In the early 1960s, fewer than five percent of Japanese owned automobiles, China’s per capita income was among the lowest in Asia, and living standards in South Korea’s rural areas were on par with some of the world’s poorest countries. Today, these are three of the most powerful economies on earth. Dwight Perkins grapples with both the contemporary and historical causes and consequences of the turnaround, drawing on firsthand experience in the region to explain how Asian countries sustained such rapid economic growth in the second half of the twentieth century.

East Asian Development offers a comprehensive view of the region, from Japan and the “Asian Tigers” (Hong Kong, Singapore, Taiwan, South Korea) to Indonesia, Vietnam, Thailand, Malaysia, and China—a behemoth larger than all the other economies combined. While the overall picture of Asian growth is positive, no single economic policy has been effective regionwide. Interventionist policies that worked well in some countries failed elsewhere. Perkins analyzes income distribution, to uncover why initially egalitarian societies have ended up in very different places, with Japan, for example, maintaining a modest gap between rich and poor while China has become one of Asia’s most unequal economies.

Today, the once-dynamic Japanese and Korean economies are sluggish, and even China shows signs of losing steam. Perkins investigates whether this is a regional phenomenon or typical of all economies at this stage of development. His inquiry reminds us that the uncharted waters of China’s vast economy make predictions of its future performance speculative at best.

In 1950 a million Texans—more than a tenth of the entire population of the state—lived in a region where one family in every two earned less than $2,000 a year. Composing that region are the thirty-two counties of northeastern Texas in which the lumber industry is concentrated. In eleven of these counties, 70 percent of family incomes were less than $2,000.

Until 1930 the Texas lumber industry furnished employment for more workers than any other manufacturing in the state. Though displaced in that year by oil refining, it still ranks near the top in the number of workers it hires. The aim of this study is to show how these people whose economic life has been dominated by a single industry have fared for eighty years in comparison with their fellow Texans and with lumber workers in the Pacific Northwest and the Lakes states.

Texas lumber workers have always been in many ways a peculiar people, conditioned by their historical roots, by isolation from the mainstream of national life, and by the deeply rural nature of their environment. A typical group portrait would show two of each three persons to be adult white males. One of three would be African American. It would not show any women. Here and there a face would bear the marks of alien birth. Most of the figures, however, would be natives not only of America but of East Texas.

In family background, in work experience, and in social and economic environment these people have been uniquely homogeneous. In the early 1950s the Congressional Committee on the Economic Report of the President designated the area as one of “deep poverty” and pinpointed it as one which had failed notably to reach the level of living achieved by the state and the nation. Its economic status has been lower than that of any other group in Texas except household servants, and its education level has been well below that of the state and nation and increasingly below the level of acceptance in any jobs other than those requiring a minimum of training and competence. The immediate past has shown not only no improvement but a positive deterioration.

Drawing upon personal investigation and state and federal reports, the author has put the contemporary situation in a historical setting. Her delineation is principally in terms of figures that weave a social fabric from which definite patterns emerge—insecure wages, illiteracy and inefficient production, unsuccessful attempts to achieve effective organization. Though the book is directed primarily toward those who should feel concern at its revelations, it also suggests a wealth of untapped sources for the ethnographer and the folklorist.

A sweeping history of the American invention of modern money.

Economists endlessly debate the nature of legal tender monetary systems—coins and bills issued by a government or other authority. Yet the origins of these currencies have received little attention.

Dror Goldberg tells the story of modern money in North America through the Massachusetts colony during the seventeenth century. As the young settlement transitioned to self-governance and its economy grew, the need to formalize a smooth exchange emerged. Printing local money followed.

Easy Money illustrates how colonists invented contemporary currency by shifting its foundation from intrinsically valuable goods—such as silver—to the taxation of the state. Goldberg traces how this structure grew into a worldwide system in which, monetarily, we are all Massachusetts. Weaving economics, law, and American history, Easy Money is a new touchstone in the story of monetary systems.

This is an auto-narrated audiobook edition of this book.

A sweeping history of the American invention of modern money.

Economists endlessly debate the nature of legal tender monetary systems—coins and bills issued by a government or other authority. Yet the origins of these currencies have received little attention.

