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Poverty in Contemporary Economic Thought aims to describe and critically examine how economic thought deals with poverty, including its causes, consequences, reduction and abolition. This edited volume traces the ideas of key writers and schools of modern economic thought across a significant period, ranging from Friedrich Hayek and Keynes to latter-day economists like Amartya Sen and Angus Deaton. The chapters relate poverty to income distribution, asserting the point that poverty is not always conceived of in absolute terms but that relative and social deprivation matters also. Furthermore, the contributors deal with both individual poverty and the poverty of nations in the context of the international economy. In providing such a thorough exploration, this book shows that the approach to poverty differs from economist to economist depending on their particular interests and the main issues related to poverty in each epoch, as well as the influence of the intellectual climate that prevailed at the time when the contribution was made. This key text is valuable reading for advanced students and researchers of the history of economic thought, economic development and the economics of poverty. (Less)

In the seventeenth century, England saw Holland as an economic power to learn from and compete with. English Economic Thought in the Seventeenth Century: Rejecting the Dutch Model analyses English economic discourse during this period, and explores the ways in which England’s economy was shaped by the example of its Dutch rival. Drawing on an impressive range of primary and secondary sources, the chapters explore four key areas of controversy in order to illuminate the development of English economic thought at this time. These areas include: the herring industry; the setting of interest rates; banking and funds; and land registration and credit. The links between each of these debates are highlighted, and attention is also given to the broader issues of international trade, social reform and credit. This book is of strong interest to advanced students and researchers of the history of economic thought, economic history and intellectual history.

In 2009, the European Journal of the History of Economic Thought (EJHET) and the European Society for the History of Economic Thought (ESHET) launched the initiative to publish a special annual iss...

The history of economic thought (HET) may help to enhance the ability to speak the same economic language, a necessary requisite of any scientific communication, with awareness of the variety and diversification in approaches to economic ideas and problems. Mainstream views of HET rely on a hidden assumption: a "cumulative view" according to which the provisional point of arrival of contemporary economics incorporates all previous contributions in an improved way. A contrary trend can be observed in HET courses offered to undergraduate students: according to the latest available data, the number of HET courses has increased by almost 75% in the last few years including courses held in economics departments. A new "renaissance" for HET could derive from a critical approach to research evaluation based on bibliometrics, highlighting the negative consequences poorly designed indicators can have, above all in terms of lack of pluralism and diversity.

International audience; It is well known that Book II of the Wealth of Nations (WON) insists on a passion common to all of us, the "desire to better our condition": a desire which, though generally calm and dispassionate, comes with us from the womb, and never leaves us till we go into the grave. This chapter describes focuses on the links between vanity and luxuries in Theory of Moral Sentiments (TMS), studying three chapters in which they play a prominent role. It describes the famous parable of the poor man's son. The chapter also discusses the usual interpretation, which explains the poor man's son behaviour by vanity only. It shows how the love of systems seems to create a bridge between TMS and WON, that is, between luxuries and capital. Satisfying vanity is undoubtedly for Smith the aim of the acquisition of luxuries. More precisely, vanity generates the distinction between luxuries and other goods (necessaries and conveniencies).

