Search

“A fascinating, exciting story.” — Sylvia Nasar, author of A Beautiful MindWhile still in his early 20s, and under Hitler's shadow, Leonid “Leo” Hurwicz (1917-2008) left his home in Warsaw, Poland, seeking safety and a degree at the London School of Economics. The following years, while challenging and potentially life-threatening, contained the seeds of a lifelong intellectual adventure. Leo's story is personal (born a refugee, precarious war years for himself and his Polish-Jewish family, a new life in America), global (revolutions, wars, depressions), ideological (socialism, capitalism, economic planning, free markets) and professional (a sixty-year career as a professor of economics leading ultimately to a Nobel Prize). This book tells his story.

Los Angeles Times Bestseller How do we stop the unrelenting evolution of the economic hit man strategy and China's takeover?The riveting third edition of this New York Times bestseller blows the whistle on China's economic hit man (EHM) strategy, exposes corruption on an international scale, and offers much-needed solutions for curing the degenerative Death Economy. In this shocking expos, former EHM John Perkins gives an insider view into the corrupt system that cheats and strong-arms countries around the globe out of trillions of dollars and ultimately causes staggering income inequality and ecological devastation. EHMs are highly paid professionals who use development loans to saddle countries with huge debts and force them to serve US interests. Now, a new EHM wave is infecting the world, and at the peak of the devastation sits China, a newly dominant economic power, with its own insidious version of the US EHM blueprint. Twelve explosive new chapters detail the allure, exploitation, and wreckage of China's EHM strategy in Latin America, Asia, Africa, the Middle East, and Europe.If allowed to continue its rampage, the EHM strategy-whether executed by the United States or China-will destroy life as we know it. However, all is not lost. Perkins offers a plan for transforming this system that places profits above all into a Life Economy that restores the earth. He inspires readers to take actions toward a new era of global cooperation that will end the United States's and China's EHM strategies for good.

Edmund Phelps is among the most important economists of his generation. He developed a new understanding of unemployment and inflation and went on to rethink the roots of innovation. His work represents a lifelong project to put “people as we know them” into economic theory.In this book, Phelps tells the story of his role in reshaping economic theory, offering a powerful personal account of a creative and rewarding career. My Journeys in Economic Theory charts two major phases of Phelps's work, illuminating the breadth of his contributions to the field. First, introducing the expectations of wage setters and cofounding the “equilibrium” rate of unemployment, he built the microeconomic foundations for the employment theory pioneered by Keynes and Hicks. More recently, he conceived a theory of “mass flourishing” superseding Schumpeter and Solow's conception of the process of innovating—a theory in which individuals'creativity and society's dynamism fuel grassroots innovation and generate job satisfaction in the process.Phelps recounts his vivid experiences in the world of economics—fierce arguments, competition and collaboration, and the good fortune of time spent among some great figures—as well as his relationships with luminaries such as John Rawls, Thomas Nagel, Paul Samuelson, and Paul Volcker. At its core, this book shares the joy of intellectual achievement: the excitement of coming up with a new idea that radically departs from prevailing views and the satisfaction of exercising one's own ingenuity instead of applying or developing others'models. Telling the story of a life packed with intellectual adventure, My Journeys in Economic Theory provides a profound vision of a dynamic, modern economy that offers lives rich with creativity and meaning.

As the first biography of Professor Herman Daly, this book provides an in-depth account of one of the leading thinkers and most widely read writers on economics, environment and sustainability.Herman Daly's economics for a full world, based on his steady-state economics, has been widely acknowledged through numerous prestigious international awards and prizes. Drawing on extensive interviews with Daly and in-depth analysis of his publications and debates, Peter Victor presents a unique insight into Daly's life from childhood to the present day, describing his intellectual development, inspirations and influence. Much of the book is devoted to a comprehensive account of Daly's foundational contributions to ecological economics. It describes how his insights and proposals have been received by economists and non-economists and the extraordinary relevance of Daly's full world economics to solving the economic problems of today and tomorrow. Innovative and timely, this book will be of great interest to students, scholars, researchers, activists and policy makers concerned with economics, environment and sustainability.

Named one of Investopedia's 7 Best Economics Books of 2022The trailblazing story of Janet Yellen, the Ruth Bader Ginsburg of economics, and her lifelong advocacy for an economics of empathy that delivers the fruits of a prosperous society to people at the bottom half of the economic ladder. When President Biden announced Janet Yellen as his choice for secretary of the treasury, it was the peak moment of a remarkable life. Not only the first woman in the more than two-century history of the office, Yellen is the first person to hold all three top economic policy jobs in the United States: chair of both the Federal Reserve and the President's Council of Economic Advisors as well as treasury secretary. Through Owen Ullmann's intimate portrait, we glean two remarkable aspects of Yellen's approach to economics: first, her commitment to putting those on the bottom half of the economic ladder at the center of economic policy, and employing forward-looking ideas to use the power of government to create a more prosperous, productive life for everyone. And second, her ability to maintain humanity in a Washington policy world where fierce political combat casts others as either friend or enemy, never more so than in our current age of polarization. As Ullmann takes us through Yellen's life and work, we clearly see her brilliance and meticulous preparation. What stands out, though, is Yellen as an icon of progress—the “Ruth Bader Ginsburg of economics”—a superb-yet-different kind of player in a cold, male-dominated profession that all too often devises policies to benefit the already well-to-do. With humility and compassion as her trademarks, we see the influence of Yellen's father, a physician whose pay-what-you-can philosophy meant never turning anyone away. That compassion, rooted in her family life in Brooklyn, now extends across our entire country.

The life of a major figure in twentieth‑century economic history whose impact has long been clouded by dubious allegationsAlthough Harry Dexter White (1892–1948) was arguably the most important U.S. government economist of the twentieth century, he is remembered more for having been accused of being a Soviet agent. During the Second World War, he became chief advisor on international financial policy to Secretary of the Treasury Henry Morgenthau, a role that would take him to Bretton Woods, where he would make a lasting impact on the architecture of postwar international finance. However, charges of espionage, followed by his dramatic testimony before the House Un‑American Activities Committee and death from a heart attack a few days later, obscured his importance in setting the terms for the modern global economy. In this book, James Boughton rehabilitates White, delving into his life and work and returning him to a central role as the architect of the world's financial system.