Dror Goldberg tells the story of modern money in North America through the Massachusetts colony during the seventeenth century. As the young settlement transitioned to self-governance and its economy grew, the need to formalize a smooth exchange emerged. Printing local money followed.

Easy Money illustrates how colonists invented contemporary currency by shifting its foundation from intrinsically valuable goods—such as silver—to the taxation of the state. Goldberg traces how this structure grew into a worldwide system in which, monetarily, we are all Massachusetts. Weaving economics, law, and American history, Easy Money is a new touchstone in the story of monetary systems.

This is the second edition of Andrew Simms's highly regarded guide to ecological debt.

Simms shows how millions of us in the West are running up huge ecological debts: from the amount of oil and coal that we burn to heat our houses and run our cars, to what we consume and the waste that we create, the impact of our lifestyles is felt worldwide. Whilst these debts go unpaid, millions more living in poverty in the majority world suffer the burden of paying dubious foreign financial debts.

The book explores a great paradox of our age: how the global wealth gap was built on ecological debts, which the world's poorest are now having to pay for. Highlighting how and why this has happened, he also shows what can be done differently in the future. Now updated throughout, this is a clear and passionate account of the steps we can take to stop pushing the planet to the point of environmental bankruptcy.

Conventional economics is often criticized for failing to reflect adequately the value of clean air and water, species diversity, and social and generational equity. By excluding biophysical and social systems from their analyses, many conventional economists overlook problems of the increasing scale of human impacts and the inequitable distribution of resources. Ecological Economics is an introductory-level textbook for an emerging paradigm that addresses this flaw in much economic thought. The book defines a revolutionary "transdiscipline" that incorporates insights from the biological, physical, and social sciences, and it offers a pedagogically complete examination of this exciting new field. It provides students with a foundation in traditional neoclassical economic thought, but places that foundation within a new interdisciplinary framework that embraces the linkages among economic growth, environmental degradation, and social inequity. Introducing the three core issues that are the focus of the new transdiscipline -- scale, distribution, and efficiency -- the book is guided by the fundamental question, often assumed but rarely spoken in traditional texts: What is really important to us? After explaining the key roles played by the earth's biotic and abiotic resources in sustaining life, the text is then organized around the main fields in traditional economics: microeconomics, macroeconomics, and international economics. The book also takes an additional step of considering the policy implications of this line of thinking. Ecological Economics includes numerous features that make it accessible to a wide range of students: more than thirty text boxes that highlight issues of special importance to students lists of key terms that help students organize the main points in each chapter concise definitions of new terms that are highlighted in the text for easy reference study questions that encourage student exploration beyond the text glossary and list of further readings An accompanying workbook presents an innovative, applied problem-based learning approach to teaching economics. While many books have been written on ecological economics, and several textbooks describe basic concepts of the field, this is the only stand-alone textbook that offers a complete explanation of both theory and practice. It will serve an important role in educating a new generation of economists and is an invaluable new text for undergraduate and graduate courses in ecological economics, environmental economics, development economics, human ecology, environmental studies, sustainability science, and community development.

Between September 30, 1950, and May 2, 1962, the value of the Canadian dollar was allowed to fluctuate. This situation, in conjunction with an abundance of Canadian quantitative data, provided Lawrence Officer with a unique opportunity to test theories concerning an economy under the influence of a fluctuating exchange rate. In order to explain the fluctuations that occurred, Mr. Officer set up a model of Canada's economy for the relevant time period. In contrast to conventional models, the exchange rate is the key variable in the system and the foreign sector receives particular attention because of its primary role in determining the exchange rate.

Policy makers often call for increased spending on infrastructure, which can encompass a broad range of investments, from roads and bridges to digital networks that will expand access to high-speed broadband. Some point to the near-term macroeconomic benefits, such as job creation, associated with infrastructure spending; others point to the long-term effects of such spending on productivity and economic growth. 

Economic Analysis and Infrastructure Investment explores the links between infrastructure investment and economic outcomes, analyzing key economic issues in the funding and management of infrastructure projects. It includes new research on the short-run stimulus effects of infrastructure spending, develops new estimates of the stock of US infrastructure capital, and explores incentive aspects of public-private partnerships with particular attention to their allocation of risk. The volume provides a reference for researchers seeking to study infrastructure issues and for policymakers tasked with determining the appropriate level and allocation of infrastructure spending.

