The theory of antimarket behavior proposes that economic behavior to escape or control market competition is a normal part of free enterprise. The most common state of economic competition in the modern economy reflects both market and antimarket forces. A better general economic model must include these dynamics, and normative economics must recognize the welfare implications of innovation and variety engendered by the ability to escape market forces. The theory of antimarket economics is supported with evidence from current events, expectations and information theory, public choice, and institutional, environmental and other economic fields.

The new economy, under the impetus of the ever-widening outreach of the Internet, is undergoing a transition. In the meantime, there's also been a shift to the information paradigm, with its emphasis on lack of foresight. These processes have almost completely supplanted the concept of market that was once one of the most cardinal features of conventional economic theory.

In "Toward a General Theory of Exchange: Strategic Decisions and Complexity," author Dr. Javaid R. Khwaja traces the slow melting of the market, the most ubiquitous contraption and the summum bonum of economic science, as an organized manifestation of complexity, with its wide-ranging impact on the flow of funds. Using the historical background of economic theories, this study blends the interdisciplinary range and fills the vacuum that has existed among current conventional economic theory, the theory of strategic decision making, actor-network theory, the domain of law and economics, and the science of complexity.

An observer of economic development for several decades, Khwaja shows the relationship between technology and economics and how it affects social exchanges and trends.

This three volume series of intellectual biography considers the life, work and impact on economic, social and political theory of the Italian economist, sociologist and political scientist Vilfredo Pareto (1848-1923). This volume covers the period starting from his childhood up to his early political activism, amateur journalism and initial scholarly contributions. His pre-Lausanne years are often neglected by students of Pareto, but form the intellectual and biographical background to his later contributions to economic, social and political theory.

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

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

This monograph critically reviews and updates real estate valuation theory, which is based on neoclassical economics, in light of developments in heterodox economic theory. Building on a comprehensive historical account of the evolution of value theory, the book uses new institutional economics theory and critical realism as lenses through which problems in standard valuation theory and practice are expatiated, and as the foundation for an alternative theory. The new theory is employed to explain major problems in real estate valuation that are beyond the capability of the standard theory, such as price bubbles in real estate markets, anchoring bias, client influence and valuation under uncertain market conditions.

The papers collected here deal with various topics in economic theory, ranging from preference and consumption, duality and production, equilibrium, capital, and growth, to the theory of social overhead capital. They all have a common theme: to try to formulate the working of economic forces in a capitalist economy in terms of mathematical models and to explore their static, dynamic, and welfare implications. Most of the papers were originally published during the 1960s and early 1970s.

Presenting a concise overview of the post-war decline in popularity of the Austrian school of economics and its subsequent revival in the late twentieth century, this updated second edition offers a theoretical and historical introduction to the ideas of the Austrian school and its intellectually distinguishing qualities. Featuring fresh and insightful comparisons between the Austrian school and other schools of thought, this enhanced second edition includes an expanded discussion on the evolution of the Austrian school in the 21st century. The Advanced Introduction considers the field's key originators and proponents and reflects on the acceleration in interest in the last two decades. Key features include: An illustration of the key arguments that have defined heterodox economics, including the Austrian school's role in the socialist calculation debate In-depth discussions of entrepreneurship and the role of the firm in the scholarship of the Austrian school New material relating Austrian economics to other schools of thought. Undergraduate and graduate students in economics and political science will find this Advanced Introduction indispensable for understanding the revival of the Austrian school. Policymakers will also benefit from its concise and sharp overview of the school and its insights into the key features and debates.

The era of hyperglobalization once hailed as the 'end of history' was characterised by boundless capitalist expansion. The neoliberal revolution gave rise to a politics of scale aimed at the centralization and unification of states and state systems: the replacement of national with global governance or, in Europe, of the nation-state with a supranational superstate, the European Union. The 'New World Order' proclaimed by the United States in the wake of the Soviet collapse proved to be ungovernable by democratic means. Instead, it was ruled through a combination of technocracy and mercatocracy, failing spectacularly to provide for political stability, social legitimacy and international peace. Marked by a series of economic and institutional crises, hyperglobalization gave rise to various kinds of political countermovements that rebelled against and ultimately stopped the upward transfer of state authority in its tracks. This book analyses the ongoing tug-of-war between the forces of globalism and democracy, of centralization and decentralization, and unification and differentiation of states and state systems, and how they are tied to the advance of global capitalism and the prospects for its social and democratic regulation. Exploring the possibility for states and the societies they govern to take back control over their collective fate, the book is an attempt at a renewed theory of the state in political economy. Inspired by the work of Karl Polanyi and John Maynard Keynes, it discusses the potential outlines of a state system allowing for democratic governance within and peaceful cooperation between sovereign nation-states.