Alpha C Chiang, a renowned economist, and Professor Emeritus of Economics at the University of Connecticut, is best-known for his classic textbook — Fundamental Methods of Mathematical Economics.In this memoirs, he tells the entertaining, scary, embarrassing, glorifying and surreal tales that colored his life.On the academic side, Alpha describes in detail his scholastic journey, including why and how he created one of the most popular books on mathematical methods in economics, as well as the experiences of his teaching career. On the nonacademic side, he describes his ventures into his many hobbies, the spices of his life, including Chinese opera, ballroom dancing, painting and calligraphy, photography, piano, music composition, playwriting, and even magic. Such tales round out the depiction of a colorful life.What's behind his unusual name, Alpha? What schooling disaster tripped him at a young age? What surreal occurrence did he experience at a cliff at age 8? What major miracle changed his family? How did he become a loan shark when he was a graduate student at Columbia University? What Hollywood glamour star mysteriously materialized within inches of him when he was working on a TV show in his student days? How did he conquer a serious phobia and eventually become an acclaimed professor? What motivated his writing of his celebrated book? And what funny, embarrassing, and memorable events occurred in his teaching career?This book is a unique story about a unique life.

Winner, 2023 Best Book Award, Italian Association for the History of Economic ThoughtOne of the most original social scientists of the twentieth century, Albert O. Hirschman led an uncommonly dramatic life. After fleeing Nazi Germany as a youth, he fought in the Spanish Civil War, took part in antifascist activities in Italy, and organized an underground rescue operation in Marseille through which more than 2,000 people, including Marc Chagall, Arthur Koestler, and Hannah Arendt, escaped Europe. Hirschman moved across topics, methodologies, and disciplinary boundaries as fluidly as he did among countries and languages. His work is marked by a deep suspicion of all-encompassing theories, valuing instead doubt and a sensitivity to contingencies and unexpected consequences.In this intellectual biography, the economic historian Michele Alacevich explores the development and trajectory of Hirschman's characteristic approach to social-scientific questions. He traces the many strands of Hirschman's thought and their place in his multifaceted body of work, considering their limitations as well as their strengths. Alacevich puts Hirschman's ideas into context, following his participation in the major intellectual and political debates of his times. He examines Hirschman's pioneering work in development studies and his analyses of social change, the history of capitalism, and the workings of democracy alongside his activities in the postwar reconstruction of Europe and economic development in Latin America. A compelling intellectual portrait of a profoundly distinctive thinker, this book also reflects on Hirschman's legacy and lasting influence.

Milton Friedman is widely recognized as one of the most influential economists of the twentieth century. Yet no previous study has distilled Friedman's vast body of writings into an authoritative account of his research, his policy views, and his interventions in public debate. With this ambitious new work, Edward Nelson closes the gap: Milton Friedman and Economic Debate in the United States is the defining narrative on the famed economist, the first to grapple comprehensively with Friedman's research output, economic framework, and legacy. This two-volume account provides a foundational introduction to Friedman's role in several major economic debates that took place in the United States between 1932 and 1972. The first volume, which takes the story through 1960, covers the period in which Friedman began and developed his research on monetary policy. It traces Friedman's thinking from his professional beginnings in the 1930s as a combative young microeconomist, to his wartime years on the staff of the US Treasury, and his emergence in the postwar period as a leading proponent of monetary policy. The second volume covers the years between 1960 and 1972— years that saw the publication of Friedman and Anna Schwartz's Monetary History of the United States. The book also covers Friedman's involvement in a number of debates in the 1960s and 1970s, on topics such as unemployment, inflation, consumer protection, and the environment. As a fellow monetary economist, Nelson writes from a unique vantage point, drawing on both his own expertise in monetary analysis and his deep familiarity with Friedman's writings. Using extensive documentation, the book weaves together Friedman's research contributions and his engagement in public debate, providing an unparalleled analysis of Friedman's views on the economic developments of his day.

Milton Friedman is widely recognized as one of the most influential economists of the twentieth century. Yet no previous study has distilled Friedman's vast body of writings into an authoritative account of his research, his policy views, and his interventions in public debate. With this ambitious new work, Edward Nelson closes the gap: Milton Friedman and Economic Debate in the United States is the defining narrative on the famed economist, the first to grapple comprehensively with Friedman's research output, economic framework, and legacy. This two-volume account provides a foundational introduction to Friedman's role in several major economic debates that took place in the United States between 1932 and 1972. The first volume, which takes the story through 1960, covers the period in which Friedman began and developed his research on monetary policy. It traces Friedman's thinking from his professional beginnings in the 1930s as a combative young microeconomist, to his wartime years on the staff of the US Treasury, and his emergence in the postwar period as a leading proponent of monetary policy. The second volume covers the years between 1960 and 1972— years that saw the publication of Friedman and Anna Schwartz's Monetary History of the United States. The book also covers Friedman's involvement in a number of debates in the 1960s and 1970s, on topics such as unemployment, inflation, consumer protection, and the environment. As a fellow monetary economist, Nelson writes from a unique vantage point, drawing on both his own expertise in monetary analysis and his deep familiarity with Friedman's writings. Using extensive documentation, the book weaves together Friedman's research contributions and his engagement in public debate, providing an unparalleled analysis of Friedman's views on the economic developments of his day.

“This eloquent book inspires us to create a new reality of what it means to be humans on this magnificent planet.”—Deepak ChopraThis all happened while Perkins was a Peace Corps volunteer. Then he became an'economic hit man'(EHM), convincing developing countries to build huge projects that put them perpetually in debt to the World Bank and other US-controlled institutions. Although he'd learned in business school that this was the best model for economic development, he came to understand it as a new form of colonialism. When he later returned to the Amazon, he saw the destructive impact of his work. But a much more profound experience emerged: Perkins was inspired by a previously uncontacted Amazon tribe that “touched its jaguar” by uniting with age-old enemies to defend its territory against invading oil and mining companies. For the first time, Perkins details how shamanism converted him from an EHM to a crusader for transforming a failing Death Economy (exploiting resources that are declining at accelerating rates) into a Life Economy (cleaning up pollution, recycling, and developing green technologies). He discusses the power our perceptions have for molding reality. And he provides a strategy for each of us to change our lives and defend our territory—the earth—against current destructive policies and systems.

