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Books > Business & Economics > Economics > Economic theory & philosophy
This outstanding book presents new original contributions from some
of the world's leading economists including Ronald Coase, Douglass
C. North, Masahiko Aoki, Oliver E. Williamson and Harold Demsetz.
It demonstrates the extent and depth of the New Institutional
Economics research programme which is having a worldwide impact on
the economics profession.The book lays out the fundamental
dimensions of the research programme with special emphasis on the
interaction between institutional factors, both formal and
informal, and the performance of different arrangements that
organize transactions. After examining the foundations of New
Institutional Economics and honouring Ronald Coase's contribution
to the field, it presents controversial and conflicting views on
the sources of growth. It places special emphasis on organizations
and transactions, focusing on issues of trust, corruption,
enforcement of contracts and modes of organization. Written by an
eminent group of scholars, Institutions, Contracts and
Organizations is an important landmark in the development of New
Institutional Economics.
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 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
The Status of Women in Classical Economic Thought is the first
volume to explore how the classical economists explained the status
of women in society. As the essays show, the focus of the classical
school was not nearly as limited to the activities of men as
conventional wisdom has supposed. The contributors explore their
insights and how they illuminate contemporary economic debates
regarding women's status. The classical school specified a number
of fundamental research themes which have since dominated how
economists approach this topic. A sophisticated response was
developed to the question: why is it that in all human societies
women have suffered a lower status than that enjoyed by men? Those
who theorized on the question are covered here and include: Poulain
de la Barre, John Locke, Montesquieu, Adam Smith, Nicolas and
Sophie de Condorcet, Jeremy Bentham, Priscilla Wakefield,
Jean-Baptiste Say, Nassau Senior, John Stuart Mill and Harriet
Taylor Mill, Harriet Martineau, William Thompson and Anna Wheeler.
Economists interested in the history of their discipline as well as
women's studies scholars from history, philosophy and politics will
find this an enlightening volume. Non-technical in nature, it will
also appeal to anyone interested in how economists have explained
the economic and social status of women.
Around the globe, contemporary protest movements are contesting the
oligarchic appropriation of natural resources, public services, and
shared networks of knowledge and communication. These struggles
raise the same fundamental demand and rest on the same irreducible
principle: the common. In this exhaustive account, Pierre Dardot
and Christian Laval show how the common has become the defining
principle of alternative political movements in the 21st century.
In societies deeply shaped by neoliberal rationality, the common is
increasingly invoked as the operative concept of practical
struggles creating new forms of democratic governance. In a feat of
analytic clarity, Dardot and Laval dissect and synthesize a vast
repository on the concept of the commons, from the fields of
philosophy, political theory, economics, legal theory, history,
theology, and sociology. Instead of conceptualizing the common as
an essence of man or as inherent in nature, the thread developed by
Dardot and Laval traces the active lives of human beings: only a
practical activity of commoning can decide what will be shared in
common and what rules will govern the common's citizen-subjects.
This re-articulation of the common calls for nothing less than the
institutional transformation of society by society: it calls for a
revolution.
Part of The Elgar Series on Central Banking and Monetary Policy,
this book explores the relationship between central banking,
monetary policy and the economy at large. It focuses on the
specific relationship between central banking, monetary policy and
social responsibility as central banks wake up to new realities.
The book examines this relationship not only in connection to the
economic, monetary and financial impact of the so-called
'unconventional' monetary policies, but also in connection to the
functioning of today's democracies. A new framework and model for
central banking is proposed in this rethinking of monetary policy,
and the role of central banks as institutions in democracies is
considered. Scholars and students interested in central banking and
monetary policy, the issue of social responsibility and the
relationship between central banks and democracy will benefit from
the ideas presented by the editors and authors of Central Banking,
Monetary Policy and Social Responsibility.
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.
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.
It is fashionable to criticize economic theory for focusing too
much on rationality and ignoring the imperfect and emotional way in
which real economic decisions are reached. All of us facing the
global economic crisis wonder just how rational economic men and
women can be. Behavioral economics - an effort to incorporate
psychological ideas into economics - has become all the rage. In
this book, David K. Levine questions the idea that behavioral
economics is the answer to economic problems. He explores the
successes and failures of contemporary economics both inside and
outside the laboratory, and asks whether popular behavioral
theories of psychological biases are solutions to the failures. The
book not only provides an overview of popular behavioral theories
and their history, but also gives the reader the tools for
scrutinizing them. Is Behavioral Economics Doomed? is essential
reading for students and teachers of economic theory and anyone
interested in the psychology of economics.
This provocative book examines the standing of Say's Law two
centuries after its initial statement in 1803. From the 30 year
General Glut debate at the start of the nineteenth century which
focused solely on its truth, to the Keynesian revolution and
Keynes's successful attempt to convince his fellow economists that
Say's Law was wrong, it remains the most controversial principle in
the history of economic theory. The central question - not resolved
to this day - is this: can demand deficiency ever be the cause of
recession and, if so, are greater levels of unproductive spending
an appropriate response? The thrust of the argument is that if
Say's Law is valid, much of modern macroeconomic theory is fatally
flawed. The book explores the validity of this problematic
principle, reminding us that this 200 year debate has not yet been
laid to rest. The specially commissioned papers within this volume
- by authors representing the full range of economic opinion today
- spell out where this two hundred year old debate now stands. The
book seeks to provide an understanding of the place of this
principle in the minds of economists 200 years after it was first
made explicit in the works of Jean-Baptiste Say. Providing a
spectrum of perspectives both for and against the principles
underlying Say's Law, this accessible book will be a captivating
read for economists, economic historians and non-specialists alike.