One of the most striking features of contemporary industrial economies is their ability to offer an ever-expanding and improving range of products. Personal computers, tiny pacemakers, digital watches, and VCRs simply did not exist, and were not even dreamt of, only a few decades ago. Such product innovations play an increasingly important role in modern economic growth, and it is therefore imperative that economists come to grips with them, just as they have done with traditional economic phenomena.

In this skillfully crafted and imaginative study, Manuel Trajtenberg develops the tools to quantify and analyze the notion of product innovation. He argues persuasively that the magnitude of an innovation should be equated with the social benefits that it generates. Drawing from the "characteristics approach" to demand theory and the econometrics of discrete choice, he presents an ingenious method to estimate the benefits from product innovations that accrue to the consumer over time. His method centers on consumer preferences for different product attributes -such as speed and size of memory in computers-and then uses those preferences to evaluate the changes in attributes.

Trajtenberg applies his approach to the study of one of the most remarkable innovations in medical technology--Computed Tomography (CT) scanners. He assembled for that purpose an impressive set of data on every aspect of the new technology, from qualities and prices, patents and research, to details on virtually every sale in the United States during the decade following the introduction of CT in 1973. This close-up view of an innovation, quite rare in economic literature, offers valuable insights on the nature of the innovative process, the interaction between innovation and diffusion, the effects of uncertainty about quality, and the implications of changing preferences.

This original and enlightening exploration of economic and political development, by one of Latin America's most distinguished political scientists, was originally published in Brazil in 1962 and has now been translated into English by the author. Helio Jaguaribe offers first a theoretical discussion of the political requirements of economic development, emphasizing that sound government programs must be based upon a thorough understanding of a country's existing social and political structures. The author then provides a detailed, analytical study of the development process in Brazil from the colonial phase until today, and a comparison of the Brazilian experience with those of other Latin American countries.

A revealing collection from the intellectual titan whose work shaped the modern world.

As an economist and public intellectual, Gary S. Becker was a giant. The recipient of a Nobel Prize, a John Bates Clark Medal, and a Presidential Medal of Freedom, Becker is widely regarded as the greatest microeconomist in history.

After forty years at the University of Chicago, Becker left a slew of unpublished writings that used an economic approach to human behavior, analyzing such topics as preference formation, rational indoctrination, income inequality, drugs and addiction, and the economics of family.

These papers unveil the process and personality—direct, critical, curious—that made him a beloved figure in his field and beyond. The Economic Approach examines these extant works as a capstone to the Becker oeuvre—not because the works are perfect, but because they offer an illuminating, instructive glimpse into the machinations of an economist who wasn’t motivated by publications. Here, and throughout his works, an inquisitive spirit remains remarkable and forever resonant.

In the past three decades, the number of obese adults in the United States has doubled and the number of obese children almost tripled, which may lead to increased medical expenditures, productivity loss, and stress on the health care system. Economic analysis now shows that weight gain is the result of individual choices in response to economic environments and demonstrates that incentives can influence individual behaviors affecting weight. Determinants are varied and include year- and area-specific food prices, availability of food outlets and recreational facilities, health insurance, and minimum wage levels. Timely and important, Economic Aspects of Obesity provides a strong foundation for evaluating the costs and benefits of various proposals designed to control obesity rates.

These fourteen essays covering a wide range of subjects of great current interest reflect the continuous evolution of the author’s thought from 1951 to 1961. Range and flexibility characterize Alexander Gerschenkron’s dynamic approach to Europe’s industrial history. Connecting evolution in individual countries with their degree of economic backwardness, he presents the industrialization of the continent as a “case of unity in diversity,” thus offering a cogent alternative, supported by case studies, to the traditional view of industrialization as monotonous repetition of the same process from country to country. Brought together for the first time, these essays were originally published in specialized periodicals in the United States and abroad.

Explaining and systematizing the elements of creative innovation in industrial history, Gerschenkron opens new paths of research and poses a number of pertinent questions for the problem of economic development in backward countries. His versatile analysis not only includes construction of ingenious industrial output indices and fruitful historical hypotheses on the index-number problem, but also original insights gleaned from a study of Soviet novels and a brilliant critique of Doctor Zhivago.

