This handbook advances the interdisciplinary field of Philosophy, Politics, and Economics (PPE) by identifying thirty-five topics of ongoing research. Instead of focusing on historically significant texts, it features experts talking about current debates. Individually, each chapter provides a resource for new research. Together, the chapters provide a thorough introduction to contemporary work in PPE, which makes it an ideal reader for a senior-year course. The handbook is organized into seven parts, each with its own introduction and five chapters: I. Frameworks II. Decision-Making III. Social Structures IV. Markets V. Economic Systems VI. Distributive Justice VII. Democracy The "Frameworks" part discusses common tools and perspectives in PPE, and the "Decision-making" section shows different approaches to the study of choice. From there, parts on "Social Structures," "Markets" and "Economic Systems" each use tools from the three PPE disciplines to study and distinguish parts of society. The next part explains dominant theories and challenges to the paradigm of "Distributive Justice." Finally, a part on "Democracy" offers five challenges to current democratic practice.

Have you ever wondered what libertarians think about vaccine mandates? About gun control? About racial and sexual inequalities? While libertarianism is well known as a political theory relating to the scope and justification of state authority, the breadth and depth of libertarian work on a wide range of other topics in social and political philosophy is less well known. This handbook is the first definitive reference on libertarianism that offers an in-depth survey of the central ideas from across philosophy, politics, and economics, including applications to contemporary policy issues. The forty chapters in this work provide an encyclopedic overview of libertarian scholarship, from foundational debates about natural rights theories vs. utilitarian approaches, to policy debates over immigration, punishment and policing, and intellectual property. Each chapter presents a comprehensive and up-to-date overview of historical and contemporary libertarian thought on its subject, and thus serves as an essential guide to current scholarship, and a starting place for discovering future lines of research. The book also contains a section on criticisms of libertarianism, written by leading scholars from the feminist, republican, socialist, and conservative perspectives, as well as a section on how libertarian political theory relates to various schools of economic thought, such as the Chicago, Austrian, Bloomington, and Public Choice schools. This book is an essential and comprehensive guide for anyone interested in libertarianism, whether sympathizer or critic.

Today econometrics has been widely applied in the empirical study of economics. As an empirical science, econometrics uses rigorous mathematical and statistical methods for economic problems. Understanding the methodologies of both econometrics and statistics is a crucial departure for econometrics. The primary focus of this book is to provide an understanding of statistical properties behind econometric methods. Following the introduction in Chapter 1, Chapter 2 provides the methodological review of both econometrics and statistics in different periods since the 1930s. Chapters 3 and 4 explain the underlying theoretical methodologies for estimated equations in the simple regression and multiple regression models and discuss the debates about p-values in particular. This part of the book offers the reader a richer understanding of the methods of statistics behind the methodology of econometrics. Chapters 5-9 of the book are focused on the discussion of regression models using time series data, traditional causal econometric models, and the latest statistical techniques. By concentrating on dynamic structural linear models like state-space models and the Bayesian approach, the book alludes to the fact that this methodological study is not only a science but also an art. This work serves as a handy reference book for anyone interested in econometrics, particularly in relevance to students and academic and business researchers in all quantitative analysis fields.

Culture is a priceless inheritance and source of wellbeing that is of immense value to humankind. Cultural economics set out to examine the nature and social benefits of cultural products and phenomena as they exist in the market. This volume is the masterpiece of Li Yining, one of the best-known Chinese economists, active in devoting his attention to the role of culture in the economy since the 1950s. Considering the importance of culture in the development of socialism with Chinese characteristics, the author combines cultural history, economic history, and the history of economic thought to produce unique perspectives. This book not only introduces the central concepts of cultural economics and the culture industry, but proposes several groundbreaking views that greatly influenced the culture policies of China, including cultural adjustment, cultural confidence, and cultural checks and balances. Researchers and students of economics, cultural studies, and Chinese politics, as well as policy makers, will benefit from this volume.

