This book provides a comprehensive survey of the major developments in monetary theory and policy from David Hume and Adam Smith to Walter Bagehot and Knut Wicksell. In particular, it seeks to explain why it took so long for a theory of central banking to penetrate mainstream thought. The book investigates how major monetary theorists understood the roles of the invisible and visible hands in money, credit and banking; what they thought about rules and discretion and the role played by commodity-money in their conceptualizations; whether or not they distinguished between the two different roles carried out via the financial system - making payments efficiently within the exchange process and facilitating intermediation in the capital market; how they perceived the influence of the monetary system on macroeconomic aggregates such as the price level, output and accumulation of wealth; and finally, what they thought about monetary policy.
This book provides a comprehensive survey of the major developments in monetary theory and policy from David Hume and Adam Smith to Walter Bagehot and Knut Wicksell. In particular, it seeks to explain why it took so long for a theory of central banking to penetrate mainstream thought. The book investigates how major monetary theorists understood the roles of the invisible and visible hands in money, credit and banking; what they thought about rules and discretion and the role played by commodity-money in their conceptualizations; whether or not they distinguished between the two different roles carried out via the financial system - making payments efficiently within the exchange process and facilitating intermediation in the capital market; how they perceived the influence of the monetary system on macroeconomic aggregates such as the price level, output and accumulation of wealth; and finally, what they thought about monetary policy.
This book assesses major schools of thought in macroeconomic theory between the Great Depression and the Long Recession, focusing on their analysis of cycles, crises and macro-policy. It explores the road from the dominance of Keynesian ideas to those of New Classical Macroeconomics (NCM) toward the end of the millennium. The book covers the early influential work of Knut Wicksell; the economic debates of the 1930s, with core contributions from John Maynard Keynes and Friedrich von Hayek; the rise of Keynesianism in the 1950s and its decline since the 1970s; the rise of Monetarism in the 1960s; and NCM’s subsequent rise to prominence. Finally, the book outlines how macroeconomics has evolved from its birth in the 1930s as a theory separate from microeconomics, resulting in a split between macro- and micro-theories, and ended up with a new hegemonic paradigm based on microfoundations. The ensuing policy thinking witnessed a transformation from "active" macro-policy after the Great Depression to a far more "passive" macro-policy during the last quarter of the twentieth century, which may have contributed to missing the signs of the impending Long Recession of 2008. “When the 2008 crisis struck, macroeconomists were caught with models that were theoretically elegant yet inappropriate to the needs of the moment. A broader historical perspective may have prevented the jettisoning of Keynesian models that had proved useful in the past and might have done so again. This highly readable book by Arie Arnon is a wonderful antidote to economists’ short time horizon and contributes mightily to restore the profession’s “collective memory” of the diversity of ideas within macroeconomics.” Professor Dani Rodrik, Harvard Kennedy School
Hepatitis Viruses of Man covers the advances and developments in the study of viral hepatitis. The book discusses the history, epidemiology, and clinical features of viral hepatitis; the nomenclature and morphology of hepatitis viruses and their antigens; and the pathology of the liver in acute viral hepatitis. The text also describes the biochemical and biophysical properties of hepatitis B surface antigen; the nature and immunopathogenesis of hepatitis B; and the laboratory tests for hepatitis B surface antigen and antibody and hepatitis B core antigen and antibody. The carrier state; maternal transmission of hepatitis B and neonatal infection; and Hepatitis B virus and primary liver cancer are also considered. The book further tackles the laboratory tests for hepatitis A and the nature of the virus; immunization against hepatitis; and interferon and antiviral therapy in chronic hepatitis B infection. Microbiologists, pathologists, and medical doctors will find the book useful.
This book is the definitive guide to the topical issue of the relationship between political parties that embrace the democratic process and terrorist groups which eschew the legal and procedural strictures of democracy. The fully revised edition continues to provide the most detailed theoretical and empirical analysis of this controversial issue, highlighting the fluid nature of boundaries between terrorist organisation and legitimate political party. Drawing on a vast array of data, the authors examine a large number of international case studies from Italy, Spain, Lebanon, Turkey, Iran, Israel, Palestine, Peru, Argentina, Japan and Northern Ireland. By incorporating substantial new material on ETA, Hizbollah and Hamas, this book retains its position at the forefront of the worldwide political discussion on terrorism, and continues to be essential reading for all students, academics and readers with an interest in security studies, terrorism and political violence
In recent years, Israel has deeply and quickly transformed itself from a self-perceived social-democratic regime into a privatized and liberalized "Start-Up Nation" and a highly divided society. This transition to neoliberalism has been coupled with the adoption of a hawkish and isolationist foreign policy. How can such a deep change be explained? How can a state presumably founded on the basis of socialist ideas, turn within a few decades into a country characterized by a level of inequality comparable to that of the United States? By presenting a comprehensive and detailed analysis of the evolution of the Israeli economy from the 1930s to the 1990s, The Israeli Path to Neoliberalism seeks to explain the Israeli path to neoliberalism. It debunks the ‘from-socialism-to-liberalization’ narrative, arguing that the evolution of Israeli capitalism cannot be described or explained as a simple transplantation of imported economic models from advanced liberal democracies. Rather, it asserts that the Israeli variant of capitalism is the product of the encounter between imported Western institutional models and policy ideas, on the one hand, and domestic economic, social and security policy problems on the other. This mechanism of change enables us to understand the factors that gave rise to Israel’s unique combination of liberalization and strong national sentiments. Providing an in-depth analysis of Israel’s transformation to neoliberalism, the book is a valuable resource for those studying the economic history of Israel, or the political economy of late-developing countries.
