Hayek’s vision of the political and economic future has to a remarkable extent come to pass, and his writings can now be seen to contain much that is orthodox and widely accepted. The tight weaving of insights from diverse academic disciplines into a coherent social theory make his work of...

This book presents a concept of interactive economic institutions and systems, considered by the author to be a bottleneck to scientific progress. In the author’s evaluation of contemporary institutional economics, the focus is on the interaction of complex economic structures in terms of...

Primary commodities – food, raw materials, fuels and base metals – continue to be a substantial proportion of the exports of many developing countries and account for over 40 per cent of world trade. The determinants of primary commodity prices, and the terms on which they are traded for...

In 1960, Piero Sraffa’s Production of Commodities by Means of Commodities considered the fundamental issues that had been ignored in some existing theories of capital, value and distribution, and by doing so he laid the foundations for a critique of the marginal theory of value and...

This up to date book provides the first evidence on employee-ownership in Central and Eastern Europe. This subject has attracted growing interest in recent years, since the sale and free distribution of enterprise shares to employed workers and mangers have surprisingly become frequent...

Recent outbreaks of financial instability have spurred new interest in the works of the late Hyman P. Minsky who made path-breaking contributions to our understanding of contemporary market economies. This book provides an innovative tribute to Minsky’s work and sheds new light on the nature...

Public utilities supply a set of goods and services that are central to the workings of a modern economy. Their importance in the economy’s structure is matched by the interest and complexity of the problems they present for economic analysis.

The book provides substantial discussion of the model’s methodological background; returns to scale; the transformation surface and the fixed-factor-supply economy; existence, uniqueness, and stability of equilibria; the dynamics of market adjustments; methodological individualism and the theory...

On the premise that pension provision in Europe will dramatically change over the next few decades, this book concentrates on the funded component of pension wealth, and specifically on annuities – financial products that, on the basis of actuarial equivalence, allow the conversion of wealth...

International institutions and formal international organizations lie at the heart of the new global economy. International economic interactions occur within a framework of norms, rules and organizations, and an appreciation of this institutionalization is essential for understanding the...