This volume addresses trends, causes, and consequences of the new economy in micro- and macroeconomic terms. Modern information and communications technologies increase the efficiency of traditional activities and pave the way for creating new activities and products. How will market participants cope with the challenges of the new economy and which role will governments play in a dramatically changing world?The book presents a thorough analysis of the effects of new technologies and products on overall productivity and on goods markets, labor markets, and financial markets. It also deals with the implications of the new economy for the welfare state and discusses the issue of whether there is a need for new regulatory devices, in particular in the field of international trade in goods and services.

In this accessible book, Gavin Kennedy takes a fresh look at Adam Smith's moral philosophy and its links to his political economy and his lectures on Jurisprudence. The book provides a new analysis of Wealth of Nations , and argues that Adam Smith's intellectual legacy was completely transformed in the Nineteenth and Twentieth centuries by economists pursuing different agendas, to create ideas and policies that Smith did not advocate. It also provides a new explanation for the main mysteries about Smith's later life.

This exposition of the major ideas of Georgescu-Roegen should help readers understand his work - both the revolutionary boldness and originality of many of his ideas and the careful logic with which he developed them. Georgescu-Roegen's work encompassed environmental economics and methodology.

The contributors to this edited collection argue that a flexible Job Guarantee program able to react to an economy's fluctuating need for work would stabilize the labor standard, the value of employment in relation to money. During economic downturns, the program would expand to provide more public sector jobs in response to private sector layoffs. It would then contract when economic growth offered private sector employment opportunities. This flexible full employment program would create a balanced, perpetually active labor force, providing the macroeconomic stability necessary to define a functioning labor standard. Just as the gold standard measured the worth of money against gold reserves, John Maynard Keynes argued, so a labor standard ought to measure the value of money in terms of its labor equivalent. However, he failed to account for the fact that, unlike a gold standard, a labor standard does not have any kind of surety that money will continue to match its value in paid work over time. Together, the contributors argue that full employment would provide this missing security and allow authorities to define the value equivalencies of money and labor, the way that money once represented its exact equivalent in gold.

`Here is a feast of diagrams, presented by many expert authors in a context of history of thought. It will be very useful for researchers, students and textbook writers.' - Max Corden, University of Melbourne, Australia `Francis Collins oversaw the human genome project. Mark Blaug and Peter Lloyd have done the same for economics, demonstrating that figures and diagrams are the DNA building blocks of the discipline. This book has them all: backward-bending labor supply, cobweb diagram, circular flow, production possibility frontier, Stolper-Samuelson box, IS/LM, the Phillips curve and many more. Each is portrayed, its importance explained, its origin revealed, and the reader often encounters Stigler's Law of Eponymy (No scientific discovery is named after its original discoverer).' - Kenneth G. Elzinga, University of Virginia `Both students and professors will welcome this original and unique collection. Analytically tighter and more complete expositions than much existing literature should be very welcome in graduate theory courses. Authors of history of economic thought texts will have to clarify and correct the historical record regarding who said what and when, and both reconfigure the assignment of credit and question use of the term "precursor": early users did more than hint at the full development; often creating tools.' - Warren Samuels, Michigan State University This is a unique account of the role played by 58 figures and diagrams commonly used in economic theory. These cover a large part of mainstream economic analysis, both microeconomics and macroeconomics and also general equilibrium theory. The authoritative contributors have produced a well-considered and definitive selection including some from empirical research such as the Phillips curve, the Kuznets curve and the Lorenz curve. Almost all of them are still found in contemporary textbooks and research. Each entry presents an accurate and concise record of the history of the figure or diagram, including later developments and any controversy that arose in its development. As a whole, the book highlights how the use of geometric methods has played a central part in the development of economic theory and analysis; as a method of discovery, more commonly as a method of exposition and occasionally as a method of proof of propositions in economic theory and analysis. This highly anticipated book will appeal to theorists in microeconomics or macroeconomics, scholars of economic theory and analysis, as well as students in microeconomics, general equilibrium theory or macroeconomics at the advanced undergraduate or graduate level who want a definitive account of some figure or diagram. Historians of economic thought and methodologists will also find this book an invaluable resource. Contributors: S. Ashok, R.E. Backhouse, W.J. Baumol, M. Blaug, R. Boyer, L. Cameron, J.S. Chipman, A.J. Cohen, J.S. Cramer, J. Creedy, A.V. Deardorff, R.W. Dimand, A. Dixit, R. Dixon, B.C. Eaton, J. Eichberger, N. Erkal, R. Fare, L. Gangadharan, N. Giocoli, Y. Giraud, S. Grosskopf, H. Haller, D.W. Hands, G.C. Harcourt, T.M. Humphrey, R.W. Jones, N. Kakwani, M. Kemp, J.E. King, A.O. Krueger, D. Laidler, C. Lee, R.G. Lipsey, P. Lloyd, F. Maclachlan, R. Middleton, M. Nerlove, Y.-K. Ng, A. Panagariya, P. Rodenburg, R. Rothschild, M. Schneider, H.-l. Shi, A. Skinner, B.J. Spencer, H. Thompson, J. Whalley, R. Williams, W.C. Woo, A.D. Woodland, W. Young

