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This volume, originally published in 1958, contains a selection of the most important and interesting articles by Knut Wicksell, which had hitherto only been published in Swedish. They cover Wicksell's views on Economics and monetary theory, his theory of production and distribution, some review articles on the works of Pareto, Böhm-Bawerk, Carl Menger and Bowley and some papers on foreign trade problems, written after the First World War. Erik Lindahl's introductory essay gives a picture of Wicksell the social reformer, who radical opinions often brought him into conflict with the authorities and the general public.

First Published in 2004. This is Volume III of four on the collected papers of James Meade and looks at International Economics. James Meade was Professor of Commerce London School of Economics from February 1948.

From May 20 to May 24, 1986 a conference on distributive justice and in­ equality was held at the Institute for Advanced Study Berlin (Wis­ senschaftskolleg zu Berlin). More than thirty scholars participated in this conference. The topics of the presentations ranged from ethics, welfare economics and social choice theory to characterizations of inequality meas­ ures and redistributive taxation schemes. This book contains a selection of the papers given at the conference. This collection of articles also appeared as issues 2 and 3 of volume 5 of Social Choice and Welfare. In the first paper P. Suppes argues for a pluralistic concept of equity. For too long the emphasis has been on income distribution but there are other characteristics which are important when one talks about equity. Suppes suggests that it would be desirable to have Lorenz curves for a variety of fea­ tures of societies, such as education, health and housing. P. Dasgupta studies the quality of lives in terms of an index of living stand­ ards. One has to distinguish between'same number choices'(the number of lives is given) and'different numbers choices'(problem of optimum popUlation). The author argues that in the latter case the anonymity (or sym­ metry) axiom cannot be readily defended. Once it is dropped, however, an incoherence in the moral ordering of possible worlds arises. The moral basis for different numbers choices becomes generation-dependent, an overall moral ordering of possible worlds no longer exists.

This volume collects published papers and essays from widely scattered and inaccessible sources, some of which appeared for the first time when this book was originally published. In the first part of the book the subjects range from the theory of wages and recent trends in economic theory to economists'criticism of capitalism and socialism, investment-policy in under-developed countries, and economic growth under the Soviet Five Year Plans. The second part includes papers on Lenin and Marx, a study of the economic ideas of Bernard Shaw, and an essay on historical materialism.

State of the art modeling of investment behavior and analysis of incentive and allocative effects of taxation on investment behavior are reported in these proceedings. Leading researchers from seven OECD countries treat problems ranging from modeling investment behavior and estimating investment equations with various data sets to detailed studies of tax influences on investment behavior. Particular attention is paid to tax reform plans, especially in West Germany and the UK. The role of financial variables and uncertainty is analysed. A major topic in the volume is recent work within Tobin's Q-theoretic framework. Papers report developments and applications of Q-type investment functions, and for the first time estimated Q-theoretic investment equations are presented for West German industries taking into account the complex tax structure.

On his death in the autumn of 2006, Milton Friedman was lauded as “the grandmaster of free-market economic theory in the postwar era” by the New York Times and “the most influential economist of the second half of the 20th century” by the Economist. Winner of the Nobel Prize in Economics in 1976, Friedman was both a highly respected economist and a prominent public intellectual, the leader of a revolution in economic and political thought that argued robustly in favor of virtues of free markets and laissez-faire policies. Milton Friedman on Economics: Selected Papers collects a variety of Friedman's papers on topics in economics that were originally published in the Journal of Political Economy. Opening with Friedman's 1977 Nobel Lecture, the volume spans nearly the whole of his career, incorporating papers from as early as 1948 and as late as 1990. An excellent introduction to Friedman's economic thought, Milton Friedman will be essential for anyone tracing the course of twentieth-century economics and politics.

Presented at the Workshop on the Origin and Furure of Social Security Schemes, Berlin, December 13 - 14, 1984

This book gathers selected papers from the 29th Eurasia Business and Economics Society (EBES) Conference, held in Lisbon, Portugal. While the theoretical and empirical papers presented cover diverse areas of economics and finance in various geographic regions, the main focus is on the latest research concerning accounting/audits, banking, the economics of innovation, and empirical studies on emerging economies and international trade. Studies on labor economics and public economics, as well as regional studies, round out the coverage.

This volume is devoted to the hysteresis phenomenon in economic relationships. This topic has received renewed attention in economics especially in the late eigh­ ties. Since the issue is not settled there is still a growing literature on it. The aim of this volume is to summarize the findings, present new results, and to draw attention to further research. All papers are written for this volume and are not published elsewhere. I am very grateful to all authors and referees without whose prompt and generous help this volume would not appear in the present form. A short summary of each paper is given in section 5 of the overview paper. Konstanz, January 1990 Wolfgang Franz University of Konstanz Contents Hysteresis in Economic Relationships: An Overview W. Franz........................................................................................................... 1 Hysteresis in Trade R. Baldwin........................................................................................................ 19 Some Evidence on the Membership Hysteresis Hypothesis in Europe M. C. Burda...................................................................................................... 35 Insider-Outsider Influences on Industry Wages D. T. Coe.......................................................................................................... 55 Testing forHysteresis in Unemployment An Unobserved Components Approach A. Jaeger and M. Parkinson.............................................................................. 77 Unemployment and Deterioration of Human Capital J. Moller............................................................................................................ 91 Hysteresis, Nairn and Long Term Unemployment in Austria P. Neudorfer, K. Pichelmann and M. Wagner.................................................. 109 Hysteresis in Economic Relationships: An Overview l By W. Franz Can the socialist man be created so as not to show any hysteresis trace of his bourgois or peasant past? N. Georgescu-Roegen (l971. p. 126) 1 Introduction The hysteresis phenomenon has received renewed attention in economic science.

