First Book in Economics

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C-D , Last Name: Titles Appear On 1 List Each. Simon Johnson; James Kwak. You Really Need to Know. A Brief History of Neoliberalism. A History of Economic Thought. Lionel Robbins; William J. A Monetary History of the United States. Milton Friedman and Anna Schwartz.

Economic History of the United States.

Advances in Behavioral Economics. All the Devils Are Here. Bethany McLean and Joe Nocera. An Economic History of India.

Analysis of Panel Data. Things That Gain from Disorder. South Korea and Late Industrialization. The History of a Dangerous Idea. A Transformative Policy for India. Between Debt and the Devil. The Story of the American Coup in Guatemala. Stephen Schlesinger; Stephen Kinzer. Travels in the New Third World. Capital asset pricing model. Michel Aglietta; Guo Bai.

Cointegration and Error Correction: Representation, Estimation and Testing. Collective Choice and Social Welfare. Confessions of an Economic Hit Man. Confronting the Third World. Neoclassical, Keynesian, and Marxian. Economic Fractures and the Landscape of Global Austerity. Contours of the World Economy AD. Demystifying the Chinese Economy. Overcoming the Failure of the Washington Consensus. A Treatise on Economics. Economics and World History: A Short Guide to the Economics of Capitalism. End This Depression Now! Paul Krugman, Robin Wells and M.

A Wall Street Revolt. Foundations of Economic Analysis. Theory of Games and Economic Behavior. General Theory of Employment, Interest and Money. Global Finance at Risk: The Case for International Regulation. John Eatwell; Lance Taylor. A New Approach for the Age of Globalization. Globalization and Its Discontents. A History of the International Monetary System. Griliches, Zvi and Intrigilator, M. Handbook of Health Economics. The Economics of Everyday Life. How Europe Underdeveloped Africa. Individualism and Economic Order.

Keynes — The Return of the Master. Lessons from the Great Depression. Lives of the Laureates. Participatory Economics for the Twenty First Century. Michael Albert; Robin Hahnel. Economics Becomes a Cyborg Science. When Markets Outgrow Governments. Man, Economy, and State. Gary Gereffi; Donald L. Manias, Panics and Crashes: A History of Financial Crises. Mishkin Economics of Money. The Growth of Industrial Policy, Mobile Capital and Latin American Development. Wynne Godley; Marc Lavoie.

How Finance Made Civilization Possible. Moral Sentiments and Material Interests: The Foundations of Cooperation in Economic Life. More Guns, Less Crime.

New Ideas from Dead Economists. Improving Decisions about Health, Wealth, and Happiness. On the Principles of Political Economy and Taxation, The Story of Success. The Rise and Fall of the Bubble Economy. Population, Capital, and Growth: Principles of Economics Marshall. Principles of Political Economy and Taxation. Principles of Political Economy: How Finance Exploits Us All. An Analysis of Decision Under Risk. Schooling, Experience, and Earnings. Economics as if People Mattered. Social Limits to Growth. States and the Reemergence of Global Finance: From Bretton Woods to the s.

Sunk costs and industry structure. The Impact of the Highly Improbable. The Cartoon Introduction to Economics. The Corporate Reconstruction of American Capitalism, The Cultural Contradictions Of Capitalism. The Economic Emergence of Women. The Economics of Climate Change. The Economics of Health and Health Care. The Economics of Welfare. The End of Alchemy: Money, Banking and the Future of the Global Economy. The Essential Gunnar Myrdal. The Political Economy of De-Development. The Globalization of Inequality. The Golden Age of Capitalism: Reinterpreting the Postwar Experience.

The Handbook of Experimental Economics. The Holy Grail of Macroeconomics: The Psychology of Human Satisfaction. The Last Phase in Transformation. The Limits of Organization. The Little Book of Economics: How the Economy Works in the Real World. The Logic of International Restructuring. Winfried Ruigrok; Rob van Tulder. The Logic of Life: The Rational Economics of an Irrational World. America, Britain and the Reconstruction of Western Europe.

The Mystery of Capital: The Myth of the Rational Voter: Why Democracies Choose Bad Politics. The Origins of Money. The Origins of Nonliberal Capitalism: Ragnar Frisch's assistant Trygve Haavelmo — received the Nobel Economics Prize for clarifying the probability foundations of econometrics and for analysis of simultaneous economic structures.