Recent studies show that almost all industrial countries have experienced dramatic decreases in both fertility and mortality rates. This situation has led to aging societies with economies that suffer from both a decline in the working population and a rise in fiscal deficits linked to increased government spending. East Asia exemplifies these trends, and this volume offers an in-depth look at how long-term demographic transitions have taken shape there and how they have affected the economy in the region.

The Economic Consequences of Demographic Change in East Asia assembles a group of experts to explore such topics as comparative demographic change, population aging, the rising cost of health care, and specific policy concerns in individual countries. The volume provides an overview of economic growth in East Asia as well as more specific studies on Japan, Korea, China, and Hong Kong. Offering important insights into the causes and consequences of this transition, this book will benefit students, researchers, and policy makers focused on East Asia as well as anyone concerned with similar trends elsewhere in the world.

This is volume 71 issue 2 of Economic Development and Cultural Change. Economic Development and Cultural Change (EDCC) publishes studies that use modern theoretical and empirical approaches to examine both the determinants and the effects of various dimensions of economic development and cultural change. EDCC’s focus is on empirical papers with analytic underpinnings, concentrating on microlevel evidence, that use appropriate data to test theoretical models and explore policy impacts related to economic development.

This is volume 71 issue 3 of Economic Development and Cultural Change. Economic Development and Cultural Change (EDCC) publishes studies that use modern theoretical and empirical approaches to examine both the determinants and the effects of various dimensions of economic development and cultural change. EDCC’s focus is on empirical papers with analytic underpinnings, concentrating on microlevel evidence, that use appropriate data to test theoretical models and explore policy impacts related to economic development.

This is volume 71 issue 4 of Economic Development and Cultural Change. Economic Development and Cultural Change (EDCC) publishes studies that use modern theoretical and empirical approaches to examine both the determinants and the effects of various dimensions of economic development and cultural change. EDCC’s focus is on empirical papers with analytic underpinnings, concentrating on microlevel evidence, that use appropriate data to test theoretical models and explore policy impacts related to economic development.

This is volume 72 issue 1 of Economic Development and Cultural Change. Economic Development and Cultural Change (EDCC) publishes studies that use modern theoretical and empirical approaches to examine both the determinants and the effects of various dimensions of economic development and cultural change. EDCC’s focus is on empirical papers with analytic underpinnings, concentrating on microlevel evidence, that use appropriate data to test theoretical models and explore policy impacts related to economic development.

This is volume 72 issue 2 of Economic Development and Cultural Change. Economic Development and Cultural Change (EDCC) publishes studies that use modern theoretical and empirical approaches to examine both the determinants and the effects of various dimensions of economic development and cultural change. EDCC’s focus is on empirical papers with analytic underpinnings, concentrating on microlevel evidence, that use appropriate data to test theoretical models and explore policy impacts related to economic development.

This is volume 72 issue 3 of Economic Development and Cultural Change. Economic Development and Cultural Change (EDCC) publishes studies that use modern theoretical and empirical approaches to examine both the determinants and the effects of various dimensions of economic development and cultural change. EDCC’s focus is on empirical papers with analytic underpinnings, concentrating on microlevel evidence, that use appropriate data to test theoretical models and explore policy impacts related to economic development.

For decades, Central America has faced market dependency, natural disasters, and political systems characterized by protectionist policies and low participation--situations that have had a tremendous impact on its economic development.

This two-volume set is a comprehensive assessment of Central America's position in the world economy, and it serves as a handbook for the important economic reforms Central America must undertake to become a viable competitor in the international economy.

For decades, Central America has faced market dependency, natural disasters, and political systems characterized by protectionist policies and low participation--situations that have had a tremendous impact on its economic development.

This two-volume set is a comprehensive assessment of Central America's position in the world economy, and it serves as a handbook for the important economic reforms Central America must undertake to become a viable competitor in the international economy.

This latest volume in the series Studies in Modernization of the Republic of Korea: 1945-1975 examines the relationship between economic developments and the government’s population policy and its implementation. Against the background of Korea’s traditional population pattern and the baby boom of the 1950s, the authors consider the changes wrought by migration, fertility, decline, and the government’s evolving program for family planning. The change from a traditional agricultural economy with a high and largely unregulated birth rate to a predominantly urbanized economy with a widespread and sophisticated family-planning program is one further feature in the rapid modernization of Korean government and lifestyle since that country’s emergence from colonialism.

