In this wide-ranging but accessible overview, economist Daniel Ritter examines the changing circumstances that have led to the economic decline of the West and the rise of populism. He looks at the effects of globalisation and how increasing mechanisation has fuelled discontent, the collapse of existing communities, and a sense of disenfranchisement. The fault, he argues, lies not with advances in technology, or a lack of growth, but in rising inequality and an over-reliance on the free market. Examining the West's situation in a global context, both in relation to the rise of China and the ascendancy of private interest groups, he claims that the free market has failed, and with it representative democracy, arguing that we must 'update our very notions of work and reward' if we are to survive the current crisis. Informed, lucid and strongly argued, Ritter's compelling analysis is a must-read for anyone concerned to discover the origins of our current economic and political malaise, and its possible solutions.

"On Skidelsky's Keynes and Other Essays" contains essays from the twenty eight years that the author spent in Cambridge before his return to Australia. The volume spans theoretical issues, autobiography, review articles, political economy, tributes to eminent economists and general essays.

Alfred Marshall has traditionally been listed alongside pioneering 'neoclassical' economists. In this volume, Neil Hart challenges this view, illuminating the ambiguities within Marshall's work, and exploring his reconciliation of two modes of thinking, equilibrium economics and evolutionary economics.

Why do some countries' economies struggle to develop, even when they are the focus of so much research and international funding? While recognizing that the obstacles facing poor nations are many and complex, Rabie proposes that the roots of most obstacles are sociocultural; thus, sociocultural transformation and economic restructuring can only be successful when treated as interconnected, mutually beneficial objectives. A Theory of Sustainable Sociocultural and Economic Development outlines an innovative model capable of identifying the major obstacles hindering poor nations' development in general, and the sociocultural and political obstacles in particular, placing them in their proper historical contexts, and addressing them comprehensively.

This book reviews the development of China's social security system from 1949 onwards and analyzes its features in each stage. By emphasizing the role of the social security system in regulating income distribution, it points out some problems in the current social security framework that are becoming apparent as the income gap continues to grow. It proposes various measures such as intensifying the reform of the social insurance fund, expanding old age insurance coverage, promoting health equality, and establishing a new rural medical security system that could be employed to improve the system's equitability, sustainability, and inclusivity.

In 1895 an English farmer diverted the course of a stream that was flowing through his land, thereby cutting off the supply to the water reservoir of the neighboring community. The courts established that it had been his purpose to "injure the plaintiffs by carrying off the water and to compel them to buy him off."
Regardless of what the law says, most people will feel that the farmer's intentions were morally unjust; he was trying to abuse his property rights in order to take advantage of others. Yet, as Gijs van Donselaar explains, the major traditions in the theory of economic justice, both from the libertarian right and from the egalitarian left, have failed to appreciate the moral objection to exploitative behavior that this case displays. Those traditions entertain radically opposed views on how private property should be distributed, but they do not consider the legitimacy of constraints on the exercise of property rights--however they are distributed.
The second part of the book demonstrates how this failure clears the way for a recent egalitarian argument, gaining in popularity, for a so-called unconditional basic income. If all have an initial right to an equal share of the resources of the world, then it soon seems to follow that all have a right to an equal share of the value of the resources of the world, which could be cashed in as a labor-free income. That inference is only valid if moral behavior similar to that of the farmer is tolerated.
Van Donselaar argues that, ultimately, a confusion about the nature and value of freedom of choice is responsible for the odd conception of private rights in resources that would justify exploitation.

This book was written mainly during the Spring periods of 2008 and 2009, when the ?rst author was visiting Maastricht University. Financial s- port both from the Dutch Science Foundation NWO (grants 040. 11. 013 and 0. 40. 11. 082) and from the research institute METEOR (Maastricht Univ- sity) is gratefully acknowledged. Jerusalem Bezalel Peleg Maastricht Hans Peters April 2010 v Contents Preview to this book . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xi Part I Representations of constitutions 1 Introduction to Part I. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1. 1 Motivation and summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1. 2 Arrow's constitution. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1. 3 Arrow's Impossibility Theorem and its implications. . . . . . . . . 4 1. 4 Ga ]rdenfors's model. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 1. 5 Notes and comments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 2 Constitutions, e?ectivity functions, and game forms . . . . . . 7 2. 1 Motivation and summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 2. 2 Constitutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 2. 3 Constitutions and e?ectivity functions . . . . . . . . . . . . . . . . . . . . 12 2. 4 Game forms and a representation theorem. . . . . . . . . . . . . . . . . 16 2. 5 Representation and simultaneous exercising of rights. . . . . . . . 19 2. 6 Notes and comments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 3 Nash consistent representations. . . . . . . . . . . . . . . . . . . . . . . . . . . 21 3. 1 Motivation and summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 3. 2 Existence of Nash consistent representations: a general result 22 3. 3 The case of ?nitely many alternatives. . . . . . . . . . . . . . . . . . . . . 24 3. 4 Nash consistent representations of topological e?ectivity functions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 3. 5 Veto functions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 3. 5. 1 Finitely many alternatives. . . . . . . . . . . . . . . . . . . . . . . . . 34 3. 5. 2 Topological veto functions. . . . . . . . . . . . . . . . . . . . . . . . . 36 3. 6 Liberalism and Pareto optimality of Nash equilibria. . . . . . . . . 40 3. 7 Notes and comments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 vii viii Contents 4 Acceptable representations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 4. 1 Motivation and summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."