The Great Depression was a time of significant upheaval in the world economy. One of the most original contributions to understanding what went wrong came from Harvard University lawyer Adolf Berle — , who like John Maynard Keynes had resigned from his diplomatic job at the Paris Peace Conference, and was deeply disillusioned by the Versailles Treaty. In his book with American economist Gardiner C. Means — The Modern Corporation and Private Property he detailed the evolution in the contemporary economy of big business, and argued that those who controlled big firms should be better held to account.

Directors of companies are held to account to the shareholders of companies, or not, by the rules found in company law statutes. This might include rights to elect and fire the management, require for regular general meetings, accounting standards, and so on. In s America the typical company laws e. Berle argued that the unaccountable directors of companies were therefore apt to funnel the fruits of enterprise profits into their own pockets, as well as manage in their own interests.

The ability to do this was supported by the fact that the majority of shareholders in big public companies were single individuals, with scant means of communication, in short, divided and conquered. In Berle and Means issued a revised edition of their work, in which the preface added a new dimension. It was not only the separation of controllers of companies from the owners as shareholders at stake.

They posed the question of what the corporate structure was really meant to achieve:. They are beneficiaries by position only. Justification for their inheritance Its force exists only in direct ratio to the number of individuals who hold such wealth. Justification for the stockholder's existence thus depends on increasing distribution within the American population. Ideally the stockholder's position will be impregnable only when every American family has its fragment of that position and of the wealth by which the opportunity to develop individuality becomes fully actualized.

Together they founded Industrial Organization Economics. Chamberlin also founded Experimental Economics. In Russian economist Leonid Kantorovich — developed Linear Programming for the optimal allocation of resources, receiving the Nobel Economics Prize. By the twentieth century, the industrial revolution had led to an exponential increase in the human consumption of resources. The increase in health, wealth and population was perceived as a simple path of progress.

However, in the s economists began developing models of non-renewable resource management see Hotelling's rule and the sustainability of welfare in an economy that uses non-renewable resources. Concerns about the environmental and social impacts of industry had been expressed by some Enlightenment political economists and in the Romantic movement of the s. Overpopulation had been discussed in an essay by Thomas Malthus see Malthusian catastrophe , while John Stuart Mill foresaw the desirability of a stationary state economy , thus anticipating concerns of the modern discipline of ecological economics.

Ecological economics was founded in the works of Kenneth E. The disciplinary field of ecological economics also bears some similarity to the topic of green economics. According to ecological economist Malte Faber, ecological economics is defined by its focus on nature, justice, and time. Issues of intergenerational equity , irreversibility of environmental change , uncertainty of long-term outcomes, thermodynamics limits to growth, and sustainable development guide ecological economic analysis and valuation.

Energy accounting was proposed in the early s as a scientific alternative to a price system , or money method of regulating society. Falling EROEI due to depletion of non-renewable resources also poses a difficult challenge for industrial economies. Sustainability becomes an issue as survival is threatened due to climate change. In Yale economist Walton H.

Hamilton coined the term " Institutional economics ". In John R. Commons — , another economist from midwestern America published Institutional Economics , based on the concept that the economy is a web of relationships between people with diverging interests, including monopolies, large corporations, labor disputes, and fluctuating business cycles. They do however have an interest in resolving these disputes. Government, thought Commons, ought to be the mediator between the conflicting groups. Commons himself devoted much of his time to advisory and mediation work on government boards and industrial commissions.

In Alfred Marshall's student Arthur Cecil Pigou — published Wealth and Welfare , which insisted on the possibility of market failures , claiming that markets are inefficient in the case of economic externalities , and the state must interfere to prevent them. However, Pigou retained free market beliefs, and in , in the face of the economic crisis, he explained in The Theory of Unemployment that the excessive intervention of the state in the labor market was the real cause of massive unemployment because the governments had established a minimal wage, which prevented wages from adjusting automatically.

This was to be the focus of attack from Keynes. In Pigou published the paper The Classical Stationary State , which popularized the Pigou Real Balance Effect , the stimulation of output and employment during deflation by increasing consumption due to a rise in wealth. In response to the Economic Calculation Problem proposed by the Austrian School of Economics that disputes the efficiency of a state-run economy, the theory of Market Socialism was developed in the late s and s by economists Fred M.

