The growth of information economics has lead to a substantial re-consideration of the role of prices. Instead of the conventional neo-classical view of prices as straightforward indicators of scarcity, information economics emphasises that prices can be sources from which agents infer information and means by which they communicate. Prices and Knowledge analyzes different theoretical approaches to the role of prices in situations of imperfect information. It shows that whilst the informational efficiency approach of Grossman and Stiglitz and the bounded rationality theory of Nelson and Simon...
The growth of information economics has lead to a substantial re-consideration of the role of prices. Instead of the conventional neo-classical view o...
Israel Kirzner is the foremost proponent of the modern Austrian theory of the market process. This theory, while concurring with many of the major policy implications of neo-classical economics, sharply dissents from much of the substance and methodology of neo-classicism. Emphasizing the crucial role of ignorance, uncertainty, and the passage of time, Austrian economists criticize the tight equilibrium' approach of the mainstream. Yet the Austrians refuse to conclude that the major conclusions of economics are to be rejected. By introducing the role of the entrepreneur and of entrepreneurial...
Israel Kirzner is the foremost proponent of the modern Austrian theory of the market process. This theory, while concurring with many of the major pol...
Barry Smart offers a coherent and readable discussion of the central aspects of social, cultural, economic, technological and political processes which are transforming everyday life. Specific issues examined include the effect of information technology on social life, transformations in the capitalist mode of production, conceptions of possible alternative post-industrial' social futures, and the impact of modern media and communications on forms of human sensibility. Smart explores the theoretical responses to these developments from social thinkers like Talcott Parsons, Daniel Bell, Alvin...
Barry Smart offers a coherent and readable discussion of the central aspects of social, cultural, economic, technological and political processes whic...
Examines how the recent boom in the museum and heritage industry has led to its increasing commercialisation, which, Walsh argues, frequently serves only to distance us from our own heritage.
Examines how the recent boom in the museum and heritage industry has led to its increasing commercialisation, which, Walsh argues, frequently serves o...
Ludwig M. Lachmann provided a unique voice in 20th century economics by consistently emphasizing the interpretive and institutional dimensions of economics. This volume collects Lachmann's most important work in English together for the first time. The essays span six decades and address key topics in micro and macro economics, methodology and the history of thought.
Ludwig M. Lachmann provided a unique voice in 20th century economics by consistently emphasizing the interpretive and institutional dimensions of econ...
Government attempts in recent years to create a national system of vocational education and training have marked a profound shift both in educational policy and in underlying concepts of what education is for. Relations between schools and the working world are changing all the time and the implementation of ideas of vocationalism has forced a blurring of the time-honoured boundaries between educations concerned with concepts and training, or with skills. The challenge now is to define how the schools can give young people the foundations for life in a working world in which they are likely...
Government attempts in recent years to create a national system of vocational education and training have marked a profound shift both in educational ...
Economists are rediscovering capital theory in the wake of the failure of traditional macroeconomic approaches to adequately explain unemployment, economic development and productivity. Drawing on the work of the Austrian School and its heirs, this text develops a modern, systematic version of capital theory in order to suggest a new approach to the subject of economics. Peter Lewin argues that approaches based on equilibrium constructs ignore the crucial role of technological innovation in markets and proposes that economic theory proceeds from the assumption of disequilibrium. It is only in...
Economists are rediscovering capital theory in the wake of the failure of traditional macroeconomic approaches to adequately explain unemployment, eco...
In the past, Austrian economics has been seen as almost exclusively focused on microeconomics, and defined by its subjective methodology and understanding of the market as a competitive discovery process, favouring a focus on phenomena such as price coordination and entrepreneurship over macroeconomic concepts. There are, however, three distinct macroeconomic issues that have been pursued by Austrian economists in the post-revival years; the extensions of the Mises-Hayek theory of the trade cycle, the idea of free banking or a completely market-driven monetary system and the pre-Keynesian...
In the past, Austrian economics has been seen as almost exclusively focused on microeconomics, and defined by its subjective methodology and understan...
Kevin Dowd asserts that state intervention into financial and monetary systems has failed, and that we would be better off if financial markets were left to regulate themselves. This collection will appeal to students, researchers and policy makers in the monetary and financial area.
Kevin Dowd asserts that state intervention into financial and monetary systems has failed, and that we would be better off if financi...
For too long now, the issue of health care reform has been dominated by the techniques of mainstream economics and the constant application of the tools of cost-benefit analysis to an area that does not suit it.
Issues such as privacy, genetic testing and the allocation of organ transplants require a more sensitive approach to the setting of budgets, and so a more socially responsible attitude towards health care economics is emerging. John Davis has gathered together an impressive range of contributors to explore these phenomena.
For too long now, the issue of health care reform has been dominated by the techniques of mainstream economics and the constant application of the too...