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.

When John Kenneth Galbraith passed away on April 29, 2006, the economics profession lost one of its true giants. And this is not just because Galbraith was an imposing figure at 6 feet, 9 inches tall. Throughout his life, Galbraith advised Presidents, made important professional contributions to the discipline of economics, and also tried to explain economic ideas to the general public. This volume pays tribute to Galbraith's life and career by explaining some of his major contributions to the canon of economic ideas. The papers describe the series of unique contributions that Galbraith made in many different areas. He was a founder of the Post Keynesian view of money, and a proponent of the Post Keynesian view that price controls were necessary to deal with the problem of inflation in a modern economy where large firms already control prices and prices are not determined by the market. He promulgated the view that firms manipulate individual preferences and tastes, through advertising and other means of persuasion, and he drew out the economic implications of this view. He was a student of financial frauds and euphoria, and a forerunner of the Post Keynesian/Minskean view of finance and how financial markets really work. This book was published as a special issue of the Review of Political Economy.

This book describes the important contributions of several contemporary economic figures including recent Nobel Laureates. Describing their work and putting it into an historical perspective, these chapters explain how their work constitutes a major contribution to the discipline of economics and how it has broadened economic science.

Co-Editor of the Review of Political Economy, Steven Pressman has gathered together for the first time key chapters from the journal, discussing major figures such as Amartya Sen, Joseph Stiglitz, John Kenneth Galbraith, Thomas Schelling, Edmund Phelps and Robert Mundell. This volume is significant to the extent that it combines the study of the work of Nobel Laureates with the perspective of heterodox economists, including a comprehensive bibliography for the work of each economist covered.

This book argues that mainstream economics, with its present methodological approach, is limited in its ability to analyze and develop adequate public policy to deal with environmental problems and sustainable development. Each chapter provides major insights into many of today's environmental problems such as global warming and sustainable growth. Building on the strengths and insights of Post Keynesian and ecological economics and incorporating cutting-edge work in economic complexity, bounded rationality and socio-economic dynamics, this book provides an interdisciplinary approach to deal with a broad range of environmental concerns. The contributors show how and where the two traditions share common ground concerning environmental problems and shed light on how the two schools can learn from one another. The book will be of great value to Post Keynesian and ecological economists as well as to those interested in new approaches to important global environmental issues.

Social forces are important determinants of how people behave, how economies work at the macroeconomic level, and the effectiveness of economic policies. However, this dimension is generally overlooked in mainstream economics. How Social Forces Impact the Economy demonstrates that a broader conception of social economics provides for a better understanding of how economies work as a whole. This book argues that adopting a truly social approach to economics opens the door to studying how people form preferences, and how they learn by taking cues from others about how to behave and what to consume. Each chapter contributor works to highlight the breadth of new insights and possibilities that emerge from a fuller understanding of social economics. Part I focuses on microeconomics, bringing individual behaviors and individual entrepreneurs into a more social context. Part II focuses on macroeconomic topics, such as how money and quasi-monies (like Bitcoins) are social, how money developed as a social institution, and how social forces matter for economic development. Finally, Part III looks at the consequences of considering social factors when it comes to policy: environmental policy, industrial policy, and policies promoting greater equality. This book is invaluable reading to anyone interested in the relationship between economics and sociology, how social forces affect policy effectiveness, human behavior, and the overall economy.

Thomas Piketty's Capital in the Twenty-First Century reached the top of most best-seller lists last year shortly after it was released. Nonetheless, few people actually read the book. Yet reviewers have agreed that the book is important because it touches on one of the major problems facing the US economy, the UK economy and many developed nations: rising income and wealth inequality. It also provides an explanation of the problem and a policy solution: a global wealth tax. This book is intended to do three things. First, it provides a summary of the argument of Piketty's book, which many people have bought and few people have read. Second, it fills in some of the gaps in the book, by providing readers with the background that is needed to understand the volume and the argument. This background information discusses economic data sources, measures of inequality and why income inequality is such an important issue today. Finally, the work provides a defense of Piketty's analysis and at times some criticism of his work. Pressman explains why the problem of rising inequality is important, where Piketty's data comes from, and the strengths and weaknesses of that data. It defends Piketty's inequality, r>g, as the reason inequality has risen over the past several decades in many developed nations. Using Piketty's own data, this book argues that rising inequality is not just a characteristic of capitalism, but results from different growth rates for income and wealth, which can occur under any type of economic system. Understanding Piketty's Capital in the Twenty-First Century is the ideal introduction to one of the most important books of recent years for anyone interested in Piketty's work and the inevitability of inequality.