This book addresses some of the major issues facing postal and delivery services throughout the world. Postal operators worldwide have been slow to address the threats from and opportunities created by electronic competition. The European Commission and member states are wrestling with these issues, while at the same time continuing to deal with the interrelated issues of implementing entry into postal markets and maintaining the universal service obligation. The Postal Accountability and Enhancement Act of 2006 in the U.S. exacerbated financial and managerial problems faced by USPS that result in part from electronic substitution for letter delivery. Comprised of original essays by prominent researchers in the field, this book addresses the new reality of the postal industry and proposes ways in which postal operators might reinvent themselves. Issues discussed include cross-border parcel delivery, e-commerce, the transformation of postal networks, and the effects of postal liberalization. This book will be of interest to postal operators, regulatory commissions, consulting firms, competitors and customers, experts in the postal economics, law, and business, and those charged with the responsibility for designing and implementing postal sector policies. Researchers in regulatory economics, transportation technology, and industrial organization will also find useful information in this volume.

This volume is a collation of original contributions from the key actors of a new trend in the contemporary theory of knowledge and belief, that we call "dynamic epistemology." It brings the works of these researchers under a single umbrella by highlighting the coherence of their current themes, and by establishing connections between topics that, up until now, have been investigated independently. It also illustrates how the new analytical toolbox unveils questions about the theory of knowledge, belief, preference, action, and rationality, in a number of central axes in dynamic epistemology: temporal, social, probabilistic and even deontic dynamics.

Rosa Luxemburg, Oskar Lange and Michal Kalecki made important contributions to twentieth century political economy that guided the thinking of their student Tadeusz Kowalik and his reinterpretation of the Keynesian Revolution. A wide range of contributors to this volume, including G.C. Harcourt and Peter Kriesler, Noemi Levy-Orlik, Gabriele Pastrello, Paul Zarembka, John Bellamy Foster, Roberto Lampa, Meghnad Desai, Marcin Kula, Jo Michell and Andrew Trigg, re-examine the theories of Luxemburg, Lange, Kalecki and Kowalik, by highlighting the common themes in their political economy and the neglected aspects of their work that Kowalik brought together in his writings.

For much of the twentieth century, mainstream economists have treated human agents in their models as if they were rational beings of unbounded computational capacity - the notorious 'Homo Economicus' of much economic theory. However, the patent inadequacies of this understanding of human nature have become increasingly apparent, and economists have begun looking for more realistic models, incorporating the insights of evolutionary theory. The authors address the question of human nature in economics, examining not only some of the recent writing on this subject in evolutionary psychology and related disciplines, but also the ideas of important thinkers in the Western intellectual tradition. Beginning with the ancient Greeks and progressing to the modern day, the contributors explore the works of such thinkers as Augustine, Adam Smith, Thomas Malthus, Alfred Marshall and Kenneth Boulding. Many of these works are placed in a Darwinian, evolutionary perspective, with the imperative that the study of human nature must be consistent with our understanding of human evolution, and should consider how human beings are moulded by cultural and institutional influences. Naturally, Darwin's own view of human nature is also explored, undermining the mistaken notion that Darwinism promotes human nature as greedy, uncooperative and self-seeking. This enlightening, original and highly readable work will be of great interest to professional economists and students, researchers and teachers of evolutionary economics.

This book addresses several problems related to automated valuation methodologies (AVM). Following the non-agency mortgage crisis, it offers a variety of approaches to improve the efficiency and quality of an automated valuation methodology (AVM) dealing with emerging problems and different contexts. Spatial issue, evolution of AVM standards, multilevel models, fuzzy and rough set applications and quantitative methods to define comparables are just some of the topics discussed.