This groundbreaking series brings together a critical selection of key papers by the Nobel Memorial Laureates in Economics that have helped shape the development and present state of economics. The editors have organised this comprehensive series by theme and each volume focuses on those Laureates working in the same broad area of study. The careful selection of papers within each volume is set in context by an insightful introduction to the Laureates? careers and main published works. This landmark series will be an essential reference for scholars throughout the world.

This book offers a critical reconstruction of the double movement, the central thesis of Karl Polanyi's The Great Transformation, one of the most influential books of the 20th century. The double movement is the establishment of a free market economy and the subsequent effort by society to ameliorate the destructive effects of the market. In Polanyi's bold vision, the double movement constituted the hidden gear of social change and historical transformation within capitalism. The book is a forensic examination and critique of Polanyi's argument. It develops an interpretive framework of the double movement as four interrelated social processes: the establishment of the self-regulating market, the rise of a market society that deepens and extends market imperatives, a social protection phase that constrains the market and safeguards society, and the contradictions and crises that result from this clash of social principles. The book will be an indispensable guide for students and scholars across the social sciences which illuminates the relevance of Polanyi's insights to a critical understanding of the contemporary era -the scourge of insecurity and inequality, the multiple crises of neoliberalism, the rise of right wing populism- as well as those interested in egalitarian and emancipatory alternatives to capitalism.

This comprehensive two-volume set brings together important contributions providing fundamental economic analyses of social networks and the central roles they play in many facets of our lives. The first volume consists of classic articles that model network formation and games on networks, as well as those on the identification of peer effects from an econometric viewpoint. The second volume provides empirical analyses of network effects on labor, education, development, crime and industrial organization, as well as some laboratory and field experiments. This set of indispensable papers, with an original introduction by the editors, will prove an essential tool to researchers, scholars and practitioners involved in this field.

In this far-reaching and insightful monograph, Richard Wagner exposes the failure of the United States constitution to overcome the tyranny of the majority so feared by the Founding Fathers. Recognising that to the extent a written parchment is enforceable, it is through the construction of a self-supporting balance of private interests, Professor Wagner sketches a balance between the principles of good constitutional order and the placement of guns of self-interest necessary for the preservation of the rights to life, liberty and property. He concludes his analysis with an assessment of the prospects of converting the rent-seeking state into an entrepreneurial state self-interestedly committed to classical liberal principles of constitutional order. The author clearly demonstrates why the tyranny of the majority cannot be prevented by constitutional parchment unless the institutions of society are designed to offer complementary support to limited government and the rule of law. Parchment, Guns and Constitutional Order offers a solution designed to harness the political process to that objective.

Unpredictable and unforeseen, or black swan, events are occurring increasingly often, one such recent example is the coronavirus crisis of 2020. The Fourth Industrial Revolution, with its growing use of artificial intelligence, intelligent robots, intelligent informats and intelligent algorithms, may help us to confront these incidents but only if we can avoid the sector optimization logic of some forms of economic thinking. This book offers a multi-faceted presentation of the application of systemic thinking in non-standard situations, especially those created by the fourth industrial revolution. It develops models and mini theories to promote systemic thinking at a time when cascades of innovations are entering the economy, while at the same time black swan events are occurring and disrupting social systems. It takes a critical look at how organizations and social systems have chosen to organize themselves to develop systems that prioritize high performance, by focusing on cost-cutting and maximizing profits, instead of on preparedness elasticity and resource slack. The consequences of this kind of organizational streamlining becomes evident only when the 'black swans' loom. The author discusses how individuals and society can develop the resilience needed to deal with these incidents. He asserts that there are three central social mechanisms that can help us understand how social systems work and how they are interconnected: time-lag, threshold value, and feedback. These three concepts can help us to understand how changes occur in non-linear systems; for instance, how small changes at the micro level can lead to large changes at the macro level. This book will be of interest to researchers, academics and students in the fields of economics, finance, business and industry.

