Bearing on fundamental issues of economic theory, history, and public policy, this volume elaborates and goes beyond themes enunciated in W. W. Rostow's previous works. The eight essays presented here are unified by the author's insistence that neo-Keynesian and neoclassical theory are an inadequate basis for economic analysis and policy prescription. Changes in technology and in the supply of energy, food, and raw materials, he contends, must be taken into account. The scale and character of the investments required to respond to these changes link his analysis back to conventional income analysis. Rostow outlines in several contexts the framework for a general, disaggregated theory of production and prices that meets this criterion. The theoretical and historical essays include a review and unification of various long-cycle theories; a formal mathematical model of the Kondratieff cycle; a review of theories relating technology and the price system, including Rostow's own formulation of the appropriate linkage; a lengthy analysis of the pre-1914 relation between money and prices, including a detailed critique of modern monetarist interpretations; and an analysis of the proposition that economic growth assumes an S-shaped path of acceleration and deceleration. The policy essays include an examination of the links between energy-related investment, full employment, and patterns of regional development in the United States; the discussion of an appropriate framework and procedure for North-South international economic negotiations; and the text of a 1965 talk on inflation that touches on the relations among economics, economists, and the performance of societies as a whole.

These lectures by Yegor Gaidar, former Prime Minister of the Russian Federation, and Karl Otto Pöhl, former Chairman of the German Bundesbank, provide insight into how these leaders assessed the risks of their situations and used basic economic analysis to chart their courses. Departing from tradition, both Yegor Gaidar, former Prime Minister of the Russian Federation, and Karl Otto Pöhl, former Chairman of the German Bundesbank, were invited to give the 1993 Lionel Robbins Lectures. The experiences of each author reflect the vast economic changes spreading across Europe--economic reform in the East and growing economic integration in the West. Gaidar helped launch Russian economic reforms in 1992; Pöhl fought the hyperinflation in Europe of the 1970s and 1980s and laid the groundwork for monetary stability in Western Europe. These lectures provide insight into how these leaders assessed the risks of their situations and used basic economic analysis to chart their courses. Gaidar reviews the events that led up to the August coup in Russia to argue that gradualism was not a viable approach to economic reform. He describes the conditions and dilemmas of the time, observing that reform in Russia is as much a political puzzle as it is an economic challenge. He outlines the successes and present dangers and concludes with an optimistic assessment of Russia's prospects for reform. Pöhl provides an insider's view of the efforts of the Group of Seven industrialized nations to stabilize exchange rates from the 1970s on. He describes the tension in one country between the goals of price stability and exchange rate stability. This leads to a discussion of how monetary union was proposed in Europe and why the movement has hit snags. An appendix provides more details on the objectives and proposed structure of European monetary integration. Lionel Robbins Lectures

This book sets forth both a theory and a comparative empirical analysis of stagflation, that peculiar combination of high unemployment, slow growth, and spurts of high inflation bedeviling the advanced industrial nations during the past fifteen years. The authors first construct a small macroeconomic model that takes full account of aggregate demand and supply forces in the determination of output, employment, and the price level, in both a single-economy and a multi-economy setting. They then apply the model to provide an understanding of comparative performance of industrial countries in the areas of unemployment, inflation, productivity, and investment growth. They argue convincingly that the decay of the major economies during this period resulted from the supply shocks of the 1970s, such as the two major OPEC oil-price increases, and from the consequent policy-induced decrease in demand in response to inflationary pressures. Their analysis differs markedly from similar studies in that it takes specific account of institutional differences in the labor markets of the various economies. This helps to explain in particular the divergent adjustment profiles of the United States and Europe. Bruno and Sachs make several key recommendations for the mix of demand management and incomes policies necessary to combat stagflation in individual countries as well as for the coordination of macroeconomic policies among the major industrial nations.

These lectures contain a masterful summing up of Nicholas Kaldor's critique of the foundations of mainstream economic theory. They provide a very clear account of his theoretical structures on regional differences, primary producers and manufacturers, and on differing market structures and the likely course of prices and quantities in different markets over time. The first four lectures are concerned with theory, history and explanation; the fifth consists of a detailed set of integrated policy proposals.

Isaak Illich Rubin (12 June 1886, Dinaburg, now Latvia - 27 November 1937, Aktobe, now Kazakhstan) was a Soviet Marxian economist. His main work Essays on Marx's Theory of Value was published in 1924. He was executed in 1937 during the course of the Great Purge, but his ideas have since been rehabilitated. Rubin's main work emphasised the importance of Marx's theory of commodity fetishism in the labor theory of value. Against those who counterposed Marx's early interest in alienation with his later economic theory, Rubin argued that Marx's mature economic work represented the culmination of his lifetime project to understand how human creative power is shaped, defined, and limited by social structures, which take on a uniquely "objective" economic form under capitalism. Significantly, Rubin is at pains to argue that simple commodity production is not a historical phenomenon that developed into capitalism, as it is often understood by both Marxists and critics of Marx; rather, it is a theoretical abstraction that explains one aspect of a fully developed capitalist economy. The concept of value, as understood by Rubin, cannot exist without the other elements of a full-blown capitalist economy: money, capital, the existence of a proletariat, and so on. Rubin's work was never reissued in the Soviet Union after 1928, but in 1972 Essays on Marx's Theory of Value was translated into English by Fredy Perlman and Milos Samardzija. This work became a foundation stone of the "value-form" approach to Marxist theory, exemplified by Hans-Georg Backhaus, Chris Arthur, Geert Reuten, and the "Konstanz-Sydney" group (Michael Eldred, Mike Roth, Lucia Kleiber, and Volkbert Roth). In this interpretation of Marx, "it is the development of the forms of exchange that is seen as the prime determinant of the capitalist economy rather than the content regulated by it". Capitalism is here understood as a method of regulating human labor by giving it the social form of an exchangeable commodity (the "value-form"), rather than a disguised or mystified system that is otherwise similar in content to other class-based societies. According to Arthur, the rediscovery of Rubin's "masterly exegesis" was "the most important single influence on the value form approach to Capital". (wikipedia.org)