W. Arthur Lewis was one of the foremost intellectuals, economists, and political activists of the twentieth century. In this book, the first intellectual biography of Lewis, Robert Tignor traces Lewis's life from its beginnings on the small island of St. Lucia to Lewis's arrival at Princeton University in the early 1960s. A chronicle of Lewis's unfailing efforts to promote racial justice and decolonization, it provides a history of development economics as seen through the life of one of its most important founders.If there were a record for the number of'firsts'achieved by one man during his lifetime, Lewis would be a contender. He was the first black professor in a British university and also at Princeton University and the first person of African descent to win a Nobel Prize in a field other than literature or peace. His writings, which included his book The Theory of Economic Growth, were among the first to describe the field of development economics.Quickly gaining the attention of the leadership of colonized territories, he helped develop blueprints for the changing relationship between the former colonies and their former rulers. He made significant contributions to Ghana's quest for economic growth and the West Indies'desire to create a first-class institution of higher learning serving all of the Anglophone territories in the Caribbean.This book, based on Lewis's personal papers, provides a new view of this renowned economist and his impact on economic growth in the twentieth century. It will intrigue not only students of development economics but also anyone interested in colonialism and decolonization, and justice for the poor in third-world countries.

The extraordinary life story of the former chairman of the Federal Reserve, whose absolute integrity provides the inspiration we need as our constitutional system and political tradition are being tested to the breaking point. As chairman of the Federal Reserve (1979-1987), Paul Volcker slayed the inflation dragon that was consuming the American economy and restored the world's faith in central bankers. That extraordinary feat was just one pivotal episode in a decades-long career serving six presidents. Told with wit, humor, and down-to-earth erudition, the narrative of Volcker's career illuminates the changes that have taken place in American life, government, and the economy since World War II. He vibrantly illustrates the crises he managed alongside the world's leading politicians, central bankers, and financiers. Yet he first found his model for competent and ethical governance in his father, the town manager of Teaneck, NJ, who instilled Volcker's dedication to absolute integrity and his'three verities'of stable prices, sound finance, and good government.

Acclaimed by Joseph Schumpeter as ‘The greatest economist the United States has ever produced', this book examines the life and work of American economist and statistician Irving Fisher (1867–1947). Fisher's reputation suffered for decades after his incorrect predictions for the stock market in October 1929 and the impact of Keynesian macroeconomics, but the importance of his work came to be recognized through the advocacy of many prestigious scholars including Milton Friedman, Hyman Minsky and James Tobin. With pivotal contributions including his Debt-Deflation Theory, Fisher Diagram and Ideal Index Number, his research in neoclassical economics influenced policymaking in his own day as well as during the recent financial crisis. This volume will be of interest to all those interested in the twentieth century transformation of economics.

In this major scholarly study of the life of Joseph A. Schumpeter, one of the great intellectual figures of the twentieth century, the distinguished economist Wolfgang Stolper delves into the mind of his former teacher, exploring the development of his ideas and, especially, their influence on politics and public policy. After reflecting briefly on Schumpeter the man, Stolper explains the evolution of Schumpeter's work, particularly his insights during the 1920s on public finance, his contributions to monetary theory and the study of business cycles, and his writings on socialism. Stolper goes on to desribe and evaluate Schumpeter's public activities following World War I and his role as a finance minister, placing the development of his thought in the turbulence political context of his times.Drawing on a vast array of new and exciting sources, Stolper paints a portrait of his mentor as a decent, ambitious, and complex man whose many insights into economy and society found their way outside of the academy and into the practical world of economic policy. All readers interested in the history of economic thought and twentieth-century political and intellectual history will find this book invaluable.Wolfgang Stolper is Professor Emeritus of Economics at the University of Michigan. He is author of The Structure of the East German Economy and Planning Without Facts and has made seminal contributions to international economics.Originally published in 1994.The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

'For decades, [his] work was neglected as the profession pursued one fad after another, but now, as economists have returned, more or less, to their mainstream, they are seeing once again the brilliance and insight of people like H.G. Brown.'-Arnold Harberger, University of Chicago

Drawing on years of research, Gerald Steele delves into the diverse ideas of Henry Simons, a neglected economist whose work in the 1930s on monetary and financial instability is extremely relevant to today's debates about commercial bank credit, the interdependence of fiscal and monetary policy, and financial regulation.Steele describes the emergence of the first Chicago school of economics and its distinctive difference to the School subsequently associated with the Monetarism of Milton Friedman, and shows how Simons provides the basis for what is now referred to as ‘the fiscal theory of the price level'and how this differs from the monetarist attempt to control prices by controlling the supply of broad money.This book will be of interest to advanced students and researchers of the history of economic thought, economic history, macroeconomics and banking and finance.

In his long and distinguished career as a writer and scholar Julian Simon came to be known as one of the leading--and most controversial--authorities on population economics. An immensely productive writer, his work is unified by a basic core belief: that human intellect and ingenuity are ever-renewable resources in the use and preservation of natural resources. Inevitably, Simon's position provoked the hostility of doctrinaire environmentalists, both in academia and in the movement at large. However, Simon's arguments were invariably built from facts and powerful evidence that stood him well in many high-profile public debates. The first part of Simon's autobiography takes the reader through his childhood, his years as a midshipman and then as an officer in the Navy, plus a stint in the Marines, and his experiences as a copywriter in an advertising firm. Simon's plan after receiving his Ph.D. from the University of Chicago was to be an entrepreneur, which would afford him enough money to care for his parents and allow him free time for writing fiction. He ran a small mail-order business for two years, during which time he wrote his first book, How to Start and Operate a Mailorder Business, which has since gone through seven editions. Deciding to seek a professional career, in 1963, he accepted a position at the University of Illinois. Although he spent thirty-five years of his life as a faculty member at three universities, his autobiography contains almost no discussion of departmental affairs or university politics, topics about which Simon had little or no interest. Rather, after the personal chronology and experiences, the book includes substantive chapters on research methods, population economics, and immigration. It also explains how Julian Simon became the economist he was. He analyzes crucial periods in his life when he developed his ideas on fundamental issues. Written in an engaging and amusing manner, Julian Simon's autobiography is a combination of personal memoir and professional contribution to important ideas in economics, research methods, and demography. His observations and personal reflections will interest the general reader on a humanitarian level as well as environmentalists, sociologists, and economists on a professional level.

