2012-2013

NEW BOOKS BY ESHET MEMBERS

Thoughts on Economic Development in China

Ying Ma & Hans-Michael Trautwein

Routledge, 2013

This book describes important stages in the evolution, cross-fertilization and contextual modification of ideas about economic order, development and institutional change in China and the West since the 18th century. It illustrates, in particular, how Western concepts and theories have been adopted and adapted to Chinese conditions in different waves of modernization from the late 19th century until the present and that this was and is no one-way traffic. The book's chapters are contributed by development economists and historians of thought from China and other parts of the world.

The Theory of Value and Distribution in Economics. Discussions between Pierangelo Garegnani and Paul Samuelson Heinz D. Kurz (ed.) Routledge, 2012

This new volume explores two alternative economic theories – the classical theory and the marginalist or neoclassical theory- through a discussion between two eminent economists, Pierangelo Garegnani and Paul Samuelson. The key themes of the volume are the difference in approaches to the explanation of the distribution of income and relative prices, and therefore different approaches to all other economic problems, in particular capital accumulation and economic growth. The book discusses whether there is a ‘classical’ approach to the theory of value and distribution at the core of economic theory that is fundamentally different from the later marginalist or neoclassical theory. In the volume, the late Pierangelo Garegnani argues for the validity of Piero Sraffa’s position on this issue, whilst the late Nobel laureate Paul Samuelson vehemently contests it. At a time of economic crisis, the future of the discipline is far from certain, and so it is extremely important to bring these debates back into the light, by reproducing them together for the first time. A comprehensive introduction by Heinz Kurz sets the debate in this context, and provides crucial background to the arguments.

Ever since Adam Smith, economists have been

preoccupied with the puzzle of economic growth.

The standard mainstream models of economic

growth were and often still are based either on

assumptions of diminishing returns on capital with

technological innovation or on endogenous dynamics

combined with a corresponding technological and

institutional setting. An alternative model of economic

growth emerged from the Cambridge School of Keynesian

economists in the 1950s and 1960s. This model –

developed mainly by Luigi Pasinetti – emphasizes the

importance of demand, human learning and the growth

dynamics of industrial systems. Finally, in the past decade,

new mainstream models have emerged incorporating

technology or demand-based structural change and

extending the notion of balanced growth.This collection

of essays reassesses Pasinetti’s theory of structural

dynamics in the context of these recent developments,

with contributions from economists writing in both the

mainstream and the Cambridge Keynesian traditions and

including Luigi Pasinetti, William Baumol, Geoffrey Harcourt

and Nobel laureate Robert Solow.

Richard Arena is Professor of Economics at the University

of Nice-Sophia Antipolis, France, where he is Director of

the Institute of Human and Social Sciences. He is also the

managing editor of the Revue d’Economie Industrielle.

Pier Luigi Porta is Professor of Economics at the University

of Milano-Bicocca, Italy, and a visiting fellow of Wolfson

College, Cambridge.

Cover illustration: refl ection of building in glass

© iStockphoto.com/Entienou.

‘This is an interesting and

rich book, centered around

structural change and

Pasinetti’s contribution to

its analysis, with important

ramifi cations concerning its

relationships with consumption

patterns, with aggregate

demand and with inter-sectoral

knowledge fl ows, among a few

others. The book could well

have been given the subtitle

“on the road not taken”, as it

offers a long list of challenging

questions at the opposite

end of the spectrum from the

current “anthropomorphic”

representation of the economy

in terms of a single decision-

theoretic rational agent. Young

scholars reading the book will

discover another world not

taught any longer in school,

and will also come to appreciate

just how long and winding the

road ahead is.’

