Rpresentative agent models have become a predominant means of studying the macroeconomy in modern economics without there being much discussion in the literature about their propriety or usefulness. This volume evaluates the use of these models in macroeconomics, examining the justifications for their use and concluding that representative agent models are neither a proper nor a particularly useful means of studying aggregate behaviour.

This book is devoted to examining the lasting impact of The General Theory and Keynes?'s thought on macroeconomic theory, methodology and its relevance for understanding the financial and economic challenges of the 21st Century. A number of contributions take their departure from Keynes?'s presentation during the 1930s of his new macroeconomic understanding and its policy implications. The book also discusses pluralistic views of Keynes?'s ideas and their importance for contemporary debates. The General Theory and Keynes for the 21st Century develops the analysis of money and banking, and the intertwined relationship between financial and real-world activities throughout. It demonstrates how vital Keynes?s work is to understanding the failure of the globalised financial system as well as pointing to an alternative way forward. The broad scope and richness of the contributions are reminders of how most books severely misrepresent The General Theory and therefore fail to act as a guide to 21st Century policy. As such, this book is a necessary tool for scholars, researchers and advanced students of economics, as well as policy makers who wish to create a more just society in the face of the current deregulated global market economy. Contributors include: G.M. Ambrosi, A.M. Carabelli, M.A. Cedrini, V. Chick, T. Congdon, A. Denis, R. Desai, S. Dow, G.C. Harcourt, M.G. Hayes, J. Jespersen, P. Kriesler, H.D. Kurz, M.C. Marcuzzo, J.W. Nevile, R. Skidelsky, T.D. Togati, A. Vercelli

Based on the observation of economic reality, this book provides for the foundations of a new structure of national payment systems. Specifically, to this end, a rigorous accounting for money transactions, savings, and invested profit is suggested, with a major aim to settle sustainable lending levels. Profit lies at the heart of economic activities. Indeed, companies, from small to large, seek net gains to remunerate shareholders and to increase their assets. Yet, economists are far from sharing a common theory of profit. Using mathematical tools and a discursive approach, this book contributes to the debates in such regard, in the attempt to provide new answers to old economic issues. What is macroeconomic profit? Is there any relationship between wages, lending, and profit? This book is an accesible resource for economists and financial experts as well as global economics students, researchers, academics and historians alike. It will challenge policy-makers and professionals and lead them on a thought-provoking journey through the realm of macroeconomics.

Despite the overwhelming evidence against them, many people still believe they can overcome the economic and racial constraints placed upon them at birth. In the first edition, Heather Beth Johnson explored this belief in the American Dream with over 200 in-depth interviews with black and white families, highlighting the ever-increasing racial wealth gap and the actual inequality in opportunities. This second edition has been updated to make it fully relevant to today's reader, with new data and illustrative examples, including twenty new interviews. Johnson asks not just what parents are thinking about inequality and the American Dream, but to what extent children believe in the American Dream and how they explain, justify, and understand the stratification of American society. This book is an ideal addition to courses on race and inequality.

In recent years certain leading figures in the world of economics have called the usefulness of general equilibrium theory into question. This superb new book brings together leading economic theorists with important contributions to the ongoing debate. General equilibrium theorists including Michio Morishima, Michael Magill and Martine Quinzii debate strengths, weaknesses and possible futures with leading thinkers such as Herb Gintis, Pierangelo Garegnani and Duncan Foley, who seek to explain the rejection of general equilibrium. Uniquely, none of the contributors portray general equilibrium theory as the perfect guide to market economies actual behaviour, but rather illustrate that there is insufficient acquaintance with existing alternatives and that general equilibrium theory is often used as an ideal 'benchmark'.

The Social Work Psychoanalyst's Casebook begins with an interview with Dr. Sanville, who reflects on her evolution as a social work analyst, theoretician, writer, teacher, and leader. These reminiscences are followed by accounts of nine analytic treatments, each of which offers an unusual window into what actually transpired between analyst and analysand during the treatment hours. These case studies concern particularly troubled, often traumatized patients-the very "hard to reach" or "difficult to treat" clients with whom social workers have long been familiar. They include a reanalysis by the same analyst of a patient whose first therapy ended in a stalemate; an account of transference and countertransference phenomena during termination; a report on the analysis of a young woman who experienced both chronic and stress-related trauma; and an account of the special issues involved in the treatment of an aging woman. Most of the case studies reflect the influence of Dr. Sanville, whose work has long evinced the therapeutic imagination and disciplined creativity to which all the contributors aspire. Tthe contributors to this volume offer the salutary reminder that analytic work is built on a relationship of respect and empathy and that treatment success follows from the therapist's willingness to accommodate the unique needs of individual patients. In honoring Jean Sanville, The Social Work Psychoanalyst's Casebook speaks to the robustness of a multidisciplinary approach to psychopathology that transcends the bounds of any single profession-an approach in which contemporary psychoanalysis is enlarged by the insights and emphases of social work just as social work is enriched by the clinical wisdom of psychoanalysis.

