In this volume, Louis-Philippe Rochon and Hassan Bougrine bring together key post-Keynesian voices in an effort to push the boundaries of our understanding of banks, central banking, monetary policy and endogenous money. Issues such as interest rates, income distribution, stagnation and crises - both theoretical and empirical - are woven together and analysed by the many contributors to shed new light on them. The result is an alternative analysis of contemporary monetary economies, and the policies that are so needed to address the problems of today. Students and professors of economics, policymakers interested in alternative policies, academics and scholars in all fields will benefit from the explorations therein, and would also appreciate the companion publication, Economic Growth and Macroeconomic Stabilization Policies in Post-Keynesian Economics, also published by Edward Elgar Publishing. Contributors include: R. Bellofiore, H. Bougrine, J. Chen, L. Cordonnier, E. Correa, S. Dow, T. Ferguson, G. Fontana, C. Gnos, R. Guttmann, P.D. Jorgensen, P. Kriesler, E. Le Heron, J. Leclaire, V. Monvoisin, A. Parguez, E. Perez Caldentey, P. Petit, J.-F. Ponsot, L.-P. Rochon, S. Rossi, S. Thabet, J. Toporowski, M. Vernengo

Marx's Capital has of course been widely read; this revival of a systematic study by Geoffrey Pilling, originally published in 1980, argues powerfully that, in order to understand Capital fully, it is necessary to have read and understood Hegel's Logic. This argument leads to a detailed examination of the opening chapters of Capital, and a re-examination of their significance for the work as a whole.

Pilling emphasizes the fundamental nature of the break between Marx's Capital and all forms of classical political economy, and stresses the revolutionary nature of Marx's critique of political economy as one of the foundations of Capital. He also lays particular emphasis on the philosophical aspects of the work, so often neglected by British commentators, and puts forward the view that Marx's notion of fetishism, often looked upon as incidental to his work, is in fact central to his entire critique of political economy.

This outstanding collection of William Brock's essays illustrates the power of dynamic modelling to shed light on the forces for stability and instability in economic systems. The articles selected reflect his best work and are indicative both of the type of policy problem that he finds challenging and the complex methodology that he uses to solve them. Also included is an introduction by Brock to his own work, which helps tie together the main aspects of his research to date. The volume covers: * stochastic models and optimal growth * financial and macroeconomic modelling * ecology, mechanism design and regulation * nonlinearity in economics.

At the time of his death in 1989, Karl Brunner was known not only for his writings in monetary economics but also for his contributions to econometrics, the theory of man, logics and the analysis of sociopolitical problems. Between 1953 and 1989, Professor Brunner published over 200 articles and books, founded two leading academic journals - the Journal of Money, Credit and Banking, and the Journal of Monetary Economics - and organized numerous conferences. Economic Analysis and Political Ideology, the first volume of Karl Brunner's essays with an introduction by Nobel Laureate James M. Buchanan, reproduces articles dealing with Professor Brunner's socio-economic analysis. Providing insight into a man absorbed and preoccupied by economic scholarship, this volume includes papers ranging from economic policy, inflation, the place of religion in the social order and Keynes's sociopolitical vision to more personal writings on the author's quest for knowledge and the reasons underlying his fascination with economics. The second volume, Monetary Theory and Monetary Policy, with a foreword by Alan Meltzer, is published separately and deals with macroeconomic issues.

How does innovation emerge from normal economic activity? Economic Interdependence and Innovative Activity is an original new book which tries to answer this question by reconciling inter-industrial analysis with the study of innovation. This book provides a bridge between economic statics and the dynamics of growth and development. As well as offering important and original empirical data for Canada, France, Italy, Greece and China, the authors make a series of theoretical advances and propose a new way to observe the innovative process as well as new analytical tools to examine innovative activity. Their central thesis is that innovative outputs emerge out of increased social interaction, and division of labour through cooperative networks. An authoritative theoretical introduction and some thought-provoking conclusions have been prepared by Christian DeBresson. Economic Interdependence and Innovative Activity encourage input-output economists to encompass innovative activities in dynamic models and innovation researchers to look at technical interdependencies.

