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Empirical laws are rare in economics. This book describes efforts to anchor economic knowledge to invariant empirical laws. It links 17th and 18th century Galilean monetary economists to econophysics, a field that emerged in the mid-1990s. This virtual journey from past to present is charted by episodes on aggregates and empirical primacy. It includes the virtually unknown story of 19th century scholars who, by searching for a stricter mathematical approach, paved the way to an ‘engineering’ view of economics. Then there are celebrities like Pareto and his first empirical law governing the distribution of wealth. Pareto and Amoroso sparked a debate on the skewed distribution that spanned decades, ranging from finance to market transformations, to econophysics, with its concepts and tools inherited from statistical physics. The last stage of the journey goes through econophysics and the recent gradual advances it has made, which show how its position vis-à-vis economics has been changing.
Economic Thought and History looks at the relationship between facts and thought in historical economic research, viewing it in the context of periods of economic crisis and providing detailed analyses of methods used in determining the bond between economic history and economic theory. This interdisciplinary collection brings together international researchers in the history of economic thought and economic history in order to confront varying approaches to the study of economic facts and ideas, rethinking boundaries, methodologies and the object of their disciplines. The chapters explore the relationship between economic thought and economic theory from a variety of perspectives, exploring...
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The author explores what has been perhaps the central controversy in modern economics from Adam Smith to today. He traces the theory of market failure from the 1840s through the 1950s and subsequent attacks on this view by the Chicago and Virginia schools.
Between 1909-17, Gustavo Del Vecchio developed a ‘theory of circulation’. In a series of articles he set out his thoughts on the utility and value of money, credit, discount rates, banking and international payments. Tusset re-evaluates Del Vecchio’s theory, concluding that money represents a technology which organizes both economy and society.
This is an innovative study of the techniques of domination, based on financial markets, judicial systems, academia and international relations, across North America and post-Soviet Russia. Ultimately, Oleinik seeks to provide an alternative to mainstream economic analyses of power.
Italian Economists of the 20th Century provides a unique up-to-date assessment and appreciation of the work of 12 pioneering economists. The essays - written by a group of leading international scholars - are a fitting tribute to the important contribution that Italian economists have made to 20th century economics.
Until the end of the early 1970s, from a history of economic thought perspective, the mainstream in economics was pluralist, but once neoclassical economics became totally dominant it claimed the mainstream as its own. Since then, alternative views and schools of economics increasingly became minorities in the discipline and were considered ‘heterodox’. This book is in honour of John Edward King who has an impressive publication record in the area of economic theory with specific interest in how economic thought in the past shapes current economic theory and enforces certain paths of economic policy and economic development. This book is divided into five themes based on King’s interes...
The global financial crisis of 2008 was largely unpredicted. If economic theory has a role to play in predicting future catastrophes then the methods we rely on need to change. The authors of this study propose a new theory of economics based on more detailed understanding of how and why people behave as they do within their environment. This anthropological approach uses the strengths of many existing economic theories, including Keynesian and Austrian economics, to present a new framework for anticipating and averting the financial crises of the future.