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Joseph Halevi, G. C. Harcourt, Peter Kriesler and J. W. Nevile bring together a collection of their most influential papers on post-Keynesian thought. Their work stresses the importance of the underlying institutional framework, of the economy as a historical process and, therefore, of path determinacy. In addition, their essays suggest the ultimate goal of economics is as a tool to inform policy and make the world a better place, with better being defined by an overriding concern with social justice. Volume III explores the ethics of economics.
This work challenges the popular view that globalization threatens the role of the nation-state in determining national policy. It examines the fundamental issue of competitiveness and market power in an increasingly borderless and co-dependent world. Despite this increased threat to the nation-state as an effective manager of the national economy, the authors argue that there are a number of options and alternatives open to governments to protect themselves from the global business cycle.
The third volume of "The Collected ""Works of Israel M. Kirzner" presents a collection of writings on capital theory that serve both as a discourse in the history of economic thought and as conceptual clarification in one of the most complex subjects in economics. This edition explores the notions of capital and interest in light of the controversies surrounding these topics. The first essay in this volume is Kirzner's introduction to the 1996 edition. The second essay was published as a stand-alone book in 1966 and presents Kirzner's capital theory, focusing on multi-period production plans. In the third essay Kirzner offers an interpretation of Ludwig von Mises's view of capital and interest. The fourth essay, written in the late 1980s, is Kirzner's attempt to clarify the difficulties found in interest theory. Finally, the fifth essay deals with Sir John Hick's capital theory in light of Kirzner's own Austrian position. Israel M. Kirzner is a leading economist in the Austrian School and Emeritus Professor of economics at New York University. Peter J. Boettke is the BB&T Professor for the Study of Capitalism at the Mercatus Center and a University Professor of economics at George Mason University. Since 1988 he has been the editor of the "Review of Austrian Economics." Frederic Sautet is a Visiting Associate Professor of Economics at the Catholic University of America. Previously, he has taught at George Mason University, New York University, and the University of Paris Dauphine. He was also a senior economist at the New Zealand Treasury and the New Zealand Commerce Commission. He is the author of "An Entrepreneurial Theory of the Firm" and has widely published on entrepreneurship.
As awareness of the process of globalization grows and the study of its effects becomes increasingly important to governments and businesses (as well as to a sizable opposition), the need for historical understanding also increases. Despite the importance of the topic, few attempts have been made to present a long-term economic analysis of the phenomenon, one that frames the issue by examining its place in the long history of international integration. This volume collects eleven papers doing exactly that and more. The first group of essays explores how the process of globalization can be measured in terms of the long-term integration of different markets-from the markets for goods and commodities to those for labor and capital, and from the sixteenth century to the present. The second set of contributions places this knowledge in a wider context, examining some of the trends and questions that have emerged as markets converge and diverge: the roles of technology and geography are both considered, along with the controversial issues of globalization's effects on inequality and social justice and the roles of political institutions in responding to them. The final group of essays addresses the international financial systems that play such a large part in guiding the process of globalization, considering the influence of exchange rate regimes, financial development, financial crises, and the architecture of the international financial system itself. This volume reveals a much larger picture of the process of globalization, one that stretches from the establishment of a global economic system during the nineteenth century through the disruptions of two world wars and the Great Depression into the present day. The keen analysis, insight, and wisdom in this volume will have something to offer a wide range of readers interested in this important issue.
In this novel introduction to modern microeconomic theory, Samuel Bowles returns to the classical economists' interest in the wealth and poverty of nations and people, the workings of the institutions of capitalist economies, and the coevolution of individual preferences and the structures of markets, firms, and other institutions. Using recent advances in evolutionary game theory, contract theory, behavioral experiments, and the modeling of dynamic processes, he develops a theory of how economic institutions shape individual behavior, and how institutions evolve due to individual actions, technological change, and chance events. Topics addressed include institutional innovation, social preferences, nonmarket social interactions, social capital, equilibrium unemployment, credit constraints, economic power, generalized increasing returns, disequilibrium outcomes, and path dependency. Each chapter is introduced by empirical puzzles or historical episodes illuminated by the modeling that follows, and the book closes with sets of problems to be solved by readers seeking to improve their mathematical modeling skills. Complementing standard mathematical analysis are agent-based computer simulations of complex evolving systems that are available online so that readers can experiment with the models. Bowles concludes with the time-honored challenge of "getting the rules right," providing an evaluation of markets, states, and communities as contrasting and yet sometimes synergistic structures of governance. Must reading for students and scholars not only in economics but across the behavioral sciences, this engagingly written and compelling exposition of the new microeconomics moves the field beyond the conventional models of prices and markets toward a more accurate and policy-relevant portrayal of human social behavior.