In 1998 the World Bank published a report entitled "Assessing Aid: What Works, What Doesn't and Why". This report presents the results of an extensive investigation into the effectiveness of development aid. The main message of the text of the report is that development aid helps, but only when there is a good policy environment in the recipient countries, that is when there is sound macroeconomic management and when robust government institutions exist. It stresses that it is a myth to think that good policies can be bought by giving development aid: giving aid conditional on policy reforms does not lead to improved economic policies. The conclusion of the World Bank report is that aid flows should be directed only to countries with sound policies and that it should be focused more on supporting governments in reforming entire sectors, rather than on specific development projects. The "Assessing Aid" report has led to heated debates, both among academics and policy-makers, about development aid and aid policies. Many have questioned the methodology used, the results and the policy conclusions of the report. This book aims to contribute to the ongoing discussion about the future of development aid. In particular, it re-examines a number of issues that are crucial to the analysis and to the conclusions of the World Bank report. In this study the authors aim to put the discussion on the future of development aid into perspective and summarise the main findings of the other studies in this collection. They focus on two issues: the aid effectiveness debate before and after the Assessing Aid report, and the discussion on policy conditionality and good governance. Section II provides a brief survey of past research on aid effectiveness, that is, before publication of the Assessing Aid report and summarises the main findings of the World Bank report on aid effectiveness. In this study the authors aim to put the discussion on the future of development aid into perspective and summarise the main findings of the other studies in this collection. They focus on two issues: the aid effectiveness debate before and after the Assessing Aid report, and the discussion on policy conditionality and good governance. Section II provides a brief survey of past research on aid effectiveness, that is, before publication of the Assessing Aid report and summarises the main findings of the World Bank report on aid effectiveness.

It is possible to be 'irrational' without being 'uneconomic'? What is the link between 'Value' and 'values'? What do economists do when they 'explain'? We live in times when the economic logic has become unquestionable and all-powerful so that our quotidian economic experiences are defined by their scientific construal. This book is the result of a multifaceted investigation into the nature of knowledge produced by economics, and the construction of the category that is termed 'economic' with its implied exclusions. It is an attempt to think economics Otherwise, that is, a questioning of economics as if difference mattered. Nitasha Kaul re-examines certain understood ways of thinking about economics as a discipline, especially in elation to questions of identity and difference. This book explores the notion that economics is not a timeless, universal, objective science but a changing response to the problems of knowledge and administration. The epistemological inheritance of economics is 'rooted' in the enlightenment, and it also inherits the liberal paradoxes of that age. Kaul argues that the juxtaposition of identity with economic (culture/economy) is essential, and can only be achieved by critiquing establishment economists' discourse on identity, and taking feminist poststructural and postcolonial work seriously. The author challenges the assumption that there is a simple linkage between the category economic, the entity economy and the study of economics. She envisions an economics in the plural: contextual, social, political-econo-mixes. The book brings together some of the most urgent topics of the day-the power of economics as a discipline, the questions of difference and the politics of identity, and feminist perspectives on this. It will be particularly relevant to heterodox economists, feminist theorists, postcolonial studies scholars, social and cultural theorists, philosophers and history of ideas or intellectual history of thought scholars.

Structured into sub-sector by sub-sector analyses, this book provides a clear and accessible examination of industrial development, without over-generalizing or being weighed down by historical details. Written by an authority in the area of development economics it explores the companies and the individuals that have pushed Japan's economy forwards. Kohama situates the 'miraculous growth' of the Japanese economy in the 1960s in the trade liberalization policy of 1960 and the income doubling plan that commenced in 1961, yet also analyzes the pre-war structures that were in place to facilitate such a 'miracle.' Combining policy analysis with empirical industry-specific analysis, he argues that private dynamism was the real driver of change, rather than policy alone. Reviewing the macroeconomic development of the economy but focusing on the development of the industrial sub-sectors that dominated Japan's industrial scene at various stages of development and structural changes that happened in the process of industrial development, this book is ideal reading for graduate students taking courses on economic development.

