In agent-based modeling the focus is very much on agent-based simulation, as simulation is a very important tool for agent-based modeling. We also use agent-based simulation in this book with a stress on the mathematical foundation of agent-based modeling. We introduce two original mathematical frameworks, a theory of SLD (Social Learning Dynamics) and an axiomatic theory of economic exchange (Exchange Algebra) among agents. Exchange algebra gives bottom-up reconstruction of SNA (System of National Accountings). SLD provides the concept of indirect control of socio-economic systems to manage structural change and its stability. We also compare agent-based simulation with gaming simulation and investigate the epistemological foundation of agent-based modeling.

Evolutionary Economics: Program and Scope offers a fresh look at the paradigmatic foundations and basic theoretical propositions of economics. Twelve authors - each of them with his own distinct contribution to economics - make a step forward by reinterpreting major areas of micro and macroeconomics in line with modern evolutionary thinking. This volume offers a unified approach to economics that allows recent developments in various strands of Evolutionary Economics to be integrated and major positions of Neoclassical Economics to be reconsidered. The chapters on Evolutionary Macro Economics' explore macro areas such as the division of labor and knowledge, technology and institutions, population thinking, meso economics, techno-economic trajectories and industrial sectors. By telescoping structure into time, they highlight the processes of structural change and co-evolution between technologies and institutions, and provide a causal-explanatory core for a modern - evolutionary - theory of economic growth and economic development. The chapters on Evolutionary Micro Economics' offer insights into the knowledge based theories of the firm and take up the issues of cognitive and behavioral routines. The contributions explore the processes of complex human choice, creativity, and adaptation in selective and path-dependent environments. The discussions make an essential contribution to the cognitive and behavioral foundations of a modern institutional economics.

Dissenters have a common dissatisfaction with economics as it is currently practised, and they recognise that twentieth century economics has failed to explain real world economic phenomena. This major book focuses on the work and lives of seventeen of the most influential dissenting economists who have shaped twentieth century economics and who continue to make economics more relevant.In Economics and its Discontents each chapter explains what it means to be a dissenting economist and examines how and why the work of the featured economist constitutes dissent. It demonstrates that dissent in the profession extends beyond ideology and that dissenters can come from radical, liberal or conservative backgrounds. Dissent is considered in many respects, including how economics is taught, the methodology of economic analysis, the lack of attention economists pay to the real world behaviour of individuals, the narrow and limited assumptions made by economists, the inappropriate attempt of economics to dominate all social sciences, and the policy conclusions reached by standard economic analysis. The dissenters featured in this book suggest that there is a better way to do economics, and a better way to be an economist, and each has helped keep economics honest by constantly questioning traditional thinking. This book salutes and celebrates these dissenters who exemplify the very best of the discipline. If economics is again to be a respected field and a highly regarded profession, we must look to these dissenters to point the way forward. This book will be welcomed by professional economists, researchers and postgraduate students, especially those interested in the history of economic thought, and economic methodology and philosophy.

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.

This volume is a collection of my essays on Gustav von Schmoller (1838- 1917), Max Weber (1864-1920), and Joseph Alois Schumpeter (1883-1950), published during the past fifteen years. These three intellectual giants are connected with the German Historical School of Economics in different ways. In the history of economics, the German Historical School has been described as a heterodox group of economic researchers who flourished in the Germ- speaking world throughout the nineteenth century. The definition of a "school" is always problematic. Even if the core of a certain idea were identified in the continuous and discontinuous process of the filiation and ramification of thought, it is still possible to trace its predecessors, successors, and sympathizers in different directions, creating an amorphous entity of a school. It is beyond question, however, that Schmoller was the leader of the younger German Historical School, the genuine school with a sociological 1 reality. Schmoller was indeed the towering figure of the Historical School at its zenith.

The new research method presented in this book ensures that all economic theories are falsifiable and that irrefutable theories are scientifically sound. Figueroa combines the logically consistent aspects of Popperian and process epistemologies in his alpha-beta method to address the widespread problem of too-general empirical research methods used in economics. He argues that scientific rules can be applied to economics to make sense of society, but that they must address the complexity of reality as well as the simplicity of the abstract on which hard sciences can rely. Furthermore, because the alpha-beta method combines approaches to address the difficulties of scientifically analyzing complex society, it also extends to other social sciences that have historically relied on empirical methods. This groundbreaking Pivot is ideal for students and researchers dedicated to promoting the progress of scientific research in all social sciences.