Peter M. Lichtenstein believes that any social-economic theory of capitalism must begin with a theory of value and price. Dismissing the neoclassical school, he turns to post-Keynesian and Marxian economics with their coherent and consistent theories of value and price based on concrete objective circumstances. The development of these theories in the author's aim because he believes that this approach comes much closer than neoclassical theory to capturing the essence of a capitalism economy. This book, first published in 1983, is addressed to economics students, especially to those studying microeconomics or the history of economic thought, and to economists seeking an overview of these issues.

This book explores the thought of the three 'founding' members of the Austrian School of economics: Carl Menger, Friedrich von Wieser, and Eugen Boehm-Bawerk, considering the overlapping and specialization of their work on money, value, and capital. Offering an incisive overview of the work of three important, but often-neglected figures, the author sheds fresh light on the transition from Adam Smith's economics and the thought of the German School, to modern economic theory, considering also the influence of the Austrian School on the work of Max Weber. As such, it will appeal to scholars with interests in the history of ideas, economic theory, political economy, and social theory.

The very meaning of economic inequality is fundamental for understanding today's policy debates over issues such as interpreting changes in income inequality over time, across countries, or between groups within a society, as well as determining whether or not society is becoming more polarized with a shrinking middle class. Professor Becker has selected seminal papers covering topics including foundations of income inequality measurement, the social welfare view of inequality and directions for future research on economic inequality. Along with a new and original introduction, this essential single volume is an indispensable tool for scholars and practitioners alike.

The computer revolution of the 1960s ushered in a golden period of econometric model building. Lawrence Klein was constantly in the forefront of this development. He was awarded the Alfred Nobel Memorial Prize in Economics for this and other contributions to applied econometrics.The 20th century witnessed a great expansion of economics as a scholarly discipline. The editor has chosen a selection of papers which sparked his interest as a student, a teacher and a researcher. This key volume includes both classic articles as well as lesser known papers which Professor Klein judges will stand the test of time.

First published in 1920, Social Theory endeavours to put together the social contents of various experiences of the ordinary man, and to make them, as far as they form one, a coherent and consistent whole. Social theory is not concerned directly with all the actions of individual men, but mainly with their actions taken in concert through some temporary or permanent organized group, and with the actions of such groups as they affect and react upon the individual. It is not primarily concerned with the State but with the whole problem of human association - that is, of associative will and action. This book will be of interest to students of economics, political science and sociology.

The modern global economy and discipline of economics place mathematical calculation above human concern. However, a re-reading of Boethius' The Consolation of Philosophy can positively highlight the contrast in values and spirit of the early medieval European world with our own scientific age. This book discusses the historical and cultural contexts that influenced Boethius' writing and explores how Consolation offers a radically different understanding of economic concepts: wealth from inner happiness and virtues, poverty from hoarding outer possessions, self-sufficiency in the greater whole, enlightenment through misfortune, and development as fruition from the Good. These economic considerations resonate with a range of heterodox economic perspectives, such as Ecological and Buddhist Economics. The fundamental revaluations gained through Boethius pose a critique of mainstream neoclassical and neoliberal economics: to consumerism, avarice, growth and technology fetishism, and market rationality. These economic foundations resonate into a time when global crises raise the question of fundamental human priorities, offering alternatives to an ever-expanding industrial market economy designed for profit, and helping to avoid irrevocable socio-ecological disasters. The issues raised and questioned in this book will be of significant interest to readers with concern for pluralist approaches to economics, philosophy, classics, ancient history and theology.

Provides a systematic and future-oriented account of global political economy dynamics since the industrial revolution. Argues that major changes and conflicting processes can be understood through the concept of three fields. Analyses the generic dynamics of these three fields of global political economy and explores their most significant causal effects, such as growth, employment, distribution of income and wealth, wars, and ecological effects.

