This volume presents a compilation of key papers chronicling the evolution of the economics of information into the economics of knowledge. It traces the unfolding of the fertile ambiguity and ambivalence of the notion of information with the identification and eventual separation of its two basic, quite distinct meanings: knowledge and signals. It documents the progressive understanding that it is not only necessary to search, screen and understand signals, but also to assess and select them so as to distinguish between true, false and fake ones. The capability to process signals and transform them into actual information stems from the stock of competence and knowledge that individuals and organizations possess and mobilize. The success of information economics paves the way to the economics of knowledge and this review will be an indispensable research tool for all those working and studying in the field.

This book provides a scathing antidote to the standard propositions made by economists about how wonderful market organization is. At the same time the criticism is balanced and recognizes well the advantages of market organization for certain kinds of goods and services. Bart Nooteboom is one of the broadest, and sharpest, social scientists writing today, and this book is vintage Nooteboom' - Richard R. Nelson, Columbia University, USIn this thought-provoking book, Bart Nooteboom offers a radical critique of the principal intellectual and moral assumptions underlying economic science, unravelling the notion of markets: how they work and fail, and how they may be redirected to better serve us. Initially, the inadequacy of economic science in the wake of recent financial and economic crises is outlined. Few economists predicted the crises and subsequent economic thought has been nebulous, failing to apprize guidance, understanding and prevention for the future. Established practices in finance and business continue regardless, and confusion has bred among policy makers, the public, and even economists on what markets actually are. Bart Nooteboom employs an Aristotelian virtue ethic, with a view to multiple dimensions of 'the good life', upturning the utilitarian ethic that dominates economic science and modern politics. The critique makes a corrective-turn, transforming economic thought into an integrative, ethical and interdisciplinary behavioral science of markets. Nooteboom's interdisciplinary approach makes this book an appealing read to economists, sociologists and political scientists with an interest in market processes. People concerned about how markets are developing and policy makers will welcome this topical work to gain fresh insights into collaborative and ethical market policy. This timely book will vitalize debate about markets, what they do and how they may work better. Contents: 1. Introduction 2. Foundations of markets 3. How markets work and fail 4. Variety of industries 5. Hybrids and examples 6. Alternatives Index

Jean Gabszewicz's new book is devoted to the study of strategic multilateral exchange. Contrary to the classical competitive paradigm in which agents are assumed to behave as price takers, here traders are allowed to consciously behave as strategic agents who aim to influence trade to their own advantage. This is usually done in oligopoly theory using a partial equilibrium approach while in this case a system of interrelated markets is considered. Primarily, the book discusses the game-theoretic concept of core and the relationship between core and the set of price allocations in economies embodying significant traders is explored. The author goes on to adopt a non-cooperative approach building on the concept of Nash equilibrium. Strategic Multilateral Exchange will be welcomed by academics, advanced research scholars and doctoral students with an interest in economic theory, microeconomic theory and general equilibrium. It will also appeal to mathematical economists with an orientation in mathematical economics and game theory.

Monetary problems are important and widely debated, but the complexity of the international monetary system and the disparate systems that make it up gives rise to many fallacies about the inner workings of these systems. When shared by those who decide economic and monetary policies, these fallacies can have damaging consequences. This book provides a rigorous and approachable analysis of these systems and consequences, providing the keys to untangling and understanding their mechanisms and influence. A clear understanding of the working of monetary systems becomes an indispensable decision-making tool when it comes to pressing questions about reform and issues of global debate such as whether a country should join (or leave) the Eurozone or attempts to cure the so-called 'balance of payments problems'. Starting from basic concepts, Pascal Salin progressively builds upon his analysis of monetary systems in a coherent and easily readable way, drawing on the most reliable theoretical contributions from research and giving examples of lessons that can be drawn from this rigorous examination of topics including devaluations, fixed and flexible exchange rates, monetary integration, monetary crises, monetary policy, and more. His clear, orderly style pares down accumulated details and theories to leave a concise and usable toolkit for analysis and action. This book makes it possible for anyone, starting from scratch, to come to a comprehensive understanding of the working of monetary systems. Students and scholars in economics as well as policy makers and practitioners will find this lucid volume an important resource and reference, as it provides intellectual instruments to evaluate the working of any monetary system.

