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The End of Value-Free Economics (Routledge Inem Advances In Economic Methodology Ser. #13)
By Hilary Putnam, Vivian Walsh. 2011
This book brings together key players in the current debate on positive and normative science and philosophy and value judgements…
in economics. Both editors have engaged in these debates throughout their careers from its early foundations; Putnam as a doctorial student of Hans Reichenbach at UCLA and Walsh a junior member of Lord Robbins’s department at the London School of Economics, both in the early 1950s. This book collects recent contributions from Martha Nussbaum, Amartya Sen and Partha Dasgupta, as well as a new chapter from the editors.First published in 1984, Michael Redclift’s book makes the global environmental crisis a central concern of political economy and its…
structural causes a central concern of environmentalism. Michael Redclift argues that a close analysis of the environmental crisis in the South reveals the importance of the share of resources obtained by different social groups. The development strategies based on the experiences and interests of Western capitalist countries fail to recognise that environmental degradation in the South is a product of inequalities in both global and local economic relations and cannot be solved simply by applying solutions borrowed from environmentalism in the North. The key to understanding the South’s environmental problems lies in the recognition that structural processes – markets, technology, state intervention – are also a determining influence upon the way natural resources are used. Through his review of Europe’s Green Movement, contemporary breakthroughs in biotechnology and information systems and recent feminist discourse, Michael Redclift has enlarged the compass of the environmental debate and produced a book which should serve as a benchmark in future discussions of development and the environment. It will be of importance to students in a range of disciplines, within development studies, geography, ecology and the social sciences.Monetary policy in the Middle East and North African (MENA) countries remains an understudied area; this book fills an important…
gap by examining monetary policy frameworks and monetary policy strategies in the region. Building on the editors’ earlier book, Monetary Policy and Central Banking in the Middle East and North Africa, which focused on central bank independence issues and on exchange rate regimes, this book emphasises monetary policy strategies. Part I contains an overview of the financial markets and institutions which condition the choice of monetary policy strategy in the countries of the region, followed by single-country studies on aspects of the monetary policy frameworks of Lebanon, Egypt, Jordan, the Palestinian Territory and Turkey. Part II includes analyses of the prospects for inflation targeting in Egypt, Morocco and Tunisia, of the monetary transmission mechanism in the Gulf Cooperation Council countries, of the relative advantages of inflation targeting and exchange rate fixity with reference to Egypt, of the problem of fiscal dominance in Egypt, and of the inflationary implications of exchange rate fixity for Saudi Arabia and Kuwait. The contributors are experts from universities inside and outside the MENA region, from central banks in the region and from outside institutions such as the European Central Bank and the International Monetary Fund.Macroeconomics
By Robert J. Rossana. 2011
Research in macroeconomics in the last thirty years has featured, almost exclusively on two characteristics: an emphasis on the microfoundations…
of macroeconomics and secondly, intertemporal economics, that is, the behavior of economic actors over time. Curiously, textbooks in intermediate macroeconomics have been very slow to adopt these traits. The aim of this book is to bring intermediate instruction in macroeconomics fully into line with the direction taken by the research community. Key hallmarks of the text include: a full introduction to the microfoundations of consumption and investment a complete model of the labor market with profit maximization for firms to determine labor demand and a utility maximization model to determine labor supply an analysis of the Baumol-Tobin model to determine money demand accompanied by a discussion of traditional money supply Possessing a full range of additional learning features including a companion website, test bank and instructor’s manual, the book takes an international view of macroeconomics with case studies and examples from the United States and beyond.Freedom and Happiness in Economic Thought and Philosophy: From Clash to Reconciliation (Routledge Frontiers Of Political Economy Ser. #147)
By Ragip Ege, Herrade Igersheim. 2011
Starting from a distinction made by the American philosopher, John Rawls, in 2000 between two kinds of liberalism, "liberalism of…
freedom" and "liberalism of happiness", this book presents a range of articles by economists and philosophers debating the most fundamental aspects of the subject. These include the exact significance of Rawls’ distinction and how it can be related to European political philosophy on the one hand and to utilitarianism on the other hand; the various definitions of happiness and freedom and their implications and the informational basis of individual preferences. The objectives of the book are twofold: first, it is devoted to a thorough analysis of the founding texts of both liberalisms. It aims to determine the logic of selection of the concepts which these traditions consider as relevant. The Kantian pair "Reasonable"/"Rational" can be seen as the basis on which these concepts are defined, our final concern being to reveal the profound relations of complementarity between them: we call it reconciliation. Secondly, we consider a fundamental issue of welfare economics – how to appraise individual preferences – in light of the Rawlsian distinction. It is emphasized that neither a criterion based on liberalism of freedom by itself, nor an evaluation in terms of liberalism of happiness by itself exhausts the question of utility. One must combine both aspects in order to cope with that issue. To do so, it is claimed that one can resort to the concept of metaranking of preferences. All the contributions included in this book are the outcomes of a collective research project of three years. The contributors come from a variety of backgrounds and yet are unified in developing a specific position about freedom and happiness. This book should be of interest to those focusing on the history of economic thought as well as moral, political and economic philosophy.Education and Development (Routledge Library Editions: Development)
