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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.

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.

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.

Economic Theory, Dynamics, and Markets. The collection of essays in honor of Ryuzo Sato, written by his colleagues and students, covers the many fields of economic theory and policy to which he has contributed. The first section pays tribute to his contributions to mathematical economics and economic theory. Ryuzo Sato is known for his work in growth theory and technical progress, and the second section has a number of papers on macroeconomics and dynamics. The third section has a number of papers on financial markets and their functioning in Japan and the United States. The next section examines various aspects of the economics of firms and industry. Ryuzo Sato has been very involved in analyzing the economic and business relations between Japan and the United States, and the last section is devoted to comparative analysis of economic systems.

Bertram Schefold is recognized internationally as an outstanding economist. He has made major contributions to the development of economic theory and particularly to economic thought. His contributions to economic theory include his work on Sraffian economics and its implications for the theory of value and distribution, capital theory, growth and technical progress. This book consists of ten papers by distinguished economists from Europe, the United States and Japan. The papers cover a range of topics chosen according to Bertram Schefolds main fields of research, from Wicksell's principle of just taxation to Sraffa and the Universal Basic Income to Marx's Theory of Value.Covering Schefold's main areas of academic interest, this is an important and comprehensive volume which is a fitting tribute to one of the foremost economic thinkers of our age.

This book examines the economic, social and political thought of two highly influential cross-disciplinary contributors to the debate in the United Kingdom about welfare economics, social welfare, nationalisation and public policy. Active between the 1880s and the 1930s, their many books, papers, lectures and speeches shaped the discourse on heterodox economics, social democracy and the managed economy. The Webbs sat on Royal Commissions, permeated local and central government, and were instrumental in the creation of the London School of Economics. This book discusses and assesses their contribution to the broad topics of inequality, poverty, unemployment, freedom, capitalism, socialism, constitutional reform, social evolution and the historical school. Issues such as these remain at the forefront of contemporary discussions not just in Britain but throughout the world.

Across seventeen volumes to date, the Collected Works of F. A. Hayek series has anthologized the diverse and prolific writings of the Austrian economist synonymous with classical liberalism. Essays on Liberalism and the Economy traces the author's long and evolving writings on the cluster of beliefs he championed most: liberalism, its core tenets, and how its tradition represents the best hope for Western civilization. This deft selection includes some of Hayek's most important and famous essays as well as unpublished and lesser-known works. It contains material from almost the entire span of Hayek's career, the earliest from 1931 and the last from 1984. The works were written for a variety of purposes and audiences, and they include—along with conventional academic papers—encyclopedia entries, after-dinner addresses, a lecture for graduate students, a book review, newspaper articles, and letters to the editors of national newspapers. While many are available elsewhere, two have never appeared in print, and two others have not been published in English. The varied formats collected here are enriched by Hayek's changing voice at different stages of his life. Some of the pieces resonate as high-minded and noble; others are less formal. Some see Hayek focus on expounding his own views; others are primarily critiques of the ideas of other prominent thinkers like John Maynard Keynes and John Kenneth Galbraith. All serve to distill important aspects of Hayek's worldview.

Essays in Our Changing Order is the ninth volume in the collected works of America's pre-eminent social scientist. Each volume has a new opening essay, in this case, a comprehensive review of Veblen's works by Scott Bowman that stands by itself as a premier statement. Using an innovative framework, Bowman sees Veblen as concerned with three unifying themes: the dynamic interrelationships between instinct, habits of thought, environment, and social change in human evolution; the essential contradiction between business and industry sustained by the instinctual dominance of pecuniary exploit over workmanlike efficiency; and the role of ideological and animistic thinking in human affairs.This volume of Veblen's most important studies, published posthumously in 1936, illustrates and embellishes the themes Bowman outlines in a variety of ways, and is remarkable for its contemporanity and literary freshness. Veblen's editor, Leon Ardzrooni, divides the work into three major segments: essays on economics, including the history of the field; miscellaneous papers, which nearly all come to rest on matters of religion and philosophy; and what Ardzrooni calls war essays, which again reveal a very worldly and wise observer of current events and critic of national policies. What is so astonishing is the timeliness of these seemingly time bound concerns: whether dealing with the condition of women, the intellectual contributions of Jews, farm labor and unions, or the meaning of the Bolshevik Revolution, Veblen confronts us with insights into still-unfinished business.

This volume of essays contains 16 papers the author has written over the last 40 years on various aspects of the life and work of John Maynard Keynes and Nicholas Kaldor. It covers both theoretical and applied topics and highlight the continued relevance of Keynesian and Kaldorian ideas for understanding the functioning of capitalist economies.

This book provides fresh insights on Piero Sraffa's work, by examining previously unpublished papers from Sraffa archives. It offers new perspectives on the connection between Sraffa amd Marx, and examines Sraffa's approach to money, the role of equilibrium and of the surplus in economic theory.