Thomas Piketty's Capital in the Twenty-First Century reached the top of most best-seller lists last year shortly after it was released. Nonetheless, few people actually read the book. Yet reviewers have agreed that the book is important because it touches on one of the major problems facing the US economy, the UK economy and many developed nations: rising income and wealth inequality. It also provides an explanation of the problem and a policy solution: a global wealth tax. This book is intended to do three things. First, it provides a summary of the argument of Piketty's book, which many people have bought and few people have read. Second, it fills in some of the gaps in the book, by providing readers with the background that is needed to understand the volume and the argument. This background information discusses economic data sources, measures of inequality and why income inequality is such an important issue today. Finally, the work provides a defense of Piketty's analysis and at times some criticism of his work. Pressman explains why the problem of rising inequality is important, where Piketty's data comes from, and the strengths and weaknesses of that data. It defends Piketty's inequality, r>g, as the reason inequality has risen over the past several decades in many developed nations. Using Piketty's own data, this book argues that rising inequality is not just a characteristic of capitalism, but results from different growth rates for income and wealth, which can occur under any type of economic system. Understanding Piketty's Capital in the Twenty-First Century is the ideal introduction to one of the most important books of recent years for anyone interested in Piketty's work and the inevitability of inequality.

In recent years there has been a growing dissatisfaction with standard economic theorising which has fostered the development of alternative ways of understanding how economies actually work. Too often though these approaches have been developed in isolation, or even in opposition to each other. However, Interactions in Political Economy, demonstrates that the different heterodox approaches to economics have much to learn from each other. Economists working within different paradigms, including Post Keynesian, Marxism and Neo-Ricardian economics address a wide range of issues in methodology, the history of economics, theory and policy. The result is a wealth of insight into how economics ought to be done, how various theoretical approaches dovetail, and the efficiency of various approaches to economic theory. The volume reflects the diversity and quality of the annual Great Malvern Political Economy. Contributors include some of the leading names in heterodox economics John Cornwall, Paul Davidson, Kevin Hoover, Philip Mirowski and Ed Nell.

An introduction to the life, work and ideas of the people who have shaped the economic landscape from the sixteenth century to the present day. Now in a third edition, it considers how major economists might have viewed challenges such as the continuing economic slump, high unemployment and the sovereign debt problems which face the world today, it includes entries on: * Paul Krugman * Hyman Minsky * John Maynard Keynes * Adam Smith * Irving Fisher * James Buchanan Fifty Major Economists contains brief biographical information on each featured economist and an explanation of their major contributions to economics, along with simple illustrations of their ideas. With reference to the recent work of living economists, guides to the best of recent scholarship and a glossary of terms, Fifty Major Economists is an ideal resource for students of economics. Steven Pressman is Professor of Economics and Finance at Monmouth University. He has published around 120 articles in refereed journals and as book chapters, and has authored, or edited 13 books, including Women in the Age of Economic Transformation, Economics and Its Discontents, Alternative Theories of the State, and Leading Contemporary Economists.

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 honouree'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.

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.

This text highlights the major empirical questions and issues facing Post Keynesian economics today. Featuring contributions by leading Post Keynesian economists, it focuses on public policy and real-life analysis of this vibrant and dynamic economic theory. In language that is accessible to upper-level undergraduate and graduate students, professional economists, and public policy makersm each of the chapters takes on a specific issue of concern to all professional economists, provides empirical analysis of the issue, and then discusses the Post Keynesian view on the topic and contrasts it with the orthodox perspective. The topics covered are grouped into three main categories: empirical studies of consumption; empirical studies of business investment; and empirical studies of international economic relations.

This text highlights the major empirical questions and issues facing Post Keynesian economics today. Featuring contributions by leading Post Keynesian economists, it focuses on public policy and real-life analysis of this vibrant and dynamic economic theory. In language that is accessible to upper-level undergraduate and graduate students, professional economists, and public policy makers, each of the chapters takes on a specific issue of concern to all professional economists, provides empirical analysis of the issue, and then discusses the Post Keynesian view on the topic and contrasts it with the orthodox perspective. The topics covered are grouped into three main categories: empirical studies of consumption; empirical studies of business investment; and empirical studies of international economic relations.

This edited book provides a comprehensive introduction to the Post-Keynesian position on key issues confronting economists and public policy makers. The book reflects the changes that have occurred in Post-Keynesian thought as well as developments that have taken place in the world economy since the 1970s; and provides an outstanding introduction for undergraduate and graduate students to the Post-Keynesian view on how today's economy works and how to improve economic performance.

* Mathematical equations and technical material are kept to a bare minimum
* Each chapter discusses the Post-Keynesian view on one particular topic and contrasts that view with the orthodox perspective on that topic
* All chapters conclude with a discussion of the policy implications of Post-Keynesian analysis.

In recent years there has been a growing dissatisfaction with standard economic theorising which has fostered the development of alternative ways of understanding how economies actually work. Too often though these approaches have been developed in isolation, or even in opposition to each other. However, Interactions in Political Economy, demonstrates that the different heterodox approaches to economics have much to learn from each other. Economists working within different paradigms, including Post Keynesian, Marxism and Neo-Ricardian economics address a wide range of issues in methodology, the history of economics, theory and policy. The result is a wealth of insight into how economics ought to be done, how various theoretical approaches dovetail, and the efficiency of various approaches to economic theory. The volume reflects the diversity and quality of the annual Great Malvern Political Economy. Contributors include some of the leading names in heterodox economics John Cornwall, Paul Davidson, Kevin Hoover, Philip Mirowski and Ed Nell.