Is or has economics ever been the imperial social science? Could or should it ever be so? These are the central concerns of this book. It involves a critical reflection on the process of how economics became the way it is, in terms of a narrow and intolerant orthodoxy, that has, nonetheless, increasingly directed its attention to appropriating the subject matter of other social sciences through the process termed "economics imperialism." In other words, the book addresses the shifting boundaries between economics and the other social sciences as seen from the confines of the dismal science, with some reflection on the responses to the economic imperialists by other disciplines.

Significantly, an old economics imperialism is identified of the "as if market" style most closely associated with Gary Becker, the public choice theory of Buchanan and Tullock and cliometrics. But this has given way to a more "revolutionary" form of economics imperialism associated with the information-theoretic economics of Akerlof and Stiglitz, and the new institutional economics of Coase, Wiliamson and North. Embracing one "new" field after another, economics imperialism reaches its most extreme version in the form of "freakonomics," the economic theory of everything on the basis of the most shallow principles.

By way of contrast and as a guiding critical thread, a thorough review is offered of the appropriate principles underpinning political economy and its relationship to social science, and how these have been and continue to be deployed. The case is made for political economy with an interdisciplinary character, able to bridge the gap between economics and other social sciences, and draw upon and interrogate the nature of contemporary capitalism.

Modern theory has greatly influenced our reading of the history of economics. This third volume of Negishi's essays gathers together some of his most significant contributions to this subject, drawing as much from seminal works as from material now rarely obtainable. These essays reconsider economic thought in the light of modern theory, from Smith to Marx, and from Marshall to Keynes. Takashi Negishi discusses contributions made both in classical school and marginal revolution literature which are still significant to modern economic theory, and those heralding from Japan which have lacked exposure in the West. This volume will appeal not only to scholars in the history of economic thought, but more generally will interest those economists who are unsatisfied with the current state of economics.

In the spring on 2006, a workshop was held at Michigan State University to honour the career of A. Allan Schmid and his writings about how institutions evolve and how alternative institutions, including property rights, shape political relationships and impact economic performance. This edited book is the outcome of the workshop. It is a collection of original essays that explores several approaches to understanding the impact of alternative legal-economic institutions. The collection investigates questions such as: What are the similarities and differences among the various strands and approaches? Could parts of the different approaches be integrated to achieve greater insight into economic behaviour? Do different analytical problems require different approaches? Are the various strands of institutionalism actually saying the same things, but using different language and perspective? In gathering together authors who represent different approaches or strands of institutionalism, this book addresses several different issues such as transactions as the unit of observation, bounded rationality and learning, power issues embedded in the concept of efficiency, comparative empirical analysis, multiple equilibria and institutional diversity within a given environment, specification of institutional rules and structures, evolutionary perspectives, decentralized processes, and the significance of historical content.

Are humans fair by nature? Why do we often willingly trust strangers or cooperate with them even if those actions leave us vulnerable to exploitation? Does this natural inclination towards fairness or trust have implications in the market-place? Traditional economic theory would perhaps think not, perceiving human interaction as self-interested at heart. There is increasing evidence however that social norms and norm-driven behaviour such as a preference for fairness, generosity or trust have serious implications for economics. This book provides an easily accessible overview of economic experiments, specifically those that explore the role of fairness, generosity, trust and reciprocity in economic transactions.

Ananish Chaudhuri approaches a variety of economic issues and problems including:

• Pricing by firms
• Writing labour contracts between parties
• Marking voluntary contributions to charity,
• Addressing issues of environmental pollution,
• Providing micro-credit to small entrepreneurs,
• Resolving problems of coordination failure in organizations.

The book discusses how norm-driven behaviour can often lead to significantly different outcomes than those predicted by economic theories and these findings should in turn cause us to re-think how we approach economic analysis and policy.

Assuming no prior knowledge of economics and containing a variety of examples, this reader friendly volume will be perfect reading for people from a wide range of backgrounds including students and policy-makers. The book should appeal to economics undergraduates studying experimental economics, microeconomics or game theory as well as students in social psychology, organizational behaviour, management and other business related disciplines.

This book examines the economic issues of education from an unusually systematic and broad perspective. Although the book is soundly based in economic theory, it is not heavily mathematical.