Giovanni Dosi, Professor of

Economics, Sant’Anna School

of Advanced Studies, Pisa

Cover designed by Hart McLeod Ltd

Structural Dynamics and

Economic Growth

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Structural Dynamics and Economic Growth

R. Aréna & P.L. Porta eds.

Cambridge University Press, 2012

Ever since Adam Smith, economists have been preoccupied with the puzzle of economic growth.   Structural Dynamics  emphasizes the importance of demand, human learning and of the growth dynamics of industrial systems. Finally, in the past decade, new mainstream models emerged incorporating technology or demand-based structural change and extending the notion of balanced growth. This collection of essays provides  a re-assessment of structural dynamics and its historical sources in the context of those recent developments, with contributions  both from the mainstream  and from the Cambridge Keynesian traditions, including Luigi Pasinetti, William Baumol and Nobel laureate Robert Solow.

Transforming Modern Macroeconomics: Exploring Disequilibrium Microfoundations, 1956–2003

R.E. Backhouse & M. Boianovsky

Cambridge University Press, 2013

This book tells the story of the search for disequilibrium micro-foundations for macroeconomic theory, from the disequilibrium theories of Patinkin, Clower and Leijonhufvud to recent dynamic stochastic general equilibrium models with imperfect competition. Placing this search against the background of wider developments in macroeconomics, the authors contend that this was never a single research program, but involved economists with very different aims who developed the basic ideas about quantity constraints, spillover effects and coordination failures in different ways. The authors contrast this with the equilibrium, market-clearing approach of Phelps and Lucas, arguing that equilibrium theories simply assumed away the problems that had motivated the disequilibrium literature. Although market-clearing models came to dominate macroeconomics, disequilibrium theories never went away and continue to exert an important influence on the subject. Although this book focuses on one strand in modern macroeconomics, it is crucial to understanding the origins of modern macroeconomic theory.

IL CONTRIBUTO ITALIANOALLA STORIA DEL PENSIERO

ECONOMIA

Direttori scientificiVERA NEGRI ZAMAGNI, PIER LUIGI PORTA

Comitato scientificoLilia Costabile, Riccardo Faucci, Cosimo Perrotta,

Roberto Scazzieri, Giacomo Todeschini

Coordinatore di produzioneMonica Trecca

RedazioneRiccardo Martelli, Daniela Angelucci, Lulli Bertini, Cecilia Causin,

Sara Esposito, Sabrina Pedrini; Marzia G. Lea Pacella

ImpaginazioneMarina Milano

Segretaria di redazioneAngela Damiani

Il Contributo italiano alla storia del pensiero: Economia V. N. Zamagni & P.L. Porta (eds.) Istituto Giovanni Treccani, 2013

The volume is part of a series on the Italian contribution to the history of thought in several fields. It gives a full illustration of the Italian tradition in economics.  It is designed to offer a comprehensive view of the Italian tradition and it shows how and why the Italian tradition is being re-discovered today through the idea of  a 'civil economy'.

Theoretical and Practical Reason in Economics: Capacities and Capabilities Ricardo F. Crespo Springer, 2012

The aim of the book is to argue for the restoration of theoretical and practical reason to economics. It presents Nancy Cartwright and Amartya Sen’s ideas as cases of this restoration and sees Aristotle as an influence on their thought. Cartwright’s capacities are real causes of events. Sen’s capabilities are the human person’s freedoms or possibilities. These concepts are related with Aristotelian concepts and can be combined. Sen’s capabilities are Cartwright’s capacities in the human realm; capabilities are real causes of events in economic life. Institutions allow us to deliberate on and guide our decisions about capabilities, through the use of practical reason. The book presents a case study: the UNDP’s HDI.