This collection of articles uses economic theory to explain the governance of organizations. It covers the governance of families, oligarchies, democracies, for profit firms and non-profit institutions such as religious organizations. The widespread and novel subject matter within a set of focused economic questions results in fascinating reading allowing the reader to see how similar issues can be answered in areas where the person has little knowledge of the subject. This is an engaging and useful tool for students, researchers and academics wanting to expand their area of expertise into new and exciting realms. Contributors include: D. Acemoglu, R. Gibbons, H. Hansmann, P. Leeson, P. Rubin, B. Weingast

The volume is made up of three main chapters. The first provides a biography of Fellner. The second is an annotated bibliography of Fellner's published works and includes sections on books he wrote, his articles and essays, books he edited, and his public remarks. The third chapter is an annotated bibliography of works about Fellner and his ideas. This volume also includes name and subject indexes. In a volume that will be both useful to the professional economist and accessible to the nonspecialist, this bio-bibliography provides a guide to the work of William J. Fellner, a respected economist, policy adviser, and highly regarded member of the public policy research establishment. His work contains the full sweep of contemporary economic thought. The volume includes a biography, an annotated bibliography of Fellner's published works, and an annotated bibliography of works about Fellner and his ideas. It also includes name and subject indexes.

This thoroughly revised and updated second edition provides a comprehensive guide to Post Keynesian methodology, theory and policy prescriptions. The Companion reflects the challenges posed by the global financial crisis that began in 2008 and by the consolidation of the New Neoclassical Synthesis in macroeconomic theory. There are 41 entirely new entries, marking the emergence of a new generation of Post Keynesian scholars. The central issues that were dealt with in the first edition remain at the core of the book, but much more attention is paid in this second edition to financial markets, to Post Keynesian economics outside its traditional Anglo-American heartland and to gender issues and environmental policy. Including major theoretical, methodological and policy issues in Post Keynesian economics, this enriching Companion will strongly appeal to postgraduate and advanced undergraduate students in economics as well as related social science disciplines including international political economy, international relations, politics, public policy and sociology. Contributors: A. Altuzarra, P. Arestis, T. Asada, A. Barba, T. Baskoy, J. Bibow, S. Blankenburg, R.A. Blecker, H. Bloch, A. Brown, D. Bunting, F.J. Cardim de Carvalho, V. Chick, J. Cornwall, W. Cornwall, J. Courvisanos, C. Danby, F. Dantas, P. Davidson, L.F. De Paula, D. Dequech, S.C. Dow, P. Downward, S. Dullien, S.P. Dunn, A.K. Dutt, S. Fazzari, F. Ferrari-Filho, B. Fine, G. Fontana, M. Forstater, G. Fujii, R. Garnett, B. Gerrard, M. Glickman, G.C. Gu, G.C. Harcourt, J.T. Harvey, M. Hayes, E. Hein, J.F. Henry, G. Hewitson, M.C. Howard, P. Howells, T. Jefferson, J. Jespersen, T.-H. Jo, D.W. Katzner, S. Keen, S. Kelton, J.E. King, P. Kriesler, M. Lavoie, J. Leclaire, F.S. Lee, J. Lodewijks, M.C. Marcuzzo, J.S.L. McCombie, E.J. McKenna, A. Mearman, J. Melmies, W. Mitchell, G. Mongiovi, T. Mott, T. Mouakil, Y. Nersisyan, J.W. Nevile, T. Niechoj, R. O'Donnell, P.A. O'Hara, A. Pacella, T.I. Palley, G. Palma, C. Panico, S.D. Parsons, N. Perry, M. Pivetti, R. Pollin, S. Pressman, J. Priewe, A. Razmi, R. Realfonzo, C. Rider, L.-P. Rochon, C.J. Rodriguez-Fuentes, S. Rossi, C. Sardoni, M. Sawyer, R.H. Scott III, M. Setterfield, N. Shapiro, H.J. Sherman, P. Skott, J. Smithin, E. Stockhammer, R. Studart, P.R. Tcherneva, A.P. Thirlwall, Z. Todorova, J. Toporowski, G. Tortorella Esposito, A.B. Trigg, E. Tymoigne, L. Ussher, T. Van Treeck, A. Vercelli, M. Vernengo, M. Watts, E. Webster, A. Winnett, M.H. Wolfson, L.R. Wray, D.C. Zannoni

