This book reviews the paradigm which has come to be known as post-Keynesian economics, concentrating on the main issues that form the heart of this paradigm: money and finance; conflict in wage and price settings; the degree of monopoly and pricing in an open economy; divergence rather than convergence in the European Union; financial and economic development; economic policy and methodological issues.

A crucial issue in the era of globalization and internationalization, is whether the relationship between investment and finance is beneficial to growth and development. Similar questions have been raised about education and its rate of social return; is education necessary for improving the skill of the workforce, or does it serve primarily to facilitate the adoption of these new technologies? This book brings together a case of leading international scholars to analyze the importance of education, research, and human capital and the impact of financial systems on growth and development.

Since the early seventies, following the pioneering work by Leo Hurwicz, economists have been studying the relationship between socially optimal goals and private self-interest. The task was to reconcile the Utopian and Hobbesian traditions, using game theory to find ways to organise the society that are both socially optimal and incentive compatible. This book provides a succinct and up-to-date account of this vast literature and will be welcomed by students, lecturers and anyone wishing to update their knowledge of the field.

Western society moved from a period in which Christianity was the dominant spiritual force to one of nationalism and then to making the economy the object of public devotion. Today this is challenged by those seeking the health of the Earth including all its inhabitants. The World Bank is the economistic institution most open to Earthist concerns. This book evaluates the Bank's potential for leadership in broadening public goals from narrowly economic goods to inclusive ones.

The first book in the Studies in Economic Transition series applies the theory of economic development to the economy of East Germany. Eight years after the unification of Germany, the book provides a comprehensive and much needed assessment of the transition process in the East, its impact on the German economy as a whole and the important broader lessons for European integration and enlargement. The unique economic experiment of the unification of the German economies provided an excellent opportunity for different schools of economic theory to be tested and examined. The contributors to this book take full advantage of this challenge.

This book reassesses central topics in cultural economics: Public finance and public choice theory as the basis for decision-making in cultural and media policy, the role of welfare economics in cultural policy, the economics of creative industries, the application of empirical testing to the performing arts and the economics of cultural heritage. Cultural economics has made enormous progress over the last 50 years, to which Alan Peacock made an important contribution. The volume brings together many of the senior figures, whose contributions to the various special fields of cultural economics have been instrumental in the development of the subject, and others reflecting on the subject's progress and assessing its future direction. Alan Peacock has been one of the leading lights of cultural economics and in this volume Ilde Rizzo and Ruth Towse and the other contributors ably capture the import of his contributions in a broader context of political economy. In doing so, they offer an overview of progress in cultural economics over the last forty years. Tyler Cowen, Professor of Economics and Director of the Mecatus Center, George Mason University, Fairfax, Virginia, USA A fitting tribute to Professor Sir Alan Peacock's inspiring intellect leadership and his outstandingly rich and varied legacy in the domain of cultural economics, this book draws together illuminating analyses and insights from leading cultural economists about the role and value of this dynamic and increasingly policy-relevant field of enquiry. Gillian Doyle, Professor of Media Economics and Director of Centre for Cultural Policy Research, University of Glasgow, UK

Strategic Interaction and Markets explores the theoretical richness of economic contexts such as product differentiation, strategic barriers to entry, and imperfect information, where economic agents act strategically taking into account the impact of their behaviour on competitors' behaviour and prices. This non-ideal form of competition is the standard result when competition is amongst a small number of agents. Designed as an ancillary text for graduate students, this book is an accessible introduction to the applications of a complex area of mathematical economics.

Part of a series which focuses on the history of economic thought and methodology, this is the supplement to Volume 13.

This volume provides a critical assessment of the wide spectrum of Hayek's celebrated work as economist and social philosopher. Included are papers on Hayek's early writings in the field of monetary economics, on which his later campaign against inflation, his controversial proposal for competing currencies, and his negative view of the impact of trade unions on the economy are based. Hayek's social philosophy, often regarded as the centre piece of his famous work, and the fundamental findings about human thinking, society, the market system and social rules of conduct it is based on, is evaluated by leading contemporary social philosophers. The volume leaves little doubt as to the considerable impact of Hayek's thinking on economic policy and social philosophy.