Economic Diversity in Contemporary Timor-Leste analyses various economic dynamics in past and present Timor-Leste. Comprising 14 research chapters, the volume brings to the fore: 1) local, community-based economic values and arrangements; 2) community-based entanglements with a market-driven economy; 3) the colonial and postcolonial governance praxis through which a market-driven economy has permeated the country, and 4) the creative and place-based ways through which local people have responded to these transformations. The collection challenges hegemonic, market-driven analyses which characterise Timor-Leste’s economy as weak, deformed and homogenised and demonstrates the myriad of socially embedded ways through which Timor-Leste’s economy is diverse, richly complex and continually brought into being. To frame the analysis of these complex economic dynamics in Timor-Leste, the collection’s introduction develops the concept of economic ecologies: the assemblages of institutions and their localised and historical relationships mobilised for reproducing collective life, both in its material and immaterial aspects.

In the highly capital-intensive electricity supply industry, it is essential that both engineers and managers understand the methodologies of project evaluation in order to comprehend and analyse investment proposals and decisions. This fully revised and updated edition of Economic Evaluation of Projects in the Electricity Supply Industry (1996) takes a broad introductory approach, covering market and environmental issues, financial analysis and evaluation, and clean environmental technologies and costs. New topics include electricity trading and risk management, evolving electricity utilities and new and future generation technologies in a carbon-constrained world.

In the seven chapters presented here noted economist and Nobel Prize–winner Simon Kuznets summarizes the results of his studies of the economic growth of nations in modern times. Working over the last twenty years, he has concerned himself largely with national product and its components—with long-term trends in growth in total output and in labor force changes in production structure. Such comprehensive data, Kuznets maintains, in which significantly different elements are distinguished and measured, are indispensable both for observations and analysis of the essentially quantitative process of economic growth and for the search for the general and variant characteristics of this growth. He covers a variety of countries and is able to suggest valid general characteristics and test the limits within which they hold. He also provides comparisons between the economically developed and the less developed countries and evaluates the relation between per capita product and the structure of production and the movements of both over time in the course of modern economic growth.

The longevity of the Byzantine state was due largely to the existence of variegated and articulated economic systems. This three-volume study examines the structures and dynamics of the economy and the factors that contributed to its development over time. The first volume addresses the environment, resources, communications, and production techniques. The second volume examines the urban economy; presents case studies of a number of places, including Sardis, Pergamon, Thebes, Athens, and Corinth; and discusses exchange, trade, and market forces. The third volume treats the themes of economic institutions and the state and general traits of the Byzantine economy. This global study of one of the most successful medieval economies will interest historians, economic historians, archaeologists, and art historians, as well as those interested in the Byzantine Empire and the medieval Mediterranean world.

Long respected as a classic in Europe, this translation is welcomed as the first comprehensive survey of Swedish economic history available in this country. Herein the late Eli Filip Heckscher discusses Swedish economy from the feudalism of the Middle Ages to World War II socialism.

Complete coverage is given to such diverse yet interrelated subjects as land distribution and use, agrarian reforms, growth of cities, social structure, foreign influence and immigration, development of iron and other metals, forest industry, population growth, trade beginnings, cooperatives, and the growth of socialism.

Faithfully translated, and with a newly added conclusion by Gunnar Heckscher, the author's son, this interesting book is valuable as a study of one of Europe's most economically advanced countries. Well-illustrated with maps, charts, and graphs, it provides invaluable reference material.

The clearest and most up-to-date account of the achievements—and setbacks—of the European Union since 1945.

Europe has been transformed since the Second World War. No longer a checkerboard of entirely sovereign states, the continent has become the largest single-market area in the world, with most of its members ceding certain economic and political powers to the central government of the European Union. This shift is the product of world-historical change, but the process is not well understood. The changes came in fits and starts. There was no single blueprint for reform; rather, the EU is the result of endless political turmoil and dazzling bureaucratic gymnastics. As Brexit demonstrates, there are occasional steps backward, too. Cutting through the complexity, Richard Pomfret presents a uniquely clear and comprehensive analysis of an incredible achievement in economic cooperation.