Veblen's classic position on social status is intertwined with his interest in economic class and the political prospects of that class. The Vested Interests is squarely in that tradition. It aims to show how and why a discrepancy has arisen between the accepted principles of law and custom that underlie the business enterprise and the efficient management of industry. He also speculates on the civil and political difficulties inspired by this discrepancy between business civilization, and the social order.

Many of the essays in this collection originally appeared in Dial from October 1918 to January 1919. The Vested Interests includes: "The Instability of Knowledge and Belief," "The Stability of Law and Custom," "The State of the Industrial Arts," "Free Income," "The Vested Interests," "The Divine Rights of Nations," "Live and Let Live," and "The Vested Interests and the Common Man."

In his new introduction, Irving Louis Horowitz discusses Veblen as an economist turned sociologist. He explores the dichotomies in Veblen's approach, describing it as radical in input and conservative in outcome. Veblen was analytical in design, but ideological in rhetoric. He was materialist in his economic analysis, but idealistic in his emphasis on law and custom as regulatory mechanisms of the management of society. Horowitz also describes the difficulties Veblen experienced in placing his steadfastly nineteenth century ideals in the context of 1920s America. This is the final volume in Transaction's series of the essential works of Thorstein Veblen. It will be of central interest to sociologists as well as economists, particularly those interested in the history of ideas.

As the stock market crash of 1929 plunged the world into turmoil, two men emerged with competing claims on how to restore balance to economies gone awry. John Maynard Keynes, the mercurial Cambridge economist, believed that government had a duty to spend when others would not. He met his opposite in a little-known Austrian economics professor, Freidrich Hayek, who considered attempts to intervene both pointless and potentially dangerous. The battle lines thus drawn, Keynesian economics would dominate for decades and coincide with an era of unprecedented prosperity, but conservative economists and political leaders would eventually embrace and execute Hayek's contrary vision. From their first face-to-face encounter to the heated arguments between their ardent disciples, Nicholas Wapshott here unearths the contemporary relevance of Keynes and Hayek, as present-day arguments over the virtues of the free market and government intervention rage with the same ferocity as they did in the 1930s.

Following the recent publication of the award winning and much acclaimed "The New Palgrave Dictionary of Economics," second edition which brings together Nobel Prize winners and the brightest young scholars to survey the discipline, we are pleased to announce "The New Palgrave Economics Collection." Due to demand from the economics community these books address key subject areas within the field. Each title is comprised of specially selected articles from the Dictionary and covers a fundamental theme within the discipline. All of the articles have been specifically chosen by the editors of the Dictionary, Steven N.Durlauf and Lawrence E.Blume and are written by leading practitioners in the field. The Collections provide the reader with easy to access information on complex and important subject areas, and allow individual scholars and students to have their own personal reference copy.

This book, a second edition, includes new data from the 2010 Census of India and NSS reports on consumer expenditure (2011-12), health and education (2014) to examine poverty in China and India, and how it connects with minorities. Poverty has generally become less acute in both China and India, thanks to an impressively rapid growth especially between 2010 and 2015 when the rest of the world including the US and the EU slowed down following the economic recession of 2008. But the issues of income and non-income inequalities (especially malnutrition in India), marginalization and social exclusion remain as acute as ever in both countries. As well as the use of new primary material in every chapter, the book also critically examines new relevant studies and responds to global perspectives on minority issues. It canvasses a broad range of subjects from global terrorism and civil wars in Libya and Syria, to the Arab Spring and the emergence of Islamic fundamentalism and the Islamic State (ISIS).

This book is the first English language edition of Le Commerce et le Gouvernement by the distinguished eighteenth century economist and philosopher Condillac. It was one of the most original contributions to French economics in the eighteenth century. In this edition the editors provide an English translation of the original and a comprehensive account of Condillac's life and contribution to economics. In the late eighteenth century Condillac used the clarity and precision of thought of a leading philosopher to derive a fundamental set of economic principles and their implications for policy. He arrived at the same free trade conclusions as Adam Smith, and Le Commerce et le Gouvernement was published in the same year as The Wealth of Nations. Condillac's economics was initially condemned by the physiocrats because in his utility-based analysis, industry and commerce and not just agriculture contributed to the wealth of France. The original French edition was quickly dismissed by those in positions of power in France who preferred dirigism to competition, while across the Channel the British were unaware of its existence. The importance of Condillac's contribution to economics was recognised after the marginal revolution of the 1870's. In the eighteenth century Condillac won the respect of Voltaire and Rousseau, and the high regard of the King and the Church. His work has since been admired by Allais, Hayek, Menger and Weulersse, while Jevons believed that it provided the first distinct statement of the true connection between value and utility. Commerce and Government will be of special interest to historians of economic thought and those interested in the economic history of the eighteenth century.

