Mercantilist Economics

Evolutionary Economics: Program and Scope offers a fresh look at the paradigmatic foundations and basic theoretical propositions of economics. Twelve authors - each of them with his own distinct contribution to economics - make a step forward by reinterpreting major areas of micro and macroeconomics in line with modern evolutionary thinking. The chapters on `Evolutionary Macro Economics' explore macro areas such as the division of labor and knowledge, technology and institutions, population thinking, meso economics, techno-economic trajectories and industrial sectors.

THE JANUS-FACE OF RACE: REFLEC- TIONS ON ECONOMIC THEORY Patrick L. Discrimina­ tory behavior will persist only in those sectors of society where the competitive forces of the market are least operative. When applied to the labor market, the mar­ ket power hypothesis suggests that pre- and post-labor market decisions represent disjoint sets.

Long before policy analysis emerged as a separate profession with its own graduate schools, economists offered advice about government policies.

The distinction between pedagogical and analytical efficacy is made by all the authors in this volume regarding the IS-LM model. Rather, the model's `plasticity' has enabled it to undergo a metamorphosis into augmented form, enabling its continuing utilization in economics accordingly.

IS-LM is perhaps the prime example of `cognitive dissonance' in economics, and is problematic to many economists.Moreover, in an augmented form, some of the authors in this volume would even see fit to use IS-LM for modern policy analysis. IS-LM and Modern Macroeconomics. As will be seen, therefore, the IS-LM model is `not yet dead'.