Taylor — , Oskar R. Lange — , Abba Lerner — et al. In Ohlin and Heckscher proposed the Heckscher-Ohlin Model of International Trade , which claims that countries will export products that use their abundant and cheap factors of production and import products that use their scarce factors of production.

In Ohlin was awarded a share of the Nobel Economics Prize. In Myrdal published his theory of Circular Cumulative Causation , in which a change in one institution ripples through others. In he received a share of the Nobel Economics Prize. Ely — et al. Pigou and Alfred Marshall at Cambridge University. He began his career as a lecturer before working for the British government during the Great War, rising to be the British government's financial representative at the Versailles Conference , where he profoundly disagreed with the decisions made.

His observations were laid out in his book The Economic Consequences of the Peace [79] , where he documented his outrage at the collapse of American adherence to the Fourteen Points [80] and the mood of vindictiveness that prevailed towards Germany. The book was an enormous success, and though it was criticized for false predictions by a number of people, [87] without the changes he advocated, Keynes's dark forecasts matched the world's experience through the Great Depression which began in , and the descent into World War II in World War I had been touted as the "war to end all wars", and the absolute failure of the peace settlement generated an even greater determination to not repeat the same mistakes.

With the defeat of Fascism , the Bretton Woods Conference was held in July to establish a new economic order, in which Keynes was again to play a leading role. The Great Depression had been sparked by the Wall Street Crash of , leading to massive rises in unemployment in the United States, leading to debts being recalled from European borrowers, and an economic domino effect across the world. Orthodox economics called for a tightening of spending, until business confidence and profit levels could be restored.

Keynes by contrast, had argued in A Tract on Monetary Reform which argues for a stable currency that a variety of factors determined economic activity, and that it was not enough to wait for the long run market equilibrium to restore itself. As Keynes famously remarked:. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again.

Top 35 Economics Books

On top of the supply of money , Keynes identified the propensity to consume , inducement to invest, marginal efficiency of capital, liquidity preference, and multiplier effect as variables which determine the level of the economy's output, employment, and price levels. Much of this esoteric terminology was invented by Keynes especially for his General Theory.

Keynes argued that if savings were being withheld from investment in financial markets , total spending falls, leading to reduced incomes and unemployment, which reduces savings again. This continues until the desire to save becomes equal to the desire to invest, which means a new "equilibrium" is reached and the spending decline halts.

This new "equilibrium" is a depression, where people are investing less, have less to save and less to spend. Keynes argued that employment depends on total spending, which is composed of consumer spending and business investment in the private sector. Consumers only spend "passively", or according to their income fluctuations. Businesses, on the other hand, are induced to invest by the expected rate of return on new investments the benefit and the rate of interest paid the cost.

So, said Keynes, if business expectations remained the same, and government reduces interest rates the costs of borrowing , investment would increase, and would have a multiplied effect on total spending. Interest rates , in turn, depend on the quantity of money and the desire to hold money in bank accounts as opposed to investing. If not enough money is available to match how much people want to hold, interest rates rise until enough people are put off.

So if the quantity of money were increased, while the desire to hold money remained stable, interest rates would fall, leading to increased investment, output and employment. For both these reasons, Keynes therefore advocated low interest rates and easy credit, to combat unemployment. But Keynes believed in the s, conditions necessitated public sector action. Deficit spending , said Keynes, would kick-start economic activity.

This he had advocated in an open letter to U. Roosevelt in the New York Times The New Deal programme in the U. It provided conceptual reinforcement for policies already pursued. Keynes also believed in a more egalitarian distribution of income, and taxation on unearned income arguing that high rates of savings to which richer folk are prone are not desirable in a developed economy.

Keynes therefore advocated both monetary management and an active fiscal policy. Keynes died little more than a year later, but his ideas had already shaped a new global economic order, and all Western governments followed the Keynesian economics program of deficit spending to avert crises and maintain full employment. One of Keynes's pupils at Cambridge was Joan Robinson — , a member of Keynes's Cambridge Circus , who contributed to the notion that competition is seldom perfect in a market, an indictment of the theory of markets setting prices.

In The Production Function and the Theory of Capital Robinson tackled what she saw to be some of the circularity in orthodox economics. Neoclassicists assert that a competitive market forces producers to minimize the costs of production. Robinson said that costs of production are merely the prices of inputs, like capital. Capital goods get their value from the final products.