This edited volume studies the relationship between big business and the Latin American dictatorial regimes during the Cold War. The first section provides a general background about the contemporary history of business corporations and dictatorships in the twentieth century at the international level. The second section comprises chapters that analyze five national cases (Argentina, Brazil, Chile, Uruguay and Peru), as well as a comparative analysis of the banking sector in the Southern Cone (Argentina, Brazil, Chile, and Uruguay). The third section presents six case studies of large companies in Argentina, Brazil, Chile, Colombia and Central America. This book is crucial reading because it provides the first comprehensive analysis of a key yet understudied topic in Cold War history in Latin America.

This book provides an introduction to the models, methods, and results of some rescheduling problems in the presence of unexpected disruption events, including job unavailability, arrival of new jobs, and machine breakdown. The occurrence of these unexpected disruptions may cause a change in the planned schedule, which may render the originally feasible schedule infeasible. Rescheduling, which involves adjusting the original schedule to account for a disruption, is necessary in order to minimize the effects of the disruption on the performance of the system. This involves a trade-off between finding a cost-effective new schedule and avoiding excessive changes to the original schedule. This book views scheduling theory as practical theory, and it has made sure to emphasize the practical aspects of its topic coverage. Thus, this book considers some scenarios existing in most real-world environments, such as preventive machine maintenance, and deteriorating effect where the actual processing time of a job gets longer along with machine's usage and age. To alleviate the effect of disruption events, some flexible strategies are adopted, including allocation extra resources to reduce job processing times or rejection the production of some jobs. For each considered scenario, depending on the model settings and on the disruption events, this book addresses the complexity, and the design of efficient exact or approximated algorithms. Especially when optimization methods and analytic tools fall short, this book stresses metaheuristics including improved elitist non-dominated sorting genetic algorithm and differential evolution algorithm. This book also provides extensive numerical studies to evaluate the performance of the proposed algorithms. The problem of rescheduling in the presence of unexpected disruption events is of great importance for the successful implementation of real-world scheduling systems. There is now an astounding body of knowledge in this field. This book is the first monograph on rescheduling. It aims at introducing the author's research achievements in rescheduling. It is written for researchers and Ph.D. students working in scheduling theory and other members of scientific community who are interested in recent scheduling models. Our goal is to enable the reader to know about some new achievements on this topic.

Egalitarianism, the view that equality matters, attracts a great deal of attention amongst contemporary political theorists. And yet it has turned out to be surprisingly difficult to provide a fully satisfactory egalitarian theory. The cutting-edge articles in Egalitarianism move the debate forward. They are written by some of the leading political philosophers in the field. Recent issues in the debate over equality are given careful consideration: the distinction between 'telic' and 'deontic' egalitarianism; prioritarianism and the so-called 'levelling down objection' to egalitarianism; whether egalitarian justice should have 'whole lives' or some subset thereof as its temporal focus; the implications of Scanlon's contractualist account of the value of choice for egalitarian justice; and the question of whether non-human animals fall within the scope of egalitarianism and if so, what the implications are. Numerous 'classic' issues receive a new treatment too: how egalitarianism can be justified and how, if at all, this value should be combined with other values such as desert, liberty and sufficiency; how to define the 'worst off' for the purposes of Rawls' difference principle; Elizabeth Anderson's feminist account of 'equality of relations'; how equality applies to risky choices and, in particular, whether it is justifiable to restrict the freedom of suppliers who wish to release goods that confer different levels of risk on consumers, depending on their ability to pay. Finally, the implications of egalitarianism and prioritarianism for health care are scrutinized. The contributors to the volume are: Richard Arneson, Linda Barclay, Thomas Christiano, Nils Holtug, Susan Hurley, Kasper Lippert-Rasmussen, Dennis McKerlie, Ingmar Persson, Bertil Tungodden, Peter Vallentyne, Andrew Williams, and Jonathan Wolff.

Managers are often under great pressure to improve the performance of their organizations. To improve performance, one needs to constantly evaluate operations or processes related to producing products, providing services, and marketing and selling products. Performance evaluation and benchmarking are a widely used method to identify and adopt best practices as a means to improve performance and increase productivity, and are particularly valuable when no objective or engineered standard is available to define efficient and effective performance. For this reason, benchmarking is often used in managing service operations, because service standards (benchmarks) are more difficult to define than manufacturing standards. Benchmarks can be established but they are somewhat limited as they work with single measurements one at a time. It is difficult to evaluate an organization's performance when there are multiple inputs and outputs to the system. The difficulties are further enhanced when the relationships between the inputs and the outputs are complex and involve unknown tradeoffs. It is critical to show benchmarks where multiple measurements exist. The current book introduces the methodology of data envelopment analysis (DEA) and its uses in performance evaluation and benchmarking under the context of multiple performance measures.

