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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'.
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'. eBook available with sample pages: 0203217616
This collection offers a stimulating and insightful overview of the
main issues affecting long-term economic growth. The novelty of
this book is that it brings together two strands of economic
literature, growth and development theories. The communication
between different approaches is crucial as it is increasingly
understood that growth hinges upon institutional and policy aspects
that are generally neglected in the stylized models of growth but
highly relevant for developing countries. Government policies and
institution design become central to the explanation of divergent
growth paths.
The virtues and failings of market economies are at present widely
debated and the outcome of the debate is of practical importance.
This book contains essays that address these issues of economic
policy ranging from privatisation of industry and financial markets
to education and the proposal for an internal market in the health
service. Apart from two theoretical pieces, particular markets, and
proposals for creating such markets, are studied. The contributors
are distinguished specialists in their field of economics and their
analysis offers important lessons for social and political
philosophy and will generate considerable interest.
This collection offers a stimulating and insightful overview of the
main issues affecting long-term economic growth. The novelty of
this book is that it brings together two strands of economic
literature, growth and development theories. The communication
between different approaches is crucial as it is increasingly
understood that growth hinges upon institutional and policy aspects
that are generally neglected in the stylized models of growth but
highly relevant for developing countries. Government policies and
institution design become central to the explanation of divergent
growth paths.
The virtues and failings of market economies are at present widely
debated and the outcome of the debate is of practical importance.
This book contains essays that address these issues of economic
policy ranging from privatization of industry and financial markets
to education and the proposal for an internal market in the health
service. Apart from two general theoretical pieces, particular
markets, and proposals for creating such markets, are studied.
The connection between economics and ethics is as old as economics
itself, and central to both disciplines. It is an issue that has
recently attracted much interest from economists and philosophers.
The connection is, in part, a result of the desire of economists to
make policy prescriptions, which clearly require some normative
criteria. More deeply, much economic theory is founded on the
assumption of utility maximization, thereby creating an immediate
connection between the foundations of economics and the
philosophical literature on utilitarianism and reasons for action.
In fact, some influential contemporary approaches to ethics
advocate decision-theoretic or game-theoretic foundations of some
sort for moral principles, while several economic theorists are now
prepared to take into account the ethical dimensions of rational
decisions. As a result, it appears that economics and ethics are
somehow inextricably linked through theories of rational
decision-making. This book, the outcome of a joint workshop of
economists and philosophers, offers an overview of the current
academic debate on the connections between economics and ethics,
ranging through three main themes: the moral standing of
utilitarianism, the notion of fairness and equity and its formal
treatment, and the coherence and scope of the rationality postulate
underlying standard models of economic behaviour. In particular,
the essays included in the volume provide a detailed analysis of
disclosed contradictions and possible convergences between the
prescriptions of rationality and the requirements of moral
'rightness', as viewed from several different, sometimes
conflicting, perspectives. While the book points mainly to theneed
for a more rigorous appraisal of the moral underpinnings of
economic discourse, it also highlights the open-ended nature of
ethical reasoning. There is much that economists, and especially
welfare economists, can learn from these papers - not least
circumspection.
Perhaps the largest problem facing the world at the turn of the millennium is the increasing gap between developed and developing world. Labour, Poverty, and Development provides rigorous economic analysis with the necessary theoretical underpinnings, detailing the causes, effects, and implications of the current situation in the developing world. Bringing together some of the world's foremost experts on development, the volume concentrates on three main areas: the relationship between employment, growth, and trade; the growth of urban labour; and the position in rural areas. Throughout, the emphasis is on the links between the `macro' and the `micro': the wider trends and the functionings of the narrower markets.
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