John Maynard Keynes (1883-1946) is perhaps the foremost economic thinker of the twentieth century. On economic theory, he ranks with Adam Smith and Karl Marx; and his impact on how economics was practiced, from the Great Depression to the 1970s, was unmatched. The General Theory of Employment, Interest and Money was first published in 1936. But its ideas had been forming for decades ? as a student at Cambridge, Keynes had written to a friend of his love for 'Free Trade and free thought'. Keynes's limpid style, concise prose, and vivid descriptions have helped to keep his ideas alive - as have the novelty and clarity, at times even the ambiguity, of his macroeconomic vision. He was troubled, above all, by high unemployment rates and large disparities in wealth and income. Only by curbing both, he thought, could individualism, 'the most powerful instrument to better the future', be safeguarded. The twenty-first century may yet prove him right. In The Economic Consequences of the Peace (1919), Keynes elegantly and acutely exposes the folly of imposing austerity on a defeated and struggling nation.

Plato was the first of the great thinkers to integrate the economy into a wide-ranging synthesis of ethical absolutes and human interaction. In this original and stimulating book, David Reisman assesses his influential contribution to the political economy of production, consumption, distribution and exchange. Drawing on the whole of Plato's published work, this book explores Plato's insights into the core philosophical concerns of stability, hegemony, justice and balance. It situates Plato's economics in the context of fourth century Athens. It argues that the transition from oligarchy to democracy in the wake of the disastrous war with Sparta had reinforced the attraction of justice, moderation and the middle way to a political philosopher who wanted to reverse the decay in popular standards of right and wrong. Analytical but accessible, this book is crucial reading for students and scholars of economic and social thought. Researchers and practitioners interested in social and public policy will also benefit from this book's comprehensive and interdisciplinary approach.

This Encyclopedia is an invaluable reference book for post-Keynesian and heterodox economics. It consists of 300 entries, written by 180 different authors. The volume includes entries on key concepts of interest to post-Keynesians as well as descriptions of some of the seminal books in the post-Keynesian tradition. It will interest both students and scholars of heterodox economics, as well as policy makers around the world looking for a better alternative to mainstream economic policies at national and international levels in the aftermath of the global financial crisis that burst in 2008 and the COVID-19 pandemic crisis that began in 2020. Key Features: Offers a non-conventional understanding of economic analysis on a number of key economic topics Provides a deep and convincing criticism of orthodox thinking Explains how money, banking and finance are crucial elements of economics today Addresses the roots of the 2008 global financial crisis Points out the importance of sound economic policies Presents the essence of the subject matter concisely This comprehensive reference work will be a key tool to students, scholars, policy makers and anyone else seeking to understand the world economy through the important lens of post-Keynesian thought.

Presenting a wide range of topics and written 150 years since Carl Menger’s Principles of Economics was published, this timely book reviews Menger’s life and theories and explains how his insights on the creation of money are still inspiring and relevant today.   Highlighting state-of-the-art results on Menger’s methodology and economic theory, the book expertly analyses key topics such as the debt theory of money, capital wealth and the gender wage gap. Chapters also cover up-to-date topics such as Bitcoin and technological progress reinvigorating the study of Menger’s philosophies and their application for future work in economics and the history of economic thought.   Comprehensive in its approach, this book will provide an excellent addition to the mainstream literature for scholars and students of economics, Austrian economics and the philosophy of economics. Researchers interested in economic development and other areas such as Bitcoin will find this an excellent resource for their research.

Exploring the modern approach to the economics of happiness, which came about with the Easterlin Paradox, this book analyses and assesses the idea that as a country gets richer the happiness of its citizens remains the same. The book moves through three distinct pillars of study in the field: first analysing the historical and philosophical foundations of the debate; then the methodological and measurements issues and their political implications; and finally empirical applications and discussion about what determines a happy life. A Modern Guide to the Economics of Happiness extends the concept of happiness to that of wellbeing, offering an inquiry into well-being within the paradigm of complex systems. It draws together both recent developments in studies on the economics of happiness as well as its historical roots, covering the concept of Eudaimonia, Aristotle's theories and the important contribution of Italian economists. Critical case studies look at the relationship between physical activity and wellbeing, the value of family for life satisfaction, and the role of social capital for migrant acceptance. An invigorating read for economics and psychology scholars, this book will also be of interest to those researching welfare and development economics.

