This book examines the origins of the IS-LM model, one of the most significant innovations in the history of economic thought. It shows that the complete IS-LM model, including the equations and diagram, was produced by a group of economists who contributed their respective mathematical models of Keynes’s General Theory, including Champernowne, Reddaway, Harrod, and Meade, not to mention Hicks. Furthermore, the book discusses the implications of newly discovered archival material, including a previously overlooked document showing that John Maynard Keynes himself was the first to present the IS-LM model equations in a lecture he gave on December 4, 1933. It focuses on the implications of this material in terms of understanding the evolution of Keynes’s approach from 1933 to 1937, later interpreters of his General Theory, and the ongoing debate between Keynesians and Post-Keynesians on the nature of his system. Given the revelations it presents, this book will transform the profession’s understanding of the origins of the IS-LM model and modern macroeconomics.
This second volume completes a critical history of the social, political, and theoretical forces behind Marxian economics--the only work in English to offer such comprehensive treatment. Beginning with Marxian analyses of the Great Depression and Stalinism, it explores the theories developed to explain the "long boom" in Western capitalism after the Second World War. Later chapters deal with post-Leninist theories of imperialism and continuing controversies in value theory and the theory of exploitation. After outlining recent work on the "second slump," the integration of rational-choice theory into Marxism, and the political economy of socialism, the book concludes with a review and evaluation of Marxian theory over the whole period since Marx's death. Praise for the first volume: "Howard and King have done an excellent job... One comes away with the impression of Marxian economics being a vibrant subject, relevant to the problems of these times and useful in practical matters."--Meghnad Desai, The Times Higher Education Supplement Originally published in 1992. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
This book explores the origins and development of the asset management profession in Britain as a distinct activity within financial services, independent of banks and stockbrokers. Specifically, it identifies the main individuals and institutions after 1868 who established the profession. The book draws a distinction between banks (short-term deposit-taking) and asset management (an investment service with longer-term objectives). It explains why some banks fail but asset management businesses generally do not. It argues that asset management has been socially useful and has had a beneficial impact on the development of securities markets by offering choices to savers as an alternative to banks, improving the efficiency of capital allocation, re-cycling excess savings productively and enabling a range of investors - from institutions to individuals - to benefit from thoughtful, long-term investing.
Edward W. Younkins provides an overview of the ideas that provided the basis for what is called the classical liberal or libertarian worldview. An accessibly written book, Champions of a Free Society integrates the ideas of past and current thinkers into a logical, contemporary worldview that allows readers to explore the political and economic thinking behind the desirability and construction of a free society. Book jacket.
Second in a two-volume study of the Nobel Prize winner’s long career: “Nelson knows more about Milton Friedman’s economics than anyone else alive.” —Business Economics This study is the first to distill Nobel Prize winner Milton Friedman’s vast body of writings into an authoritative account of his research, his policy views, and his interventions in public debate. With this ambitious new work, Edward Nelson closes the gap: Milton Friedman and Economic Debate in the United States is the defining narrative on the famed economist, the first to grapple comprehensively with Friedman’s research output, economic framework, and legacy. This two-volume account provides a foundational introduction to Friedman’s role in several major economic debates that took place in the United States between 1932 and 1972. This second volume covers the years between 1960 and 1972—years that saw the publication of Friedman and Anna Schwartz’s Monetary History of the United States. The book also covers Friedman’s involvement in a number of debates in the 1960s and 1970s, on topics such as unemployment, inflation, consumer protection, and the environment. As a fellow monetary economist, Nelson writes from a unique vantage point, drawing on both his own expertise in monetary analysis and his deep familiarity with Friedman’s writings. Using extensive documentation, the book weaves together Friedman’s research contributions and his engagement in public debate, providing an unparalleled analysis of Friedman’s views on the economic developments of his day. “No previous biographer has Nelson’s deep and sophisticated understanding of monetary economics.” —Economic History
ïThis excellent book documents the creation of what has become the first commandment of orthodox macroeconomics: that microeconomic theory provides its foundation because this is the most secure form of economic knowledge. By contrast, John King shows conclusively that microeconomics cannot play such a role when assessed by the criteria of logic, or of science, or of economics itself. Indeed, he goes further and demonstrates that the microfoundations dogma detracts from knowledge about how economies actually operate, and instead generates patently false conclusions. Moreover, the dogma is shown to have blinded orthodox economists from even seeing the possibility of typical macroeconomic crises, and has disarmed them in formulating policies that would eliminate actual crises. The book therefore deals with a topic at the very heart of the present debacle in the world economy.Í _ Michael Howard, University of Waterloo, Canada ïA generation ago Dudley Dillard wrote a famous article on the ñbarter illusion in classical and neoclassical economicsî. Now John King has gone a step further and written about the microfoundations delusion. The illusion has been with us for a very long time, the delusion is of more recent vintage. Together they have blocked a basic understanding of macroeconomic and monetary phenomena at a time when they are most urgently needed. This is a book that had to be written, and we are fortunate that it is John King who has written it. Essential reading for our times.Í _ John Smithin, York University, Canada In this challenging book, John King makes a sustained and comprehensive attack on the dogma that macroeconomic theory must have ïrigorous microfoundationsÍ. He draws on both the philosophy of science and the history of economic thought to demonstrate the dangers of foundational metaphors and the defects of micro-reduction as a methodological principle. Strong criticism of the microfoundations dogma is documented in great detail, from some mainstream and many heterodox economists and also from economic methodologists, social theorists and evolutionary biologists. The author argues for the relative autonomy of macroeconomics as a distinct ïspecial scienceÍ, cooperating with but most definitely not reducible to microeconomics. The Microfoundations Delusion will prove a stimulating and thought-provoking read for scholars, students and researchers in the fields of economics, heterodox economics and history of economic thought.
