The primary goal of the book is to present the ideas and research findings of active researchers from various communities (physicists, economists, mathematicians, financial engineers) working in the field of "Econophysics," who have undertaken the task of modelling and analyzing order-driven markets. Of primary interest in these studies are the mechanisms leading to the statistical regularities ("stylized facts") of price statistics. Results pertaining to other important issues such as market impact, the profitability of trading strategies, or mathematical models for microstructure effects, are also presented. Several leading researchers in these fields report on their recent work and also review the contemporary literature. Some historical perspectives, comments and debates on recent issues in Econophysics research are also included.

The essays in this book examine the role of education and the university in economic development. It is the contention of the contributors that knowledge--ideas and skilled and educated people--are increasingly important for economic development. How to promote inclusive development--the process of development that includes every citizen in any country--has become a wide-ranging puzzle.

After framing the problems associated with globally integrated learning processes from the perspective of science and technology policies, the essayists look at the role of the university in the knowledge economy drawing examples from the United States, Japan, and Portugal. They then review the role of innovation in the industrial policies of a variety of countries, look at systems of knowledge creation and diffusion, and conclude with commentary on the roles of public planning and policy in the achievement of sustainable development. This wide-ranging examination of knowledge and development issues will be of value to scholars, researchers, and policy makers involved with economic growth and development.

Professor McKenzie proposes and formulates a method composed of operational procedures designed to facilitate the evaluation of economic projects and policies. This method is discussed fully, illustrated by simple examples, and compared with alternative procedures. An outline of a computer program that enables readers to undertake their own calculations is included. In order to present the approach clearly, the author provides an exposition of the fundamental ideas and the main alternative approaches to the problem. These rely on various forms of index numbers and consumer surplus. However, as is well known, such measures are not capable of correctly ordering the various alternatives under consideration, except under highly unrealist assumptions. In this book the author suggests the abandonment of this traditional approach based on the concept of 'willingness-to-pay' or the conpensating variation. Instead, the measure that Samuelson has called the 'money-metric' should become the cornerstone of applied welfare economics.

Soft computing has provided sophisticated methodologies for the development of intelligent decision support systems. Fast advances in soft computing technologies, such as fuzzy logic and systems, artificial neural networks and evolutionary computation, have made available powerful problem representation and modelling paradigms, and learning and optimisation mechanisms for addressing modern decision making issues. This book provides a comprehensive coverage of up-to-date conceptual frameworks in broadly perceived decision support systems and successful applications. Different from other existing books, this volume predominately focuses on applied decision support with soft computing. Areas covered include planning, management finance and administration in both the private and public sectors.

This book contends that liberalization is troubled in new Europe. It investigates Hungary to depict the disaggregate nature of liberalization due to elitism and the prioritization of economic liberalization. Despite the favorable historical circumstances in Hungary, there was no consensus on the virtues of liberalism after 1989. The proponents of liberalism disengaged the public, lost credibility, and failed to convince the public of the advantages of progressive politics and Europeanization. In reaction, conservative populist politics disparages the achievements of both liberalization and Europeanization. Finally, the global economic crisis demonstrates the demise of economic liberalization and puts political liberalization in peril.

This work publishes for the first time Richard T. Ely's study of the history of American economic thought. Ely was both a reformer of economics and a leading economist between the 1880's and 1930's. A founder of the American economic association, he himself wrote on a vast number of topics. This history of American economics tells a story that is both straightforward and his own interpretation.

The cognitive sciences, having emerged in the second half of the twentieth century, are recently experiencing a spectacular renewal which cannot leave unaffected any discipline that deals with human behavior. The primary motivation for our project has been to weigh up the impact that this ongoing revolution of the sciences of the mind is likely to have on social sciences in particular, on economics. The idea was to gather together a diverse group of social scientists to think about the following questions. Have the various new approaches to cognition provoked a crisis in economic science? Should we speak of a scientific revolution in economics occurring under the growing influence of the cognitive paradigm? Above all, can a more precise knowledge of the complex functioning of the human mind and brain advance in any way the understanding of economic decision-making?
This volume brings together economists from various traditions such as Austrian economics, evolutionary economics, institutional economics, law and economics, neuro-economics and bio-economics. More specifically, it contains contributions by William N. Butos and Roger G. Koppl, Geoffrey M. Hodgson, Carine Kreck and Elisabeth Kreck, Janet T. Landa, Thomas J. McQuade, Steven G. Medema, Bart Nooteboom, Richard A. Posner, Salvatore Rizzello and Alfons Corts.
*Examines the impact of cognitive science growth on the economics discipline
*Contributors represent a wide variety of economic thought and tradition
*Looks ahead to the future of economics

