Donald W. Katzner explores concepts, their properties, and the implications of those properties that underlie many of the current approaches to the economics of firm organization. The book examines these matters in important new ways and in ways that have not been fully considered in the existing literature. Topics covered include authority structures, the social interaction (including supervision) among employees required to fulfill the responsibilities of their jobs, participatory decision making to the extent that it occurs, the impact of time, and certain kinds of complexity and efficiency, all of which are fundamental to analyses of the internal organization of the economic firm. The author provides a clear and extensive presentation of the basic ideas, and examines how they relate to the firm's operation and profitability. He also develops and employs measures of the dimensions of pyramidal authority structures and analyzes the relationship between them. This book should be of interest to graduate students and scholars interested in the economic fundamentals of firm organization. It is relevant for an introductory graduate course in organization theory in economics departments and business schools. It will also appeal to scholars in such fields as sociology and psychology who work in organization theory from the perspective of their own disciplines.

Contemporary capitalism is always evolving. From digital technologies to cryptocurrencies, current trends in political economy are much discussed, but often little understood. So where can we turn for clarity? As Michael Roberts and Guglielmo Carchedi argue, new trends don't necessarily call for new theory. In Capitalism in the 21st Century, the authors show how Marx's law of value explains numerous issues in our modern world. In both advanced economies and the periphery, value theory provides a piercing analytical framework through which we can approach topics as varied as labour, profitability, automation and AI, the environment, nature and ecology, the role of China, imperialism and the state. This is an ambitious work that will appeal to both heterodox economists and labour movement activists alike, as it demonstrates the ongoing contemporary relevance of Marxist theory to current trends in political economy.

Tom Palley has made a significant contribution to understanding the meaning and significance of neoliberalism. This chronicle collects some of his best work to explain how global adoption of neoliberal policies over the past thirty years has increased income inequality and created tendencies to stagnation. The book explores the impact of neoliberal policies on the US, Europe, and global economy. It shows how the 2008 financial crisis and Great Recession were predictable outcomes of the neoliberal policy experiment, as is the emergence of global "race to the bottom" competition. It also explains how Europe's economic fragility is connected to the neoliberal design of the euro. Neoliberalism creates a particular variety of capitalism. It is a political choice. That means society is tacitly engaged in a "war of ideas", the outcome of which will determine our future political economic trajectory. Students, scholars, and readers in economics and political science will find this rich collection illuminating in their efforts to better understand the policy matrix that currently dominates the political landscape.

Part of the Elgar Series on Central Banking and Monetary Policy, this book explores the relationship between central banking, monetary policy and the economy at large. It focuses on the specific relationship between central banking, monetary policy and the environment as central banks wake up to new realities. The book examines not only the impact of changes in interest rates on the environment, but also the impact that the environment and climate change have on monetary policy. New green policies are proposed for central banks to implement as they move forward and navigate the pitfalls of climate change. Scholars and students interested in central banking, monetary policy and the environment will appreciate this take on Central Banking, Monetary Policy and the Environment.

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

In this fascinating book, Imad A. Moosa challenges existing preconceptions surrounding normative economics, arguing that what some economists see as undisputed facts of life may be myths caused by dogmatic thinking. With this in mind, Moosa argues that the alleged puzzles found in the economics and finance literature are not puzzles at all, because they can be explained intuitively, without the need for complex models or the extravaganza of econometrics. Plausible explanations are suggested for puzzles in various areas of economics and finance, such as the home bias puzzle, the PPP puzzle and the presidential puzzle. The author explains why some common beliefs are, in fact, myths, including those of the power of the market, inefficiency of the public sector and the use of low-interest policy to combat the depression caused by the Covid-19 outbreak. Controversies in Economics and Finance is a thought-provoking and stimulating read that exposes common flaws in economic analysis. It will be of great benefit to academics, graduate students and policy-makers looking to understand the limits of economic analysis.

Economic theory and philosophy have discussed concepts of fairness, but the criteria of fairness are in each case absolute: a situation is either fair or it is not. This book draws on these literatures to propose two criteria of relative fairness, and a hierarchical rule for the priority of application of these criteria, with a view to comparison of practicable alternatives in public policy. A veil-of-ignorance device of representation of rational fairness is used to argue that these criteria are normatively relevant. Applications to intergenerational fairness, fairness among regions in the context of migration, externalities and Pigovian taxes, to fair prices and wages, and to relative fairness in the status of racial and caste groups are sketched. The book is designed with real world public policy practice. Scholars with an interest in the economic evaluation of public policy will find this compelling book essential reading.

'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.