A revealing collection from the intellectual titan whose work shaped the modern world. As an economist and public intellectual, Gary S. Becker was a giant. The recipient of a Nobel Prize, a John Bates Clark Medal, and a Presidential Medal of Freedom, Becker is widely regarded as the greatest microeconomist in history. After forty years at the University of Chicago, Becker left a slew of unpublished writings that used an economic approach to human behavior, analyzing such topics as preference formation, rational indoctrination, income inequality, drugs and addiction, and the economics of family. These papers unveil the process and personality—direct, critical, curious—that made him a beloved figure in his field and beyond. The Economic Approach examines these extant works as a capstone to the Becker oeuvre—not because the works are perfect, but because they offer an illuminating, instructive glimpse into the machinations of an economist who wasn't motivated by publications. Here, and throughout his works, an inquisitive spirit remains remarkable and forever resonant.

This book is written for members of the scholarly research community, and for persons involved in research evaluation and research policy. More specifically, it is directed towards the following four main groups of readers: – All scientists and scholars who have been or will be subjected to a quantitative assessment of research performance using citation analysis. – Research policy makers and managers who wish to become conversant with the basic features of citation analysis, and about its potentialities and limitations. – Members of peer review committees and other evaluators, who consider the use of citation analysis as a tool in their assessments. – Practitioners and students in the field of quantitative science and technology studies, informetrics, and library and information science. Citation analysis involves the construction and application of a series of indicators of the ‘impact', ‘influence'or ‘quality'of scholarly work, derived from citation data, i.e. data on references cited in footnotes or bibliographies of scholarly research publications. Such indicators are applied both in the study of scholarly communication and in the assessment of research performance. The term ‘scholarly'comprises all domains of science and scholarship, including not only those fields that are normally denoted as science – the natural and life sciences, mathematical and technical sciences – but also social sciences and humanities.

The behaviour of market prices is a fascinating subject for researchers. Opinions vary substantially. from the view that prices accurately and quickly reflect relevant information to the other extreme that prices are not rationally determined and are hence to some degree predictable. This diversity of belief about the efficiency of markets is reflected in these proceedings of the NATO Advanced Research Workshop on'A reappraisal of the efficiency of financial markets'. The thirty-one workshop papers cover stock. currency and commodity markets. We are pleased to have contributions on markets in eleven NATO countries: Belgium. Canada. Denmark. France. Germany. Greece. Italy. the Netherlands. Portugal. the United Kingdom and the United States. The workshop papers thus provide a wide-ranging account of contemporary research into financial markets worldwide. The workshop was held at the Hotel do Mar. Sesimbra. Portugal from April 11 th to April 15th. 1988. We record our gratitude to Jose Cabral for ensuring the smooth progress of the workshop. The generous financial assistance of NATO was supplemented by contributions from: The Chicago Board of Trade. Alianca Seguradora. Banco Comercial Portugues. Fundacao Luso-Americana Para 0 Desenvolvimento. Junta Nacional de Investigacao Cientifica e Tecnologica. We speak for all the workshop participants in expressing our thanks to all our sponsors. Rui M. Campos Guimaraes. University of Porto.

This volume is intended to expand the dialogue and interest among both practitioners and academicians in a problem area worthy of attention by all. The concept of disaggregation admits to our current inability to solve many types of interrelated hierarchical problems simultaneously. It offers instead a sequential, iterative process as a workable and necessary procedure. The papers in this volume are selected from those presented at a Disaggregation Conference held in March, 1977 at The Ohio State University. We heartily applaud all those who participated in the conference and particularly appreci­ ate the cooperation of those authors whose work is published in this collection. Part A contains four papers which define the various dimensions of disaggregation. The paper by Martin Starr, which was the text of his luncheon address at the conference, provides several interesting perspectives to the problem. Although disaggregation suggests tear­ ing apart, as Professor Starr illustrates with his butterfly example, it also suggests a putting together or a synthesis which recognizes interrelationships and dependencies. The next paper by Lee Kra­ jewski and Larry Ritzman offers a general model of disaggregation for both the manufacturing and service sectors. After reading the papers in this section, as well as the papers in subsequent sections, you will identify other dimensions to hierarchical decision making which go beyond this generalized model.

It is difficult, if not impossible, to establish the point of time at which a new field of study starts to emerge. While the date of formal organization of a society asso­ ciated with the field can be precisely stated, such timing says little about when and where the seeds for a field's development were planted. Also, such timing says little about the essential'why'for the development of a field and provides little understanding of the path that it traced. It is clear that the emergence of the field of regional science, like many other fields, was dependent on a particular setting as well as the pattern of events and interaction of diverse personalities who became involved. As best I can, I shall attempt in this Part I of the History to unravel the where, when and why questions in the development of Regional Science and the Regional Science Association International. Further, in the last section of this essay, I shall briefly point up some potentialities for analytical advances in the field of regional science. Also, I shall note the opportunity for leadership by regional scientists in attacking global and regional development problems, thereby to help formulate relevant policy. In this way, I hope to expose the potential for fruitful research by young scholars interested in entering the field.