Economic Dimensions in Education is designed to provide an introductory analysis of economic issues in education both in academic life and in the general community. Some of the issues discussed include the nature and reasons for public sector activity in education, the role education plays in providing skilled human resources for an economy, and the economic consequences of migration between countries of educated peoples. The book also deals with various aspects of demand: patterns of educational demand, individual demand for education as a form of social investment for the community, and supply aspects of education as related to types and sizes of educational establishments and problems of ensuring the efficient provision of education.

There has been a growing interest in the economic aspects of education. The considerable growth in the volume of educational activity is now at the point where today education is one of the largest industries in most countries and also one of the chief employers of highly skilled personnel. The recognition that education may have a significant influence on the employment and income opportunities and hence affect the distribution of income and wealth in society is also a factor. A final reason stems from the post-war emphasis on economic growth and development, with education playing an important role as a provider of skilled personnel for an economy.

This classic volume is comprehensive, clearly written, and will appeal to undergraduates and first-year graduate students. The treatment is firmly embedded in economic theory and is must reading for those professional economists concerned with education.

Economics has become a monolithic science, variously described as formalistic and autistic with neoclassical orthodoxy reigning supreme. So argue Dimitris Milonakis and Ben Fine in this new major work of critical recollection. The authors show how economics was once rich, diverse, multidimensional and pluralistic, and unravel the processes that lead to orthodoxy's current predicament. The book details how political economy became economics through the desocialisation and the dehistoricisation of the dismal science, accompanied by the separation of economics from the other social sciences, especially economic history and sociology. It is argued that recent attempts from within economics to address the social and the historical have failed to acknowledge long standing debates amongst economists, historians and other social scientists. This has resulted in an impoverished historical and social content within mainstream economics. The book ranges over the shifting role of the historical and the social in economic theory, the shifting boundaries between the economic and the non-economic, all within a methodological context. Schools of thought and individuals, that have been neglected or marginalised, are treated in full, including classical political economy and Marx, the German and British historical schools, American institutionalism, Weber and Schumpeter and their programme of Socialoekonomik, and the Austrian school. At the same time, developments within the mainstream tradition from marginalism through Marshall and Keynes to general equilibrium theory are also scrutinised, and the clashes between the various camps from the famous Methodenstreit to the fierce debates of the 1930s and beyond brought to the fore. The prime rationale underpinning this account drawn from the past is to put the case for political economy back on the agenda. This is done by treating economics as a social science once again, rather than as a positive science, as has been the inclination since the time of Jevons and Walras. It involves transcending the boundaries of the social sciences, but in a particular way that is in exactly the opposite direction now being taken by "economics imperialism". Drawing on the rich traditions of the past, the reintroduction and full incorporation of the social and the historical into the main corpus of political economy will be possible in the future.

This interdisciplinary collection examines the significance of constitutions in setting the terms and conditions upon which market economies operate. With some important exceptions, most notably from the tradition of Latin American constitutionalism, scholarship on constitutional law has paid negligible attention to questions of how constitutions relate to economic phenomena. A considerable body of literature has debated the due limits of the exercise of executive and legislative power, and discussions about legitimacy, democracy, and the adjudication of rights (civil and political, and socioeconomic) abound, yet scant attention has been paid by constitutional lawyers to the ways in which constitutions may protect and empower economic actors, and to how constitutions might influence the regulation and governance of specific markets. The contributors to this collection mobilize insights from other disciplines - including economic theory, history, and sociology - and consider the relationship between constitutional frameworks and bodies of law - including property law, criminal law, tax law, financial regulation, and human rights law - to advance understanding of how constitutions relate to markets and to the political economy. This book's analysis of the role constitutions play in shaping markets will appeal to scholars and students in law, economics, history, politics, and sociology.

The bestselling author of Crisis Economics argues that we are heading toward the worst economic catastrophe of our lifetimes, unless we can defend against ten terrifying threats. Renowned economist Nouriel Roubini was nicknamed "Dr. Doom," until his prediction of the 2008 housing crisis and Great Recession came true - when it was too late. Now he is back with a much scarier prediction, one that we ignore at our peril. There are no fewer than ten overlapping, interconnected threats that are so serious, he calls them Megathreats. From the worst debt crisis the world has ever seen, to governments pumping out too much money, to borders that are blocked to workers and to many shipments of goods, to the rise of a new superpower competition between China and the U.S., to climate change that strikes directly at our most populated cities, we are facing not one, not two, but ten causes of disaster. There is a slight chance we can avoid them, if we come to our senses - but we must act now. In the 1970s, the U.S. faced stagflation: high rates of inflation combined with stagnant employment and growth. Today, we are heading toward a Great Stagflation that will make the 1970s look like a walk in the park.