This volume is one of the most remarkable works in the history of economic thought. First published in 1893, its principal significance rests in its argument that economic theory, however technical or pragmatic, is necessarily formed by and derives its meaning from larger moral and philosophical systems and assumptions. Bonar traces the inexorable presence of this moral and philosophical element in a vast, though highly nuanced, survey of the economic aspect of major thinkers from Plato to Darwin and demonstrates how modern economic thought, in turn, grew out of one or another branch of philosophy. Bonar begins with a consideration of Plato and Aristotle, examining their conceptions of wealth, production and distribution, and civil society. Discussions of the Stoics, Epicurians, and early Christianity explore complications introduced by these bodies of thought. His analysis of the classical and medieval world is followed by an extensive treatment of the concept of natural law, from the Renaissance through the Enlightenment, describing its influence and its relation to ideas of natural rights. The book's later sections concentrate on the dominant modes of ninteenth-cen-tury thought: utilitarianism, idealism, and materialism. Bonar identifies and explores the philosophical topics on which the conduct of technical economic analysis makes assumptions: human nature and human wants, the nature and role of the state, the relation of the individual to society, the nature and origin of property, and the role of ideals in socioeconomic life. He concludes by examining the implications for economics of the theory of evolution arising from the work of Darwin and others. The continuing interest of this volume for economists, philosophers, and sociologists lies in Bonar's contention that at the heart of the relationship of philosophy to economics is the problem of order: the ongoing need to reconcile conflicts between freedom and control, continuity and change, hierarchy and equality. In his reading, the fundamental question to which philosophy and economics are both brought to bear is that of changing the structure of power and opportunity in the social economy. This is, in short, a classic in the history of economics as well as the economic element in intellectual history.

Economic Thought and History looks at the relationship between facts and thought in historical economic research, viewing it in the context of periods of economic crisis and providing detailed analyses of methods used in determining the bond between economic history and economic theory. This interdisciplinary collection brings together international researchers in the history of economic thought and economic history in order to confront varying approaches to the study of economic facts and ideas, rethinking boundaries, methodologies and the object of their disciplines. The chapters explore the relationship between economic thought and economic theory from a variety of perspectives, exploring the relationship between history and economics, and the boundaries defining the history of economic thought, in terms of both single authors and schools of thought. The book offers particular insights on the Italian tradition of thought. The uniquely interdisciplinary and analytical approach presented here bridges the methodological gap between these disciplines, unearthing a fertile common ground of research. This book is intended for Postgraduate students conducting further research into the field, or for professors and academics of economic history and history of economic thought.

1. Introduction Mario Garcia-Molina and Hans-Michael Trautwein Part I: Core and periphery 2. Core and periphery in the early cold war: a historical analysis of development theory Natalia Bracarense 3. Anarchic accumulation, un-effective demand and institutional constraints: Oskar Lange's critique of capitalist dynamics in the core and the periphery Roberto Lampa 4. Development economics today: insights from Hirschman and Furtado Davide Gualerzi and Alan Cibils 5. Classical thought from the periphery: Homero Cuevas on non-basic goods and the standard commodity Mario Garcia-Molina and Julian Libreros Part II: Productive structures and external trade 6. Free trade and protectionism in primary export economies Pier Luigi Porta 7. CEPAL and the balance of payments constraint in the 1950s Mauro Boianovsky and Ricardo Solis 8. The unbalanced productive structure: a reconstruction of Marcelo Diamand's contributions to economic theory Ariel Dvoskin and German Feldman 9. A reinterpretation of the 'unbalanced productive structures' Eduardo Crespo and Andres Lazzarini Part III: Money and finance 10. 19th century monetary utopias in Latin-America: the influence of French liberalism on the Colombian free banking experiment Andres Alvarez 11. Distributive conflict and monetary institutions in peripheral economies: the Argentine experience with the Exchange Office of 1867 German Feldman 12. The Gold-Exchange Standard in practice: banking devices and international monetary relations, 1890 - 1914 Eugenia Dinivitzer 13. The BIS and the Latin American debt crisis of the 1980s Piet Clement and Ivo Maes Part IV: Geography and institutions 14. Trade and colonization: the development of economic thought about two types of transnational governance Hans Michael Trautwein 15. Struggling for institutional change Merchant guilds, transimperial entangled economic policies, and Spanish backwardness: Havana in Atlantic perspective, 1792. Jesus Bohorquez 16. The teaching of political economy, circulation of ideas and economic performance: a review of the Colombian experience in the 19th century Claudia Milena Pico 17. Path dependence and interdependence in institutions: the Nigerian case David Fadiran and Mare Sarr