This volume contains a collection of papers all concerned with the exploration of economic and social dynamics in relation to the innovation process and its outcomes. This theme is firmly rooted in the Schumpeterian tradition in which an economic perspective is mutually embedded in a wider awareness of the role of other disciplines. Indeed since Schumpeter's time, the degree of specialisation within the social sciences has risen many fold, new sub disciplines continue to emerge, highly specialised theoretical tools and empirical methods continue to be developed, and new fields for the study of management and business overlap with the more traditional social sciences. There is, consequently, a need for connecting principles to offset the dangers of intellectual fragmentation. Evolutionary economics and evolutionary analysis more generally, certainly provide some of these connecting principles. The various contributions to this volume reflect upon this research programme in a number of ways.

This book provides readers with a snapshot of the state-of-the art in fuzzy logic. Throughout the chapters, key theories developed in the last fifty years as well as important applications to practical problems are presented and discussed from different perspectives, as the authors hail from different disciplines and therefore use fuzzy logic for different purposes. The book aims at showing how fuzzy logic has evolved since the first theory formulation by Lotfi A. Zadeh in his seminal paper on Fuzzy Sets in 1965. Fuzzy theories and implementation grew at an impressive speed and achieved significant results, especially on the applicative side. The study of fuzzy logic and its practice spread all over the world, from Europe to Asia, America and Oceania. The editors believe that, thanks to the drive of young researchers, fuzzy logic will be able to face the challenging goals posed by computing with words. New frontiers of knowledge are waiting to be explored. In order to motivate young people to engage in the future development of fuzzy logic, fuzzy methodologies, fuzzy applications, etc., the editors invited a team of internationally respected experts to write the present collection of papers, which shows the present and future potentials of fuzzy logic from different disciplinary perspectives and personal standpoints.

This book shows how the realistic foundations and stylized facts of Post-Keynesian economics give rise to macroeconomic implications that are different from those of received wisdom with regards to employment, output growth, inflation and monetary theory, and offers an alternative to neoclassical economics and its free-market economic policies.

New Institutional Economics (NIE) has skyrocketed in scope and influence over the last three decades. This first Handbook of NIE provides a unique and timely overview of recent developments and broad orientations. Contributions analyse the domain and perspectives of NIE; sections on legal institutions, political institutions, transaction cost economics, governance, contracting, institutional change, and more capture NIE's interdisciplinary nature. This Handbook will be of interest to economists, political scientists, legal scholars, management specialists, sociologists, and others wishing to learn more about this important subject and gain insight into progress made by institutionalists from other disciplines. This compendium of analyses by some of the foremost NIE specialists, including Ronald Coase, Douglass North, Elinor Ostrom, and Oliver Williamson, gives students and new researchers an introduction to the topic and offers established scholars a reference book for their research.

This book demonstrates the continuing relevance of Marx's critique of the capitalist system, in which value is simply equated with market price. It includes chapters specifically on the environment and financialisation, and presents Marx's qualitative theory of value and the associated concept of fetishism in a clear and comprehensive manner. Section I demonstrates how fetishism developed in Marx's writing from a journalistic metaphor to an analytical device central to his critique. In Section II, commodity fetishism is distinguished from other forms: of money, capital and interest-bearing capital. There follows an analysis of Marx's complex attempt to distinguish his argument from that of Ricardo, and Samuel Bailey. The section ends with a discussion of the ontological status of value: as a social rather than a natural phenomenon. Section III considers the merits of understanding value by analogy with language, and critically assesses the merits of structural Marxism. Section IV challenges Marx's emphasis solely on production, and considers also exchange and consumption as social relations. Section V critically assesses recent Marx-inspired literature relating to the two key crises of our time, finance and the environment, and identifies strong similarities between the key analytical questions that have been debated in each case.