Economic theory reached its highest level of analytical power and depth in the middle of the nineteenth century among John Stuart Mill and his contemporaries. This book explains classical economics when it was at its height, followed by an analysis of what took place as a result of the ensuing Marginal and Keynesian Revolutions that have left economists less able to understand how economies operate. Chapters explore the false mythology that has obscured the arguments of classical economists, clouding to the point of near invisibility the theories they had developed. Steven Kates offers a thorough understanding of the operation of an economy within a classical framework, providing a new perspective for viewing modern economic theory from the outside. This provocative book not only explains the meaning of Say's Law in an accessible way, but also the origins of the Keynesian revolution and Keynes's pathway in writing The General Theory. It provides a new look at the classical theory of value at its height that was not based, as so many now wrongly believe, on the labour theory of value. A crucial read for economic policy-makers seeking to understand the operation of a market economy, this book should also be of keen interest to economists generally as well as scholars in the history of economic thought.

Adam Smith's contribution to economics is well-recognised but in recent years scholars have been exploring anew the multidisciplinary nature of his works. The Adam Smith Adam Smith's contribution to economics is well-recognized but in recent years scholars have been exploring anew the multidisciplinary nature of his works. The Adam Smith Review provides a unique forum for interdisciplinary debate on all aspects of Adam Smith's works, his place in history, and the significance of his writings for the modern world. It is aimed at facilitating debate between scholars working across the humanities and social sciences, thus emulating the transdisciplinary reach of the Enlightenment world which Smith helped to shape. The third volume of this refereed series contains contributions from a multidisciplinary range of specialists, including Anthony Brewer, Alexandra Hyard, Charles G. Leathers and J. Patrick Raines, F.P. Lock, D.D. Raphael, Pedro N. Teixeira, Gloria Vivenza, Jack Russell Weinstein, and Donald Winch, who discuss such themes as: * the influence of the Glasgow Edition of the Works and Correspondence of Adam Smith * interpreting the 'man of system' in the sixth edition of The Theory of Moral Sentiments * Adam Smith and education * Adam Smith's economics

Economic Theory and Policy in Context brings together a selection of R.D. Collison Black's essays on the relationships between economic theory and policy, viewed historically.Beginning with a series of essays concerned with economists and economic policy in nineteenth century Ireland, the volume continues with a section entitled 'In and Out of the Mainstream' featuring studies of the work of economists, both famous and obscure, which reflect their author's special interest in the relation between economics and biography. The final section on the economics of W.S. Jevons brings together papers which encouraged a revival of interest in that economist, including two which were previously unpublished. R.D. Collison Black is one of the very few economists who has used the tools of history to study the relationship of economic theory to policy in detail. Bringing together his most important work in one accessible volume, this collection of his essays will be welcomed by students and researchers in the history of economic thought.

As the Great Depression dragged on without a recovery, Americans were avid for anything that would help them to understand its causes and possible solutions. During this period, orthodox economists were largely discredited, both in the White House and among the public. Three of the most popular and influential figures of the period--Edward A. Rumely, Stuart Chase, and David Cushman Coyle--were not trained in economics. In Peddling Panaceas, Gary Dean Best analyzes their remedies for the Depression, their proposals for permanent economic reform, and their influence.Each of these men represented a principal economic faction within the New Deal. The inflationists within the New Deal found support from the Committee for the Nation, which was largely the creation of Edward Rumely. Rumely's committee was influential in the early New Deal, but largely passed into eclipse by early 1934. The planners within the New Deal were represented in popular magazines and books by Stuart Chase, who was an engineer and accountant before he began to expound on economics. An early advocate of collectivism, Chase's influence waned after the Supreme Court invalidated two early successes, the NRA and the AAA. David Cushman Coyle, a structural engineer who, like many engineers during the Depression, fancied himself an economist, may be taken as the voice of the followers of Supreme Court Justice Louis Brandeis within the New Deal. Always influential, they became more prominent after the invalidation of the NRA in 1935. These three popular economists not only influenced policy but also educated the American public about the Depression. Scarcely a month went by without an essay by Chase or Coyle in the popular magazines of the decade, and both were also prolific authors of books and pamphlets. Their views and influence help us understand the economic and political climate of the 1930s. Peddling Panaceas will be of interest to economists, cultural historians, political scientists, and sociologists.

