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Lionel Robbins (1898–1984) is best known to economists for his Essay on the Nature and Significance of Economic Science (1932 and 1935). To the wider public he is well known for the 'Robbins Report' of the 1960s on Higher Education, which recommended a major expansion of university education in Britain. However, throughout his academic career – at Oxford and the London School of Economics in the 1920s, and as Professor of Economics at the School from 1929 to 1961 – he was renowned as an exceptionally gifted teacher. Generations of students remember his lectures for their clarity and comprehensiveness and for his infectious enthusiasm for his subject. Besides his famous graduate seminar his most important and influential courses at LSE were the Principles of Economic Analysis, which he gave in the 1930s and again in the late 1940s and 1950s, as well as the History of Economic Thought, from 1953 until long after his official retirement. This book publishes for the first time the manuscript notes Robbins used for his lectures on the Principles of Economic Analysis from 1929/30 to 1934/40. At the outset of his career he took the advice of a senior colleague to prepare his lectures by writing them out fully before he presented them; the full notes for most of his pre-war lectures survive and are eminently decipherable. Since he made two major revisions of the lectures in the 1930s the Principles notes show both the development of his own thought and the way he incorporated the major theoretical innovations made by younger economists at LSE, such as John Hicks and Nicholas Kaldor, or elsewhere, notably Joan Robinson. He intended to turn his lecture notes into a book, abandoning the project only when he was asked to chair the Committee on Higher Education in 1960. This volume is not exactly the book he wanted to write, but it is a unique record of what was taught to senior undergraduate and graduate economists in those 'years of high theory'. It will be of interest to all economists interested in the development of economics in the twentieth century.
This new reader in the history of economic thought is edited by two of the most respected figures in the field. With clearly written summaries putting each selection into context, this book will be of great use to students and lecturers of the history of economic thought as it goes beyond the simple reprinting of articles. Selections and discussions include such thinkers as Aristotle, John Locke, François Quesnay, David Hume, Jean-Baptiste Say, Karl Marx, William Stanley Jevons, Irving Fisher and Thorstein Veblen. The History of Economic Thought: A Reader can be used as a core textbook or as a supplementary text on courses in economic thought and philosophy, and will provide readers with a good foundation in the different schools of thought that run through economics.
By the time of his death the English economist Lionel Robbins (1898-1984) was celebrated as a 'renaissance man'. He made major contributions to his own academic discipline and applied his skills as an economist not only to practical problems of economic policy - with conspicuous success when he served as head of the economists advising the wartime coalition government of Winston Churchill in 1940-45 - and of higher education - the 'Robbins Report' of 1963 - but also to the administration of the visual and performing arts that he loved deeply. He was devoted to the London School of Economics, from his time as an undergraduate following active service as an artillery officer on the Western Front in 1917-18, through his years as professor of economics (1929-62), and his stint as chairman of the governors during the 'troubles' of the late 1960s. This comprehensive biography, based on his personal and professional correspondence and other papers, covers all these many and varied activities.
Lessons from the Great Depression provides an integrated view of the depression, covering the experience in Britain, France, Germany, and the United States. Do events of the 1930s carry a message for the 1990s? Lessons from the Great Depression provides an integrated view of the depression, covering the experience in Britain, France, Germany, and the United States. It describes the causes of the depression, why it was so widespread and prolonged, and what brought about eventual recovery. Peter Temin also finds parallels in recent history, in the relentless deflationary course followed by the U.S. Federal Reserve Board and the British government in the early 1980s, and in the dogged adherence by the Reagan administration to policies generated by a discredited economic theory—supply-side economics.
Ralph Gomory and William Baumol adapt classical trade models to the modern world economy. In this book Ralph Gomory and William Baumol adapt classical trade models to the modern world economy. Trade today is dominated by manufactured goods, rapidly moving technology, and huge firms that benefit from economies of scale. This is very different from the largely agricultural world in which the classical theories originated. Gomory and Baumol show that the new and significant conflicts resulting from international trade are inherent in modern economies.Today improvement in one country's productive capabilities is often attainable only at the expense of another country's general welfare. The authors describe why and when this is so and why, in a modern free-trade environment, a country might have a vital stake in the competitive strength of its industries.
In Poland's jump to the Market Economy, Jeffrey Sachs provides an insider's analysis of the political events and economic strategy behind the country's swift transition to capitalism and democracy. The greatest challenges to economic reform, Sachs points out, have been primarily political in nature, rather than social or even economic.Sachs reviews Poland's striking progress since the start of the economic reforms three years ago, which he helped to design. He discusses the gains - more than half of employment and GDP is now in the private sector, exports to Western Europe have more than doubled, and economic growth and confidence are returning - as well as the serious problems that remain - high unemployment, a chronic fiscal deficit, the slow pace of privatization of large industrial enterprises, and the fragility of multiparty coalition governments.Sachs points out that leadership is crucial to economic reform in a newly democratic setting, as is the West's timely economic assistance. In Poland's case, the Zloty Stabilization Fund and the two-stage debt cancellation have been essential to keeping the reform program on track.Poland's example has had a powerful impact on reforms throughout the region, including the former Soviet Union, and has done much to dispel the fear that the citizens themselves, allegedly made lazy by decades of socialism, would reject the competitive rigors of a market economy. Overall, Sachs remains firmly convinced of the potential for successful economic reforms. in Poland and the rest of the region.Jeffrey Sachs is Galen L. Stone Professor of International Trade at Harvard University, and has been an economic advisor to more than a dozen countries around the world, including Bolivia, Mongolia, Poland, and Russia.
Alan S. Blinder offers the dual perspective of a leading academic macroeconomist who served a stint as Vice-Chairman of the Federal Reserve Board—one who practiced what he had long preached and then returned to academia to write about it. He tells central bankers how they might better incorporate academic knowledge and thinking into the conduct of monetary policy, and he tells scholars how they might reorient their research to be more attuned to reality and thus more useful to central bankers. Based on the 1996 Lionel Robbins Lectures, this readable book deals succinctly, in a nontechnical manner, with a wide variety of issues in monetary policy. The book also includes the author's suggested solution to an age-old problem in monetary theory: what it means for monetary policy to be "neutral."