Despite their common emphasis upon uncertainty as a key economic variable, Frank Knight and John Maynard Keynes viewed its role from different ethical perspectives. These attitudes were derived from contrasting formative influences and differing views regarding the role of economic theory as applied to the real world.William Greer reveals that the intellectual atmosphere into which Keynes was born led him to consider individual and collective action positively, enabling policymakers to take purposeful, deliberate action, in the face of an uncertain, non-ergodic future. The conservative, theological era from which Knight emerged left him accepting of a predetermined, ergodic world in which the government should assume a minimal role in ensuring the smooth operation of a system of otherwise free markets. Ethics and Uncertainty explores how two economists, who both placed 'uncertainty' at the heart of their economic theories, come to drastically different and opposing policy recommendations. The volume illustrates that the important lesson to learn from both Knight and Keynes is that ethics and the desire to improve mankind should be the focus of economic enquiry. This fascinating volume will be essential reading for followers of Keynes and Knight. The book will also be welcomed by scholars in the field of economic thought, and those interested in the development of modern macroeconomics and microeconomics.

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 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.

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.

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.

Warren Samuels's second and concluding selection of essays focuses on early 20th century economists who, while relatively well-known in their times, have tended to be obscured by the more prominent stars of the discipline. It illustrates that economics is more diverse and complex than conventional histories of economic thought tend to identify. In particular it includes contributions on those economists who were not in the mainstream, or, if in the mainstream, practised economics in a somewhat alternative manner. Warren Samuels has assembled a collection of essays on thirteen economists - six German and seven Italian - who remain noteworthy of study to this day. The economists featured in the volume represent a variety of ways of practising economics - theoretical, methodological and policy-orientated - who all contributed to the understanding of economic processes and institutions at the deepest levels. European Economists of the Early 20th Century will appeal to all those with an interest in the philosophy and evolution of economics and to historians of economic thought.

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.

This is a comparative account of social care services for children and older people in five key industrial nations (Finland, Germany, Japan, the United Kingdom and the United States). The authors break new ground by moving beyond institutional description and seeking to understand the normative and moral qualities of welfare systems. The book builds on existing theories of welfare state regimes by extending the analysis to the arena of social care. A full and fascinating account is provided of the historical, economic and political origins of childcare and care for older people in each of the five countries. These analyses are then used as the basis for a theoretical account of the developmental trajectories of social care systems. The book proposes that there are common pressures at work in all industrial nations driving their welfare systems to similar forms of organisation and structure. However, these trends are mediated by important differences in culture and history. The Young, the Old and the State is an eminently readable and accessible book, and will be warmly welcomed by academics and researchers in social and public policy, health and social care and welfare economics. It will also be of interest to policymakers and NGOs involved in welfare and social care provision and provide a useful source for students on undergraduate and graduate programmes.

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.

The Theory of Economic Growth compares the main theories of growth from Adam Smith to the present day in order to isolate their logical structures, theoretical domains and methodological underpinnings. The book provides original solutions to theoretical questions still debated in contemporary literature and points out new directions for further research.The authors carry out a 'vertical' or in-depth analysis of the three main schools of thought; classical, Keynesian and neo-classical. They perform a 'horizontal' analysis of a wide range of items connected with growth theory, such as competition, technical change, division of labour, business cycles, the impact on environment, and the financial intermediation. Attention is also given to the evolutionary approach to economic growth. This book will be of great interest to scholars of economic growth, macroeconomics, and historians of economic thought.

Since the late 1980s, economic growth has again become a central topic in economic theorising. Recent endogenous growth theory has greatly contributed to the development of the field. Old and New Growth Theories analyses the most recent developments in the theory of economic growth and compares these to earlier theories. The book's originality is due in part to the assembly of contributions from scholars of different persuasions - some within the mainstream and others from Keynesian, Kaleckian and Sraffian traditions. The authors deal with a comprehensive variety of research topics including the key elements necessary to generate growth, the mechanisms of endogeneity of growth and technical change, the role of aggregate demand and of investment in physical and human capital. Economic policy issues are also considered. The book will be appreciated by scholars of economic growth, macroeconomics, classical and Keynesian economics as well as historians of economic thought.

Elgar Research Agendas outline the future of research in a given area. Leading scholars are given the space to explore their subject in provocative ways, and map out the potential directions of travel. They are relevant but also visionary. In recent years, an explosive rise in computing power and the digitization of data has allowed researchers in new institutional economics (NIE) to investigate questions that could never before be systematically analysed. This book explores key issues for future research in the field, analysing both traditional areas of focus in NIE and more recent areas of interest. Consisting of 30 concise chapters written by top NIE scholars, this Research Agenda probes issues at the forefront of NIE, including government, contracts, property rights, norms, culture, and beliefs. Analysing rapid changes in technology and the environment, such as the rise of social media and the effects of climate change in agriculture, this book offers unique insights into key contemporary issues. Written in non-technical terms, this book will inform and inspire students and those starting their careers in economics, law and political science. NIE scholars will also find the book invaluable in updating their understanding of crucial research questions and seeking new areas to explore. Contributors: J.S. Ahlquist, J.E. Aldy, D.W. Allen, J. Bednar, J.C. Cardenas, P. Castaneda Dower, R. Fernandez, S. Gehlbach, R. Gil, M.A. Golden, C. Guerriero, S. Iyer, P. Keefer, K. Kosec, R. Kunneke, C. Long, R. Macchiavello, K.J. Mayer, C. Menard, T. Mogues, M.W. Moszoro, B. Mueller, S. Oh, D. Parker, J. Prufer, P. Prufer, M. Servatka, M.M. Shirley, E. Simison, F. Sobbrio, J. Teorell, T. Terpstra, M. Vatiero, S. Voigt, S. Wallsten, G. Zanarone, D. Ziblatt

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.