Since Garrett Hardin published 'The Tragedy of the Commons' in 1968, critics have argued that population growth and capitalism contribute to overuse of natural resources and degradation of the global environment. They propose coercive, state-centric solutions. This book offers an alternative view. Employing insights from new institutional economics, the authors argue that property rights, competitive markets, polycentric political institutions, and social institutions such as trust, patience and individualism enable society to conserve natural resources and mitigate harms to the global environment. The authors support their argument by considering several types of commons: forests, fisheries, minerals, and the global environment. The central lesson of these empirical studies is that following a simple set of rules - definition and enforcement of property rights in response to local conditions, creating and maintaining democracy at the local level, and establishing markets to allocate resources - improves ecological and environmental sustainability. This book will appeal to scholars of natural resources, economics, political science and public policy as well as policymakers who are interested in environmental governance and the ways markets contribute to sustainability.

Over the last 25 years, nearly two billion people across the globe have risen out of poverty and income levels have risen worldwide. Yet in the US, the top 1% earn twice the amount of income as the poorest 50% of the population. In the midst of rising prosperity, economic dissatisfaction--driven by the persistent fear felt by many that they are ''falling behind''--is higher than at any point since the 1930s. In Understanding Economic Inequality, the author brings an economist's perspective informed by new, groundbreaking research on inequality from philosophy, sociology, psychology, and political science and presents it in a form that it is accessible to those who want to understand our world, our society, our politics, our paychecks, and our neighbors' paychecks better. As any history of the 21st century would be incomplete without understanding ''the 99% versus the 1%'', the insights provided by the author will prove valuable to any reader. This book also provides the foundation for undergraduate courses on wealth and income inequality, and an essential reading for introductory economics, labor economics, public policy, law, or sociology courses.

This wide-ranging set of papers deals with crucial questions in economic theory, economic policy and economic history. The papers help explain why economic performance deteriorated dramatically in the West over the past three decades as the ''Golden Age'' of capitalism after World War II was replaced by global neoliberal capitalism. They show that theoretical frameworks rooted in the radical and heterodox traditions can explain this evolution and the current global economic and financial crisis, something mainstream theories cannot do. Topics include but are not limited to: methodology: a critique of ''positivism'' is used to explain why mainstream reliance on fairy-tale assumptions should be replaced by realistic assumption sets as argued by Marx and Keynes Marx, Keynes and Minsky on financial market instability versus mainstream theories of ''efficient'' financial markets how Keynes's assumption that the future is unknowable revolutionized not only macro theory but the micro theory of agent choice as well structural causes of the current global financial crisis how innovative theories of competition, globalization, capital investment and financialization inspired by Marx, Keynes and Schumpeter can be used to explain the crisis tendencies of neoliberal capitalism the influence of class conflict on economic policy, including in the current ''austerity'' regimes. The papers in this book should be of interest to most economists and can be used in both graduate and upper level undergraduate courses. Many of these papers are accessible to anyone who reads the business press.

2019 marked the 40th anniversary of the publication of Anthony P. Thirlwall's classic paper that laid out what became known as Thirlwall''s law. This article introduced and provided empirical evidence in favor of the proposition that the long-run rate of growth of an economy compatible with balance-of-payments equilibrium can be approximated by the simple rule of the ratio of the growth of exports to the income elasticity of demand for imports. Thirlwall's law provides a theoretical underpinning for several of the arguments traditionally espoused by the heterodox followers of Keynes. In addition, Thirlwall's law can also be viewed as a guide to policy-making. It has spurred a rich research agenda at both the theoretical and empirical levels. Theoretically the core model has been extended to include the different components of the current account of the balance of payments. Empirically, it has withstood the test of time and has been corroborated, with perhaps a few exceptions, for a variety of developed and developing countries under different historical contexts and different periods of time. This re-release of the special issue of the Review of Keynesian Economics brings together experts and researchers to present the latest developments and debates on Thirlwall's law. Students, economists and policy makers will find this volume enlightening.

Innovative in its approach, Rethinking Public Choice reviews the concept of public choice since the 1950s post-war period and the application of economics to political practices and institutions, as well as its evolution in recent years attracting contributions from political science and philosophy. Examining the growing variety of theoretical orientations on the topic, such as entangled political economy and additive political economy, the book provides new analytical insights into combining the old and new to establish a more unified political economy. Richard E. Wagner expertly highlights the key issues an entangled economy can bring, including incomplete information and its constant evolution as it reflects ever changing public choice ideas. Wagner seeks to extend the reach of public choice by distinguishing the formal idea of rationality that has dominated public choice from the immensely varied practice of human action that opens up now directions for public choice. This insightful approach will prove an excellent resource for academics and scholars of economics and political science, as well as those within the field of public administration as it offers an excellent blend of all subjects.