By Roger M. Garrett. 2011
First published in 1984, this collection represents the combined contributions to an international conference held at the University of Bristol…
in April 1983. In assessing the complex relationship between education and development, it covers a wide range of countries in its appraisal and presents pictures both of optimism and pessimism. All, however, encourage the reader to re-examine long-held beliefs, and presents a new starting point for fresh discussion of this vital subject.A History of Homo Economicus: The Nature of the Moral in Economic Theory (Routledge Studies In The History Of Economics Ser. #141)
By William Dixon, David Wilson. 2011
A key issue in economic discourse today is the relation (or lack of it) between economic behaviour and morality. Few…
(presumably) would want to deny that human beings are in some sense moral or ethical creatures, but the devil is in the detail. Should we think of economic behaviour as an essentially amoral process – a process adequately characterised by a means-ends rationality – into which any number of subjective ethical concerns or orientations may be intruded to give a particular action its determinate moral content? Or is it rather the case that our moral being runs deeper than this, in the sense that all of our behaviour – ‘economic’ or otherwise – is enabled or capacitated by a competence that is fundamentally ethical in character? With new analyses of the work of Hobbes and Smith, Dixon and Wilson offer a fresh approach to the debate surrounding economics and morality with a novel discussion of the self in economic theory. This book calls for a change in the way that the relation between economic behaviour and morality is understood – from an understanding of morality as a kind of preference that informs certain types of other-regarding behaviour (the way that modern economics understands the relationship), to an idea of morality as a competence that enables or, rather, conditions the possibility of all forms of human behaviour, other-regarding or not. Offering a new insight on homo economicus, this book will be of great interest to all those interested in the history of economics and of economic thought.The Political Economy of Consumer Behavior: Contesting Consumption (Routledge Advances in Social Economics)
By Bruce Pietrykowski. 2011
Consumption forms a major part of people’s lives. As such, geographers, historians of technology and sociologists have devoted much attention…
to trying to figure out what makes consumption meaningful. By contrast, economists have been content to hold onto theories of consumption that depend on a self-interested representative agent making utility maximizing decisions. Pietrykowski develops this alternative account through the recovery of past attempts to forge a different analytical approach to the study of consumption. In particular, theories of consumption espoused by home economists, psychological economists and Regulation school theorists are critically reviewed. These research projects, marginalized by the mainstream, are the precursors of contemporary scholarship in feminist, behavioural and radical political economics. Reclaiming this work greatly enlarges the scope for contemporary research in consumer behavior. Pietrykowski then provides a richly textured set of case studies of green automobility, slow food and alternative/local currency in order to explore the diversity of user cultures and to highlight resistant forms of consumer practice. By carefully interweaving historical and interdisciplinary research Pietrykowski creates a lively and incisive critique of mainstream economics This monograph will be of interest to academic economists, sociologists, historians and graduate students. In addition, the economics of consumption would also be of interest to readers in management, marketing and schools of business administration.This book provides a critical analysis of merger control regimes in the former socialist countries with small market economies, looking…
at the unique challenges facing these economies. Questions will be asked as to what extent these countries have had to follow dictation from the EU and whether this implementation of EU merger control rules has been justified from the point of view of these countries' economic situations. The book will analyse the merger control regimes in Estonia, Latvia and Lithuania, Slovenia and Slovakia. However, reference will be made to other small market economies of the EU including Cyprus, Ireland, Luxembourg and Malta in order to evaluate the particular difficulties the former socialist countries with small market economies have had in the implementation and further development of merger control rules.Stakeholder value, corporate social responsibility and sustainability: Are these, and similar, concepts sufficiently clear for fruitful research in business ethics?…