George Warde Norman was a Director of the Bank of England from 1821 to 1872, a key figure behind the Bank Charter Act of 1844, and one of the founders of the Political Economy Club. In 1821 G.W. Norman began an essay on taxation as part of the utilitarian programme. His vision was for increased human happiness through a wholesale reform of the revenue system founded upon direct taxation in the form of a comprehensive property tax. He continued to work on the essay over many years, never losing his faith in the utilitarian ideal or his belief in the property tax solution as the key to fiscal happiness. This book represents G.W. Norman's final thoughts, themselves a manifestation of a significant element in the development of 19th century policy and institutions. This edition of a hitherto unknown work demonstrates the importance of utilitarianism to liberal thinking on taxation. As such, this unique book will appeal to specialists in the history of economic thought and to historians, especially those with an interest in the history of public finance, an area in which G.W. Norman's contribution has been almost entirely overlooked. Providing a new and previously unexploited source, it should also prove to be a fascinating read for postgraduates working in these fields.

This landmark book provides an up-to-date assessment and evaluation of industrial reform in 14 countries. Topics covered in detail include the changing role of the industrial enterprise, the state and private sectors, privatization, pricing, foreign trade and direct foreign investment. Emphasis is placed on events since 1989, the year of 'revolution' in Eastern Europe.Few of the countries are now traditionally 'socialist'. Cuba and North Korea can be so described, economically and politically. China and Vietnam grapple with market-orientated economic reforms while in the firm grip of the Communist Party. Other countries are now at various distances along the road to democracy and the market. These 'emerging democracies' or 'emerging market economies' face new and formidable challenges in making the transition from predominantly state-owned, planned economies to market economies based on private property. East Germany has been reunited with the Federal Republic, but the former industrial sector has been badly hit. The Soviet Union and Yugoslavia, on the other hand, are disintegrating. Their emerging, independent states face daunting tasks; one critical question is whether they can form voluntary and sustainable economic unions. This book provides authoritative up-to-date studies of industrial reform in socialist countries and will be essential reading for anyone with an interest in the transition to market economies in post-Communist societies.

A mixture of academic and practitioner research, this is the most detailed book available that provides an account of open market operations. With broad international appeal it includes discussions of central bank operations in Europe, North America, Australia and Japan. Exploring the effectiveness of short-term interest rates and other modern central bank activities in monetary policy and the effect of structural changes in the securities markets and greater liquidity upon them, this volume represents a unique exchange of views between central bankers. It covers a range of topics including: bankers recent experience of open market operations monetary and financial economists on the impact of monetary policy on the yield curve the practitioners in banking and finance on recent and prospective operations in money and capital markets. Covering the full range of the subject, both the issues and geographically, in a logical order and in a coherent style the, this set of carefully selected papers on a common theme are an essential read for undergraduate and postgraduate students studying Macroeconomics, international finance and banking.

This book provides a concise yet rigorous discussion of the main issues in modern macroeconomics. In particular, it examines the controversy over the role and conduct of macroeconomic stabilization policy.While the book is written in such a way as to allow students to read individual chapters in isolation, according to their interests and needs, the book follows a structured direction. After providing a review of mainstream macro-models and the chief areas of controversy between Keynesian, Monetarist and New Classical approaches to stabilization policy, subsequent chapters focus on selected key controversies: the balance of payments and exchange rates; inflation and unemployment; money and economic activity; fiscal policy and aggregate demand; and business cycles. The approach adopted by the authors make this book highly responsive to teaching and student needs. This authoritative state-of-the-art survey of modern macroeconomics will be essential reading for intermediate level courses in macroeconomics.

