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HISTORY OF ECONOMIC THOUGHT & METHODOLOGY

New Titles & Selected Backlist 2018

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History of Economic Thought & Methodology

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This unique troika of Handbooks provides indispensable coverage of the history of economic analysis. Edited by two of the foremost academics in the field, the volumes gather together insightful and original contributions from scholars across the world. The encyclopaedic breadth and scope of the original entries will make these Handbooks an invaluable source of knowledge for all serious students and scholars of the history of economic thought.

KEY TITLES

Handbook on the History of Economic Analysis Volume IGreat Economists Since Petty and BoisguilbertEdited by Gilbert Faccarello, Panthéon-Assas University, France and Heinz D. Kurz, University of Graz, Austria Volume I contains original biographical profiles of many of the most important and influential economists from the seventeenth century to the present day. These inform the reader about their lives, works and impact on the further development of the discipline. The emphasis is on their lasting contributions to our understanding of the complex system known as the economy. The entries also shed light on the means and ways in which the functioning of this system can be improved and its dysfunction reduced.

2016 816 pp Hardback 978 1 84980 110 2 £235.00 eBook • Elgaronline

Handbook on the History of Economic Analysis Volume IISchools of Thought in EconomicsEdited by Gilbert Faccarello and Heinz D. KurzVolume II contains entries on the major schools of economic thought and analysis. These schools differ with regard to their ‘vision’ of the working of the economic system, the major forces and interactions that shape its path, and the policy recommendations proposed. At any moment of time, several such schools typically compete with one another, striving for dominance within the economic and political discourse.


Handbook on the History of Economic Analysis Volume IIIDevelopments in Major Fields of EconomicsEdited by Gilbert Faccarello and Heinz D. KurzVolume III contains entries on the development of major fields in economics from the inception of systematic analysis until modern times. The reader is provided with succinct summary accounts of the main problems, the methods used to address them and the results obtained across time. The emphasis is on both the continuity and the major changes that have occurred in the economic analysis of problematic issues such as economic growth, income distribution, employment, inflation, business cycles and financial instability.


Also available as a discounted three-volume set. 3 volume set: 978 1 78536 131 9 £500.00

NEW

Teaching the History of Economic ThoughtIntegrating Historical Perspectives Into Modern EconomicsEdited by Daniela Tavasci and Luigi Ventimiglia, Queen Mary University of London, UK‘This book argues that economics education reform is to be achieved through the history of economic thought. Not just by introducing students to the history of economic thought at the very beginning of their studies, but mainly by situating the material taught in every module in a historical perspective. Tavasci and Ventimiglia make a compelling case, and the individual chapters contain a wealth of detail as to how that can be achieved under a variety of conditions.’

– Andrew Denis, City, University of London, UK

April 2018 c 155 pp Hardback 978 1 78811 347 2 c £75.00 eBook • ElgaronlineElgar Guides to Teaching

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A New Model of SocialismDemocratising Economic ProductionBruno Jossa, University ‘Federico II’ of Naples, Italy‘Deeply suggestive and intellectually challenging, Jossa’s book proposes the market socialism model as a viable solution to the shortcomings of present day global capitalism. From the premise that socialism can be established by peaceful means and with non centralized planning, the author shows how by democratizing the economic sphere by means of a system of labour-managed enterprises, it is possible to enhance a vibrant political democracy. Jossa’s arguments are powerful and should interest anybody seriously involved in the wealth and health of nations.’

– Stefano Zamagni, University of Bologna and Johns Hopkins University, Italy

April 2018 c 288 pp Hardback 978 1 78811 782 1 c £85.00 eBook • Elgaronline

Time, Space and CapitalÅke E. Andersson, Jönköping International Business School and Royal Institute of Technology, Stockholm, Sweden and David Emanuel Andersson, ShanghaiTech University, China‘In this age of specialization, this book is breathtaking in its success in integrating knowledge from not only the social but also humanistic and natural sciences. The authors have devoted decades in creating an inspiring study which helps us to comprehend how societies have evolved over the last five centuries. It provides novel perspectives about space and time in advancing new perspectives on economic development, systems of law and science, transportation and communication, and creativity. This book should be read by every scholar – irrespective of area of study.’

