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.
First published in 1987, Evolutionary Macroeconomics offers an evolutionary approach to macroeconomics as an alternative to contemporary new classical and Keynesian macroeconomics. In order to develop such an approach, an alternative view of the micro-foundations of macroeconomics is presented. The book begins with a commentary on the state of macroeconomics and an evaluation of attempts to redevelop its underlying vision of economic behaviour. Particular attention is paid to the treatment of expectations and anticipations. The second part of the book presents a behavioural framework which is compatible with an evolutionary perspective on economic behaviour. The third part of the book discusses the implications of adopting an evolutionary approach to macroeconomic theory, empirical methods and policy design, culminating in a specific policy proposal to cure stagflation.
The Red Knight is the product of 25 years of meticulous research. It is, arguably, the most comprehensive account ever written about the Canadian Air Force’s legendary solo jet-aerobatics performer. An important part of Canadian aviation history, the Red Knight is third in longevity and total number of performances among RCAF display teams. In recognition of the program’s importance, Canada’s Aviation Hall of Fame honoured the Red Knight with its Belt of Orion Award for Excellence in 2020 and the Royal Canadian Mint issued a commemorative coin in 2022. The Red Knight chronicles the history of the program, from its origins in 1957 to its cancellation in 1970. Everyone who has enjoyed watching the precision, grace and beauty of aerobatic flight will enjoy this insight into the “behind the scenes” aspect of aerial displays. A fine addition to any aviation reference library, The Red Knight will be of particular interest to anyone who remembers the program or saw a performance of this uniquely Canadian display. Printed in colour, The Red Knight - Second Edition is illustrated with many rare photographs never published before. The book is further enhanced by specially commissioned works of art from noted Canadian Aviation Artist, Don Connolly. Details of the various Red Knight paint schemes are provided through aircraft profiles, also specifically created for this publication. Together, this unique pictorial collection vividly portrays the legacy of the Red Knight. https://www.facebook.com/rcafredknight www.johncharlescorrigan.com "It's hard to imagine a more comprehensive look at the Red Knight program--and at aerobatics in general." — Kirkus Reviews
Carnivores have always fascinated us, even though they make up only 10% of all mammalian genera and only about 2% of all mammalian biomass. In Greek mythology most of the gods adorned their robes and helmets with depictions of carnivores, and the great hero Hercules' most famous feat was killing the "invulnerable" lion with his bare hands. Part· of our fascination with carnivores stems from fright and intrigue, and sometimes even hatred because of our direct competition with them. Cases of "man-eating" lions, bears, and wolves, as well as carnivores' reputation as killers of livestock and game, provoke communities and governrpents to adopt sweeping policies to exterminate them. Even President Theodore Roosevelt, proclaimer of a new wildlife protectionism, described the wolf as "the beast of waste and desolation. " The sheer presence and power of carnivores is daunt ing: they can move quickly yet silently through forests, attaining rapid bursts of speed when necessary; their massive muscles are aligned to deliver powerful attacks, their large canines and strong jaws rip open carcasses, and their scis sor-like carnassials slice meat. Partly because of our fear of these attributes, trophy hunting of carnivores has been, and to a certain extent still is, a sign of bravery and skill. Among some Alaskan Inuit, for example, a man is not eligible for marriage until he has killed a succession of animals of increasing size and dangerousness, culminating with the most menacing, the polar bear.
Originally published in 1982, this book begins with a wide-ranging and critical review of both first and second generation theories of inflation (and the related problem of unemployment), including the classical approach to macroeconomics. The author systematically integrates search, implicit contract, expectations and wage-bargaining theeoriees to outline a new and original synthesis. This synthesis and switching regimes model is then rigorously examined to see how well it can explain inflation the US and the UK.
This book argues that an active memory of and grief over structural wrongs yields positive agency. Such agency generates rites of moral responsibility that serve as antidotes to violent identities and catalyze hospitable social practices. By comparing Indian and U.S. contexts of caste and race, Sunder John Boopalan proposes that wrongs today are better understood as rituals of humiliation which are socially conditioned practices of domination affected by discriminatory logics of the past. Grief can be redressive by transforming violent identities and hostile in-group/out-group differences when guided by a liberative political theological imagination. This volume facilitates interdisciplinary conversations between theorists and theologians of caste and race, and those interested in understanding the relation between religion and power.