Written on the occasion of the 50th anniversary of the publication of Piero Sraffa's Production of Commodities by Means of Commodities, the papers selected and contained in Sraffa and the Reconstruction of Economic Theory account for the work completed around the two central aspects of his contribution to economic analysis, namely the criticism of the neoclassical (or marginalist) theory of value and distribution, and the reconstruction of economic theory along the lines of the Classical approach. Divided into three volumes, Sraffa and the Reconstruction of Economic Theory debates the most fruitful routes for advancement in this field and their implications for applied and policy analysis. This second volume focuses on the theory of output and growth as developed in the modern classical approach on the basis of the extension to the long run of the Keynesian principle of effective demand, and on the implications of the revival of the classical approach for policy analysis and for understanding the evolution of the international economic order in the last few decades.

The volume at hand gives an exposition of the tradition of the Historical School of Economics and of the Geisteswissenschaften or human sciences, the latter in their development within the Historical School as well as in Neo-Kantianism and the sociology of knowledge. It continues the discussion started in the year 1994 on the Older Historical School of Economics and the 19th century German contribution to an ethical theory of economics with the Newer Historical School of the 20th century. Economists, social scientists, and philosophers examine the contribution of this tradition and its impact for present theory. The schools of thought and their approaches to economics as well as to the cultural and social sciences are examined here not as much for their historical interest as for their poten­ tial systematic contribution to the contemporary debates on economic ethics, economics, sociology, and philosophy. The volume at hand contains the proceedings of the Fourth Annual SEEP-Conference on Economic Ethics and Philosophy in 1996,'Economics and Ethics in the Historical School. Part B: Max Weber, Heinrich Rickert, Max Scheler, Werner Sombart, Arthur Spiethoff, John Commons, Alfred Marshall, and Others', held at Marienrode Monastery near Hannover, Germa­ ny, on March 27-30th, 1996, together with several additional invited papers.

Volume 27C of'Research in the History of Economic Thought and Methodology'consists of documents from Glenn Johnson and F. Taylor Ostrander. Part I includes: notes from lectures by James E. Meade on the linking of monetary theory with the pure theory of value (Oxford University, 1932-1933); notes from the Socialist Club at the Cafe Verique in Geneva (Summer 1931); correspondence between Frank H. Knight and F. Taylor Ostrander; index to the Treasury Department papers of F. Taylor Ostrander; and notes on the long and wide-ranging career of F. Taylor Ostrander. Part II presents Glenn Johnson's notes from courses at the University of Chicago (1946); notes from Lloyd Mints'course on money and banking, economics 330 (Fall 1946); incomplete course notes from Milton Friedman's price theory, economics 300B, University of Chicago (Spring 1947); and notes from seminars by John R. Hicks and Tjalling Koopmans, University of Chicago (October 1946).

This e-book addresses the issue of emotion in healthcare organization. It reflects a more general and growing interest in the role of emotion across a range of academic disciplines. The articles selected for inclusion in this e-book therefore trace both the interpersonal nature of emotion, as well as how it can also span the individual and the organizational setting. In addition there are articles which look at the bridges into both the shadowy areas of organizational life like gossip, as well as the interface between personal and professional lives. The papers indicate a shared international.

Edwin Mansfield was a research pioneer into the economics of R and D and technological change. As appreciation and remembrance for his scholarly contributions, eminent scholars have contributed original papers for this edited volume. The authors have followed the'Mansfieldian” approach of emphasizing economic insight and intuition over mathematical rigor and as a result are very accessable. Essays in Honor of Edwin Mansfield has the potential to serve as a reader in all advanced undergraduate and graduate classes/seminars in the economics of R and D and technological change. This edited volume will be the definitive work in the field.

This paper presents and discusses the rent-seeking process that occurred during Franco's regime in Spain (1939-1975). Once the Civil War (1936-1939) was over, those who won the war (militiaman, right-wing factions) took control of the key positions in the new government. That meant the transfer of rents from the budget to veterans of war and their relatives, fuelled by the creation of an increasingly strong and well-organised interest group. The author takes a public-choice approach and is inspired by a similar study by R. Holcombe on the American Civil War. Previously published in: The Intern.

Bernard Maris was killed in Paris on January 7, 2015, during the terrorist attack against the satirical magazine Charlie Hebdo. He remains one of the most original intellectuals of contemporary France, but despite being a uniquely original heterodox thinker, his international reputation has been compromised by the fact that his writings are inaccessible to non-French speakers. This book remedies that.By providing an overview of Bernard Maris'life and intellectual trajectory as well as an English translation of an anthology of his most relevant writings, this volume provides the international audience – for the first time ever – the chance to know and understand the contribution of this major heterodox economist. An outstanding and atypical figure in economic thought and a virulent critic of mainstream dominant economics, he was also an all-round actor and thinker of his time. Through rigorous reasoning, he questioned the notion of well-being, which, he argued, is too often conflated with having more. Enslavement by work, or the endless destructive accumulation of natural wealth, is also inherent to the capitalist system. Probably his most original contribution is his epistemological reflection on the very nature of economics and his appraisal of this discipline as a form of rhetoric.This book will be of great interest to readers in heterodox economics, economic methodology, epistemology, and French literature and culture more broadly.