K. William Kapp’s heterodox theory of social costs proposes precautionary planning to pre-empt social costs and provide social benefits via socio-ecological safety standards that guarantee the gratification of basic human needs. Based on arguments from Thorstein Veblen, Karl Marx, and Max Weber, social costs are conceptualized as systemic and large-scale damages caused by markets. Kapp refutes neoclassical solutions, such as bargaining, taxation, and tort law, unmasking them as ineffective, inefficient, inconsistent, and too market-obedient. The chapters of this book present the social costs of markets and neoclassical economics, the social benefits of environmental controls, development planning, and the governance of science and technological standards. This book demonstrates the fruitfulness of the heterodox theory of social costs as a coherent framework to develop effective remedies for today’s urgent socio-ecological crises. This volume is suitable for readers at all levels who are interested in the theory of social costs, heterodox economics, and the history of economic thought.

1. Heterodox economics and the history of economic thought Carlo D'lppoliti and Alessandro Roncaglia 2. The Association for Heterodox Economics: past, present, and future Andrew Mearman and Bruce Philp 3. Heterodox economics, distribution and the class struggle Bruce Philp and Andrew Trigg 4. Qualitative data and grounded theory in heterodox economic research: insights from three Australian studies Therese Jefferson 5. Heterodox microeconomics and heterodox microfoundations Tae-Hee Jo 6. Beyond foundations: systemism in economic thinking Jakob Kapeller 7. Post Keynesian investment and pricing theory: contributions of Alfred S. Eichner and Frederic S. Lee Ruslan Dzarasov 8. Effects of competition upon profit margins from a Post Keynesian perspective Jordan Melmies 9. Inter- and intra-firm governance in heterodox microeconomics: the case of the US software industry Erik Dean 10. Analyzing actually-existing markets Lynne Chester 11. Advancing heterodox economics in the tradition of the surplus approach Nuno Martins 12. Consumption in the context of social provisioning and capitalism: beyond consumer choice and aggregates Zdravka Todorova 13. Social provisioning process, market instability, and managed competition Tuna Baskoy 14. The embedded state and social provisioning: insights from Norbert Elias Bruno Tinel 15. Analogies we suffer by: the case of the state as a household Huascar Pessali, Fabiano Dalto, and Ramon Garcia Fernandez 16. Technological-institutional foundations of the social economy: a framework for the analysis of change in the social provisioning process Henning Shwardt 17. Predestined to heterodoxy or how I became a heterodox economist Frederic S. Lee 18. Frederic Sterling Lee (1949-2014) John E. King 19. In memoriam: Frederic S. Lee, 1949-2014 Jan A. Kregel and L. Randall Wray 20. The Bibliography of Frederic S. Lee's Writings

Volume II contains entries on the major schools of economic thought and analysis. These schools differ with regard to their 'vision' of the working of the economic system, the major forces and interactions that shape its path, and the policy recommendations proposed. At any moment of time, several such schools typically compete with one another, striving for dominance within the economic and political discourse. Each Handbook can be read individually and acts as a self-contained volume in its own right. It can be purchased separately or as part of a three-volume set.

Introduction Jose Luis Cardoso, Maria Cristina Marcuzzo and Maria Eugenia Romero Sotelo Part I: Insights from the History of Economic Thought 1. Economic Development: Past and present Cosimo Perrotta 2. Jeremy Bentham's Spanish American Utopia Annie L. Cot 3. Reconsidering Protectionism in Friedrich List's Economic Theory Juan Fernando Palacio 4. Some Lessons for Monetary Policy Based on Interest Rates Rules from Myrdal's Monetary Equilibrium: Why should we read Myrdal as a complement of Wicksell? Adrian De Leon-Arias 5. Recollecting Kalecki's Studies of the US Economy Julio Lopez G Part II: Latin American Development Theory and Experience Re-Visited 6. Raul Prebisch and the Keynesian Theory in Latin America Claudia Sunna 7. CEPAL on Investment Criteria and the Planning of Import-Substituting Industrialization Mauro Boianovsky 8. High Development Theory: CEPAL and beyond Davide Gualerzi and Alan Cibils 9. The Concept of Marginality in Latin American Thought: Perspectives and approaches for understanding history Veronica Villarespe and Hilda Caballero 10. The Dependency Theory and Development: A historical review Erasmo Saenz Carrete 11. The New-Style of Developmentalism in Latin America: Kubitschek and Frondizi Pedro Cezar Dutra Fonseca and Maria Heloisa Lenz 12. Brief Review of Mexico's Foreign Debt 1824-2010 Juan Carlos Tellez Mosqueda 13. The Crises in Peripheral Countries 1994-2002 and the Balance of Payments Theory: A Historical Approach Noemi Brenta