– Rogers Hollingsworth, University of Wisconsin, US

2017 320 pp Hardback 978 1 78347 087 7 £90.00 eBook • ElgaronlineNew Horizons in Institutional and Evolutionary Economics series

The Elgar Companion to David RicardoEdited by Heinz D. Kurz, University of Graz, Austria and Neri Salvadori, University of Pisa, Italy‘As the contributions demonstrate, these scholars from different countries are authorities in their respective areas of Ricardian theory and often for the history of economic thought in general, as are the editors. . . it is encouraging that even nowadays there are still scholars with an intimate knowledge of the roots of our discipline. And, we should be grateful to the editors that they encouraged these authorities, brought together in this volume, to pass on their knowledge to future generations. They contributed to a volume that can be recommended emphatically as a true “Companion” because it belongs to the sort of books you will not read only once and then put it away. Actually, it should be on one’s book shelf because it is the sort of volume that merits consultation time and again.’

– History of Economics Review, 2016

2015 624 pp Hardback 978 1 84844 850 6 £180.00 2017 Paperback 978 1 78811 087 7 £45.00 eBook • Elgaronline

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NEW

The Value of Applied Economicsthe Life and Work of Arthur (A.J.) BrownKenneth Button, George Mason University, US‘Arthur Brown was one of the finest applied economists of his generation. I benefitted from his wisdom both as a student and a colleague. His favourite aphorism that “the economy is made for man, not man for the economy” was his guiding principle. Ken Button has done a splendid job in highlighting the importance of applied economic research through the life and work of one of its foremost practitioners.’

– Tony Thirlwall, University of Kent, UK

Dec 2017 c 256 pp Hardback 978 1 78643 365 7 £80.00 eBook • Elgaronline

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The General Theory and Keynes for the 21st CenturyEdited by Sheila C. Dow, University of Stirling, UK, Jesper Jespersen, Roskilde University, Denmark and Geoff Tily, TUC, UKThis book is devoted to the lasting impact of The General Theory (and Keynes’s thought) on macroeconomic theory, methodology and its relevance for understanding the post-crisis challenges of the 21st Century. A number of contributions take their departure from Keynes’s presentation during the 1930’s of his new macroeconomic understanding and its policy implications. Other chapters take a more pluralistic view of Keynes’s ideas and their importance for contemporary debates. Further, it is demonstrated that many textbooks often misrepresent The General Theory and therefore cannot be a reliable guide to 21st Century economic policy.

June 2018 c 272 pp Hardback 978 1 78643 987 1 c £90.00 eBook • ElgaronlineNew Directions in Modern Economics series

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Money, Method and Contemporary Post-Keynesian EconomicsEdited by Sheila C. Dow, University of Stirling, UK, Jesper Jespersen, Roskilde University, Denmark and Geoff Tily, TUC, UKThis volume concentrates on contemporary Post-Keynesian contributions in money, method and economic policy. Post-Keynesian economics shares with Keynes the ambition of understanding the economy as a whole and as an integrated part of society. The book begins by analysing money, banks and finance as dynamic phenomena, followed by chapters focusing on methodological themes such as uncertainty, longer-term issues, sustainability and other non-monetary economic activities.

June 2018 c 272 pp Hardback 978 1 78643 985 7 c £90.00 eBook • ElgaronlineNew Directions in Modern Economics series

Financial Crises, 1929 to the Present, Second EditionSara Hsu, State University of New York at New Paltz, USThis fascinating volume offers a comprehensive synthesis of the events, causes and outcomes of the major financial crises from 1929 to the present day.

Acclaim for the first edition:

‘Financial Crises, 1929 to the Present . . . offers a concise history of several of the world’s major financial crises. The book could serve as a supplement for undergraduate courses in economic history, international finance, and macroeconomics or as a reference for anyone wishing summaries of the key events and issues surrounding particular crises.’

– David C. Wheelock, EH.Net


NEW RESEARCH COLLECTIONS

History of Law and EconomicsEdited by Henry N. Butler, George Mason University, School of Law and Jonathan Klick, University of Pennsylvania Law School, USDedicated to the late Henry G. Manne, this authoritative collection draws together the most important articles from leading authors on the history of Law and Economics. These influential papers chart the rise of Law and Economics and analyse the contributions of the key pioneers, as well as discussing current battles and future prospects for the movement. Together with an original introduction by the editors, this volume will prove to be a valuable research tool for academics and practitioners with an interest in the history of Law and Economics.