The Economic Integration of Europe follows all the major steps in the creation of the single market since the postwar establishment of the European Coal and Steel Community. Pomfret identifies four stages of development: the creation of a customs union, the deepening of economic union with the Single Market, the years of monetary union and eastward expansion, and, finally, problems of consolidation. Throughout, he details the economic benefits, costs, and controversies associated with each step in the evolution of the EU. What lies ahead? Pomfret concludes that, for all its problems, Europe has grown more prosperous from integration and is likely to increase its power on the global stage.

This cross-disciplinary special issue focuses on economic knowledge in social countries during the second half of the twentieth century. Through a series of historical case studies, the issue embraces a wide variety of perspectives on the ways economy and society were conceptualized behind the Iron Curtain. Contributors explored the entanglement of ideology and economic discourse, the political dimensions of cybernetic technocracy, and the various faces of Cold War rationality of socialism.

Contributors. Oleg Ananyin, Johanna Bockman, Ivan Boldyrev, Till Düppe, Richard Ericson, Yakov Feygin, Olessia Kirtchik, Martha Lampland, Adam Leeds, Denis Melnik, Chris Miller, György Peteri, Eglė Rindzevičiūtė, Vítězslav Sommer, Joachim Zweynert

Marine pollution causes significant damage to fisheries and other economically productive uses of the ocean. The value of that damage can be quantified by economists, but the meanings of those valuations and how they are derived are often obscure to noneconomists.Economic Losses from Marine Pollution brings a fuller understanding of the variety and extent of marine losses and how they are assessed to scientists, lawyers, and environmentalists by systematically identifying and classifying marine losses and relating them to models and methods of economic valuation. The authors use a step-by-step approach to show how economists have used these methods and how they approach the problem of assessing economic damage.The book begins by describing the importance of economic valuation of marine damages, the history of concern over marine pollution, and the development of economic methodologies to assess damage from it. Following that, the book: considers types of marine pollution and their effects on organisms, ecosystems, and humans, and the corresponding economic effects of those biological impacts introduces the economic principles and methods needed to understand and to assess economic damages expresses losses from water quality impairments in terms of economic value introduces the basic economic techniques that have been developed and used to measure changes in economic value discusses how to apply those economic techniques, and presents a variety of practical examples explores limitations and problems that can arise in such applied work.Economic Losses from Marine Pollution includes all of the relevant economic theory together with specific examples of how that theory has been and can be applied. It offers environmental professionals with little or no background in economics the basic economic tools needed to understand economic valuations of environmental damage, and represents a unique handbook for environmental and marine scientists, lawyers, economists, policy professionals, and anyone interested in issues of marine water quality.

It is often alleged that late Victorian businessmen in Britain displayed little of the vigor of their fathers in competition with the new industrial powers of the late nineteenth century, Germany and the United States. This allegation has been the foundation for a great many interpretations of the end of British domination over the world's economic life and of the economic difficulties that Britain has faced subsequently.

The British iron and steel industry is taken traditionally as the prime example of entrepreneurial decline. Mr. McCloskey shows, however, that businessmen in the industry performed on most counts as well as their German and American counterparts. The lack of evidence of entrepreneurial failure in the industry casts serious doubt on the importance of the entrepreneurial factor in Britain's relative decline. It suggests, indeed, that the supposed failure was a mere reflex of Britain's early attainment of economic maturity and the contemporaneous drive to maturity of Germany and the United States.

McCloskey uses relatively uncomplicated economic tools to establish these points. The central tool is the measurement of total factor productivity in the iron and steel industry in Britain and abroad. It is supplemented by analyses of supply and demand (to remove the influence of slowly growing demand at home from the record of the British industry): of the profitability of adopting the basic open hearth process of steelmaking (to show that the slowness of Britain to adopt it-which has been the keystone of the case for entrepreneurial failure-was economically rational); and of the competitiveness of the industry's markets (to validate use of these simple tools).

The book is based on a thorough study of the trade newspapers of the industry, its scientific journals, its statistical annuals, and the many reports of the British government and contemporary observers on its activities. It combines, therefore, the virtues of the "old" and the 'new" economic history. And although the book is historical, its conclusions are relevant to any study of economic growth past or present, in particular to the study of the role of entrepreneurship.