John Smithin's erudite and eloquent Controversies in Monetary Economics (now in a revised second edition) reminds us that a cashless economy is by no means a moneyless economy. Drawing on Keynes's concept of monetary production and on the later work of Sir John Hicks, Smithin argues persuasively for the continuing central importance of money in understanding interest rate determination and economic fluctuations. This insightful book illuminates the role of monetary policy, notably within the European Monetary Union.' - Robert W. Dimand, Brock University, Canada 'This book provides an excellent overview of the controversies that have driven debate about monetary theory and policy over the last two centuries. I highly recommend the book for use in advanced undergraduate or graduate courses. This new edition revises and updates some of the arguments, with some additional treatment of orthodoxy so that it can serve as a stand-alone text in monetary theory courses.' - L. Randall Wray, University of Missouri, US 'John Smithin is one of the deepest thinkers writing today about monetary matters in modern economics. Not only has he a thorough and full knowledge of past contributions, he is also an original thinker in his own right. The processes he depicts at work in modern economies are immediately recognisable and make good sense. He allies his theoretical understanding with advocacy of wise and humane policies. In John Smithin's writings the spirits of Keynes and Hicks live on, with also, dare I say it, the insights of Marx about the relationship between the real and the monetary in capitalism. Any student brought up on Smithin's clear and lucid accounts of controversies in monetary economics will have a firm grounding on which to base their understanding of the world around them.' - G.C. Harcourt, Jesus College, Cambridge, UK This influential volume, which has been revised and updated for the twenty-first century, includes both new material and more detailed expositions of existing arguments. Although so-called 'real' theories of business cycles and growth are prevalent in contemporary mainstream economics, Controversies in Monetary Economics suggests that those economists who have instinctively focused on monetary factors in explaining macroeconomic behaviour are more genuinely 'realistic'. The author combines an explanation of past and present monetary controversy with practical proposals for the conduct of monetary policy in the contemporary global economy. Several alternative approaches are discussed, ranging from the traditional quantity theory to post Keynesian theories of endogenous money. This insightful book will be of interest to all those concerned with monetary economics and macroeconomics, including academic researchers, graduate and senior undergraduate students - particularly those looking for an alternative to current economic orthodoxy - and historians of economic thought. Practitioners in central banks, international financial institutions, the financial markets and finance ministries will also find this work invaluable.
This study of the Reserve Bank of New Zealand reveals why the Bank's presence in the national life is strong; illustrates how it is internationally renowned for its mandate to eliminate inflation, having been the first reserve or central bank in the world to adopt the "inflation targeting" approach to monetary policy; and looks at how the Bank maintains the integrity of the currency, preserves the stability of the financial system, and undertakes a range of activities on behalf of the people of New Zealand.
Graduate-level text stresses extrathermodynamic approach to quantitative prediction and constructs a logical framework that encompasses and classifies all known extrathermodynamic relationships. Numerous figures and tables. Author and Subject Indexes.
In 1835, Alexis de Tocqueville predicted a "...species of oppression...[with] which democratic nations are menaced...unlike anything which ever before existed in the world..." It was a despotism that "...would be more extensive and...would degrade men without tormenting them." It would be a force that "...compresses, enervates, extinguishes, and stupefies a people, till each...is reduced to be nothing better than a flock of timid...animals, of which the government is the shepherd." Tocqueville was predicting socialism in America, a new form of oppression that did not exist in his time. He could not name it at the time because the word socialism had not yet appeared in the English language and Karl Marx had not yet published his Communist Manifesto. America has become a socialist state and this book is about what socialism is doing to America today. Socialism is an oppression that has caused America to discard the rule of law, forsake justice, limit freedom, attenuate individuality, create dependence, degrade social norms, attack sources of wealth, and divide the culture. This form of despotic totalitarianism has irreversibly commenced the destruction of American culture and nation. Socialism in America offers the reader the perspective of and how and why this is happening. It explains the history of socialism, and in particular the history of socialism in America. It discusses the roles of socialism's foremost vectors, which are primarily the unions and Democratic Party. It critically dissects the philosophy of socialism itself and examines other countries' struggles to survive under the heavy socialist boot. Every freedom-loving American should read this book.
This book provides a comprehensive overview, in the form of eight long essays, of the evolution of monetary theory over the three-quarters of century, from the time of Keynes to the present day. The essays are originally based on lecture notes from a graduate course on Advanced Monetary Economics offered at York University, Toronto, written in the style of academic papers. The essays are mathematical in method — but also take a historical perspective, tracing the evolution of monetary thought through the Keynesian model, the monetarist model, new classical model, etc, up to and including the neo-Wickesellian models of the early 21st century. The book will be an essential resource for both graduate and advanced undergraduate students in economics, as well as for individual researchers seeking basic information on the theoretical background of contemporary debates.