The issues of developing country debt crises, increased volatility and risk, and the determination of market liquidity are high on the agendas of policy makers, market participants and researchers in the area of financial markets. These issues are also of major importance to regulators and exchange officials. This book contains a collection of eight papers which provide new insights into all three issues, with special emphasis on futures markets, which have received relatively little attention in the analysis of these problems.

Issues explored and findings reported in this book, have implications for policy makers in framing recommendations to government, for government officials in shaping the regulatory structure of futures exchanges, for traders on these exchanges, and also for researchers planning future investigations. The book is relevant for post-graduate and advanced under-graduate courses on financial markets in Economics, Finance and Banking.

John Maynard Keynes was the most influential economist of the 20th Century, whose doctrines had a huge impact on American prosperity in the years following the Second World War. This new book by John Philip Jones describes the main features of Keynes's work, including the fiscal and monetary policies he recommended, together with a detailed tracking of how his theories played out in the American economy. The book focuses on each individual aspect of Keynes's doctrines: his revolutionary emphasis on the economy as a whole (the study that would later become known as macroeconomics); consumer demand and where it leads; investment demand and where it leads; the rate of interest and the influence of monetary policy; the role of government in controlling fiscal policy; and the overarching importance of expectations, optimism and pessimism. The book concludes with the seven major lessons drawn from the American economy in the latter half of the 20th Century and how these lessons were forecast by Keynes. An excellent introduction to Keynes and his legacy for students and non-specialist members of the public who want to know more about how the economy is controlled and stimulated, it is also of considerable interest to students of modern economic history.

This title was first published in 2000: An original and thought-provoking analysis of modern initiatives in the tropical rain forest. While issues such as logging, eco-timber, eco-tourism have been widely analyzed from an outsider's perspective, this book considers them from the local people's viewpoint, in terms of a long history of the rainforest uses. The authors demonstrate that the relationship of indigenous people to the tropical forest is not essentially timeless, nor is it primarily spiritual or mystical. It is in fact firmly connected to modern realities, while still being rooted in historical beliefs and practices. Standing at the intersection of anthropology, historical geography and rainforest ecology, and also at the interface of the local and the global, this ethnographically grounded study dispels a number of commonly held assumptions. It reveals how processes of 'impact' are actually two-way interactions, as local communities in Melanesia incorporate industries like logging into rapidly evolving post-colonial society and economy.

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.

This title was forst published in 2000: An analysis of India's development and public policy from the perspectives of five major fields of public policy. 1. Economic policy, including public policy toward industrial development. 2. Social policy, including religion, education and women's rights. 3. Environmental policy, including possible conflict with economic development. 4. Science-technology policy, including agricultural development, information technology and administering the electronics industry. 5. Political reform, including local government and general elections.

Roger Backhouse is a key figure in the field of economic methodology. Explorations in Economic Methodology both clarifies and responds to the issues raised by the literature and argues that methodology is an essential activity. Offering a constructive, but critical, response to the recent literature, this collection provides important new insights for students and researchers in economic methodology and the philosophy of science.

Prior work has shown that there is a significant amount of turnover amongst the African poor as households exit and enter poverty. Some of this mobility can be attributed to regular movement back and forth in response to exogenous variability in climate, prices, health, etc. ('churning'). Other crossings of the poverty line reflect permanent shifts in long-term well-being associated with gains or losses of productive assets or permanent changes in asset productivity due, for example, to adoption of improved technologies or access to new, higher-value markets. Distinguishing true structural mobility from simple churning is important because it clarifies the factors that facilitate such important structural change. Conversely, it also helps identify the constraints that may leave other households caught in a trap of persistent, structural poverty. The papers in this book help to distinguish the types of poverty and to deepen understanding of the structural features and constraints that create poverty traps. Such an understanding allows communities, local governments and donors to take proactive, effective steps to combat persistent poverty in Africa. This book was previously published as a special issue of the Journal of Development Studies.

