This is the audiobook version of this book.

Two experienced corporate crisis advisors offer a thorough and approachable guide to successful crisis management from anticipation to resolution.
 
All organizations face crises from time to time, and at a time when news, information (or misinformation), and rumors can spread quickly, a timely and thoughtful response to a crisis, is critical. In this book, two industry insiders offer a  primer on how organizational leadership should prepare for and handle crises. The steps, plans, and cautions they offer show how organizations can deal openly and honestly with challenges while continuing to survive and prosper.
 
Thomas A. Cole and Paul Verbinnen show how successful crisis management requires a multi-disciplined approach enacted collaboratively under strong leadership. Drawing on many real-world examples, they speak to not only what to do during a crisis, but also the need for preparedness and post-crisis follow-up.  The book is organized around a broad range of discrete issues that need to be addressed in managing any crisis and provides the steps required to successfully address each of those issues. The authors urge crisis managers to focus attention equally on four phases of management: prepare, execute, recover, and then repeat (after reflecting on the results of the last crisis) with the next one. The emphasis is on preparation and planning, setting up the procedures, and organizing the teams that will respond to each crisis.
 
Unlike other crisis books that focus solely on communication, Collaborative Crisis Management goes further and in addition to communication, it discusses both the legal obligations and organizational challenges that accompany a crisis. The result is an indispensable guide for leaders, board members, and business students.
 

Collaborative Disruption is an insider’s account of the relationship between two of the most successful companies on the planet—Walmart and Procter & Gamble—and the transformative impact their collaborative strategy has had on their business for more than thirty years, particularly in the retail industry. Their innovative partnership produced what has come to be known as the “one-company model,” an approach that has fundamentally changed how suppliers and their retail customers interact with each other. Tom Muccio, who led the team at P&G that innovated this concept with Walmart, outlines how the two firms broke through silos, self-interest, short-termism, and suspiciousness to forge a mutually beneficial partnership focused on trust, shared information, and transparency. A masterclass in this model of collaboration that has been key to the success of several of the biggest companies around the world, Collaborative Disruption at its heart is a book about change management and vision.

Whether the goal is building a local park or developing disaster response models, collaborative governance is changing the way public agencies at the local, regional, and national levels are working with each other and with key partners in the nonprofit and private sectors. While the academic literature has spawned numerous case studies and context- or policy-specific models for collaboration, the growth of these innovative collaborative governance systems has outpaced the scholarship needed to define it.

Collaborative Governance Regimes breaks new conceptual and practical ground by presenting an integrative framework for working across boundaries to solve shared problems, a typology for understanding variations among collaborative governance regimes, and an approach for assessing both process and productivity performance. This book draws on diverse literatures and uses rich case illustrations to inform scholars and practitioners about collaborative governance regimes and to provide guidance for designing, managing, and studying such endeavors in the future.

Collaborative Governance Regimes will be of special interest to scholars and researchers in public administration, public policy, and political science who want a framework for theory building, yet the book is also accessible enough for students and practitioners.

Governments worldwide struggle to remove policy deadlocks and enact much-needed reforms in organizational structure and public services. In this book, Jacob Torfing explores collaborative innovation as a way for public and private stakeholders to break the impasse. These network-based collaborations promise to multiply the skills, ideas, energy, and resources between government and its partners across agency boundaries and in the nonprofit and private sectors.

Torfing draws on his own pioneering work in Europe as well as examples from the United States and Australia to construct a cross-disciplinary framework for studying collaborative innovation. His analysis explores its complex and interactive processes as he looks at how drivers and barriers may enhance or impede the collaborative approach. He also reflects on the roles institutional design, public management, and governance reform play in spurring collaboration for public sector innovation. The result is a theoretically and empirically informed book that carefully demonstrates how multi-actor collaboration can enhance public innovation in the face of fiscal constraint, the proliferation of wicked problems, and the presence of unsatisfied social needs.

In recent years research into creative labour and cultural work has usually addressed the politics of production in these fields, but the sociotechnical and aesthetic dimensions of collaborative creative work have been somewhat overlooked.

