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.

In this commemorative volume, India's top business leaders and economic luminaries come together to provide a balanced picture of the consequences of the country's economic reforms, which were initiated in 1991. What were the reforms? What were they intended for? How have they affected the overall functioning of the economy? With contributions from Mukesh Ambani, Narayana Murthy, Sunil Mittal, Kiran Mazumdar-Shaw, Shivshankar Menon, Montek Singh Ahluwalia, T.N. Ninan, Sanjaya Baru, Naushad Forbes, Omkar Goswami and R. Gopalakrishnan, India Transformed delves deep into the life of an economically liberalized India through the eyes of the people who helped transform it.

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.

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 book analyzes the recent development paths pursued by progressive governments in Argentina and Brazil, namely deindustrialization and reprimarization, and the social and environmental consequences thereof. A key part of understanding the trajectories in both Argentina and Brazil has been the role played by international institutions, especially the IMF and WTO, and also, the ever-growing hegemony of transnational corporations in the global economy and as a result, significantly limiting the possibilities of genuine development for local populations. Two major issues which extend beyond Latin America are: the expansion of genetically modified crops and agrotoxics and the concern for global food security and sovereignty; second, how reprimarization, associated with mining, cattle, soy and petroleum, has been key in leading to the risk of desertification in the Argentine pampas and also causing deforestation in the Amazon Rain forest, described as the lungs of the planet, and thus has major implications for climate change for the planet as a whole. In addition, this book engages with a number of theoretical issues: development and dependency in the periphery: neoliberal globalization, accumulation by dispossession, ecological and environmental debates and the role of extractivism and rent. This book is aimed for both academics, activists and those politically motivated to analyze, understand and push for social change from a critical perspective, and also, those interested in a radical analysis of paths of development, dependency and socioenvironmental issues in Latin America today.

Maurice Dobb (1900-1976) was a highly influential Marxist political economist and economic historian. He was famous for his writings on economic development - including the development of capitalism in the west, and the dilemmas of the Soviet Union in their efforts to industrialise what had been primarily an agricultural country. This collection brings together a selection of essays written in the 1960s and 1970s, on socialist economic thought and planning. The essays discuss many issues of relevance today - how to bring about growth in non-industrialised countries; non-market approaches to the economy; and the relevance of Marx to analysing commodity capitalism. The essays are introduced by Dobb's Literary Executor Brian Pollitt, who also gives a useful introduction to Dobb's life and work. Maurice Dobb was author of many works, including Studies in the Development of Capitalism (1946), Soviet Economic Development since 1917 (revised 1966) and Theories of Value and Distribution since Adam Smith (1973). He also collaborated with Piero Sraffa for many years in his work on Ricardo. Brian Pollitt has worked in Cuba, Chile and Nicaragua. His later research has focused on the problems of transition in socialist economies. He has held teaching and research positions at the Universities of Yale, Massachusetts, Concepcion and Adelaide, and has recently retired from his post at the University of Glasgow.

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.

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.

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.

In this new book, Clem Tisdell considers combined economic and ecological influences on levels of agricultural and marine production, their variations and sustainability. The book consists mainly of previously published articles gathered together for the first time, while also including new chapters written especially for this collection. The book begins with an overview of the field, followed by an examination of the choice of variety of species for variable environments, new crops and diversification, production and impacts of economic and ecological factors on agricultural production generally. It goes on to consider specific aspects of pest and disease control in agriculture. The final part is devoted to bio-economic aspects of marine production. Interesting and often controversial topics include consequences and economic causes of genetic selection in agriculture, transgenic crops (GMOs), and effects of aquaculture on levels of wild fish stocks. Interdisciplinary in nature, Economics and Ecology in Agriculture and Marine Production covers a broad range of subjects and will attract a wide readership. It will therefore appeal to ecological, agricultural, environmental and natural resource economists, while also being of interest to those involved in land and food science, fisheries and marine studies.

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.

Is the theory of money that underlies most modern macroeconomics well-grounded? What determines the value of a currency, and how is the state's power over its currency related to its ability to stabilize prices and employment? Charles Goodhart's classic paper 'The Two Concepts of Money: Implications for the Analysis of Optimal Currency Areas' which first raised these questions is reprinted here, and the distinguished authors expand its line of argument and comment on its central themes. The issues discussed are of fundamental importance in contemporary monetary theory and policy. The State, the Market and the Euro presents two sharply contrasting theories of money - Chartalist and Metallist - and the resulting equally sharply contrasting approaches to macroeconomic policy. Academic monetary, financial and political economists will find this book of great interest as will policymakers, financial analysts and journalists.