Schumpeter für jedermann. Von der Rastlosigkeit des Kapitalismus Heinz D. Kurz and Richard Sturn, Frankfurt: FAZ Verlag, 2012

Spannend wie ein Roman Joseph Alois Schumpeter (1885 1950) ist nicht nur einer der bedeutendsten, sondern auch einer der schillerndsten Ökonomen aller Zeiten. Sein Leben und seine wissenschaftliche, politische und unternehmerische Karriere lesen sich spannend wie ein Roman. Der dritte Band aus der Reihe Ökonomen für jedermann berichtet von Schumpeters Jugend und Studentenzeit im Wiener Fin de siècle; seiner wissenschaftlichen Karriere und den Haupteinflüssen auf sein Denken; seinen Erfolg und Misserfolg als Bankier und Spekulant; privaten Schicksalsschläge; seiner Konkurrenz mit dem großen Ökonomen John Maynard Keynes; seiner Auffassung von der schleichenden Zersetzung des Kapitalismus sowie seinem Einfluss auf unser heutiges Denken und wirtschaftspolitisches Handeln. Kurz und Sturn bringen uns den Mann und dessen Theorien näher, dem wir das geflügelte Wort von der "schöpferischen Zerstörung" verdanken.

Order and Control in American Socio-Economic Thought: Social Scientists and Progressive-Era Reform Charles R. McCann, Jr. Routledge, 2012

The Progressive Era is generally regarded as a period of extraordinary social, political, and economic change, affecting virtually every aspect of American life. In the last decades of the nineteenth century, American social scientists, drawing on their experiences with the German social welfare system, became increasingly interested not merely in identifying problems, but in prescribing means by which to effect social change. This book is an effort to identify the various influences upon critical thinkers, and to examine their approaches to solving the social problems of the time.

Post-Keynesian Views of the Crisis and its Remedies

Óscar Dejuán, Eladio Febrero, & Jorge Uxó (eds.)

Routledge, 2013

This  book  analyzes  the  causes,  consequences  and  evolu6on  of  the  Great  Recession  from  a  variety  of  post-­‐Keynesian  perspec6ves.  It  then  presents  a  case  for  realis6c  and  essen6al  remedies.  The  book  is  both  theore6cal  and  applied,  with  a  global  reach  and  a  par6cular  focus  on  the  European  debt  crisis.  

Fighting Market Failure: Collected Essays in the Cambridge Tradition of Economics

Maria Cristina Marcuzzo

Routledge, 2012

This collection brings together fifteen essays published between 1994 and 2008 which all look into the contribution of a remarkable group of economists known as the "Cambridge school" or the "Cambridge Keynesians". The people involved are better defined as a "group" rather than a "school", to denote not adhesion to a common body of doctrine but rather the idea of both cohesion and sharing. This collection focuses on Keynes, Kahn, J. Robinson and Sraffa, who all shared in the physical space and lifestyle of the University of Cambridge. The bond between them was intellectual partnership, a recognised common ground, dialogue and acceptance of criticism. Some of the essays in this collection address the content, as well as the method and "style", of the type of economics associated with the Cambridge tradition at the very core of which those economists stand.

Thorstein Veblen: Economics for an Age of Crises Erik S. Reinert & Francesca Lidia Viano (eds.) Anthem Press, 2012

After his death Thorstein Veblen was hailed as ‘America’s Darwin and Marx’ and is normally portrayed as the perennial iconoclast. He severely criticised traditional economics and attempted to create an alternative approach based on a much more complex view of human beings. He is one of the most celebrated economists of our age and has been the inspiration for many books; the predatory version of capitalism we now again experience, the phenomenon of studying cultures of consumption and the darker sides of gilded ages can be traced back to Veblen. A conference in Veblen’s ancestral Norway marked the 150th anniversary of his birth. The aim of the conference was to consolidate Veblen scholarship and evaluate his relevance for the problems of today. This collection offers the results of that endeavour; it is a milestone of Vebleniana which assesses all the most salient aspects of his life and influence. Many of its contributors also push into uncharted territory, examining the man and his work from new and necessary perspectives hitherto ignored by scholarship.

