The forefathers of neoclassical or conventional economics, beginning with Walras, wanted to build a psycho-mathematical science similar to celestial mechanics. However, during the first half of the last century, they succumbed to the charm of axiomatization: Hence, economics remains a stillborn science. Its theory is plagued with incongruities, generating misleading notions and policies that are detrimental to human welfare and environmental equilibrium. Its truths have significantly low half-lives, and its confused pronouncements have become an open ground in which false consciousness rumble unchallenged. This state of affairs calls for a fundamental revision.

After reviewing the evolution of economics from Antiquity to the present and pointing to its inadequacies, Dominique proposes an alternative formulation which not only sheds light on the enduring features of market economics but also makes economics consistent with physics, the mother of all sciences. This is a challenging revision for scholars, students, and others involved with economic theory.

As import-substitution industrialization yields to increasing market liberalization in Latin America in the 1990s, privatization assigns new roles to both the public and private sectors. After the decade of the debt crisis, a much weakened State will reorient its policy efforts to the difficult issues of limited fiscal and monetary choices, regulation of newly privatized firms, and long-postponed social programs. However, privatization represents a mhallenge for the private sector as much as it is an issue for the public sector. Foreign and domestic capital will be asked to play a critical role in revitalizing battered economies. New players, from penny-capitalists to pension funds, and new institutions, including dramatically altered banking systems and suddenly thriving stock markets, have recently appeared. The changing roles of public and private sectors and the implications of these developments are the focus of this book.

" Intertemporal Macroeconomics is the first text to offer a unified and systematic exposition of the key issues, both traditional and new, in dynamic macroeconomics. Based on neoclassical growth theory, the book is designed for graduate and advanced undergraduate students in macroeconomics and finance.

This volume treats various aspects of the Yugoslav economic model and focuses on the long-term program of stabilization undertaken by that country in the last few years. The contributors discuss such diverse topics as the country's socioeconomic relations, and problems and prospects for carrying out a long-term stabilization program. "Essays on the Yugoslav Economic Model" puts forth a number of assertions relating to the country's economic performance: that Yugoslavia must resort to greater reliance on markets; it must become more export oriented with a fully convertible currency; the country must rid itself of debilitating inflation; it must preserve a social policy consistent with its socialist principles.

This volume treats various aspects of the Yugoslav economic model and focuses on the long-term program of stabilization undertaken by that country in the last few years. "Essays on the Yugoslav Economic Model" puts forth a number of assertions relating to the country's economic performance: that Yugoslavia must resort to greater reliance on markets; it must become more export oriented with a fully convertible currency; the country must rid itself of debilitating inflation; it must preserve a social policy consistent with its socialist principles. Furthermore, Yugoslavia must take all of these measures and more within the constraints of the existing socio-political framework of socialist self-management and heterogeneous population. The contributors each agree that given the country's diversity, a resort to markets is the only meaningful option available.

This book provides key insights into how to control local government debts and optimize the makeup of debts in China. The rapid growth of investment in infrastructure on the part of local governments has offset the slowdown of investment growth in manufacturing and real estate and maintained the growth rate of 7.7% in 2013. However, local governments' debts have accumulated, which increases the risk of debt default and threatens the stability of China's financial system. The research suggests that increasing the proportion of issuing bonds in total debts would be the first step toward eliminating the debt risk. Second, the Chinese government should play its part; and lastly, the government should relinquish its administrative control and monopoly in order to allow the service industry to further develop.

With six essays exploring different aspects of economic growth, poverty, inequality and social security, this book offers a critical perspective on India's development experience since independence. Incisive and empirically rich, the book opens up new vistas in development discourse and informs current policy debates.

The book analyzes the relationship between globalization and sustainable development. It presents analysis of the relationship between social and environmental conditions of sustainability. It explores the interaction between history of facts (globalization since the industrial revolution) and history of ideas (liberalism since Adam Smith). It focuses on generally neglected aspects such as health and social corporate responsibility.This book examines how consistent the post-war process of globalization has been with the basic requisites of sustainable development. It argues that the polarization of public opinion into support of either globalization or sustainable development has not helped an understanding of the issues, and that the confrontation should be abandoned.