36 articles, dating from 1974 to 2016 Contributors include: G.S. Becker, G. Calabresi, R.H. Coase, R.D. Cooter, H. Demsetz, H.G. Manne, F. Parisi, G.L. Priest, R.A. Posner, W. K. Viscusi

May 2018 c 880 pp Hardback 978 1 78643 298 8 c £265.00Economic Approaches to Law seriesDigital version available exclusively on Elgaronline as a Research Review

The Evolution of the Theory of the FirmEdited by David J. Teece, University of California, Berkeley and Berkeley Research Group, LLC, US and Neil Kay, University of Strathclyde, UKThis innovative collection of readings looks at how the theory of the firm evolved from several core concepts and building blocks that underpin this important area of economics. The first volume starts with a variety of perspectives on the theory of the firm from leading scholars in the field before introducing the basic elements of: risk and uncertainty; information and knowledge; bounded rationality and decision making; motives and incentives; resources and capabilities; and transactions. The second volume looks at how the various elements are integrated into the modern theory of the firm with the notion of organization coming increasingly to the fore, focusing on norms, rules and routines; the entrepreneur; governance; hierarchies; co-operation, teams and networks; innovation and appropriability.

The resulting collection is an invaluable reference tool for all researchers and students with interests in the modern theory of the firm.

82 articles, dating from 1896 to 2016 Contributors include: G. Dosi, R.M. Cyert, J.G. March, R.R. Nelson, E.T. Penrose, J. Schumpeter, H.A. Simon, D. Teece, O.E. Williamson, S.G. Winter

Two volume set Feb 2018 c 1,616 pp Hardback 978 1 78643 069 4 c £550.00The International Library of Critical Writings in Economics seriesDigital version available exclusively on Elgaronline as a Research Review

Crisis and the Failure of Economic TheoryThe Responsibility of Economists for the Great RecessionGiancarlo Bertocco, University of Insubria, Italy‘Mainstream economists could not see the Global Financial Crisis coming because their theories rule out the possibility of crisis. Their ex post apologies rely on stories of black swans with fat tails and compare the crisis to an unpredictable but inevitable earthquake. Professor Bertocco relies, instead, on the analyses of Schumpeter and Minsky to understand the forces that plunged the global economy into crisis almost a decade ago. The crisis was foreseeable, it could have been prevented, and policymakers could have mounted a more effective response – if they had adopted a Schumpeterian–Minskyan analysis.’

– L. Randall Wray, Bard College and Levy Economics Institute, US

2017 264pp Hardback 978 1 78536 534 8 £80.00 eBook • ElgaronlineNew Directions in Post-Keynesian Economics series

To order, telephone: +44 1235 465500 I Save up to 20% at www.e-elgar.com I To get email updates: [email protected]


Elgar TextbooksInspection copies availableInspection copies are available for all of our textbook titles for adoption on courses of 10 or more students. To order, please contact our Cheltenham address or email with full course details to [email protected]. T&Cs apply.

Elgar textbooks are available as eBooks through Google Play, eBooks.com, VitalSource, Kortext, Kobo and Lix.

Free Market Economics, Third EditionAn Introduction for the General ReaderSteven Kates, RMIT University, AustraliaIf you are genuinely interested in what is wrong with modern economics, this is where you can find out. If you would like to understand the flaws in Keynesian macro, this is the book you must read. If you are interested in marginal analysis properly explained, you again need to read this book. Based on the classical principles of John Stuart Mill, it is what is missing today; a text based on explaining how an economy works from a supply-side perspective.

Acclaim for the first edition:

‘Free Market Economics is virtually a must read for serious economists . . . Highly recommended.’

– Choice: Current Reviews for Academic Libraries

Key Features include:• analysis derived from the theories of pre-Keynesian classical economists, as this is the only source available today that explains the classical pre-Keynesian theory of the business cycle• a focus on the entrepreneur as the driving force in economic activity rather than on anonymous ‘forces’ as found in most economic theory today• introduces a powerful though simplified model to explain the difference between modern theory of recession and classical theory of the business cycle • great emphasis is placed on the consequences of decision making under uncertainty• offers an introductory understanding, accessible to the non-specialist reader.

2017 480 pp Paperback 978 1 78643 140 0 £35.00 • 2017 Hardback 978 1 78643 138 7 £115.00 • eTextBookIn Association with the Institute of Economic Affairs

Contending Perspectives in EconomicsA Guide to Contemporary Schools of ThoughtJohn T. Harvey, Texas Christian University, US‘Fifty years ago I used Robert L. Heilbroner’s The Worldly Philosophers to get students excited about economics. Today I would use John T. Harvey’s Contending Perspectives in Economics. The book is beautifully written and full of insights into who economists are and why they think the way they do.’

