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The Curious Culture of Economic Theory
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Economic Torts and Economic Wrongs
This book explores contemporary issues in respect of causes of action which operate to protect a plaintiff’s economic interests. It examines the question from across the spectrum of private law.Focusing mainly on common law principles, it looks in particular at the treatment of such causes of action in the United Kingdom, Australia, Canada, Singapore as well as other common law jurisdictions.Addressing both theoretical and doctrinal issues, this important book will appeal to both private law scholars and practitioners.
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Economic Crisis and Economic Thought : Alternative Theoretical Perspectives on the Economic Crisis
The ongoing economic crisis has revealed fundamental problems both in our economic system and the discipline which analyses it.This book presents a series of contrasting but complementary approaches in economic theory in order to offer a critical toolkit for examining the modern capitalist economy.The global economic crisis may have changed the world in which we live, but not the fundamental tenets of the discipline.This book is a critical assessment of the relation between economic theory and economic crises: how intellectual thinking impacts on real economic events and vice versa.It aims at challenging the conventional way in which economics is taught in universities and later adopted by public officials in the policymaking process.The contributions, all written by distinguished academics and researchers, offer a heterodox perspective on economic thinking and analysis.Each chapter is inspired by alternative theoretical approaches which have been mostly side-lined from current academic teaching programmes.A major suggestion of the book is that the recent economic crisis can be better understood by recovering such theoretical analyses and turning them into a useful framework for economic policymaking.Economic Crisis and Economic Thought is intended as a companion to economics students at the Master’s and PhD level, in order for them to confront issues related to the labour market, the financial sector, macroeconomics, industrial economics, etc. with an alternative and complementary perspective. It challenges the way in which economic theory is currently taught and offered via alternatives for the future.
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Economic Rationality
Economics used to be called political economy, and the loss of the “political” tracks the ascendance of the idea of rational choice within the discipline.Where does this idea of economic rationality – choosing to maximize benefits and minimize costs – come from?What are the consequences of its rise? In this new book, Stephen Engelmann assesses these questions through a consideration of the often-hidden links between choice and government, ranging from the Benthamic utilitarianism that inspired modern economics to the contemporary economic psychologists trying to nudge everyone to choose more rationally.Multiple global crises are exposing how deficient economic rationality is as a political theory, since a focus on choice turns actors away from relations in the common.Political economy once targeted aristocratic rule – heralding a politics and ethics of egalitarian self-command and spurring democratic reform – but economics allows domination and forecloses alternatives to it. This accessible volume will be of interest to students and scholars of politics and economics, and to general readers concerned about the various ways that psychology and management have infiltrated our politics.
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Economic Geography
Economic geographers study and attempt to explain the spatial configuration of economic activities, including the production of goods and services, their transfer from one economic agent to another and their transformation into utility by consumers.The spatial configuration, which includes both the pattern of activities on the map and the relationships between activities occurring in different places, is the outcome of a vast number of distinct but interrelated decisions made by firms, households, governments and a variety of other private and public institutions.The goal of this book is to provide the student with a rigorous introduction to a diverse but logically consistent set of analytical models of the spatial decisions and interactions that drive the evolution of the economic landscape. The book begins by explaining fundamental concepts that are critical to all topics in economic geography: the friction of distance, agglomeration, spatial interaction, market mechanisms, natural resources and production technologies.The following sections cover major areas of inquiry including multiregional economies, location theory, markets for space and systems of cities.The final section synthesizes and builds on these topics to address two trends that provide particular challenges to economic geographers today: globalization and the emergence of the knowledge economy.
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Economic Growth
The long-awaited second edition of an important textbook on economic growth-a major revision incorporating the most recent work on the subject. This graduate level text on economic growth surveys neoclassical and more recent growth theories, stressing their empirical implications and the relation of theory to data and evidence.The authors have undertaken a major revision for the long-awaited second edition of this widely used text, the first modern textbook devoted to growth theory.The book has been expanded in many areas and incorporates the latest research.After an introductory discussion of economic growth, the book examines neoclassical growth theories, from Solow-Swan in the 1950s and Cass-Koopmans in the 1960s to more recent refinements; this is followed by a discussion of extensions to the model, with expanded treatment in this edition of heterogenity of households.The book then turns to endogenous growth theory, discussing, among other topics, models of endogenous technological progress (with an expanded discussion in this edition of the role of outside competition in the growth process), technological diffusion, and an endogenous determination of labor supply and population.The authors then explain the essentials of growth accounting and apply this framework to endogenous growth models.The final chapters cover empirical analysis of regions and empirical evidence on economic growth for a broad panel of countries from 1960 to 2000.The updated treatment of cross-country growth regressions for this edition uses the new Summers-Heston data set on world income distribution compiled through 2000.
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Economic Forecasting
Economic forecasting involves choosing simple yet robust models to best approximate highly complex and evolving data-generating processes.This poses unique challenges for researchers in a host of practical forecasting situations, from forecasting budget deficits and assessing financial risk to predicting inflation and stock market returns.Economic Forecasting presents a comprehensive, unified approach to assessing the costs and benefits of different methods currently available to forecasters. This text approaches forecasting problems from the perspective of decision theory and estimation, and demonstrates the profound implications of this approach for how we understand variable selection, estimation, and combination methods for forecasting models, and how we evaluate the resulting forecasts.Both Bayesian and non-Bayesian methods are covered in depth, as are a range of cutting-edge techniques for producing point, interval, and density forecasts.The book features detailed presentations and empirical examples of a range of forecasting methods and shows how to generate forecasts in the presence of large-dimensional sets of predictor variables. The authors pay special attention to how estimation error, model uncertainty, and model instability affect forecasting performance. * Presents a comprehensive and integrated approach to assessing the strengths and weaknesses of different forecasting methods* Approaches forecasting from a decision theoretic and estimation perspective* Covers Bayesian modeling, including methods for generating density forecasts* Discusses model selection methods as well as forecast combinations* Covers a large range of nonlinear prediction models, including regime switching models, threshold autoregressions, and models with time-varying volatility* Features numerous empirical examples* Examines the latest advances in forecast evaluation* Essential for practitioners and students alike
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Economic Philosophy
Joan Robinson (1903-1983) was one of the greatest economists of the twentieth century and a fearless critic of free-market capitalism.A major figure in the controversial ‘Cambridge School’ of economics in the post-war period, she made fundamental contributions to the economics of international trade and development.In Economic Philosophy Robinson looks behind the curtain of economics to reveal a constant battle between economics as a science and economics as ideology, which she argued was integral to economics.In her customary vivid and pellucid style, she criticizes early economists Adam Smith and David Ricardo, and neo-classical economists Alfred Marshall, Stanley Jevons and Leon Walras, over the question of value.She shows that what they respectively considered to be the generators of value - labour-time, marginal utility or preferences - are not scientific but ‘metaphysical’, and that it is frequently in ideology, not science, that we find the reason for the rejection of economic theories.She also weighs up the implications of the Keynesian revolution in economics, particularly whether Keynes’s theories are applicable to developing economies.Robinson concludes with a prophetic lesson that resonates in today’s turbulent and unequal economy: that the task of the economist is to combat the idea that the only values that count are those that can be measured in terms of money. This Routledge Classics edition includes a new foreword by Sheila Dow.
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