This major two volume work contains a selection of the best papers presented at the annual meeting of the History of Economics Society. They correct errors of interpretation and undertake constructive analyses. They show the importance of studies of the history of economic thought for an understanding of its influence on our conceptions of the world and on economic, social and political behaviour.

Modelling trends and cycles in economic time series has a long history, with the use of linear trends and moving averages forming the basic tool kit of economists until the 1970s. Several developments in econometrics then led to an overhaul of the techniques used to extract trends and cycles from time series. In this second edition, Terence Mills expands on the research in the area of trends and cycles over the last (almost) two decades, to highlight to students and researchers the variety of techniques and the considerations that underpin their choice for modelling trends and cycles.

This engaging and intelligent book provides an accessible, down to earth assessment of the role of formalism and rigour in economics.Professor Mayer argues that there is room in economics for both highly formalised theory and for the less formal theory that predominates in the natural sciences. But economists generally fail to distinguish between these two types of theory. As a result, they often act as if the strength of an argument depends on the strength of its strongest link. They misallocate effort, polishing those parts of the argument that tend to be formalised, while paying insufficient attention to the others. Drawing on public choice theory, Mayer shows how this emphasis on the strongest link has distorted research particularly in new classical theory. He advocates stricter econometric testing, showing that many procedures currently used are only soft tests.

This important book explores many different aspects of the wealth creation process. It includes new essays by senior members of the economics profession focusing on aspects of competitive advantage, the environment, the integration of trade, manufacturing and services, the policies of wealth creation and economic policy. The creation of wealth lies at the heart of the economic process and is fundamental to the efficient working of the modern economy.

This volume includes essays by prominent economists and psychologists working at the frontiers of economic psychology. A number of essays probe beliefs and expectations about rationality, consumer behaviour and expectations, and others assess psychological explanations of economic behaviour and the contribution of experimental economics. The book should be essential reading for both psychologists and economists with an interest in the most recent research in economic psychology.

Kenneth Boulding has, in the course of a long and distinguished career, made a seminal contribution to many branches of economics. This major book presents in one volume a selection of his most important recent papers and essays. In the first part of the book, Professor Boulding pushes economics towards a more evolutionary type of theory, towards a greater interest in the real world and towards some fairly specific theoretical positions. He stresses the importance of positive-feedback as well as equilibrium processes. The second part focuses on the grants economy, that is the study of the economics of one-way transfers. In part three, he turns his attention to international economic relations particularly the economics of conflict in unilateral national defence. The final part is on ecological systems, stressing that economies are essentially an eco-system of commodities, part of the total eco-system of the world, which is undergoing a constant and irreversible evolutionary change.

This book argues that the coordination problem lies at the heart of Keynes's economics. It shows how Keynes's message got lost in the post-War period and develops a more fruitful extension of Keynes's ideas within a general equilibrium framework and alternative frameworks such as post Keynesian and Austrian economics. It is demonstrated that in the absence of a coordinating device like the Walrasian auctioneer or in the presence of uncertainty, coordination can no longer be superimposed. This ultimately implies that apart from some notable exceptions, the Keynesian revolution was in fact stifled at birth because the validity of the central concepts of microeconomics have never been challenged.This lively and fascinating book is likely to provoke debate amongst economists and policymakers. Its conclusions place a question mark over the development of economic theory since the Second World War.

Wicksteed's classic work, The Co-ordination of the Laws of Distribution, has a central place within the development of marginal productivity theory. It claimed to explain all 'factor returns' on a unified basis and to show how 'marginal productivity factor pricing' just exhausted the total product. It is presented here with a long introduction by the editor, Ian Steedman, who provides both a careful analysis of the text and an assessment of Wicksteed's place within the development of modern economics. This important new edition will make The Co-ordination of the Laws of Distribution accessible to a fresh generation of economists.