'In the midst of the double crisis of the economy and of economic theory, we need innovative ideas. These ideas have to be soundly based on analytical foundations as well as on an appreciation of the limits of political economy. Flaschel and Luchtenberg have written a book which will be read deeply and for a long time.' - From the foreword by Meghnad Desai The current crises in the financialization of capitalism, and their repercussions on the financial viability of entire countries, severely question the achievements of mainstream economics and its disregard of Keynes's theory of effective demand and finance. In view of this, Peter Flaschel and Sigrid Luchtenberg consider roads to a type of capitalism that could eventually be considered as 'social' in nature. The authors underpin their study with theory, empirical evidence, and policy from a positive as well as a normative perspective. As points of departure for their concept of social capitalism, the theoretical framework provides a synthesis of the work of Marx, Keynes, and Schumpeter on ruthless capitalism, regulated capitalism, and competitive socialism. This challenging book will prove a thought-provoking and much needed alternative for academics and students of economics, heterodox economics and the history of economic thought, as well as for individuals interested in the understanding and reshaping of capitalism. Contents: Foreword by Meghnad Desai Preface General Introduction Part I: Failing Capitalism: Baseline Scenarios and Social Reforms 1. Capital Accumulation and the Marxian Reserve Army 2. Segmented Labour and an Employer of Last Resort 3. Full Employment Capitalism through an Employer of First Resort Part II: The Forces to Cope With: Effective Demand, Finance and Innovation 4. Demand-Driven Distributive Cycles 5. Banking, Financial Markets and the Narrow Banking Idea 6. Schumpeterian Innovations Waves from a Classical Perspective by Reiner Franke Part III: Systemic Crises, Policy Responses and the Road to Social Capitalism 7. Capital Accumulation, Environmental Decay and Rehabilitation 8. Rampant Fiscal Policy, IMF Intervention and Policy Reforms 9. Social Capitalism: A New Social Structure for Capital Accumulation References Index

A bold history of the rise of central banks, showing how institutions designed to steady the ship of global finance have instead become as destabilizing as they are dominant. While central banks have gained remarkable influence over the past fifty years, promising more stability, global finance has gone from crisis to crisis. How do we explain this development? Drawing on original sources ignored in previous research, The Rise of Central Banks offers a groundbreaking account of the origins and consequences of central banks' increasing clout over economic policy. Many commentators argue that ideas drove change, indicating a shift in the 1970s from Keynesianism to monetarism, concerned with controlling inflation. Others point to the stagflation crises, which put capitalists and workers at loggerheads. Capitalists won, the story goes, then pushed deregulation and disinflation by redistributing power from elected governments to markets and central banks. Both approaches are helpful, but they share a weakness. Abstracting from the evolving practices of central banking, they provide inaccurate accounts of recent policy changes and fail to explain how we arrived at the current era of easy money and excessive finance. By comparing developments in the United States, the United Kingdom, Germany, and Switzerland, Leon Wansleben finds that central bankers' own policy innovations were an important ingredient of change. These innovations allowed central bankers to use privileged relationships with expanding financial markets to govern the economy. But by relying on markets, central banks fostered excessive credit growth and cultivated an unsustainable version of capitalism. Through extensive archival work and numerous interviews, Wansleben sheds new light on the agency of bureaucrats and calls upon society and elected leaders to direct these actors' efforts to more progressive goals.

The 1960s were a turning point for postwar economic policy. They were the high point of along boom that ran from the end of the Second World War to the oil crisis in 1973. But they also saw the beginning of persistent and high levels of unemployment and inflation that have plagued the economy ever since. In this book, politicians, senior officials and well-known economists from several countries, including James Callaghan, Roy Jenkin, Robert Solow and Charles Kindleberger, discuss economic and social policy in the 1960s and its consequences.

This innovative and important book develops a new framework for analysing exchange that takes place within and outside markets over the course of development. The authors argue that development and social and economic progress are greatly enhanced by a fluent and efficient exchange system. Conversely, the process of development encourages and facilitates trade. The authors introduce the concept of exchange configurations to capture the multiplicity of settings within which exchange occurs and the many different forms exchange and transactions can take. The book shows how exchange configurations can help to identify the factors that constrain the exchange process and lead to the formulation of effective reforms. It then uses a historical analysis of systems of exchange during different phases of development over the last two millennia to illustrate different exchange configurations. Exchange and Development will appeal to students at both the graduate and undergraduate level in the fields of economic development, international trade, microeconomics, institutional economics and economic history. Researchers in universities and policy makers in governments and international agencies will also draw much benefit from the entirely novel approach formulated in this book.