This book aims to address this gap. Through case studies that range from TV showrunning to independent publishing, from the film industry to social media platforms such as Tumblr and Wattpad, this collection develops a critical understanding of the integral role collaboration plays in contemporary media and culture. It draws attention to diverse kinds of creative collaboration afforded via the intermediation of digital platforms and networked publics. It considers how these are incorporated into emergent market paradigms and investigates the complicated forms of subjectivity that develop as a consequence. But it also acknowledges historical continuities, not least in terms of the continued exploitation of ‘support personnel’ and of resulting artistic conflicts but also of alternative models that resist the precarious nature of contemporary cultural work.

Finally, this volume attempts to situate creative collaboration in broader social and economic contexts, where the experience and outcomes of such work have proved more problematic than the rich potential of their promise would lead us to expect.

The Editors: James Graham is Senior Lecturer in the Faculty of Arts and Creative Industries, Middlesex University, London. Alessandro Gandini is Lecturer in Digital Media Management and Innovation in the Department of Digital Humanities, Kings College, London.

Local governments do not stand alone—they find themselves in new relationships not only with state and federal government, but often with a widening spectrum of other public and private organizations as well. The result of this re-forming of local governments calls for new collaborations and managerial responses that occur in addition to governmental and bureaucratic processes-as-usual, bringing locally generated strategies or what the authors call "jurisdiction-based management" into play.

Based on an extensive study of 237 cities within five states, Collaborative Public Management provides an in-depth look at how city officials work with other governments and organizations to develop their city economies and what makes these collaborations work. Exploring the more complex nature of collaboration across jurisdictions, governments, and sectors, Agranoff and McGuire illustrate how public managers address complex problems through strategic partnerships, networks, contractual relationships, alliances, committees, coalitions, consortia, and councils as they function together to meet public demands through other government agencies, nonprofit associations, for-profit entities, and many other types of nongovernmental organizations.

Beyond the "how" and "why," Collaborative Public Management identifies the importance of different managerial approaches by breaking them down into parts and sequences, and describing the many kinds of collaborative activities and processes that allow local governments to function in new ways to address the most nettlesome public challenges.

Today’s public managers not only have to function as leaders within their agencies, they must also establish and coordinate multi-organizational networks of other public agencies, private contractors, and the public. This important transformation has been the subject of an explosion of research in recent years.

The Collaborative Public Manager brings together original contributions by some of today’s top public management and public policy scholars who address cutting-edge issues that affect government managers worldwide. State-of-the-art empirical research reveals why and how public managers collaborate and how they motivate others to do the same. Examining tough issues such as organizational design and performance, resource sharing, and contracting, the contributors draw lessons from real-life situations as they provide tools to meet the challenges of managing conflict within interorganizational, interpersonal networks.

This book pushes scholars, students, and professionals to rethink what they know about collaborative public management—and to strive harder to achieve its full potential.

The influence of austerity measures and neoliberal ideologies has sparked discussions about the relevance and value of academic institutions, particularly in the humanities and social sciences. Universities are redirecting academic focus towards greater societal engagement. This book argues that academia has much to gain by moving beyond its institutional walls, in our case, by doing data work with stakeholders and civil society. This collaborative work benefits citizens in our democratic, open societies and advances our knowledge economies.

Collaborative Research in the Datafied Society offers a combination of theoretical insights, practical methodologies, and case studies, showcasing the power of collaborative research with stakeholders across diverse communities and civil society to tackle challenges that address pressing issues stemming from data practices and social justice issues. Taken together, the book’s chapters formulate relevant concepts for grounding societally engaged research in the theories and methodologies from different disciplines. In addition, the book informs university administrators and research directors how to advance academia effectively towards mutual knowledge transfer with societal sectors.