As a result of the financial crisis, the weaknesses of the Eurozone, including the public debt crisis, materialized in severe depressions in certain of its country members. In this monograph, the author analyzes structural weaknesses of the Eurozone and argues that they can be traced to (i) institutional differences, (ii) differences in the economic structures, (iii) the fundamental inability of European Bureaucracy to deal with crises, and (iv) the extreme rigidity of markets which prevents a general equilibrium in product and credit markets. He concludes that whether the Eurozone is sustainable, depends on future monetary and credit policies, and discusses the implications of reforming it in the best interest of the international banking and financial system. The recent policies of the ECB of "cheap" credit expansion are examined in detail. The approach of the work is along the lines of von Mises' and Hayek's Austrian tradition; additionally, substantive international empirical evidence supporting this Austrian approach is presented.

Kristi A. Olson asks: What is a fair income distribution? She rejects equal income shares: equal pay undercompensates workers in dangerous and onerous jobs. The envy test, which takes both income and work into account, fares better. Yet, a distribution in which no one prefers someone else's circumstances to her own-as the envy test requires-is unlikely to exist, and even when it does exist, the normative connection between envy and fairness has not been established. After critiquing existing answers, Olson invokes the idea of mutual justifiability: when someone claims that her situation should be improved at someone else's expense, she must be able to give a reason that cannot be reasonably rejected by a free and equal individual who regards everyone else as the same. To give the answer bite, Olson distinguishes two types of envy. Reasons based on personal envy can be reasonably rejected; reasons based on impersonal envy cannot. Olson then tests the solidarity solution against the theories of Ronald Dworkin, Philippe Van Parijs, and Marc Fleurbaey and applies it directly to the concrete issues of the gender wage gap and taxation. By providing a new approach to problems of fair resource allocation, The Solidarity Solution establishes philosophical discussion as critical to today's fight to end economic injustice.

Japan and the European Union sets out to answer a number of crucial questions on the effect of Japan's international relations upon its internal affairs -- in particular how international issues, and Japan's growing relationship with the European Union, have come to penetrate the political economy and decision-making structure in Japanese industry and legislation. Japan/EU affairs have never been marked by any significant political relations, and until the past twenty years, they have been characterized by a reserved indifference. However, as a result of accelerated political and economic changes in the past decade, the two economic giants have made considerable efforts to nurture bilateral relations largely initiated by trade concerns. The author examines the development of this relationship informed by International Relations perspectives and taking into account the growing dependence of successful bilateral relations on the international political economy. Furthermore, Dr. Abe explains the attempt that has been made to resolve Japanese/EU disputes by way of a Joint Declaration. This includes an examination of the 1991 Automobile Agreement involving Japan, the EC Commission and the Japanese manufacturers; and the Liquor Tax dispute which ran from 1986-1995. Throughout this account, the concerns of the United States, and its impact on this relationship, are fully registered.

In his penetrating analysis of Mexico's current economic, political, and social situation, Ramirez focuses on the major structural problems that underlie the nation's profound economic difficulties and the challenges they pose to its people. Writing for both economists and political scientists, Ramirez offers a framework of analysis for a better understanding of Mexico's economic crisis -- one based on an in-depth examination of both its historical origins and its present ramifications. The discussion is supported by comprehensive coverage of the relevant economic data, making this one of the most thorough treatments of the subject available in print.

Following an introductory chapter that provides essential background information, Ramirez addresses the historical and institutional background of the current situation. His study is unusually broad-based in scope, encompassing such issues as the social costs of modernization and the legacy of revolution during the first part of this century, Cardenas and the revolutionary process, economic growth via import-substitution policies, the exhaustion of the Mexican growth model during the 1970s and 1980s, the IMF austerity program. The final chapters present cogently argued policy recommendations -- including alternatives to the austerity measures imposed by international lending organizations. Ramirez's conclusions regarding the causes of Mexico's economic decline and his predictions for the country's economic future make an important contribution to the debate over Mexico's economic survival.

