This book provides an assessment of the impact that Keynesian economics has had over the past 70 years, with contributions by many of Keynes's leading proponents.

This volume represents the beginning of a 'cross pollination' of different social scientific disciplines, bridging the boundaries between national and disciplinary epistemic communities in the worlds of European welfare markets. It maps the common ground and uncovers new research directions for the future study of actors, policies and institutions shaping the growth and dynamics of European welfare markets. The book defines welfare markets as politically shaped, regulated and state supported markets that provide social goods and services through the competitive activities of non-state actors. The chapters focus on what happens after states have initiated welfare markets, with equal weight given to the analysis of the agency of state actors and non-state actors in the contraction, stabilisation, and disruption of welfare markets. By focusing the analysis on two cases of welfare markets, private pensions and home-based domestic/care work, the contributions explore and compare the dynamics of different types of markets. The research will be of use to sociologists and scholars of social policy interested in the social dimension of welfare markets, political scientists and political economists, as well as diverse epistemic communities across the social sciences. Chapter 1 is available open access under a Creative Commons Attribution 4.0 International License via link.springer.com.

This volume addresses important issues in economic theory and international trade with contributions from internationally renowned researchers - including some of Murray C. Kemp's many colleagues and former students.Economic Theory and International Trade begins with an examination of classical trade theory and welfare economics. It goes on to discuss international trade policy, including international trading agreements, taxation, tariffs and quotas. Attention then turns to the role of market structure in joint ventures, innovation, tariff policy and political economy. The final section is devoted to economic dynamics and international economics, with an emphasis on learning mechanisms, sustainable growth and immigration. This book will be indispensable to academics and graduate students in the area of international trade. Economic theorists and international trade specialists such as research units and researchers in government will also find this book of great interest.

This book examines the economy as an evolving entity and develops a new and coherent approach to the classification of economic systems. It demonstrates how the components of a decision-making system and the properties of a functioning economy are intrinsically linked. A well-functioning economy is shown to depend chiefly on 'correct' decisions. These in turn depend on an efficient decision-making system, an appropriate mix of markets, organizations and governments, and an optimal combination of the four enforcing mechanisms of a modern economic system: custom, command, competition and cooperation. Although this book is primarily about economics, non-economic considerations, including politics and ethics, are brought into the analysis. The most important decisions in life include choices between economic and non-economic issues. Hence, one of the aims of this book is to provide a conceptual framework to cope with these choices. The book also attempts to establish some plausible conditions for well-functioning economy and a 'just society'. This thoughtful book will be of interest to economists of economic theory and economic systems as well as policymakers in both the private and public sectors.

This book consists of five acts and two interludes, which are all written as dialogues between three main characters and other supporting characters. Each act discusses the epistemological, institutional and methodological foundations of game theory and economics, while using various stories and examples. A featured aspect of those discussions is that many forms of mutual misunderstanding are involved in social situations as well as in those fields themselves. One Japanese traditional comic story called the Konnyaku Mondo is representative and gives hints of how our thought is constrained by incorrect beliefs. Each dialogue critically examines extant theories and common misunderstanding in game theory and economics in order to find possible future developments of those fields.

The historical record concerning industrialization since 1770 is consistent with the classical view of economic growth, but not with the currently accepted neo-classical growth theory. Flaws in the logic and empirical short-comings of the neo-classical theory suggest that it should be rejected. Specifically, ideas that originate in static concepts cannot be applied to growth, a dynamic process. Nineteenth-century industrialization, the world wars and the Depression, the post-war boom, and the more recent slowdown in growth are discussed.

The ultimate survival of an economic system depends on whether or not the interrelationships between its institutions and its members are consistent with each other. Consistency and Viability of Capitalist Economic Systems develops an original analytical framework to understand the relationship between the economic, political, and ideological structures, the external environment, and the process of reform that give rise to certain economic systems by establishing consistency. Consistency, however, is not enough; a consistent economic system must be flexible and have the internal mechanisms to be able to adapt to changes in social reality, thus making possible its survival over time. In other words, the economic system is viable when it is able to encourage increases in labor productivity and there is popular support. Thus the economic system, in its broad social science context, must be both consistent and viable. Economic systems examined in this text are the capitalist economics systems of Great Britain, Japan, European Union and Sweden.