Stellar Astrophysics contains a selection of high-quality papers that illustrate the progress made in research into the structure and evolution of stars. Senior undergraduates, graduates, and researchers can now be brought thoroughly up to date in this exciting and ever-developing branch of astronomy.
Criminology has focused mainly on problems of crime and violence in the large population centres of the Global North to the exclusion of the global countryside, peripheries and antipodes. Southern criminology is an innovative new approach that seeks to correct this bias. This book turns the origin stories of criminology, which simply assumed a global universality, on their head. It draws on a range of case studies to illustrate this point: tracing criminology’s long fascination with dangerous masculinities back to Lombroso’s theory of atavism, itself based on an orientalist interpretation of men of colour from the Global South; uncovering criminology’s colonial legacy, perhaps best exemplified by the over-representation of Indigenous peoples in settler societies drawn into the criminal justice system; analysing the ways in which the sociology of punishment literature has also been based on Northern theories, which assume that forms of penalty roll out from the Global North to the rest of the world; and making the case that the harmful effects of eco-crimes and global warming are impacting more significantly on the Global South. The book also explores how the coloniality of gender shapes patterns of violence in the Global South. Southern criminology is not a new sub-discipline within criminology, but rather a journey toward cognitive justice. It promotes a perspective that aims to invent methods and concepts that bridge global divides and enhance the democratisation of knowledge, more befitting of global criminology in the twenty-first century.
Illustrated throughout and featuring the most up-to-date biological information available, this volume is a complete overview of the Chinese alligator, a conservation and cultural icon.
Internationally renowned and award-winning author John Gilbert has spent the last thirty years researching, thinking and writing about some of the central and enduring issues in science education. He has contributed over twenty books and 400 articles to the field and is Editor-in-Chief of the International Journal of Science Education. For the first time he brings together sixteen of his key writings in one volume. This unique book highlights important shifts in emphasis in science education research, the influence of important individuals and matters of national and international concern. All this is interwoven in the following four themes: explanation, models and modeling in science education relating science education and technology education informal education in science and technology alternative conceptions and science education.
The origin of this book lies in a time before one of the authors (J. O'M. B.) left the University of Pennsylvania bound for the Flinders University. His collaboration with Dennis Matthews at the University of Pennsylvania had contributed a singular experimental datum to the quantum theory of elec trode processes: the variation of the separation factor with potential, which could only be interpreted in terms of a quantum theory of electrode kinetics. The authors came together as a result of grad~ate work of one of them (S. U. M. K.) on the quantum mechanics and photo aspects of elec trode processes, and this book was written during a postdoctoral fellowship held by him at the Flinders University. Having stated the book's origin, it is worthwhile stating the rational izations the authors had for writing it. Historically, quantization in elec trochemistry began very early (1931) in the applications of the quantum theory to chemistry. (See the historical table on pages xviii-xix.) There was thereafter a cessation of work on the quantum theory in electrochemistry until a continuum dielectric viewpoint, based on Born's equation for solvation energy, began to be developed in the 1950s and snowballed during the 1960s.
Carbohydrate Chemistry provides review coverage of all publications relevant to the chemistry of monosaccharides and oligosaccharides in a given year. The amount of research in this field appearing in the organic chemical literature is increasing because of the enhanced importance of the subject, especially in areas of medicinal chemistry and biology. In no part of the field is this more apparent than in the synthesis of oligosaccharides required by scientists working in glycobiology. Clycomedicinal chemistry and its reliance on carbohydrate synthesis is now very well established, for example, by the preparation of specific carbohydrate- based antigens, especially cancer-specific oligosaccharides and glycoconjugates. Coverage of topics such as nucleosides, amino-sugars, alditols and cyclitols also covers much research of relevance to biological and medicinal chemistry. Each volume of the series brings together references to all published work in given areas of the subject and serves as a comprehensive database for the active research chemist Specialist Periodical Reports provide systematic and detailed review coverage in major areas of chemical research. Compiled by teams of leading authorities in the relevant subject areas, the series creates a unique service for the active research chemist, with regular, in-depth accounts of progress in particular fields of chemistry. Subject coverage within different volumes of a given title is similar and publication is on an annual or biennial basis.
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