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.
In the debris of the financial crash of 2008, the principles of John Maynard Keynes -- that economic storms are a normal part of the market system, that governments need to step in and use fiscal ammunition to prevent these storms from becoming depressions, and that societies that value the pursuit of money should reprioritize -- are more pertinent and applicable than ever. In Keynes: The Return of the Master, Robert Skidelsky brilliantly synthesizes Keynes career and life, and offers nervous capitalists a positive answer to the question we now face: When unbridled capitalism falters, is there an alternative?
John Maynard Keynes (1883-1946) is a central thinker of the twentieth century, not just an economic theorist and statesman, but also in economics, philosophy, politics, and culture. In this Very Short Introduction Lord Skidelsky, a renowned biographer of Keynes, explores his ethical and practical philosophy, his monetary thought, and provides an insight into his life and works. In the recent financial crisis Keynes's theories have become more timely than ever, and remain at the centre of political and economic discussion. With a look at his major works and his contribution to twentieth-century economic thought, Skidelsky considers Keynes's legacy on today's society. ABOUT THE SERIES: The Very Short Introductions series from Oxford University Press contains hundreds of titles in almost every subject area. These pocket-sized books are the perfect way to get ahead in a new subject quickly. Our expert authors combine facts, analysis, perspective, new ideas, and enthusiasm to make interesting and challenging topics highly readable.
A critical examination of economics' past and future, and how it needs to change, by one of the most eminent political economists of our time The dominant view in economics is that money and government should play only minor roles in economic life. Economic outcomes, it is claimed, are best left to the "invisible hand" of the market. Yet these claims remain staunchly unsettled. The view taken in this important new book is that the omnipresence of uncertainty makes money and government essential features of any market economy. Since Adam Smith, classical economics has espoused non-intervention in markets. The Great Depression brought Keynesian economics to the fore; but stagflation in the 1970s brought a return to small-state orthodoxy. The 2008 global financial crash should have brought a reevaluation of that stance; instead the response has been punishing austerity and anemic recovery. This book aims to reintroduce Keynes’s central insights to a new generation of economists, and embolden them to return money and government to the starring roles in the economic drama that they deserve.
THE DEFINITIVE SINGLE-VOLUME BIOGRAPHY Robert Skidelsky's three-volume biography of John Maynard Keynes has been acclaimed as the authoritative account of the great economist-statesman's life. Here, Skidelsky has revised and abridged his magnum opus into one definitive book, which examines in its entirety the intellectual and ideological journey that led an extraordinarily gifted young man to concern himself with the practical problems of an age overshadowed by war. John Maynard Keynes offers a sympathetic account of the life of a passionate visionary and an invaluable insight into the economic philosophy that still remains at the centre of political and economic thought. ROBERT SKIDELSKY is Emeritus Professor of Political Economy at the University of Warwick. His three volume biography of John Maynard Keynes (1983, 1992, 2000) received numerous prizes, including the Lionel Gelber Prize for International Relations and the Council on Foreign Relations Prize for International Relations. ('This three-volume life of the British economist should be given a Nobel Prize for History if there was such a thing' - Norman Stone.) He was made a life peer in 1991, and a Fellow of the British Academy in 1994. 'A masterpiece of biographical and historical analysis' - New York Times
This sweeping history of humanity’s relationship with machines illuminates how we got here and what happens next, with AI, climate change, and beyond. Faith in technological fixes for our problems is waning. Automation, which promised relief from toil, has reactivated the long-standing fear of job redundancy. Information technology, meant to liberate us from traditional authority, is placing unprecedented powers of surveillance and control in the hands of a purely secular Big Brother. And for the first time, artificial intelligence threatens anthropogenic disaster—disaster caused by our own activities. Scientists join imaginative writers in warning us of the fate of Icarus, whose wings melted because he flew too close to the sun. This book tells the story of our fractured relationship with machines from humanity’s first tools down to the present and into the future. It raises the crucial question of why some parts of the world developed a “machine civilization” and not others, and traces the interactions between capitalism and technology, and between science and religion, in the making of the modern world. Taking in the peaks of philosophy and triumphs of science, the foundation of economics and speculations of fiction, Robert Skidelsky embarks on a bold intellectual journey through the evolution of our understanding of technology and what this means for our lives and politics.
In recent years, economic growth has been regarded as a self-evident good, with political debate focussed on the best means to achieve it. But there are now signs that this shared assumption is weakening. Anger at 'greedy' bankers and their 'obscene' bonuses has given way to a deeper dissatisfaction with an economic system geared overwhelmingly to the accumulation of wealth. Huge income disparities and an ever-growing gap between the richest and the rest has brought us to one of those rare moments when the underlying assumptions of society, are changing. In How Much is Enough? Robert and Edward Skidelsky argue that wealth is not an end in itself but a means to the achievement and maintenance of a 'good life', and that our economy should be organised to reflect this fact. The book includes a definition of the 'good life', discusses the relevance of 'Happiness Studies' and the environmental impact of our ever-growing need to consume. In doing so, it offers an escape from the trap of excessive specialization and a way to reinvigorate the idea of economics as a 'moral science'. It concludes by offering a radical new model for income redistribution - and a consideration of what human beings might really want from their lives.