This is the first book combining research on the Global Environment, Catastrophic Risks and Economic Theory and Policy. Modern economic theory originated in the middle of the twentieth century when industrial expansion coupled with population growth led to a voracious use of natural resources and global environmental concerns. It is uncontested that, for the first time in recorded history, humans dominate the planet, changing the planet's atmosphere, its bodies of water, and the complex web of species that makes life on earth. This radical change in circumstances led to rethinking of the foundations of human organization and, in particular, the industrial economy and the economic theory behind it. This book brings together new approaches on multiple levels: environmental sustainability requires rethinking in terms of economic theory and policy as well as the considerations of catastrophic risk and extremal events. Leading experts address questions of economic governance, risk management, policy decision making and distribution across time and space.

An introductory and analytical look into the essence of Marxian economics that begins the process of divorcing Marxian economics from Stalinism.

Adam Smith revolutionized economic theory with his 1776 work An Inquiry to the Nature and Causes of the Wealth of Nations. He proposed rules governing labor, supply, and demand; and describes division of labor, stockpiling of wealth, lending, and interest. Smith also discusses how economies lead to opulence. Wealth of Nations also offers a defense for free-market capitalism. This edition of Wealth of Nations is an abridged version edited by Harvard economics professor CHARLES JESSE BULLOCK (1869-1941) and published in 1901 by Harvard Classics, a series that offered the essential readings for anyone who wanted the functional equivalent of a liberal arts education. Any student of economics should be familiar with the concepts and laws that Smith developed, as much of economic theory is still based upon his work. Scottish economist and philosopher ADAM SMITH (1723-1790) helped set standards in the fields of political economics and moral philosophy, playing a key role in the early development of the scholarship of economics. His other writings include Essays on Philosophical Subjects.

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.

To derive rational and convincible solutions to practical decision making problems in complex and hierarchical human organizations, the decision making problems are formulated as relevant mathematical programming problems which are solved by developing optimization techniques so as to exploit characteristics or structural features of the formulated problems. In particular, for resolving con?ict in decision making in hierarchical managerial or public organizations, the multi level formula tion of the mathematical programming problems has been often employed together with the solution concept of Stackelberg equilibrium. However, weconceivethatapairoftheconventionalformulationandthesolution concept is not always suf?cient to cope with a large variety of decision making situations in actual hierarchical organizations. The following issues should be taken into consideration in expression and formulation of decision making problems. Informulationofmathematicalprogrammingproblems, itistacitlysupposedthat decisions are made by a single person while game theory deals with economic be havior of multiple decision makers with fully rational judgment. Because two level mathematical programming problems are interpreted as static Stackelberg games, multi level mathematical programming is relevant to noncooperative game theory; in conventional multi level mathematical programming models employing the so lution concept of Stackelberg equilibrium, it is assumed that there is no communi cation among decision makers, or they do not make any binding agreement even if there exists such communication. However, for decision making problems in such as decentralized large ?rms with divisional independence, it is quite natural to sup pose that there exists communication and some cooperative relationship among the decision maker

This books focuses on co-design, and more specifically, on the various forms co-design might take to tackle the most pressing societal challenges, introducing public-interest services as the main application field. To do so, it presents an extensive study conducted within a particular community of residents in Milan: this is a social innovation story integrated into the discipline of service design, which simultaneously deepens the related concepts of co-design, co-production and co-management of services. Drawing upon this experience and further studies, the book presents the idea of a collaborative infrastructure and its related infrastructuring process in ten steps, in order to explore the issues of incubation and replication of services and to extensively investigate the creation of those experimental spaces in which citizen participation is fostered and innovation in the public realm is pursued. Lastly, the book develops other lines of reflection on co-design seen, for example, as a form of cultural activism, as an instrument for building citizenship, and as a key competence for the public administration and thus as a public service itself. The idea of co-design as a way to regenerate the practices of democracy is a recurring theme throughout the book: co-design is a process that seeks to change the state of things and it is intentionally presented as a long and complex path in which the role of designer is not only that of a facilitator, but also that of a cultural operator who contributes with ideas and visions, hopefully fostering a real cultural change.

This book covers a wide spectrum of issues in behavioural game theory (BGT), ranging from players' heterogeneity, social preferences and reciprocity, to learning, information and punishment in public good games. The book opens up the interdisciplinary aspects of BGT, and presents models which are tested through experimental methods.