The objective of this book is to construct an individually emancipatory economic and political philosophy. This means a concrete-based, man-centered, non-hypostatizing, anti-dialectical approach to the apprehension of the material, i.e. nature in general. This constitutes an emancipation from culture-based understandings of reality, and in particular from the metaphysically biased type of culture represented by capitalism. The proposed philosophical emancipation means individual liberation from the logically flawed, massifying character of the dominant mode of thought of capitalist times. From these bases, the social sciences can also be reformulated. Micocci argues that capitalism can be conceptualized as a limited and limiting socialized mode of thought, an intellectuality whose dialectical features are effectively identified by using the proxy of political economy, both marxist and mainstream. Political economy in fact, being a most representative instance of dialectical thinking, mirrors the dialectical nature of capitalist economic and political relationships. According to Micocci, non-dialectical occurrences in capitalism are simply excluded from normal social, economic, and intellectual activities, which are performed in a metaphysical, intellectually isolated environment. In capitalism, therefore, the materials, the concrete, i.e. nature itself, is not considered as a whole but only as occasional instances. Micocci describes capitalism, in sum, as an intellectually constructed culture (a metaphysics) which preserves itself, and props itself up, by means of its iterative (market-like) functioning.

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.

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 book comes to terms with Marxism and its relationship to workers' self-management. David L. Prychitko offers a reinterpretation of Marx's vision of socialism by arguing that Marx's understanding of the praxis-nature of humankind led him to a utopian goal of decentralized socialism based on the total abolition of market exchange. The full development of workers' self-management of industry was to be accompanied by comprehensive planning of the socially owned means of production. Prychitko takes modern economists to task for paying too little attention to the implications of Marx's praxis philosophy and to the organizational consequences of abolishing private ownership and the market process. This abolition leads inevitably, he argues, to the development of hierarchical structures of state domination and power. This tension between democratic decentralization--workers' self-management--and central economic planning--which tends to destroy meaningful self-management--can be traced back to Marx himself. The failure of state socialism in Eastern Europe and the Soviet Union has not dissuaded those who wish to keep Marx alive from pushing workers' self-management as a feasible enterprise in a free market system. Prychitko's volume does more than simply interpret the meaning of Marxism. It analyzes the tension between centralization and decentralization in contemporary theory and practice. The contemporary theory of self-managed socialism, put to much use in Yugoslavia, is critically assessed by Prychitko. After focusing on a case study of American barrel-making cooperatives that managed to compete well with traditional capitalist firms and survive an extraordinary degree of market competition, Prychitko concludes the book by speculating over the feasibility of worker-managed firms in a truly dynamic, rivalrous market setting. Marxism and Workers' Self-Management will be of great interest to scholars of Marx, political economy, social theory, and labor studies.

This volume of essays contains 16 papers the author has written over the last 40 years on various aspects of the life and work of John Maynard Keynes and Nicholas Kaldor. It covers both theoretical and applied topics and highlight the continued relevance of Keynesian and Kaldorian ideas for understanding the functioning of capitalist economies.

Thorstein Veblen has made an immeasurable impact on the development of economics. His legacy has been to challenge orthodox thinking and inspire the institutionalist and evolutionary school of thought. In this book, a distinguished group of contributors analyzes the impact, a century later, of Veblen's 1898 challenge to economics. The authors examine the contribution of Veblen and some of his disciples to heterodox economics. They also reassess other contemporaneous discussions and contributions by other authors - Mitchell, Ayres, Commons, Keynes, Schumpeter, Tinbergen, Frisch - and present an overview of the state of the art in evolutionary economics.