Psychology and Industrial Efficiency. By Hugo Münsterberg. Our aim is to sketch the outlines of a new science which is to intermediate between the modern laboratory psychology and the problems of economics: the psychological experiment is systematically to be placed at the service of commerce and industry. So far we have only scattered beginnings of the new doctrine, only tentative efforts and disconnected attempts which have started, sometimes in economic, and sometimes in psychological, quarters. The time when an exact psychology of business life will be presented as a closed and perfected system lies very far distant. But the earlier the attention of wider circles is directed to its beginnings and to the importance and bearings of its tasks, the quicker and the more sound will be the development of this young science. What is most needed to-day at the beginning of the new movement are clear, concrete illustrations which demonstrate the possibilities of the new method. In the following pages, accordingly, it will be my aim to analyze the results of experiments which have actually been carried out, experiments belonging to many different spheres of economic life. But these detached experiments ought always at least to point to a connected whole; the single experiments will, therefore, always need a general discussion of the principles as a background. In the interest of such a wider perspective we may at first enter into some preparatory questions of theory. They may serve as an introduction which is to lead us to the actual economic life and the present achievements of experimental psychology.

Latin America in a New Era of Globalization: Essays in Honor of Enrique V. Iglesias is the tribute a group of friends pays to Enrique Iglesias. By virtue of his roles and his actions, Enrique became, decades ago, a recognized and highly valued Latin American citizen who, throughout his career, he has made important contributions to development and democracy of the region, in addition to being a bridge between it and the rest of the world.His career has been one of prominence Chairman of the Central Bank, and then Minister of Foreign Affairs of Uruguay, Executive Secretary of the Economic Commission for Latin America and the Caribbean, President of the Inter-American Development Bank and, until a few months ago, Secretary General of the Ibero-American General Secretariat.As rightly pointed out by Enrique Garcia in Madrid on May 20th, 2014 at the presentation of the preliminary edition published by the CAF- Bank of Development in Latin America:The book project Latin America in a New Era of Globalization, Essays in Honor of Enrique V. Iglesias which we present in this document, is a well-deserved tribute to a Latin American citizen who has put his life and ideas at the service of the region, defending the dream that has guided generations and is synthesized in the virtuous trilogy: democracy, sustainable development and integration...There is no doubt that his thinking, his contributions to development and democracy are legacies that set examples for those people of Latin America -yesterday, today and tomorrow- who have deep convictions in free, equitable and prosperous societies, the need for greater regional integration and intelligent articulation internationally and, above all, in the capacity to forge their own destiny.

2014 Reprint of Original 1960 Edition. Exact facsimile of the original edition, not reproduced with Optical Recognition Software. "Epistemological Problems" is a milestone in Ludwig von Mises' groundbreaking development of praxeology. This important work contains foundational thoughts on his theory of human action, or "logic of action," which forms the "distinctive methodology of the Austrian School... Mises was not only the major architect and elaborator of this methodology, but also the economist who most fully and successfully applied it to the construction of economic theory" (Rothbard). Mises headed the Austrian School, which "celebrates freedom and the individual, rather than determinism and the collective... and explicitly rejects the idea that the natural sciences provide the proper model for economic analysis" (Shenoy et al., Towards a Theoretical Framework, 19, 19n). In establishing the school's epistemological foundations, Mises first began working on the subject in a series of articles published in the 1920s. He "collected and published them in his seminal philosophical and methodological work, "Grundprobleme der Nationalökonimie" in 1933," which was not translated into English until this edition. Here Mises presents "economics from the point of view of the philosophy of science, and the actual economic analysis of value and inconvertible capital." The first chapter of the book, "The Task and Scope of the Science of Human Action," evolved as the core of the system "Mises had been working on for years... He argued that economic laws were true a priori, on a par with the laws of logic and mathematics... [This] remained one of his most controversial tenets," in that it frames economic theory as addressing "acts of the real world, such as the one that human beings make choices. But the facts of this sort cannot be observed... Economics is not an empirical science in this sense, but it is a science nevertheless." To Mises "the epistemology of economics was not just an idle pastime for ivory tower intellectuals. It was of direct practical relevance." "Epistemological Problems" remains fundamental in establishing the "significance of economic calculation for the architecture of economic science." It is his most powerful and comprehensive elaboration of the span of economic science, arguing that errors of socialism, institutional racism, nationalism and other aspects of human society can be seen as a revolt against the distinctive rationality of economic logic and science. A work that "has lost nothing of its importance... Epistemological Problems contains a considerable amount of discussion that cannot be found in any other of his writings... in particular his critical discussion of the works of those thinkers to whom he felt the greatest intellectual affinity and intellectual debt: Carl Menger, Eugen von Bohm-Bawerk and Max Weber" (Hülsmann, Introduction, 2002 edition, 670-671, 948, xxix, lv).

First published in 1989, Technology and Development in the Third Industrial Revolution is a significant contribution to history.

Since World War II six risk-sharing institutions to stimulate foreign investment have been established by the U.S. government and several international organizations. These are thoroughly studied. Originally published in 1965. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.