Gender is rarely taken into account in analyses of the distribution of wealth, and the evidence on women's ownership of wealth is surprisingly scarce. It is important to examine the distribution of wealth by gender because gender is one important dimension along which inequality exists. In addition, women and men may use their wealth, and the income that it generates, differently and this may have consequences for household well-being and the larger society. Wealth also is related to power - both economic and political power - and asset ownership is related to increased empowerment and well-being.

This collection focuses on documenting the gender distribution of wealth and addressing how and why it matters within a variety of geographical contexts. Including historical, comparative, analytical, and policy-oriented work, the essays:

• conceptualize how we think about and measure asset ownership
• analyze wealth as a measure of bargaining power within households
• examine different marital regimes and their implications for the dynamic of wealth accumulation
• take into account differences of race, ethnicity, and social class
• consider the role of the state in reducing inequalities in wealth and assets by gender and class.

This book was previously published as a special issue of Feminist Economics.

Contrary to common belief, macroeconomics is not merely a theory of aggregates, and cannot be constructed from individual behaviour. Both nationally and internationally, there are economic laws that are logically independent of economic agents' behaviour. These are the macroeconomic foundations of macroeconomics.

Presenting cutting-edge material, Alvaro Cencini explores these foundations, and shows that the introduction of money entails economics being interpreted conceptually not mathematically. His innovative book provides the elements for a new approach by applying the most recent results of monetary analysis to the study of national and international economics. It covers recent progress in monetary theory, provides the reader with a greater understanding of the subject, and will be essential reading for economic students as well as a valuable resource for economists.

Gender is rarely taken into account in analyses of the distribution of wealth, and the evidence on women's ownership of wealth is surprisingly scarce. It is important to examine the distribution of wealth by gender because gender is one important dimension along which inequality exists. In addition, women and men may use their wealth, and the income that it generates, differently and this may have consequences for household well-being and the larger society. Wealth also is related to power - both economic and political power - and asset ownership is related to increased empowerment and well-being.

This collection focuses on documenting the gender distribution of wealth and addressing how and why it matters within a variety of geographical contexts. Including historical, comparative, analytical, and policy-oriented work, the essays:

• conceptualize how we think about and measure asset ownership
• analyze wealth as a measure of bargaining power within households
• examine different marital regimes and their implications for the dynamic of wealth accumulation
• take into account differences of race, ethnicity, and social class
• consider the role of the state in reducing inequalities in wealth and assets by gender and class.

This book was previously published as a special issue of Feminist Economics.

Edited by three very well known academics in the field and contributed to by John Smithin, Laurence Moss and G. C. Harcourt, this volume reflects the breath of the honoureea (TM)s interests and as such it covers a wide range of topics including political economy, labour economics, history of economic thought and macroeconomics.

Ingrid Rima, one of the first women to teach economics in America, has been a major figure in the development of Post-Keynesian economics over the past forty years. Rima has made numerous contributions to the fields of labour economics, history of economic thought, and Post Keynesian economic theory and in this volume the editors and contributors recognize them.

Post-Keynesian economics is moving beyond criticism of mainstream economics and is focusing on providing a positive alternative to orthodoxy. This book gathers carefully selected and original papers by a number of distinguished post-Keynesian writers from Europe and the Americas and converges on the principles that should guide post-Keynesian economic policy in the 21st century.The policy prescriptions examined and discussed in this book include the New Consensus, inflation targeting, fiscal and monetary policies to name but a few. It puts forth a coherent approach to policy and is divided into three components: monetary policy, fiscal policy and effective demand, and international issues, including discussion of currency boards, dollarization and the EMU. The contributors aim to emphasize the post-Keynesian ability to provide renewed principles of economic policy in contrast with the failures of the mainstream approach. Scholars and researchers of economics and political economy at all levels will find much to engage them within this book.