The original contributions in this Handbook provide an introduction to the application of Austrian economics to law. The book begins with chapters on the methodology of law and economics before moving on to chapters which discuss key concepts in Austrian economics such as; dynamic competitive processes, spontaneous order, subjective value, entrepreneurship, and the limited nature of individual knowledge - as they relate to topics in evolutionary law and basic law. This book presents contributions from both economists and legal scholars on topics ranging from methodology of analysis and the evolution of contemporary legal practice, to the teachings of basic law. Taken as a whole, this Handbook provides a strong overview of contemporary research in the Austrian school of law and economics. It is an approach that reflects both the examination of how alternative legal arrangements impact economic performance, and how to use the tools of basic economic reasoning to study the operation of legal rules. Scholars working in the fields of law, jurisprudence, economics, and public policy will find this an important resource on the cutting edge of Austrian political economy in application to law and economics. Contributors include: B.L. Benson, P.J. Boettke, D.J. Boudreaux, H.N. Butler, E.R. Claeys, C.J. Coyne, M. DeBow, M.T. Henderson, S. Horwitz, P.G. Klein, M. Krause, T.A. Lambert, P.T. Leeson, J. Parker, G.J. Postema, S. Rajagopalan, D. Skarbek, E.P. Stringham, R.E. Wagner, T.J. Zywicki

Countering the claims that competition contradicts and undermines ethical thought processes and actions, Christoph Lutge successfully argues that competition and ethics do not necessarily have to oppose one another. He highlights how intensified competition can in fact work in favour of ethical goals, and that many criticisms of competition stem from an out-dated understanding of how modern societies and economies function. Illustrating this view with examples from ecology, healthcare and education, the author calls for a more entrepreneurial spirit in analysing the relationship between competition and ethics. This book delivers important arguments for the ethics of innovation, using a combination of theoretical and practical evidence to support it. Researchers and scholars of economics, business, philosophy and politics will greatly benefit from the fresh interdisciplinary perspectives and thorough exploration of the complex relationship between modern competition and ethics.

Post-Keynesian Monetary Theory recaps Marc Lavoie's views on monetary theory over a 35-year period, seen from a post-Keynesian perspective. The book contains a collection of twenty previously published papers, as well as an introduction which explains how these papers came about and how they were received. All of the selected articles avoid mathematical formalism. Readers will find analyses of the earlier advocates of endogenous money such as Nicholas Kaldor and Jacques Le Bourva. They will discover how the arguments in support of the post-Keynesian theory of endogenous money and the credit view of banking have evolved through this 35-year period, and how they have been related to the new procedures pursued by central banks. All these essays show the relevance of the realistic post-Keynesian monetary theory in understanding the subprime and euro crises, quantitative easing and the distributional role of interest rates. Within these pages Marc Lavoie provides an overview of what has happened in post-Keynesian monetary economics over the last three and a half decades for students and scholars with interest in monetary economics, the horizontalist-structuralist debates and the recent history of economic 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. Providing a critical overview of cultural economics, this Research Agenda explores the current state of affairs in the field, suggesting methods of improvement for the coherency and progressiveness of future research. Situating work in this area in its historical context, Samuel Cameron draws together a range of international contributors to explore the development of cultural economics. Undertaking a thorough examination of matters of data quality, statistical methodology and the challenge of new developments in technology, chapters examine the different approaches to cultural economics. The book explores the myriad ways in which the topic has been neglected by mainstream economics, and examines reasons why it needs to be considered, evaluated and explored in more detail in our modern world. Current researchers in cultural economics, as well as cultural policies and leisure studies will find this book an invaluable read in exploring different ways to integrate cultural economics into mainstream studies. This Research Agenda will also be an invaluable aid for advanced students to create discussions suitable for essay topics and dissertations. Contributors include: S. Cameron, C. Peukert, J. Snowball, H. Sonnabend, M. Zieba

Based on recognition, evaluation, and exploitation of opportunities, entrepreneurship is a process that stimulates economic growth, provides us with new products and services, and serves as a solution to low unemployment rates. Hence, many governments encourage their citizens to embrace entrepreneurship as a strategy to mitigate unemployment, particularly youth and graduate unemployment. While studies show that entrepreneurship education has yielded positive results in Western countries, in other parts of the world it seems that most students still prefer to seek paid employment in their career of choice. Promoting Entrepreneurship to Reduce Graduate Unemployment seeks to expand understanding of the barriers that face graduates in becoming entrepreneurs in various countries, examining the role of educational institutions in promoting graduate entrepreneurship and evaluating governments as well as other schemes that promote graduate entrepreneurship. Although it will not be a panacea for all the obstacles that impede graduate entrepreneurship, it is hoped that this book will illuminate the entrepreneurship career path, serve as a platform for further diagnosis for reducing graduate unemployment, and highlight areas in need of further research. Covering topics such as entrepreneurial self-efficacy, career choice, and educated unemployment, it serves as a dynamic resource for educators, educational administration and faculty, government institutions, graduate students, student organizations, professionals, researchers, and academicians.

