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The Federal Reserve Act of 1913 created the infrastructure for the modern American payments system. Probing the origins of this benchmark legislation, J. Lawrence Broz finds that international factors were crucial to its conception and passage. Until its passage, the United States had suffered under one of the most inefficient payment systems in the world. Serious banking panics erupted frequently, and nominal interest rates fluctuated wildly. Structural and regulatory flaws contributed not only to financial instability at home but also to the virtual absence of the dollar in world trade and payments.Key institutional features of the Federal Reserve Act addressed both these shortcomings but ...
A bold new biography of the thinker who demolished accepted economic theories in order to expose how people of economic and social privilege plunder their wealth from society’s productive men and women. Thorstein Veblen was one of America’s most penetrating analysts of modern capitalist society. But he was not, as is widely assumed, an outsider to the social world he acidly described. Veblen overturns the long-accepted view that Veblen’s ideas, including his insights about conspicuous consumption and the leisure class, derived from his position as a social outsider. In the hinterlands of America’s Midwest, Veblen’s schooling coincided with the late nineteenth-century revolution in ...
A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.
James Laurence Laughlin (1850-1933) was the founder of the Economics Department at the University of Chicago. He gathered together a faculty whose views were often at variance with his and with one another. Laughlin recruited, and often argued with, leading economists such as Thorstein Veblen and Wesley Clair Mitchell. These early faculty members helped shape the independent and iconoclastic spirit of the University of Chicago?s Economics Department. While head professor of political economy at the University of Chicago, he proposed the concept of a school devoted to commerce and industry. He and his colleagues designed a curriculum that emphasized "close, sustained, and logical reasoning" a...
Genet…Beckett…Burroughs…Miller…Ionesco, Ōe, Duras. Harold Pinter and Tom Stoppard. Hubert Selby Jr. and John Rechy. The legendary film I Am Curious (Yellow). The books that assaulted the fort of propriety that was the United States in the 1950s and ’60s, Lady Chatterley’s Lover and The Tropic of Cancer. The Evergreen Review. Victorian “erotica.” The Autobiography of Malcolm X. A bombing, a sit-in, and a near-fistfight with Norman Mailer. The common thread between these disparate elements, a number of which reshaped modern culture, was Barney Rosset. Rosset was the antidote to the trope of the “gentleman publisher” personified by other pioneering figures of the industry s...
Many know the Chicago School of Economics and its association with Milton Friedman, George Stigler, Ronald Coase and Gary Becker. But few know the School's history and the full scope of its scholarship. In this Companion, leading scholars examine its history and key figures, as well as provide surveys of the School's contributions to central aspects of economics, including: price theory, monetary theory, labor and economic history. The volume examines the School's traditions of applied welfare theory and law and economics while providing a glimpse into emerging research on Chicago's role in the development of neoliberalism. A companion in the true sense of the word, this volume surveys a wid...
The University of Chicago has been and continues to be one of the most important global centres for economics. With six chapters on themes in Chicago economics and 33 chapters on the lives and work of Chicago economists, this volume shows how economics became established at the University, how it produced some of the world’s best-known economists, including Frank Knight, Milton Friedman and Robert Lucas, and how it remains a global force for the very best in teaching and research in economics. With original contributions from a stellar cast, this volume provides economists – especially those interested in macroeconomics and the history of economic thought – with an in-depth analysis of Chicago economics.