The dominant view in economics is that money and government should play only a minor role in economic life. Money, it is claimed, is nothing more than a medium of exchange; and economic outcomes are best left to the 'invisible hand' of the market. In contrast, the view taken in this important new book is that the omnipresence of uncertainty makes money and government essential features of any market economy. One reason we want to hold onto money is that we don't know what the future will bring. Government - good government - makes the future more predictable and therefore reduces this demand for money. After Adam Smith, orthodoxy persistently espoused non-intervention in markets, but the Great Depression of 1929-32 stopped the artificers of orthodox economics in their tracks. A precarious balance of forces between government, employers, and trade unions enabled Keynesian economics to emerge as the new policy paradigm of the Western world. However, the stagflation of the 1970s led to the rejection of Keynesian policy and a return to small-state neoclassical dominance. Thirty years later, the 2008 global financial crash was severe enough to have shaken the neoclassical supremacy, but, curiously, this did not happen. Once the crisis had been overcome - by Keynesian measures taken in desperation - the pre-crash dogma was reinstated, undermined but unbowed. Since then, no new 'big idea' has emerged, and neoclassical economics has maintained its sway, enacting punishing austerity agendas that leave us with a still-anaemic global economy. This book aims to familiarize the reader with essential elements of Keynes's 'big idea'. By showing that much of economic orthodoxy is far from being the hard science it claims to be, it aims to embolden the next generation of economists to break free from their conceptual prisons and afford money and government the starring roles in the economic drama that they deserve.
A passionate and informed critique of mainstream economics from one of the leading economic thinkers of our time This insightful book looks at how mainstream economics’ quest for scientific certainty has led to a narrowing of vision and a convergence on an orthodoxy that is unhealthy for the field, not to mention the societies which base policy decisions on the advice of flawed economic models. Noted economic thinker Robert Skidelsky explains the circumstances that have brought about this constriction and proposes an approach to economics which includes philosophy, history, sociology, and politics. Skidelsky’s clearly written and compelling critique takes aim at the way that economics is taught in today’s universities, where a focus on modelling leaves students ill-equipped to grapple with what is important and true about human life. He argues for a return to the ideal set out by John Maynard Keynes that the economist must be a “mathematician, historian, statesman, [and] philosopher” in equal measure.
Various explanations have been put forward as to why the Keynesian Revolution in economics in the 1930s and 1940s took place. Some of these point to the temporal relevance of John Maynard Keynes's The General Theory of Employment, Interest, and Money (1936), appearing, as it did, just a handful of years after the onset of the Great Depression, whilst others highlight the importance of more anecdotal evidence, such as Keynes’s close relations with the Cambridge ‘Circus’, a group of able, young Cambridge economists who dissected and assisted Keynes in developing crucial ideas in the years leading up to the General Theory. However, no systematic effort has been made to bring together these and other factors to examine them from a sociology of science perspective. This book fills this gap by taking its cue from a well-established tradition of work from history of science studies devoted to identifying the intellectual, technical, institutional, psychological and financial factors which help to explain why certain research schools are successful and why others fail. This approach, it turns out, provides a coherent account of why the revolution in macroeconomics was ‘Keynesian’ and why, on a related note, Keynes was able to see off contemporary competitor theorists, notably Friedrich von Hayek and Michal Kalecki.
Canada: land of hockey, terrible weather, unfailing politeness-and little else, as far as many Americans are aware. For Canadians, the United States is seen as a land of unparalleled opportunity and unparalleled failure, a country of heights and abysses. The straitlaced country in the north could hardly have much to tell about its powerhouse of a neighbor to the south, eh? Not so, according to historian Robert Bothwell. In this witty and accessible book, Bothwell argues that the shared history of the United States and Canada reveals more about each country than most would suspect. Your Country, My Country takes readers back to the seventeenth century, when a shared British colonial heritage set the two lands on paths that would remain intertwined to the present day. Tracing Canadian-American relations, shared values, and differences through the centuries, Bothwell suggests that Americans are neither unique nor exceptional, in terms of both their good characteristics and their bad ones. He brings this contention down to the present day by examining Canadian and American differences over such questions as universal health care in domestic policy and the Iraq war in foreign policy. What happens in Canada often reflects what has happened in the United States, but by the same token, what happens in Canada signals what could happen in its American neighbor. From whatever direction, this innovative volume contends, Canada's story illuminates America's-and vice-versa.