What is the benchmark to prove their utility? Business Ethics and the Austrian Tradition in Economics is a treatise on the fundamental questions of business ethics and addresses significant shortcomings in the field. It is the result of correlating reflections on phenomena, resulting from an intersection of ethics, economics, methodology, and political and social philosophy. Sparked by the business ethicists’ tendency to consider certain areas outside their field and accept others unquestioningly, this book provides answers in the tradition of Austrian Economics and, in particular, of Hayek and Popper. Through detailed examination and reflection, this book presents the thesis that many themes in business ethics are discussed either unduly intensely, unbalanced or rarely, measured against what business ethics as a science should deliver. It does so by offering an answer to one of the most crucial questions in business ethics, namely that of justice in moral economic actions. Bouillon develops an original definition of morally just economic action in the course of three chapters, and subsequently uses it as yardstick, from which, in chapter four, he reads which of the relevant concepts and topics in business ethics ask for restatement. As a side-product Bouillon discloses logical inconsistencies in prominent political philosophies, and the consequences of these inconsistencies for maldevelopments in business ethics. Business Ethics and the Austrian Tradition in Economics illustrates and analyses the business etchics’ peculiarities particularly within German literature, providing the reader with a focus rarely found elsewhere. This book should be of interest to economics postgraduates and researchers looking at business ethics, economic theory, and social and political philosophy.This book discusses the law of safeguard measures as laid down in the WTO agreements and cases decided by the…
Panel and the Appellate Body. It sets out a comprehensive treatment of safeguard measures covering the history and evolution of the law, as well as the procedural requirements and the application of safeguard measures. In addition to measures under Article XIX and the Safeguards Agreement, the book includes coverage of safeguard measures for agricultural products, Special Safeguard Measures for developing countries, safeguard measures for textiles and proposed safeguard measures under General Agreement on Trade in Services (GATS) as well as special safeguard clauses against China. Recognition and Regulation of Safeguard Measures Under GATT/WTO considers safeguards from a developing country’s perspective drawing on Joseph E. Stiglitz’s argument that developing countries require these trade remedy measures to protect their domestic industries and ensure their development. Sheela Rai considers this view and goes on to examine how beneficial the provisions relating to safeguard measures and their interpretation given by the Panel and Appellate Body have been for developing countries.This book focuses on international harmonisation and the law of secured transactions by distilling and analysing the unifying principles of…
various significant international conventions and instruments such as the UN Convention on the Assignment of Receivables, the Unidroit Convention on International Factoring, the EBRD Model Law on Secured Transactions, the Unidroit Convention on the International Interests in Mobile Equipment and the UNCITRAL Legislative Guide on Secured Transactions. International secured transactions conventions and instruments facilitate credit and promote economic activity through the creation of harmonised rules. Therefore, given the increasing globalisation of markets, international reform efforts for the harmonised modernisation of secured transactions law have gained pace over recent years. International Secured Transactions Law draws on experiences in both English and US laws in order to identify and illustrate the existing problems that need to be addressed, as well as identify potential solutions. International Secured Transactions Law will be of interest to scholars, students interested in international commercial law, corporate law or comparative secured transactions, and practitioners involved in international commercial transactions.Everybody uses money every day, but we rarely stop to think about how money works. In this book, scholars from…
different disciplines seek to answer that question; from historians to economists, sociologists, a philosopher and a physicist. Money works as a social construction because we have mutual expectations that support its use – despite the seeming irrationality of trading valuable things or doing strenuous work for pieces of paper or numbers in accounts. Recently, there has been a revival of interest in monetary theory, not least because the impacts of globalizing markets and of new communication and information technologies have changed the forms of money. The deep crisis of the financial system has demonstrated the importance of a functioning monetary system and although renewed interest in this has led to significant contributions in various fields, it remains true that no social science discipline on its own is sufficiently equipped to explain the basic workings of monetary systems, their rapid innovation and their effects on social, economic and political structures. The contributors to this book report on their latest research on the origins of money, on the nature of monetary transactions, on money and the state, and on the role of money and finance in the recent global crisis. They show how established theories of money and the policies guided by these theories went wrong. This collection will be a valuable resource for students and researchers seeking a deeper understanding of money.This book analyses the contribution of Eugen (Jenő) Varga (1879-1964) on Marxist-Leninist economic theory as well as the influence he…
exercised on Stalin’s foreign policy and through the Comintern on the international communist movement. During the Hungarian Councils’ Republic of 1919 Varga was one of those chiefly responsible for transforming the economy into one big industrial and agrarian firm under state authority. After the fall of the revolutionary regime that year, Varga joined the Hungarian Communist Party, soon after which, he would become one of the Comintern’s leading economists, predicting the inevitable crisis of the capitalist system. Varga became the Soviet Union’s official propagandist. As an economic specialist he would advise the Soviet government on German reparation payments and, unlike Stalin, believed that the capitalist state would be able to plan post-war economic recovery, which contradicted Stalin’s foreign policy strategy and led to his disgrace. Thus by the beginning of the Cold War in 1947, Varga was discredited, but allowed to keep a minor academic position. After Stalin’s death in 1953 he reappeared as a well-respected economist whose political influence had nonetheless waned. In this study Mommen reveals how Stalin’s view on international capitalism and inter-imperialist rivalries was profoundly influenced by debates in the Comintern and by Varga’s concept of the general crisis of capitalism. Though Stalin appreciated Varga’s cleverness, he never trusted him when making his strategic foreign policy decisions. This was clearly demonstrated in August 1939 with Stalin’s pact with Hitler, and in 1947, with his refusal to participate in Marshall’s European Recovery Plan. This book should be of interest to a wide variety of students and researchers, including those concentrating on the history of economic thought, Soviet studies, international relations, and European and Cold War history.The Politics of United States Foreign Aid (Routledge Library Editions: Development)