Economic theories can be expressed in words, numbers, graphs and symbols. The existing traditional economics textbooks cover all four methods, but the general focus is often more on writing about the theory and methods, with few practical examples. With an increasing number of universities having introduced mathematical economics at undergraduate level, Basic mathematics for economic students aims to fill this gap in the field. Basic mathematics for economic students begins with a comprehensive chapter on basic mathematical concepts and methods (suitable for self-study, revision or tutorial purposes) to ensure that students have the necessary foundation. The book is written in an accessible style and is extremely practical. Numerous mathematical economics examples and exercises are provided as well as fully worked solutions using numbers, graphs and symbols. Basic mathematics for economic students is aimed at all economics students. It focuses on quantitative aspects and especially complements the two highly popular theoretical economics textbooks Understanding microeconomics and Understanding macroeconomics, both written by Philip Mohr and published by Van Schaik.

In a series of in-depth interviews with leading economists and policy-makers from different schools including Austrian, Monetarist, New-Keynesian, Post-Keynesian, Modern Monetary Theory, Marxist and Institutionalist, this intriguing book sheds light upon the behaviour of economists and the sociology of the economics profession by enabling economists to express their views on a wide range of issues. Exploring why the aftermath of the 2008 global financial crisis did not pave the way for an uptake in heterodox economic approaches, these key thinkers consider why mainstream economics still reigns supreme and explore whether an alternative approach can be developed to rival it. The most important issues facing the discipline are addressed, and the book offers a particular focus upon the extent to which radical economists can work together to provide a genuine alternative to orthodoxy. The analytical responses to important questions posed to each interviewee make this a critical read for practising economists both inside and outside of academia. It will also be a thought-provoking book for economics students focusing both on orthodox and heterodox viewpoints, as it offers important insights to the nuances between a vast range of different schools of 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. Forward thinking and provocative, this Research Agenda demonstrates different approaches to the field from experts focusing on global and local, and historical and contemporary issues. It asserts that critical political economists differ from their mainstream counterparts through the variety of methods they use and the questions they pose. Eminent global scholars examine a diverse selection of interdisciplinary themes, raising questions surrounding future research in the area, offering examples and linking the theory to its implications for practice and policy. Chapters explore economic growth and the ideology of development, sweatshop economics, experimental economics, the land question in urban economics, money and finance, and thinking beyond capitalism with the solidarity economy. A Research Agenda for Critical Political Economy will be a fascinating read for students and scholars of political economy, political science and economics. With case studies and practical examples of the application of the topic, it will also be an invigorating read for economists and policy makers looking for alternative approaches to the field.

Presenting an in-depth overview of the foundations and developments of post-Keynesian macroeconomics since Kalecki and Keynes, this timely book develops a comprehensive post-Keynesian macroeconomic model with the respective macroeconomic policy mix for achieving non-inflationary full employment. The different versions of the model for closed and open economies are concerned with the key areas of macroeconomics, such as full employment, constant inflation and external balance. Eckhard Hein expertly illustrates how to embed these post-Keynesian macroeconomics and macroeconomic policies into the post-Keynesian research programme more generally, whilst also providing a review of its methods and historical roots. Furthermore, the book links post-Keynesian short-run macroeconomics to long-run distribution and growth theories. Finally, it applies these theoretical approaches to the current research on macroeconomic regimes and regime changes within finance-dominated capitalism and on the macroeconomic challenges of the ecological crisis and of the required socio-ecological transformation. This book will be a crucial read for academics and graduate students interested in post-Keynesian macroeconomics. Providing a thought-provoking alternative to orthodox economic policies, this will also be of interest to policy advisers and politicians.