One of the most striking phenomena in all of economics is the absence of a deep tradition of criticism focused on Keynesian economic theory. There have been critics but they are few and far between, even though Keynesian demand management has been at the centre of some of the worst economic outcomes in history, from the great stagflation of the 1970s to the twenty-year 'lost decade' in Japan that has been ongoing since the 1990s, and now, once again, the dismal recoveries that have followed the Global Financial Crisis. This book brings together some of the most vocal critics of Keynesian economics of the present time. Each author attempts to explain what is wrong with Keynesian theory for those seeking guidance on where to turn for a more accurate explanation of the business cycle and what to do when recessions occur. The contributions are by scholars from a wide number of schools of economics, include but are not restricted to Austrian, monetarist and classical perspectives. Written not just for economists, this accessible book is one of the few anti-Keynesian texts available and explains the inability of public spending and lower interest rates to have restored robust economic growth and full employment after the GFC. The collection offers an antidote to contemporary macroeconomic theory. It is an essential text for anyone wishing to understand why no stimulus has been able to bring recovery to any economy in which it has been tried. Contributors include: P.Boettke, P.L. Bylund, T. Congdon, R.M. Ebeling, R.W. Garrison, S. Horwitz, S. Kates, A. Kling, A.B. Laffer, P. Newman, G. Reisman, D. Simpson, M. Skousen, P. Smith

Knowledge And Global Power is a ground-breaking international study which examines how knowledge is produced, distributed and validated globally.

The former imperial nations – the rich countries of Europe and North America – still have a hegemonic position in the global knowledge economy. Fran Collyer, Raewyn Connell, João Maia and Robert Morrell, using interviews, databases and fieldwork, show how intellectual workers respond in three Southern tier countries, Brazil, South Africa and Australia. The study focuses on new, socially and politically important research fields: HIV/AIDS, climate change and gender studies.

The research demonstrates emphatically that ‘place matters’, shaping research, scholarship and knowledge itself. But it also shows that knowledge workers in the global South have room to move, setting agendas and forming local knowledge.

Dynamic programming (DP) has a relevant history as a powerful and flexible optimization principle, but has a bad reputation as a computationally impractical tool. This book fills a gap between the statement of DP principles and their actual software implementation. Using MATLAB throughout, this tutorial gently gets the reader acquainted with DP and its potential applications, offering the possibility of actual experimentation and hands-on experience. The book assumes basic familiarity with probability and optimization, and is suitable to both practitioners and graduate students in engineering, applied mathematics, management, finance and economics.

This book paints a portrait of social life in America by providing an accessible discussion of empirical economics research on issues such as illegal immigration, health care and climate change. All the studies in this book use the same data source: individual responses to the American Community Survey (ACS), the nation's largest household survey. The author identifies studies that clearly illustrate core econometric methods (such as regression control and difference-in-differences), replicates key statistics from the studies, and helps the reader to carefully interpret the statistics. This book has a companion website with replication files in R and Stata format. The Appendix to this book contains a guide to using the free R software, downloading the ACS and other public-use microdata, and running the replication files, which assumes no background knowledge on the part of the reader beyond introductory statistics. By opening up the hood on how top scholars use core econometric methods to analyze large data sets, a motivated reader with a decent computer and Internet connection can use this book to learn not only how to replicate published research, but also to extend the analysis to create new knowledge about important social phenomena. A more casual reader can skip the online supplements and still gain data-driven insights into social and economic behavior. The book concludes by describing how careful empirical estimates can guide decision making, through cost-benefit analysis, to find public policies that lead to greater happiness while accounting for environmental, public health and other impacts. With its accessible discussion, glossary, detailed learning goals, end of chapter review questions and companion resources, this book is ideal for use as a supplementary volume in introductory econometrics or research methods courses.

Economic theorists and finance practitioners alike turn to the seminal work of Wallace E. Oates for a systematic statement of the economic principles of fiscal federalism. In this book, Professor Oates provides an overview of fiscal federalism and analyses specific problems in a selection of his most important articles and papers. This collection includes many pieces which are not readily accessible.The papers in this volume constitute a basic reference for current discussion of the evolution both of national fiscal systems and of the fiscal structure of the European Community and other supranational organizations. The range of approaches and quality of argument will ensure that the book becomes a central reference point for the continued discussion of this important topic.