The rule of law has vanished in America’s criminal justice system. Prosecutors now decide whom to punish and how severely. Almost no one accused of a crime will ever face a jury. Inconsistent policing, rampant plea bargaining, overcrowded courtrooms, and ever more draconian sentencing have produced a gigantic prison population, with black citizens the primary defendants and victims of crime. In this passionately argued book, the leading criminal law scholar of his generation looks to history for the roots of these problems—and for their solutions.

The Collapse of American Criminal Justice takes us deep into the dramatic history of American crime—bar fights in nineteenth-century Chicago, New Orleans bordellos, Prohibition, and decades of murderous lynching. Digging into these crimes and the strategies that attempted to control them, Stuntz reveals the costs of abandoning local democratic control. The system has become more centralized, with state legislators and federal judges given increasing power. The liberal Warren Supreme Court’s emphasis on procedures, not equity, joined hands with conservative insistence on severe punishment to create a system that is both harsh and ineffective.

What would get us out of this Kafkaesque world? More trials with local juries; laws that accurately define what prosecutors seek to punish; and an equal protection guarantee like the one that died in the 1870s, to make prosecution and punishment less discriminatory. Above all, Stuntz eloquently argues, Americans need to remember again that criminal punishment is a necessary but terrible tool, to use effectively, and sparingly.

The Collapse of Heaven investigates a long-neglected century in Chinese literature through the lens of the Taiping War (1851–1864), one of the most devastating civil wars in human history. With the war as the pivot, Huan Jin examines the manifold literary and cultural transformations that occurred from the 1850s to the 1880s. The book analyzes a wide range of writings—proselytizing pamphlets, diaries, poetry, a full-length novel, drama, and short stories—with a particular emphasis on the materiality of these texts as well as their production and dissemination. Tracing allusions to political turbulences across many genres, Jin discusses how late imperial Chinese literary and cultural paradigms began to unravel under conditions of extreme violence and tracks the unexpected reinventions of literary conventions that marked the beginning of Chinese literary modernity. In addition to making a significant contribution to Chinese studies, this book offers an important comparative perspective on the global nineteenth century and engages with broad scholarly discussions on religion, violence, narrative, history, gender, theater, and media studies.

If philosophy has any business in the world, it is the clarification of our thinking and the clearing away of ideas that cloud the mind. In this book, one of the world's preeminent philosophers takes issue with an idea that has found an all-too-prominent place in popular culture and philosophical thought: the idea that while factual claims can be rationally established or refuted, claims about value are wholly subjective, not capable of being rationally argued for or against. Although it is on occasion important and useful to distinguish between factual claims and value judgments, the distinction becomes, Hilary Putnam argues, positively harmful when identified with a dichotomy between the objective and the purely "subjective."

Putnam explores the arguments that led so much of the analytic philosophy of language, metaphysics, and epistemology to become openly hostile to the idea that talk of value and human flourishing can be right or wrong, rational or irrational; and by which, following philosophy, social sciences such as economics have fallen victim to the bankrupt metaphysics of Logical Positivism. Tracing the problem back to Hume's conception of a "matter of fact" as well as to Kant's distinction between "analytic" and "synthetic" judgments, Putnam identifies a path forward in the work of Amartya Sen. Lively, concise, and wise, his book prepares the way for a renewed mutual fruition of philosophy and the social sciences.

Changes in federal housing policies over the past several decades shifted the primary responsibility for providing low-income renters with affordable housing from the government to private landlords. Federal, state, and local governments have passed laws to ensure that low-income renters are protected from illicit landlording practices. Yet we know little about how private landlords experience local housing regulations. In Collateral Damages, sociologist Meredith Greif examines how local laws affect private landlords and whether tenants are, in fact, being adequately protected.
 