This sequel to A Life of Experimental Economics, Volume I, continues the intimate history of Vernon Smith's personal and professional maturation after a dozen years at Purdue. The scene now shifts to twenty-six transformative years at the University of Arizona, then to George Mason University, and his recognition by the Nobel Prize Committee in 2002. The book ends with his most recent decade at Chapman University. At Arizona Vernon and his students studied asset trading markets and learned how wrong it had been to suppose that price bubbles could not occur where markets were full-information transparent. Their work in computerization of the lab facilitated very complex supply and demand experiments in natural gas pipeline, communication and electricity markets that paved the way for implementing, through decentralized market processes, the liberalization of industries traditionally believed to be “natural” monopolies. The “Smart ComputerAssisted Market” was born. Smith's move to George Mason University greatly facilitated government and industry work in tandem with various public and private entities, whereas his relocation to Chapman University coincided with the Great Recession, whose similarity with the Depression was evident in his research. There he integrated two fundamental kinds of markets with laboratory experiments: Consumer non-durables, the supply and demand for which was stable in the lab and in the economy, and durable assets whose bubble tendencies made them unstable in the lab as well as in the economy—witness the great housing-mortgage market bubble run-up of 1997-2007. This book's conversational style and emphasis on the backstory of published research accomplishments allows readers an exclusive peak into how and why economists pursue their work. It's a must-read for those interested in experimental economics, the housing crisis, and economic history.

This book provides an intimate history of Nobel Laureate Vernon Smith's early life, combining elements of biography, history, economics and philosophy to show how crucial incidents early in his life provided the necessary framework for his research into experimental economics. Smith takes the reader from his family roots on the railroads and oil fields of Middle America to his early life on a farm in Depression-wracked Kansas. A mediocre student in high school, Smith attended Friends University, on Wichita's west side, where an intense study of mathematics, physics, chemistry, and astronomy enabled him to pass the examinations to enter Caltech and study under luminary scientists like Linus Pauling. Eventually Smith discovered economics and pursued graduate study in the field at University of Kansas and Harvard. This volume ends with his Camelot years at Purdue, where he began his famous work in experimental economics, nurturing his research into an unlikely new field of economics.

“A fine collection of essays exploring, and in many cases extending, Jim Buchanan's many contributions and insights to economic, political, and social theory.”–Bruce Caldwell, Professor of Economics, Duke University, USA'The overwhelming impression the reader gets from this very fine collection is the extraordinary expanse of James Buchanan's work. Everyone interested in economics and related fields can profit mightily from this book.'–Mario Rizzo, Professor of Economics, New York University, USAThis book explores the academic contribution of James Buchanan, who received the Nobel Prize for economics in 1986. Buchanan's receipt of the Prize is noteworthy because he was a maverick within the economics profession. In contrast to the preponderance of economists, Buchanan made little use of mathematics and no use of econometrics, preferring to used logic and language to insert his ideas into the scholarlycommunity. Moreover, his ideas extended the domain of economic inquiry along many paths that numerous economists subsequently pursued. Buchanan's scholarship brought economics and political science together under the rubric of public choice. He was also was a prime figure in bringing economic theory into closer contact with moral and social philosophy.This volume includes essays distributed across the extensive domain of Buchanan's scholarly contributions, reflecting the range of his scholarly interests. Chapters will examine Buchanan's scholarly work on public finance, social insurance, public debt, public choice, economic methodology, constitutional political economy, law and economics, and ethics and social theory. The book also examines Buchanan in relation to other prominent economists, both from the distant past and the recent past.

John R. Commons is one of the few reformers of the past century whose major works are still actively read, whose ideas are still debated, and whose principles are still applied to the analysis of contemporary problems. His life spanned the years of America's “Great Transformation,” from a nation of shopkeepers, farmers, and small towns to one of giant corporations, landless laborers, and crowded cities. He became involved in almost every aspect of America's response to the damaging side effects of that transformation.A Worker's Economist begins with John Commons'childhood and education and continues through his life as a scholar, teacher, administrator, and reformer. Commons'list of accomplishments are great in number and overall effect. He worked on the staff of the first government commission to investigate the economic and social consequences of corporate mergers. He served as a public representative on the commission that investigated industrial violence and workplace relations. He was a participant observer in America's largest and most historic mineworkers'strike. He wrote and administered the nation's first constitutional worker compensation law. He developed principles of social reform and public administration that his students carried into the design and administration of the Social Security system as well as Lyndon B. Johnson's War on Poverty.John Dennis Chasse reviews Commons'major works, describes the people with whom he worked, and follows the fortunes of the unions that were intrinsic to his vision of “collective democracy.” As a final testament to Commons'importance, Chasse considers his legacy as it endures in the work of his students and beyond.

Paul Samuelson was at the heart of a revolution in economics. He was'the foremost academic economist of the 20th century,'according to the New York Times, and the first American to win the Nobel Prize in Economics. His work transformed the field of economics and helped give it the theoretical and mathematic rigor that increased its influence in business and policy making. In Founder of Modern Economics, Roger E. Backhouse explores the central importance of Samuelson's personality and social networks to understanding his intellectual development. This is the first of two volumes covering Samuelson's extended and productive life and career. This volume surveys Samuelson's early years growing up in the Midwest to his experiences at the University of Chicago and Harvard University, where leading scholars in economics and other disciplines stimulated and rewarded his curiosity. His thinking was influenced by the natural sciences and he understood that a critical, scientific approach increased insights into important social and economic questions. He realized that these questions could not be answered through rhetorical debate but required rigor. His'eureka'moment came, he said, when'a good fairy whispered to me that math was a skeleton key to solve age old problems in economics.'Backhouse traces Samuelson's thinking from his early days to the publication of his groundbreaking book Foundations of Economic Analysis and Economics: An Introductory Analysis, which influenced generations of students. His work set the stage for economics to become a more cohesive and coherent discipline, based on mathematical techniques that provided surprising insights into many important topics, from business cycles to wage and unemployment rates, and from how competition influences trade to how tax rates affects tax collection. Founder of Modern Economics is a profound contribution to understanding how modern economics developed and the thinking of a revolutionary thinker.

This is a deeply personal memoir by the doyen of applied economics in the United States. His name is indelibly linked to the creation, expansion, and refinement of employment policy and human resource needs from 1935 to the present. Eli Ginzberg has been a longtime consultant to the federal government, including nine presidents. In this volume, the focus is on American Jewry in the present century from the perspective of an active participant observer and a critical social science based analyst.My Brother's Keeper deals with the changing position of American Jewry in the twentieth century. Ginzberg makes extensive use of his own experiences to review the changes that have taken place in urban life, university involvement, and government agencies. The work covers Jewish life from pre-Hitler Germany to the present, and discusses with intimate candor synagogue life. Drawing upon his unique vantage point, Ginzberg presents new material about many leaders and events that helped transform the role of American Jews in their relationship with other Americans and Israel. At a more conceptual level the author explores major new influences that have reshaped American Jewry, such as the rise of neo-orthodoxy, the substantial increase in Jewish day schools, the blossoming of Judaica studies in American universities, and the rise of women in leadership roles.This memoir makes use of the best social science evidence, and draws on the special experiences of the author in the world of a deeply religious family and tradition. It ranks as a major contribution to the small shelf of self-reflections by social scientists.