This biography of the most influential economist of the twentieth century traces Keynes' career from academic Cambridge, to artistic Bloomsbury, to official Whitehall and to the City. We see the roots of Keynes' achievements and failures.
Oxford English for Academic Purposes offers a specialist course covering listening, speaking and reading in key areas of academic life such as lectures, presentations and textbooks. The course is consistent with levels A2 to C1 of the Common European Frame of Reference for the teaching of foreign languages.
A provocative and timely call for a moral approach to economics, drawing on philosophers, political theorists, writers, and economists from Aristotle to Marx to Keynes. What constitutes the good life? What is the true value of money? Why do we work such long hours merely to acquire greater wealth? These are some of the questions that many asked themselves when the financial system crashed in 2008. This book tackles such questions head-on. The authors begin with the great economist John Maynard Keynes. In 1930 Keynes predicted that, within a century, per capita income would steadily rise, people’s basic needs would be met, and no one would have to work more than fifteen hours a week. Clearly, he was wrong: though income has increased as he envisioned, our wants have seemingly gone unsatisfied, and we continue to work long hours. The Skidelskys explain why Keynes was mistaken. Then, arguing from the premise that economics is a moral science, they trace the concept of the good life from Aristotle to the present and show how our lives over the last half century have strayed from that ideal. Finally, they issue a call to think anew about what really matters in our lives and how to attain it. How Much Is Enough? is that rarity, a work of deep intelligence and ethical commitment accessible to all readers. It will be lauded, debated, cited, and criticized. It will not be ignored.
Madmen, Intellectuals, and Academic Scribblers presents a simple, economic framework for understanding the systematic causes of political change. Wayne A. Leighton and Edward J. López take up three interrelated questions: Why do democracies generate policies that impose net costs on society? Why do such policies persist over long periods of time, even if they are known to be socially wasteful and better alternatives exist? And, why do certain wasteful policies eventually get repealed, while others endure? The authors examine these questions through familiar policies in contemporary American politics, but also draw on examples from around the world and throughout history. Assuming that incentives drive people's decisions, the book matches up three key ingredients—ideas, rules, and incentives—with the characters who make political waves: madmen in authority (such as Franklin Delano Roosevelt and Margaret Thatcher), intellectuals (like Jon Stewart and George Will), and academic scribblers (in the vein of Friedrich Hayek and John Maynard Keynes). Political change happens when these characters notice holes in the structure of ideas, institutions, and incentives, and then act as entrepreneurs to shake up the status quo.
First in a two-volume study of Friedman’s long career: “No previous biographer has Nelson’s deep and sophisticated understanding of monetary economics.” —Economic History This study is the first to distill Nobel Prize winner Milton Friedman’s vast body of writings into an authoritative account of his research, his policy views, and his interventions in public debate. With this ambitious new work, Edward Nelson closes the gap: Milton Friedman and Economic Debate in the United States is the defining narrative on the famed economist, the first to grapple comprehensively with Friedman’s research output, economic framework, and legacy. This two-volume account provides a foundational introduction to Friedman’s role in several major economic debates that took place in the United States between 1932 and 1972. This first volume in the two-volume account takes the story through 1960, covering the period in which Friedman began and developed his research on monetary policy. It traces Friedman’s thinking from his professional beginnings in the 1930s as a combative young microeconomist, to his wartime years on the staff of the US Treasury, and his emergence in the postwar period as a leading proponent of monetary policy. As a fellow monetary economist, Nelson writes from a unique vantage point, drawing on both his own expertise in monetary analysis and his deep familiarity with Friedman’s writings. Using extensive documentation, the book weaves together Friedman’s research contributions and his engagement in public debate, providing an unparalleled analysis of Friedman’s views on the economic developments of his day. “Magisterial . . . For anyone wanting to understand the ideas that Friedman generated over his research career, this book is, and will remain for some time, the essential guide.” —Financial World
In this book, Edward Keynes examines the fundamental-rights philosophy and jurisprudence that affords constitutional protection to unenumerated liberty, property, and privacy rights. He is critical of the failure of the U.S. Supreme Court to adopt a coherent theory for identifying which rights are to be considered fundamental and how these private rights are to be balanced against the public interests that the government has a duty to articulate and promote. Keynes develops his argument by first surveying how substantive due process grew out of the tradition of Anglo-American jurisprudence and came to evolve over time. He pays special attention to the shift in its application early in the twentieth century, from protecting "liberty of contract" against economic regulation to protecting "privacy" and other noneconomic rights (as in Roe v. Wade) against social regulation.