This handbook presents a systematic and comprehensive overview of economic sociology, an exemplary interdisciplinary field which draws on theoretical frameworks and empirical findings from both economics and sociology to present a unique lens on the interdependence of the economy and society. The handbook is arranged in four parts which together present the current state-of-the-art of economic sociology as well as pointing toward future directions for research. The first part outlines the theoretical foundations of economic sociology and its relations to other fields, particularly with regard to other alternative approaches to economics, and looks at conceptions and definitions of economic sociology vary. The second part provides an overview of the historical development of economic sociology from classical political economy to the present day. The third part explores the main problematics of economic sociology, analyzing the economy in relation to particular social institutions, the state, ideology, culture and art, religion, gender, race/ethnicity, and more. The fourth part focuses on the principal branches including sociology of the market, industrial organization and work, uncertainty, distribution and inequality, money and finance, and the environment. The stellar international cast of contributors is drawn from both economics and sociology, therefore presenting a holistic view of the field and contributing to a rejuvenation of economic sociology within economics. It is an indispensable reference work for researchers and students across a broad range of sociological and economic disciplines.

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 Europe, Asia and Australasia. 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.

Given the increase in large scale mergers throughout the world, this book addresses the growing problem of restricted competition through collusion and the perennial debate surrounding the use of government subsidies for industries to further national interests. The aims of the book are threefold; firstly, to elucidate the antecedents of competition policy in the US and Europe and to demonstrate how far a convergence of principles has developed. Secondly, to outline the theory of industrial organisation as a major tool to devise an appropriate policy, and thirdly, to discuss the practice of competition policy in the US, individual European countries and the EC as a whole, in terms of collusion, mergers and vertical restraints. Manfred Neumann comprehensively explores the economic arguments that justify the need for competition policy. He considers the historical development of competition policy and the relationship between competition policy and the objectives of governmental policy as a whole. In conclusion, he argues that competition policy should be regarded as a constituent part of economic and social policy. This enlightening and comprehensive book will be of great value to students, researchers and practitioners of law, corporate strategy and industrial and political economics.

This innovative book offers retrospective assessments of historical ideas and probes controversial issues in economic methodology. The essays are presented under five broad headings. Part I, Economic Discourse and Method consists of three essays that address timely topics in the methodology of economics. Part II, Philosophical/Analytical Issues in Classical Economics, contains two studies of Adam Smith and one of Thomas Malthus. Part III, Money and Banking Issues in the Nineteenth Century contains two essays that evaluate monetary controversies occurring more or less simultaneously on both sides of the Atlantic. Part IV, Equilibrium Models/Debates: Walras, Keynes, Pigou is loosely threaded around the theme of equilibrium models - their nature and significance in the works of Walras, Keynes and Pigou. Part V, the final section, The Discovery and Dissemination of Ideas, deals with the discovery and dissemination of ideas in economics.The volume presents some of the most important recent work in economic methodology and the history of economic thought and will be essential for both economists and libraries specializing in these areas.

Where does wealth come from? How is it different from money? Does government intervention prevent or create crises? What is the most effective way to protect the environment? In Economics Without the Boring Bits, Oxford-trained economist Tejvan Pettinger takes readers on an enlightening tour of the powerful, counter-intuitive and frequently startling insights of economic research, showing us that middlemen are good, recycling is bad (sometimes) and why some people get rich and others don't. This clear, compelling and engaging book breathes life into big concepts such as debt, finance, trade, money, taxation, supply, demand and all the other economic issues that worry us all yet relatively few truly understand. This is your guide to understanding economics - without the boring bits.