For three years, Greif followed sixty private landlords serving low- and moderate-income residents in the Cleveland, Ohio, metropolitan area to better understand how local regulations, such as criminal activity nuisance ordinances (CANOs) and local water billing regulations, affect their landlording practices. CANOs are intended to protect communities by discouraging criminal activity on private properties. Property owners can face financial and criminal sanctions if they do not abate nuisance activities, which can include littering, noise, drug use, and calls for police assistance, including calls for domestic violence. Local water billing regulations hold landlords responsible for delinquent water bills, even in cases where the account is registered in the tenant’s name. Greif finds that such laws often increase landlords’ sense of “financial precarity” – the real or perceived uncertainty that their business is financially unsustainable – by holding them responsible for behavior they feel is out of their control. Feelings of financial uncertainty led some landlords to use illegitimate business practices against their tenants, including harassment, oversurveillance, poor property upkeep, and illegal evictions. And to avoid to financial penalties associated with CANOs and delinquent water bills, some landlords engage in discriminatory screening of vulnerable potential tenants who are unemployed or have histories of domestic violence or drug use. In this sense, by promoting a sense of financial insecurity among landlords, laws meant to protect renters ultimately had the opposite effect.
 
While some landlords, particularly those who rented a larger number of units, were able to operate their businesses both lawfully and profitably, the majority could not. Greif offers practical recommendations to address the concerns of small- and mid-sized landlords, such as regular meetings that bring landlords and local authorities together to engage in constructive dialogue about local housing policy, issues, and concerns. She also proposes policy recommendations to protect renters, such as establishing the right to counsel for lower-income tenants in eviction hearings and enacting a federal renter’s tax credit.
 
Collateral Damages is an enlightening investigation on how local laws and practices perpetuate disadvantage among marginalized populations and communities, in ways that are hidden and often unintended.

Ambrose Bierce was a well-known and highly admired journalist, short story writer, and satirist. After distinguished Civil War service, Bierce became a journalist, and in 1887 he became a columnist for William Randolph Hearst’s Sunday Examiner. His work for the San Francisco Examiner made his reputation, especially on the West Coast. In 1914 he vanished on a trip to Mexico.

The work for which he is best know, The Devil’s Dictionary, was first published in 1906. Bierce also published volumes of short stories. His Tales of Soldiers and Civilians (1891) represents some of the finest writing to come out of the Civil War. Bierce’s stories of the supernatural, collected in Can Such Things Be? (1893), established him as one of the leading American authors of supernatural fiction.

This volume gathers together for the first time the 850 fables written by Bierce over his forty-year career, including more than 400 fables never reprinted from the magazines and newspapers in which they originally appeared.

Bierce’s fables are distinguished for their biting wit and their cynical reflection of the political and social events of his time. Local and national political figures; corrupt lawyers, judges, and clergymen; and even incidents in the Spanish-American War are all mercilessly lampooned. The fables not only testify to Bierce’s hatred of “hypocrisy, cant, and all sham” but provide a window into late nineteenth-century American society. S. T. Joshi has provided extensive commentary explaining historical and literary references in the fables.

    Christopher R. Browning addresses some of the most heated controversies that have arisen from the use of postwar testimony: Hannah Arendt’s uncritical acceptance of Adolf Eichmann’s self-portrayal in Jerusalem; the conviction of Ivan Demjanuk (accused of being Treblinka death camp guard "Ivan the Terrible") on the basis of survivor testimony and its subsequent reversal by the Israeli Supreme Court; the debate in Poland sparked by Jan Gross’s use of both survivor and communist courtroom testimony in his book Neighbors; and the conflict between Browning himself and Daniel Goldhagen, author of Hitler’s Willing Executioners, regarding methodology and interpretation in the use of pre-trial testimony.
    Despite these controversies and challenges, Browning delineates the ways in which the critical use of such problematic sources can provide telling evidence for writing Holocaust history. He examines and discusses two starkly different sets of "collected memories"—the voluminous testimonies of notorious Holocaust perpetrator Adolf Eichmann and the testimonies of 175 survivors of an obscure complex of factory slave labor camps in the Polish town of Starachowice.

John Rawls’s work on justice has drawn more commentary and aroused wider attention than any other work in moral or political philosophy in the twentieth century. Rawls is the author of two major treatises, A Theory of Justice (1971) and Political Liberalism (1993); it is said that A Theory of Justice revived political philosophy in the English-speaking world.

