Description : There is a wide spread belief that modern economics is irrelevent to the understanding of the real world. In an original study, Tony Lawson offers a provocative account of why economics has gone wrong and how it can be put back on track.
Description : THE FIRST GERMAN edition of this book appeared in 1940. Since then the book has gone through five more editions and has been translated into Spanish and Italian. The present English translation is based on the sixth German edition. The author was Professor of Economics at the University of Freiburg, Germany. Professor Eucken was a student at a time when the Historical School dominated the teaching of econo mics at the German universities. Although, at the beginning of his career, he did some work along the lines of the Historical School, neither the ~ims nor the methods of historical research the field of economics as practised by the representatives in of the Historical School satisfied him; and the fact that the members of this school were unable to explain the causes of economic events such as the German inflation after World War I was an added reason for him to turn to economic theory. He became, among German economists, the foremost opponent of the Historical School, which he criticised in several publica tions. Through his wrItings and his teaching he contributed his share to the revival of interest in economic theory which was noticeable in the 'twenties. And he was one of the few economists left in Germany who helped to keep this interest alive during the 'thirties and during World War II. During this time he published Kapitaltheoretische Untersuchungen (1936), and the present volume, which immediately gave rise to an extensive discussion in German economic journals.
Description : What do Eastern Europe's booming sex trade, America's subprime mortgage lending scandal, China’s fake goods industry, and celebrity philanthropy in Africa have in common? With biopirates trolling the blood industry, fish-farming bandits ravaging the high seas, pornography developing virtually in Second Life, and games like World of Warcraft spawning online sweatshops, how are rogue industries transmuting into global empires? And will the entire system be transformed by the advent of sharia economics? With the precision of an economist and the narrative deftness of a storyteller, syndicated journalist Loretta Napoleoni examines how the world is being reshaped by dark economic forces, creating victims out of millions of ordinary people whose lives have become trapped inside a fantasy world of consumerism. Napoleoni reveals the architecture of our world, and in doing so provides fresh insight into many of the most insoluble problems of our era.
Description : John M. Legge shows the many ways in which the real world diverges from economics textbooks. He argues that mainstream economic theory took a disastrous turn 140 years ago, when it attempted to use calculus to explain human behaviour. A real economy involves people who are not variables in equations. This error led to a second, mainstream economics becoming obsessed with equilibrium. However, constant change is the reality and one cannot explain the present without understanding the path taken to get here. This book presents economics in historical context. It includes a short account of the contributions by some of the key figures in economic theory, starting with Adam Smith. Smith placed great weight on morality: he believed that economic activity took place in a society and could not be justified except insofar as it advanced the interests of that society. Too many economists have come to believe that the interests of society can be measured by a number: that if a policy change raises GDP it is justified, whatever its impact on people.Legge places the economy within society, and society within the environment, explaining that every significant decision has a social and environmental impact, as well as an economic dimension. Seeking to provide answers to students, professional business managers, and those interested in the political process, this work addresses the gap between theory and reality.
Description : The objective of this study is to analyze several dimensions of the agricultural economics reality for the representative farms of the European Union countries by using microeconomic data available in the Farm Accountancy Data Network from 1989-2009. To support this research, several ratios and efficiency indicators were calculated across several variables relative, namely, to the agricultural output and the utilized agricultural area. These ratios and indicators were analyzed further through econometric models associated with the convergence approaches, presenting with more detail the Portuguese case. Furthermore, it is important to design a set of strategies that are more suited to the European Union realities.
Description : The current literature on financial economics is dominated by neoclassical dogma and, supposedly, the notion of value-neutrality. However, the failure of neoclassical economics to deal with real financial phenomena suggests that this might be too simplistic of an approach. This book consists of a collection of essays dealing with financial markets'' imperfections, and the inability of neoclassical economics to deal with such imperfections. Its central argument is that financial economics, as based on the tenets of neoclassical economics, cannot answer or solve the real-life problems that people face. It also shows the direct relationship between economics and politics OCo something that is usually denied in academic models, given that science is supposed to be value-neutral. In this thought-provoking and avant-garde book, the author not only exposes what has gone wrong, but also suggests reforms to both the academic and the political-economic systems that might help make markets fair rather than efficient. Drawing on interdisciplinary fields, this book will appeal to readers who are interested in finance, economics, business, the political economy and philosophy. Sample Chapter(s). Foreword (37 KB). Chapter 1: Method and Methodology (146 KB). Contents: Method and Methodology; What is All Efficiency?; Still Autistic Finance; The Young Finance Faculty''s Guide to Publishing; Prolific Authors in Finance; For-Profit Education: An Idea That Should be Put to Rest?; Weep Not for Microsoft: Monopoly''s Fatal Exception; The Socio-Economics of Scandals; Desperately Seeking Toto; And Now for Something Entirely Different; After the Ball; Capitalism or Industrial Fiefdom; The Theory of Fair Markets (TFM): Toward a New Finance Paradigm. Readership: Graduate students of finance; students of economics, economic methodology and philosophy of science."
Description : “Fantasy,” in FANTASY OR REALITY, often refers to incredible outcomes accompanied by life-threatening dangers involved in the continuing evolution of cyberspace. At the same time, the focus is the current economic space transformed into a time continuum on topics that shift from automated wheelchairs to mammoth-size transnational firms. “Reality,” in this context, identifies facts extending from the numbers of children living in poverty, to the changing offerings of public libraries, to the astonishingly large values involved in world finance and trade. The goals of power and wealth frequently appear to be the guiding force in many of the more than fifty topics introduced in this work. In some cases, individuals, firms, and national or international institutions have redefined terms such as efficiency, growth, and size to suit their respective purposes. FANTASY OR REALITY is a notebook presentation that seeks to encourage rethinking toward the two economic goals that got us here in the first place: freedom and profits.
Description : In order to understand the various strands of general equilibrium theory, why it has taken the forms that it has since the time of Léon Walras, and to appreciate fully a view of the state of general equilibrium theorising, it is essential to understand Walras's work and examine its influence. The first section of this 2006 book accordingly examines the foundations of Walras's work. These include his philosophical and methodological approach to economic modelling, his views on human nature, and the basic components of his general equilibrium models. The second section examines how the influence of his ideas has been manifested in the theorising of his successors, surveying the models of theorists such as H. L. Moore, Vilfredo Pareto, Knut Wicksell, Gustav Cassel, Abraham Wald, John von Neumann, J. R. Hicks, Kenneth Arrow, and Gerard Debreu. The treatment also examines models of many types in which Walras's influence is explicitly acknowledged.
Description : Tony Lawson has become a major figure of intellectual controversy on the back of juxtaposing two relatively simple and seemingly innocuous ideas. He has argued firstly that success in science depends on finding and using methods, including modes of reasoning, appropriate to the nature of the phenomena being studied, and also that there are important differences between the nature of the objects of study of natural sciences and those of social science. This original book brings together some of the world's leading critics of economics orthodoxy to debate Lawson's contribution to the economics literature. The debate centres on ontology, which means enquiry into the nature of what exists, and in this collection scholars such as Bruce Caldwell, John B. Davis and Geoffrey M. Hodgson present their thoughtful criticisms of Lawson's work. Lawson himself presents his reactions to these criticisms, with full chapter replies to each of the scholars included. This book is particularly useful for students and researchers concerned primarily with methodology and future development of economics. It is also relevant to the concerns of philosophers of science and to all social scientists interested in methodological issues.