The central idea of this book is the concept of a currency order. Monetary theory is developed as a theory of currency orders. The book expands the neoclassical theory of currency orders. This new way of looking at the problems permits a general view of the subject matter of monetary theory and policy which so far does not exist. The concept of transaction costs is used throughout. The book deals not only with the theories of the demand for and the supply of money, the banking firm, and the purchasing power of money. It also presents a theoretically based discussion of the great topics of monetary policy of our time: fixed vs. flexible exchange rates, gold vs. paper, rules vs. authority for the central banks, governmental currency monopoly vs. competition of private currencies, regulation vs. deregulation of commercial banks. The book is suitable as a text for students with a knowledge of money and banking and intermediate microeconomics. It offers a consistent and well-written presentation of the subject matter, as well as an extensive list of further readings.

The origins of this volume can be traced back to a conference on'Ethics, Economic and Business'organized by Columbia Busi­ ness School in March of 1993, and held in the splendid facilities of Columbia's Casa Italiana. Preliminary versions of several of the papers were presented at that meeting. In July 1994 the Fields Institute of Mathematical Sciences sponsored a workshop on'Geometry, Topology and Markets': additional papers and more refined versions of the original papers were presented there. They were published in their present versions in Social Choice and Wel­ fare, volume 14, number 2, 1997. The common aim of these workshops and this volume is to crystallize research in an area which has emerged rapidly in the last fifteen years, the area of topological approaches to social choice and the theory of games. The area is attracting increasing interest from social choice theorists, game theorists, mathematical econ­ omists and mathematicians, yet there is no authoritative collection of papers in the area. Nor is there any surveyor book to give a perspective and act as a guide to the issues in and contributions to this new area. One of the two aims of this volume is in some measure to play this role: the other aim is of course to present interesting and surprising new results.

This volume contains all the writings that are grouped around Bentham's boldest idea - the proposal of a'circulating currency': a government sponsored currency which would be both a kind of savings certificate and a kind of paper money. The roots of this proposal are illustrated in two pamphlets from 1794-96, along with subsequent pamphlets and discussions which show Bentham's unsuccessful negotiations with the trasury on this matter.

Allyn Young is one of the central figures in the development of American economic thought, and is one of the originators of modern endogenous growth theory. This book allows full appreciation of the full extent of Young's work because many of his most significant contributions are buried in obscure journals and unsigned articles. This volume addres

Understanding the roles of editors, and the processes of editorship in knowledge dissemination, are highly relevant issues for most scholars. Written by leading scholars with strong editorial experience, this book will serve as a guide for editors and scholars wishing to become editors in management and behavioural sciences.

The world of economics is changing. Years of turmoil in the global economy mean that nothing will ever be quite the same again. This is the starting point and theme of this radically revised Economist books classic. Richard Davies takes us on a journey through the paper's own analysis of the state of the world's economies, how we reached this point and what to expect in the next decade. He explores: • what's gone wrong since 2008, why it's happened and how we can stop it happening again • the shifting focus of economics from banking to labour economics• a new breed of firm with economics at their operational core • the future hopes and challenges for the world economy Along the way, we encounter the global economy laid bare, from banks, panics and crashes to innovative new policies to improve how markets function; from discussions around jobs, pay and inequality to the promise of innovation and productivity; and from the implications of emerging markets and the globalisation of trade through to the sharing economy and the economics of Google and eBay. The result is a fascinating review of the global economy and the changing role of economics in the new world order.

This is an open access book.- Background：Financial globalization plays a huge role in promoting the development of the world economy and the optimal allocation of world resources, stimulates the accelerated development of the international division of labor, and increases the international flow of production factors such as industrial transfer, capital transfer, and technology transfer. It enables developing countries to make up for the lack of their own capital and technology, and obtain industrial evolution, technological progress, and institutional innovation, thereby accelerating the speed of economic development; it also enables developed countries to open up cheap labor, raw material markets and broad consumer markets, prolonging product value. More profits, ease the economy, the contradiction of stagflation, and restore economic growth.- Present situation：At the current stage, the overall environment of the international financial market is relatively stable, and the market environment has been improved to some extent.However, due to the complexity and diversity of the world economy, coupled with the national characteristics of some countries, There is great uncertainty in international policies, which has greatly affected the stability of the international financial market.In addition, the current international environment is changing. The conflict between Russia and Ukraine, the epidemic, and the Taiwan issue have all had an impact on the international economic situation. This is also the difference between this conference and previous conferences. we hope to have a deeper discussion on the current situation.- Objectives of this conference：The 9th International Conference on Financial Innovation and Economic Development (ICFIED 2024) aims to accommodate this need, as well as to:1. provide a platform for experts and scholars, engineers and technicians in the field of financial Innovation and economic development to share scientific research achievements and cutting-edge technologies2. Understand academic development trends, broaden research ideas, strengthen academic research and discussion, and promote the industrialization cooperation of academic achievements3. Promote the institutionalization and standardization of Financial Innovation and Economic Development through modern research4. Increasing the number of scientific publications for financial Innovation and economic development- Conference information：As an annual conference held successfully in the past 8 years, the 9th International Conference on Financial Innovation and Economic Development (ICFIED 2024) will be held in Ningbo on January 12–14, 2024. The conference sincerely invites experts, scholars, business people and other relevant personnel from domestic and foreign universities, research institutions to participate in the exchange.We warmly invite you to participate in ICFIED 2024 and look forward to seeing you in Ningbo, China.

