIX que Alfred Marshall y los miembros de la escuela neoclasica dejarian de utilizar el termino politica para referirse a ella unicamente como Economia, abandonando el interes por el estudio de la creacion del valor y la distribucion del ingreso, estudio que llevaba irremediablemente a estudiar temas tan sensibles como el de la pobreza, la explotacion y la inequidad. A partir de ese momento la economia se divorcia de la sociologia y se ve incapacitada de llevar a cabo un analisis critico y objetivo que le permita aportar soluciones de fondo a los problemas de la humanidad. A partir de entonces los economistas pondran su mayor atencion en la economia matematica y en la econometria, llenando cientos de millares de paginas en revistas especializadas con investigaciones sin aplicabilidad y trascendencia en la mayoria de los casos: puro virtuosismo matematico. Nadie puede ocultar que la economia es una ciencia social que estudia los fenomenos economicos, buscando conocer sus leyes y poder predecir su comportamiento. Pero como economia politica busca, ademas, influir en el comportamiento economico de la sociedad aprovechando los conocimientos adquiridos por medio de la observacion y la investigacion cientifica. De alli viene el nombre del presente escrito y su intencion. Retornar a la economia politica implica volver a ocuparse de los problemas sociales fundamentales de nuestra ciencia que son los de nuestra humanidad, producir satisfactores sufientes para todos los seres humanos y distribuir el ingreso para garantizar su consumo. De que otra forma puede funcionar el mercado sino es con consumidores

Since the celebration of the bicentenary of The Wealth of Nations, the last twenty years have seen a burgeoning interest in Adam Smith's contribution to economics. Jan Peil's book aims to provide a new model for interpreting Smith's contribution to economic science. This model elucidates Smith's vision of the free market economy by placing it in the historical circumstances of the time. In the first part of the book the author discusses how we should read Smith and outlines the new hermeneutical model of interpretation of his economic thought. For example, in reviewing The Wealth of Nations, the author places Smith's work firmly in the context of moral philosophy and the debate on the sense and meaning of the emerging commercial society which was taking place in the 18th century. In discussing Smith's economics, the author clearly focuses on the question: why should we re-read Smith and according to which model of interpretation? Finally, he discusses the relevance of reinterpreting Smith's economics as part of moral philosophy for today's debate on the principles of economics. This innovative book will be of great interest to historians of economic thought and political economy, scholars and students of the philosophy and methodology of economics and all those interested in Adam Smith and his relevance for economics today.

This book pays tribute to the late Irving Fisher by discussing a range of issues on which he worked throughout his life. It serves as an excellent introduction to the contributions of one of the great economists spanning the late nineteenth and mid-twentieth centuries. The book begins with an overview of Irving Fisher's life including his contribution to the economics profession as well as details of his personal interests and beliefs. The contributors then go on to examine, from a modern perspective, some of the major topics Irving Fisher worked on including: * macroeconomics and the quantity theory * the management of monetary policy and reform of the monetary system * debt-deflation and the Great Depression * statistics, econometrics and index numbers * capital, income and the rate of interest * value, prices and financial assets * policy advice to government This book will be of interest to those working in the fields of the history of economic thought, monetary economics and economics and statistics.

This book gathers several important texts to offer an overview of the institutionalist approach to money developed in France since the 1980s. This material highlights the specificities of the French monetary approaches and their main contributions to the understanding of monetary phenomena - not just in developed market economies but in other societies as well. By bringing these works to an English-speaking audience for the first time, this book will provide a much needed and valuable direct insight into this subject area and contribute to related post-Keynesian, neo-chartalist and sociological approaches to money. This book highlights the need for a global vision of money and for a clearer grasp of the link between money and the political sphere. It will appeal to students and researchers across various disciplines including but not limited to economics, anthropology, sociology, history and philosophy.