This book, a revision of Mr. McCloskey's Ph.D. dissertation, was awarded the David A. Wells Prize for l970-7l. The author is Associate Professor of Economics, The University of Chicago.

Economic inequality is at a record high in the United States, but public demand for redistribution is not rising with it. Meghan Condon and Amber Wichowsky show that this paradox and other mysteries about class and US politics can be solved through a focus on social comparison. Powerful currents compete to propel attention up or down—toward the rich or the poor—pulling politics along in the wake.

Through an astute blend of experiments, surveys, and descriptions people offer in their own words, The Economic Other reveals that when less-advantaged Americans compare with the rich, they become more accurate about their own status and want more from government. But American society is structured to prevent upward comparison. In an increasingly divided, anxious nation, opportunities to interact with the country’s richest are shrinking, and people prefer to compare to those below to feel secure. Even when comparison with the rich does occur, many lose confidence in their power to effect change. 

Laying bare how social comparisons drive political attitudes, The Economic Other is an essential look at the stubborn plight of inequality and the measures needed to solve it.
 

The Nordic countries stand out in international comparisons for having both high living standards and low inequality. The welfare state and public sectors are large and the tax burden is high. How have these countries managed to achieve such favorable economic performance? 

Economist Torben M. Andersen shows how the Nordic model rests on two pillars: the social safety net, which offers income compensation to the majority of those unable to support themselves, and the provision of services like education, childcare, and healthcare to all. The Nordic model can be characterized as one of employment, since its financial viability rests on a high labor participation rate with few working poor. 

Andersen lays out the structure of the model and highlights factors important for understanding its economic performance. He then looks into specific policy areas based on Denmark's experiences regarding labor market policies (flexicurity), pension systems, and preparation for an aging population; and addresses the challenges arising from new technologies and globalization.

This is the second volume expanding Agrarian Policies of Mainland China: A Documentary Study, 1949–1956. It presents key documents emanating from Peking, many of them translated into English for the first time.

Argentina is a fascinating and baffling case to scholars of economic development. It has rich agricultural resources, a fully monetized economy, a domestic manufacturing sector that occupies a large share of the active labor force, a relatively high level of literacy, and other attributes that resemble a European nation more than a developing country. At the same time, Argentina has found it difficult to develop the institutions of a modern nation-state and to sustain a satisfactory rate of economic growth. This book is a new and vigorous attempt to explain the Argentinian paradoxes.

The authors' central hypothesis is that the conventional framework of economic analysis is ill-suited for policymaking in a pluralistic society; in such a society, successful macroeconomic policy management depends on support from viable political coalitions. In the absence of a repressive dictatorship, decision makers in Argentina, the authors maintain, have consistently attempted to adopt policy positions seemingly designed to tear society apart. Does this mean that no mediative policy alternatives exist which are more congenial to political pluralism? The authors present some answers to this important question by examining the Argentine balance of payments and stabilization policies. Their conclusions about macroeconomic policymaking are not only significant for Argentinian policymaking, but are also relevant for other semi-industrial societies.

In the 1980s, world recession, drought, civil conflict, and other forces brought major economic upheaval to the countries of Sub-Saharan Africa. Most of the early efforts by governments to stabilize their economies met with little success, but The Gambia was an exception. In 1985 the government introduced the Economic Recovery Program, one of the most sweeping reform programs attempted on the continent. The economy quickly stabilized, with the rate of inflation falling to below ten percent and the overall balance of payments in surplus for the first time since the early 1970s.

Economic Recovery in The Gambia examines The Gambia's success in depth. It analyzes a wide range of policy reforms-exchange rates, taxation, foreign debt, agriculture, state-owned enterprises, customs inspection-and in each case, the authors review problems the government faced, steps that were taken to address them, and the success and failures of the reform initiatives. These economic and institutional analyses are complemented by an examination of the politics of reform and the role that donor agencies played. The final chapter summarizes important lessons from The Gambia's experience, and provides insights for other countries in Sub-Saharan Africa.