Este libro es una guía práctica y accesible para entender y aplicar el modelo Canvas, que le aportará la información esencial y le permitirá ganar tiempo.En tan solo 50 minutos usted podrá:•Familiarizarse con la vida de Milton Friedman y con las principales obras que publicó, así como con los conceptos clave de sus teorías económicas•Comprender las ideas que defiende Friedman, promotor del liberalismo, como la libertad económica e individual, la teoría monetarista y la igualdad •Ampliar la teoría de Friedman con las teorías económicas relacionadas y también con las teorías opuestas, en especial el keynesianismoSOBRE en50MINUTOS.ES | Economía y empresaen50MINUTOS.ES le ofrece las claves para entender rápidamente las principales teorías y conceptos que rigen el mundo económico actual.Nuestras obras combinan teoría, estudios de caso y múltiples ejemplos prácticos para que amplíe sus competencias y conocimientos sin perder tiempo. ¡Descubra en un tiempo récord las claves para el éxito de su negocio!

'The author puts this book in the best possible context by referring to the''magisterial and paradoxical Dr. Schumpeter''. A figure in a rare class with John Maynard Keynes, Friedrich von Hayek, and Alfred Marshall, the work of Joseph Schumpeter is equalled only in monumental significance by his personal trials and tribulations. The work is divided into two volumes - the first covering his career in Europe and the second his life and achievements in America.Walt Rostow, in his Foreword, sums up Robert Loring Allen's achievement in biography and intellectual history thus:''In dealing with Schumpeter's life, Allen exhibits a rare consciousness of the extraordinary complexity and only limited penetrability of the human personality Schumpeter's closely interwoven personal and professional life unfolds, Allen develops without dogmatism a pattern of linkages for the reader to contemplate. In a splendid final passage, he provides a memorable summation.''What makes this enormous effort so successful is the linkage of the personal and the professional, the biographical with the intellectual. Indeed, it is Schumpeter's single-minded determination to explain within a single, formal theory, the dynamics of capitalism that bridges the gap in space, time, and personality. To his books The Theory of Economic Development, and Capitalism, Socialism and Democracy, both published by Transaction, is now added the specific contexts in which these and his other works were written.The author of this biography, like the subject himself, is a masterful student of the craft of economics, and its place within the larger social science contexts that Schumpeter worked. In this work, we are introduced into the main current of European and American social science alike. The title of the book, Opening Doors, derives from Schumpeter's life long aim to appeal to inquiring minds to move through such doors in an effort to create the social science of the'

The world of Eli Ginzberg can readily be thought of as a triptych-a career in three parts. In his early years, Ginzberg's work was dedicated to understanding the history of economics, from Adam Smith to C. Wesley Mitchell, and placing that understanding in what might well be considered economic ethnography. His studies took him on travels from Wales in the United Kingdom to California in the United States. For example, the poignant account of Welsh miners in an era of economic depression and technological change remains a landmark work. His report of a cross country trip taken in the first year of the New Deal provides insight and evaluation that can scarcely be captured in present-day writings.The second period of his career corresponds to Ginzberg's increasing involvement in the practice of economics. He deals with issues related to manpower allocation, employment shifts, and gender and racial changes in the workforce. His writing reflects a growing concern for child welfare and education. In this period, his work increasingly focuses on federal, state and city governments, and how the public sector impacts all basic social issues. His work was sufficiently transcendent of political ideology that seven presidents sought and received his advice and participation.After receiving all due encomiums and congratulations for intellectual work and policy research well done, Ginzberg then went on to spend the next thirty years of his life carving out a place as a preeminent economist of health, welfare services, and hospital administration. It is this portion of his life that is the subject of Eli Ginzberg: The Economist as a Public Intellectual. What is apparent in Ginzberg's work of this period is his sense of the growing interaction of all the social sciences-pure and applied-to develop a sense of the whole. The contributors to this festschrift, join together to provide a portrait of a figure whose life and work have spanned the twentieth century, and yet pointed the way to changes in the twenty-first century. Eli Ginzberg from the start possessed a strong sense of social justice and economic equality grounded in a Judaic-Christian tradition. All of these aspects come together in the writings of a person who transcends all parochialism and gives substantive content to the often-cloudy phrase, public intellectual.Irving Louis Horowitz is Hanna Arendt Distinguished Professor Emeritus at Rutgers, the State University of New Jersey, where he has taught for over thirty years. He also serves as Chairman of the Board at Transaction Publishers. His writings include Radicalism and the Revolt Against Reason; Behemoth: Main Currents in the History and Theory of Political Sociology; and Taking Lives: Genocide and State Power.

'The author puts this book in the best possible context by referring to the''magisterial and paradoxical Dr. Schumpeter''. A figure in a rare class with John Maynard Keynes, Friedrich von Hayek, and Alfred Marshall, the work of Joseph Schumpeter is equalled only in monumental significance by his personal trials and tribulations. The work is divided into two volumes - the first covering his career in Europe and the second his life and achievements in America.Walt Rostow, in his Foreword, sums up Robert Loring Allen's achievement in biography and intellectual history thus:''In dealing with Schumpeter's life, Allen exhibits a rare consciousness of the extraordinary complexity and only limited penetrability of the human personality Schumpeter's closely interwoven personal and professional life unfolds, Allen develops without dogmatism a pattern of linkages for the reader to contemplate. In a splendid final passage, he provides a memorable summation.''What makes this enormous effort so successful is the linkage of the personal and the professional, the biographical with the intellectual. Indeed, it is Schumpeter's single-minded determination to explain within a single, formal theory, the dynamics of capitalism that bridges the gap in space, time, and personality. To his books The Theory of Economic Development, and Capitalism, Socialism and Democracy, both published by Transaction, is now added the specific contexts in which these and his other works were written.The author of this biography, like the subject himself, is a masterful student of the craft of economics, and its place within the larger social science contexts that Schumpeter worked. In this work, we are introduced into the main current of European and American social science alike. The title of the book, Opening Doors, derives from Schumpeter's life long aim to appeal to inquiring minds to move through such doors in an effort to create the social science of the'

