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The London School of Economics (LSE) has been and continues to be one of the most important global centres for economics. With six chapters on themes in LSE economics and 29 chapters on the lives and work of LSE economists, this volume shows how economics became established at the School, how it produced some of the world’s best-known economists, including Lionel Robbins and Bill Phillips, plus Nobel Prize winners, such as Friedrich Hayek, John Hicks and Christopher Pissarides, and how it remains a global force for the very best in teaching and research in economics. With original contributions from a stellar cast, this volume provides economists – especially those interested in macroeconomics and the history of economic thought – with the first in-depth analysis of LSE economics.
'All of us need help in understanding Keynes's brilliant, but often opaque, contributions to theory and policy. These essays provide a scholarly, balanced yet provocative assessment and critique.' Sir Alan Walters This book represents, for the first time a collection of classic appraisals of Keynesian economics' impact on economic theory and policy that will be of use to all students of macroeconomics and the history of economic thought. Don Patinkin's assesses Keynes early life and focuses attention on Keynes's contribution to monetary economics. Axel Leijonhufvud takes the view that the Keynesian revolution began and stayed on the wrong track. Leland Yeager refutes the idea that Keynesian economics was responsible for the general prosperity in the industrialised world immediately after the Second World War. Karl Brunner is critical of Keynes's reliance on fiscal rather than monetary policy. Terence Hutchison defends Keynes, both against his critics and against Keynesians! Patrick Minford traces the roots of neoclassical economics, back to The General Theory. Stephen Littlechild offers an alternative to Keynesian economics by focusing attention on the Austrian school.
The book enhances current economic understanding of the firm as an institution and an organization, looking beyond the narrow boundaries of neoclassical economics to an interdisciplinary approach based on accounting and law as well as economics itself. It represents the first synthesis of the authors' research work on the subjec
The 43 papers in this collection, originally published from 1972 to 1987 delve into accounting, observing and exploring its functioning. They construct a basis for interrogating it in use and indeed they attempt to account for accounting. The author seeks to understand accounting, to appreciate what it is, what it does and how it does it, examining it from without rather than from within.
Enterpreneurship is central to the market process, and yet most theories of it fail to tackle the problem of how economic agents learn from their experience. This book redresses this by systematically applying the ideas of Karl Popper. It treats the entrepeneur as a theorist who develops conjectures which are then tested by exposure to the market, in an effort to eliminate errors. This is a critical aspect of the development of new ventures, as most entrepeneurial ideas turn out to be mistakes, at least in their original form.
It is now twenty years since the concept of rent-seeking was first devised by Gordon Tullock, though he was not responsible for coining the phrase itself. His initial insight has burgeoned over two decades into a major research program which has had an impact not only on public choice, but also on the related disciplines of economics, political science, and law and economics. The reach of the insight has proved to be universal, with relevance not just for the democracies, but also, and arguably more important, for all forms of autocracy, irrespective of ideological com plexion. It is not surprising, therefore, that this volume is the third edited publication dedicated specifically to scholarship into rent-seeking behavior. The theory of rent-seeking bridges normative and positive analyses of state action. In its normative dimension, rent-seeking scholarship has expanded, enlivened, in some respects turned on its head, the traditional welfare analyses of such features of modern economics as monopoly, externalities, public goods, and trade protection devices. In its positive dimension, rent-seeking contributions have provided an important analy tical perspective from which to understand and to predict the behavior of politicians, interest groups and bureaucrats, the media and the academy within the political market place. This bridge between normative and positive elements of analysis is invaluable in facilitating an understanding of and evaluating the costs of state activity within a consistent paradigm.
These volumes complete the project of the earlier assessments by making available the many major articles which have appeared subsequently, including the different re-interpretations by Piero Sraffa, Paul Samuelson and Samuel Hollander.