But before and after writing his great treatises Rawls produced a steady stream of essays. Some of these essays articulate views of justice and liberalism distinct from those found in the two books. They are important in and of themselves because of the deep issues about the nature of justice, moral reasoning, and liberalism they raise as well as for the light they shed on the evolution of Rawls’s views. Some of the articles tackle issues not addressed in either book. They help identify some of the paths open to liberal theorists of justice and some of the knotty problems which liberal theorists must seek to resolve.

A complete collection of John Rawls’s essays is long overdue.

A pioneer in bringing mathematical methods into everyday use in economics, Lloyd A. Metzler is well known for his adroit use of formal tools and exceptionally readable prose style which have provided a generation of economists with clear solutions to difficult analytical problems. The papers collected in this volume, including four previously unpublished, retain a freshness and clarity that is readily recognized by today's students of economics.

Over the years Mr. Metzler's contributions to economic theory have ranged widely over the fields of international economics, macroeconomic theory, business fluctuations, and the mathematical theory of general equilibrium. Most notably, he carries Lord Keynes's theories further, working out the essential properties of the foreign-trade multiplier. His discussions of tariff repercussions, capital transfers, and stability conditions in the foreign-exchange market are of vital importance to today's dramatic efforts to achieve economic stability throughout the world.

Collected Papers, enhanced by many tables and figures and clearly indicative of the author's far-reaching economic mind, is organized into four sections: The Theory of International Trade; Money, Interest, and Prices; Business Cycles and Economic Fluctuations; and Mathematical Economics and Statistics. Two of the articles in this volume were part of the author's doctoral thesis which was awarded the David A. Wells Prize at Harvard University.

The first six volumes of the Collected Papers of Charles Sanders Peirce included Peirce’s main writings in general philosophy, logic (deductive, inductive, and symbolic), pragmatism, and metaphysics. Volumes VII and VIII are a continuation of this series. Originally published as two separate volumes, they now appear in one book as part of the Belknap Press edition. Volume VII contains papers on experimental science, scientific method, and philosophy of mind. Volume VIII contains selections from Peirce’s reviews and correspondence and a bibliography of his published works, speeches and correspondence, and works by other authors which quote or describe manuscripts by Peirce which are not included in Volumes I–VIII of Collected Papers.

As is true of the series as a whole, the material in these volumes is not readily accessible elsewhere. Many of the manuscripts have never been published before, and the previously published material which is included is widely scattered in a number of journals.

Peirce’s work in experimental science played an important role in his life and in the formation of his philosophy, and Volume VII is designed to show how the principal focus of his attention shifted from this sphere to the methods of science and finally to speculative metaphysics. Thus it includes his only published article in experimental psychology and two short pieces on gravity as well as the most important part of “The Logic of 1873” (in which pragmatism was first formulated in writing); “The Logic of Drawing History from Ancient Documents,” discussion of the historical method; “Economy of Research” (1879), containing many pertinent reflections on scientific methodology of interest to research directors today; and much more.

America’s first original philosopher and logician, and the founder of the philosophy of pragmatism, Peirce was also influential in shaping the thinking of such figures as William James and John Dewey. The reviews and correspondence contained in Volume VIII show his attitude toward these philosophies and illustrate the nature of his relationships with the great thinkers of his day.

The bibliography in Volume VIII lists chronologically all of Peirce’s known published works, giving a clear picture of the development of his thought from 1860 through 1911. It is more complete than any published so far in that many new items are included and items previously listed in different sources are here brought together.

These volumes will be of great value to all persons interested in philosophy, scientific method, psychology, the methodology of history, and American studies in general.

With the present volume, the presentation of Peirce’s philosophical thought reaches its metaphysical culmination. It embodies the effort of the founder of Pragmatism to develop a metaphysics which will conform to the canons of scientific method, and at the same time provide for real novelty, objective universal laws of nature, cosmical and biological evolution, feeling, and mind. To his previously published papers on chance, continuity, God, and other metaphysical themes, the editors have added a considerable number of unpublished manuscripts which clarify and develop the implications of Peirce’s fundamental world-view. The volume contains those speculative views of Peirce which so deeply influenced his contemporaries, including his discussions of tychism and synechism and of the religious aspects of metaphysics.