Until now, Friedrich Nietzsche's influence on the development of modern social sciences has not been well documented. This volume reconsiders some of Nietzsche's writings on economics and the science of state and in doing so pioneers a line of research not previously available in English. Here, twelve scholars consider Nietzsche's historical and contemporary relevance, which has ranged from the highly serious (Schumpeter writings on creative destruction) to the pop cultural (the early works of Ayn Rand). Several papers present strong evidence of Nietzsche as an influencer of modern economists; others see him more as an influencer of influencers; and one sees little influence at all. Most of the contributions refer extensively to works previous unpublished (or poorly translated) in English. The editors do not intend to present a thorough overview or definitive description of Nietzsche's place in economics. Rather, they hope to initiate conversations and research that explore the role this much misunderstood philosopher/cultural critic may have played, or perhaps should play, in the history of economic thought.

One of the major controversies in macroeconomics over the last 30 years has been that on the effectiveness of stabilization policies. However, this debate, between those who believe that this kind of policies is useless if not harmful and those who argue in favor of it, has been mainly theoretical so far.

The Rational Expectation Hypothesis, Time-Varying Parameters and Adaptive Control wants to represent a step toward the construction of a common ground on which to empirically compare the two "beliefs" and to do this three strands of literature are brought together. The first strand is the research on time-varying parameters (TVP), the second strand is the work on adaptive control and the third one is the literature on linear stationary models with rational expectations (RE).

The material presented in The Rational Expectation Hypothesis, Time-Varying Parameters and Adaptive Control is divided into two parts. Part 1 combines the strand of literature on adaptive control with that on TVP. It generalizes the approach pioneered by Tse and Bar-Shalom (1973) and Kendrick (1981) and one recently used in Amman and Kendrick (2002), where the law of motion of the TVP and the hyperstructural parameters are assumed known, to the case where the hyperstructural parameters are assumed unknown. Part 2 is devoted to the linear single-equation stationary RE model estimated with the error-in-variables (EV) method. It presents a new formulation of this problem based on the use of TVP in an EV model. This new formulation opens the door to a very promising development. All the theory developed in the first part to control a model with TVP can sic et simpliciter be applied to control a model with RE.

This volume begins with an introduction to Marx's theory of capitalism in his own words, with his examples modernized from use of shillings and pence as subdivisions of the Pound. Well-known 1901 work on the theory of crises in capitalism by Michael Tugan-Baranowsky is translated into English for the first time, with a Preface placing it in context. The political activism and theoretical work of Henryk Grossman through 1926 is summarized in some detail, and a rarely-known brief article of his from
1919 included.

Ambiguity in Marx's definition of accumulation of capital and the
differing directions Lenin and Luxemburg took with it are next analyzed, with a more precise definition offered. Debate, begun in the last volume, over the valuation of means of production and its effect on the possibility of a falling tendency of the profit rate is taken a step forward as contrasting positions are developed.

Finally, credit money as an advanced form of money is analyzed and the post-Keynesian analysis of it, originating from Kaldor, subject to critique. Several theories of inflation theory are reviewed, with focus on the agencies causing inflation. A rediscovery of Marxian inflation theory is proposed.

This book develops a comprehensive systematic economic theory, conceiving how the dynamic of market relations generates an economy dominated by the competitive process of individual profit-seeking enterprises. The author shows how, contrary to classical political economy and contemporary economics, the theory of capital is an a priori normative account properly belonging to ethics. Exposing and overcoming the limits of the economic conceptions of Hegel and Marx, Rethinking Capital determines how the system of capitals shapes economic freedom, jeopardizing the very rights in whose exercise it consists. Winfield thereby provides the understanding required to guide the private and public interventions with which capitalism can be given a human face.

Henry George's political economy has been hailed as one of the great contributions of American social criticism. His writings have, however, invited interpretation in contradictory fashion. Commentaries have used him to uphold laissez-faire social Darwinism allowing for the aggrandizement of money. Some on the left have regarded his ideology as calling for a co-operative commonwealth well beyond the intentions of the single-tax mechanism. And there are those who see him as having, in effect, written a new Declaration of Independence as powerful as that of 1776. Bringing to light his previously unavailable British writings would clear up some misunderstandings and also present the man and his ideas in a fresher historical context.