In the face of globalization, workers feel less secure in their jobs and fear wage losses and unemployment. This book explores these issues, asking whether the concerns are warranted.It brings together recent work in an important and rapidly expanding area. It provides comprehensive coverage of both theoretical and empirical aspects. It takes popular concerns about globalization seriously.Although economists have long pointed to the aggregate gains from increased economic integration, the popular perception of globalization is much more pessimistic.

The world is changing rapidly. The global economic crisis has called into question the political decisions that have been made by all countries for decades and has led to a re-formulation of tools and aims. Adjustments to the new situation are necessary and entail considerable economic and social costs. The Balkan and Black Sea area is an important reference point for the European and global economy. Accordingly, the study of the economic development in the area is of great interest, engaging politicians and scientists alike. Under this framework, the matter of the relation between the area's countries and the E.U., the role of the banking system and the importance of the primary sector of the economy as an important developmental factor for the countries' economies are of great importance. "

What actually was the economic situation in 1929 and what happened to the stock market? Harold Bierman's fresh look at the Crash of '29 provides provocative answers that challenge the "facts" and overturn previously held assumptions concerning the catastrophic events that led to ten years of economic depression and very likely created the fertile soil of despair and unrest that ultimately led to World War II. This cogent re-evaluation takes a different tack and arrives at a different set of conclusions than John Kenneth Galbraith's classic overview of the period, The Great Crash. Echoes of the great stock market price declines that ended ten years of the greatest prosperity the U.S. had ever experienced have continued to reverberate down the corridors of history. Bierman believes that a more complete understanding of these past events can enhance current market decisions; that by accurately assessing the stock market crash of 1929-1932, readers can better grasp the present market situation and more wisely forecast the future. Arriving at drastically different conclusions from most widely read books on the subject, the 11-chapter study takes the position that the stock market was not unreasonably high in October of '29, asserting that, in fact, there was reason for optimism. Bierman presents sound explanations for the initial decline that are not dependent on the assumption of overvaluation. He also clarifies the vital distinction between speculation and investment and shows how President Herbert Hoover's "war on speculation" may have contributed to the crash and subsequent depression. The first chapter outlines seven commonly held myths regarding 1929. Other chapters compare the stockmarket and profitability of corporations; attempt to determine whether RCA stock was outrageously overpriced or merely a reasonably priced growth stock; and look at the 1931 banking system hearings. The Mitchell, Wiggin, and Insull affairs are all given new, fact-based twists. Final chapters examine margin buying, probability, and short selling, develop important perspectives on the crash of 1987, and extract valuable lessons to be learned. The book effectively refutes prior notions and replaces them with solidly built, readable explanations that are most relevant to history courses dealing with the period or courses on investment in common stock. Any general reader with an interest in early twentieth century history or in investment will find this a rewarding read.

Looking back from the perspective of the mid-1990s, it is hard to believe that Soviet power for so long presented a threat and a challenge to the capitalist system. This book examines the assumptions of Soviet post-war economic theory and policy, traces the Soviets' analysis of Western economic development from the post-war period through to the easing of international relations, and explains why the Soviets themselves believed they were going to outperform the West.

In this edited collection, Joseph Stiglitz and Martin Guzman present a series of studies on contemporary macroeconomic issues. The book discusses a set of key lessons for macroeconomic theory following the recent global financial crisis and explores unconventional monetary policy in a post-crisis world. This volume is divided into five parts. The introduction includes keynote speeches by the Governors of the Bank of Japan and Central Bank of Jordan. Part one focuses on macroeconomic theory for understanding macroeconomic fluctuations and crises. Part two addresses the issue of the measurement of wealth. Part three discusses macroeconomic policies in times of crises. Finally, part four focuses on central banking and monetary policy.