And if the price of the final products determines the price of capital, then it is, argued Robinson, utterly circular to say that the price of capital determines the price of the final products. Goods cannot be priced until the costs of inputs are determined. This would not matter if everything in the economy happened instantaneously, but in the real world, price setting takes time — goods are priced before they are sold. Since capital cannot be adequately valued in independently measurable units, how can one show that capital earns a return equal to the contribution to production?

Alfred Eichner — was an American post-Keynesian economist who challenged the neoclassical price mechanism and asserted that prices are not set through supply and demand but rather through mark-up pricing. Eichner is one of the founders of the post-Keynesian school of economics and was a professor at Rutgers University at the time of his death. Eichner's writings and advocacy of thought, differed with the theories of John Maynard Keynes, who was an advocate of government intervention in the free market and proponent of public spending to increase employment.

Eichner argued that investment was the key to economic expansion.

He was considered an advocate of the concept that government incomes policy should prevent inflationary wage and price settlements in connection to the customary fiscal and monetary means of regulating the economy. Richard Kahn — was a member of the Cambridge Circus who in proposed the Multiplier. In he published a small book called Production of Commodities by Means of Commodities , which explained how technological relationships are the basis for production of goods and services.

Prices result from wage-profit tradeoffs, collective bargaining, labour and management conflict and the intervention of government planning. Like Robinson, Sraffa was showing how the major force for price setting in the economy was not necessarily market adjustments. Its central theme is the provision of a microeconomic foundation for Keynesian macroeconomics, obtained by identifying minimal deviations from the standard microeconomic assumptions which yield Keynesian macroeconomic conclusions, such as the possibility of significant welfare benefits from macroeconomic stabilization.

In George Akerlof — and Janet Yellen — published menu costs arguments showing that, under imperfect competition, small deviations from rationality generate significant in welfare terms price stickiness. In British economist Huw Dixon — published A simple model of imperfect competition with Walrasian features , [93] the first work to demonstrate in a simple general equilibrium model that the fiscal multiplier could be increasing with the degree of imperfect competition in the output market, helping develop New Keynesian economics.

The reason for this is that imperfect competition in the output market tends to reduce the real wage , leading to the household substituting away from consumption towards leisure. When government spending is increased, the corresponding increase in lump-sum taxation causes both leisure and consumption to decrease assuming that they are both a normal good.

The greater the degree of imperfect competition in the output market, the lower the real wage and hence the more the reduction falls on leisure i. Hence the fiscal multiplier is less than one, but increasing in the degree of imperfect competition in the output market.

This opened the door to many younger economists such as E. Always Post Keynesian in his style and approach, Canterbery went on to make contributions outside traditional Post Keynesianism. His friend, John Kenneth Galbraith, was a long-time influence. Randall Wray called "The best pair of articles on the nature of money written in the twentieth century. The government-interventionist monetary and fiscal policies that the postwar Keynesian economists recommended came under attack by a group of theorists working at the University of Chicago , which came in the s to be known as the Chicago School of Economics.

The second generation was known for a more conservative line of thought, reasserting a libertarian view of market activity that people are best left to themselves to be free to choose how to conduct their own affairs. Ronald Coase — of the Chicago School of Economics was the most prominent economic analyst of law, and the Nobel Prize in Economics winner.

His first major article The Nature of the Firm argued that the reason for the existence of firms companies , partnerships, etc. Homo economicus trades through bilateral contracts on open markets until the costs of transactions make the use of corporations to produce things more cost-effective. His second major article The Problem of Social Cost argued that if we lived in a world without transaction costs, people would bargain with one another to create the same allocation of resources, regardless of the way a court might rule in property disputes.

Coase used the example of an old legal case about nuisance named Sturges v Bridgman , where a noisy sweets maker and a quiet doctor were neighbors and went to court to see who should have to move. Only the existence of transaction costs may prevent this. The idea is that law and regulation are not as important or effective at helping people as lawyers and government planners believe.

In Coase disciple Richard Posner — published Economic Analysis of Law , which became a standard textbook, causing him to become the most cited legal scholar of the 20th century. In he published The Economics of Justice , which claimed that judges have been interpreting common law as it they were trying to maximize economic welfare. Milton Friedman — of the Chicago School of Economics is one of the most influential economists of the late 20th, century, receiving the Nobel Prize in Economics in Friedman argues that laissez-faire government policy is more desirable than government intervention in the economy.