The Economics of Restructuring and Intervention carries forward the work of Marx, Kalecki, Keynes and Kaldor in analysing questions of growth, distribution and government intervention. It will be essential reading for all those wishing to understand the massive economic and political shifts as we enter the 1990s - the globalization of markets and production, continued growth of the Third World and East European debt, the emerging digital economy. Political debates thrown up by these economic, industrial and technological developments are subject to rigorous scrutiny and critique - from the employment effects of wage cuts to the calls for 'supply side socialism'.

This textbook builds a bridge between the economic principles which form the basis of most introductory textbooks and the issues that students see discussed incessantly in the media. Contemporary Issues in Applied Economics shows how even the most elementary economic analysis can shed new light on some of the principal economic problems which face the world today. Although aimed primarily at first year economics students, it will also be of interest to those studying related subjects which require a background knowledge of economics. The lively subject matter coupled with the non-technical nature of the approach means that the book will be of interest not only to economics students but also to non-specialists wishing to keep well informed about current issues of economic policy.

Rethinking Economics is a major contribution to the reconstruction of an economic theory appropriate to the 21st century.Just as major changes are occurring in the world economy, economics itself is on the brink of change. Orthodox economics is now widely criticized for its sterility and its limited applicability to real-world economic problems. Standard theoretical tools such as general equilibrium theory are now regarded, even by their leading practitioners, as highly limited and problematic. New ideas from chaos theory, evolutionary modelling and institutional theory point to new, non-reductionist approaches in which there are units of analysis other than the atomistic individual. This work addresses core economic concepts, such as individual choice, prices, markets, production, industries, technology, innovation and economic growth in the light of these developments. This unique, up-to-date volume makes a seminal contribution at the frontiers of economic theory.

Patrick Minford has been a close adviser to Mrs Thatcher during the last decade. He has made an important contribution to the ideas of Thatcherism and Britain's monetarist/supply side programme in the 1980s.This book brings together, for the first time, essays written as a contribution to the supply side revolution in Britain. Some focus on monetary and fiscal policy, while others deal with the principles and mechanisms for supply side reform. Taken together, they represent an invaluable source book and reference point on the political philosophy and economic strategy of the Thatcher era. The essays were all written for a wide audience and will be essential reading for both economists and non-economists alike.

Patrick Minford has been a close adviser to Mrs Thatcher during the last decade. He has made an important contribution to the ideas of Thatcherism and Britain's monetarist/supply side programme in the 1980s.This book brings together, for the first time, essays written as a contribution to the supply side revolution in Britain. Some focus on monetary and fiscal policy, while others deal with the principles and mechanisms for supply side reform. Taken together, they represent an invaluable source book and reference point on the political philosophy and economic strategy of the Thatcher era. The essays were all written for a wide audience and will be essential reading for both economists and non-economists alike.

Herbert Giersch's contribution to economics has ranged widely over international economics, European integration and the economics of entrepreneurship. This book presents in one volume a selection of some of his most important essays and papers. It encompasses the gradual evolution of his work from its beginnings to his most recent contributions to the debate on the future of the European Economic Community. It contains some of his most significant work during the last 30 years and includes material that is not widely available. It will be an essential reference point for all economists concerned with entrepreneurship, the world economy and Europe.

This is a major contribution to post-Keynesian thought. With studies of the key pioneers - Keynes himself, Kalecki, Kahn, Goodwin, Kaldor, Joan Robinson, Sraffa and Pasinetti - G. C. Harcourt emphasizes their positive contributions to theories of distribution, pricing, accumulation, endogenous money and growth. The propositions of earlier chapters are brought together in an integrated narrative and interpretation of the major episodes in advanced capitalist economics in the post-war period, leading to a discussion of the relevance of post-Keynesian ideas to both our understanding of economics and to policy-making. The appendices include biographical sketches of the pioneers and analysis of the conceptual core of their discontent with orthodox theories. Drawing on the author's experience of teaching and researching over fifty years, this book will appeal to undergraduate and graduate students interested in alternative approaches to theoretical, applied and policy issues in economics, as well as to teachers and researchers in economics.