Treating the market as a complex social category, and not just as a purely economic phenomenon, this book presents two frameworks for analyzing the market in relation to society. After presenting first the economic framework and then the sociological framework, the author combines the two and, when feasible and sensible, integrates them. The result is an original and enlightening examination of such subjects as the nature of the market, market laws, equilibrium, and prices.

Altruistic Reveries is a unique volume, which arises out of an Interdisciplinary Conference on Perspectives on Altruism from the Humanities and Social Sciences organized by the Centre for Advanced Studies, Faculty of Arts and Social Sciences, National University of Singapore, in October 1999. Altruism is a deep, multi-faceted phenomenon, of great interest and relevance to scholars across the entire range of disciplines in the Humanities and Social Sciences. The Centre therefore brought together experts in diverse disciplines - Philosophy, Literature, Psychology, Sociology, Economics, and Political science - to examine and discuss the significance and role of altruism from their respective perspectives. A total of 10 papers in all were presented, and the volume is completed by an Introduction by the editors, and a final Concluding Chapter by one of the editors. Among the issues discussed are: the efficacy of motivational altruism in the resolution of public issues; the genetic origins of altruism and its attendant risks; the metaphysical basis of altruism; empathy and altruism; altruism or social exchange; altruism in wartime; and the welfare state. A notable feature of the volume is that the various authors have not talked past' one another. Although each is a specialist in his field, the papers are accessible to those in other fields, and to non-specialists. Both individually and together, they provide a rich set of insights and perspectives on altruism as a fundamental human and social phenomenon, which will edify, interest, and stimulate all readers of the volume.

This book presents the contributions of the 20th century to economic theory in a mathematical language and in historical sequence. General equilibrium is the focal point of the book; but also a number of macroeconomic models, especially with respect to the first half of the century, are considered. Dynamic models are extensively studied per se, and not merely as extensions of their static counterparts. The book with its extensive bibliography gives a broad view over the developments in mathematical economics and is therefore an invaluable source of information for researchers and students working in this field.

This book contains at least three main highlights: breaking through the limitations of the mainstream Western economics system and the market theory framework, correctly explaining the successful experience of China's reform and opening up over the past 40 years from an economic perspective, and developing a new economics system and market theory. China's reform and opening up and innovative developments have provided a wide range of materials and resources for this theory; the results of this research will be integrated into world economic theories and serve the economic development and economic growth across the world.

This text bridges the gulf between theoretical economic principles of negotiation and auction theory and their multifaceted applications in actual practice. It is intended to be a supplement to the already existing literature, as a comprehensive collection of reports detailing experiences and results of very different negotiations and auctions.

The Marxist theory of capitalist growth and transformation has often been shrouded in obscurity, either by endless recapitulation of Marx's texts or by excessive use of mathematical formalism. This short book presents an integrated and rigorous view of capitalist development - technical change, class relations, trends in the profit rate and share, cyclical and long-term crisis - in a form that is accessible to serious readers with or without prior training in economics or familiarity with Marxist thought.

This collection developed from a conference held in 1992 to mark the coming of age of E.P. Thompson's seminal concept of "the moral economy". It provides a critical evaluation of the original concept and of its application to a wide and diverse field of scholarship, drawing together specialists from social and labour history, legal history, social, anthropology and historical geography who examine the developing utilization of the concept of "the moral economy" in different historical and societal contexts.

This volume examines themes that complicate the conventional economist's view of the world and thereby provide for a notably more complex, and humane, subject of study than the traditional Homo economicus. Written by economists and philosophers, these essays attempt to place neoclassical economic theory, especially conventional textbook micro-economic theory, in the broader context of other social sciences and modern economics. In doing so, the book aims to find the boundaries of economics and to define more sharply its relationship to other kinds of inquiry. Though the widespread use of textbook microtheory in business, economic, and political analysis is a clear testament to its power, the restrictions and artificialities of neoclassical assumptions give cause for worry even to many economists. This book examines the extent to which the economist's paradigm - that man is characterized chiefly by self-interested goals and rational choice of means - is useful in studying traditional noneconomic fields such as philosophy, political theory, and rhetoric. It also looks at how insights from other disciplines are changing - and perhaps improving - the current practice of economics.