"This book is a coherent and unique collection of chapters exploring the reception and diffusion of David Ricardo's writings in different languages. The book highlights the similarities and differences between them. This book seeks to delineate the diffusion of Ricardo's theory in various parts of Europe and Japan. While there may have been case studies about the reception of Ricardo's thoughts for several countries, there has not yet been a systematic study of the diffusion process under consideration as a whole. (...)"; Ce livre explore, pour la première fois de façon approfondie et comparée, les particularités de la réception et de la diffusion des écrits de David Ricardo hors de la Grande-Bretagne, dans quelques pays d'Europe continentale (Allemagne, Espagne, France, Italie, Portugal et Russie) et au Japon. Il permet de jeter un regard nouveau sur les œuvres en question, les modalités de leur accueil et de leur diffusion à l'étranger, et constitue aussi un outil pour mieux comprendre les théories qui, dans les pays étudiés et des contextes historiques, philosophiques et politiques spécifiques, constituent ces terrains d'accueil des idées ricardiennes avec lesquelles elles entrent souvent en conflit.

Introduction: Renewal of Monetary Analysis: Raising the Stakes? Faruk Ulgen Part I: Marchands, Salariat et Capitalistes of Carlo Benetti and Jean Cartilier: What is at Stake? 1. After Thirty Years Carlo Benetti and Jean Cartelier 2. A Few Questions Left Unansawered Ramon Tortajada 3. Nominalism and Money in C. Benetti and J. Cartiller Arnaud Berthoud Part II: Money in the History of Economic Thought: Some New Interpretations 4. Processes of Monetary Exchange: Some Historical Disappearance of Money Jose M. Menudo 5. Unit of Account and Means of Payment: From Benetti and Cartelier to David Ricardo Ghislain Deleplace 6. Monetary Objectivity and Physical Objectivity in Marx's Reproduction Model Carlo Benetti, Alain Beraud, Edith Klimovsky, Antoine Rebeyrol 7. Economics Without Equality? Lord Meghnad Desai 8. A History of the Evolution of the Hahn Process: The Role of the Introduction of a Means of Exchange John Perdomo 9. Monetary Production Economy versus Real Exchange Economy: An Appraisal of Keynes's Contributtion to the Analysis of the Actual Monetary Economy Claude Gnos Part III: The Basis for Monetary Analysis: A Suggested Theoretical Framework and its Extensions 10. The Monetary Constitution of Capitalism Fabrice Tricou 11. Beyond Modern Academic Theory of Money: From 'Flat Money' to 'Payment System' Jean Cartelier 12. Coordination in Economy: An Essay on Money Faruk Ulgen 13. Money, Banks, and Payments: The Structureal Factors of Financial Instability and Systemic Crises Sergio Rossi 14. Can Investment Solve the 'Paradox of Profit' in Monetary Economy? Edouard Cottin-Euziol 15. Fairness, Financial Rents and Conflict: Wage-Earning in a Post-Keynesian Institutionalist Approach and its Macroeconomic Implications Guglielmo Forges Davanzati and Guido Tortorella Esposito 16. Money in the Socialist Economy Guy Bensimon 17. The Monetary Approach by Benetti & Cartelier and the Teaching of Economics: The Experience in Colombia Jose Felix Catano