This comprehensive and stimulating Handbook examines the contribution of political economy to public policy. It provides an overview of several strands of critical political economy, supported by case studies from OECD countries, Latin America, South Africa, and South and East Asia. With discussions on key theories of political economy, the Handbook introduces cultural and feminist political economies, engaging critically with ordoliberalism and New Public Management. Chapters feature discussions on political economic approaches to the global division of labor, financialization and dispossession in Latin America, ecological perspectives on sustainability in China, global exploitation chains in agriculture, and postcolonial criticisms of economic development. The Handbook concludes with an exploration of the relationship between political economy and social policy, global health, and public policies. Providing a combination of critical engagement with the various theories of political economy and their application to key economic policies, this will be essential reading for students and academics in comparative politics, economics and finance, international relations, political economy, public policy, and political science. Policymakers interested in addressing socially and environmentally unsustainable practices will also find this an illuminating and informative resource.

This accessible guide to the rapidly growing and interdisciplinary field of modern economic sociology offers critical insights into its fundamental concepts and developments. International in scope, contributions from leading economic sociologists and sociologically-minded economists explore the intersections and implications for theory and empirical research in both disciplines. A Modern Guide to Economic Sociology positions contemporary studies in relation to earlier developments, highlighting the importance of understanding how stages of economic sociology have corresponded and converged with institutional, social, political and behavioural economics over time. Chapters offer a broad range of perspectives of topical and pressing themes including: wealth inequality, unsustainable development, ethical consumption, society and work, institutions and the economy, and society and entrepreneurship. Covering both empirical and theoretical aspects of the field, this book will benefit economic sociologists as well as economic sociology students. It will also be an important read for both economics and sociology students looking to better understand the interactions between the two fields and how they depend upon and advance one another.

'This wise and lucid guide to pluralism in economics embodies the values of its cause. Generous, open-minded, fair, accurate and accessible: John Harvey's new book is a fine achievement that every economics major should read.' - James K. Galbraith, The University of Texas at Austin, USJohn Harvey's accessible book provides a non-technical yet rigorous introduction to various schools of thought in economics. Premised on the idea that economic thinking has been stunted by the almost complete rejection of anything outside the mainstream, the author hopes that this volume will open readers' minds and lead them in new and productive directions. In his exploration of Neoclassical, Marxist, Austrian, Post Keynesian, Institutionalist, New Institutionalist and Feminist schools of thought, unique features of each approach are highlighted, complemented by discussions of methodology, world views, popular themes, and current activities. Accurate and impartial, every chapter covering a heterodox school of thought has been vetted by an acknowledged expert in that field. Though written for use in undergraduate courses, this guide will no doubt offer a great deal to any scholar wishing to gain a fresh perspective and greater understanding of the variety and breadth of current economic thinking.

Combining theoretical and practical aspects of policy analysis, this book evaluates actual and proposed policy reforms to income tax and transfer systems, using a behavioural tax microsimulation model. It highlights how these models allow for the full details of tax systems and the considerable population heterogeneity that is found in practice. John Creedy and Penny Mok look at how such models can be used to obtain summary measures that are relevant in tax debates. These include elasticities of labour supply and measures of the welfare effects of tax changes, in terms of excess burdens. Chapters further examine how models can be used to search systematically, across a range of policy changes, for revenue-neutral reforms which result in an improvement, in terms of an explicit evaluation function. This will be a timely read for students of public finance, welfare and labour economics. The careful attention paid to metrics used in policy evaluations will also make this a useful book for researchers and policy advisors concerned with income taxation, social transfers, inequality and poverty measurement.

Taking an innovative look at the origins of economics, this forward-thinking book relocates economics from a materialistic general theory of rational action into an idealistic theory of social organization and individual action. Adding new insightful analytical methods such as complexity theory, graph theory and computational modelling to the original insights of the Scottish Enlightenment, Richard Wagner explores economics in an ever-changing society, looking at the key civilizing processes and the important social questions. Rethinking Economics as Social Theory moves away from the traditional review of analytical exercises and associated data and illustrates an enlightening scheme of thought where human societies are heterogeneous and not homogeneous and where change is continually in motion. Furthermore, Wagner theorises that economizing is a universal form of human action that plays out in numerous substantive directions and shows cooperation and conflict to have a yin-and-yang relationship. This illuminating book will prove an excellent resource for economists interested in working outside of comparative statics as well as social scientists looking for a broader vision of economics. Philosophers and those working in the field of biological sciences will also find this an informative read.