Interdisciplinary factors in the modern business realm have significant impacts on economic agents within organizations. These behavioral influences affect multiple decision-making processes on both the individual and organizational levels. Applied Behavioral Economics Research and Trends provides a comprehensive examination of the social, psychological, and emotional factors in organizational behavior and economic decision-making and how these issues provide a deeper understanding of various economic behaviors. Highlighting relevant coverage across a range of topics, such as consumer behavior, inter-temporal choices, and self-employment, this book is ideally designed for managers, researchers, professionals, graduate students, and practitioners seeking scholarly material on the implications of behavioral economics across numerous industries.

This important new book introduces students to the fundamental ideas of heterodox economics, presented in a clear and accessible way by top heterodox scholars. It offers not only a critique of the dominant approach to economics, but also a positive and constructive alternative. Students interested in an explanation of the real world will find the heterodox approach not only satisfying, but ultimately better able to explain a money-using economy prone to periods of instability and crises. Key features of this textbook include: A non-conventional understanding of economic analysis on a number of relevant topics Deep and convincing criticism of orthodox thinking Discussion of the crucial importance of money, banking and finance today Analysis of the roots of the 2008 global financial crisis A presentation of the features of sustainable development. Students of economics at all levels can use this textbook to deepen their understanding of the heterodox approach, the fundamental roots of the 2008 global financial crisis and the need to rethink economics afresh.

The essays in this collection address specific themes in Volume I of Marx's "Capital." Although the essays can be read independently, they present complimentary perspectives on issues at the cutting edge of recent scholarship on Marx's work. Although all Parts of" Capital I "are discussed, the book is not intended to be a textbook. It will be read by specialists in the field as well as graduate students in the history of economic thought, political economy and philosophy.

A lot of economic problems can formulated as constrained optimizations and equilibration of their solutions. Various mathematical theories have been supplying economists with indispensable machineries for these problems arising in economic theory. Conversely, mathematicians have been stimulated by various mathematical difficulties raised by economic theories. The series is designed to bring together those mathematicians who were seriously interested in getting new challenging stimuli from economic theories with those economists who are seeking for effective mathematical tools for their researchers. Members of the editorial board of this series consists of following prominent economists and mathematicians: Managing Editors: S. Kusuoka (Univ. Tokyo), A. Yamazaki (Hitotsubashi Univ.) - Editors: R. Anderson (U.C.Berkeley), C. Castaing (Univ. Montpellier II), F. H. Clarke (Univ. Lyon I), E. Dierker (Univ. Vienna), D. Duffie (Stanford Univ.), L.C. Evans (U.C. Berkeley), T. Fujimoto (Fukuoka Univ.), J. -M. Grandmont (CREST-CNRS), N. Hirano (Yokohama National Univ.), L. Hurwicz (Univ. of Minnesota), T. Ichiishi (Hitotsubashi Univ.), A. Ioffe (Israel Institute of Technology), S. Iwamoto (Kyushu Univ.), K. Kamiya (Univ. Tokyo), K. Kawamata (Keio Univ.), N. Kikuchi (Keio Univ.), T. Maruyama (Keio Univ.), H. Matano (Univ. Tokyo), K. Nishimura (Kyoto Univ.), M. K. Richter (Univ. Minnesota), Y. Takahashi (Kyoto Univ.), M. Valadier (Univ. Montpellier II), M. Yano (Keio Univ).

The last survey of the rent-seeking literature took place more than a decade ago. Since that time a great deal of new research has been published in a wide variety of journals, covering a wide variety of topics. The breadth of that research is such that very few researchers will be familiar with more than a small part of contemporary research, and very few libraries will be able to provide access to the full breadth of that research. This two-volume collection provides an extensive overview of 40 years of rent-seeking research.

The volumes include the foundational papers, many of which have not been in print for two decades. They include recent game-theoretic analyses of rent-seeking contests and also applications of the rent-seeking concepts and methodology to economic regulation, international trade policy, economic history, political competition, and other social phenomena. The new collection is more than twice as large as any previous collection and both updates and extends the earlier surveys. Volume I contains previously published research on the theory of rent-seeking contests, which is an important strand of contemporary game theory. Volume II contains previously published research that uses the theory of rent-seeking to analyze a broad range of public policy and social science topics.