From the ancients to the moderns, questions of economic theory and policy have been an important part of intellectual and public debate, engaging the attention of some of history’s greatest minds. This book brings together readings from more than two thousand years of writings on economic subjects. Through these selections, the reader can see first-hand how the great minds of past grappled with some of the central social and economic issues of their times and, in the process, enhanced our understanding of how economic systems function. This collection of readings covers the major themes that have preoccupied economic thinkers throughout the ages, including price determination and the underpinnings of the market system, monetary theory and policy, international trade and finance, income distribution, and the appropriate role for government within the economic system. These ideas unfold, develop, and change course over time at the hands of scholars such as Aristotle, St. Thomas Aquinas, John Locke, Francois Quesnay, David Hume, Adam Smith, Thomas Robert Malthus, David Ricardo, John Stuart Mill, Karl Marx, William Stanley Jevons, Alfred Marshall, Irving Fisher, Thorstein Veblen, John Maynard Keynes, Milton Friedman, and Paul Samuelson. Each reading has been selected with a view to both enlightening the reader as to the major contributions of the author in question and to giving the reader a broad view of the development of economic thought and analysis over time. This book will be useful for students, scholars, and lay people with an interest in the history of economic thought and the history of ideas generally.

Introduction Volker Caspari Part 1: Marxian and Sraffian Economics 1. Sraffa and the Universal Basic Income Guglielmo Chiodi 2. The Long-Period Method and Marx'sTheory of Value Duncan K. Foley 3. Exhaustible Resources: Rents, Profits, Royalties, and Prices Heinz D. Kurz and Neri Salvadori Part II: Capital Theory 4. On the Recent Debate on Capital Theory and General Equilibrium Fabio Petri 5. Capital 'Perversities' in a One (New) Commodity Model Ian Steedman Part III: History of Economic Thought 6. Walras-Cassel, the German Connection Revisited Alain Alcouffe 7. Knut Wicksell's Principle of Just Taxation Revisited Charles B. Blankart and Erik R. Fasten Part IV: Macro and Applied Economics 8. The Matching of Interactive Agents in the Futures Stock Market and the U-Mart Experiment Yuji Aruka and Yuhsuke Koyama 9. Macroeconomics with Non-Clearing Labour Market Willi Semmler and Gang Gong 10. Choosing between foreign investment and subcontracting: Strategies of Italian firms in Romania Giuseppe Tattara

1. Introduction 2. Technical Progress, Capital Accumulation and Income Distribution in Classical Economics: Adam Smith, David Ricardo and Karl Marx 3. Joseph A. Schumpeter - An Economist between Marx and Walras 4. Innovations and Profits. Schumpeter and the Classical Heritage 5. On the Growth of Knowledge about the Role of Knowledge in Economic Growth. A Critical Assessment of Recent Literature on Growth Theory 6. Who is going to kiss Sleeping Beauty? On the 'Classical' Analytical Origins and Perspectives of Input-Output Analysis 7. Whither the History of Economic Thought? Going Slowly Rather Nowhere?

This paper aims at contributiing a reflection on the extant theory of development and on its failure to cogently come to grips with the process of transformation from a backward economy to a modern industrial one. What is normally left out of most of these theories is an analytical account of what can be defined as transitional paths: the crossover from a state of low-level of productivity and slow growth near equilibrium to one of high productivity and consequently high income. On the contrary, theories abound on smooth, albeit slow, virtuous circles driving development processes or on low-level traps of various kinds leading to viciuos circles of growth.The view that is taken here is a the process of structural change exhibits discontinuities.