In the second volume of Corfe's work on Social Capitalism, he examines the financial-industrial system and identifies issues, which are untouched by contemporary politicians across the political spectrum.
By the end of the nineteenth century, reform and development of the British electoral system had inaugurated a new style of mass politics which fundamentally transformed the face of the British party system. This book traces the evolution of recognisably modern parties from their roots in the 1880s through half a century of dramatic change in organisational structure, electoral competition and constitutional thought. In the House of Commons the Labour Party replaced the Liberals as the radical answer to the Conservative Party. In the country at large the complex web of Victorian social, regional and religious allegiances gave way to a cruder but more dynamic model of modern political loyalties. The transformation at Westminster and in the constituencies is surveyed in relation to changes to the franchise (including the vote for women), class consciousness, political organisation and doctrine. The comprehensive account explains the varying fortunes of the parties in the face of mass democracy, collectivism, the First World War and economic uncertainty. It also provides a critical insight into the debates and conflicts of interpretation which surround this pivotal period in British political history.
This book explores the global financial crisis, its social implications and its potential outcomes for Australia. It examines neo-liberalism and economic rationalism, and discusses their consequences. After the GFC, how might we rethink the challenge of climate change, of care, of quality of life more generally? What is the proper role of the market? What parts of the social fabric need to be mended to create a more sustainable, fairer Australia? Contributors: Kevin Rudd, Robert Manne, Jean Curthoys, John Quiggin, Michael Pusey, Anne Manne, David McKnight, Ian Lowe, Guy Pearse.
Examines the history of the idea of development, and doctrines governments have employed to practice development policy. Beginning with the 19th century "invention" of modern development, the authors discuss Karl Marx's critique of development and the crea
Good news at last; here are new and exact descriptions of the mind, consciousness, body, reality, time, nervous system taxonomy. Feel the stimulation of your curiosity into the ancient questions about the mind-body duality as you plan your research and publication program. How reality and three time dimensions emerge from the mind and consciousness. Easy to understand mathematical definitions of otherwise ambiguous terms. Each of fifty hypotheses will inspire you to publish more than your peers. Introducing all the recommendations you will need to design an experiment or a research project which will propel you to the credible and prestigious forefront of your field. Exact scientific answers to the problem of mind-consciousness-body are easily worth 4 hours of reading. These solutions will kick off your numerous insightful publications. The price of this book will yield massive funding for years of your research. The math is reduced to the bare minimum and is explained in detail so the reader can use it is his own publications. The mathematics is treated as an abbreviated language which is translated into natural language.
This tenth part of Robert Leeson's collaborative biography of Friedrich August von Hayek explores Hayek’s thought on the free market and democracy. Using an unparalleled array of archival materials, Leeson reconstructs Hayek’s thinking as the notorious economist and his acolytes set about reshaping the post-war economic order. Darker areas of Hayek’s thought are also explored, including the influence of eugenics on his thought and his support for radical right-wing dictatorships in South America. Leeson concludes this volume with a collection of chapters written by eminent scholars of Hayek. These chapters cover subjects as diverse as Hayek’s influence on scholars of Darwinian evolution, his views on psychology, and cultural evolution.
This book illustrates how leisure, as with other complex ideas that hold currency in today’s world, suffers at the level of common sense, due to a combination of oversimplification, moral depreciation, and even lack of recognition. Leisure’s modern legacy is both profound and immense, as a product of approximately 45 years of steady research, application and theory development. The common sense view of free-time activities, therefore, can and should be challenged. Stebbins provides this confrontation by tackling four particular themes: that gatekeepers within the institutions of higher education and funding agencies for research often fail to attach adequate resources to the idea of leisure; that the general population are guided by certain common sense definitions and largely unaware of how an informed view of free time could be beneficial; that practitioners within certain fields continue to refuse to engage with the idea of leisure despite its benefit for their clients; and that the weak reception of the science of leisure within mainstream social sciences suggests a similarly warped understanding of how people use their free time. Leisure’s Legacy will be of interest to scholars of Leisure Studies and all those wishing to learn more about the vital importance of leisure in modern Western society.
Robert Lucas is one of the outstanding monetary theorists of the past hundred years. Along with Knut Wicksell, Irving Fisher, John Maynard Keynes, James Tobin, and Milton Friedman (his teacher), Lucas revolutionized our understanding of how money interacts with the real economy of production, consumption, and exchange. Lucas’s contributions are both methodological and substantive. Methodologically, he developed dynamic, stochastic, general equilibrium models to analyze economic decision-makers operating through time in a complex, probabilistic environment. Substantively, he incorporated the quantity theory of money into these models and derived its implications for money growth, inflation, and interest rates in the long run. He also showed the different effects of anticipated and unanticipated changes in the stock of money on economic fluctuations, and helped to demonstrate that there was not a long-run trade-off between unemployment and inflation (the Phillips curve) that policy-makers could exploit. The twenty-one papers collected in this volume fall primarily into three categories: core monetary theory and public finance, asset pricing, and the real effects of monetary instability. Published between 1972 and 2007, they will inspire students and researchers who want to study the work of a master of economic modeling and to advance economics as a pure and applied science.