For individual actors involved in economic activities (i.e. production, exchanges), conventions and structures represent two different types of opportunity or constraint. Conventions refer to values, rules and representations that influence economic behaviour. Structures refer to patterns of resource interdependencies existing among members of any social system. This book contributes to the current rapprochement between economics and sociology. It examines the fact that individuals use rules and interdependencies to forward their own interests, while living in social environments where everyone does the same. The authors argue that to construct durable organizations and viable markets, they need to be able to handle both. However, thus far, economists and sociologists have not been able to reconcile the relationship between these two types of constraints on economic activity. Conventions and Structures in Economic Organization seeks to bridge this gap and will appeal to students and scholars in both economics and sociology, offering them new ideas about how they can co-operate in unsuspected ways and combine their interdisciplinary efforts.

The Economics of Sin examines the definition and evolution of sin from the perspective of rational choice economics, yet is conscious of the limitations of such an approach. The author argues that because engaging in activities deemed to be sinful is an act of choice, it can therefore be subject to the logic of choice in the economic model. The book considers the formation of religions, including the new age revival of 'wicca', as regulators of the quasi-market in sins, and goes on to appraise the role of specific sins such as lying, envy, jealousy, greed, lust, sloth, and waste in individual markets and in macroeconomic activity. Empirical evidence on issues such as cannibalism, capital punishment, addiction, adultery and prostitution is also explored. Samuel Cameron concludes that a large percentage of economic activity is intimately connected with forms of sin which are in some circumstances highly beneficial to the functioning of markets, particularly in the presence of market failure. This innovative, interdisciplinary study of the institution of sin will be of enormous interest to a wide-ranging readership, including researchers and teachers of economics, sociology and theology. It will also be of importance for anthropologists and philosophers.

Written by the scholar who, together with Chris Freeman, first introduced the concept of the innovation system, this book brings the literature an important step forward. Based upon extraordinarily rich empirical material, it shows how and why competence building and innovation are crucial for economic growth and competitiveness in the current era. It also provides a case study of a small, very successful European economy combining wealth creation with social cohesion. The author's comparative analysis of innovation systems demonstrates that the 'new economy' can thrive and grow not only in the US-type of economy but also in European economies which exhibit a high degree of social cohesion. He warns against the polarisation that may result from a development path where the success of individuals, organisations and national economies reflects their capability to adopt new competencies and skills. He argues that if this kind of learning economy is left unattended, it will eventually undermine the social cohesion that is essential for interactive learning processes. As such, he emphasises the need to develop coherent policy strategies at the regional, national and EU level in order to cope with the new challenges of the globalising learning economy. Innovation, Growth and Social Cohesion is a highly readable, non-technical book which illustrates the basic concepts with plentiful examples and a wide variety of empirical material. Students and scholars in the field of industrial dynamics and innovation research will find this an invaluable resource. It will also be of significant interest to policymakers looking for growth models compatible with social cohesion and those interested in understanding the dynamics of the new learning economy.

In this fascinating study Gordon Fletcher explores the relationship between the life and work of one of Britain's most distinguished economists, Sir Dennis Holme Robertson (1890-1963). Drawing on a wealth of previously unpublished material, novel forms of evidence - both biographical and literary, together with a fresh reading of Robertson's principal books and essays, Fletcher argues that Robertsonian economics is indelibly stamped with the impression of Robertson the man and that by better understanding the man we shall better understand his economics. He shows that this is particularly the case with respect to the way in which Robertson's thought developed and to its particular characteristics, which have often been described by commentators but never explained. Most interestingly, he accounts for Robertson's breach with his Cambridge colleague J.M. Keynes. With these insights we glimpse the hidden human face of what is all too often regarded as the bloodless discipline, the dismal science.

The essays in this volume describe, analyse and compare the achievements and the failures of societies that adopted market-based economies within a democratic polity after a long period of communist rule (Russia and Eastern Europe) or military authoritarianism (Latin America). Together, they also trace the rocky course of liberal economic policies over the whole twentieth century. Area experts from various disciplines seek to establish the extent to which the historical experience of the several countries explains successful transitions as well as the less successful efforts to adapt institutions to the needs of a market economy. The papers further show the dilemmas faced in both Eastern Europe and Latin America in reconciling the efficiency benefits of market economies and the need to achieve or maintain socially acceptable patterns of income distribution among the strata of income receivers. In addition to the essays themselves, comments are provided to further explore specific issues. Researchers and students in economics, economic history, political science and regional studies, and others interested in the economics of transition to a market system will find this comprehensive collection an invaluable resource.

This collection of original essays has been commissioned especially for this volume in honour of the ideas and work of the late Richard M. Cyert who made a seminal contribution to the fields of industrial organization and change. In keeping with the range and significance of his work, the essays in this book examine the economics of decision making, uncertainty, information processing, learning, evolution and organizational structure. The distinguished set of contributors discusses the following topics: * behavioural and evolutionary theories of the firm * cognitive factors in organization and economic action * the place of rules in organizations * learning from experience and from the knowledge of others * selection in economic change * the impact of information technology and the evolution of organizational forms. This coherent and worthy collection emphasizes the adaptive nature of economic action and the links between economies and studies of human information processing and action. It will be essential reading for scholars with an interest in behavioural and adaptive economics, along with industrial organization.