Despite the restrictions on their work and actions, the economists of the Soviet period produced a great deal of bold and important work. With the erosion of the old Stalinist controls, economists in the Soviet Union themselves became very interested in the history of their profession, not least in order to find authentic voices that might offer reinforcement or counterpoint to the policy analyses and recommendations with which policy makers in the transition countries are today being bombarded. This major new reference work pulls together many years of research in order to present a bio-bibliographic dictionary of Russian and Soviet economists, many of whom have previously had no coherent record compiled of their careers, achievements and wider significance. Through exploring this rich tradition of economic thought, we can go some way in understanding the role of economists in the functioning of the Soviet system, as well as bringing previously forgotten work to light, raising new questions, and providing a memorial to those who suffered as a result of the system. This hugely detailed and important new volume takes into account all the nuances of the story of Russian and Soviet economic thought, such as regional issues, the reform and transition to a market economy, and the economic output of non-economists. Featuring nearly 500 entries, and including a detailed contextual introduction, this landmark volume will be a vitally important reference work for all those with an interest in the history of economic thought, the history of economics and Russian and Soviet history more generally.

This book considers the relationship between Hayek and Mill, taking issues with Hayek's criticism of Mill and providing a broader perspective of the liberal tradition. Featuring contributions from the likes of Ross Emmett, Leon Montes and Robert Garnett, these chapters ask whether Hayek had an accurate reading of the ideas of Mill and Smith, as well as considering themes such as sympathy and analytical egalitarianism that play a large part in the liberal tradition, but less in work of Hayek These chapters argue that addition of these key ideas to the Hayekian corpus leads to a far broader understanding of the liberal tradition than that provided by HayekIntroduction, Andrew Farrant , 1.Hayek and the Liberal Tradition, 1. Is Friedrich Hayek rowing Adam Smith's boat, Leon Montes , 2. F. A. Hayek's Sympathetic Agents, David M. Levy and Sandra Peart , 3. Discussion and the Evolution of Institutions in a Liberal Democracy: Frank Knight Joins the Debate, Ross Emmett , 2. Pushing the Boundaries of the Liberal Tradition? , 4. Hayek, Mill, and the Problem of Institutional Change?, Andrew Farrant , 5. A Socialist Spontaneous Order, Theodore A. Burczak , 6. Hayek and Philanthropy: A Classical Liberal Road Not (Yet) Taken, Robert Garnett

Introduction: Economics in relation to other disciplines Richard Arena, Sheila Dow and Matthias Klaes Part I. Economics in relation to the humanities and social sciences 1. The social science of economics Brian J. Loasby 2. Economics and literature Bruna Ingrao 3. Happiness: what Kahneman could have learnt from Pietro Verri Pier Luigi Porta Part II. Economics in relation to the life and natural sciences 4. Newtonian physics, experimental moral philosophy and the shaping of political economy Sergio Cremaschi 5. Evolutionary biology and economic behaviour: re-visiting Veblen's instinct of workmanship Mark Harrison 6. Medicine and economics in pre-classical economics Alain Clement and Ludovic Desmedt Part III. Economics and mathematics 7. Mathematics as the role model for neoclassical economics Nicola Giocoli 8. The role of econometric method in economic analysis: A reassessment of the Keynes-Tinbergen debate, 1938-43 Giovanna Garrone and Roberto Marchionatti IV. Economics and architecture 9. Economics and architecture Maurice Lagueux 10. Economic policies and urban development in Latin America Michele Alacevich and Andrea Costa V. Economics and geography 11. 'Space' in economic thought Giovanna Vertova 12. Economics, geography and colonialism in the writings of William Petty Hugh Goodacre Part VI. Economics and sociology 13. Economics and sociology: Gustav Schmoller and Werner Sombart on social differentiation Joachim Zweynert 14. Is Homo Oeconomicus a 'bad guy'? Isabelle This Saint-Jean