This book constitutes the refereed proceedings of the 24th International Conference on Group Decision and Negotiation, GDN 2024, which took place in Porto, Portugal, during June 2–5, 2024. The field of Group Decision and Negotiation focuses on decision processes with at least two participants and a common goal but conflicting individual goals. Research areas of Group Decision and Negotiation include electronic negotiations, experiments, the role of emotions in group decision and negotiations, preference elicitation and decision support for group decisions and negotiations, and conflict resolution principles. The 13 full papers presented in this volume were carefully reviewed and selected from 100 submissions. They were organized in the following topical sections: Conflict Resolution; Preference Modeling for Group Decision and Negotiation; Collaborative and Responsible Negotiation Support Systems and Studies.

This is an open access book.2022 International Conference on Mathematical Statistics and Economic Analysis(MSEA 2022) will be held in Dalian, China from May 27 to 29, 2022.Based on probability theory, mathematical statistics studies the statistical regularity of a large number of random phenomena, and infers and forecasts the whole. Economic development is very important to people's life and the country. Through data statistics and analysis, we can quickly understand the law of economic development. This conference combines mathematical statistics and economic analysis for the first time to explore the relationship between them, so as to provide a platform for experts and scholars in the field of mathematical statistics and economic analysis to exchange and discuss.

Technology transfer has expanded rapidly over the past 20 years in Western Europe, North America and the Pacific Rim. It has been estimated that some 50% of new products and processes will originate outside the primary developer; academic and other research institutions are obvious sources of much of this new technology. In the NATO Co-operating countries, however, technology transfer is in its infancy; it is crucial for wealth creation and improvement in the quality of life that this mechanism is developed. The papers selected for inclusion in this book discuss issues related to the development of technology transfer in NATO Co-operating countries. The book identifies crucial research issues for science and technology policy researchers and, as a conclusion, offers some policy recommendations. The authors are drawn from NATO and Co-operating partner countries, from other parts of the world, and from international organisations. The focus of the book is on the institutional framework of knowledge and technology transfer; intellectual property rights as sources of information and tools for co-operation; international, national and regional aspects of knowledge and technology dissemination and diffusion; and networking. Audience: Academic institutions, research institutes, intellectual property practitioners, science and technology policy makers, technology transfer managers, high-tech industries.

This volume consists of papers derived from the Ninth International Conference on Studies in Economic Ethics and Philosophy (SEEP), held at Trent University in Peterborough, Ontario, Canada, in June of 2002. Let me take this opportunity to express my appreciation to Professor Peter Koslowski for his original stimulus, encouragement, and continual assistance in making the Conference a success. I would also like to thank my Trent colleague, Professor David Holdsworth, for his steadfast help in the management of the Conference and the papers resulting from it. I am obliged to Mr. Louis Taylor of North George Studios in Peterborough for his expert professional service in preparing the manuscript for printing. Finally, let me gratefully acknowledge the generous financial sponsorship of the Conference by the Social Sciences and Humanities Research Council of Canada, and Trent University's Department of Philosophy and Graduate Centre for the Study of Theory, Culture, and Politics. Bernard Hodgson Department of Philosophy Trent University Peterborough, Ontario, Canada May 2004 Contents Preface................................................................................................................ IX Introduction BERNARD HODGSON............................................................................................. 1 Part One Setting the Problem Chapter 1 Public Interest and Self-Interest in the Market and the Democratic Process PETER KOSLOWSKI............................................................................................. 13 Chapter2 The Invisible Hand and Thinness of the Common Good RICHARD DE GEORGE......................................................................................... 38 CONTENTS Part Two Constraining the Invisible Hand Chapter 3 Hiring Invisible Hands for Public Works EDWARDJ. NELL................................................................................................. 51 Chapter4 A Market Failures Approach to Business Ethics JOSEPH HEATH..................................................................................................... 69 Chapter 5 Abstractions and Conceptual Automata in Economics and Non-Economics STEPHEN REGOCZEI.............................................................................................

When Murat Sertel asked us whether we would be interested in organizing a special issue of the Review of Economic Design on the formation of networks and groups, we were happy to accept because of the growing research on this important topic. We were also pleasantly surprised at the response to our request for submissions to the special issue, receiving a much larger number of sub­ missions than we had anticipated. In the end we were able to put together two special issues of insightful papers on this topic. Given the growing interest in this topic, we also decided (with encouragement from Murat) to combine the special issues in the form of a book for wider dissemination. However, once we had decided to edit the book, it was natural to move beyond the special issue to include at least some of the papers that have been influential in the literature on the formation of networks. These papers were published in other journals, and we are very grateful to the authors as well as the journals for permission to include these papers in the book.