Governments should aim for a neutral monetary policy oriented toward long-run economic growth , by gradual expansion of the money supply. He advocates the quantity theory of money , that general prices are determined by money. Therefore, active monetary e. In Capitalism and Freedom , Friedman wrote:. Friedman was also known for his work on the consumption function, the Permanent Income Hypothesis , which Friedman referred to as his best scientific work. Windfall gains would mostly be saved.

Tax reductions likewise, as rational consumers would predict that taxes would have to rise later to balance public finances. Other important contributions include his critique of the Phillips Curve , and the concept of the natural rate of unemployment Muth , opposing the idea that government intervention can or should stabilize the economy. Sargent — and Neil Wallace — , which seemed to refute a basic assumption of Keynesian economics was also adopted. The Lucas aggregate supply function states that economic output is a function of money or price "surprise.

Prescott — , which seeks to explain observed fluctuations in output and employment in terms of real variables such as changes in technology and tastes. Assuming competitive markets, real business cycle theory implies that cyclical fluctuations are optimal responses to variability in technology and tastes, and that macroeconomic stabilization policies must reduce welfare.

In Kydland and Prescott also founded the theory of Dynamic Stochastic General Equilibrium DSGE , large systems of microeconomic equations combined into models of the general economy, which became central to the New Neoclassical Synthesis , incorporating theoretical elements such as sticky prices from New Keynesian Macroeconomics. They shared the Nobel Economics Prize. In Chicago School economist Eugene Fama — published The Behavior of Stock Market Prices , which found that stock market prices follow a random walk, proposing the Efficient Market Hypothesis , that randomness is characteristic of a perfectly functioning financial market.

The same year Paul Samuelson published a paper concluding the same thing with a mathematical proof, sharing the credit. Earlier in Holbrook Working — published a paper saying the same thing, but not in a mathematical form. In Fama published Efficient Capital Markets: A Review of Theory and Empirical Work , proposing that efficient markets can be strong, semi-strong, or weak, and also proposing the Joint Hypothesis Problem , that the idea of market efficiency can't be rejected without also rejecting the market mechanism.

Joseph Alois Schumpeter — was an Austrian School economist and political scientist best known for his works on business cycles and innovation. He insisted on the role of the entrepreneurs in an economy. A theoretical, historical and statistical analysis of the Capitalist process , Schumpeter synthesized the theories about business cycles, suggesting that they could explain the economic situations.

According to Schumpeter, capitalism necessarily goes through long-term cycles because it is entirely based upon scientific inventions and innovations. A phase of expansion is made possible by innovations, because they bring productivity gains and encourage entrepreneurs to invest. However, when investors have no more opportunities to invest, the economy goes into recession, several firms collapse, closures and bankruptcy occur.

This phase lasts until new innovations bring a creative destruction process, i. In American economist Robert Solow — and Australian economist Trevor Swan — proposed the Solow—Swan model , based on productivity, capital accumulation, population growth, and technological progress. In Swan also proposed the Swan diagram of the internal-external balance. In Solow was awarded the Nobel Economics Prize. To prevent another global depression, the victorious U. In the s it changed its role to recycling global surpluses. After World War II, Canadian-born John Kenneth Galbraith — became one of the standard bearers for pro-active government and liberal-democrat politics.

In The Affluent Society , Galbraith argued that voters reaching a certain material wealth begin to vote against the common good. He also argued that the " conventional wisdom " of the conservative consensus was not enough to solve the problems of social inequality. They set prices and use advertising to create artificial demand for their own products, distorting people's real preferences. Consumer preferences actually come to reflect those of corporations — a "dependence effect" — and the economy as a whole is geared to irrational goals.

This hierarchy is self-serving, profits are no longer the prime motivator, and even managers are not in control. Because they are the new planners, corporations detest risk, require steady economic and stable markets.

They recruit governments to serve their interests with fiscal and monetary policy, for instance adhering to monetarist policies which enrich money-lenders in the City through increases in interest rates. While the goals of an affluent society and complicit government serve the irrational technostructure, public space is simultaneously impoverished. Galbraith paints the picture of stepping from penthouse villas onto unpaved streets, from landscaped gardens to unkempt public parks.