Few social scientific concepts have gathered so much attention and
so many followers in such a short period of time as the concept of
social capital. The purpose of this authoritative volume is to
review the foundations for this fast growing field. The selected
articles embed the concept in core theoretical work in economics,
political science, sociology, development theory, and philosophy.
Topics include: contemporary conceptual and philosophical
foundations; forms of social capital; and the relation of social
capital to both development and democracy. This collection will
provide an insightful reference source to students and researchers
alike.
This book includes up-to-date contributions in the broadly defined
area of probabilistic analysis of voting rules and decision
mechanisms. Featuring papers from all fields of social choice and
game theory, it presents probability arguments to allow readers to
gain a better understanding of the properties of decision rules and
of the functioning of modern democracies. In particular, it focuses
on the legacy of William Gehrlein and Dominique Lepelley, two
prominent scholars who have made important contributions to this
field over the last fifty years. It covers a range of topics,
including (but not limited to) computational and technical aspects
of probability approaches, evaluation of the likelihood of voting
paradoxes, power indices, empirical evaluations of voting rules,
models of voters' behavior, and strategic voting. The book gathers
articles written in honor of Gehrlein and Lepelley along with
original works written by the two scholars themselves.
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.
In the 1970s, the Keynesian orthodoxy in macroeconomics began to
break down. In direct contrast to Keynesian recommendations of
discretionary policy, models advocating laissez-faire came to the
forefront of economic theory. Laissez-faire no longer stood as an
exceptional policy endorsed for rare occurrences of market
clearing; rather it became the policy standard. This book provides
the definitive account of this watershed and traces the evolution
of laissez-faire using the cases of its proponents, Frank Knight,
Henry Simons, Friedrich von Hayek, Milton Friedman, James Buchanan
and Robert Lucas. By elucidating the pre-analytical framework of
their writings, Sherryl Kasper accounts for the ideological
influence of these pioneers on theoretical work, and illustrates
that they played a primary role in founding the theoretical and
philosophical use of rules as the basis of macroeconomic policy. A
case study of the way in which interwar pluralism transcended to
postwar neoclassicism is also featured. The volume concludes that
economists ultimately favoured new classical economics due to the
theoretical developments it incorporated, although at the same
time, since Lucas uncritically adapted some of the ideas and tools
of Friedman, an avenue for ideological influence remained. Tracing
the evolution of American macroeconomic theory from the 1930s to
the 1980s, this book will appeal to those with an interest in
macroeconomics and in the history of scholars associated with the
Chicago School of economics.
Economics can be inspiring - often taking a stand against
convention, achieving challenging results, discussing unorthodox
viewpoints and suggesting new policies. Bruno S. Frey illustrates
what he perceives to be the inspirational quality of economics and
how this differs from the type of economics studied in many
academic institutions. He introduces insights into economics from a
psychological perspective, dealing with issues such as
transformation of anomalies, identification in democracy and
crowding effects, and focuses on intrinsic motivation and how it is
undermined. Inspiring Economics also looks at the integration of
economics and politics, covering topics including popular
initiatives and referenda, authoritarian nations and foreign aid,
and the way in which the cost of war is reflected on the capital
market. This groundbreaking empirical study of human motivation and
behaviour will be a fascinating read for those interested in
economics and economic theory.
This book applies a critical focus on the extent to which
methodological practices in mainstream economic theory impede our
understanding of substantive economic phenomena as the products of
human action. Economists, in general, work with a concept and
representation of the human agent that is palpably unrealistic.
Most do so, not out of ignorance, but rather to maintain the
pretence that economics is the only true science among the social
sciences because it enforces the use of rigorous and formalist
methods of argument. Allen Oakley's inquiry pursues ideas of social
ontology pertinent to reconstructing economic theory in a way that
addresses this lack of realism. These ideas take the form of a
revised metatheory for a humanistic economics in which priority is
given to properly understanding and depicting the human origins of
economic phenomena, rather than to meeting the imposed demands of
scientistic rigour. Indeed, he demonstrates that many ontological
ideas pertinent to such a reconstruction are extant in the
literature of social philosophy and theory, a literature largely
neglected by economic theorists. Economists and social scientists
concerned about the nature and problems of mainstream economic
theory will gain a great deal from reading this challenging book.
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.
The Economics of Demand-Led Growth is a collection of specially
written essays that develop and apply the theory of demand-led
growth. Long-run growth is usually portrayed as a supply-determined
process. The contributions to this volume, however, are rooted in
the theory of demand-led growth. In addition to general discussions
of the role of demand in the long-run, the volume contains essays
in the Kaldorian and Kaleckian traditions, and a section on the
relationship between demand-led growth and structural change. The
conclusion reached is that current neglect of the role of demand in
analyses of long-run growth is unwarranted. This book will prove
indispensable to academic economists and graduate students in
economics for its contributions to the field of macrodynamics and,
in particular, its development of non-neoclassical approaches to
macrodynamics.
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.
This collection of essays examines the methodological problems
confronting economists in the face of two major developments in the
second half of the twentieth century. The first is the vast
increase in the number and variety of writings on the methodology
or 'philosophy' of economics, especially from those intensively
specialising in methodology. This has led to the virtual breakdown
in communication between methodologists and mainstream economists,
with methodology becoming increasingly isolated from mainstream
economics. The second major development has been what Benjamin Ward
first called 'the formalist revolution' which he, not
unjustifiably, described as 'more important than the Keynesian
Revolution'. Professor Hutchison attempts to contribute to serious
methodological analysis of this 'revolution' and, at the same time,
suggests how communication between mainstream economists and
methodologists might be improved.
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.
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