This volume contains the published contributions of one of the founders of modern logic and America’s greatest logical genius. It is not only of historical but of contemporary interest because of its many acute discussions of fundamental logical problems. To assist the general reader, the editors have prefixed to the text a selected list of important topics and have provided many footnotes and an exhaustive index.

The present, the longest volume of the series of Peirce’s Collected Papers, reveals most clearly his stature as a logician and a student of the foundations of mathematics. It includes not only some striking anticipations of recent work in logic and the foundations of mathematics but also a number of vital contributions to these subjects as now understood. In addition there is an entirely original treatment of logical diagrams which makes possible a detailed analysis of the process of reasoning and provides the link between modern logic and Peirce’s conception of pragmatism. It is the most advanced and important of the volumes on exact logic.

Charles Sanders Peirce has been characterized as the greatest American philosophic genius. He is the creator of pragmatism and one of the founders of modern logic. James, Royce, Schroder, and Dewey have acknowledged their great indebtedness to him. A laboratory scientist, he made notable contributions to geodesy, astronomy, psychology, induction, probability, and scientific method. He introduced into modern philosophy the doctrine of scholastic realism, developed the concepts of chance, continuity, and objective law, and showed the philosophical significance of the theory of signs and mathematical logic. The present series is the first published edition of his systematic works.

Unlike the papers of some other great economists, those of Kenneth Arrow are being read and studied today with even greater care and attention than when they first appeared in the journals. The publication of his collected papers will therefore be welcomed by economists and other social scientists and in particular by graduate students, who can draw from them the deep knowledge and the discernment in selection of scientific problems that only a master can offer. The author has added headnotes to certain well-known papers, describing how he came to write them.

The study of production is central to economic theory, and capital and its accumulation are two of the most interesting aspects of the modern production process. Capital may take the form of inventories of inputs, inventories of outputs, or machines and other fixed goods. The essential and unique aspect of all types of capital is that it must be accumulated as the result of prior stages of the production process. This gives the dynamic theory of production a recursive structure that can be exploited by economic analysis. The optimization of production under recursive conditions lends itself to general mathematical methods of dynamic programming and optimal control theory. This is the main theme of the essays included in this fifth volume of Kenneth Arrow's Collected Papers.

Unlike the papers of some other great economists, those of Kenneth Arrow are being read and studied today with even greater care and attention than when they first appeared in the journals. The publication of his collected papers will therefore be welcomed by economists and other social scientists and in particular by graduate students, who can draw from them the deep knowledge and the discernment in selection of scientific problems that only a master can offer. The author has added headnotes to certain well-known papers, describing how he came to write them.

Although economic theory has been Kenneth Arrow's comparative advantage as well as his special interest, from time to time he has turned his attention to applied problems, often with unexpected results. A request from the Ford Foundation to write a survey of health economics led to his famous paper, "Uncertainty and the Welfare Economics of Medical Care," which raised for the first time many issues in the economics of information, particularly what are now called incentive compatibility issues. Other fruitful papers included in this volume deal with racial discrimination, the cost of oil imports, health insurance, environmental resources, and urban economics. Arrow's main interest in studying these disparate problems has been their potential source for new theory as well as their policy applications.

Unlike the papers of some other great economists, those of Kenneth Arrow are being read and studied today with even greater care and attention than when they first appeared in the journals. The publication of his collected papers will therefore be welcomed by economists and other social scientists and in particular by graduate students, who can draw from them the deep knowledge and the discernment in selection of scientific problems that only a master can offer. The author has added headnotes to certain well-known papers, describing how he came to write them.