– Paul D. Bush, California State University, US

This accessible book provides a non-technical yet rigorous introduction to the various competing schools of thought in economics including, Neoclassical, Marxist, Austrian, Post Keynesian, Institutionalist, New Institutionalist, and Feminist. The unique features of each approach are highlighted, complemented by discussions of methodology, world views, popular themes, and current activities. Importantly, the book also examines common criticisms and how each school responds. In the interest of preserving balance and accuracy, every chapter covering a heterodox school of thought has been vetted by an acknowledged expert in that particular field. Though written for use in undergraduate courses, this guide will no doubt offer a great deal to any scholar wishing to gain a fresh perspective and greater understanding of the variety and breadth of current economic thinking.

2016 168 pp Paperback 978 1 78471 948 7 £22.50 • 2015 Hardback 978 0 85793 203 7 £65.00 • eTextBook

Advanced Introduction to Post Keynesian EconomicsJ.E. King, La Trobe University, Australia and Federation University Australia‘The Elgar Advanced Introduction series is a very good idea and fills a real gap in the literature. John King is an excellent choice as the author of the Post Keynesian volume. In past work he has explained his preference for a Kalecki–Keynes–Marx synthesis in economy theory. He is no ideologue, however, and all the different strands of Post Keynesianism get a fair hearing. It is also made clear what Post Keynesian economics is not – almost anything called “Keynesian” in the standard textbooks.’

– John Smithin, York University, Canada

‘Advanced Introduction to Post Keynesian Economics is vintage John King. Written with his usual clarity, thoroughness and hard-headedness, he takes his readers systematically through the structure of Post Keynesian economics, its approach to the central issues and problems that face the modern inter-related world economy, and the implication for policy. King places Post Keynesianism in historical and analytical context, compares and contrasts its characteristics with other heterodox approaches, as well as to that of the mainstream. He honestly sets out limitations and realistically assesses its likely future and influence. The volume is a tour de force, as is to be expected of an author who has made fundamental contributions to many different areas over his long and productive working life.’

– G.C. Harcourt, University of New South Wales, Australia

2015 160 pp Paperback 978 1 78254 843 0 £15.95 • 2015 Hardback 978 1 78254 842 3 £65.00 • eTextBookElgar Advanced Introductions series

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A Brief History of Political EconomyTales of Marx, Keynes and HayekLars Magnusson, Uppsala University, Sweden and Bo Stråth, University of Helsinki, Finland‘Two of Scandinavia’s most illustrious scholars have produced a highly readable guide to political economy. By focusing on the competing narratives of Marx, Keynes, and Hayek, their book makes sense of the last century of economic history and provides a powerful diagnosis of the crises that have wracked the global economy over the last decade.’

– Fred Block, University of California at Davis, US


What’s Wrong with Keynesian Economic Theory?Edited by Steven Kates, RMIT University, Melbourne, AustraliaPossibly the strangest phenomenon in all of economics is the absence of a long tradition of criticism focused on Keynesian economic theory. Keynesian demand management has been at the centre of some of the worst economic outcomes in history, from the great stagflation of the 1970s to the lost decade and more in Japan following the expenditure program of the 1990s. This book brings together some of the most vocal critics of Keynesian economics. Each author attempts to explain what is wrong with Keynesian theory in ways that can be understood by those seeking guidance on where to turn for a more accurate explanation of the business cycle and on what to do when recessions occur.


Handbook of Research Methods and Applications in Heterodox EconomicsEdited by the late Frederic S. Lee, formerly University of Missouri, Kansas City, US and Bruce Cronin, University of Greenwich, UK‘A very welcome compendium on the wide range of research methods available for economists and social scientists more generally. Highly recommended, particularly for those wishing to explore alternative methods to be applied in all fields of economic analysis and beyond. There are insightful and helpful applications of the methods to a wide range of topics to illustrate how they can be used.’

– Malcolm Sawyer, University of Leeds, UK

2016 640 pp Hardback 978 1 78254 845 4 £210.00 eBook • ElgaronlineHandbooks of Research Methods and Applications series

The Distribution of Wealth – Growing Inequality?Michael Schneider, Federation University, Mike Pottenger, The University of Melbourne and J.E. King, La Trobe University and Federation University Australia‘Michael Schneider, doyen of wealth inequality, has teamed up with two talented coauthors to produce an authoritative work on this critical issue. Their book covers everything from 18th century Danish inequality to the ethics of wealth inequality. The Distribution of Wealth – Growing Inequality? is packed with data, insightful analysis and policy suggestions. The work is generous to other scholars, internationally focused and theoretically rich. If you care about the distribution of wealth – and all of us should – then this terrific book should be among your assets.’