Acclaim for the first edition:'This is a well-written, provocative book, featuring much new material, original data analyses and interesting insights. Despite the proliferation of books on various aspects of services, there is nothing quite like it around. In particular, examination of the challenges that the growth of services presents to conventional economics is very valuable.' - Ian Miles, University of Manchester, UK 'This is an intriguing book that contains many interesting ways of conceptualising service from the perspective of economics. It makes a number of important contributions to the academic literature. It is one of the very few books and it might even be the only book to be written by an economist on the economics of services - it is thus a pioneer work and is of value in that it attempts to bring together the work that economists have done on services.' - John Bryson, University of Birmingham, UK Despite the fact that services have overtaken industry in terms of employment and GDP in developed countries, rigorous economic study of the service sector remains seriously neglected. The first edition of The Economics of Services initiated a redress of this oversight. Fully revised and updated, the second edition of this highly acclaimed textbook should be required complimentary reading to mainstream microeconomics textbooks for graduate students of economics and for advanced courses in labor, urban and regional economics, economic geography and economic history. The text emphasizes the distinction between intermediate producer services and final consumer services. Many of the former are traded in global markets much like material goods in general, whilst the markets for consumer services are markedly local. This requires quite different micro-foundations in each case. Other key issues explored include the productivity development and quality of service measurements, as well as the key role of urbanization for service sector growth. The critical issues for the future of the real economy, beyond the financial crisis, are also analyzed in depth. The author illustrates how a better understanding of the nature of the service economy is necessary for policy innovation, with a view to regenerating the welfare state. Contents: Preface Foreword to the Second Edition Part I: The Service Economy in Perspective 1. Two Approaches to Service Sector Definition and Measurement 2. Merit Goods Part II: Microeconomic Foundations 3. Production Cost of Non-storable Goods 4. Distribution Costs of Non-transportable Goods 5. The Basic Trade-off and the Resulting Market Areas 6. Market Forms and Competition 7. Supply and Demand at the System Level 8. Welfare Economics 1: Towards A-Efficiency 9. Welfare Economics 2: Towards X-Efficency Part III: Urbanisation and Service Sector Development 10. Unprecedented Rise in the Standard of Living 11. Structural Change of the Economy 12. Urban Service Industries Before the Private Car 13. Mass Motoring, Enlargement of Service Markets and Urban Sprawl 14. Towards Sustainability of the Service Sector Part IV: Public Policy Towards Services 15. Trust in Economic Growth Cannot Replace Allocation Policy 16. Is Cost Benefit Analysis the Answer? 17. Towards Social Balance 18. Increased Employment for Absolute Want Satisfaction 19. The Financial Challenge 20. Summary and Conclusions References Index

In this wide-ranging but accessible overview, economist Daniel Ritter examines the changing circumstances that have led to the economic decline of the West and the rise of populism. He looks at the effects of globalisation and how increasing mechanisation has fuelled discontent, the collapse of existing communities, and a sense of disenfranchisement. The fault, he argues, lies not with advances in technology, or a lack of growth, but in rising inequality and an over-reliance on the free market. Examining the West's situation in a global context, both in relation to the rise of China and the ascendancy of private interest groups, he claims that the free market has failed, and with it representative democracy, arguing that we must 'update our very notions of work and reward' if we are to survive the current crisis. Informed, lucid and strongly argued, Ritter's compelling analysis is a must-read for anyone concerned to discover the origins of our current economic and political malaise, and its possible solutions.

Working within the context of the evolutionary-institutional transformation of higher education, the authors trace the development of an economic model by which the behavioral tendencies of modern universities can be evaluated. That model is expanded to provide insights to the following questions: Why do universities compete and how do they develop and implement their competitive strategies? How do universities make critical institutional decisions about operational missions, academic policies, and internal resource allocation? Do universities efficiently and effectively pursue the special social functions assigned to them? Patrick Raines and Charles Leathers present an integrated, coherent theory to explain the behavior of universities and provide a realistic economic model that predicts how universities allocate their scarce educational resources. This alternative view is contrasted with the mainstream explanations of university behavior based on the maximization of student welfare or faculty influences. The authors extend the existing literature on the operation of universities by presenting a history of the evolution of the modern entrepreneurial universities as well as an explanation of academic capitalism. This absorbing volume will appeal to anyone interested in the history of economic thought or the history of education. Scholars of Veblen, Smith, and Malthus will be fascinated by their individual and comparative theories of the purpose and failures of higher education.