This is a collection of previously published essays from Heinz D. Kurz and Neri Salvadori, prviding modern interpretations of the classical economists and comparing their analyses with that of contemporary mainstream economics.

Unravelling the complex relationship between gender inequality and trade, this is the first book to combine the tools of economic and gender analysis to examine the relationship between international trade and gender relations.

The book brings together fourteen contributions from a variety of economic perspectives, including structuralist, institutionalist, neoclassical and Post-Keynesian by a range of authors including Lourdes Beneria, William Darity, Marzia Fontana and Mariama Williams to demonstrate what feminist economics contribution to the analysis of international trade, through theoretical modelling, econometric analysis and policy-oriented contributions. It includes evidence from industrialized, semi-industrialized, and agrarian economies, using country case studies and cross-country analysis.

Arguing that trade expansion and reduction of gender inequality can be combined, but only if an appropriate mix and sequence of trade and other economic policies is implemented, this book is key reading for all students of international economics, gender and cultural studies and politics and international relations, amongst other disciplines.

An objective and perceptive account of the literature of monetary theory, this volume, by a central banker who has studied monetary theory over the last quarter of a century, clearly shows how its inherent complexity is much enriched by the study of its history. In three parts Filippo Cesarano: focuses on the innovative ideas of distinguished economists who anticipated modern theories, elaborating on them along lines that suggest original research programmes examines the impact of expectations on the effectiveness of monetary policy, illustrating how different assumptions within the classical paradigm lead to diverse hypotheses and policy design investigates the role of monetary theory in shaping monetary institutions. Deserving of a wide readership among both academic economists and monetary policy practitioners, this collection of essays is key reading for students and researchers engaged with monetary theory and the history of economics and policy makers seeking to weigh up the assumptions underlying different theories in order to select the models best suited to the problems they face.

Classical political economy rests on the assumption that the market and the family are overlapping and mutually dependent realms, dominated in turn by economic men and domestic women. Brian Cooper explores the role of economic theory in 'normalizing' the family in the first half of the nineteenth century. Drawing on a wide range of sources - novels, books on etiquette and statistical sources, as well as works of economics - the book examines the impacts of these different forms on contemporary debate.

eBook available with sample pages: 0203441850

Making sense of economists and their world in a persuasive and entertaining style, Arjo Klamer, the author of a number of influential books including Conversation with Economists and The Consequences of Economic Rhetoric, shows that economics is as much about how people interact as it is about the models, the mathematics, the econometrics, the theories and the ideas that come from the enormous aggregate of economics literature. Knowing and understanding economics requires both bookwork and mingling with other economists.

Viewing the subject as a collection of conversations, Klamer examines fundamental disagreements over the nature and purpose of the discipline, addressing how it is that a discipline that so permeates daily life is at once 'soft' and scientific, powerful and ignored, noble and disdained and in a reader-friendly style - without eschewing academic methodology demonstrates economics to be a living, breathing discipline rooted in the real world.

Whether you are a student, academician, journalist, practicing economist or interested outsider, Speaking of Economics will get you interested in a conversation about economics.

The long paper which gives the title to this collection and which has never before been published as paperback was initially an attempt to promote international academic understanding. The Economics Department at the London School of Economics had arranged a colloquy between two groups of Russian and British economists; and where the author asked to contribute a general survey of the present state of economic theory as taught in Western centers. For reasons, which are explained in the opening section, the author decided to adopt an historical approach; and the notes on which the present paper is based were the result.

The remainders of the papers have as their common denominator a continuing interest in the history of economic thought. Beginning with a lengthy critique of Schumpeter's magisterial "History of Economic Analysis," they range from an appraisal of Bentham's continuing relevance to a review of Robertson's "Lectures on Economic Principles," with some special attention to John Stuart Mill both as a human being and as an economist. They have been written at various times in the last thirty-five years; and minute scrutiny, if such were thought to be worthwhile--which of course it is not--might detect some variations of emphasis, particularly perhaps in the implicit valuations of Marshall and his contribution, in the papers on Wicksteed and "Schumpeter's History" respectively. But in spite of a certain shift of perspective here, the author thought it worthwhile to attempt substantial redrafting.