This volume is divided into five parts, each one including two chapters. Part I is devoted to 'Information Theory and Segregation Measurement', part II to 'The Gini Index and the Measurement of Segregation', part III to 'Measuring Segregation with Ordered Categories', part IV to 'Exploring Changes in Segregation' and part V to 'Wage Inequality and Segregation'. Let us now review into more details each of these ten chapters.

This volume analyzes changing patterns of authority in the global political economy with an in-depth look at the new roles played by state and non-state actors, and addresses key themes including the provision of global public goods, new modes of regulation and the potential of new institutions for global governance.

A worsening economic crisis due to the shift in wealth over the past decade is the central concern of this carefully documented study. It profiles the current status of income inequality in the United States and discerns disturbing trends for the future. A wealth of data are collected, evaluated, and simplified into a straightforward look at both the economic changes brought on by misguided reforms of the 1980s and a proposed system for measuring income inequality which may help clarify the issues pertinent to the debate.

Folke Dovring perceives the current U.S. economy as an imminent threat to our democratic system, and urges increased awareness of the variables which will effect its return to a healthy state of balance where income inequality, necessary to a certain degree, sustains productivity and individual incentives. A general overview of the facts and problems associated with income distribution, viewed from historical, geographical, and sociological perspectives, establishes the study's priorities, and is followed by the development of criteria which can more accurately estimate the nature and extent of income inequality, moving the study closer to recommendations for systematic public policy which may promote continued economic growth. The urgency with which Dovring addresses this topic and the thoroughness of his presentation will compel scholars and policymakers, especially those interested in poverty economics, to give immediate attention to the issue of economic inequality through informed, meaningful discussion.

In this groundbreaking new study, Clements assesses the impact of alternative foreign trade strategies--export promotion and import substitution--on employment and income distribution in Brazil. The first work to evaluate specifically the impact of Brazil's foreign trade policies on income distribution, this volume uses a modified input-output technique to assess income distribution questions.

The Chilean economy over the last three decades has been a source of continuous interest and fascination for economists, political scientists and development analysts. Moving from a regime with significant protectionist policies to one with a very open economy, embracing free trade reforms, negotiating multilateral and bilateral agreements, the macroeconomic indicators suggest that the economy has prospered. This book explores the macroeconomic picture, complementing this with detailed sectoral evaluation and an analysis of the impacts at regional level. Evidence suggests an increasing need to drill down from the macroeconomic perspective to explore the degree to which economic development has or has not contributed to reducing disparities in level of welfare across the country.

Transition economies offer a test case for concepts and theories, for broader ideas and for the methods of scientific enquiry, but also for the multiplicity of ideological interpretations. Designing the strategies for the transition processes and testing the theories relative to economic, social and political change constitute an unprecedented challenge to intellectual capacity of the scientific community. This volume brings together a team of leading international economists to address the major issues of transformation, institutional design, the redistribution paradigm and the macroeconomic decisions to be made.

The book "The Greek Economy and the Crisis. Challenges and Responses" targets all those who think about the present and future of this (culturally) long-lived small geographic region (Greece), to form a personal view of its social and economic problems. A society that repeats the same types of behaviour over the centuries does not do so due to random mistakes. It contains intrinsic forces that affect it. These should be understood, to allow us to delineate future developments. However, the manner in which the social and economic process is perceived must be comprehensive and multidisciplinary: Economics, politics, social psychology and organizational psychology are essential to this analysis. Thus, the book is useful to those seeking information for their professional, scientific and personal development, allowing them to shape their social attitude. It is also useful to those responsible for taking decisions at national, European or enterprise level, in relation to the social and economic problems of Greece.

This book shows that poverty is multidimensional and hence needs to be analyzed from a multidisciplinary point of view, which has to include economic, sociological, psychological, anthropological, philosophical, legal and evolutionary perspectives. It also presents the new ideas on poverty analysis that have become very popular in recent years - the participatory approach, the concept of empowerment, the notion of vulnerability and the distinction between chronic and transient poverty.