Methods and techniques adopted in teaching, training, learning, research, professional development, or capacity building are generally standardized across most traditional disciplines, particularly within developing countries. This is not the case, however, when it comes to the Islamic disciplines, and, in particular, in relation to the study of Islamic economics and finance, which is influenced by conventional standards and techniques. This is primarily due to the lack of availability of the requisite standards and mechanisms designed within the spirit of Maqsid al-Shari'ah. This book offers a unique resource and a comprehensive overview of the contemporary methods and smart techniques available for teaching, learning, and researching Islamic eco-finance, and it presents solutions to the challenges in implementing them. Further, the book gives deep insight into the most appropriate methodologies that could be employed empirically to explore, model, analyze, and evaluate Islamic finance theories and models, respectively. It also gives recommendations for improving learning, teaching, and research outcomes in Islamic eco-finance. The book also addresses how, in this advanced technological era, smart tools like artificial intelligence, machine learning, big data, Zoom, and the internet of things can be adapted to help equip students, researchers, and scholars with smart skills. The book will enable those studying Islamic economics and finance to grasp the appropriate tools for research and learning. Additionally, the Islamic economics and finance sector is growing at a significant rate and therefore requires the upskilling and capacity building of its human resources; thus, the book will also be highly beneficial for practitioners involved in the industry.

This book's premise is not only the commonly accepted cultural relativity of economic concepts, but also the observation that the current shift in the meaning of concepts like "market," "currency," "exchange," and "money" suggests that culture is undergoing a change with unpredictable economic and political consequences. The essays in the book raise basic questions concerning exchange - what is exchanged, who exchanges and how, which kind of currency is used, and indeed what is money and how does it convey and retain value over time. These issues are all classical objects of economic theory, but less often have they been approached from a cultural perspective. Works treating economic and monetary issues from a cultural perspective are few and far apart, and this book aims to contribute to such a perspective with a variety of approaches.

This collection of essays represents responses by over eighty scholars to an unusual request: give your high level assessment of the field of economic design, as broadly construed. Where do we come from? Where do we go from here? The book editors invited short, informal reflections expressing deeply felt but hard to demonstrate opinions, unsupported speculation, and controversial views of a kind one might not normally risk submitting for review. The contributors - both senior researchers who have shaped the field and promising, younger researchers - responded with a diverse collection of provocative pieces, including: retrospective assessments or surveys of the field; opinion papers; reflections on critical points for the development of the discipline; proposals for the immediate future; "science fiction"; and many more. The readers should have fun reading these unusual pieces - as much as the contributors enjoyed writing them.

Discussing Economics treats discussion - meaning formal consideration of questions about a reading - as a new approach to learning economics. Setting out a detailed approach modeled on the ideas of Mortimer Adler and the Great Books Foundation, the authors explain why instructors should organize discussion around interpretive questions, how to plan and lead discussion, and how to integrate it into a course. They then provide a guide to over 60 classic and contemporary readings that span much of the undergraduate economics curriculum. For each, they provide a synopsis, learning objectives, recommended questions, and discussion suggestions. The authors make the case for discussion as a productive, cost-effective pedagogy that provides students with the opportunity to improve their economic literacy. As students form and revise their interpretations, they use the concepts the authors used in ways that deepen their understanding, lengthen their retention and enable them to transfer their mastery to new contexts. An invaluable resource for undergraduate and high school economics instructors, this volume will also be a useful tool for economic educators and those interested in classic economic writings.

Drawing in particular on the work of Sraffa, Smith, Ricardo and Marx, the essays in this volume explore the characteristic features of the Classical economists' approach to economic problems, and the renewal of interest in that approach in modern times. In recent years, new material has been made available on both Sraffa and Marx which have made new insights and interpretations possible. The release of Sraffa's hitherto unpublished papers and correspondence has led to reconsideration of doctrinal questions such as to what extent Sraffa built upon, or deviated from the analyses of Adam Smith, David Ricardo and other representatives of the classical British school and Karl Marx. A major theme is also to what extent we can today, equipped with Sraffa's insights and analytical tools, re-interpret and develop ideas of classical authors, which they could present only in primitive forms, on technological progress, exhaustible resources and other contemporary issues. On Marx, the publication of the MEGA2 edition of the works, papers and correspondence of Marx and Engels also gives rise to a reconsideration of this relationship, given Marx's disenchantment with some of his own work and return to ideas advocated by Ricardo, especially as regards the long-term tendency of the rate of profits. Finally, the classical notion of competition and monopoly deserve to be scrutinized carefully again and frequent misinterpretations in the literature refuted. This volume is vital reading for scholars of classical economics, Marx and Sraffa, and the history of economic thought more broadly. It also deals with issues in the areas of machinery and technical progress, joint production, and economic development and growth.