Can we accept or find practical use for a macroeconomics
-- in which consumption and investment always move together in the short run
-- in which these two magnitudes must move in opposition to change the economy's rate of growth, and
-- for which the long run emerges as a seamless sequence of short runs?

It is increasingly recognized that the weakness in modern macroeconomic theorizing is the lack of any real coupling of short- and long-run aspects of the market process. In the short run, the investment and consumption magnitudes move in the same direction, either both downward into recession or both upward toward full employment and even beyond in an inflationary spiral. But for a given period and with a given technology, any change in the economy's growth rate must entail consumption and investment magnitudes that move, initially, in opposition to one another.

Roger W. Garrison claims that modern Austrian macroeconomics, which builds on the early writings of F.A. Hayek, can be comprehended as an effort to reinstate the capital-theory core that allows for a real coupling of short- and long-run perspectives. Although the macroeconomic relationships identified are largely complementary to the relationships that have dominated the thinking of macroeconomists for the past half century, Time and Money presents a fundamental challenge to modern theorists and practitioners who overdraw the short-run/long-run distinction. The primary focus of this text is the intertemporal structure of capital and the associated set of issues that have long been neglected in the more conventional labor- and money-based macroeconomics. This volume puts forth a persuasive argument that the troublesthat characterize modern capital-intensive economies, particularly the episodes of boom and bust, may best be analyzed with the aid of a capital-based macroeconomics.

The financial crisis of 2007 required the economics discipline to thoroughly re-evaluate its prevailing theories about economic cycles and economic growth. With a focus on Europe, this volume identifies the latest strands of research on business cycles, monetary theory, the evolution of social policies and public spending, and the institutional context of the European Union. It also considers whether these new ideas could have helped us avoid the crisis, and how they might reshape the current economic paradigm. This book will be of interest to advanced students and researchers in European economics, macroeconomics and economic history.

First published in 1997, this volume examines how Bulgaria has been an early starter, but a slow and often erratic mover in the path of stabilization and systemic transition. This book provides a most useful account of the development to date, and of the costs associated with Bulgarian strategy (or lack of), empirical analysis and theoretical reflections, especially in comparison with other transition economies. It will be of great interest to any scholar, official or businessman involved not only with Bulgaria, but more generally with post-communist countries.

The debates over what African economic integration and development actually entails continue across international economic organizations, national governments and NGOs. Despite the glare of media attention and the position this issue has on international political agendas, few comprehensive accounts exist that fully examine why this process will be inevitable in the 21st century and how integration of national economies can be attuned to attaining the socio-economic goals and aspirations of member-countries. This book addresses this problem. It combines theory with application, enumerating the imperatives and initiatives governments will be forced to confront; providing insights for educators and students in African development, for policy makers in African governments, and for inter-governmental organizations.

This title was first published in 2002: Anthony Bende-Nabende focuses on the ongoing globalization process, which has sparked an unprecedented world-wide debate. He provides a one-stop centre for a balanced coverage of the theoretical, empirical and policy issues linking globalization with foreign direct investment, regional economic integration, and economic growth and sustainable development. This stimulating book comprehensively explores the theoretical and empirical literature inter-linking the aforementioned factors from the anti-globalization activists' viewpoint, and from the pro-globalization proponents' perspective. It proposes policies that individual countries should pursue, based on the recognition that globalization generates both positive and negative effects. These comprise policies required to maximise the economic benefits globalization may generate, and those that aim to eliminate or at least minimize the negative development-oriented effects globalization may engender and, hence, to propel sustainable development. The book will be an essential guide for students, academics and those involved in international economics, environmental studies, international relations, and growth and development studies.