This book gathers carefully selected works in Mathematical Economics, on myriad topics including General Equilibrium, Game Theory, Economic Growth, Welfare, Social Choice Theory, Finance. It sheds light on the ongoing discussions that have brought together leading researchers from Latin America and Southern Europe at recent conferences in venues like Porto, Portugal; Athens, Greece; and Guanajuato, Mexico. With this volume, the editors not only contribute to the advancement of research in these areas, but also inspire other scholars around the globe to collaborate and research these vibrant, emerging topics.

In August 2005, a small but important conference took place at Chuo University in Tokyo, Japan. The Chuo Meeting on Economics of Time and Space 2005 (Chuo METS 05) aimed to enrich the respective disciplines of the economics of time (dynamic economics) and the economics of space (spatial economics) and to expand their applicability in the real world. The chapters contained herein are based on the papers presented at that conference.

This work xxamines the process by which Keynesianism, with its sympathetic view of the role of government in the economy and society, lost influence amongst economists and policy makers and was replaced by more negative views about government intervention and more positive views about the role of the market as a social organiser.

Pathology of the Capitalist Spirit is about capital and about the economic system that bears its name. In this book, Levine argues that our pursuit of ever-more wealth in the form of capital expresses our dissatisfaction with the world we live in, with what we have and what we don't have. Capital embodies our hope for something different. Because capital embodies this hope, it has become desire's object. In his study of capitalism, Levine explores the meaning of capital as a social reality connected to fundamental human aspirations. The link between capital and the pursuit of a hoped-for state is especially important in light of the stubborn insistence on the part of its critics that capitalism exists to serve the material interests of those whose vocation is to own capital. This misunderstanding ignores what is essential about capital, which is its link not to interests but to hope, especially the hope that by accumulating capital the individual can achieve an attachment to the good. It is this hope that blocks tolerance of any notion that there is something unfair in the capitalist's acquisition of wealth and that fairness can be achieved through its redistribution to others. It is also this hope that animates the capitalist system as a whole. And in that sense, this hope is the spirit of capitalism. To develop this theme, Levine calls on the ideas and writings of major theorists involved with understanding modernity and capitalism: Adam Smith, Karl Marx, Max Weber, Emile Durkheim, and Joseph Schumpeter.

In this collection, four philosophers and four economists consider the Third Volume of Marx's Capital. The essays take up each of the major themes of Volume III - competition, for formation and development of the general rate of profit, the credit system and finance capital, rent, the Trinity formula and the concept of class - and consider them in the light of the two previous volumes. The authors share a focus on the concept of social form in Marx's work and on the method of his argument. The collection is intended both for specialists in Marxian theory and for students of the history of economic thought and of methodology.

Containing papers which were presented at the the tenth Keynes Seminar together with the discussion that followed each paper and four invited papers, this book examines Keynes' views on the role of the state in economic affairs. It also explores their relevance in developing countries and Eastern Europe, against a background of the withdrawal of the state in most of the developed countries of Western Europe.;A.P. Thirlwall has also written "Growth and Development: with Special Reference to Developing Economies" (4th edition), "Inflation, Saving and Growth in Developing Economies", "Regional Growth and Unemployment in the United Kingdom" (with R. Dixon), "Financing Economic Development", "Balance-of-Payments Theory and the United Kingdom Experience" (4th edition with H.D. Gibson), "Deindustrialization" (with S. Bazen), "Economic Growth and the Balance of Payments Constraint" (with J. McCombie) and co-editor of "Keynes and the Bloomsbury Group" (with Derek Crabtree). Thirlwall is also the editor of "Keynes and Economic Development", "Keynes and International Monetary Relations", "Keynes and Laissez-Faire" and "Keynes as a Policy Adviser".

Edward Everett Hale was a leading member of the institutionalist group at the University of Texas. More radical than his better known colleague, Clarence E. Ayres, Hale influenced many students - originally through his lectures rather than his publications, which were few in number. This collection assembles materials on Hale, unpublished writings by him, and sets of lecture notes from his courses.