Featuring 15 explosive new chapters, this new edition of the New York Times bestseller brings the story of Economic Hit Men up-to-date and, chillingly, home to the U.S.―but it also gives us hope and the tools to fight back.The previous edition of this now-classic book revealed the existence and subversive manipulations of'economic hit men. John Perkins wrote that they are highly paid professionals who cheat countries around the globe out of trillions of dollars. Their tools include fraudulent financial reports, rigged elections, payoffs, extortion, sex, and murder. In Perkins's case the tool was debt-convincing strategically important countries to borrow huge amounts of money for enormous, development projects that served the very rich while driving the country deeper into poverty and debt. And once indebted, these countries could be controlled. In this latest edition, Perkins provides revealing new details about how he and others did their work. But more importantly, in an explosive new section he describes how the EHM tools are being used around the world more widely than ever-even in the U. S. itself. The cancer has metastasized, yet most people still aren't aware of it. Fear and debt drive the EHM system. We are hammered with messages that terrify us into believing that we must pay any price, assume any debt, to stop the enemies who, we are told, lurk at our doorsteps. The EHM system-employing false economics, bribes, surveillance, deception, debt, coups, assassinations, unbridled military power-has become the dominant system of economics, government, and society today. It has created what Perkins calls a Death Economy. But Perkins offers hope: he concludes with dozens of specific, concrete suggestions for actions all of us can take to wrest control of our world away from the economic hit men, and help give birth to a Life Economy.

“Exceptional... Deeply researched and elegantly written... As a description of the politics and pressures under which modern independent central banking has to operate, the book is incomparable.” —Financial TimesThe definitive biography of the most important economic statesman of our time, from the bestselling author of The Power Law and More Money Than God Sebastian Mallaby's magisterial biography of Alan Greenspan, the product of over five years of research based on untrammeled access to his subject and his closest professional and personal intimates, brings into vivid focus the mysterious point where the government and the economy meet. To understand Greenspan's story is to see the economic and political landscape of our time—and the presidency from Reagan to George W. Bush—in a whole new light. As the most influential economic statesman of his age, Greenspan spent a lifetime grappling with a momentous shift: the transformation of finance from the fixed and regulated system of the post-war era to the free-for-all of the past quarter century. The story of Greenspan is also the story of the making of modern finance, for good and for ill. Greenspan's life is a quintessential American success story: raised by a single mother in the Jewish émigré community of Washington Heights, he was a math prodigy who found a niche as a stats-crunching consultant. A master at explaining the economic weather to captains of industry, he translated that skill into advising Richard Nixon in his 1968 campaign. This led to a perch on the White House Council of Economic Advisers, and then to a dazzling array of business and government roles, from which the path to the Fed was relatively clear. A fire-breathing libertarian and disciple of Ayn Rand in his youth who once called the Fed's creation a historic mistake, Mallaby shows how Greenspan reinvented himself as a pragmatist once in power. In his analysis, and in his core mission of keeping inflation in check, he was a maestro indeed, and hailed as such. At his retirement in 2006, he was lauded as the age's necessary man, the veritable God in the machine, the global economy's avatar. His memoirs sold for record sums to publishers around the world. But then came 2008. Mallaby's story lands with both feet on the great crash which did so much to damage Alan Greenspan's reputation. Mallaby argues that the conventional wisdom is off base: Greenspan wasn't a naïve ideologue who believed greater regulation was unnecessary. He had pressed for greater regulation of some key areas of finance over the years, and had gotten nowhere. To argue that he didn't know the risks in irrational markets is to miss the point. He knew more than almost anyone; the question is why he didn't act, and whether anyone else could or would have. A close reading of Greenspan's life provides fascinating answers to these questions, answers whose lessons we would do well to heed. Because perhaps Mallaby's greatest lesson is that economic statesmanship, like political statesmanship, is the art of the possible. The Man Who Knew is a searching reckoning with what exactly comprised the art, and the possible, in the career of Alan Greenspan.

This memoir presents a special look into Professor Cheng-Few Lee's formative childhood years, his distinguished career as a respected scholar and conference organizer, and his substantial experience in the fields of education and policy-making. It shares the innovative methods and forward-looking educational philosophy that underpin the rigorous training of his students in finance and accounting. This memoir also reflects upon Professor Lee's life experiences, and his involvement in business consulting and government policy-making. Readers will enjoy this private retrospection into the memories, experiences, and philosophy of this humble man, who is counted among the most published finance professors and experienced journal editors in the world.

“Ted Malloch—bon vivant, scholar, diplomat, businessman, sportsman … brings us along on some of his greatest adventures.” —Linda Bridges, Editor-at-Large, National ReviewA former Yale professor and senior business executive whose contact list includes the most powerful leaders in business, media and politics, Ted Malloch has seen it all, done it all, and now is telling all. From his appointment as sergeant in the Toilet Patrol (reserved for children deemed “gifted”) to his appointment as scholar-diplomat by the US State Department to a peek behind the curiosity curtain at the Davos meeting to how he lost millions in the dot-com bubble to his one-person seminar for the chairman of Toyota, it's all here. With names.In Davos, Aspen, and Yale, Malloch presents a humorous and witty take on his life experiences in this unique and riotous account. Masterfully woven throughout the stories are insights on his driving passion: enterprise, organization, dedication, skill, teamwork, diligence, and planning. The virtues that drive an uncommon life are illustrated throughout—as are stories of those who have abandoned those virtues. He's not afraid to name names; many well-known leaders play parts in this can't-put-down-and-get-back-to-work “WASPY'tale. Malloch demonstrates how his Christian faith and spiritual capital have motivated and guided his purpose and higher calling.

A definitive biography of the man who coined the expression'conspicuous consumption'. Based on newly released archival sources, this book sets the facts straight on more than 60 years of myths and misinformation concerning the highly regarded economist and sociologist.

This work discusses the impact and contemporary relevance of the work of Thorstein Veblen, as well as the source of his ideas. It suggests that he was one of the first modern sociologists of consumption whose analysis of contemporary display and fashion anticipated later theories and research.

Joseph A. Schumpeter (1883–1950) gehört zu den bedeutendsten Ökonomen des 20. Jahrhunderts und sein Werk leistet noch immer Wissenschaftlern wichtige Dienste. Bis heute verwenden wir viele von ihm eingeführte Begriffe wie beispielsweise Innovation und Unternehmertum ganz selbstverständlich. Obwohl Schumpeters »Theorie der wirtschaftlichen Entwicklung« als Hauptwerk seines akademischen Schaffens gilt, stand eine ausführliche Betrachtung und Würdigung seiner evolutionsanalytischen Perspektive bislang aus. Esben Sloth Andersen liefert nun mit diesem Band eine ebenso aufschlussreiche wie leserfreundliche Einführung in Schumpeters Leben und Werk. Andersen untersucht hierzu sowohl die allgemeinen Merkmale als auch die Weiterentwicklung der Arbeiten Schumpeters, die bis heute moderne Wirtschafts- und Sozialwissenschaftler in ihrer Komplexität herausfordern.