Apart from the correction of obvious inelegances or actual errors, the excision of some duplicating quotations and, in a few cases, the addition of supplementary material and references, the papers are reproduced as originally written. In each instance the author has given footnote acknowledgements of the place of original publication.

"Lionel Robbins" (1898-1984) was the first chancellor of the University of Stirling and chairman of the Court of Government of the London School of Economics. He was formerly professor of economics at the London School of Economics, chairman of the Committee on Higher Education, and president of the British Academy. He has written many books and articles.

F. A. Hayek's long-overlooked volume, was his most detailed work in economic theory. Originally published in 1941 when fashionable economic thought had shifted to John Maynard Keynes, Hayek's manifesto of capital theory is now available again for today's students and economists to discover. With a new introduction by Hayek expert Lawrence H. White, who firmly situates the book not only in historical and theoretical context but within Hayek's own life and his struggle to complete the manuscript, this edition commemorates the celebrated scholar's last major work in economics. Offering a detailed account of the equilibrium relationships between inputs and outputs in an economy, Hayek's stated objective was to make capital theory "useful for the analysis of the monetary phenomena of the real world." His ambitious goal was nothing less than to develop a capital theory that could be fully integrated into the business cycle theory.

This is a wonderful book to read that analyzes an idiosyncratic and polymath economist that hardly left his audiences or his readers indifferent. Those who knew Mark Blaug will recognize the man, the intellectual, the economist, and the historian of ideas in the chapters included in the volume. Those that never had the privilege to meet him will have the opportunity to understand why he became such a significant figure in economics over much of the second half of the twentieth century.' - Pedro Teixeira, University of Porto, Portugal'Mark Blaug was a nonpareil - a fine economist, an extraordinary scholar, an indefatigable editor, a generous colleague, a fierce debater. His passing was a sad loss for economics and for the history of economics. This volume, a kind of Mark Blaug in Retrospect, is a fitting memorial that, at once, captures his many parts and the wide range and depth of his thought.' - Kevin D. Hoover, Duke University, US and Editor of the History of Political Economy 'Mark Blaug was a short man with a great soul: he was a thinking person's economist with an uncanny ability to capture the big picture(s) in a few precise words. His zest for living expressed itself, in part, in his love of argument and the lifelong intellectual (and sometimes personal) mentoring of his interlocutors. The chapters in this volume, written by many of his former students and intellectual peers, lovingly and critically recall the man s life and his ideas. Jointly they introduce his wide-ranging views and interests to new generations of readers. They have the capacity to startle those of us who think we know.' - Eric Schliesser, Ghent University, Belgium 'Mark Blaug had an exceptional knowledge of the history of economics and a critical interest in the assumptions and judgements (often implicit) that underlie the work of economists past and present. The contributors to this volume illustrate the influence of Mark and his ideas, demonstrating their continuing relevance to all who recognise the powerful influence on the substantive content of economics of the methods by which it is developed and appraised.' - Brian Loasby, Stirling University, UK This book celebrates the immense contributions of Mark Blaug to every aspect of economics, a discipline in which his influence and relevance still resonate today, particularly in the field of the economics of education. This collection of eminent contributions discusses the ideas and works of Mark Blaug, who has made important and often pioneering contributions to economic history, economic methodology, the economics of education, development economics, cultural economics, economic theory and the history of economic thought. Besides these assessments of Blaug's influence and impact in these fields, this volume also contains a selection of personal portraits which depict him as a colleague, a friend and an opponent. Blaug was also a voracious reader and prolific writer, which is clearly evidenced by the comprehensive bibliography. A thought-provoking and stimulating collection of essays and dedications to Mark Blaug, this book will appeal to anyone interested in the history, culture and philosophy of economics. Contributors: R.E. Backhouse, M. Boumans, B. Caldwell, J.B. Davis, E. Dekker, V. Ginsburgh, C. Handke, D.W. Hands, G.M. Hodgson, M. Klaes, D. Laidler, R.G. Lipsey, H. Maas, J. Maloney, T. Mayer, A. Peacock, A. Salanti, R. Towse, J. Vromen