The twenty-first century has seen major challenges to freedom and democracy. Authoritarianism is on the rise and democracy is in retreat. Some promote individualism and markets as the solution to almost every problem. On the other side there are those who champion collectivism and full public ownership. Neither side is convincing. Unrestrained capitalism has exacerbated inequality. Socialism in practice has ended democracy. Effective defenders of liberty and human flourishing must find a different course. This book argues for a pragmatic, social democratic liberalism that avoids unrealistic extremes and tackles major problems such as inequality and climate change. This book is a topical and powerful statement of social democratic liberalism. It will be of interest to anyone concerned about modern politics, including those in universities and political parties

Keynes' macroeconomic revolution is based on his microfoundations of economic behavior derived from 'casual' observations but impressively substantiated by rigorous research in behavioral economics and neurology. Ronald Schettkat argues that the allegation of the missing microfoundations in Keynes' theory is false. Instead, both Keynes' theory and behavioral economics relate to humans in 'the economy we live in', differing substantially in their fundamentals from the neoclassical model. Showing that Keynes' micro has much in common with Behavioral Economics, the book starts with the fundamentals ranging from the methodological approach to economics as a real versus an axiomatic science and the consequences for knowledge building methods (interviews, observations, experiments), the rationality and equilibrium concepts to the functioning of markets, before delving into the topics in greater detail. Providing a thorough theoretical grounding in economics, this book will be a discerning read for economists, students of economics, political science, sociology and psychology as well as for the general public.

Unlike some other reproductions of classic texts (1) We have not used OCR(Optical Character Recognition), as this leads to bad quality books with introduced typos. (2) In books where there are images such as portraits, maps, sketches etc We have endeavoured to keep the quality of these images, so they represent accurately the original artefact. Although occasionally there may be certain imperfections with these old texts, we feel they deserve to be made available for future generations to enjoy.

Unlike some other reproductions of classic texts (1) We have not used OCR(Optical Character Recognition), as this leads to bad quality books with introduced typos. (2) In books where there are images such as portraits, maps, sketches etc We have endeavoured to keep the quality of these images, so they represent accurately the original artefact. Although occasionally there may be certain imperfections with these old texts, we feel they deserve to be made available for future generations to enjoy.

Unlike some other reproductions of classic texts (1) We have not used OCR(Optical Character Recognition), as this leads to bad quality books with introduced typos. (2) In books where there are images such as portraits, maps, sketches etc We have endeavoured to keep the quality of these images, so they represent accurately the original artefact. Although occasionally there may be certain imperfections with these old texts, we feel they deserve to be made available for future generations to enjoy.

Unlike some other reproductions of classic texts (1) We have not used OCR(Optical Character Recognition), as this leads to bad quality books with introduced typos. (2) In books where there are images such as portraits, maps, sketches etc We have endeavoured to keep the quality of these images, so they represent accurately the original artefact. Although occasionally there may be certain imperfections with these old texts, we feel they deserve to be made available for future generations to enjoy.

This book revolves around the idea that capitalism is not a democratic system and that a system of producer cooperatives, or democratically managed enterprises, gives rise to a new mode of production which is authentically socialist in essence and fully consistent with the ultimate rationale underlying Marx's theoretical approach. The author argues that the cooperative firm system outlined in this book offers a rich array of non-economic benefits that justify its classification as a 'genuinely socialist' entity, with real potential for achieving true economic democracy. This book will be required reading for all economists who are not content with the current capitalist economic system, and yet will still provide intriguing and thought-provoking insights for those who are.