Responding to the growing importance of economic reasoning in legal scholarship, this innovative work provides an essential introduction to the economic tools which can usefully be employed in legal reasoning. It is geared specifically towards those without a great deal of exposure to economic thinking and provides law students, legal scholars and practitioners with a practical toolbox to shape their writing, understanding and case preparation. The book's clear focus on economic methods poses a refreshing change to conventional textbooks in this area, which tend to focus on content-related theories. Recognizing that it is often difficult to derive adequate conclusions for legal arguments without first understanding the methodological limitations of economic studies, this book provides a comprehensive coverage of the most important economic concepts in order to bridge this gap. These include: game theory public choice and social choice theory behavioural economics empirical research design basic statistics Owing to its concise and accessible style, Economic Methods for Lawyers will provide an invaluable companion for legal scholars or practitioners who wish to utilise economic methods for developing legal argument. Contributor include: M. Englerth, S. J. Goerg, S. Magen, A. Morell, N. Petersen, K.U. Schmolke, E.V. Towfigh

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. In recent years, an explosive rise in computing power and the digitization of data has allowed researchers in new institutional economics (NIE) to investigate questions that could never before be systematically analysed. This book explores key issues for future research in the field, analysing both traditional areas of focus in NIE and more recent areas of interest. Consisting of 30 concise chapters written by top NIE scholars, this Research Agenda probes issues at the forefront of NIE, including government, contracts, property rights, norms, culture, and beliefs. Analysing rapid changes in technology and the environment, such as the rise of social media and the effects of climate change in agriculture, this book offers unique insights into key contemporary issues. Written in non-technical terms, this book will inform and inspire students and those starting their careers in economics, law and political science. NIE scholars will also find the book invaluable in updating their understanding of crucial research questions and seeking new areas to explore. Contributors: J.S. Ahlquist, J.E. Aldy, D.W. Allen, J. Bednar, J.C. Cardenas, P. Castaneda Dower, R. Fernandez, S. Gehlbach, R. Gil, M.A. Golden, C. Guerriero, S. Iyer, P. Keefer, K. Kosec, R. Kunneke, C. Long, R. Macchiavello, K.J. Mayer, C. Menard, T. Mogues, M.W. Moszoro, B. Mueller, S. Oh, D. Parker, J. Prufer, P. Prufer, M. Servatka, M.M. Shirley, E. Simison, F. Sobbrio, J. Teorell, T. Terpstra, M. Vatiero, S. Voigt, S. Wallsten, G. Zanarone, D. Ziblatt

Olivier Blanchard, former chief economist of the International Monetary Fund (IMF), is author of one of the most important standard macroeconomics textbooks, which is used throughout the world. Endorsed by Blanchard himself, Anti-Blanchard Macroeconomics critically analyzes prevailing economic theory and policy in comparison with alternative approaches. This thoroughly revised edition represents a field of research that has developed through intense theoretical debates, continual empirical testing and the resultant disputes about economic policy. Emiliano Brancaccio and Andrea Califano succinctly explore the relationship between theoretical models and economic policies, providing readers with examples and empirical exercises, and showing how the conclusions of different theories can be empirically tested. This updated second edition examines the links between the issues at the core of macroeconomic debate, including economic growth, economic crises, labour market reforms, government debt sustainability, the behaviour of central banks and the stock market, among many others. Key features: Contains an analysis of the economic policies, consequences and theories surrounding the Covid-19 pandemic Examines the connection between contemporary issues in world politics, economic theory and policymaking It overcomes the typical contradiction between the opportunity to offer students a preliminary mainstream education and the need to nurture rather than crush their critical spirit It helps students to understand that economics is not a discipline that changes in a smooth, linear manner but, on the contrary, represents a dynamic field of research that develops through intense theoretical debate and continual empirical testing, and is shaped by the resultant disputes concerning economic policy Includes the typescript of a lively and informative debate between Emiliano Brancaccio and Olivier Blanchard, together with comparative economic policy examples.

This timely book analyses the elasticity of taxable income, a central concept in public finance with a rapidly growing wealth of literature. Combining original empirical research with rigorous theoretical modelling of tax revenue and optimal tax policy, this innovative study examines the complexities and new methods of estimating the elasticity of taxable income. Clarifying the role of the elasticity of taxable income in influencing total tax revenue in a complex multi-rate structure, John Creedy divides the change in revenue into various components to derive revenue-maximising rates. He examines the welfare effects and 'excess burden' of income taxation, and considers the role of the elasticity in 'optimal' tax rates and administrative policy aiming to reduce tax evasion. The book concludes with a discussion concerning the problems and various methods of elasticity estimation, including regression and bunching. With detailed illustrations to expand and engage, this will prove an invaluable read for students and scholars of economics, particularly those focusing on the economics of taxation and tax policy. The empirical analyses and practical insights will also benefit public sector economists and policy analysts concerned with tax design.