In Markets with Limits James Stacey Taylor argues that current debates over the moral limits of markets have derailed. He argues that they focus on a market-critical position that almost nobody holds: That certain goods and services can be freely given away but should never be bought or sold. And he argues that they focus on a type of argument for this position that there is reason to believe that nobody holds: That trade in certain goods or services is wrongful solely because of what it would communicate. Taylor puts the debates over the moral limits of markets back on track. He develops a taxonomy of the positions that are actually held by critics of markets, and clarifies the role played in current moral and political philosophy by arguments that justify (or condemn) certain actions owing in part to what they communicate. Taylor argues that the debates have derailed because they were conducted in accord with market, rather than academic, norms-and that this demonstrates that market thinking should not govern academic research. Markets with Limits concludes with suggestions as to how to encourage academics to conduct research in accord with academic norms and hence improve its quality. Key features Provides original suggestions concerning how to improve the exegetical quality of academic research Systematically identifies the primary exegetical errors-and the ways in which these errors have adversely influenced current debates-that Jason Brennan and Peter Jaworski made in their influential book, Markets Without Limits Argues that despite the current, widespread view that semiotic objections to markets are widespread in the literature, they are in actuality rare to nonexistent Offers an up-to-date taxonomy of the current arguments in the various debates over both the ontological and the moral limits of markets Provides an extensive overview of mistaken claims that have been made and propagated in various academic literatures

Over a hundred years after the first socialist revolution broke the global monopoly of capitalism, a new class of socialist-oriented socioeconomic development is coming to the fore. Capitalism is still dominant worldwide, although its hegemony is no longer undisputed, and humankind is now faced with a key existential challenge. This book proposes an alternative path to overcoming the worldwide crisis of globalized capitalism. It offers a novel, balanced and historically rooted interpretation of the successes and failures of socialist economic construction throughout the last century. The authors apply a multidisciplinary, holistic and purpose-based methodology to draw basic lessons from stylized facts, emerging in different areas of knowledge, ranging from political economy to biology, and from key national socioeconomic experiences, with a particular focus on China. The book is divided into three parts. The first is mainly theoretical and general in nature, identifying the major contributions bequeathed by the hard sciences to their social counterparts. Consistent with these findings, the authors offer a stylized interpretation of the contemporary state-of-the-art of the debate on the core concepts of economic science and advance a few elementary theories about what socialism in the 21st century could look like. The second and third parts analyze and discusses the core features of a few select experiences, which have evolved in certain countries since 1917, some of which are still unfolding. The book will find an audience among academics, researchers and students in the fields of economics, political science, history, and geography, as well as, policy makers, particularly in developing countries.

From the clashes between Federalists and Republicans in the 1790s until today, partisan battles over taxing, spending, and public debt have shaped American political development. These battles were formerly constrained by fiscal norms that mandated balanced budgets and low debt. In his Farewell Address, President George Washington counseled the nation to "cherish public credit" by using "it as sparingly as possible". In the 1980s, however, tax cuts and spending increases created large structural deficits and much higher debt levels. With only a brief interruption in the late 1990s, deficit politics has been a mainstay ever since. Over this period, the Republican Party has passed large tax cuts but failed to retrench the large entitlement programs that continue to raise spending. Likewise, the Democratic Party has expanded the domestic role of government but has abandoned the broad-based taxation it supported in the 1990s. Funding their domestic agenda with matching revenues is now as unappealing for Democrats as entitlement cutbacks are for Republicans, contributing to the current stalemate of Republican tax policy, Democratic spending policy, and soaring deficits and debt. The economic risks this entails are serious, yet an end to the era of deficit politics is nowhere in sight.