This textbook provides a short introduction to auction theory through exercises with detailed answer keys. Focusing on practical examples, this textbook offers over 80 exercises that predict bidders' equilibrium behaviour in different auction formats, along with the seller's strategic incentives to organize one auction format over the other. The book emphasizes game-theoretic tools, so students can apply similar tools to other auction formats. Also included are several exercises based on published articles, with the model reduced to its main elements and the question divided into several easy-to-answer parts. Little mathematical background in algebra and calculus is assumed, and most algebraic steps and simplifications are provided, making the text ideal for upper undergraduate and graduate students. The book begins with a discussion of second-price auctions, which can be studied without using calculus, and works through progressively more complicated auction scenarios: first-price auctions, all-pay auctions, third-price auctions, the Revenue Equivalence principle, common-value auctions, multi-unit auctions, and procurement auctions. Exercises in each chapter are ranked according to their difficulty, with a letter (A-C) next to the exercise title, which allows students to pace their studies accordingly. The authors also offer a list of suggested exercises for each chapter, for instructors teaching at varying levels: undergraduate, Masters, Ph.D. Providing a practical, customizable approach to auction theory, this textbook is appropriate for students of economics, finance, and business administration. This book may also be used for related classes such as game theory, market design, economics of information, contract theory, or topics in microeconomics.

This book critically explores past and present principles of central banking, and outlines a new framework for future stabilization policy. Through compact and concise chapters, it demonstrates why a constant long-term interest rate would be the most beneficial target for monetary policy to follow. A novel set of policy tools and institutional arrangements suitable to reliably meet this target are developed. It is argued that the proposed framework would be clearly superior to conventional policies in preventing financial market crises, maintaining high employment, and keeping the economy at or near potential. The merits and shortcomings of alternative theories such as Modern Monetary Theory are also discussed. This book will be relevant to researchers and policymakers as well as professional investors, analysts, and commentators of financial markets and the economy at large.

The main theme of this book is the methodological problem of rationality in economic thought. The author investigates the different interpretations of this problem advanced by major figures in the history of economic thought.The book examines the history and rationality of the 'theory of value' from Adam Smith to Alfred Marshall and attempts to understand these arguments and criticisms within a general methodological vein. It goes on to provide a complete historical account of the ideas and arguments on value propounded by Smith, Ricardo, Marx, Jevons, Walras and Marshall as well as by more recent scholars such as Sraffa and Debreu and interprets their methodological differences. The author proposes a novel 'pragmatic-pluralist' methodological interpretation which borrows and creatively synthesizes ideas from many sources, including Wittgenstein (language-games), Searle (performatives), Habermas (communicative reason), hermeneutics, Marx and the pragmatic tradition. Rationality in Economic Thought will be of interest to students and scholars of the history of economic thought, economic methodology and the philosophy of the social sciences.

In AN AGORIST PRIMER, Samuel Edward Konkin III -- the creator and premier activist and theoretician of Agorism -- introduces the most powerful means to free yourself, protect and increase your wealth, and liberate the whole of human society in the process Agorism is applied Counter-Economics -- the philosophy of engaging in free-market activities in defiance of government control. An evolution of libertarianism, Agorism embraces all non-coercive human action and opposes all force- or fraud-based attempts to stifle innovation, trade, thought, and wealth. If you have ever suspected that government, academia, and other entities are trying to pull the wool over your eyes in order to control your money, your morality, and your life, you'll find answers and remedies in AN AGORIST PRIMER. In one concise volume, Samuel Edward Konkin III explains the theory, principles, and -- most important of all -- the practice of Agorism. If you think that consistency between means and ends matters, this is the book for you From the preface: "Agorism is a way of thinking about the world around you, a method of understanding why things work the way they do, how they do, and how they can be dealt with - how you can deal with them. "Agorism was meant to improve the lot of everyone, not a chosen elite or unwashed underclass. Hence an introductory work that presents ideas without going through the long intellectual history and conflict of competing ideas that produced them. "As the creator of agorism, it is most incumbent on me first to attempt to reduce it to basic intelligibility." Samuel Edward Konkin III is the author of the seminal work on libertarianism and Agorism, New Libertarian Manifesto. Over the course of thirty years, he wrote, edited, and published newsletters and magazines such as Laissez Faire, New Libertarian Notes, and 101 issues of the longest-running publication of its kind, New Libertarian Weekly. Known to his friends as SEK3, Mr. Konkin graduated cum laude from the University of Alberta, serving as head of the Young Social Credit League there. He received his Masters in Theoretical Chemistry at New York University, but left NYU without submitting his Ph.D. dissertation in Quantum Mechanics to pursue his lifelong efforts to promote Counter-Economics and Agorism. He founded the New Libertarian Alliance, the Movement of the Libertarian Left and the outreach organization The Agorist Institute. His body of work is available from KoPubCo. PRAISE FOR SAMUEL EDWARD KONKIN III "Konkin's writings are to be welcomed. Because we need a lot more polycentrism in the movement. Because he shakes up Partyarchs who tend to fall into unthinking complacency. And especially because he cares deeply about liberty and can read and write, qualities which seem to be going out of style in the libertarian movement." --Murray N. Rothbard, Ph.D.