This Festschrift was'presented'in electronic form to Buchanan on the occasion of his eightieth birthday on October 3, 1999, after dinner in Fairfax, Virginia. As one might have expected, the response to our call for papers was vo­ luminous. In looking over the many contributions, we felt that a'published'Festschrift was also possible and fitting for the eightieth birthday of so prodi­ gious and influential a scholar as Professor Buchanan. To that end we have assembled the following volume. In selecting the papers to be included here we have basically tried to choose those papers which in some way bear on Buchanan's contributions. Perfectly good papers about issues not related to Buchanan's research agenda or not referring directly to Buchanan's work were not included. Space constraints did not allow universal coverage, so choices had to be made. It should be stated clearly that these were our choices based on the criterion that the contribution be relevant to Buchanan's work. Buchanan had nothing whatsoever to do with the selection of papers for this volume. Once choices had been made, we arranged the papers by subject matter ranging from various aspects of Buchanan's work in economics, political science, philosophy, and related areas, to some more personal recollections of Jim as a professor, friend, and colleague. Including the latter material was also our decision, and this probably represents a choice with which Jim would not have agreed. We think, however, that the reader will find these pieces interesting and informative.

Agent-based modeling/simulation is an emergent approach to the analysis of social and economic systems. It provides a bottom-up experimental method to be applied to social sciences such as economics, management, sociology, and politics as well as some engineering fields dealing with social activities. This book includes selected papers presented at the Seventh International Workshop on Agent-Based Approaches in Economic and Social Complex Systems held in Osaka, Japan, in 2012.At the workshop, 24 reviewed full papers were presented, and of those, 17 were selected to be included in this volume. The papers are divided into two groups as'Fundamentals of Agent-Based Modeling'and'Applications of Agent-Based Modeling'.

The papers collected in this volume are those presented at the eighteenth Colloquium arranged by the Societe Universitaire Europeenne de Recherches Financieres (SUERF), which took place in Dublin in May 1994. The Society is supported by a large number of central banks and com­ mercial banks, by other financial and business institutions and by personal subscriptions from academics and others interested in monetary and financial problems. Since its establishment in 1963, it has developed as a forum for the exchange of information, research results and ideas among academics and practitioners in these fields, including central bank and treasury officials responsible for formulating and applying monetary and financial policies, national and international. A major activity of SUERF is to organise and conduct Colloquia on subjects of topical interest to its members. The titles, places and dates of previous Colloquia for which volumes of the collected papers were published are noted on the last page of this volume.

The neglect of time in general and of the time structure of production in particular in mainstream economics led to the rebirth of the Austrian tradition in the seventies. The names of BERNHCLZ, HICKS, KIRZNER and VON WEIZSACKER are representative of different approaches. In 1979 my'Introduction to Modern Austrian Capital Theory'appeared, in which I unified various papers BERNHOLZ and I had written. I also linked our approach to those of VON NEUMANN, of HICKS and of neoclassical capital theory. These'Studies'supplement and continue my'Introduction'in various ways. With all the authors of the present volume I have cooperated for several years. This volume is subdivided into five parts. The first one, Historical Perspectives, gives first an outline on the development of Austrian capital theory from its origins to the present. Next it relates Modern Austrian Capital Theory to SRAFFA's theory and to the Austrian subjectivists'pure time preference theory of interest. The latter theory is represented in its opposition to the traditional productivity-cum-time preference explanation of interest, which is. common t9 neoclassical and BOHM-BAWERKian capital theory alike. The Austrian subjectivist pure time preference theory has been misinterpreted in its recent presentation, which has led to misunderstandings. It is shown that there is no real contradiction between the two appoaches.

Alberto Heimler and Daniele Meulders In the last decade the modelling of the interrelationship between public finance and the rest of the economy has seen substantial advances, reflected in many of the papers delivered to the Applied Econometrics Association Conference held at Confindustria, Rome, on 30 November and 1 December 1989. In particular, the development of the literature on applied general-equilibrium modelling has found most of its applications in the field of taxation, enlarging and completing the estimation of the welfare loss due to distortionary taxes. In this context an important extension has been the introduction of overlapping-generation models. Furthermore, it has become clear that most individual decisions, especially the decision whether or not to work, are dependent upon the tax system, in the sense that the higher the marginal income tax the larger the wedge between labour cost and take-home pay, the last one being the decision variable in the demand for leisure. Finally, in the European context, the completion of the internal market has brought about the necessity to harmonize fiscal systems in the EEC member countries. A number of papers study, therefore, the effects of fiscal reform on efficiency, welfare and growth.

One of the most enduring questions in economics involves how a nation could accelerate the pace of its economic development. One of the most enduring answers to this question is to promote exports -either because doing so directly influences development via encouraging production of goods for export, or because export promotion permits accumulation of foreign exchange which permits importation of high-quality goods and services, which can in turn be used to expand the nation's production possibilities. In either case, growth is said to be export-led; the latter case is the so-called'two-gap'hypothesis (McKinnon, 1964; Findlay, 1973). The early work on export-led growth consisted of static cross-country com­ parisons (Michaely, 1977; Balassa, 1978; Tyler, 1981; Kormendi and Meguire, 1985). These studies generally concluded that there is strong evidence in favour of export-led growth because export growth and income growth are highly correlated. However, Kravis pointed out in 1970 that the question is an essen­ tially dynamic one: as he put it, are exports the handmaiden or the engine of growth? To make this determination one needs to look at time series to see whether or not exports are driving income. This approach has been taken in a number of papers (Jung and Marshall, 1985; Chow, 1987; Serletis, 1992; Kunst and Marin, 1989; Marin, 1992; Afxentiou and Serletis, 1991), designed to assess whether or not individual countries exhibit statistically significant evidence of export-led growth using Granger causality tests.