To mark the 300th anniversary of Adam Smith's birth, the 37th Heilbronn Symposium on Economics and the Social Sciences was dedicated to his outstanding oeuvre, but above all to his most famous work, “An Inquiry into the Nature and Causes of the Wealth of Nations” (1776), which is regarded as a keystone of modern economics. The influence of Smith's doctrine has made a lasting contribution to the development of a modern understanding of society and the economy and, in particular, the functioning of markets. This is not least because of the breadth of his approach, with overlaps between political economy, social philosophy and ethics. The planned volume builds on the current state of Smith research and also provides new insights into the dissemination of Smith's ideas in German-speaking countries, but also in Scandinavia and Eastern Europe.

How religious thinking was—and remains—a central influence shaping economics.The conventional view of economics is that the field was a product of the Enlightenment and, therefore, bore no relation to religious ideas. But is this true? In Religious Influences on Economic Thinking, Benjamin Friedman shows that religious thinking was, in fact, a powerful force in shaping the initial development of modern Western economics and that it has remained an influence on economic thinking ever since. Friedman argues that an important influence enabling the insights of Adam Smith and his contemporaries was the new and highly controversial line of religious thinking at that time in the English-speaking Protestant world.Friedman explains that the influence of religious thinking on modern economic thought at the field's inception established resonances that have persisted through the subsequent centuries, even as the economic context has evolved and the questions economists ask have shifted along with it. Because we are largely not conscious of these influences, neither in the past nor as they are at work today, we are sometimes puzzled when we stumble across evidence of them—for example, in the otherwise hard-to-explain attitudes that many of our fellow citizens express on issues like estate taxes, business regulation, and environmental restrictions. But they are still at work. Understanding them can only enhance the economics profession's capacity to contribute to our ongoing public discussion of the important questions on which the discipline so usefully bears.

Economics still adheres entirely unreflectively to a mechanistic worldview and machine thinking. Epistemologically, it thus remains in the 19th century, and its assumptions and theories, methods, and models therefore stand in stark contradiction to the findings of all other social and natural sciences as well as a multitude of empirical facts. Through a discourse-analytical examination of sixteen basic concepts in economics, based on twelve standard economics textbooks, their ideahistorical origin and use are worked out and compared and related to the current state of knowledge of other disciplines. This reveals the structural, methodological, and content errors of economics in a clear manner. Especially for critical students, who have long been demanding an economics that is in line with the current state of research and faces the challenges of the 21st century, this opens up the possibility of a new approach to economics. The Content Discourse-analytical examination of fundamental assumptions and concepts of economics from'labor'to'wealth'Structural, methodological, and content critique of economic thinking from an epistemological perspective Critical examination of the use of empirical and statistical data, the method of gaining knowledge, and the model thinking in economics

This book investigates applications of probability theory to random events from an economic standpoint and considers how economics can deal with uncertainty in today's world. As such the nature of chance and probability will be discussed with examples taken from the theoretical literature in probability and the history of economic thought, as well as real-life events.Chapters cover the nature of randomness and the element of chance, the concepts of both hidden costs and opportunity costs, the economic effect of human action, the randomness of economic events, random walk hypotheses and observable and unobservable phenomena. It situates the discussion in John Maynard Keynes'and Ronald Fisher's seminal works on probability, as well as introducing key tenets of probability theory and how these can be applied to economic events. The book considers the relationship between artificial intelligence and economic events, the role of big data, and international examples fromdifferent economic systems and how these can be evaluated. It also introduces a multidisciplinary exploration of other social sciences and how they deal with uncertainty, to assess the extent to which it is possible to apply probability theory to economic events which are by nature erratic and uncertain.This book will be of interest to researchers and students in economics, statistics, and those in the social sciences interested in questions of randomness and chance.

This book analyses the emergence and growth of the creative sector in Naples between the early modern and modern eras, focusing particularly on the development of music markets in the city. From the seventeenth century, Naples became one of the most culturally enriched regions in the Italian peninsula, with internationally known music schools, theatres and opera venues attracting visitors from across Europe in a burgeoning tourist market. This book sheds light on the driving economic factors and political contexts behind this key case study for the early growth of the opera and music sector in Europe. Starting with a discussion of the value of economic history to understanding cultural industries, the chapters approach this analysis through multiple lenses: the formation of human capital as the result of Naples'institutional urban welfare system; the role of cultural consumption as it evolved from a primarily religious activity to growing popular demand; and the rolethat central city authorities played in encouraging cultural activity through private investment and public policy. The book also draws on fascinating archival research to examine the contribution of Naples'music conservatories in the local creative economy. This book is a valuable resource to a broad range of readers, including those working in economic history, tourism history, the history of music and theatre, Italian social history and more.

This book reviews China's strategic pathway over the last 1000 years and considers its prospects for ascending to high-income status by the end of the 21st century. It analyzes why, although China's chances of joining the global core are sound, they are not outstanding; in addition, it faces mounting challenges, internal and external alike. The argument is presented in the framework of dynamic-strategy theory, which is expounded here in novel form. This exposition includes a wide ranging survey of global history, with a focus on the development of the industrialisation paths of the major economies of today, including a detailed study of Japan's long-run strategic pathway. The book's closing section presents a scenario-based discussion of China's potential place in the world in 2100. The analysis implies that China's zenith is likely to be reached slightly before mid-century, after which its relative economic scale will likely decline. Beyond that generalfinding, the scenarios investigate the wide range of plausible outcomes that China may experience: a range that the author contends is much wider for China than for nations under-pinned by less complex political-economies. Given its scope, the book will appeal to scholars of history, economics, geopolitics and sinology, and to anyone interested in learning about China's economic prospects at a time of increasingly heated ideological and empirical debates.