The world economy is going through a period of radical change. This is self-evident in post-Socialist Europe with the disappearance of centrally planned economies. However, policies of liberalization and privatization are also sweeping the less developed world. While traditional theory predicts beneficial results from these changes, the practical outcome is less certain. Whatever the overall effect, it is clear that some citizens will pay a higher price than others. This book deals with the impact of structural change on women. Each chapter summarizes the changes that have taken place in a particular economy. This is developed further by an empirical analysis of the effect on women. The authors discuss the evidence of gender bias and reach some telling, if unsurprising, conclusions. It seems that regardless of the type of change involved, women suffer more in the transformation process. The authors conclude that this result is unlikely to be random. Rather, it reflects the social and political condition of women. Addressing these issues is thus essential if the burden of economic transformation is to be distributed fairly.

The world economy is going through a period of radical change. This is self-evident in post-Socialist Europe with the disappearance of centrally planned economies. However, policies of liberalization and privatization are also sweeping the less developed world. While traditional theory predicts beneficial results from these changes, the practical outcome is less certain. Whatever the overall effect, it is clear that some citizens will pay a higher price than others. This book deals with the impact of structural change on women. Each chapter summarizes the changes that have taken place in a particular economy. This is developed further by an empirical analysis of the effect on women. The authors discuss the evidence of gender bias and reach some telling, if unsurprising, conclusions. It seems that regardless of the type of change involved, women suffer more in the transformation process. The authors conclude that this result is unlikely to be random. Rather, it reflects the social and political condition of women. Addressing these issues is thus essential if the burden of economic transformation is to be distributed fairly.

This book describes the important contributions of several contemporary economic figures including recent Nobel Laureates. Describing their work and putting it into an historical perspective, these chapters explain how their work constitutes a major contribution to the discipline of economics and how it has broadened economic science. Co-Editor of the Review of Political Economy, Steven Pressman has gathered together for the first time key chapters from the journal, discussing major figures such as Amartya Sen, Joseph Stiglitz, John Kenneth Galbraith, Thomas Schelling, Edmund Phelps and Robert Mundell. This volume is significant to the extent that it combines the study of the work of Nobel Laureates with the perspective of heterodox economists, including a comprehensive bibliography for the work of each economist covered.

An introduction to the life, work and ideas of the people who have shaped the economic landscape from the sixteenth century to the present day. Now in a third edition, it considers how major economists might have viewed challenges such as the continuing economic slump, high unemployment and the sovereign debt problems which face the world today, it includes entries on: * Paul Krugman * Hyman Minsky * John Maynard Keynes * Adam Smith * Irving Fisher * James Buchanan Fifty Major Economists contains brief biographical information on each featured economist and an explanation of their major contributions to economics, along with simple illustrations of their ideas. With reference to the recent work of living economists, guides to the best of recent scholarship and a glossary of terms, Fifty Major Economists is an ideal resource for students of economics. Steven Pressman is Professor of Economics and Finance at Monmouth University. He has published around 120 articles in refereed journals and as book chapters, and has authored, or edited 13 books, including Women in the Age of Economic Transformation, Economics and Its Discontents, Alternative Theories of the State, and Leading Contemporary Economists.

Eichner's classic A Guide to Post-Keynesian Economics (1978) is still seen as the definitive staging post for those wishing to familiarise themselves with the Post-Keynesian School. This book brings the story up-to-date.
Of all the subgroups within heterodox economics, Post-Keynesianism has provided the most convincing alternative to mainstream theory. The main representatives of the Post-Keynesianism from both sides of the Atlantic are represented here, including Paul Davidson, Geoff Harcourt and Sheila Dow.

Social forces are important determinants of how people behave, how economies work at the macroeconomic level, and the effectiveness of economic policies. However, this dimension is generally overlooked in mainstream economics. How Social Forces Impact the Economy demonstrates that a broader conception of social economics provides for a better understanding of how economies work as a whole. This book argues that adopting a truly social approach to economics opens the door to studying how people form preferences, and how they learn by taking cues from others about how to behave and what to consume. Each chapter contributor works to highlight the breadth of new insights and possibilities that emerge from a fuller understanding of social economics. Part I focuses on microeconomics, bringing individual behaviors and individual entrepreneurs into a more social context. Part II focuses on macroeconomic topics, such as how money and quasi-monies (like Bitcoins) are social, how money developed as a social institution, and how social forces matter for economic development. Finally, Part III looks at the consequences of considering social factors when it comes to policy: environmental policy, industrial policy, and policies promoting greater equality. This book is invaluable reading to anyone interested in the relationship between economics and sociology, how social forces affect policy effectiveness, human behavior, and the overall economy.

This edited volume presents the key unresolved debates in monetary macroeconomics, covering the five topics of budget, trade, taxes, exchange rates and monetary policy. For each topic, there are two authors - one arguing for a certain policy and one against. The book takes an approach eschewing mathematics or econometrics, instead presenting arguments in the spirit of political economy - while incorporating the most recent thinking in macroeconomics. This approach, combined with the objective of encouraging debate, makes the book ideal reading for students of monetary macroeconomics, researchers seeking alternative views, and the general public.