Environmental costs of electric power generation are receiving increasing attention as an important input to planning and decision processes. Since the outstart of the discussion on the monetized environmental costs of electricity in 1988 a number of studies have been conducted on the subject, producing partially contradictory results. Simultaneously political action has resulted from the first stage on this discussion process. In Germany the higher rates which have to be payed to autoproducers based on renewable energy sources have been explicitly justified by the existence of external environmental costs of conventional electricity generation. At the same time some state regulatory commissions in the United States have introduced adders for environmental costs in the utility planning process. This book reports on the first international workshop on the subject, bringing together practically all experts in the field of research and political implementation from the United States and Germany, the two pioneering countries. The more than thirty contributed papers contained in this volume give the most comprehensive and up-to-date overview of the field. Some papers already outline the future course of research by giving an overview over some major research projects, which have just started.

It was at the fifth SEEP-Conference on Economic Ethics and philosophy in autumn 1997 that the organizational work of the seventh conference in 1999 was entrusted to the editors of this volume. Prof. Peter Koslowski, series editor of The Studies in Economic Ethics and Philosophy, SEEP, expressed the hope that the SEEP-Conference be held in the Far-East for the fist time would bring a new comparative aspect to economic ethics and philosophy. Further, the agenda of economic ethics seemed to increase its significance also in Japan and other Asian countries especially due to the spread of corruption in the government and business under the financial crisis that attacked these nations in the late 1990s. Though we chose'Com­ petition, Trust, and Cooperation'as the general theme of the conference, this should include the collusion, distrust, and corruption as the opposite side of the medal. The conference was held on March 10-12, 1999 at the Kansai Seminar House of the Nippon Christian Academy, Kyoto, Japan. Fourteen papers were submitted to the conference. In addition to twelve papers that are printed in this volume, Prof. Ruisheng Wang (Capital Normal University, Beijing) read his paper on ethical problems in the context of Asian financial crisis and Prof. Agnar Sandmo (Norwegian School of Economics and Busi­ ness Administration) did the same by his paper on societal aspect of the competition promotion policy.

Technology Commercialization: DEA and Related Analytical Methods for Evaluating The Use and Implementation of Technical Innovation examines both general Research & Development commercialization and targeted new product innovation. New product development is a major occupation of the technical sector of the global economy and is viewed in many ways as a means of economic stability for a business, an industry, and a country. The heart of the book is a detailing of the analytical methods-with special, but not exclusive emphasis on DEA methods-for evaluating and ranking the most promising R & D and technical innovation being developed. The sponsors of the research and development may involve universities, countries, industries, and corporations-all of these sources are covered in the book. In addition, the trade-off of environmental problems vis-à-vis new product development is discussed in a section of the book. Sten Thore (editor and author) has woven together the chapter contributions by a strong group of international researchers into a book that has characteristics of both a monograph and a unified edited volume of well-written papers in DEA, technology evaluation, R&D, and environmental economics. Finally, the use of DEA as an evaluation method for product innovation is an important new development in the field of R&D commercialization.

The 1980s have witnessed a tremendous growth in the field of computer­ integrated manufacturing systems. The other major areas of development have been computer-aided design, computer-aided manufacturing, industrial robotics, automated assembly, cellular and modular material handling, computer networking and office automation to name just a few. These new technologies are generally capital intensive and do not conform to traditional cost structures. The net result is a tremendous change in the way costs should be estimated and economic analyses performed. The majority of existing engineering economy texts still profess application of traditional analysis methods. But, as was men­ tioned above, it is clear that the basic trend in manufacturing industries is itself changing. So it is quite obvious that the practice of traditional economic analysis methods should change too. This book is an attempt to address the various issues associated with non-traditional methods for evaluation of advanced computer-integrated technologies. This volume consists of twenty refereed articles which are grouped into five parts. Part one, Economic Justification Methods, consists of six articles. In the first paper, Soni et at. present a new classification for economic justification methods for advanced automated manufacturing systems. In the second, Henghold and LeClair look at strengths and weaknesses of expert systems in general and more specifically, an ap­ plication aimed at investment justification in advanced technology. The third paper, by Carrasco and Lee, proposes an enhanced economic methodology to improve the needs analysis, conceptual design and de­ tailed design activities associated with technology modernization.

THE EUROPEAN SINGLE MARKET This volume comprises a collection of papers, some of which were presented at different workshops organized by the European Economics and Financial Centre (London), in conjunction with various European central banks. In addition the book contains, in Chapter 2, the text of a memorial lecture on Trade and Financial Relationships of the US and Europe given by this author in New York. The lecture, known as the Henry George Lecture, was given at St John's University in New York in April 1993. The workshops were part of a series of workshops, the first of which was hosted by the Central Bank of Finland. At these workshops usually some 20 central banks from Europe, the Federal Reserve Board and various other central banks were present. Furthermore the workshops contain papers from international organizations such as the OECD, European Commission, Bank for International Settlement, government ministries, commercial banks, re­ search institutes and academics from Europe and elsewhere. The two workshops from which some of these papers were drawn were those held at the Central Bank of the Netherlands and the Central Bank of Austria. The workshop held at the Central Bank of the Netherlands (De Nederlandsche Bank), was on Policy Coordination, and took place during 2-4 November, 1992. The one held at the Central Bank of Austria (6stereichische Bank), was on Policy Formulation in Interdependent Market, and took place during 24-26 March 1993.

