This book assesses major schools of thought in macroeconomic theory between the Great Depression and the Long Recession, focusing on their analysis of cycles, crises and macro-policy. It explores the road from the dominance of Keynesian ideas to those of New Classical Macroeconomics (NCM) toward...

The thought-provoking book presents alternative viewpoints to mainstream macroeconomic theory, questions conventional policy wisdom and suggests a systematic re-orientation of current macroeconomic and financial regulatory policies in India. The New Consensus Macroeconomics (NCM), which...

Chapter 1: Review of the Neoclassical Theory of Capital Flows and Related Empirical -- Chapter 2: The Lucas Paradox: Alternative Estimates of Marginal Product of Capital -- Chapter 3: Estimating the Determinants of Capital Inflows Using Cross-Sectional Data -- Chapter 4: Panel and Non-Linear...

This book is Volume I of a two-volume set on antitrust policy, analyzing the economic efficiency and moral desirability of various tests for antitrust legality, including those promulgated by US and EU antitrust law. The overall study consists of three parts. Part I (Chapters 1-8) introduces...

This book develops John Rawls’s theory of justice by adding reality-based analyses. This is accomplished by answering the question of who makes rules and how, and by providing new answers to three of today’s most practical and critical issues. The question of who and how makes rules is...

This book provides a study of the forces underlying the development of economic thought at Cambridge University during the late nineteenth century and the first half of the twentieth century. The primary lens it uses to do so is an examination of how Arthur Cecil Pigou’s thinking, heavily...

In Lieu of an Introduction: How I Remember Leonid Hurwicz -- Institution Design: Technical Change and the Decentralization Penalty -- Fundamental Theory of Institutions: a Lecture in Honor of Leo Hurwicz -- The Hurwicz Program, Past and Suggestions for the Future -- Social Networks from a...

Part 1. Introduction -- Chapter 1. The Relevance of Richard Easterlin’s Groundbreaking Work. A Historical Perspective (Mariano Rojas) -- Part 2. Income and Happiness -- Chapter 2. The Easterlin Paradox Revisited: Who is Right? (Maarten Vendrik) -- Chapter 3. Relative Income, Subjective...

Introduction to The General Theory of Second Best, Its Central Implications, and the Appropriate Way to Respond to It -- The Economics Profession’s Responses to The General Theory of Second Best: Descriptions and Critiques -- The Concept of “the Impact of a Choice (or Natural Event) on...

1. Introduction -- 2. Current state of understanding: What does economics say about the economic elite? -- 3. Wealth’s vista. Trends in Wealth and the Rise of the Billionaire -- 4. The Rise of the Dual Economy – Wealth and Inequality -- 5. Sources of Great Fortunes in the World -- 6. Conclusion.