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Author: Sebastian Berger
Publisher: Routledge
ISBN: 113525642X
Category : Business & Economics
Languages : en
Pages : 224
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Book Description
This thought-provoking volume presents essays on the foundations of non-equilibrium economics, i.e. the principle of circular cumulative causation (CCC). This work presents empirical research on how the interplay of technology’s increasing returns to scale, institutions, resources, and economic policy leads to virtuous circles of economic growth and development, but also to vicious circles of social and ecological degradation. In particular, evidence is provided for the important role of the "development state" and strategic trade policy, economies of large-scale production in manufacturing, the regional level of development and community-based resource management regimes. While demonstrating CCC’s strength in generating empirical research, the book also provides insights into its philosophical foundations and intellectual history. Several essays trace the roots of this full-fledged theoretical framework back to Adam Smith, Classical Political Economy, Thorstein Veblen, Gunnar Myrdal, K. William Kapp and Nicholas Kaldor. As the most comprehensive collection of the growing body of CCC research to date, this book also reflects the emergence of an economic paradigm for understanding economic dynamics and for crafting viable development strategies for the 21st century. The volume will be of great interest to scholars of growth and development economics, institutional and evolutionary economics, political economy, and Post Keynesian economics from undergraduate to postgraduate research levels.
Author: Sebastian Berger
Publisher: Routledge
ISBN: 113525642X
Category : Business & Economics
Languages : en
Pages : 224
Get Book
Book Description
This thought-provoking volume presents essays on the foundations of non-equilibrium economics, i.e. the principle of circular cumulative causation (CCC). This work presents empirical research on how the interplay of technology’s increasing returns to scale, institutions, resources, and economic policy leads to virtuous circles of economic growth and development, but also to vicious circles of social and ecological degradation. In particular, evidence is provided for the important role of the "development state" and strategic trade policy, economies of large-scale production in manufacturing, the regional level of development and community-based resource management regimes. While demonstrating CCC’s strength in generating empirical research, the book also provides insights into its philosophical foundations and intellectual history. Several essays trace the roots of this full-fledged theoretical framework back to Adam Smith, Classical Political Economy, Thorstein Veblen, Gunnar Myrdal, K. William Kapp and Nicholas Kaldor. As the most comprehensive collection of the growing body of CCC research to date, this book also reflects the emergence of an economic paradigm for understanding economic dynamics and for crafting viable development strategies for the 21st century. The volume will be of great interest to scholars of growth and development economics, institutional and evolutionary economics, political economy, and Post Keynesian economics from undergraduate to postgraduate research levels.
Author: Sebastian Berger
Publisher: Routledge
ISBN: 1135256438
Category : Business & Economics
Languages : en
Pages : 214
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Book Description
This thought-provoking volume seeks to answer some of the ultimate economic questions in terms of a theory that emerged with Adam Smith and is now come to full fruition; the principle of circular and cumulative causation (CCC) This full-fledged theoretical framework explains the whole interplay of technology, firms, resources, culture, institutions and economic policy to understand the basic drives behind modern day economic dynamics.
Author: Alan Freeman
Publisher: Edward Elgar Publishing
ISBN: 9781781956199
Category : Business & Economics
Languages : en
Pages : 348
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Book Description
The papers that comprise this collection introduce key advances in modern value theory. Equilibrium and non-equilibrium approaches are discussed alongside the theory behind abstract labour and money.
Author: Franklin M. Fisher
Publisher:
ISBN: 9780521242646
Category : Business & Economics
Languages : en
Pages : 236
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Book Description
The most common mode of analysis in economic theory is to assume equilibrium. Yet, without a proper theory of how economies behave in disequilibrium, there is no foundation for such a practice. The necessary step in proposing a foundation is the formulation of a theory of stability, and in this 1984 book, Professor Fisher is primarily concerned with this subject, although disequilibrium behavior itself is analyzed. The author first undertakes a review of the existing literature on the stability of general equilibrium. He then proposes a more satisfactory general model in which agents realize their state of disequilibrium and act on arbitrage opportunities. The interrelated topics of the role of money, the nature of quantity constraints, and the optimal behaviour of arbitraging agents are extensively treated.
Author: Yves Balasko
Publisher: World Scientific
ISBN: 9814651729
Category : Business & Economics
Languages : en
Pages : 280
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Book Description
The economic theory of general equilibrium underpins the most important models used in economic theory in general and in its more specialized areas such as macroeconomics, international trade, environmental economics, growth theory, and developmental economics. In Foundations of the Theory of General Equilibrium, leading academic scholar, Yves Balasko offers a good introduction to the economic theory of general equilibrium and makes use of various mathematical tools as intuitive and easy as possible. The second half of the book addresses properties of the general equilibrium model that are still at the frontier of current research. These properties deal with the characterization of economies with a unique equilibrium and, more generally, with the relationships between the number of equilibria and the fundamentals of an economy. Contents:The Exchange ModelA Simple Linear Version of the Exchange ModelThe Exchange Model with Two Goods and Two ConsumersConsumer TheoryThe Equilibrium ManifoldThe Natural ProjectionEquilibrium Analysis for Fixed Total ResourcesThe Natural Projection and Envelope TheoryA Duality TheorySeveral Extensions of the General Equilibrium Model Readership: Graduate students in mathematics who want to specialize in economics and mathematical economics; researchers and professionals who will find in this book a detailed account of some of the most current developments of a difficult but essential theory.