By George M. Guess. 2011
First published in 1987, this reissue explores contemporary United States foreign aid policies and thinking in the Reagan era. The…
author argues that aid policy is often confused as a result of bureaucratic decision-making processes. The book contrasts the experience of the many countries where aid-giving has produced unwished-for effects with the few countries where the desired results have occurred. The author concludes by arguing for a new approach to aid-giving by the United States.The China Development Research Foundation is one of the leading economic and social think tanks in China, where many of…
the theoretical underpinnings and policy details of economic reform were formulated. This book is the first of a series which makes available to an English-speaking audience the work of the individual Chinese economists who were the architects of reform. The series provides an inside view of China’s economic reform, revealing the thinking of the reformers themselves, unlike many other books on China’s economic reform which are written by outside observers. Xue Muqiao held many key posts including Secretary General of the Finance and Economy Commission of the Government Administrative Council, Director-General of the National Bureau of Statistics and consultant of State Council Office for Restructuring the Economic Systems. His work included eliminating the serious inflation of the early years of the People’s Republic, participating in drafting and implementing the First and Second Five-year Plans, and establishing the initial statistics system and price management system. His great contribution was to the development of economic theories and practice following China’s economic reform.The Green Revolution Revisited: Critique and Alternatives (Routledge Library Editions: Development)
By Bernhard Glaeser. 2011
The Green Revolution – the apparently miraculous increase in cereal crop yields achieved in the 1960s – came under severe…
criticism in the 1970s because of its demands for optimal irrigation, intensive use of fertilisers and pesticides; its damaging impact on social structures; and its monoculture approach. The early 1980s saw a concerted approach to many of these criticisms under the auspices of Consultative Group on International Agricultural Research (CGIAR). This book, first published in 1987, analyses the recent achievements of the CGIAR and examines the Green Revolution concept in South America, Asia and Africa, from an ‘ecodevelopment’ standpoint, with particular regard to the plight of the rural poor. The work is characterised by a concern for the ecological and social dimensions of agricultural development,which puts the emphasis on culturally compatible, labour absorbing and environmentally sustainable food production which will serve the long term needs of developing countries.Econometrics: A Varying Coefficients Approach (Routledge Revivals)
By Baldev Raj, Aman Ullah. 2011
Originally published in 1981, this book considers one particular area of econometrics- the linear model- where significant recent advances have…
been made. It considers both single and multiequation models with varying co-efficients, explains the various theories and techniques connected with these and goes on to describe the various applications of the models. Whilst the detailed explanation of the models will interest primarily econometrics specialists, the implications of the advances outlined and the applications of the models will intrest a wide range of economists.The Determinants of Entrepreneurship: Leadership, Culture, Institutions (Perspectives in Economic and Social History #7)
By José L. García-Ruiz, Pier Angelo Toninelli. 2011
This study looks at entrepreneurial history from three angles: Entrepreneurial Typologies; Business Leaders; and Culture vs Institutions. The previous scarcity…
of material makes this collection of eight papers an invaluable resource and should encourage further analysis.The Economics of Identity and Creativity: A Cultural Science Approach
By Carsten Herrmann-Pillath. 2011
The Economics of Identity and Creativity aims to sythesize naturalistic evolutionary theory while discussing new developments in economics. The author's…
approach reexamines fundamental assumptions about how a capitalist economy works, from the relation between producers and consumers to the functioning of intellectual property rights. In the creative economy, the author argues, identities merge with the flow of creative action. To explain these changes, he draws upon a range of theories from analytical philosophy to biology, and from economics to sociology.The first part of the book examines the role of language in the naturalistic approach to cultural science. Hermann-Pillath draws on Darwinian evolutionary theory to map a concept of knowledge. Part Two offers a systematic approach to creativity and identity from the naturalistic point of view developed in Part One. Here the author builds a theory of creativity from the ideas of conceptual blending in the cognitive sciences.Herrmann-Pillath presents a theory of identity based on analytical philosophy, and looks at the problems in fixing the boundaries of an individual identity both in biological evolutionary theory and brain sciences. He takes the concept of identity through the current economic approaches, examining the distinction between social and personal identity. This fascinating interdisciplinary work provides a precise argument that the foundations of economics can be found in cultural science, and it has evolved to become the cultural institution at the core of the modern economy.