This elaboration of the writings and statements of Milton Friedman is intended to create an economic system that moves the subject along theory-, fact-, and policy-oriented lines. Items directly attributable to Friedman are used in combination with an awareness of the unique breadth of his experience connected to statistical matters, and his work with Wesley C. Mitchell and others. In addition, some of the author's experiences dating back to the 1950s are used to reconstruct theory and bring in some topics Friedman did not consider.

Technology and innovation are fundamental to economic success and the struggle for markets in an increasingly competitive world. This book draws together the latest research in the fields of technology, innovation and competitiveness from some of the world's leading academics.International in its approach, this book considers a wide range of topics including the globalization of research and technology and the effect of this on the product cycle, financial domination in the global economy and its consequences for structural competitiveness. It also examines the impact of the pooling of technology and science in Europe on the environment for new entrepreneurial initiatives. Special emphasis is placed on the policy implications of recent developments in technology, industry and the economy. Technology, Innovation and Competitiveness will be of interest to policy analysts as well as academics and students of economics, management and business studies.

'One of the most influential economists in the world' Wired Even before the Covid-19 pandemic in 2020, capitalism was stuck. It had no answers to a host of problems, including disease, inequality, the digital divide and, perhaps most blatantly, the environmental crisis. Taking her inspiration from the 'moonshot' programmes which successfully co-ordinated public and private sectors on a massive scale, Mariana Mazzucato calls for the same level of boldness and experimentation to be applied to the biggest problems of our time. We must, she argues, rethink the capacities and role of government within the economy and society, and above all recover a sense of public purpose. Mission Economy, whose ideas are already being adopted around the world, offers a way out of our impasse to a more optimistic future.

This volume represents a contribution to the philosophy of economics with a distinctive point of view -- the contributors have selected particular areas of economics and have probed these areas for the philosophical and methodological issues that they raise. The primary essays are written by philosophers concentrating on philosophical issues that arise at the level of the everyday theoretical practice of working economists. Commentary essays are provided by working economists responding to the philosophical arguments from the standpoint of their own disciplines. The volume thus represents something of an experiment' in the philosophy of science, striving as it does to explore methodological issues across two research communities. The purpose of the volume is very specific: to stimulate a discussion of the epistemology and methodology of economics that works at the level of detail of existing best practice' in economics today. The contributors have designed their contributions to stimulate productive conversation between philosophers and economists on topics in the methodology of economics.

Joseph Halevi, Geoff Harcourt, Peter Kriesler and J. W. Nevile bring together a collection of their most influential papers on post-Keynesian thought. Their work stresses the importance of the underlying institutional framework, of the economy as a historical process and, therefore, of path determinacy. In addition, their essays suggest the ultimate goal of economics is as a tool to inform policy and make the world a better place, with better being defined by an overriding concern with social justice. Volume I analyses the contributions of Keynes, Harrod and Kalecki.

Why are people loyal? How do groups form and how do they create incentives for their members to abide by group norms? Until now, economics has only been able to partially answer these questions. In this groundbreaking work, Paul Frijters presents a new unified theory of human behaviour. To do so, he incorporates comprehensive yet tractable definitions of love and power, and the dynamics of groups and networks, into the traditional mainstream economic view. The result is an enhanced view of human societies that nevertheless retains the pursuit of self-interest at its core. This book provides a digestible but comprehensive theory of our socioeconomic system, which condenses its immense complexity into simplified representations. The result both illuminates humanity's history and suggests ways forward for policies today, in areas as diverse as poverty reduction and tax compliance.

This book presents a selection of peer-reviewed contributions on the latest advances in time series analysis, presented at the International Conference on Time Series and Forecasting (ITISE 2019), held in Granada, Spain, on September 25-27, 2019. The first two parts of the book present theoretical contributions on statistical and advanced mathematical methods, and on econometric models, financial forecasting and risk analysis. The remaining four parts include practical contributions on time series analysis in energy; complex/big data time series and forecasting; time series analysis with computational intelligence; and time series analysis and prediction for other real-world problems. Given this mix of topics, readers will acquire a more comprehensive perspective on the field of time series analysis and forecasting. The ITISE conference series provides a forum for scientists, engineers, educators and students to discuss the latest advances and implementations in the foundations, theory, models and applications of time series analysis and forecasting. It focuses on interdisciplinary research encompassing computer science, mathematics, statistics and econometrics.