This book presents a new economic theory developed from physical and biological principles. It explains how technology, social systems and economic values are intimately related to resources. Many people have recognized that mainstream (neoclassical) economic theories are not consistent with physical laws and often not consistent with empirical patterns, but most feel that economic activities are too complex to be described by a simple and coherent mathematical theory. While social systems are indeed complex, all life systems, including social systems, satisfy two principles. First, all systems need to extract resources from the external environment to compensate for their consumption. Second, for a system to be viable, the amount of resource extraction has to be no less than the level of consumption. From these two principles, we derive a quantitative theory of major factors in economic activities, such as fixed cost, variable cost, discount rate, uncertainty and duration. The mathematical theory enables us to systematically measure the effectiveness of different policies and institutional structures at varying levels of resource abundance and cost.The theory presented in this book shows that there do not exist universally optimal policies or institutional structures. Instead, the impacts of different policies or social structures have to be measured within the context of existing levels of resource abundance. As the physical costs of extracting resources rise steadily, many policy assumptions adopted in mainstream economic theories, and workable in times of cheap and abundant energy supplies and other resources, need to be reconsidered. In this rapidly changing world, the theory presented here provides a solid foundation for examining the long-term impacts of today's policy decisions.

Agent-based modeling/simulation is an emergent approach to the analysis of social and economic systems. It provides a bottom-up experimental method to be applied to social sciences such as economics, management, sociology, and politics as well as some engineering fields dealing with social activities. This book includes selected papers presented at theSeventh International Workshop on Agent-Based Approaches in Economic and Social Complex Systems held in Osaka, Japan, in 2012.

At the workshop, 24 reviewed full papers were presented, and of those, 17 were selected to be included in this volume. The papers are divided into two groups as "Fundamentals of Agent-Based Modeling" and "Applications of Agent-Based Modeling.""

With more and more global economic wealth and power resting with fewer and fewer people, and given the acute land inequalities in the rural areas of Africa, Latin America, and Asia, how valid are the dominant theories about the nature of rural livelihoods? How can the intricacies of the economic and social transformations that are unfolding in the rural areas of developing countries best be understood? The authors of Equitable Rural Socioeconomic Change address these questions as they explore the interrelated themes of land inequality, climate dynamics, and technological innovation across varied rural landscapes, primarily in South Africa, but also in Rwanda, and Brazil.

This book is devoted to biased sampling problems (also called choice-based sampling in Econometrics parlance) and over-identified parameter estimation problems. Biased sampling problems appear in many areas of research, including Medicine, Epidemiology and Public Health, the Social Sciences and Economics. The book addresses a range of important topics, including case and control studies, causal inference, missing data problems, meta-analysis, renewal process and length biased sampling problems, capture and recapture problems, case cohort studies, exponential tilting genetic mixture models etc. The goal of this book is to make it easier for Ph. D students and new researchers to get started in this research area. It will be of interest to all those who work in the health, biological, social and physical sciences, as well as those who are interested in survey methodology and other areas of statistical science, among others.

A firm's productivity has mainly been based on human capital resources, with organizational value and performance dependent on the knowledge and skills of their managers and employees. Because human capital research captures the transformation and complexity of productive organizations in today's globalized economy, it is crucial to grasp the scope and breadth of human capital-intensive firms (HCIF) and their impact in relation to value creation. Global Perspectives on Human Capital-Intensive Firms is an essential reference source that provides an advanced analysis of modern firms at an analytical and empirical level, as well as a transdisciplinary approach to how human capital will impact the economics and management of a firm. Featuring research on topics such as firm performance, knowledge creation, and organizational management, this book is ideally designed for accountants, researchers, professionals, business managers, human resource managers, graduate-level students, academicians, consultants, and practitioners seeking coverage on the evolution of HCIF in different sectors, their internal and external organizations, and their performance.

This book provides an introduction to the relationship between economics and ethics, explaining why ethics enters economics, how ethics affects individual economic behavior and the interactions of individuals, and how ethics is important in evaluating the performance of economies and of economic policies.

The title of this book raises a provocative question that should make all economists think. What is our raison d'etre ? Only a few economists have specifically addressed the issue. Several of the more challenging efforts are included here. Do economists have much influence on government policy, particularly over, say, five or ten years? Is that because they don't try hard enough or is it because politicians care more about the next election than about the opinion of economists? In this splendid collection, some published as long ago as the 1930s, nine great economists consider these questions. The editor's illuminating introduction sorts out the area of agreement and disagreement between them.

This book searches for the origins of modern thinking in one of the best-known stories of our cultural heritage. By applying institutional and constitutional economics to biblical interpretation, it uses new approach to reconstruct the Paradise story. The author challenges the old conceptual dualism between economics and theology/philosophy.