Darwinism is fast becoming an orthodoxy of modern thought, a framework within which a wide range of knowledge communities conduct their discourse. Ever since its formation, Darwinian theory has experienced a close, though not always comfortable, association with economics. Evolutionary economists now appear to show little concern for the consistency of knowledge in their embrace of Darwinism. Darwinism and Evolutionary Economics brings together contributions from eminent authors who, building on Darwin's own insights and on developments in evolutionary theory, offer challenging views on how economics can use evolutionary ideas effectively. This collection of critical essays provides a thorough examination of the application of Darwinian theory to economic thought, and will appeal to evolutionary economists and all those with an interest in Darwin, innovation and evolutionary science.

This title offers an in-depth analysis of the causes, consequences and treatments of illicit drug abuse. The author examines the effects of existing drug policies and proposes drug use legalisation within a regulated market as a viable alternative. Joshua assesses the factors that make individuals vulnerable to drug abuse and the pathways they may follow. As well as exploring the physical and psychological effects on the individual, Joshua examines the social and economic consequences for society. He highlights the pitfalls of a purely legal approach to drug abuse, which is primarily a health matter, and questions whether special drugs courts could be used as an alternative to the present criminal justice system. This book adds to the debate on whether most drugs could be sold in a regulated market in the same way as other drugs are, such as alcohol or nicotine. This is the third title in a four volume series 'The Economics of Addictive Behaviours', consisting of three additional volumes on smoking, alcohol abuse and overeating.

This 25th volume in the Research in Economic Anthropology series contains 12 original papers nine empirical ethnographic studies and three theoretical essays all linked by a common concern with economic choice in various social and cultural situations, and authored by researchers in anthropology, economics, and sociology. The ethnographic studies present data collected in Mexico, Paraguay, Columbia, Greece, Morocco, Egypt, Thailand, Taiwan, and Japan. Part I of the volume focuses on work migration, a theme that has received much attention of late. Papers in Part II are concerned with various manifestations of markets and market forces in everyday life, and associated individual, group, or corporate action. Part III consists of studies on economic development, market expansion, and community-wide impacts in Latin America. Finally, papers in Part IV share a common concern with the works of noted economic historian Karl Polanyi, which have influenced researchers in economic anthropology, economics, and sociology in many different ways.
*Contains 12 original papers, including 9 ethnographic studies
*Research is global in scope and includes European, Asian, African, and American countries
*Special attention is given to Latin American countries and the work of economic historian Karl Polanyi

Supplement 9 contains bibliographical and archival materials pertaining to two eminent American economists: "The Finding Guide to the Frank H. Knight papers at the University of Chicago" and, a complete annotated bibliography of the writings of Frank H. Knight, assembled and edited by Ross B. Emmett. Also included is a bibliography to references for Thorstein Veblen works for the period 1983-1996, assembled by Solidell Wasser and Felicity Wasser.

This book presents an absorbing study of how educational radio, which originated to broadcast weather forecasts to farmers, has become what the Pew Center calls the most trusted source of news for American liberals and a regular in the rogue's gallery of election-year conservative targets.The Nielsen Company reported in late 2019 that 272 million Americans listen to "traditional radio" each week, a number exceeding those who watch television, use a smartphone, or access the Internet. Yet almost from the start, radio has also been flayed as a noise box of inanity, a transmitter of low-brow entertainment, an instrument of cultural degradation promoting vapid popular music, and a medium whose ultimate purpose is to convince listeners to purchase the goods and services incessantly hawked by the advertisers who underwrite the programs and allegedly dictate content. At the same time, an alternative conception of radio existed as a vehicle for education and for cultural and intellectual (and even political) enlightenment. Most proponents of this perspective disdained advertising revenue and sought subsidies from foundations, wealthy patrons, or varying levels of government.The long, winding road of educational radio led eventually to the creation of National Public Radio (NPR), a fixture on the left of the dial that can be seen as either the consummation or corruption of the educational radio movement. Prized by many liberals, especially affluent whites, and disparaged by many conservatives, NPR has become a potent symbol of the political polarization and cultural chasm that now characterizes the American conversation.