About the Book A single human life is impossible. The scope here, as in the internal system, is in no way limited - for example, to the real time relations with other humans. The scope is historical as well. Our genes and epigenes reverberate with the social environment we have inherited, going back to the dawn of homo sapiens, and beyond, in their forbearers; not to mention the near term experiences of the father and mother infused (literally) to the fetus. We cannot escape the inescapable, even if we were to emerge from birth and were placed immediately in isolation until death. -- from Entry 190820 About the Author The author lives in Gaithersburg, MD with his wife and dog.
This book argues that ‘social democratic criminology’ is an important critical perspective which is essential for the analysis of crime and criminal justice and crucial for humane and effective policy. The end of World War II resulted in 30 years of strategies to create a more peaceful international order. In domestic policy, all Western countries followed agendas informed by a social democratic sensibility. Social Democratic Criminology argues that the social democratic consensus has been pulled apart since the late 1960s, by the hegemony of neoliberalism: a resuscitation of nineteenth-century free market economics. There is now a gathering storm of apocalyptic dangers from climate change, pandemics, antibiotic resistance, and other existential threats. This book shows that the neoliberal revolution of the rich pushed aside social democratic values and policies regarding crime and security and replaced them with tougher ‘law and order’ approaches. The initial consequence was a tsunami of crime in all senses. Smarter security techniques did succeed in abating this for a while, but the decade of austerity in the wake of the 2008 financial crisis has seen growing violent and serious crime. Social Democratic Criminology charts the history of social democracy, discusses the variety of conflicting ways in which it has been interpreted, and identifies its core uniting concepts and influence on criminology in the twentieth century. It analyses the decline of social democratic criminology and the sustained intellectual and political attacks it has endured. The concluding chapter looks at the prospects for reviving social democratic criminology, itself dependent on the prospects for a rebirth of the broader social democratic movement. Written in a clear and direct style, this book will appeal to students and scholars of criminology, sociology, cultural studies, politics, history, social policy, and all those interested in social democracy and its importance for society.
An analysis and description of the principles and practical steps necessary in creating an industrial system, and work environment, which is just, free, and profitable for the majority.
This 1996 edition of Britain's Economic Problem opens with a substantial new chapter, 'Bacon and Eltis after 20 Years', in which the authors assess the impact of the policies of successive Conservative governments to bring British public expenditure under control. They also develop their theory and apply it to Sweden which has experienced the greatest increase in public expenditure of any European economy. This edition includes a complete reprint of the 1978 second edition of Britain's Economic Problem: Too Few Producers which Harry G. Johnson described as 'interesting, both for its explanation of 'the British disease' and for the economic-theoretical foundations on which its analysis is based'. The original book provided a new explanation of the decline of the British economy which showed how a growing shift of Britain's resources from the production of goods and services which can be marketed at home and overseas to the provision of unmarketed public services simultaneously:- reduced the rate of growth and weakened the balance of payments - reduced investment and the economy's ability to provide productive jobs - fuelled the accelerating inflation and obstructive trade union behaviour from which Britain suffered.
In the debris of the financial crash of 2008, the principles of John Maynard Keynes -- that economic storms are a normal part of the market system, that governments need to step in and use fiscal ammunition to prevent these storms from becoming depressions, and that societies that value the pursuit of money should reprioritize -- are more pertinent and applicable than ever. In Keynes: The Return of the Master, Robert Skidelsky brilliantly synthesizes Keynes career and life, and offers nervous capitalists a positive answer to the question we now face: When unbridled capitalism falters, is there an alternative?
A passionate and informed critique of mainstream economics from one of the leading economic thinkers of our time. This insightful book looks at how mainstream economics' quest for scientific certainty has led to a narrowing of vision and a convergence on an orthodoxy that is unhealthy for the field, not to mention the societies which base policy decisions on the advice of flawed economic models. Noted economic thinker Robert Skidelsky explains the circumstances that have brought about this constriction and proposes an approach to economics which includes philosophy, history, sociology, and politics. Skidelsky's clearly written and compelling critique takes aim at the way that economics is taught in today's universities, where a focus on modelling leaves students ill-equipped to grapple with what is important and true about human life. He argues for a return to the ideal set out by John Maynard Keynes that the economist must be a "mathematician, historian, statesman, [and] philosopher" in equal measure."--Provided by publisher.
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