This book explains why moral beliefs can and likely do play an important role in the development and operation of market economies. It shows why the maximization of general prosperity requires that people genuinely trust others - even those whom they know don't particularly care about them. It then identifies characteristics that moral beliefs must have for people to trust others even when there is no chance of detection and no possibility of harming anyone. It shows that when moral beliefs with these characteristics are held by a sufficiently high proportion of the population, a high trust society emerges that supports maximum cooperation and creativity while permitting honest competition at the same time. The required characteristics are not tied to any specific religious narrative and have nothing to do with the moral earnestness of individuals or the set of moral values. What really matters is how moral beliefs affect the way people think about morality. The required characteristics are based on abstract ideas that must be learned so they are matters of culture, not genes, and are therefore potentially capable of explaining differences in material success across human societies. This work has many theoretical and empirical implications including but not limited to social capital theory and trust-based economic experiments.

Part of The Elgar Series on Central Banking and Monetary Policy, this book explores challenges surrounding central banking today. It goes beyond the immediate concerns with monetary policy and focuses instead on the concept of central banking more generally. Chapter authors explore emerging fields of central bank's actions, discussing, for instance, how monetary policy can affect income distribution, how it has differentiated impacts according to gender, how it can help to deal with climate change, and how it can promote financial stability and structural change. Policy makers, academics and the financial press will all benefit from the insight in The Future of Central Banking.

Dilip K. Das succinctly covers the principal normative and positive strands that one needs to be properly familiar with in the area of economic globalization. The selection and rejection of themes for coverage in the book has been carefully done. The picture of globalization has been painted with a broad brush. The unique feature that distinguishes it from the competition is its succinct coverage of numerous, carefully selected, thematic issues that falls under the rubric of globalization. The book is easy to access for the target readership because of its descriptive analysis style.

There can be no rise in the value of labor without a fall of profits. If the corn is to be divided between the farmer and the laborer, the larger the proportion that is given to the latter the less will remain for the former. -from "On Value" Friend to, colleague of, and influence on the likes of James Mill, Jeremy Bentham, and Thomas Malthus, revolutionary British writer DAVID RICARDO (1772-1823) was one of the foundational thinkers of classical economics, developing theories of rent, wages, profits, value, and labor that continue to dramatically impact economic philosophy today. Principles of Political Economy and Taxation, first published in 1817, is his major work. Here, he introduces the concept of comparative advantage, explores the impact of taxes, examines the effects of accumulation of profits and interest, discusses trade, currency, and banks, and much more. ALSO FROM COSIMO: Ricardo's Classics of Economics: The High Price of Bullion and An Essay on Profits British writer DAVID RICARDO (1772-1823) was one of the foundational thinkers of classical economics, developing theories of rent, wages, profits, value, and labor that continue to dramatically impact economic philosophy today.

What you ll find in this monograph is nothing less than a complete and rigorous study of modern functional analysis. It is intended for the student or researcher who could benefit from functional analytic methods, but who does not have an extensive background in the subject and does not plan to make a career as a functional analyst. It develops the topological structures in connection with a number of topic areas such as measure theory, convexity, and Banach lattices, as well as covering the analytic approach to Markov processes. Many of the results were previously available only in works scattered throughout the literature.

The general theme of "Social Dimensions in the Economic Process" is an old one in economic anthropology. On the abstract end it involves, first, the degree of social content of individual transactions and, second, how economic processes relate to social structure. More specifically, the theme relates to matters such as the need for trust resulting in personalized systems of economic transactions, and how institutions shape economic arrangements. In five parts, the first two parts deal with the social content and consequences of economic relations. Parts III and IV address particular institutions, the household and agrarian relations. The volume ends in Part V with chapters linked to globalization.

This book examines the life and work of John Kenneth Galbraith, a truly iconic figure in progressive modern liberalism and a seminal influence in the rise of heterodox political economy. It emphasizes his continuing relevance to the current research of today, and to the multifaceted crisis of democratic capitalism.

This book presents recent research on robustness in econometrics. Robust data processing techniques - i.e., techniques that yield results minimally affected by outliers - and their applications to real-life economic and financial situations are the main focus of this book. The book also discusses applications of more traditional statistical techniques to econometric problems. Econometrics is a branch of economics that uses mathematical (especially statistical) methods to analyze economic systems, to forecast economic and financial dynamics, and to develop strategies for achieving desirable economic performance. In day-by-day data, we often encounter outliers that do not reflect the long-term economic trends, e.g., unexpected and abrupt fluctuations. As such, it is important to develop robust data processing techniques that can accommodate these fluctuations.

This state-of-the art collection of papers analyses various aspects of the theory of externalities and public goods. The contributions employ new analytical techniques like the aggregative game approach, and discuss the philosophical underpinnings of the theory. Furthermore, they highlight a range of topical empirical applications including climate policy and counterterrorism. This contributed volume was written in memory of Richard C. Cornes, a pioneer in the theory of externalities and public goods.