Die größten Ökonomen: Adam Smith (1723-1790) Heinz D. Kurz & Richard Sturn Munich: UVK, 2012

Sie prägen seit Jahrhunderten die Welt der Ökonomie: die größten Ökonomen. Einer von ihnen ist Adam Smith. Der Name Adam Smith ist vielen Menschen ein Begriff, über das Leben dieses großen Denkers wissen allerdings die wenigsten Bescheid. Diese Wissenslücke schließt das Buch. Die Autoren stellen die Kindheit, Jugend und das Studium des schottischen Ökonomen dar. Sie skizzieren seine akademische Karriere und seine 'Grand Tour'. Auch sein Hauptwerk 'The Wealth of Nations' und dessen Entstehung sowie seine bedeutendsten Essays werden beleuchtet. Das Buch richtet sich an Studierende, Wissenschaftler und Interessierte aus den Fachbereichen Wirtschaftswissenschaften, Politikwissenschaft, Soziologie und Geschichte. Fazit: Den Autoren gelingt nicht nur ein kompakter Überblick über die wichtigsten Werke von Adam Smith. Vielmehr beleuchten sie auch den Menschen und den Kontext, in dem er gearbeitet hat.

The Oxford Handbook of Adam Smith Christopher J. Berry, Maria Pia Paganelli, & Craig Smith (eds.) Oxford University Press, 2013

This Handbook draws on the expertise of leading Smith scholars from around the world, to reflect the depth and breadth of Smith’s intellectual interests. After an introductory outline chapter on Smith’s life and times, the Handbook contains 28 new essays covering the whole of his corpus including his sources; his views on Language, Art, and Culture; his Moral Philosophy; his Economic thought, his discussions of History and Politics and his analyses of Social Relations. A final section examines Smith’s legacy and posthumous reputation. While each chapter is a discrete contribution to scholarship, the Handbook comprises a composite whole to enable the full range of Smith’s work to be appreciated.

L'arretratezza del Mezzogiorno: Le idee, l'economia, la storia (Souhern Italy's Backwardness. Ideas, Economy and History)

Cosimo Perrotta & Claudia Sunna Bruno Mondadori, 2012

The  book  analyses  the  false  myths  of  prosperous  Southern  Italy,  and  singles  out  three  fundamental  factors  that  have  so  far  prevented  the  access  of  this  region  to  modernity  and  development:  the  large  estates  and  the  other  forms  of  rent  that  followed  it,  the  economic  dependence  on  developed  areas;  the  perverse  rela6onship  between  the  state  and  the  individuals  and  the  lack  of  civic  virtues.    Through  the  examina6on  of  historians  and  the  analyses  of  economists  (from  Antonio  Serra  to  Paolo  Sylos  Labini),  the  research  –  carried  on  as  a  team  work  -­‐  exposes  how  these  three  factors  were  born  in  the  Middle  Ages  and  took  root  in  the  modern  age;  how  Southern  Italy  failed  to  catch  moderniza6on  in  the  period  of  unified  Italy  and  became  only  par6ally  modern  aPer  World  War  II;  finally  it  explains  why  there  is  s6ll  an  extended  culture  which  discards  legality  and  civic  commitment.  The  analysis  ends  with  some  proposals  in  order  to  restart  the  development  process.  

Die Entwicklung ökonomischen Denkens: Ein Lernprozess Peter Rosner Duncker & Humblot, 2012

Since the beginning of the division of labour and trade attempts have been made to shape the economic context. From this endeavour emerged a reflection of economic relations which slowly became a theory taught and furthered at universities. Whereas its beginnings were embedded in political as well as ethical theories, in the late medieval period economics started to become an intellectual effort in its own right. Peter Rosner tells the story of the development of economic theorizing from its origins to the first decades of the 20th century. His methodological supposition: Authors wanted to solve problems and discovered that existing explanations were insufficient, contradictory or simply unclear. The drive for increased clarity and to improve the solutions of already well-known problems or newly discovered ones led to new explanations. Theories of older schools are not presented here as alternatives to later theories. They are seen, rather, as earlier attempts to clarify economic problems. Insofar as this was successful, one can speak about scientific progress. This development cannot be characterised as correction of older mistakes, but instead reflects an on-going systematic overhaul of existing concepts and ideas.