Global Instability: Uncertainty and New Visions in Political Economy presents a series of papers that address the political consequences of globalization for states and their populations, while exploring the issue of alternatives to the model of globalization we are presently experiencing. The focus moves from the world of international agreements to the national and sub-national dilemmas that are posed by attempting to manage a set of global developments within a given territory. The initial chapter, by Daniel Drache, explores a still-born post-war international organization, the International Trade Organization, that offers a different vision of how a globally integrated economy might operate. A number of papers then explore the challenges posed by today's globalization, including currency instability in an environment of financial deregulation, the rights conferred on investors by the North American Free Trade Agreement, and the progressive liberalization of trade in services built into the General Agreement on Trade in Services.

A tax reform policy aiming at a growth of prosperity requires basic guidelines. These would have to serve as a standard evaluation model for the precise assessment of the current tax system and the development of tax reform proposals. For market economies the concept of a consumption-based tax system is gaining increasing importance, especially with respect to economic efficiency. An ideal concept for reforming direct taxes would be the requirement of aligning tax bases directly to consumed income, that is, to exempt saved and invested income from taxation. The present volume contains papers dealing with the pros and cons of such a consumption-based tax system and of taxing lifetime consumption. Papers presented in this volume come from leading international scientists who discuss the tax reform under theoretical, political, legal and administrative aspects.

Following the publication of seminal papers by professors H. S. Gordon in 1954 and A. D. Scott in 1955, active research has led to rapid progress in our understanding of the economics of fisheries. Fishing, however, is a complicated activity involving intricate interactions between man-made fishing capital and naturally produced fish stocks in an inherently dynamic and stochastic setting. Consequently, in spite of significant advances, important sections of fisheries economics remain largely unexplored. One such area is the economics of migratory fish stocks. In 1985, the editors of this volume embarked on a research project concerned with the optimal utilization of common Nordic fish stocks. A fundamental feature of some of the most important of these fish stocks, such as the Atlanto-Scandian herring and the Icelandic capelin, is their migratory behaviour. Not only do the migrations continuously alter the economic conditions for harvesting these species. They also result in the periodical transfer of stock concentrations from one exclusive fisheries jurisdictions to another. It was readily apparent that this behaviour constituted a crucial determinant of the appropriate harvesting pattern of these stocks. More importantly, however, migrations are by no means a unique feature of Nordic fish stocks. In fact, it appears that migratory behaviour is exhibited, albeit in varying degrees, by all species of fish. It therefore stands to reason that migrations constitute an important aspect of the economics of fisheries in general.

The developments within the computationally and numerically oriented ar­ eas of Operations Research, Finance, Statistics and Economics have been sig­ nificant over the past few decades. Each area has been developing its own computer systems and languages that suit its needs, but there is relatively little cross-fertilization among them yet. This volume contains a collection of papers that each highlights a particular system, language, model or paradigm from one of the computational disciplines, aimed at researchers and practitioners from the other fields. The 15 papers cover a number of relevant topics: Models and Modelling in Operations Research and Economics, novel High-level and Object-Oriented approaches to programming, through advanced uses of Maple and MATLAB, and applications and solution of Differential Equations in Finance. It is hoped that the material in this volume will whet the reader's appetite for discovering and exploring new approaches to old problems, and in the longer run facilitate cross-fertilization among the fields. We would like to thank the contributing authors, the reviewers, the publisher, and last, but not least, Jesper Saxtorph, Anders Nielsen, and Thomas Stidsen for invaluable technical assistance.

As the title indicates, Essays in Honor of James A. Graaskamp: Ten Years After, is a collection of essays written to honor Graaskamp's major contributions to the field of real estate education and practice over the course of three decades. Upon his death in 1988, the industry lost a major influence for advancing the real estate discipline, both as an academic field and a professional field. The authors in this volume seek to extend Graaskamp's contributions and move the real estate discipline forward. The papers address the challenges posed by the market to return our attention to real estate fundamentals, and to strike a proper balance between Main Street and Wall Street. The authors and editors hope that this book will influence the industry to incorporate many of Grasskamp's ideas into mainstream real estate education and practice. Over the course of his career, Graaskamp made many noteworthy contributions to real estate theory and practice, ideas that if resurrected could offset some of the pressure in the industry to move away from market fundamentals. The authors try to capture the essence of Graaskamp's messages, and intend that the papers serve as a point of departure for discussing the future role and nature of real estate education. Part I focuses on the major contributions to the real estate discipline made by Graaskamp and the Wisconsin Real Estate Program. Part II contains some personal recollections and photos of Graaskamp, and also a summary of the groups that make up the Wisconsin Real Estate Program, a major co-sponsor of this volume. The rest of the book's three main parts are structured around major topics that reflect the multidisciplinary nature of real estate as espoused by Graaskamp. Part III treats real estate feasibility and development, Part IV concentrates on real estate valuation, and Part V discusses institutional economics.

The research for this project was carried out while the author was at the staff of the Economics Faculty of Erasmus University Rotterdam. The core results were recorded in discussion papers 7821/G, 7901/G, 7910/G and 8002/G of the faculty's Institute for Economic Research. Working on the project I incurred considerable debts to some professors and fellow staff members of the faculty. Professor P. J. Verdoorn initiated this study by suggesting its subject and by encouraging me to turn my initially hesitantly held view of imports as'indispensable'inputs into the cornerstone of the analysis; he also read the final manuscript. Professor H. C. Bos'enthusiastic encouragement greatly stimulated me in the arduous phase of the writing of the manuscript; his advise on style and emphasis considerably improved the presentation while his careful reading of the various versions of the manuscript eliminated many non sequiturs and some errors. I am deeply in debt to A. S. W. de Vries who scrutinized not only the manuscript but also the preliminary discussion papers; while sharing an office room with him for six years I had the benefit of many stimulating discussions and he equanimously put up with my moods when I was stuck at some point. I am also in debt to D. P. Broer for checking and improving the optimal control theorem in chapter 7; to Professor R. Harkema for inducing me to write sections 5. 1 and 5.