This book, the second of two volumes, explores India's economic development from the Gupta Empire (400AD) through to modern day India. The specific characteristics of economic development in India are examined to help determine development paths India can pursue to create sustainable development in the 21st century. The transition from the primary section to the secondary sector, through the process of industrialisation and in turn the move towards the services sector, is discussed in relation to climate change, technological innovation, and the pressure on resources posed by population growth. This book aims to contextualise India's economic development within the political economy of trade, with a particular focus on institutions such as the IMF and the British East India Company. It will be relevant to students and researchers interested in economic history, development economics, and the political economy.

What was the role of economists and economics in the making of the European Union? This book sheds light on the activities of a particular type of economic experts: the macroeconomic modellers of the Directorate General for Economic and Financial Affairs (DG II), who built multi-country macroeconomic models of the European Economic Community. These models aim at studying the macroeconomic interactions between national economies and at providing insights about the effects of coordinating (or not) national economic policies. The book documents the origins, challenges, and progress made by DG II's experts through building these models. This book provides insight into the influence of multi-country models on modern economics. It will be relevant to students and researchers interested in the history of economic thought and the development of macroeconomic policy.

This scholarly book conducts an extensive exploration into the central ideas of Karl Marx, focussing on the key concepts that have defined his thought and legacy. Bringing together a wealth of internationally renowned contributors, across different generations, Marx: Key Concepts analyses in depth Marx's theories of (surplus) value, money, and capital, and their reception in classical and contemporary economic, sociological and philosophical debates. Chapters cover Marx's core writings on the meaning of critique of political economy, materialism, dialectical method, real abstraction, absolute value, money, automatic Subject, reproduction, original accumulation, material interchange, domination, social reproduction, and pre-capitalist modes of production.Rediscovering the theoretical stratified density of the basic notions in Capital, the book provides crucial insight into the complexity and global significance of Marx's ideas and their relevance for the understanding of contemporary society, politics and economy. This book will be essential reading for academics, scholars and researchers interested in the history and the methodology of economic thought, social science, political economy, sociology, and political theory.

An economist examines three modern forces that have redefined what'money'means, who controls it, and what the future of finance might look like. Money is increasingly cheap, digital, and mobile. In Money in the Twenty-First Century, economist Richard Holden examines the virtues and risks of low interest rates, mobile money, and cryptocurrencies, and explains how these three elemental forces will continue to play out—in our wallets, on the blockchain, and throughout major economies—in the decades to come. Holden weaves in the stories of three people who have exerted massive influence over the future of modern money: US treasury secretary Janet Yellen, Ethereum cofounder Vitalik Buterin, and Raghuram Rajan, former governor of the Reserve Bank of India and chief economist at the International Monetary Fund. Moving from micro to macro, Holden investigates the infrastructure that permits digital transactions, the currencies that underpin them, the race for control of those currencies, shifts in policy and the international monetary system, and the impact on our politics of money in the digital age. Ultimately, Money in the Twenty-First Century asks if governments can keep these three tectonic powers of low interest rates, mobile money, and decentralized finance under control.

This book explores the lifelong dialogue between Thomas Robert Malthus and the libertarian anarchist William Godwin. Shedding light on important topics in the history of economic and political thought, it examines Godwin's rejection of the new industrial order and his insights into a post-acquisitive, post-conflictual future. It shows that Malthus felt Godwin had neglected the ever-increasing pressure of population on scarce food and that control could not be superseded by automaticity so long as the productivity of the land was limited by the law of nature. Godwin and Malthus situated their views on population in the broader context of individual choice, property rights, normative constraint and the status of the poor. Godwin and Malthus were committed to an economy that was equitable as well as efficient. Their proposals for social betterment make the book relevant to contemporary debates even as it sheds light on two giant thinkers of the past.

This book provides a comprehensive account of how the Louisiana Purchase of 1803 was financed. Where existing research has focused predominantly on the political and diplomatic significance of the Purchase, this book demonstrates the importance of the Purchase to global financial history. The book provides context and background for the Louisiana Purchase and examines the role of key actors and companies, focusing particularly on the ‘forgotten financiers'of the Purchase – individuals from the US, France and the UK including Alexander Baring, Albert Gallatin, Pierre Cesar Labouchere and Francois Barbe-Marbois. Based on extensive, original archival research, the chapters will illuminate the role played by these individuals in bringing about financial innovation and facilitating a major transaction that doubled the size of the original United States and helped set the country on a path to global power. The book will be a valuable resource for historians of Europe and America, particularly those with interests in economic and financial history, as well as banking and finance scholars who are interested in the emergence of large-scale international finance in the 19th century.