At each point in time, individuals make choices with respect to the acquisition, sale, and/or use of a variety of different goods. Such activity can be summarized by aggregate variables such as an economy's total production of various goods and services, the aggregate level of unemployment, the general level of interest rates, and the overall level of prices. The focus of this book is on developing simple theoretical models that provide insight into the reasons for fluctuations in such aggregate variables. The models included explore how shocks or 'impulses' to the economy (e.g. changes to technology, the money supply, or government policy) impact individuals' behaviour in specific markets, and the resulting implications in terms of changes in aggregate variables. This book provides the reader with an in-depth understanding of standard theoretical models: Walrasian, Keynesian and Neoclassical. Pedagogically sophisticated, it is theoretically based, rigorous and includes a host of real world case studies and exercises. Underpinned by solid microfoundations, it is written in a concise, accessible style and is an indispensable tool for all students who wish to a gain a firm grounding in the complexities of macroeconomic theories as well as government and private sector researchers of macroeconomics.

The World Bank and the International Monetary Fund (IMF) launched a joint initiative at the end of 1999, stating that they intended to set the fight against poverty at the heart of their development policies. This book provides the expert, critical analysis of the poverty reduction strategies that is needed. Originally published in French and updated here for the first time in English, the book emphasises three main innovations brought about by focus on poverty reduction, participatory process implemented for policy-making and better coordination of official development assistance.
The contributions also show that there remains a large gap between the principles of the World Bank and IMF's strategies and their application. That this valuable and insightful book will be of great interest to students and lecturers involved in development economics goes almost without saying. What also needs to be understood is that the lessons and policy implications drawn from the book need to be read and acted upon by those involved with the World Bank and the IMF.

John Maynard Keynes failed to correctly interpret classic economic concepts, and dismissed the classical explanations and conclusions as being irrelevant to the world in which we live. The trauma of the Great Depression and Keynes's changed definition of economic concepts, aided by Eugen Bohm-Bawerk, have made it difficult for modern economists to fully appreciate the classical insights.

This outstanding book clarifies the classical explanations to resolve the continuing theoretical and policy disputes. Key chapters include:

• On the Definition of Money
• Keynes's Misinterpretation of the Classical Theory of Interest
• The Classical Theory of Growth and Keynes's Paradox of Thrift
• The Mythology of the Keynesian Multiplier

This unique book demonstrates that it is Keynes's understanding of some fundamental classical economic concepts which is at fault, and extends its analysis to other modern contributions in macroeconomics.

Macroeconomic analysis has undergone profound and controversial changes during the past twenty-five years and, as such, economists have developed and evolved their approaches to the discipline. Reflections on the Development of Modern Macroeconomics presents a collection of eight original essays, from leading scholars, each of which focuses on an important issue relating to these developments.These accessible, reflective surveys include: to stabilize or not to stabilize: is that the question? Brian Snowdon and Howard Vane the rhetoric and methodology of modern macroeconomics Roger Backhouse how relevant is Keynesian economics today? Keith Shaw what remains of the monetarist counter-revolution? Thomas Mayer macroeconomics: before and after rational expectations Patrick Minford the ups and downs of modern business cycle theory Cillian Ryan and Andrew Mullineux the role of imperfect competition in new Keynesian economics Huw Dixon politics and the macroeconomy: endogenous politicians and aggregate instability Brian Snowdon and Howard Vane This book will attract a wide readership among intermediate undergraduates, as well as postgraduates and lecturers in the fields of macroeconomics and the history of economic thought.

First published in 1919, this book traces the growth of War Debt during the First World War, examines the real meaning of the Debt and discusses the proposals for clearing it. As the chief contemporary proposal put forward for meeting the interest and repaying the principal of the Debt was the "Conscription of Wealth", or the "Capital Levy", this provides a main focus for the analysis. The author also examines whether the methods of financing war - by borrowing the required money - is sound and whether it should be replaced by taxation. A plan for the reform of income tax is put forward, designed to yield two-thirds of the revenue needed for a Peace Budget that also addresses the War Debt.