Equilibrium Exchange Rates How successful is PPP, and its extension in the monetary model, as a measure of the equilibrium exchange rate? This consistency gives us confidence that significant progress has been made in understanding what are the fundamental determinants of exchange rates and what are the forces operating to bring them back in line with the fundamentals. What are the determinants and dynamics of equilibrium real exchange rates? The answers to these questions are important to academic theorists, policymakers, international bankers and investment fund managers.
They are conditional on being used to the attainment of that end. No complete survey of the literature would be possible or meaningful. IX The Social Response to Environmental Risk Policy Formulation in an Age of Uncertainty 1 ENTITLEMENTS AND PUBLIC POLICY IN ENVIRONMENTAL RISKS Daniel W.
While economic theory has played an important role in the shaping of regulatory policy in the past, it has an even greater potential role to play in the future as the regulatory community grapples with the many challenges of a changing economic environment.
By telescoping structure into time, they highlight the processes of structural change and co-evolution between technologies and institutions, and provide a causal-explanatory core for a modern - evolutionary - theory of economic growth and economic development. The discussions make an essential contribution to the cognitive and behavioral foundations of a modern institutional economics. The contributions explore the processes of complex human choice, creativity, and adaptation in selective and path-dependent environments.
For much of the last three decades or more economic methodology has been dominated by the work of Karl Popper who advocated the position that science is what it is by virtue of its adherence to certain ideals. This volume presents alternatives to an exclusively Popperian methodology: its purpose is not to reject Popper, but to show there are other ways of construing methodology. Part II is concerned with auxiliary hypotheses needed to link rational choice at the social and individual levels. Post-Popperian Methodology of Economics The methodology of science is therefore not empirical or descriptive, but rather a set of rules for producing `rational' or `objective' knowledge.
1 Warren J. " The field of methodology in economics parallels the fields of epistemology and philosophy of science in the attempt to make sense of and to prescribe the terms on which efforts at knowledge may be accepted as "true," or the terms on which statements can be accepted as "knowledge.Knowledge Economists are engaged in efforts to understand and explain the econ omy.
They stress the relationship between economic, social and political ideas and range from the 17th to the late 20th century. They range from interpretations of `mercantilistic' ideas to interpretations of policies. Mercantilist Economics. This collection of papers reflects the variety of interpretations and definitions connected with the concept of `mercantilism' which have evolved historically during the last two centuries.
The book is organized in two sections.The main objective of this book is to restate the important theories and evidence from economic analysis concerning intergovernmental fiscal issues. The first covers the core body of intergovernmental fiscal relations, including optimal size for jurisdictions and assignment of public sector functions, the formulation and execution of tax policy in an intergovernmental setting, and the appropriate structure and use of intergovernmental transfers..
An Alternative Macroeconomic Theory: The Kaleckian Model and Post-Keynesian Economics King Michael Kalecki (1899-1970) was one of the most important, and also one of the most underrated, economists of the twentieth century. Many Post Keynesians, in particular, have found in his work the elements of a convincing alternative to what Joan Robinson -Kalecki's greatest advocate in the English-speaking world - was scathingly to describe as 'bastard Keynesianism' . But Kalecki was never interested in theory for its own sake.Almost entirely self-educated in economics, and influenced rul much by Marxism as by mainstream theory, Kalecki very largely escaped the fatal embrace of pre-Keynesian orthodoxy, which blunted the thrust of the General Theory.
. Problems of Coordination in Economic Activity The volume contains original research on coordination including general game-theoretic questions, particular coordination issues within specific fields of economics (i.
The real tensions in macroeconometrics are revealed by the critical comments from different econometricians, having an alternative perspective, which follow each chapter..
The contents of this volume are divided into four parts. Foreign Aid: New Perspectives is aimed at making a contribution in these two areas. The last part considers the recipient experience and consists of five case studies. Foreign Aid: New Perspectives.
What is the relation between economics and religion? Economics and Religion: Are They Distinct? takes an inductive approach using case studies to shed light on the extent to which economics may be regarded as independent of the religious beliefs of its practitioners. In particular, are theology and economics entirely autonomous and distinct areas of inquiry? Economics And Religion: Are They Distinct? The case studies comprise the first part of the book and are listed chronologically..
, 1988). Thus the search process for (t- poral) extra profits has been stressed and has been used for modelling attempts. from the dynamic perspective provided by Schumpeter (Dosi, 1984, Rosegger, 1985; Dosi et al.
On the Reliability of Economic Models The purpose of the volume is very specific: to stimulate a discussion of the epistemology and methodology of economics that works at the level of detail of existing `best practice' in economics today..This volume represents a contribution to the philosophy of economics with a distinctive point of view -- the contributors have selected particular areas of economics and have probed these areas for the philosophical and methodological issues that they raise.
People live by ideas which help them to make sense of their experiences. Economic Thought and Political Theory. This book is concerned with communicating and comprehending.
I wish to thank Warren Samuels, who originally invited me to edit a book in his series for Kluwer, and Marc Tool, who gave much needed advice and counsel along the way. These were the basic questions in my mind when I undertook to edit a book on the subject.
Keynes and the Classics Reconsidered is a collection of scholarly work re-evaluating Keynes's revolution in economic thought, both in the method of macroeconomic reasoning and in policy-making. This book brings together mostly a younger generation of economists to revisit Keynes's interpretation of the classics and its impact on macroeconomic theory and policy. Most of the contributing authors have themselves been active participants in this reinterpretation.
Many contributors offer innovative insights into the complexities of the process in terms of its micro foundations, and propose efficiency-based multinational policy frameworks. Dynamics of Globalization and Development debates the role of structural adjustment programs and policies, the implication of financial liberalization for growth and stability, the effects of foreign direct investment and the associated behavior of multinationals in terms of intellectual property rights, the diffusion of technology, growth and development.
As John Kenneth Galbraith as tutely observes: a dominant fact in economic life is the desire of people everywhere and in all circumstances to get control over their personal lives and their incomes-to escape from the "tyranny of the market. Yet one can search nearly in vain through leading texts, under graduate and graduate alike, for any reference to market or economic power. A situation in economics that is little short of scandalous is the almost total neglect by mainstream economics of the importance of power in economic affairs.
Widespread and acute poverty still ravages many countries of the world, and the understanding of how aid affects the economies of the recipient countries is still far from perfect.
This book brings together the work of scholars who have written for it independent essays in their areas of particular expertise in the general field of income distribution. The reader gains by seeing how the same material can be treated by those looking at it from different perspectives.