This book explains complex scientific concepts using simple and understandable illustrations and practical examples. For example, the competition between countries in the world economy is compared to motor racing, time savings are illustrated through the example of a masquerade ball, and the cyclical effect of time on the economy is reflected through the prism of changing seasons. It presents amazing phenomena and processes of economic time, including'economic vintage','the time machine in the economy','youth'and'old age'of the economy, its'growing up','the economic calendar','catching up', and'forward-looking'development. This book will therefore be interesting not only to members of the scientific community but also to non-academic readers — to everyone who wants to understand the nature of economic time.

Henry Hazlitt did the seemingly impossible, something that was and is a magnificent service to all people everywhere. He wrote a line-by-line commentary and refutation of what he considered to be one of the most destructive, fallacious, and convoluted books of the century. The target here is John Maynard Keynes's'General Theory,'the book that appeared in 1936 and swept all before it. In economic science, Keynes changed everything. He supposedly demonstrated that prices don't work, that private investment is unstable, that sound money is intolerable, and that government was needed to shore up the system and save it. It was simply astonishing how economists the world over put up with this, but it happened. He converted a whole generation in the late period of the Great Depression. By the 1950s, almost everyone was Keynesian. But Hazlitt, the nation's economics teacher, would have none of it. And he did the hard work of actually going through the book to evaluate its logic according to sound conservative and libertarian logical reasoning. The result: a nearly 500-page masterpiece of exposition. With this book The Failure of the New Economics we have a perfect analysis of Keynesian economics that'destroys the whole Keynesian theory'.

This edition brings to you four outstanding works of John Stuart Mill, books which represent his economic philosophy in the best manner. In his work readers can observe his transformation from the supporter of free market to his acceptance of interventions in the economy, if there were sufficient utilitarian grounds. Alongside his economic philosophy Mill also discussed normative issues such as ideal systems of political economy, critiquing proposed systems such as communism and socialism. Contents: Principles of Political Economy A Sketch Of The History Of Political Economy Production Distribution Exchange Influence Of The Progress Of Society On Production And Distribution On The Influence Of Government Essays on Some Unsettled Questions of Political Economy Of the Laws of Interchange Between Nations; and the Distribution of the Gains of Commerce Among the Countries of the Commercial World Of the Influence of Consumption on Production On the Words Productive and Unproductive On Profits, and Interest On the Definition of Political Economy; and on the Method of Investigation Proper to It Socialism Socialist Objections to the Present Order of Society The Socialist Objections to the Present Order of Society Examined The Difficulties of Socialism The Idea of Private Property Not Fixed but Variable The Slave Power

This book examines the intellectual ideas that underpin our understanding of capitalism. Framing these debates through the work on John Stuart Mill and Joseph Schumpeter, the development of democracy and its relationship with capitalism is explored to provide insight into the rationality of individuals and the distribution of power. By analysing the evolution of economic systems, ideas relating to democracy, capitalism, liberalism, competition, and elites are also defined.This book aims to inform current economic and political debates and to highlight new forms of democracy and capitalism. It will be relevant to students and researchers interested in the political economy and the history of economic thought.

Understanding Economic Transitions explains the genesis, operation, and transformation of the centrally-planned socialist economy, which figured prominently in the lives of billions of people in twentieth-century Europe and Asia. Just as importantly, the centrally-planned socialist economy's demise coincided with the shift from nonindustrial to industrial economy (and de-industrialization in some cases) and the onset of ICT-driven globalization. Using theory, empirics, and selected country case studies, this book teases out the enduring lessons from the myriad and fraught pathways of transition from socialism to capitalism. Understanding Economic Transitions provides a self-contained, comprehensive, and authoritative treatment of modern economic systems. This textbook has four features of particular use to students: (i) Using the prism of comparative institutionalism, it melds theory andevidence to revisit the varieties of planned and market-driven systems today; (ii) It takes economic planning seriously in theory and practice (central, cooperative, or indicative) as the most prominent marker of the ever-changing boundaries between state and market; (iii) It focuses on the dynamics of systemic transition in formerly socialist countries by contextualizing them in terms of the whence (central planning), the how (modalities of transition), and the whither (illiberal or liberal capitalism) of politico-economic transformation; and (iv) It examines the profound impact on these structural processes of the post-1990 phase of economic globalization. With its clear, comprehensive content and useful pedagogical features, this textbook will prepare students to understand how economies transition and why.

This is the first part of a two-volume set on Concordian economics, a new paradigm whose core completes the Aristotelian-Aquinian project of economic justice. The book delves into the history of economics and presents Concordian economics as a response to the concerns and shortcomings of mainstream economics. Demand-side economics is represented in the process of consumption—the expenditure of monetary wealth to acquire real wealth and financial wealth of a different nature. In contrast, supply-side economics is represented in the production process, the process of producing real wealth, e.g. tables, chairs and foodstuffs. Institutionalists will also welcome this book because it ties the world of real wealth to that of monetary wealth through the process of distributing the value of ownership of both monetary and real wealth as they are created. The book begins with an introduction to Concordian economics, followed by a discussion of how to restore relevance to the fieldof economic studies. It also presents a revision of the Keynesian model designed to gradually address the major social, economic, and political causes of discord. Moreover, the author warns against the separation of economics from the world of physical things as well as the world of legal and moral issues. Following a discussion on the measurement of real wealth, econometrics is introduced in accordance with the categories of Concordian economics. Lastly, the book develops a theory of economic justice by defining a set of economic rights and responsibilities that guide economic behavior and policy.This book appeals to scholars and students of economics and related fields, as well as anyone interested in reintegrating economics into the social context.