Introducing an alternative philosophical foundation to the study of economics, this book explains and adopts the perspective of the Italian philosopher Antonio Rosmini (1797-1855), whose interpretation of economic action was fundamentally at odds with the prevailing and all-conquering utilitarianism of modernity. Rosmini, one of the most important Italian and Catholic philosophers of the modern age, eschewed the traditional concepts of subjectivism and individualism at the core of the utilitarian thesis, prefiguring today's critique of 'autistic economics' with his assertion that micro-economic formulae consecrating the 'maximization of utility' derive not from scientific principles or even hypotheses, but from uncritically adopted philosophical ideas. It was an assault on the determinism he perceived as the fatal flaw in accepted economic theory. Rosmini's notion of human and economic action, based on human beings' 'personal' capacities for objective knowledge, truth recognition, moral goodness and happiness, deeply transform the meaning of central economic activities such as labour, wealth creation and consumption, and become crucial factors in any analysis of the operation of the economy. After introducing the fundamentals of Rosmini's thought, the author details the theoretical and institutional features of utilitarian economics, tracing their influence on social norms. He juxtaposes these with Rosmini's alternative philosophy which places the concept of social justice at its heart, and which attempts to establish a framework for relations between the public and private realms. The contemporary case is then made for adopting Rosmini's principles, thus changing an economic paradigm widely held to be unassailable. The fruit of unprecedented and systematic research on Rosmini's economic ideas, this volume offers a detailed conceptual framework to guide alternative approaches to conventional neoclassical economics.

In this book, Professor McGarity reveals the complex and problematic relationship between the "regulatory reform" movements initiated in the early l970s and the United States' federal bureaucracy. Examining both the theory and application of "regulatory reform" under the Reagan administration, the author succeeds in offering both a relevant analysis and critique of "regulatory reform" and its implementation through bureaucratic channels. Using several case studies from the early Reagan years, this book describes the clash of regulatory cultures resulting from the President's attempt to incorporate "regulatory analysis" into the bureaucratic decisionmaking process. McGarity examines the roles that regulatory analysts and their counterparts in the Office of Management and Budget play in decisionmaking by offering hundreds of interviews with scientists, engineers, regulatory analysts and upper level personnel in federal agencies. The author then critiques the reformers' claim that regulatory analysis will result in "better" decisionmaking. Yet while McGarity recognizes the limitations of regulatory analysis, he concludes with suggestions for enhancing its effectiveness. This book could be used not only as a textbook for political science and government courses but also for graduate applications in public policy and public administration.

One of the most striking paradoxes of our time has been the growing importance of regions in the face of a globalizing economy. This insightful book explains the dynamics of regions in a global economy and sheds light on the role of knowledge in driving regional growth. The author examines the way in which regions grow by receiving knowledge from surrounding regions. Using evolutionary theory, she advances the argument that knowledge spillovers operate locally. Computer-simulations analyse the impact of knowledge spillovers on economic growth across European regions. Finally, the author uses new original data on, among others, patents and research and development to demonstrate differences in economic and innovative activity across regions.

The book collects ten papers which give a broad overview of the most recent economic studies in the fields of lobbying and special interest groups. This field of research has been attracting a growing interest in economic literature. The papers in this volume are both theoretical and empirical and throw new light on the role of organized interest groups in a large range of political issues including electoral competition, public debt taxation, trade policy, social security, environmental polices and public spending.

There was a time when theologians and economists knew much more about each other's work than they do today. This book is dedicated to reconnecting two disciplines that study different dimensions of the human condition. The well respected contributors - economists, theologians, some both - explore the interaction of Christian theology and market economics, from the earliest times to the modern day. There is much to surprise, puzzle and edify serious students of theology and economics as well as the merely curious. This unique work has a historical time-span reaching from Aristotle to the modern day, thus appealing to those interested in the history of ideas and economic thought as well as the links between theological and economic thought. Economists studying the intellectual roots of their discipline, as well as Christians researching the links between Christian beliefs and the worldly philosophy governing everyday commercial lives will also welcome it.

Developments of International Trade Theory offers the life-long reflections of a distinguished Japanese scholar who pioneered the application of general equilibrium theory to international trade. Written in a style that makes it easily accessible to scholars and students, the book combines standard topics on international trade with a discussion of the evolution of the theory and some recent discussions on topics like immiserizing growth. This book is presented in two parts. Part I examines the historical progression of international trade theory. Part II addresses the modern theory and recent developments of international trade. This book offers a comprehensive evaluation of the non-monetary problems of international economics.

