This book presents the most significant theoretical articles by Bertram Schefold to illuminate the development and the present state of modern classical theory. It assembles twenty heavily discussed papers on joint production and fixed capital, choice of technique and technical progress, composition of output and the relation between classical, neoclassical and keynesian economics. There is a broad new introduction. The chapter on the critique of intertemporal general equilibrium is novel and represents an original theoretical advance.

The primary aim of the book is to provide a critical evaluation of the origin and development of the Cambridge saving-investment analysis. This work disentangles painstakingly from a maze of sometimes contradictory, obscure and often neglected contributions, the line which leads from Marshall's interest theory to Keynes's income adjustment process. In particular, it charts, for the first time, the various steps taken by this line of inquiry in the writings of Pigou, Hawtrey, Robertson, Lavington and Keynes.

This book challenges the conventional view that monetarism is a necessary part of classical economics and shows, in an historical account of monetary controversy, that the framework upon which classical analysis is based suggests an alternative account of the inflationary process. A corollary of the argument is that the monetarist approach is a logically necessary component of neoclassical analysis and that any attempt to criticise that approach in a fundamental way must involve an explicit rejection of the conceptual structure of neoclassical economics.

The book develops an explanation of distribution between profits and wages, which is both logically coherent and supported by reality. It is centred upon a concept of the money rate of interest as the variable that governs the normal profitability of capital.

This book presents state-of-the-art research in political economy dealing with the decision making process under different political institutions. It focuses on the role that states and governments have on political outcomes and on the well-being of individuals, taking into account the differences that arise across autocracies and democracies and within political regimes. The research in this book is embedded with the political economy and social choice traditions and uses the rigorous frameworks of economics, political science and social choice theory to show how institutional settings shape...

Understanding the governance of nations is a key challenge in contemporaneous political economy. This book provides new advances and the latest research in the field of political economy, dealing with the study of institutions, governance, democracy and elections. The volume focuses on issues such as the role of institutions and political governance in society, the working of democracy and the electoral performance in several case studies. The chapters involve cutting edge research on many different countries, including the USA, Great Britain, Germany, Spain and the Third World. The authors...

The book develops an explanation of distribution between profits and wages, which is both logically coherent and supported by reality. It is centred upon a concept of the money rate of interest as the variable that governs the normal profitability of capital.

The author undertakes a new interpretation of physiocratic economics and its contributions to the foundation of economic science.