Nobel Prize-winning economist and free market advocateThis book is a practical and accessible guide to understanding the life and works of Milton Friedman.In 50 minutes you will be able to: • Recognize and understand the main ideas behind the works of Milton Friedman and his reasons for writing them • Identify the impact Milton Friedman had on other economists and political figures, including Ronald Raegan and Margaret Thatcher • Evaluate the mixed reception of his works: the numerous criticisms and the extensions of similar economistsABOUT 50MINUTES.COM | Economic Culture50MINUTES.COM provides the tools to quickly understand the main theories and concepts that shape the economic world of today. Our publications are easy to use and they will save you time. They provide elements of theory and case studies, making them excellent guides to understand key concepts in just a few minutes. They are the starting point for readers to develop their skills and expertise.

An investigation of Sachs's schizophrenic career, and the worldwide havoc he has caused.Jeffrey Sachs is a man with many faces. A celebrated economist and special advisor to UN Secretary-General Ban Ki-moon, he is also no stranger to the world of celebrity, accompanying Bono, Madonna and Angelina Jolie on high-profile trips to Africa. Once notorious as the progenitor of a brutal form of free market engineering called ‘shock therapy', Sachs now positions himself as a voice of progressivism, condemning the ‘1 per cent'and promoting his solution to extreme poverty through the Millennium Villages Project.Appearances can be deceiving. Jeffrey Sachs: The Strange Case of Dr Shock and Mr Aid is the story of an evangelical development expert who poses as saviour of the Third World while opening vulnerable nations to economic exploitation. Based on documentary research and on-the-ground investigation, Jeffrey Sachs exposes Mr Aid as no more than a new, more human face of Dr Shock.

In this lucid political memoir, veteran anti-capitalist activist Michael Albert offers an ardent defense of the project to transform global inequality. Albert, a uniquely visionary figure, recounts a life of uncompromising commitment to creating change one step at a time. Whether chronicling the battles against the Vietnam War, those waged on Boston campuses, or the challenges of creating living, breathing alternative social models, Albert brings a keen and unwavering sense of justice to his work, pointing the way forward for the next generation.

Walter Lippmann was the most distinguished American journalist and public philosopher of the twentieth century. But he was also something more: a public economist who helped millions of ordinary citizens make sense of the most devastating economic depression in history. Craufurd Goodwin offers a new perspective from which to view this celebrated but only partly understood icon of American letters.From 1931 to 1946 Lippmann pursued a far-ranging correspondence with leading economic thinkers: John Maynard Keynes, Lionel Robbins, Friedrich Hayek, Henry Simons, Adolf Berle, Frank Taussig, and others. Sifting through their divergent views, Lippmann formed his own ideas about economic policy during the Great Depression and shared them with a vast readership in his syndicated column, Today and Tomorrow. Unemployment, monetary and fiscal policy, and the merits and drawbacks of free markets were just a few of the issues he helped explain to the public, at a time when professional economists who were also skilled at translating abstract concepts for a lay audience had yet to come on the scene.After World War II Lippmann focused on foreign affairs but revisited economic policy when he saw threats to liberal democracy. In addition to pointing out the significance of the Marshall Plan and the World Bank, he addressed the emerging challenge of inflation and what he called “the riddle of the Sphinx”: whether price stability and full employment could be achieved in an economy with strong unions.

Jeffrey Sachs is a man with many faces. A celebrated economist and special advisor to UN Secretary-General Ban Ki-moon, he is also no stranger to the world of celebrity, accompanying Bono, Madonna and Angelina Jolie on high-profile trips to Africa. Once notorious as the progenitor of a brutal form of free market engineering called'shock therapy,'Sachs now positions himself as a voice of progressivism, condemning the'1 per cent'and promoting his solution to extreme poverty through the Millennium Villages Project. Appearances can be deceiving. Jeffrey Sachs: The Strange Case of Dr. Shock and Mr. Aid is the story of an evangelical development expert who poses as saviour of the Third World while opening vulnerable nations to economic exploitation. Based on documentary research and on-the-ground investigation, Jeffrey Sachs exposes Mr. Aid as no more than a new, more human face of Dr. Shock.

A gripping history of the pioneers who sought to use science to predict financial marketsThe period leading up to the Great Depression witnessed the rise of the economic forecasters, pioneers who sought to use the tools of science to predict the future, with the aim of profiting from their forecasts. This book chronicles the lives and careers of the men who defined this first wave of economic fortune tellers, men such as Roger Babson, Irving Fisher, John Moody, C. J. Bullock, and Warren Persons. They competed to sell their distinctive methods of prediction to investors and businesses, and thrived in the boom years that followed World War I. Yet, almost to a man, they failed to predict the devastating crash of 1929.Walter Friedman paints vivid portraits of entrepreneurs who shared a belief that the rational world of numbers and reason could tame--or at least foresee--the irrational gyrations of the market. Despite their failures, this first generation of economic forecasters helped to make the prediction of economic trends a central economic activity, and shed light on the mechanics of financial markets by providing a range of statistics and information about individual firms. They also raised questions that are still relevant today. What is science and what is merely guesswork in forecasting? What motivates people to buy forecasts? Does the act of forecasting set in motion unforeseen events that can counteract the forecast made?Masterful and compelling, Fortune Tellers highlights the risk and uncertainty that are inherent to capitalism itself.

Focusing on Fritz Machlup, Connell presents the story of the Bellagio Group and its contribution to modern finance. Initiated by Machlup the Bellagio Group was made up of thirty-two non-government academic economists. During the years between 1964 and 1977 the Group met eighteen times and made a series of recommendations for policymakers.

After his death Thorstein Veblen was hailed as ‘America's Darwin and Marx'and is normally portrayed as the perennial iconoclast. He severely criticised traditional economics and attempted to create an alternative approach based on a much more complex view of human beings. He is one of the most celebrated economists of our age and has been the inspiration for many books; the predatory version of capitalism we now again experience, the phenomenon of studying cultures of consumption and the darker sides of gilded ages can be traced back to Veblen. A conference in Veblen's ancestral Norway marked the 150th anniversary of his birth. The aim of the conference was to consolidate Veblen scholarship and evaluate his relevance for the problems of today. This collection offers the results of that endeavour; it is a milestone of Vebleniana which assesses all the most salient aspects of his life and influence. Many of its contributors also push into uncharted territory, examining the man and his work from new and necessary perspectives hitherto ignored by scholarship.