For as long as one can remember, the edifice of the neoclassical economic syn­ thesis has been under attack. Critiques have focused on the extreme unreality of the assumptions that underpin the Arrow-Debreu theorems of welfare economics. They have queried the excessive formalism of the edifice, and the lack of practical significance of many of the results.They have castigated the neoclassical synthesis for its internal incoherence (lacking an independent theory of capital, for example, one of the favorite topics of the Cambridge school), its lack of a dynamic element, its non-evolutionary character, its lack of any conception of'market process'­ and so the list could be continued (Blaug, 1997). Through all this, the neoclassi­ cal synthesis remains as strong as ever, impervious it seems to these or any other attacks. In this paper a different tack is taken. The neoclassical edifice is left alone, standing as a representation of what goes on in a certain kind ofeconomy- namely the economy wheregoods and services are producedand exchanged. The paper then introduces another kind of economy, namely an economy of productive entities ­ called'resources'- that are needed to produce the economyofgoods and services.

As a result of a contract awarded by the Construction Engineering Research Laboratory, U.S. Army Corps of Engineers, and the Environmental Pro­ tection Agency, a workshop on the methodology of economic impact analy­ sis was held at Hueston Woods State Park Lodge in Oxford, Ohio, April 13-15, 1977. Leading researchers in regional modeling were gathered to take stock of current developments in the field and to put forth new ideas and directions for research. Also attending the workshops were individuals from various governmental agencies that use regional models and economic impact statements. Preliminary versions of the papers appearing in this vol­ ume served as focal points for discussions that have hopefully continued, stimulating further thinking of the problems addressed. The objectives of the conference were not only to explore recent develop­ ments in methodology but also to expose users of economic impact analyses to a wide variety of models and applications and to acquaint academicians with the needs of users. The papers appearing in this volume represent only a portion of the output of this workshop.

In traditional economics models of perfect competition agent's interactions are all mediated through the market. Interactions are anonymous, global and indirect. This is a powerful model, but we see many instances in which one, and sometimes all, of the previous characteristics fail to hold true. The type of agent you are, or your identity, can affect the type of interaction we have, and most surely the relationship between micro-behaviour and macro-phenomena in non-trivial ways. This book contains a selection of papers presented at the 6th Workshop on Economics with Heterogenous Interacting Agents (WEHIA). The contributions show that work done in other fields like evolutionary biology, statistical mechanics, social network theory and others help us to understand the way in which economic systems operate. Virtually all of the papers presented in this volume draw on some aspect or other of these varied approaches to related problems.

Didier LAUSSEL, William MAROIS and Antoine SOUBEYRAN The papers collected in this volume were presented at the'4th International Conference on Monetary Economics and Banking'held in Aix-en-Provence on June 1987 and organized by the C.E.F.I. (Center for International Economics and Finance of the University of Aix-Marseille II) and the GRECO'Monnaie et Financement'of the C.N.R.S. (National Center for Scientific Research). They concern two main topics: monetary theory and monetary policy. In the first one, the contributions provide new insights in some important problems like rational expectations, monetary optimizing models or portfolio choices. In the second one, almost all the texts are devoted to the game-theoretic approach of monetary policy which is a research area mainly developped since about ten years. I. MONETARY THEORY In their well known article on'Recent Developments in Monetary Theory', R. BARRO and S. FISCHER (1976) discussed seven main topics among which'the theory of money demand','money, inflation and growth','disequilibrium theory','rational expectations and the Phillips Curve'. Twelve years after, papers of this volume give some new results in these areas or explore new paths of research like a monetary theory of an innovative process of production or the application of the theory of contracts to financial problems.

I. The Topic and the structure of the Proceedings The papers in this book are the proceedings of a conference held at the Economics Department of the Graduate Faculty of the New School for Social Research in March 1985 in New York for which financial support was provided by.the West German Consulate. The topic of the conference was'Competition, Instability, and Nonlinear Cycles.'A number of mathematical economists from Italy, West Germany, France, Japan, and the u.s. were invited as participants in this meeting. The conference was preceded by two other conferences in which several of the invited scholars had taken part. One, on'la gravitation des prix,'took place in Nanterre, France,in March 1984. The other was held at the New School for Social Research in April 1984 on'Price of Production in Joint Production systems.'Both conference were concerned with classical prices of production systems and their revival in the form developed by Sraffa and Pasinetti (1977). In these conferences, considerable interest arose in more properly modeling the dynamics of prices of production systems in a multi­ sectoral framework by utilizing modern mathematical tools of dynamical systems. Such a discussion on the dynamics of the classical process of competition and the stability of classical production prices was originally initiated by several papers by Nikaido (1977, 1983, 1984) and further pursued by several scholars (see Steedman, 1983; Boggio, 1980; Kuroki, 1983; Dumenil/Levy, 1983; Krause, 1983, 1984; Hosoda, 1985; Filippini, 1985).