This volume is the latest in an annual series, published in association with the Institute of Economic Affairs and the London Business School, which provides an up-to-date review of the state of utility regulation in Britain, with some relevant overseas comparisons. The book, edited and with an introduction by Colin Robinson, covers many of the major issues and significant developments in the field of regulation and competition policy. In each case, essays by expert contributors are followed by the views of the sector regulator. This volume will prove invaluable to practitioners, policymakers and lawyers involved in monopoly regulation, regulatory reform and deregulation.

Drawing upon evolutionary economics and resource-based approaches, the author utilises US patent data from 1930-1990 to examine the persistence of corporate technological competencies and their gradual erosion through diversifying incremental change. The book explores the changing nature of this diversification with respect to firm size, technological relatedness and technological complexity in 32 firms distributed across four broadly defined industrial sectors. The findings suggest that industry and corporate technological profiles remain strong but are becoming blurred by the pervasiveness of general-purpose technologies. Although historically, diversification is associated with an increase in firm size, the author argues that in recent times it results from technological relatedness and complexity. This book will appeal to industrial and business economists, historians of business and technology, and students and scholars of technology management.

Given the increase in large scale mergers throughout the world, this book addresses the growing problem of restricted competition through collusion and the perennial debate surrounding the use of government subsidies for industries to further national interests. The aims of the book are threefold; firstly, to elucidate the antecedents of competition policy in the US and Europe and to demonstrate how far a convergence of principles has developed. Secondly, to outline the theory of industrial organisation as a major tool to devise an appropriate policy, and thirdly, to discuss the practice of competition policy in the US, individual European countries and the EC as a whole, in terms of collusion, mergers and vertical restraints. Manfred Neumann comprehensively explores the economic arguments that justify the need for competition policy. He considers the historical development of competition policy and the relationship between competition policy and the objectives of governmental policy as a whole. In conclusion, he argues that competition policy should be regarded as a constituent part of economic and social policy. This enlightening and comprehensive book will be of great value to students, researchers and practitioners of law, corporate strategy and industrial and political economics.

This book examines the significance of technological, organisational and institutional change as crucial factors in the analysis of the turnover time of capital. It also studies the related set of theoretical questions that concern the relationship between power, knowledge and time, in the context of capital accumulation and distribution. Michele Javary presents a creative and novel analysis of the ways in which these relationships can be analysed both conceptually and historically. She explores current issues relating to the dynamics of technical change, innovation, learning and institutional change by reviving and re-exploring one of the most penetrating contributions to economic thought: Marx's Capital. The author also combines historical and comparative perspectives to analyse the interplay between technology and organisations, based on the analysis of political governance in the United Kingdom and the rapid shift from coal to gas technologies at the time of the privatisation of the electricity supply industry. The analysis presented in the book elucidates many of the debates surrounding the economics of technological change and offers important new insights into both evolutionary and institutional economics. Students and scholars of industrial dynamics and technological change will find great value in the innovative analysis of the social and political factors that impact upon the selection, implementation and deployment of a new technology. Political economists and political scientists wishing to explore the significance of technology, organisations and institutions for capital accumulation and distribution will also be rewarded by this challenging book.

Part of "The Collected Works" series, this book is the first volume of Karl Marx's famous text on the economies of capitalism, "Capital". The translation is based on the Moore and Aveling translation of 1887, but has been revised and supplemented with extensive notes. Aiming to become the definitive English-language edition of the "Collected Works" in 50 volumes, the series will eventually contain all the works of Marx and Engels, whether published in their lifetimes or since, including their complete correspondence and newly discovered works. Almost every volume contains published material published for the first time in English. The edition is organized into three main groups: philosophical, historical, political, economic and other works in chronological order; Marx's "Capital" with his preliminary versions, and works directly connected with it; and letters of Marx and Engels.