Die Frage nach der Überlebensfähigkeit von Unternehmen in schwierigen Zeiten ist spätestens seit der Finanzkrise in den Jahren nach 2007 hochaktuell, doch trat dieses Problem auch in der Geschichte auf, wenn Zeiten bedeutender wirtschaftlicher, politischer und gesellschaftlicher Umbrüche neuartige Herausforderungen an Unternehmen stellten. Dies war während des Kommerzialisierungsprozesses im langen 16. Jahrhundert der Fall, als im Rahmen der Europäischen Expansion die quantitative Ausdehnung des Handels nach Wert, Produkten und Volumen einherging mit neuen logistischen und finanziellen Herausforderungen. Den daraus resultierenden Gefahren und Risiken, die die Vulnerabilität von Familienhandelsgesellschaften verstärken konnten, begegneten die Kaufmanns-Bankiers in vielen Fällen mit einem bewussten Resilienz-Management, d.h. mit strategischen organisatorischen und unternehmerischen Maßnahmen, die die Adaptationsfähigkeit ihrer Familienhandelsgesellschaften an sich verändernde Rahmenbedingungen verbesserten und dadurch deren Krisenfestigkeit erhöhten. Das Buch analysiert die dahinterstehenden Prozesse und Faktoren anhand ausgewählter Fallbeispiele aus der oberdeutschen Hochfinanz des 16. Jahrhunderts in ihrer Bedeutung für unternehmerischen Erfolg. Zugleich wird aber auch unternehmerisches Scheitern in den Blick genommen und als eine Folge von nicht oder nur mangelhaft erfolgtem Resilienz-Management interpretiert. Darüber hinaus werden wesentliche Grundlagen des innovativen Forschungsparadigmas ‚Resilienz‘ im Zusammenhang mit Vulnerabilität und Disruption aus historischer und ökonomischer Perspektive erörtert.

In the Eighth Edition of this classic text on the financial history of bubbles and crashes, Robert McCauley joins with Robert Aliber in building on Charles Kindleberger's renowned work. McCauley draws on his central banking experience to introduce new chapters on cryptocurrency and the United States as the 21st Century global lender of last resort. He also updates the book's coverage of the recent property bubble in China, as well as providing new perspectives on the US housing bubble of 2003-2006, and the Japanese bubble of the late 1980s. And he gives new attention to the social psychology that leads people to take the risk of investing in Ponzi schemes and asset price bubbles. For the first time in this revised and updated edition, figures highlight key points to ensure that today's generation of finance and economic researchers, students, practitioners and policy-makers—as well as investors looking to avoid crashes—have access to this panoramic history of financial crisis.

In traditional theory of economic crisis, and in all its manifestations, there is no fundamental difference between economic disorder and economic crisis: the two types of economic turmoil are both considered temporary states. This book is a methodical study of deep-seated causes of economic crises. The aim of the book is to explain the key difference between economic disorder and economic crisis. Its key argument is that economic disorder is a permanent condition, whereas economic crises are a series of transitory periods. Economic crises, unlike economic disorders, are acute and frenzied volatilities that are unpredictable and short-lived. Humans cannot survive in a condition of perpetual economic crises but can only accommodate life under unremitting economic disorders. The book also explores the root cause of economic crisis. Unlike the received wisdom in economics, this book looks at the root cause of such hysterical economic turbulences as a result of an innate propensity of human fallibility. The final section of this book looks at the ramifications of this alternative perspective on macroeconomic policy formation and implementation. This book is a major contribution to the literature on economic disorder and crises and will be of great interest to readers of economic theory, philosophy of economics, and the history of economic thought.

Dieser informative und unterhaltsame Parforceritt durch die Steuergeschichte zeigt, wie sehr Steuern und Zwangsabgaben seit jeher Geschichte mitschrieben: Oft waren Steuerproteste Keimzellen von Aufständen, Revolutionen und Staatsgründungen. Im 16. Jahrhundert erschütterten die Bauernkriege Europa, im 18. Jahrhundert führten freiheitsliebende Steuerrebellen mit der Bostoner Tea Party zur Unabhängigkeit der USA. Nicht zuletzt entsprang die Französische Revolution 1789 in weiten Teilen dem Hass gegen das Steuergebaren des Ancien Regime. Parallel hat sich das historisch gewachsene deutsche Steuerrecht bis heute zu einem'Dämon'entwickelt, den niemand mehr im Griff zu haben scheint. Es ist undurchschaubar, verwirrend, widersprüchlich und wird insbesondere vom sogenannten kleinen Mann als ungerecht, geradezu als Raubrittertum empfunden. Kein Wunder, denn bis zur Mitte eines jeden Jahres arbeitet der deutsche Arbeitnehmer allein für den Fiskus. Und greift daher oftzur Selbsthilfe: Steuerumgehung, Steuerflucht und Schattenwirtschaft, Steuerhinterziehung und Subventionsbetrug sind hierzulande geradezu zum Volkssport geworden. Als historisch motiviertes Plädoyer nimmt auch die 3., durchgesehene Auflage Anliegen und Schlachtruf der gebeutelten Steuerzahler wieder auf: Bürger, schlagt der vielköpfigen Hydra die Köpfe ab und engagiert euch für ein Steuerrecht, das „einfach, niedrig und gerecht“ ist!