This book develops a unified treatment of the income distribution-capital-value problems with respect to actual economies, and then gradually turns to the issues of effective demand and capitalist accumulation fluctuations from both political economy and economic policy perspectives. That treatment, on the one hand, places produced means of production, positive profits, and capital accumulation at the centre of the analysis and, on the other hand, is analytically based on the modern control theory. Hence, the authors' investigation is concerned with input-output representations of actual single and joint production, heterogeneous labour, and open economies; zeroes in on the characteristic value distributions of the system matrices; and, finally, derives meaningful theoretical results consistent with the empirical evidence, and vice versa. The main topics addressed are the uncontrollable/unobservable aspects of the real-world economies, the powerful low-order spectral approximations and reconstructions of the inter-industry structure of production-value-distributive variables relationships, the critical-constructive appraisal of both "mainstream" and "radical" theories of value, the matrix demand multipliers and demand-switching policies in heterogeneous capital worlds, and the circular inter-actions amongst income distribution, effective demand, accumulation, and technical conditions of production. Written on the occasion of the 60th anniversary of the publication of both Piero Sraffa's Production of Commodities by Means of Commodities and Rudolf E. Kalman's paper "On the general theory of control systems", this book provides a consistent and comprehensive framework for theoretical, empirical, and economic policy research.

Allyn Young (1876-1929) was a deep thinker and achieved fame during his lifetime. His fame owes more to his style and influence as a teacher than his published work. His greatest fame as an author rests on a single economic paper on increasing returns and economic progress but he contributed much more as a mentor to his graduate students such as Frank Knight, Edward Chamberlin, and Lauchlin Currie at Harvard and to the undergraduate Nicholas Kaldor at the London School of Economics. He shot into international fame for his role as a member of the American delegation led by President Woodrow Wilson to negotiate peace at Paris after WWI. However, recent interest in Young is more due to his thought than to his contribution to the economics profession or public service. At the time of his death, he was working on two treatises, one on Money and the other on Economics. The one on Money was at a fairly advanced stage but no trace of either was found in his family's hasty departure from London after his untimely death. There is a general dearth of published material about Young, his thought and his life. His economic thought, apart from his views on growth theory and monetary economics, is relatively unknown. This volume offers a thematic approach to his contributions and biography.

This unique troika of Handbooks provide exhaustive and indispensable coverage of the history of economic analysis. Edited by two of the foremost academics in the field, they gather together insightful and original contributions from scholars across the world. The encyclopaedic breadth and scope of the original entries will make these Handbooks an invaluable source of knowledge for all serious students and scholars of the history of economic thought. Each Handbook can be read individually and acts as a self-contained volume in its own right. They can be purchased separately or as part of a three-volume set. Volume II contains entries on the major schools of economic thought and analysis. These schools differ with regard to their 'vision' of the working of the economic system, the major forces and interactions that shape its path, and the policy recommendations proposed. At any moment of time, several such schools typically compete with one another, striving for dominance within the economic and political discourse. Contributors include: F. Allisson, R. Baranzini, M. Bellet, A.A. Belykh, C. Benassi, A. Beraud, C.B. Blankart, A. Brewer, G. Chaloupek, I. Chaplygina, S. Cook, J. Creedy, J. de Boyer des Roches, T. Demals, R.B. Emmett, G. Faccarello, C. Gehrke, G.C. Harcourt, J.E. King, H.D. Kurz, A. Lapidus, M. Lavoie, M.C. Marcuzzo, A. Molavi Vassei, P.L. Porta, A. Rosselli, M. Rutherford, N. Salvadori, B. Schefold, N.T. Skaggs, R. Solis Rosales, H.-P. Spahn, N. Thompson, H.-M. Trautwein, K. Tribe