Longer-term developments shape the present and endogenous futures of institutions and practices of science and technology in society and their governance. Understanding the patterns allows diagnosis and soft intervention, often linked to scenario exercises. The book collects six articles offering key examples of this perspective, addressing ongoing issues in the governance of science and technology, including nanotechnology and responsible research and innovation. And adds two more articles that address background philosophical issues.
Many times when the author saw the bedouins of southern Sinai excavate their wells in the crystalline rocks, from which this part of the peninsula is built, the story of Moses striking the rock to get water came to mind. The reader will, indeed, find in this book the description for a rather simple method by which to strike the rock to get water in the wilderness of Sinai. Yet this method was not invented by the author nor by any other modem hydrogeologist, but was a method that the author learned from the bedouins living in the crystalline mountains of southern Sinai. These bedouins, belonging to the tribe of the Gebelia (the "mountain people"), live around the monastery of Santa Katerina and, according to their tradition, which has been conftrmed by historical research, were once Christians who were brought by the Byzantine emperor, Justinian, from the Balkans in the 6th century A. D. to be servants to the priests of the monastery. They know how to discern places where veins of calcite fIlled the fractures of the granites; such places are a sign of an extinct spring. They also know how to distinguish an acid hard granite rock, and hard porphyry dike from a soft diabase dike. The latter indicated the location at which they should dig for water into the subsurface. In Chapter 9, the reader will ftnd a detailed description of how they used this knowledge to extract water from the rock.
How do we contribute to the decolonisation of Palestine? In what ways can we divest from settler arrangements in the present-day? Exploring the Zionist takeover of Palestine as a settler colonial case, this book argues that in studying the elimination of native life in Palestine, the loss of Arab-Jewish shared life cannot be ignored. Muslims, Christians, and Jews, shared a life in Ottoman Palestine and in a different way during British rule. The attempt to eliminate native life involved the destruction of Arab society – its cultural hegemony and demographic superiority – but also the racial rejection of Arab-Jewish sociabilities, of shared life. Thus the settlerist process of dispossession of the Arabs was complemented with the destruction of the social and cultural infrastructure that made Arab-Jewish life a historical reality. Both operations formed Israeli polity. Can this understanding contribute to present-day Palestinian resistance and a politics of decolonisation? In this book, the authors address this question by exploring how the study of elimination of shared life can inform Arab-Jewish co-resistance as a way of defying Israel’s Zionist regime. Above and beyond opposing an unacceptable state of affairs, this book engages with past and present to discuss possible futures.
This book assesses major schools of thought in macroeconomic theory between the Great Depression and the Long Recession, focusing on their analysis of cycles, crises and macro-policy. It explores the road from the dominance of Keynesian ideas to those of New Classical Macroeconomics (NCM) toward the end of the millennium. The book covers the early influential work of Knut Wicksell; the economic debates of the 1930s, with core contributions from John Maynard Keynes and Friedrich von Hayek; the rise of Keynesianism in the 1950s and its decline since the 1970s; the rise of Monetarism in the 1960s; and NCM’s subsequent rise to prominence. Finally, the book outlines how macroeconomics has evolved from its birth in the 1930s as a theory separate from microeconomics, resulting in a split between macro- and micro-theories, and ended up with a new hegemonic paradigm based on microfoundations. The ensuing policy thinking witnessed a transformation from "active" macro-policy after the Great Depression to a far more "passive" macro-policy during the last quarter of the twentieth century, which may have contributed to missing the signs of the impending Long Recession of 2008. “When the 2008 crisis struck, macroeconomists were caught with models that were theoretically elegant yet inappropriate to the needs of the moment. A broader historical perspective may have prevented the jettisoning of Keynesian models that had proved useful in the past and might have done so again. This highly readable book by Arie Arnon is a wonderful antidote to economists’ short time horizon and contributes mightily to restore the profession’s “collective memory” of the diversity of ideas within macroeconomics.” Professor Dani Rodrik, Harvard Kennedy School
This book offers the only comprehensive overview of the Palestinian economy in the West Bank and Gaza during the last thirty years. The book analyses past trends, present conditions and alternative arrangements for the future. A comprehensive data set presents, for the first time, a detailed picture of the Palestinian economy.
This book combines historical and policy-oriented perspectives on the relevance of the Keynesian approach for economic theory, policy, and crisis analysis. The first part focuses on historical, theoretical, and methodological issues, and puts them in context with current developments. The second part focuses on the application of the Keynesian approach to modeling the economy, policy-making, and analyzing the ongoing crisis of the early 21st century. Bringing together contributions by leading macroeconomists such as Laidler, Cukierman, Colander and Boyer, and leading historians of economics such as Hollander, Boianovsky, Marcuzzo, Dimand, Witztum, Young, deVroey and Arnon, the book offers a comprehensive overview of Keynesian economics today. One of the book’s most essential features are the commentaries on the papers, which promote a cross-fertilization between macroeconomists and historians of economics, providing, in conjunction with the papers themselves, a balanced outlook on the current relevance of Keynesian economics.
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