This is the first book that systematically considers the academic achievements of Japanese institutionalist post-Keynesian economists in the postwar period and argues that we can learn much from their intellectual heritage. Those Japanese economists include the world-renowned figures, Shigeto Tsuru and Hirofumi Uzawa, whose inheritance came from Keynes, Marx, and institutionalism. In the era of globalization after the 1990s, economic inequality and social divide have intensified all over the world. In this situation, the academic achievements of those economists in postwar Japan should be reconsidered for the aim of establishing a new political economy. With this perspective, the book looks at what we can learn from Japanese institutionalist post-Keynesian economists In particular, the essence of research work that each of them developed is identified, focusing on the total image of the economy for contemporary capitalism. Those economists benefited from the diverse legacies of Keynes, Marx, Kalecki and institutionalist economists such as Veblen and Galbraith. When their research is examined systematically, Japanese institutionalist post-Keynesians are commonly characterized as those who developed their institutional analysis of contemporary capitalism with in-depth theoretical and empirical studies, with the aim of establishing their own political economy as the moral science of civil society. These important features provide us with insightful implications for institutional economics in the 21st century.

The 2008 financial crisis, the rise of Trumpism, and the other populist movements which have followed in their wake have grown out of the frustrations of those hurt by the economic policies advocated by conventional economists for generations. Despite this, textbooks remain frozen in time, continuing to uphold traditional policies as though nothing has happened.Foundations of Real-World Economics demonstrates how misleading it can be to apply oversimplified models of perfect competition to the real world. The math works well on college blackboards but not so well on the Main Streets of America. This volume explores the realities of oligopolies, the real impact of the minimum wage, the double-edged sword of free trade, and other ways in which powerful institutions cause distortions in mainstream models. Bringing together the work of key scholars like Kahneman, Minsky, and Schumpeter, this textbook takes into consideration the inefficiencies that arise when the perfectly competitive model is applied to the real world dominated by multinational oligopolies. The third edition has been updated throughout, bringing in new material on the financial crises, the rise of populism, racism, inequality, climate change, and the Covid-19 pandemic. A must-have for students studying the principles of economics as well as micro- and macroeconomics, this textbook redresses the existing imbalance in economic teaching as John Komlos focuses on the paradigm of humanistic economics.

This book presents an original interpretation of the building history of London in terms of its evolving political economy. Each of the seven ages of the city from the Roman to the modern, are portrayed through their monumental buildings, concentrating in particular on their symbolic purpose as expressions of the status and authority of those who built them. The concluding synthesis explores how these successive layers of building can be seen to be a product of the evolving class structure, the changing distribution of wealth, and the shifting struggle for political power within the city and the nation. Although the focus is on London, the analysis is applicable to any urbanized economy at any stage of development. This book offers unique insight into London as a landscape of power and as a city that has assumed a succession of identities over the last two millennia. It will be relevant to students and researchers interested in urban economy, economic history, and thepolitical economy.

This book offers a comprehensive assessment of Friedrich List's economic and political thinking. It starts with a systematic positioning of List`s economic theory as well as a differentiation from other economic systems. Furthermore, it examines the ethical sources of List`s theory, as well as List`s geopolitical, technical and economic visions. The author also introduces List as the pre-thinker of social market economy and discusses his ideas on European integration, development politics and List's assessment of the main problems of the modern world economy. The book will appeal to scholars and students of the history of economic thought and economic history, as well as anyone interested in the life and work of the German economist Friedrich List (1789-1846).

This book, the first of two volumes, explores India's economic development from 5000BC through to the India's independence period from 1947AD to 2022AD. The specific characteristics of economic development in India are examined to help determine development paths India can pursue to create sustainable development in the 21st century. The transition from the primary section to the secondary sector, through the process of industrialisation and in turn the move towards the services sector, is discussed in relation to climate change and the pressure on resources posed by population growth.This book aims to contextualise India's economic development within the political economy of trade, sustainable development and culture with a particular focus on the institutions that have emerged in the Indian sub-continent since 5000BC. It will be relevant to students and researchers interested in economic history, development economics, and the political economy.