– Andrew Leigh, Economist and Australian Parliamentarian


Sports Through the Lens of Economic HistoryEdited by Richard Pomfret, University of Adelaide, Australia, and The Johns Hopkins University Bologna Center, Italy and John K. Wilson, University of South Australia‘Sports in the modern era have acquired an unprecedented social significance, a conjuncture that can only be understood through the lens of history of economics. This is an important book that offers a number of significant contributions and shows how the combined wisdom of these two disciplines can put modern sports in their proper context.’

– Stefan Szymanski, University of Michigan, US

2016 168 pp Hardback 978 1 78471 994 4 £65.00 2017 Paperback 978 1 78643 044 1 £19.95 eBook • ElgaronlineNew Horizons in the Economics of Sport series

Post Keynesian Theory and PolicyA Realistic Analysis of the Market Oriented Capitalist EconomyPaul Davidson, University of Tennessee, US and the Journal of Post Keynesian Economics‘Paul Davidson here provides an easy-to-read review of the central elements of Keynes and Post Keynesian theory, especially on such current matters as unemployment, the national debt, and international payments systems.’

– James K. Galbraith, author The End of Normal: the Great Crisis and the Future of Growth

2015 160 pp Hardback 978 1 78471 824 4 £65.00 2017 Paperback 978 1 78471 826 8 £19.95 eBook • ElgaronlineNew Directions in Post-Keynesian Economics series

The Elgar Companion to Ronald H. CoaseEdited by Claude Ménard, University of Paris, Panthéon-Sorbonne and Elodie Bertrand, National Center for Scientific Research, FranceRonald H. Coase was one of the most innovative and provocative economists of the twentieth century. Besides his best known papers on ‘The Nature of the Firm’ and ‘The Problem of Social Cost’, he had a major role in the development of the field of law and economics, and made numerous influential contributions to topics including public utilities, regulation and the functioning of markets. In this comprehensive Companion, 31 leading economists, social scientists and legal scholars assess the impact of his work with particular reference to the research programs initiated, the influence on policymakers, and the challenge to conventional perspectives.


Handbook of Alternative Theories of Economic DevelopmentEdited by Erik S. Reinert, Tallinn University of Technology, Estonia and The Other Canon Foundation, Norway, Jayati Ghosh, Jawaharlal Nehru University, India and Rainer Kattel, Tallinn University of Technology, EstoniaThis Handbook explores the theories and approaches which, over a prolonged period of time, have existed as viable alternatives to today’s mainstream and neo-classical tenets. With a total of more than 40 specially commissioned chapters, written by the foremost authorities in their respective fields, this volume represents a landmark in the field of economic development. It elucidates the richness of the alternative and sometimes misunderstood ideas which, in different historical contexts, have proved to be vital to the improvement of the human condition.


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Economic and Natural Disasters since 1900A Comparative HistoryJohn Singleton, Sheffield Hallam University, UKIn the wake of the global financial and Eurozone upheavals this timely book argues that the disaster cycle – a framework normally used in the context of natural disasters – is equally applicable to the analysis of other types of catastrophe. Employing a modified version of the disaster cycle framework to compare and analyse a range of catastrophes in different spheres, the author draws on ideas from a variety of disciplines including economics and economic history, disaster studies, management, and political science. This unique comparative approach presents case studies of several important disasters: Hurricane Katrina, the First World War, the depression of the early 1930s, Welsh coal mining accidents, the deadly effects of smoking tobacco, and the Global Financial Crisis and Eurozone catastrophe of the early twenty first century. The author argues that economists and economic policy makers routinely misuse the term crisis to describe episodes that ought to be called disasters.


Elgar Companion to Hayekian EconomicsEdited by Roger W. Garrison, Auburn University, US and the late Norman Barry, formerly of the University of Buckingham, UKThe Elgar Companion to Hayekian Economics provides an in-depth treatment of Friedrich August von Hayek’s economic thought from his technical economics of the 1920s and 1930s to his broader views on the spontaneous order of a free society. Taken together, the chapters show evidence both of continuity of thought and of significant changes in focus.


Distribution and Growth after KeynesA Post-Keynesian GuideEckhard Hein, Berlin School of Economics and Law, Germany‘Eckhard Hein’s book is a great accomplishment in that it is a long comprehensive, and somewhat technical treatment, and yet at the same time an entertaining read. At 576 pages, Distribution and Growth after Keynes: A Post-Keynesian Guide reviews growth theory contributions ranging from the classical economists to new growth theory to Michael Kalecki, with many stops in between. Despite this encyclopedic coverage, however, it is not an encyclopedia. Rather, it is a critical review with the ultimate aim of developing a model that can explain current real-world developments. ‘

– John Harvey, Journal of Economic Literature


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