The editors spent more than a year assembling possible papers and, although the selections fill two large volumes, many more papers could have been included. Our aim has been to include the most important contributions in the literature and give a broad overview of secondary contributions. The end result is a fine collection that shows the flexibility and power of the rent-seeking methodology, and the light shed on a broad range of political, social, and institutional research issues. Each volume begins with an extensive survey of the literature written by the editors and an overview of the contributions included in the two volumes.

This book was prompted by the current, lingering financial crisis, which has its basis in the disorderly financial practices of the United States. These practices have resulted in an accumulated debt which now requires the United States to run financial policies at artificially low interest rates. In principle, these low interest rates should flood the markets with ready money. Since the spread for banks is very thin, however, and they must carefully discriminate between available risks and finance only those propositions with no risk, credit is not abundantly available. With staggering foreign debt and a myriad of other perils looming, this great nation is at peril for sure. In the tradition of the Heilbronn Symposium, the authors look at historical cases as a means of understanding the current situation and informing possible solutions to a problem that continues to affect the global economy. The volume analyzes cases such as Prussia, Greece, Italy, Estonia, and the European Union. This book will be of interest to scholars and students of economic history as well as policy makers who may benefit from an historical understanding of the economic challenges their countries currently face.

"It is impossible to grasp the meaning of the idea of sound money if one does not realize that it was devised as an instrument for the protection of civil liberties against despotic inroads on the part of governments." - from "The Theory of Money and Credit"
Originally published in 1912, Ludwig von Mises's "The Theory of Money and Credit" remains today one of economic theory's most influential and controversial treatises. Von Mises's examination into monetary theory changed forever the world of economic thought when he successfully integrated "macroeconomics" into "microeconomics" --previously deemed an impossible task --as well as offering explanations into the origin, value and future of money.
One hundred years later, von Mises and the Austrian school of economic theory are still fiercely debated by world economists in their search for the solution to America's current financial crisis. His theorems continue to inspire politicians and market experts who aim to raise up the common man and reduce the financial power of governments. In a preface added in 1952, von Mises urges the people of the world to see economic truth:
"The great inflations of our age are not acts of God. They are man-made or, to say it bluntly, government-made. They are the off-shoots of doctrines that ascribe to governments the magic power of creating wealth out of nothing and of making people happy by raising the 'national income.'"
"The best book on money ever written." --Murray Rothbard, economist and historian
"The greatest economist of the twentieth century." --Sandeep Jaitly, economist

Money is an evil that does good, and a good that does evil. It inspires hymns to the prosperity it enables, manifestos about the poor it leaves behind, and diatribes for its corrosion of morality. In The Wisdom of Money, one of the world's great essayists guides us through the rich commentary that money has generated since ancient times-both the passions and the resentments-as he builds an unfashionable defense of the worldly wisdom of the bourgeoisie. Bruckner begins with the worshippers and the despisers. Sometimes they are the same people-priests, for example, who venerate the poor from within churches of opulence and splendor. This hypocrisy endures in our secular world, he says, not least in his own France, where it is de rigueur even among the rich to feign indifference to money. It is better to speak plainly about money in the old American fashion, in Bruckner's view. A little more honesty would allow us to see through the myths of money's omnipotence but also the dangers of the aristocratic, ideological, and religious systems of thought that try to put money in its place. This does not mean we should emulate the mega-rich with their pathologies of consumption, competition, and narcissistic philanthropy. But we could do worse than defy three hundred years of derision from novelists and poets to embrace the unromantic bourgeois virtues of work, security, and moderate comfort. It is wise to have money, Bruckner tells us, and wise to think about it critically.

What is the role of human agency in Friedrich Hayek's thought? This volume situates Hayek's writing as it relates to economic organization and activity, particularly to assess what role Hayek assigns to leaders in determining economic progress. Peart and Levy explore the scope for policy makers leading the economy through crisis, how much agency policy makers should assume, and the leadership role that economists should legitimately play in the development and implementation of new economic policy.Hayek held that economists should take center stage in terms of advocating economic policy but his was a quite different sort of advocacy. He disagreed with some of his contemporaries on what economic policies were best suited to promote economic expansion and stability, seeing economic aggregation as fraught with methodological difficulties and, therefore, that no scientist or policy maker had the wherewithal to direct market transactions. The volume examines the nature of these disagreements along with a number of other themes that characterize Hayek's lifelong work.