The purpose of this book is three-fold. The first purpose is to posit that the fundamental substance of the universe is energy, and that energy is required (consumed) for any material transformation, or information transmission. The labor theory of value, articulated by the physiocrats and elaborated by Adam Smith, David Ricardo, J.B. Say and Karl Marx was a rough first approximation of the value creation process, in the 17th and 18th centuries, but is now obsolete. Labor is now (mostly) performed by machines, not by humans (or animals). The second aim of the book is to argue that the economy is a living (open) system -- an “island of order” –that exists far from both thermodynamic and economic equilibrium. Order is achieved by dissipating a flux of exergy. Economists frequently emphasize the equilibrium assumption, introduced originally by Leon Walras in 1854. But in reality, biological systems and human social systems are dissipative cycles, far from both thermodynamic equilibrium, and economic equilibrium, yet stable and capable of evolution, driven by the solar exergy flux. The third aim of the book is to re-emphasize, that – being open – the economic system cannot be regarded as a collection of individual competitive utility-maximizing transactions. There are, increasingly, important possibilities for cooperation instead of competition. Moreover third party effects, both “bads” (externalities) and the “public good” (happiness) – need to be incorporated into the socio-economic decision making process.

Evolutionary Social Theory and Political Economy traces the origins, extension, marginalization and revival of evolutionary approaches to social theory from the Enlightenment through the beginning of the 21st century. It demonstrates how changes in understandings of social evolution corresponded to changes in definitions of Political Economy and how both reflected changes in the Philosophy of Science. This book is written for students and researchers alike in all the social sciences. Economists will benefit from understanding how ideas about evolution in Economics corresponded to ideas about evolution in other social sciences, and Social Scientists outside of Economics will benefit from understanding how Economics has related to their discipline.

This edited volume addresses the theoretical and historical foundations of the German Social Market Economy. Written to commemorate the 75th anniversary of the establishment of the Social Market Economy, chapter contributions discuss the ideas of its theoretical founders—Walter Eucken, Alfred Müller-Armack, Wilhelm Röpke, and Franz Böhm--as well as related influences such as Ordoliberalism, the historical school of economics, and the Catholic social doctrine. In addition, chapters analyze differences and parallels to alternative policy concepts, in particular Keynesianism. Finally, the volume turns toward contemporary discussions of the Social Market Economy in the present political and economic context, specifically its ability to cope with current challenges. Providing rich context for the establishment of Germany's contemporary economic system, this volume will be of interest to researchers and students of political, social and economic systems, the history of economicthought, and political history.

Striding explores the modernization process by outlining the economics of agriculture, growth theories of economic development, and problems with growth.During the last century, policy makers and the public acquired a considerable interest in economics. As a result, this heightened awareness enhanced the well-being of society.In 1969, the Nobel Foundation initiated the new prize category of economic sciences and started awarding the prize annually. At the forefront of their field, prize winners have introduced many innovative ideas. Moreover, an evaluation of their ideas reveals valuable nuggets to enrich the professional lives of non-economists.Drawing on publications written by the Laureates, Striding with Economic Giants presents the essence of their thoughts in easy-to-understand concepts for the business and academic communities. This book is perfect for business executives, public policy makers, and economics students.It describes logic and experimental frameworks in mathematics, econometrics, behavior modeling, and game theory. Next, Striding presents microeconomic contributions, including production theory, theory of institutions, fundamental ideas of markets, and consumerism. Then, it reviews financial theory in capital markets, portfolio choice, and asset pricing.The book spotlights contributions to the rule of law, public administration, and political science. It also highlights a growing understanding of human capital by tracing demographic trends and describing health, education, minority, and labor economics. Enhancements to macroeconomic theory are featured in economic mechanisms and cycles, managing the economy, and policy making.Striding explores the modernization process by outlining the economics of agriculture, growth theories of economic development, and problems with growth. It illustrates contributions to international economics in trade, finance, and global public policy. Finally, the book showcases contributions to social justice in social equality, income redistribution, and climate change.

The Routledge Handbook of Comparative Economic Systems examines the institutional bases of economies, and the different ways in which economic activity can function, be organized and governed. It examines the complexity of this academic and research field, assessing the place of comparative economic studies within economics, paying due attention to future perspectives, and presenting critically important questions, analytical methods and relative approaches. This complements the recent revival of the systemic view of economic governance, which was accelerated by the COVID-19 pandemic and likely even more the renewed East-West clash epitomized by the Russian invasion of Ukraine and the West's reaction to it.The Handbook is divided into five parts. Each part deals with an issue of relevance for the discipline. The first and second parts look at the subject, content and approach of the discipline and its comparative method. The third part looks at the idiosyncratic nature of different economic systems and their constituent elements. The fourth part considers the outcomes that different economic systems generate and how these outcomes change following the evolution and transformation of economic systems. The last part takes stock and looks ahead at the challenges, from a theoretical and applied perspective, and the exogenous and endogenous factors promoting the advancement of the discipline, including the interaction between and competition among varied approaches and opposing paradigms. The Handbook brings together leading international contributors to reflect on the relevant debates and case or country studies, provides a balanced overview of the results achieved and current knowledge, as well as evolving issues and new fields of research. The book provides researchers, students and analysts with a complete, critical and forward-looking presentation and analysis of the content, development, challenges and perspectives of comparative economic studies.Chapters 4 and 22 of this book are available for free in PDF format as Open Access from the individual product page at www.routledge.com. Chapter 4 has been made available under a Creative Commons Attribution 4.0 license and Chapter 22 has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license.