From Classical Political Economy to Behavioral Economics Ivan Moscati Milan: Egea, 2012.

Part One illustrates the passage from the classical to the marginal theory of value, which latter emerged in the 1870s. Part Two charts the consolidation of marginalism and developments in utility and demand analysis between the 1870s and 1940. Part Three outlines the history of macroeconomics from the monetary and business cycle theories of the early twentieth century to Lucas’s new classical macroeconomics of the 1970s. Part Four is devoted to the post-1940 history of microeconomics, and examines the emergence of game theory, the axiomatization of utility analysis, the history of expected utility theory, and the challenge of behavioral economics to mainstream economics.

Innovation, Knowledge and Growth. Adam Smith, Schumpeter and the Moderns Heinz D. Kurz Routledge, 2012

This book deals with the prime movers of socio-economic development, innovations and technical change, their origins, forms and effects. It contains a set of closely related chapters, some of which have been previously published as papers in scholarly journals.

The Rise of Econometrics Duo Qin Routledge, 2013

This 4-volume set provides an authoritative one-stop resource to enable users to understand what has shaped econometrics into its current form. With a full index and comprehensive introductions to each volume, newly written by the editor, the collection also provides a synoptic view of many current key debates and issues. Moreover, this Routledge collection provides readers with several items which have not been published before – the lecture notes prepared by Ragnar Frisch for the Nordic Economic Meeting in Stockholm in 1931 and Jacques Drèze’s seminal paper on Bayesian econometrics, which was circulated as a working paper in 1962. This is also the first time that English translations are made available of excerpts of Oskar Morgenstern’s 1928 book in German on economic forecasting and Trygve Haavelmo’s presentation in Norwegian for the 3rd Scandinavian Meeting for young social economists at Copenhagen in 1939.

Adam Smith für jedermann. Pionier der modernen Ökonomie Heinz D. Kurz & Richard Sturn Frankfurt: FAZ Verlag, 2013

Adam Smith (1723 bis 1790) gilt als einer der wichtigsten Ökonomen. Seine beiden Bücher Wohlstand der Nationen und Theorie der ethischen Gefühle gehören immer noch zu den Standardwerken der Wirtschaftswissenschaften. Und viele neue Disziplinen der Ökonomie wie die Spieltheorie wären ohne die Grundlagenarbeit von Smith gar nicht möglich. Doch der schottische Aufklärer hat ebenso seine Gegner: Immer, wenn der Kapitalismus in die Kritik gerät, fällt fast unweigerlich der Name von Adam Smith. Was hat es mit diesem Menschen und seinem geistigen Schaffen auf sich, dass er selbst nach über 200 Jahren unverzichtbar scheint und die Gemüter bewegt? Adam Smith für jedermann erklärt auf leicht verständliche, anschauliche und mitunterunterhaltende Weise die zwei wesentlichen Theorien von Smith. Und zwar kurz und knapp und so, dass sie auch Leser verstehen, die kein wirtschaftswissenschaftliches Studium mitbringen.

Monetary Policy Rule in Theory and Practice: Facing the Internal vs External Stability Dilemma Nicolas Barbaroux Routledge, 2013

By considering that economics conjuncture is always facing an internal versus external stability dilemma, the books defends and demonstrates to what extent monetary policy should incorporate discretionay elements as opposed to a pure monetary policy rule strategy. This demonstration will be made both in theory and practice, notably by way of historical examples from France and Sweden and by way of the works of Keynes, Cassel and a few other Swedish authors from Stockholm school. The book thesis is fully in agreement with the last monetary policy answers (i.e unconventional measures) to the 2008 financial crisis that the major central banks took.