An examination of the role of Nicholas Kaldor within economics. Topics covered range from Kaldor's discovery of the Von Neumann input-output model, to cyclical growth in a Kaldorian model, to Nicholas Kaldor as advocate of commodity reserve currency.
This open-minded, multidisciplinary approach challenges existing world views on the endogenous and exogenous forces that drive markets and economies. Nine narrative chapters and a conclusion provide an accessible history of key premises and assumptions in the mental models proposed by several major economists since the 1776 publication of Adam Smith's The Wealth of Nations and show how—and why—those models and their underlying assumptions have changed over time. The book addresses the legacies of major economists, describes their historical and analytical influence, documents the interaction among various schools of thought as well as how they differ, and the implications that this history has for economics and the policy sciences in the decades ahead. The author focuses on the mental maps economists have created in an attempt to understand the forces that destroyed "order," explaining how these maps incorporate a non-mathematical presentation of evolving dictionaries, novel analytical perspectives, new evidence, and a reliance on value assumptions. He traces the underlying assumptions, continuities, and differences among major economists including Adam Smith, Thomas Malthus, David Ricardo, Alfred Marshall, John Maynard Keynes, Karl Marx, Thorstein Veblen, and Joseph Schumpeter. Readers will grasp how the classic theories still influence economists' mental models today and come away with a basic economic literacy that puts this important social science in historical context. This is essential reading for all the social and policy sciences.
•If you are interested in understanding the underlying philosophical reasons why structural econometrics seems dead, read this book. Not only do the authors provide a comprehensive, stimulating, and provocative account of the debate and literature, the
In the first volume of a two-volume set, Canadian historian Kantowicz describes the events, people, and ideas driving the world's social and political course through two world wars, the Holocaust, revolutions, depressions, and other phenomena. Covers from the beginning of the century through World War II; Coming Apart, Coming Together will presumably take the story from there. Annotation copyrighted by Book News, Inc., Portland, OR
In Liberal Epic, Edward Adams examines the liberal imagination’s centuries-long dependence on contradictory, and mutually constitutive, attitudes toward violent domination. Adams centers his ambitious analysis on a series of major epic poems, histories, and historical novels, including Dryden’s Aeneid, Pope’s Iliad, Gibbon’s Decline and Fall of the Roman Empire, Byron’s Don Juan, Scott’s Life of Napoleon, Napier’s History of the War in the Peninsula, Macaulay’s History of England, Hardy’s Dynasts, and Churchill’s military histories—works that rank among the most important publishing events of the past three centuries yet that have seldom received critical attention relative to their importance. In recovering these neglected works and gathering them together as part of a self-conscious literary tradition here defined as liberal epic, Adams provides an archaeology that sheds light on contemporary issues such as the relation of liberalism to war, the tactics for sanitizing heroism, and the appeal of violence to supposedly humane readers. Victorian Literature and Culture Series
A comprehensive and profoundly relevant history of interest from one of the world’s leading financial writers, The Price of Time explains our current global financial position and how we got here In the beginning was the loan, and the loan carried interest. For at least five millennia people have been borrowing and lending at interest. The practice wasn’t always popular—in the ancient world, usury was generally viewed as exploitative, a potential path to debt bondage and slavery. Yet as capitalism became established from the late Middle Ages onwards, denunciations of interest were tempered because interest was a necessary reward for lenders to part with their capital. And interest performs many other vital functions: it encourages people to save; enables them to place a value on precious assets, such as houses and all manner of financial securities; and allows us to price risk. All economic and financial activities take place across time. Interest is often described as the “price of money,” but it is better called the “price of time:” time is scarce, time has value, interest is the time value of money. Over the first two decades of the twenty-first century, interest rates have sunk lower than ever before. Easy money after the global financial crisis in 2007/2008 has produced several ill effects, including the appearance of multiple asset price bubbles, a reduction in productivity growth, discouraging savings and exacerbating inequality, and forcing yield starved investors to take on excessive risk. The financial world now finds itself caught between a rock and a hard place, and Edward Chancellor is here to tell us why. In this enriching volume, Chancellor explores the history of interest and its essential function in determining how capital is allocated and priced.
How ought we to live? What really exists? How do we know? Edward Craig discusses some of the key questions philosophy engages with. He explores important themes in ethics, knowledge, and the self, alongside a new chapter for this edition on free will, discussing determinism and indeterminism in the context of Descartes and Hegel's work.
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