The third volume of Kenneth Arrow's Collected Papers concerns the basic concept of rationality as it applies to an economic decision maker. In particular, it addresses the problem of choice faced by consumers in a multicommodity world and presents specific models of choice useful in economic analysis. It also discusses choice models under uncertainty, giving the basic theory and critiques of this theory based on experimental evidence and applications. Among the major papers are "Alternative Approaches to the Theory of Choice in Risk-Taking Situations," a masterly survey of subjective probability and choice theory, and "The Theory of Risk Aversion," an exposition of the theory of choice under uncertainty.

Unlike the papers of some other great economists, those of Kenneth Arrow are being read and studied today with even greater care and attention than when they first appeared in journals. This publication of his collected papers, to be completed in seven topical volumes, will be welcomed by economists and other social scientists and in particular by graduate students, who can draw from them the deep knowledge and taste in the selection of scientific problems that only a master can offer.

This volume is concerned with the foundations of neo-classical economic analysis. General equilibrium is a theory of prices in which all of the actions of the economic agents in an economy are determined simultaneously and in a decentralized fashion. The price system, determined in competitive markets, guides actions for both firms and individual consumers. All of the complex interrelations of the economy are distilled into the determination of this price system.

In these papers, Arrow examines the conditions under which such a price system would exist. He also clarifies the conditions under which the system can or cannot achieve an optimum. In the latter case, when “market failures” are present, he shows the role of a benevolent government in helping to overcome the induced inefficiencies.

Unlike the papers of some other great economists, those of Kenneth Arrow are being read and studied today with even greater care and attention than when they first appeared in the journals. The publication of his collected papers will therefore be welcomed by economists and other social scientists and in particular by graduate students, who can draw from them the deep knowledge and the discernment in selection of scientific problems that only a master can offer. The author has added headnotes to certain well-known papers, describing how he came to write them.

This volume begins with Arrow's papers on statistical decision theory, which served as a foundation for his work on the economics of information. As he writes in his preface, "Statistical method was an example for the acquisition of information. In a world of uncertainty, it was no great leap to realize that information is valuable in an economic sense." The later, applied papers, which operationalize the theory of the early ones, include essays on the demand for information, the economic value of screening devices, and the effect of incomplete information on the structure of organizations, futures markets, and insurance.

Unlike the papers of some other great economists, those of Kenneth Arrow are being read and studied today with even greater care and attention than when they first appeared in the journals. The publication of his collected papers will therefore be welcomed by economists and other social scientists and in particular by graduate students, who can draw from them the deep knowledge and the discernment in selection of scientific problems that only a master can offer. The author has added headnotes to certain well-known papers, describing how he came to write them.

In this first volume, Arrow takes up the basic question of whether collective choices can be made in such a way as to reflect individual preferences. The seminal 1950 paper that opens the volume shows that given certain reasonable conditions that social choices must satisfy to reflect individual preferences, it is impossible to make a choice among all sets of alternatives without violating some of the conditions. The subsequent papers extend, deepen, and clarify these results and examine the concept of justice, both in the abstract and in economic models. The volume also contains searching critiques of the theories of justice of John Rawls and Robert Nozick.

Robert Lucas is one of the outstanding monetary theorists of the past hundred years. Along with Knut Wicksell, Irving Fisher, John Maynard Keynes, James Tobin, and Milton Friedman (his teacher), Lucas revolutionized our understanding of how money interacts with the real economy of production, consumption, and exchange.

Lucas’s contributions are both methodological and substantive. Methodologically, he developed dynamic, stochastic, general equilibrium models to analyze economic decision-makers operating through time in a complex, probabilistic environment. Substantively, he incorporated the quantity theory of money into these models and derived its implications for money growth, inflation, and interest rates in the long run. He also showed the different effects of anticipated and unanticipated changes in the stock of money on economic fluctuations, and helped to demonstrate that there was not a long-run trade-off between unemployment and inflation (the Phillips curve) that policy-makers could exploit.

The twenty-one papers collected in this volume fall primarily into three categories: core monetary theory and public finance, asset pricing, and the real effects of monetary instability. Published between 1972 and 2007, they will inspire students and researchers who want to study the work of a master of economic modeling and to advance economics as a pure and applied science.