One of the five Hungarian scientific geniuses dubbed'the Martians'by their colleagues, John von Neumann is often hailed as the greatest mathematician of the twentieth century and even as the greatest scientist after Einstein. He was a key figure in the Manhattan Project; the inventor of game theory; the pioneer developer of the modern stored-program electronic computer; and an adviser to the top echelons of the American military establishment. In The Martian's Daughter, Marina von Neumann Whitman reveals intimate details about the famed scientist and explores how the cosmopolitan environment in which she was immersed, the demanding expectations of her parents, and her own struggles to emerge from the shadow of a larger-than-life parent shaped her life and work. Unfortunately, von Neumann did not live to see his daughter rise to become the first or highest-ranking woman in a variety of arenas. Whitman became a noted academic during the 1960s and'70s, casting her teaching and writing in the framework of globalization before the word had been invented; became the first woman ever to serve on the President's Council of Economic Advisers and participated actively in U.S. efforts to reshape the international monetary and financial system during the early 1970s; pioneered the role of women on the boards of leading multinational corporations; and became the highest-ranking female executive in the American auto industry in the 1980s. In her memoir, Whitman quotes from personal letters from her father and describes her interactions with such figures as Roger Smith of GM and President Nixon. She also details the difficulties she encountered as an early entrant into a world dominated by men and how she overcame the obstacles to, in her words,'have it all.'

Nobel Prize winner Thomas Schelling taught a course in game theory and rational choice to advanced students and government officials for 45 years. In this book, Robert Dodge provides in language for a broad audience the concepts that Schelling taught. Armed with Schelling's understanding of game theory methods and his approaches to problems, the general reader can improve daily decision making.

Over the course of nearly half a century, five American presidents-three Democrats and two Republicans-have relied on the financial acumen, and the integrity, of Paul A. Volcker. During his tenure as chairman of the Federal Reserve Board, when he battled the Great Inflation of the 1970s, Volcker did nothing less than restore the reputation of an American financial system on the verge of collapse. After the 2008 financial meltdown, the nation turned again to Volcker to restore trust in a shaky financial system: President Obama would name his centerpiece Wall Street regulation the Volcker Rule. Volcker's career demonstrated that a determined central banker can prevail over economic turmoil-so long as he can resist relentless political pressure. His resolve and independent thinking-sorely tested by Richard Nixon, Jimmy Carter, and Ronald Reagan-laid the foundation for a generation of economic stability. Indeed, William L. Silber argues, it was only Volcker's toughness on monetary policy that'forced Reagan to be Reagan'and to rein in America's deficit.Noted scholar and finance expert Silber draws on hours of candid personal interviews and complete access to Volcker's personal papers to render dramatic behind-the-scenes accounts from Volcker's career at the Treasury Department and the Federal Reserve: secret negotiations with European ministers; confrontations with the White House; crisis conferences with Wall Street titans, and even tense boardroom rebellions within the Fed itself. Filled with frank commentary from Volcker himself-including why he was personally irked with the'Volcker Rule'label-this will be the definitive account of Volcker's indispensable role in American economic history.

praise for FISCHER BLACK AND THE REVOLUTIONARY IDEA OF FINANCE'The story of Fischer Black.... is remarkable both because of the creativity of the man and because of the revolution he brought to Wall Street.... Mehrling's book is fascinating.'—FINANCIAL TIMES'A fascinating history of things we take for granted in our everyday financial lives.'—THE NEW YORK TIMES'Mehrling's book is essential reading for anyone interested in the development of modern finance or the life of an idiosyncratic creative genius.'—PUBLISHERS WEEKLY'Fischer Black was more than a vital force in the development of finance theory. He was also a character. Perry Mehrling has captured both sides of the picture: the evolution of thinking about the pricing of risk and time, as well as the thinkers, especially this fascinating eccentric, who worked it out.'—ROBERT M. SOWLO, Nobel laureate and Institute Professor of Economics, Emeritus, Massachusetts Institute of Technology'Although I worked closely with Fischer for nine years at Goldman Sachs and clearly recognized both his genius and the breadth and originality of his ideas, until I read this book, I had only the vaguest grasp of the source of his inspiration and no understanding at all of the source of his many idiosyncrasies.'—BOB LITTERMAN, Partner, Kepos Capital'Perry Mehrling has done a remarkable job of tracing the intellectual and personal development of one of the most original and complex thinkers of our generation. Fischer Black deserved it: a charming and brilliant book about a charming and brilliant man.'—ROBERT E. LUCAS JR., Nobel laureate and Professor of Economics, The University of Chicago

Milton Friedman (1912-2006) was one of the most important 20th century advocates of libertarian and conservative ideas in academia and amongst the wider public. He made a critical contribution to the development of the free market and monetarist economics that challenged the dominant interventionist and Keynesian paradigm throughout the developed world. His books, popular writings, and television programmes, were crucial to the public understanding of the role of the market in the promotion of human freedom and well-being. This outstanding sets out Friedman's intellectual contribution to economic methodology and our understanding of a host of economic phenomena, including the relationship between consumption and income, the workings of flexible exchange rates, and the relationship between inflation and the supply of money in the economy. Dr Ruger also sets out Friedman's contribution to political theory, discussing Friedman's work on the relationship between economic and political freedom, the social responsibilities of business, and the proper relationship between the individual and the state, particularly in the context of conscription, drug prohibition and discrimination.

Letiche, now in his nineties, provides an intriguing look at the changes that have occurred during his lifetime. Following his Kiev childhood and formative years in Depression-era Montreal, he completed a doctorate at the University of Chicago and took up a Rockefeller fellowship at the Council on Foreign Relations in New York City. As a technical advisor to the Economic Commission for Africa he conducted trade talks with both gifted and corrupt heads of state in sub-Saharan Africa, and later shared a working White House dinner with an infamous American president. His half-century-long teaching career at Berkeley included a front row seat for the Free Speech Movement and the most documented student revolt in popular history. Told with humour, insight, and humility, Crises and Compassion moves nimbly among weighty events and meaningful personal history, showing how'civility in intellectual exchange'came to be the guiding principle of a life of monumental experiences.

This book examines the life and work of John Kenneth Galbraith, a truly iconic figure in progressive modern liberalism and a seminal influence in the rise of heterodox political economy. It emphasizes his continuing relevance to the current research of today, and to the multifaceted crisis of democratic capitalism.