This book is in equal parts a treatise on morality and economics, a critique of neoclassical orthodoxy, a brief for replacing mainstream economics with a radical political economics, and an argument for the abandonment of neoliberal capitalism in favor of democratic socialism. It includes a detailed proposal for a "demand and cost" alternative to "supply and demand" analysis and an in-depth technical critique of both neoclassical "high theory" and "applied microeconomic analysis" demonstrating that these are not only infeasible or immoral, but have directly contributed to public policy disasters. Further, the book suggests that only a moral economics in the form of radical political economy can address the looming economic and environmental crises of today's world. Baiman begins with an introduction to morality and ethics in both general sciences and in economics in particular. He then guides readers through evidence of how neoclassical economics has not only failed to remain objective and value-free, but has become an ideology of apologetics protecting an immoral system. In addition to breaking down real-world examples to demonstrate his assertions, Baiman analyzes a theoretical Utopia design exercise. He concludes by arguing that the only form of economics that supports widely shared human values-such as social equity, democracy, and solidarity-is so-called "radical economics", and that all true economics science should be directed toward achieving more socially productive economic activity. An invaluable guide to morality and economics, this book will appeal to researchers and teachers looking to change the way we think about economics, policy, and society.

This book investigates why Austrian economists fail to apply the spontaneous order framework to cooperative relationships - such as a dynamic and evolving public sector - that might complement a thriving market. In direct response to Israel Kirzner's The Driving Force of the Market, Nell challenges traditional Austrian economics by proposing "democratic process theory" as a parallel to market process theory, highlighting the possibilities for an economic organization that harnesses the power of transparent and effective democracy. Keeping in mind the central problems experienced in socialist and capitalist countries due to self-interested political and economic actors, The Driving Force of the Collective highlights the public sector advantages of allowing culture and institutions to evolve endogenously as a spontaneous public sector order.

Die Bauwirtschaft befindet sich seit Jahren in der Krise. Steigender Wettbewerbsdruck, daraus folgender Preiskampf sowie eine starke Zunahme der Insolvenzen prägen die Branche. Der Allianzvertrag versucht durch seinen kooperativen Charakter neuartige Wege aus der Krise der Bauwirtschaft aufzuzeigen und verstärkt das Projekt in den Vordergrund zu rücken. Allianzverträge kommen bisher nahezu ausschließlich im anglo-amerikanischen Raum zur Anwendung. Ein innovatives Vergütungssystem, eine no blame - no dispute-Kultur und das Einstimmigkeitsprinzip tragen dazu bei, alle Parteien auf eine best for project-Atmosphäre einzuschwören. Dieses Buch behandelt den Allianzvertrag am Beispiel Australiens sowie seine Umsetzung in deutsches Recht unter besonderer Berücksichtigung des Gesellschafts- und Vergaberechts.

This book develops a new theory of the modern economy. Conventional economic theory is (still) based on an essentially static notion of equilibrium. In contrast, this book offers an analysis of the economic process based on a truly dynamic approach. It understands modern economic activity as manifesting itself in a growth spiral. There are two main drivers of the dynamics of this spiral: steady money creation in the banking system, on the one hand; and the continuous inflow of energy and raw materials through the exploitation of natural resources, on the other. Both driving forces are generally neglected by the conventional theory. Understanding their role is absolutely essential for preventing our economy from being more and more exposed to financial and ecological crises. This book offers important insights about the functioning of the modern economy and addresses the specialist as well as the interested lay reader.

This book examines environmental policy-making through research into individuals' reaction to environmental issues. It is often assumed that people are reluctant to contribute to environmental protection, because they do not see it as in their interests. The authors argue that self-interest is just one of a number of motives which affect people's choices, and that voluntary environmental polices are thus more likely to succeed than might be expected. They base their arguments on detailed surveys of public opinion.

Rosa Luxemburg, Oskar Lange and Michal Kalecki made important contributions to twentieth century political economy that guided the thinking of their student Tadeusz Kowalik. A wide range of contributors to this volume, including Alberto Chilosi, Gary Dymski, John King, Mario Nuti, Alessandro Vercelli, Kazimierz Laski, Leon Podkaminer, Edwin Le Heron, Malcolm Sawyer, Janusz Tomidajewicz, Pat Devine, Paul Mattick, Marc Lavoie, Paul Auerbach and Dimitris Sotiropoulos, examine how the ideas of Luxemburg, Lange, Kalecki and Kowalik, from finance to macroeconomics, the business cycle and the possibilities of Keynesian stabilisation, to illuminate our understanding of the crisis in twenty-first century capitalism.

Growth, Employment, Inequality, and the Environment deals with the fundamental economic problems of our time: employment, inequality, the environment, and quality of life. This exciting new volume is unique in that it is the first book of its kind in which these problems are analyzed using a unified theory framework. Figueroa achieves his goal by addressing two significant problems. First, to solve the epistemological challenges of building unity of knowledge, he presents a unified theory of capitalism. Second, he considers the epistemological problem of the role of theory in scientific knowledge. This book therefore deals with a consistent theoretical system. That having been said, these theories which contain logically correct propositions may turn out to be empirically false. In order to avoid this error, some rules of scientific knowledge are needed. Growth, Employment, Inequality, and the Environment presents a method that contains such rules. The method is derived from the Popperian epistemology, making it operational in economics. The proposed unified theory is therefore empirically valid; it is a good approximation of the real world. Theoretical economics is thus treated under explicit epistemological rules: theory is the servant, not the master.

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