The Austrian school of economics was founded in 1871 with the publication of Carl Menger's Principles of Economics. In his book, Menger argued that economic analysis is universally applicable and that the appropriate unit of analysis is man and his choices. These choices, he wrote, are determined by individual subjective preferences and the margin on which decisions are made. The logic of choice, he believed, is the essential building block to the development of a universally valid economic theory. The home of the field moved first to Britain and then on to the US, and at present a diverse mix of intellectual traditions in economic science is obvious in contemporary Austrian school economists. While one could argue that a unique Austrian school of economics operates within the economic profession today, one could also sensibly argue that the label 'Austrian' no longer possesses any substantive meaning. This Handbook looks through the lens of the latest generation of scholars at the main propositions believed by so-called 'Austrians'. Each contributing author addresses key tenets of the school of thought, and outlines its ongoing contribution to economics and to the social sciences. Contributors: S.A. Beaulier, P.J. Boettke, C.J. Coyne, A.J. Evans, P.T. Leeson, S.C. Miller, B. Powell, F. Sautet, V.H. Storr, E.P. Stringham, J.R. Subrick

First published in 1997. Routledge is an imprint of Taylor & Francis, an informa company.

'Superb' - Tim Harford, author of How to Make the World Add Up Money is essential to the economy and how we live our lives, yet is inherently worthless. We can use it to build a home or send us to space, and it can lead to the rise and fall of empires. Few innovations have had such a huge impact on the development of humanity, but money is a shared fiction; a story we believe in so long as others act as if it is true. Money is rarely out of the headlines - from the invention of cryptocurrencies to the problem of high inflation, extraordinary interventions by central banks and the power the West has over the worldwide banking system. In Money in One Lesson, Gavin Jackson answers the most important questions on what money is and how it shapes our world, drawing on vivid examples from throughout history to demystify and show how societies and its citizens, both past and present, are always entwined with matters of money. 'A highly illuminating, well-researched and beautifully written book on one of humanity's most important innovations' - Martin Wolf, chief economics commentator, Financial Times

Innovation, science and technology and the wealth gained from them make continuous media copy and yet there is a manifest imbalance in society, a paradox of more prosperity but growing exclusion. This book marks the 25th anniversary of the Six Countries Programme, which pioneered the study of innovation from a policy viewpoint but with a radical ethos. This ethos is continued by the contributors to this book who challenge much of the current thinking on innovation and technology and attempt to provide markers for the way ahead. They propose a systemic approach to the innovation process as the route to a more sustainable future and provide the alternative of a learning society to a knowledge society which seems to be inexorably driven by Schumpetarian dynamics.

This Handbook provides an overview of established and cutting-edge contributions to political economic thought. Chapters by leading and emerging scholars showcase the diverse approaches and productive debates among researchers. Separate sections of the book deal with political economy as an area of knowledge, its principal theoretical traditions, the dynamics and socio-ecological foundations of economic systems, and political economy's interdisciplinary connections. Thirty-two chapters cover the full spectrum of contemporary political economy, including classical, Marxist, post-Keynesian, institutional, evolutionary, and feminist approaches, recent studies of capital as power, modern money theory, behavioural economics, social structures of accumulation, and race, gender and class. The volume concludes by reflecting on how these theories of political economy can contribute to making a better world. Pluralist and interdisciplinary in its approach, this Handbook is a key resource for students and teachers of political economy and heterodox economics, as well as for other social scientists wanting to understand political economic processes.

Selected by the Association of University Programs in Health Administration for the Bugbee-Falk Book Award Is the health sector a curse or a blessing? The American health sector now accounts for a fifth of the economy. American healthcare spending per capita far exceeds that of other developed countries. Yet our health, as measured by life expectancy and infant mortality, is poor by comparison with the developed world. Other measures of quality including hospital-acquired infection are too common. Healthcare costs financially cripple households despite advances associated with the Affordable Care Act. There is widespread dissatisfaction with the American healthcare system and support for more change. It is also the case that the health sector has been a leader in the evolution of the American economy. Economic development is driven by innovative technology. We tend to applaud new technology and the improvement it brings to our lives. Important recent technologies often grow rapidly and faster than the wider economy. This leads to larger shares of the economy. Yet there is considerable apprehension about costs and economic impact of health spending. This book details important health sector institutions and uniquely, explores linkages between healthcare and broader economic growth. The book addresses asymmetric information between providers and consumers as well as between insurers and beneficiaries. There is a focus on monopoly power in labor markets which contributes to inefficiencies in the system. The author also discusses cost-effectiveness and allocative efficiency as well as emphasizing productivity and its relationship to the wider economy.