Taxes on the wealthy are a topic sure to incite venomous rants from both right-wing and left-wing ideologues. The topic attracts conflicting interpretations and policy recommendations, and generates proposals for tax reform that consume political debate. All this activity takes place against an opaque backdrop of empirical evidence dealing with the distribution of wealth and income, and tax avoidance and tax evasion by corporations and wealthy individuals. Rethinking Wealth and Taxes explores these problems and considers the possibilities for increasing taxes on wealth to address the increasingly unequal distribution of wealth, and income. Concerned with exploring the implications of globalization for government revenue policy and increasing inequality in wealth and income, it identifies the connection between ongoing inequality and the ability of the wealthy to avoid income taxes by exploiting differential treatment of capital income and wage income. The author explores the various ways in which the emergence of globalization has impacted the traditional national model of raising income tax revenue. He then offers policy recommendations that shift government revenue sources to taxes that are difficult for the wealthy to avoid and that better capture the goals of vertical and horizontal tax equity. This book will appeal to those directly involved in industry and public policy and may be used in university courses at all levels in public finance, financial economics, actuarial science and management. It will also be of interest to research libraries, individuals working in government and readers in the general public curious about topics such as 'the one percent'.

This Modern Guide explores central ideas, concepts, and themes in the Austrian school of economics, with a focus on how both the school and the overall theory have evolved over recent decades. Leading scholars offer their insights into potential directions of future research in the field, pointing towards contemporary debates and their potential conclusions, underdeveloped aspects and extensions of theory, and current applications of interest. Spanning theories of entrepreneurship to the theory of the business cycle, from methodology to sociology, and from cryptocurrencies to culture, this clear and concise Modern Guide provides an expert curation of the topic. Chapters offer an overview of the present state of scholarship in the field, including discussions on praxeology, the function of entrepreneurship in the market process, spontaneous orders, the Austrian theory of money, and banking. Written in an accessible style, this will be an invigorating read for economics scholars looking for an alternative to mainstream approaches. It will also be useful for scholars and practitioners seeking an introduction to Austrian economics.

Cultural economics deals with many aspects of the creative economy including the art market, heritage, live performing arts and cultural industries. Teaching Cultural Economics introduces the range and scope of these subjects through short chapters by experienced teachers who are expert in the topic of their chapters. The guide starts out with chapters on the experience of teaching cultural economics by leading exponents in the field. Chapters then follow grouped by general topic: financing cultural production, artists' labour markets, consumer behaviour in the cultural sector, digitisation and copyright and case studies of creative industries. The breadth of material provided within these pages is invaluable to teachers who wish to offer courses in cultural economics and are seeking guidance for developing a new course, as well as for teachers who are already teaching cultural economics and are seeking inspiration for new case studies. The material can also be used by teachers of other courses who wish to teach cultural economics as part of their curriculum. Contributors include: V. Ateca-Amestoy, H. Bakhshi, A. Baldin, F. Benhamou, T. Bille, E. Bjornsen, R. Buijze, S. Cameron, L. Champarnaud, D.C. Chisholm, M.J. del Barrio-Tellado, L. Delomeaux, J. Denis, P. Di Caro, L. Di Gaetano, J. Farchy, K. Goto, C. Handke, S.J.C. Hemels, L.C. Herrero- Prieto, P. Kaszynska, E. Lazzaro, I. Mazza, J. McKenzie, A. Mignosa, T. Navarrete, T. Orme, G. Pignataro, I. Rizzo, B. Seaman, R. Towse

Offering a critical analysis of the UK political system, Tragedy of Riches argues that politicians over the past twenty years have changed our economic destiny for the worse. The corresponding demise of ideology means that there can be no great improvement in the British economy without fundamental political change. Stephen Barber introduces the concept of the `mixed economic settlement'; the argument that the policy mix in which Europe and the United States operates is forged in three contrasting forms of liberalism to have emerged in the post-war West: economic, welfare and social liberalism. He describes how our single-minded pursuit of prosperity has constrained politics from being a force for good. The book argues that the present economic policies of the UK government are unsustainable and, if they are to tackle the difficult issues of modern society, politicians and communities alike need to face up to this truth.