Group Purchasing Organizations (GPOs) are a massive subset of the healthcare industry that negotiate lower costs for healthcare supplies by buying for several hospitals at once. "Group Purchasing Organizations" provides an analysis and critique of this industry.

This book presents scientific metrics and its applications for approaching scientific findings in the field of Physics, Economics and Scientometrics. Based on a collection of the author's publications in these fields, the book reveals the profound links between the measures and the findings in the natural laws, from micro-particles to macro-cosmos, in the economic rules of human society, and in the core knowledge among mass information. With this book the readers can gain insights or ideas on addressing the questions of how to measure the physical world, economics process and human knowledge, from the perspective of scientific metrics. The book is also useful to scientists, particularly to specialists in physics, economics and scientometrics, for promoting and stimulating their creative ideas based on scientific metrics.

Game-Theoretic Models of Bargaining provides a comprehensive picture of the new developments in bargaining theory. It especially shows the way the use of axiomatic models has been complemented by the new results derived from strategic models. The papers in this volume are edited versions of those given at a conference on Game Theoretic Models of Bargaining held at the University of Pittsburgh. There are two distinct reasons why the study of bargaining is of fundamental importance in economics. The first is that many aspects of economic activity are directly influenced by bargaining between and among individuals, firms, and nations. The second is that bargaining occupies an important place in economic theory, since the ???pure bargaining problem??? is at the opposite pole of economic phenomena from the case of ???perfect competition???. This volume is an outgrowth of the renewed interest in the strategic approach to the theory of bargaining and to the general theory of non-cooperative games.

Robert Lowe's wit and brilliance made him one of the most admired and detested figures of the Victorian age. But he was also the only classical economist to become Chancellor of the Exchequer, and this is the first study of him by a fellow economist. It shows how as Chancellor he caused a riot with his proposed match tax and hankered to take Britain into a single European currency.

Public debt has become a severe problem for a great many economies. While the effects of tax policies on the allocation of resources are readily derived, the mechanisms that make public deficits and debt influence the economy are not so easily understood. This book elaborates on the effects of public debt starting from the intertemporal budget constraint of the government. It is shown under which conditions a government can stick to the intertemporal budget constraint and then, demonstrated how public debt affects the growth process and welfare in market economies. The effects are derived for models with complete labor markets as well as taking into account labor market imperfections. The focus in this book is on fiscal policy issues, but it also deals with monetary policy aspects. The theoretical analysis is complemented with empirical time series analyses on debt sustainability and with panel studies dealing with the relationship between public debt and economic growth.

The human imprint on the biosphere has become so pronounced in recent years that there has been talk of a new geological era, the 'Anthropocene'. Gathering contributions from some of the world's foremost heterodox economists, this book explores the new economic directions and paradigms that are required to respond to this crisis.

This book provides an introduction to discrete dynamical systems - a framework of analysis that is commonly used in the ?elds of biology, demography, ecology, economics, engineering, ?nance, and physics. The book characterizes the fundamental factors that govern the quantitative and qualitative trajectories of a variety of deterministic, discrete dynamical systems, providing solution methods for systems that can be solved analytically and methods of qualitative analysis for those systems that do not permit or necessitate an explicit solution. The analysis focuses initially on the characterization of the factors that govern the evolution of state variables in the elementary context of one-dimensional, ?rst-order, linear, autonomous systems. The f- damental insights about the forces that a?ect the evolution of these - ementary systems are subsequently generalized, and the determinants of the trajectories of multi-dimensional, nonlinear, higher-order, non- 1 autonomous dynamical systems are established. Chapter 1 focuses on the analysis of the evolution of state variables in one-dimensional, ?rst-order, autonomous systems. It introduces a method of solution for these systems, and it characterizes the traj- tory of a state variable, in relation to a steady-state equilibrium of the system, examining the local and global (asymptotic) stability of this steady-state equilibrium. The ?rst part of the chapter characterizes the factors that determine the existence, uniqueness and stability of a steady-state equilibrium in the elementary context of one-dimensional, ?rst-order, linear autonomous systems.

The research review discusses important papers in the Economics of Advertising since the Millennium. It covers embellishments of established theories, newer theories, and empirical testing of both. Topics include informative, persuasive, and comparative advertising, content analysis, targeting, information congestion, signalling, and information disclosure. Scholars of marketing and economics will find here both a back-drop and recent advances.

First published in 1997. Routledge is an imprint of Taylor & Francis, an informa company.