In Economics and the Public Purpose Galbraith advocates a "new socialism" as the solution, nationalising military production and public services such as health care , introducing disciplined salary and price controls to reduce inequality. In contrast to Galbraith's linguistic style, the post-war economics profession began to synthesize much of Keynes ' work with mathematical representations.

Introductory university economics courses began to present economic theory as a unified whole in what is referred to as the neoclassical synthesis. The Paul Samuelson 's — Foundations of Economic Analysis published in was an attempt to show that mathematical methods could represent a core of testable economic theory. Samuelson started with two assumptions. First, people and firms will act to maximize their self-interested goals. Second, markets tend towards an equilibrium of prices, where demand matches supply.

He extended the mathematics to describe equilibrating behavior of economic systems , including that of the then new macroeconomic theory of John Maynard Keynes. Whilst Richard Cantillon had imitated Isaac Newton 's mechanical physics of inertia and gravity in competition and the market, [21] the physiocrats had copied the body's blood system into circular flow of income models, William Jevons had found growth cycles to match the periodicity of sunspots , Samuelson adapted thermodynamics formulae to economic theory.

Reasserting economics as a hard science was being done in the United Kingdom also, and one celebrated "discovery", of A. Phillips , was of a correlative relationship between inflation and unemployment. The workable policy conclusion was that securing full employment could be traded-off against higher inflation. Samuelson incorporated the idea of the Phillips curve into his work. His introductory textbook Economics was influential and widely adopted. It became the most successful economics text ever. Paul Samuelson was awarded the new Nobel Prize in Economics in for his merging of mathematics and political economy.

It consider connections between economics and political theory. It gave rise to social choice theory with the introduction of his " Possibility Theorem ". This sparked widespread discussion over how to interpret the different conditions of the theorem and what implications it had for democracy and voting. In Arrow published a paper which founded Health Economics.

In Arrow and Frank Hahn published General Competitive Analysis , which reasserted a theory of general equilibrium of prices through the economy. He lifted this from a comment by Milton Friedman in which formed a Time. In English economist James E. Meade — published The Balance of Payments , volume 1 of "The Theory of International Economic Policy", which proposed the theory of domestic divergence internal and external balance , and promoted policy tools for governments.

In he published volume 2 Trade and Welfare , which proposed the theory of the "second-best", and promoted protectionism. In American economist Paul Krugman — published a paper founding New trade theory , which attempts to explain the role of increasing returns to scale and network effects in international trade. In he published a paper founding New economic geography. His textbook International Economics appears on many undergraduate reading lists.

He was awarded the Nobel Prize in Economics in In Saint Lucian economist Sir Arthur Lewis — proposed the Dual Sector Model of Development Economics , which claims that capitalism expands by making use of an unlimited supply of labor from the backward non-capitalist "subsistence sector" until it reaches the Lewisian breaking point where wages begin to rise, receiving the Nobel Economics Prize. In Russian-born American economist Simon Kuznets — , who introduced the concept of Gross domestic product GDP in published an article revealing an inverted U-shaped relation between income inequality and economic growth, meaning that economic growth increases income disparity between rich and poor in poor countries, but decreases it in wealthy countries.

In he received the Nobel Economics Prize. Indian economist Amartya Sen — expressed considerable skepticism about the validity of neoclassical assumptions, and was highly critical of rational expectations theory, devoting his work to Development Economics and human rights. In , Sen published Poverty and Famines: An Essay on Entitlement and Deprivation , a book in which he argued that famine occurs not only from a lack of food, but from inequalities built into mechanisms for distributing food.

Sen also argued that the Bengal famine was caused by an urban economic boom that raised food prices, thereby causing millions of rural workers to starve to death when their wages did not keep up. In addition to his important work on the causes of famines, Sen's work in the field of development economics has had considerable influence in the formulation of the " Human Development Report ", [] published by the United Nations Development Programme.

Sen was awarded the Nobel Prize in Economics in In American economists Alfred H. Conrad — and John R. Meyer — founded New Economic History , which in was called Cliometrics by American economist Stanley Reiter — after Clio , the muse of history.

List of important publications in economics

It uses neoclassical economic theory to reinterpret historical data, spreading throughout academia, causing economic historians untrained in economics to disappear from history departments. In American economists James M. Buchanan — and Gordon Tullock — published The Calculus of Consent , which revived Public Choice Theory by differentiating politics the rules of the game from public policy the strategies to adopt within the rules , founding Constitutional Economics , the economic analysis of constitutional law.