Author: Ross M. Starr
Publisher: Edward Elgar Publishing
ISBN: 0857938061
Category : Business & Economics
Languages : en
Pages : 177
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Book Description
'This book makes compelling reading for anyone interested in exploring the foundations of monetary theory from a rigorous general equilibrium perspective.' – Gabriele Camera, Purdue University, US 'Introducing the Arrow-Debreu-Starr model of monetary general equilibrium, Professor Starr provides the best defense ever made for the relevance of the Walrasian model to the pure theory of money. While most monetary theorists ventured to the overlapping generations model and then to the search model, only to create recently a hybrid search-Walrasian model, Starr presents the culmination of a patient, career-long effort to integrate money into the basic Walrasian model, with realistic taxation critically helping the government's money to dominate.' – Dror Goldberg, Bar Ilan University, Israel The microeconomic foundation of the theory of money has long represented a puzzle to economic theory. Why is there Money? derives the foundations of monetary theory from advanced price theory in a mathematically precise family of trading post models. It has long been recognized that the fundamental theoretical analysis of a market economy is embodied in the Arrow-Debreu-Walras mathematical general equilibrium model, with one great deficiency: the analysis cannot accommodate money and financial institutions. In this groundbreaking book, Ross M. Starr addresses this problem directly, by expanding the Arrow-Debreu model to include a multiplicity of trading opportunities, with the resultant endogenous derivation of money as the carrier of value among them. This fundamental breakthrough is achieved while maintaining the Walrasian general equilibrium price-theoretic structure, augmented primarily by the introduction of separate bid and ask prices reflecting transaction costs. The result is foundations of monetary theory consistent with and derived from modern price theory. This fascinating book will provide a stimulating and thought-provoking read for academics and postgraduate students focusing on economics, macroeconomics, macroeconomic policy and finance, money and banking. Central bankers will also find much to interest them within this book.
Author: Peter A. Diamond
Publisher: MIT Press
ISBN: 9780262040761
Category : Business & Economics
Languages : en
Pages : 96
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Book Description
Peter A. Diamond discusses search equilibrium as a framework for integrating micro and macroeconomics.
Author: Bert Tieben
Publisher: Edward Elgar Publishing
ISBN: 1781953511
Category : Business & Economics
Languages : en
Pages : 689
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Book Description
'Bert Tieben is very well read in the history of economic thought and provides an overview of one of the basic concepts of economics that is unrivalled both in its scope and in its thoughtful and detailed discussion of the various currents and schools. It goes right to the heart of economic theory and asks some pertinent questions about the limits and the future of economic theorizing. That is, I think, what sets it apart from many other studies in the history of economic thought: it is history with an eye to the future, and it does all this without making any demands on the mathematical skills of the reader. This book should therefore appeal to everybody who is interested in the methodology of economics and in exploring the boundaries of economic analysis.' Hans Visser, VU University, Amsterdam, The Netherlands This book deals with one of the most puzzling concepts in economic science, that of economic equilibrium. In modern economics, equilibrium is considered a key assumption, but its role is contested by economists both from within the mainstream and from rival schools of thought. What explains the contradictory assessments of the equilibrium concept in economics? Do economists belonging to different traditions disagree about the definition of equilibrium or do they adopt different rules for assessing scientific status? In this unique and exhaustive study, Bert Tieben answers these questions by investigating the history of equilibrium economics from 1700 to the present day. He concludes that ideology strongly coloured the development of this branch of theory, helping to explain the vehemence of the debates surrounding the concept. He also argues that scientific progress in economics may indeed be fostered by such opposition and contention, and calls for cross fertilization and stronger cooperation between the different schools of thought. This resourceful book will appeal to post graduate students and scholars in the history of economic thought and economic methodology. Both neoclassical and heterodox economists, most notably Austrian, post Keynesian and institutional economists, will also find much to interest them.
Author: Don Ross
Publisher: MIT Press
ISBN: 9780262182461
Category : Business & Economics
Languages : en
Pages : 466
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Book Description
A hilariously funny cookbook–cum–how–I–did–it memoir by the chef/restaurateur who created New York's dazzling Ápizz restaurant. At the age of thirty–seven, John LaFemina left a lucrative career as a jeweler to become a chef. Instead of going back to school, or getting on–the–job training, he did it the hard way: he bought the restaurant and then taught himself to cook. Today he owns two of New York's great Italian restaurants–Ápizz and Peasant–and is one of the city's most–talked–about chefs, earning rave reviews from fans and critics. In this gorgeous cookbook, he not only shares scores of recipes, but describes his life as a Canarsie boy learning about meatballs and macaroni in his mother's kitchen–and reveals how he drew on a lifetime of Italian cooking, and his own hard work and exquisite taste to create his dream restaurant from scratch. LaFemina takes us step–by–step through the process of finding the perfect location (and figuring out how many meatballs you have to sell to pay the rent), designing a restaurant, procuring all the necessary permits and licenses, and creating the menu. And this is just the first part of running a restaurant. He shares his experiences in dealing with the public and the press, unexpected disasters, and finally, basking in the glory of a popular restaurant. Along with his inspiring story, John LaFemina also shares 100 mouthwatering recipes, including: Lasagna with Braised Wild Boar Mushroom Risotto Veal, Beef, and Pork Meatballs with Ricotta Filling Open Ravioli with Roasted Butternut Squash Creamsicle Panna Cotta Chocolate Banana Bread Pudding
Author: Alan Freeman
Publisher: Edward Elgar Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 344
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Book Description
A equilibrium-free political economy based on the labour theory of value is developed in this volume which brings together authors who have worked in this framework for the last ten years.