Foreword: Francesca Bettio and Alina Verashchagina, Part One: Historical perspectives 1. Women in the history of economic thought through gender lenses, Annalisa Rosselli and Cristina Marcuzzo 2. The historical construction of gender: reflections on gender and economic history Patricia Hudson, Cardiff University Part Two: Theoretical developments 3. A gender neutral approach to gender issues Alessandro Cigno 4. The gender gap Graciela Chichilnisky 5. Ghosts in the machine: a post Keynesian analysis of gender relations, households and macroeconomics Haroon Akram Lodhi and Lucia C. Hanmer Part Three: A fresh look at households 6. Conceptualizing care Nancy Folbre 7. Gender and household decision making Shelly Lundberg Part Four: Labour market debates 8. Gender Differences across Europe Peter Dolton, Oscar Marcenaro-Guttierez and Ali Skalli 9. Occupational Segregation and Gender wage Disparities in Developed Economies. Should We Still Worry? Francesca Bettio 10. The transition from planned to market economies: how are women faring? Marina Malysheva, Russian Academy of Sciences and Alina Verashchagina Part Five: Lessons from the laboratory 11. The Gender Gap: Using the Lab as a Window on the Market Catherine Eckel 12. The Gender effect in the Laboratory. Experimenter Bias and Altruism Alessandro Innocenti and Maria Grazia Pazienza Part Six: Institutions matter 13. Gender and the Political economy of knowledge, Ann Mary May

This dissertation effects a complete re-orientation of economic theory. It shows how the economic cannot be analysed separately from the political and the social, and lays the foundation for an integrated political economy. The work examines the philosophical difficulties faced by economists, and re-draws the history of economic thought as a response to methodological dilemmas. The traditional History of Economics textbooks re-write the history in terms of the contemporary paradigm. This dissertation, by contrast, shows how the philosophical debates have shaped the trajectory of economics, and how the orientations of the schools undergo major changes so as to attempt to deal with the fundamental dilemmas of a 'policy science’. It brings out the 'hidden history’ of economics, and shows both how laissez-faire can only be defended by dropping any notion of economic 'science', and how economic theory has an implied political theory. It then considers the debate over political economic theory and the consequences for economic organisation and for environmental disruption.

A.W. Coats has made unique contributions to the history of economic thought, economic methodology and the sociology of economics. This volume collects together, for the first time, a substantial part of his work on the sociology and professionalization of economics.

Foreword. Contributors. Part I. Introduction. 1. An Intellectual Journey Daniel R. Fusfeld 2. Dan Fusfeld: Teacher and Mentor Nahid Aslanbeigui and Young Back Choi 3. Fusfeld and Economic Methodology A. W. Bob Coats 4. The Contributions of Daniel R. Fusfeld, Economist Nancy E. Bertaux Part II. History of Economic Thought 5. Conditional Support of Laissez Faire: Some Case Studies in the History of Economic Thought Michael Perelman 6. The Development of Economic Development: 1980-1995 Gale Summerfield 7. Gender in Economics and the Gender of Economists: An Historical Perspective Nancy E. Bertaux 8. The Changing Status of the History of Thought in Economics Curricula Nahid Aslanbeigui and Michele I. Naples Part III. Alternative Approaches to Neoclassical Modelling 9. Costs and Power Warren J.Samuels and A. Allan Schmid 10. Culture as a Growth Variable Shlomo Maital and Shosh Sharabani 11. An Evolutionary Analysis of Behavioural Variation Cynthia M. Browning 12. Decision Making as Learning Process Young Back Choi Part IV. Political Economy 13. Labor Market Outcomes for Younger Boston Area Workers in the 1990s: The Continuing Impact of Race Barry Bluestone and Mary Huff Stevenson 14. Institutions and Institutionalism: Crisis and Opportunity Wallace C. Peterson 15. Liberalism, Structural Adjustment, and the Washington Consensus: The Debt Crisis in Africa E. Wayne Nafziger 16. Economics without History: the Efforts to Westernize the East Thomas E. Weisskopf.

The tradition of modern political economy is founded upon attempts to show how a market economy of autonomous individuals can function smoothly in the absence of a central authority to coordinate economic activity. This has become known, for obvious reasons, as the coordination problem. As suggested by the title of this article, to confront the coordination problem is to focus upon the question, ‘what makes a market economy?’. In the pages that follow, I argue that the answer to such a question lies not, as we might expect, in the realm of economics, but in that of moral philosophy. In order to sustain this argument, I revisit debates about the essence of the market economy which are to be found in the history of economic thought literature, but which are almost entirely ignored by modern economists.