This book is about three key dimensions in economics-globalization, migration and the welfare state-that are of enduring interest. These issues are particularly important to consider at the present moment given the strains posed by the pandemic: there is at least a temporary setback to trade-globalization and migration, and the cost of fighting the pandemic will strain the ability of governments to provide welfare state services in a style and scope to which many of their citizens have become accustomed. The book explains the changing function of the welfare state in the presence of intensified globalization, or de-globalization, forces. The welfare state's policy-maker attitudes toward openness and migration depend on open-economy fundamentals, and the income class it represents. The author demonstrates the interactions between migration, globalization and macroeconomic policy in practice, using real-world unique episodes, with Israel deemed as well-functioning trifecta, and the US and Europe as imperfectly functioning trifecta.

This unique book demonstrates how instruments of economics can be usefully employed to analyse social policy. The merits and limits of social policy programmes are discussed as answers to problems of market societies. Taking this enlightened approach, the author addresses key issues such as access to health services, pension programmes, unemployment, poverty and family support. Microeconomic tools are used to evaluate the rationale behind these programmes, underpinning the theoretical propositions with strong empirical research. Unusually, economic values are shown to harmonise with, rather than condemn, ideas of social protection. Providing information about institutional structures of social policy programmes in many countries, this book will be a must for academics and students interested in social policy and the welfare state. Furthermore, those who want to follow the political and scientific discussion of social policy matters will find this book invaluable.

Global tourism is perhaps the largest scale movement of goods, services, and people in history. Consequently, it is a significant catalyst for economic development and sociopolitical change. While tourism increasingly accounts for ever greater segments of national economies, the consequences of this growth for intercultural interaction are diverse and uncertain. The proliferation of tourists also challenges classic theoretical descriptions of just what an economy is. What are the commodities being consumed? What is the division of labor between producers and clients in creating the value of tourist exchanges? How do culture, power, and history shape these interactions? What are the prospects for sustainable tourism? How is cultural heritage being shaped by tourists around the world? These critical questions inspired this volume in which the contributors explore the connections among economy, sustainability, heritage, and identity that tourism and related processes makes explicit. The volume moves beyond the limits of place-specific discussions, case studies, and best practice examples. Accordingly, it is organized according to three overarching themes: exploring dimensions of cultural heritage, the multi-faceted impacts of tourism on both hosts and guests, and the nature of touristic encounters. Based on ethnographic and archaeological research conducted in distinct locations, the contributors' conclusions and theoretical arguments reach far beyond the limits of isolated case studies. Together, they contribute to a new synthesis for the anthropology of tourism while simultaneously demonstrating how emerging theories of the economics of tourism can lead to the rethinking of traditionally non-touristic enterprises-from farming to medical occupations.

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.

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.

Greening Auto Jobs: A Critical Analysis of the Green Job Solution details current and problematic understandings of what constitutes a "green job." Adopting an approach grounded in critical political economy, this book presents a framework to scrutinize the green job solution and the theoretical framework which overwhelmingly informs contemporary green job creation efforts and ecological modernization. The text also explores the tensions that encircle the world of work and environmental action, often referred to as "jobs versus the environment," by detailing the conflicting commitments of political-economic actors to the idea of green job creation. These conflicts are outlined through an examination of the political-economic debate that has surrounded the Australian Government s environmental plans from 2008 to 2012 and the conflicting positions of Australian trade unions on environmentally transitioning the world of work. Interviews with key political-economic actors provide in-depth and nuanced understandings of the varied perspectives of political and union leaders in Australia. The second part of the book presents a detailed case study of the posited green job solution within the specific context of the Australian automotive manufacturing industry. The case study is also informed by interviews with key industry, union, and policymakers. The automotive industry is scrutinized not only because it has expressed going green as important to its long-term economic future, but because the Australian Government declared that its $6.2 billion "New Car Plan for a Greener Future" policy would create green jobs. Therefore, the book engages with the task of examining the three multinational vehicle producers operating in Australia Ford, GM Holden, and Toyota and how they have responded and engaged with the idea of green jobs, greening the manufacturing process, and the vehicles they produce in Australia."