A Historiography of the Modern Social Sciences includes essays on the ways in which the histories of psychology, anthropology, sociology, economics, history and political science have been written since the Second World War. Bringing together chapters written by the leading historians of each discipline, the book establishes significant parallels and contrasts and makes the case for a comparative interdisciplinary historiography. This comparative approach helps explain historiographical developments on the basis of factors specific to individual disciplines and the social, political, and intellectual developments that go beyond individual disciplines. All historians, including historians of the different social sciences, encounter literatures with which they are not familiar. This book will provide a broader understanding of the different ways in which the history of the social sciences, and by extension intellectual history, is written.

This collection is a tribute to a most faithful, true Keynesian, who read, thought, dreamt and promoted Keynes: Lorie Tarshis (1911-1993). This volume is focused on the important role of Lorie Tarshis's brand of Keynesianism on the effect of the Keynesian revolution on economic thought in America. Tarshis was among the first to form part of Keynes's select 'circus', not only witnessing, but actually participating in the making of The General Theory. This memorial includes new reflections on the impact of Keynesianism in the making by many of the eminent early generations of American post-war economists, Galbraith, Goodwin, Kindleberger, Samuelson, Salant, Tobin and Perlman. While their contributions shed more light on how the participants in the process, Tarshis included, effected early Keynesianism, the volume also contains contributions by those such as Moggridge and McQueen who reflect on aspects of the process from greater distance. Holzman and Reder recount Lorie Tarshis's subtle contribution and its direct impact and reverberations are reflected upon in the balance of the chapters by Colander, Dimand, Dow, Grimard, McCann and Perlman, and Parker. This book will be of great interest to scholars interested in the history of economic thought and Keynesian economics.

In the fast-changing policy arena of a country as diverse as India, gauging regional implications of policy shifts is critical but challenging. E3-India is a policy evaluation tool based on the internationally recognized E3ME global model, that allows for iterative quantification of multiple policy options within an integrated economy-energy-environment framework to support wellinformed progressive policy choices at the regional level. This book provides comprehensive coverage of creating and using E3 modeling framework for regional policy analysis, which is available in public domain for the first time in India, addressing existing flagship Government of India policies, including but not limited to the Make in India initiative, Digital India initiative, Automotive Mission Plan, Nationally Determined Commitments under the Paris agreement, and the Atmanirbhar Bharat relief package. These studies have been designed to provide in-depth and lucid insights regarding choices for resource allocation by policymakers, thereby serving as a comprehensive guide for evidence-based policymaking in India.

This book contains international perspectives that unifies the themes of strategic management, decision theory, and data science. It contains thought-provoking presentations of case studies backed by adequate analysis adding significance to the discussions. Most of the decision-making models in use do take due advantage of collection and processing of relevant data using appropriate analytics oriented to provide inputs into effective decision-making. The book showcases applications in diverse fields including banking and insurance, portfolio management, inventory analysis, performance assessment of comparable economic agents, managing utilities in a health-care facility, reducing traffic snarls on highways, monitoring achievement of some of the sustainable development goals in a country or state, and similar other areas that showcase policy implications. It holds immense value for researchers as well as professionals responsible for organizational decisions.

This book discusses Public-Private Partnerships (PPPs) and their potential to protect and maintain critical infrastructure in a variety of global governmental settings. Critical infrastructure is defined as essential services that underpin and support the backbone of a nation's economy, security, and health. These services include the power used by homes and businesses, drinking water, transportation, stores and shops, and communications. As governmental budgets dwindle, the maintenance of critical infrastructure and the delivery of its related services are often strained. PPPs have the potential to fill the void between government accounting and capital budgeting. This volume provides a survey of PPPs in critical infrastructure, combining theory and case studies to provide a comprehensive view of possible applications. Written by a diverse group of international experts, the chapters detail PPPs across industries such as transportation, social infrastructure, healthcare, emergency services, and water across municipalities from the US to New Zealand to Hong Kong. Chapters discuss objectives and legal requirements associated with PPPs, the potential advantages and limitations of PPPs, and provide guidance as to how to structure a successful PPP for infrastructure investment. This book is of interest to researchers studying public administration, public finance, and infrastructure as well as practitioners and decision makers interested in instituting PPPs in their communities.