Buchanan was awarded the Nobel Economics Prize. In — Scottish economist Marcus Fleming — and Canadian economist Robert Mundell — published the Mundell-Fleming Model of the Economy , an extension of the IS-LM Model to an open economy, proposing the Impossible Trinity of fixed exchange rate, free capital movement, and an independent monetary policy, only two of which can be maintained simultaneously.

Mundell received the Nobel Economics Prize. In American economist Henry G. Manne — published Mergers and the Market for Corporate Control in Journal of Political Economy , which claims that changes in the price of a share of stock in the stock market will occur more rapidly when insider trading is prohibited than when it is permitted, founding the theory of market for corporate control. Stiglitz — also received the Nobel Economics Prize in for his work in Information Economics. In recent years he has become an outspoken critic of global economic institutions.

In Making Globalization Work he offers an account of his perspectives on issues of international economics:. The absence or imperfection can, in turn, to a large extent be explained by problems of information. Stiglitz talks about his book Making Globalization Work here.

Reverse Game Theory, which allows people to distinguish situations in which markets work well from those in which they do not, aiding the identification of efficient trading mechanisms, regulation schemes, and voting procedures; he developed the theory with Eric Maskin — and Roger Myerson — , sharing the Nobel Economics Prize with them. This concept was adopted by U. President Ronald Reagan in the early s, becoming the cornerstone of Reaganomics , which was co-founded by American economist Paul Craig Roberts. In French economist Jean Tirole published "Dynamic Models of Oligopoly", followed by "The Theory of Industrial Organization" , launching his quest to understand market power and regulation, resulting in the Nobel Economics Prize.

In , there was a financial crisis which led to a global recession. This prompted some economists to question the current orthodoxy. One response was the Keynesian Resurgence. This emerged as a consensus among some policy makers and economists for a Keynesian solutions. As contrasted sharply with the previous economic orthodoxy in its support for government intervention in the economy. Austerity was another response, the policy of reducing government budget deficits.

Austerity policies may include spending cuts, tax increases, or a mixture of both. The first was Large Changes in Fiscal Policy: It asserted that fiscal austerity measures did not hurt economies, and actually helped their recovery. Many governments accepted this and followed the austerity course. Following this, on June 6, Paul Krugman published How the Case for Austerity Has Crumbled in The New York Review of Books , arguing that the case for austerity was fundamentally flawed, and calling for an end to austerity measures.

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Lange , Abba Lerner , and Abram Bergson. American Economic Association , Richard T. Ely , and Land economics. Alfred Mitchell-Innes and Credit theory of money. Chicago school of economics , Law and economics , and Monetarism. Prescott ; Thomas J. Sargent ; Neil Wallace ; New Classical economics ; Real business cycle theory ; Dynamic stochastic general equilibrium ; and New neoclassical synthesis. Eugene Fama , Holbrook Working , and Efficient market hypothesis. Game theory , Evolutionary economics , and Neoclassical growth model.

Globalization , Neoclassical synthesis , and Positive economics. Meade , Paul Krugman , International economics , and International trade. Buchanan , Gordon Tullock , Public choice theory , and Constitutional economics. Marcus Fleming and Robert Mundell. Joseph Stiglitz , George Akerlof , and Information economics.

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University of California Press. Economy and Economics of Ancient Greece. Comparative Studies in Society and History vol 6 no. A Study of History. Ibn Khaldun and the Effects of Taxation: Ibn Khaldun and his Influence". Retrieved Apr 9, This article, which is a supplement to Understanding Economics McGraw-Hill Ryerson, , describes the early Arab historian Ibn Khaldun's views of taxation, and their parallels with the modern-day Laffer Curve. Archived from the original on June 29, Retrieved 23 March Overview Archived at the Wayback Machine.

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Archived from the original on 20 April Retrieved 24 March In Marx's words, "The labor time socially necessary is that required to produce an article under the normal conditions of production, and with the average degree of skill and intensity prevalent at the time. Archived from the original on July 23, Archived PDF from the original on Blond and Briggs, London. Steady-State Economics 2nd ed. Island Press, Washington, D. Ecological Economics and the Ecology of Economics. E Elgar Publications, Cheltenham.

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