This book is a philosophical critique of the economics of climate change from both an ethical and philosophy of economics perspective. Mitigating climate change is not so much a scientific problem, but rather a political, social and above all an economic problem. A future without greenhouse gas emissions requires a radical transformation towards a sustainable low-carbon economy and society. How this transformation could be achieved raises numerous economic questions. Many of these questions remain untouched, although economists are equipped with a suitable toolkit and expertise. This book argues that economists have a social responsibility to carry out more research on how global warming could be stopped and that, ultimately, economic analysis of climate change must be a political economic approach that treats the economy as part of a wider social system. This approach will be of interest to policy makers, educators, students and researchers in support of more pluralism in economic research and teaching.

"Too many companies don't know how to walk the walk of diversity, equity, and inclusion. Getting to Diversity shows them how." -Lori George Billingsley, former Global Chief DEI Officer, Coca-Cola Company In an authoritative, data-driven account, two of the world's leading management experts challenge dominant approaches to increasing workplace diversity and provide a comprehensive account of what really works. Every year America becomes more diverse, but change in the makeup of the management ranks has stalled. The problem has become an urgent matter of national debate. How do we fix it? Bestselling books preach moral reformation. Employers, however well intentioned, follow guesswork and whatever their peers happen to be doing. Arguing that it's time to focus on changing systems rather than individuals, two of the world's leading experts on workplace diversity show us a better way in the first comprehensive, data-driven analysis of what succeeds and what fails. The surprising results will change how America works. Frank Dobbin and Alexandra Kalev draw on more than thirty years of data from eight hundred companies as well as in-depth interviews with managers. The research shows just how little companies gain from standard practice: sending managers to diversity training to reveal their biases, then following up with hiring and promotion rules, and sanctions, to shape their behavior. Almost nothing changes. It's time, Dobbin and Kalev argue, to focus on changing the management systems that make it hard for women and people of color to succeed. They show us how the best firms are pioneering new recruitment, mentoring, and skill training systems, and implementing strategies for mixing segregated work groups to increase diversity. They explain what a difference ambitious work-life programs make. And they argue that as firms adopt new systems, the key to making them work is to make them accessible to all-not just the favored few. Powerful, authoritative, and driven by a commitment to change, Getting to Diversity is the book we need now to address constructively one of the most fraught challenges in American life.

This book treats extensive form game theory in full generality. It provides a framework that does not rely on any finiteness assumptions at all, yet covers the finite case. The presentation starts by identifying the appropriate concept of a game tree. This concept represents a synthesis of earlier approaches, including the graph-theoretical and the decision-theoretical ones. It then provides a general model of sequential, interpersonal decision making, called extensive decision problems. Extensive forms are a special case thereof, which is such that all strategy profiles induce outcomes and do so uniquely. Requiring the existence of immediate predecessors yields discrete extensive forms, which are still general enough to cover almost all applications. The treatment culminates in a characterization of the topologies on the plays of the game tree that admit equilibrium analysis.

This volume is inspired by developments in two strands of economic theorising. Firstly, research on structural economic dynamics based on three sources: Hicks' work on traverse analysis, Pasinetti on disproportional growth and Goodwin on dynamic decomposition and economic fluctuations. The second strand goes back to Georgescu-Roegen's interest in an organisational theory of production based upon the interrelationship between tasks, fund factors and material transformations. The approach taken involves a comprehensive view of sub-units of the whole economic system (such as processes, industries, vertically integrated sectors, eigensectors) representing dynamics of structural adaptation and compositional change. Furthermore, a detailed representation of micro-organisational features leads to the analysis of networks and networking processes within and amongst such sub-units.

Contains four sets of refereed essays. One group includes papers on Harrod and Robertson; Adam Smith; Keynes; Mendeleev; Veblen; and J. M. Clark. The second group has six papers on the historiography of "institutional economics" during the inter-war period. The third group has two papers on a conference on the status of the status quo. The fourth group has thirteen essays each reviewing one or more recent works.

The sequence of antagonistic "'revolutions" and counter-revolutions' between Keynesian and Classical Economics was in the end quite sterile. Fostering a dialogical conception of economics argument, we reconstruct the Pigouvian analytical "node" and the debate unfolding between Keynes and Pigou. The Cambridge "Keynesians" Joan Robinson and Richard Kahn broke that fledging dialogue and ungracefully abandoned a number of Keynes'--and also some of their own--central conceptions. Re-thinking this dialogue leads to new analytical paradigms and perspectives.