Complexity research draws on complexity in various disciplines. This Handbook provides a comprehensive and current overview of applications of complexity theory in economics. The 15 chapters, written by leading figures in the field, cover such broad topic areas as conceptual issues, microeconomic market dynamics, aggregation and macroeconomics issues, econophysics and financial markets, international economic dynamics, evolutionary and ecological-environmental economics, and broader historical perspectives on economic complexity. This Handbook presents perspectives at a broad and high level of current cutting edge research in complexity, and will be of great interest to academics concerned with all aspects of economics and in particular economic theory, macroeconomics and evolutionary economics.

The banking crisis in 2007-10 was one amongst many such crises in the past. This book provides a fresh approach to liquidity. It starts from basics and gradually builds up analysis of credit lines with few technicalities. Though the analysis is theoretical, the book provides a historical background, a macroeconomic perspective, and policy implications. An integrated view of the pre-1983 and the post-1983 literature is provided. A solution to the related problem of sudden outflow of funds from emerging economies is also suggested.

In this updated and revised edition of Post Keynesian Macroeconomic Theory, Paul Davidson explains how and why contemporary macroeconomic textbooks fail to incorporate Keynes's liquidity and financial analysis framework to explain the importance of money and financial markets in the real world of experience. This important text develops Keynes's analytical framework for both closed and open economies and provides policy guidance for the global economy of the twenty-first century. In particular, it deals with problems such as inflation, financial contagion, global unemployment, outsourcing, trade patterns, and developing an international financial system that encourages expansionary growth among all trading partners while avoiding sovereign debt problems. Using this textbook in macroeconomics courses will provide students with a pragmatic insight that will be both useful and productive. Contents: 1. The Background for Keynes's Revolution 2. The Essential Difference between the General Theory and the Classical System 3. Taxonomy, Axioms and Expenditures Related to Income: Keynes's D1 Category 4. Investment Spending 5. Government and the Level of Output 6. Delving Further into the Relationship between Money, Liquidity and Uncertainty 7. Liquidity Preference the Basis of Keynes's Revolution 8. The Finance Motive and the Interdependence of the Real and Monetary Sectors 9. Financial Markets, Fast Exits and Great Depressions and Recessions 10. Inflation: Causes and Cures 11. Keynes's Aggregate Supply and Demand Analysis 12. The Demand and Supply of Labour 13. Money in an International Setting 14. Trade Imbalances and International Payments 15. International Liquidity and Exchange Rate Stability 16. Financing the Wealth of Nations 17. Export-led Growth and a Proposal for an International Payments Scheme 18. Epilogue: Truth in Labelling and Economic Textbooks Index

This title was first published in 2003. Korea has had considerable success in developing its high technology industries and these have become significant employers in this region. By analysing the situation in Korea, this book explores the effects of dynamic externalities on the growth of regional employment in the high-technology industries. It puts forward innovative simultaneous equation models to test three sets of hypotheses related to so-called 'Jacobs', and 'MAR' effects, differentiated by firm size, organizational type and product. Clear evidence is found for endogenous technological progress marked by positive feedback, especially for small firms in diversified high-technology enclaves. There are technological externalities associated with knowledge spillovers, and local employment has indirect effects on employment growth via dynamic externalities. The implications for local economic development policy are outlined in a concluding section. -

Co-published with UCEA, this exciting new textbook is the first to tackle the ISLLC Standard #6-the political context of education. This unique volume helps aspiring school leaders understand the dynamics of educational policy in multiple arenas at the local, state, and federal levels. Leaders are responsible for promoting the success of every student by understanding, responding to, and influencing the political, social, economic, legal, and cultural contexts in which education and learning reside. Featuring Case studies and Suggested activities, this book provides an authentic illustration of the political dynamics that emanate from individual, social, economic, and cultural issues surrounding all schools and further aspiring school leaders' understanding of political issues through experiences. By presenting problem-posing cases, theoretical grounding, relevant research, and implications for practice, this book provides aspiring leaders with the background, learning experiences, and analytical tools to successfully promote student success in their contexts. Companion website - includes shared resources relevant to all ISLLC standards, along with particular activities for ISLLC Standard #6

Co-published with UCEA, this exciting new textbook is the first to tackle the ISLLC Standard #6-the political context of education. This unique volume helps aspiring school leaders understand the dynamics of educational policy in multiple arenas at the local, state, and federal levels. Leaders are responsible for promoting the success of every student by understanding, responding to, and influencing the political, social, economic, legal, and cultural contexts in which education and learning reside. Featuring Case studies and Suggested activities, this book provides an authentic illustration of the political dynamics that emanate from individual, social, economic, and cultural issues surrounding all schools and further aspiring school leaders' understanding of political issues through experiences. By presenting problem-posing cases, theoretical grounding, relevant research, and implications for practice, this book provides aspiring leaders with the background, learning experiences, and analytical tools to successfully promote student success in their contexts. Companion website - includes shared resources relevant to all ISLLC standards, along with particular activities for ISLLC Standard #6

First published in 1999, this book focuses on the macroeconomics issues which directly affect OPEC countries, aiming to set them in the context of the overall development effort. The most extant theoretical and empirical aspects in macroeconomics are integrated smoothly with institutional issues and policy questions. The analysis is illustrated through examples to show how the theories relate to the real world, especially to ongoing debates on developing economies as well as debates that encompass both developing and OPEC and developed countries.

The articles in this volume give a balanced picture of the main debates of Dutch economic history after 1870: the slow industrialization in the nineteenth century, the protracted character of the depression of the 1930s; the 'Dutch miracle' of 1950 to 1973 and the 'Dutch disease' of the 1970s and 1980s. Some eminent contributions to these debates have been translated here in to English for the first time.

Liu Shucheng is a famous Chinese economist who has a major impact on the study of China's macroeconomics and quantitative economics. Selecting some of Liu's representative studies on Chinese macroeconomy, this book will be a valuable reference for understanding and studying Chinese economy. The first five papers appear in the author's collected works for the first time. They mainly study the overall balance of Chinese macroeconomic operation and the relative economic mathematical models. The commodity-currency balance sheet improved the earliest input-output model introduced to China in the 1980s, and the author's frontier research is of great importance for Chinese economic study. In attempting to solve the problems caused by incontrollable fixed assets investment, the author examines the periodicity of fixed assets investment in China, including the characteristics, causes, and the impact of investment periodic fluctuation on economic periodic fluctuation. Besides, the author studies Phillips curves in China in a comprehensive and intensive way. These in-depth analysis provide original insights based on the author's extensive research.

This book examines the prospects for business law reform to drive economic development in developing countries. It argues that, despite statements to the contrary, cultural factors and other local conditions in developing countries are not properly taken into account in current business law reform programs. Utilizing the city of Dakar as an example, this book investigates the consequences of this lack of fit between local needs and transplanted legal models by examining the potential and actual impact of the OHADA program of law reform on local business practices. Focusing on how managers make decisions and apply appropriate norms in routine business operations, the book documents how contractual disputes arise and are solved in Dakar and the role played by formal law in these processes. By examining imported law from the point of view of the end-users of legal reforms, the book reveals the complex relationship between formal law, local cultural norms and the activities of SMEs operating in developing economies, and calls for a reconsideration of current law and development theory as well as the role of contract law in business decisions. It will be relevant to all developing countries seeking to align their laws with 'best practice' as identified by aid institutions.

First published in 1999. Firms in manufacturing industries are influenced by the market-oriented liberalization reform policies in many developing countries since the late eighties. However, studies applying appropriate methodology to appropriate data seldom analyze the impact of reforms on the performance of production units such as manufacturing firms. The central point of this book is to address this issue by comparing firms' achievement with 'best practice' performance before and after reforms. This form of analysis is not new but it emphasizes a new focus or realignment of thinking within neoclassical economics to develop an analytical framework. This book examines the productivity growth of Bangladesh manufacturing firms as component measures of changes in capacity realization and technical progress. The significant feature of this approach is that it allows for the inefficiency of firms, and thus productivity growth is estimated rather than taking it as a residual as is usually measured in the traditional growth accounting approach. High rates of technological progress, on the one hand, can co-exist with low rates of capacity realization. On the other hand, relatively low rates of technological progress can co-exist with an improving capacity realization. As a result specific policy actions are required to address the difference in the sources of variation in productivity. In this respect this book would provide invaluable insights for policy makers, development practitioners, academics and students of economics.