The coal industry has undergone a basic revision since World War II—the present picture differs strikingly from the accepted one. Here for the first time the change is studied in detail. This volume defines the relation between changes in coal consumption and the great technological progress in coal mining during recent years. C. L. Christenson begins by inquiring into the uses of coal as part of the supporting base for modern industrial civilization and the relative position of United States reserves as a portion of world supplies. He next examines the specific variations of the reserves which determine the ownership structure of the bituminous coal industry in the United States as well as the 1940–60 product market shift.

Against this background the author reviews the advance of technology, particularly the striking development from 1950–60, and finally he discusses the relation between this development and miners' employment and wages. Christenson surveys the results of investigation of the records of over 3,000 mines in five states, material from the Bureau of Employment Security, and the annual reports of the United Mine Workers of America Welfare Fund from 1950–60.

Charles Kindleberger, an international economic specialist, seeks in this book to show how economic history and economic analysis can interact, giving particular attention to the question of how history can be used in a comparative setting to test economic models for generality. His history and examples span the seventeenth to the twentieth century. The important and unexpected result is to show how the applicable economic model in given instances is strongly conditioned by social, socio-psychological, and political settings in which a given stimulus elicits a particular response. As a by-product, Kindleberger throws light on the political economy of Western European states, especially in international economic dimensions, but also in technological change, scientific education, and economic growth.

In these spirited and lucid essays, Kindleberger discusses related and abiding economic questions: whether the creation of a world financial center is inevitable; what the possible bases for free trade are; how insights can be gained into present day multinational corporations; and how information networks can maximize benefits in trade, and can affect the quality of output, costs, and economies of scale.

Part of the author's interest is methodological. He believes that the comparative method—studying the same rather restricted problem in comparable economies in a fixed regional and temporal setting—yields richer insights than those available from the history of the single economy. While his own studies are limited to merchants, tariffs, free trade, capital markets, and ports, a methodological introductory chapter discusses a wider range of applications.

In a brilliant recreation of the epoch between the 1770s and the 1820s, Emma Rothschild reinterprets the ideas of the great revolutionary political economists to show us the true landscape of economic and political thought in their day, with important consequences for our own. Her work alters the readings of Adam Smith and Condorcet--and of ideas of Enlightenment--that underlie much contemporary political thought.

Economic Sentiments takes up late-eighteenth-century disputes over the political economy of an enlightened, commercial society to show us how the "political" and the "economic" were intricately related to each other and to philosophical reflection. Rothschild examines theories of economic and political sentiments, and the reflection of these theories in the politics of enlightenment. A landmark in the history of economics and of political ideas, her book shows us the origins of laissez-faire economic thought and its relation to political conservatism in an unquiet world. In doing so, it casts a new light on our own times.

The Economic Structure of International Law presents a rationalist analysis of the structure of international law. It employs social scientific techniques to develop an understanding of the role of law in international society. In doing so, it delves into the question of compliance and reveals the real-world circumstances under which states might adhere to or violate international law.

Joel P. Trachtman explores such topics as treaty-making and jurisdiction; the rise, stability, and efficiency of custom; the establishment of international organizations; and the structure and role of international legal dispute settlement. At the core of the book lies the question of the allocation of legal power to states. The Economic Structure of International Law presents policymakers and scholars with an over-arching analytical model of international law, one that demonstrates the potential of international law, but also explains how policymakers should choose among different international legal structures.

The author has provided the first step in the field of the economic history of the Yüan, which is one of the most complex in all of Chinese history. Herbert Franz Schurmann has made a thorough analysis, section by section, of the economic part of the Dynastic History. He has used the parts of the Chinese source entitled “land tenure,” “agriculture and sericulture,” “land and head taxes,” “household taxes,” etc. This work will be of great value to historians and economists.

Written by a lawyer and an economist, this is the first full-length economic study of tort law--the body of law that governs liability for accidents and for intentional wrongs such as battery and defamation. Landes and Posner propose that tort law is best understood as a system for achieving an efficient allocation of resources to safety--that, on the whole, rules and doctrines of tort law encourage the optimal investment in safety by potential injurers and potential victims.

The book contains both a comprehensive description of the major doctrines of tort law and a series of formal economic models used to explore the economic properties of these doctrines. All the formal models are translated into simple commonsense terms so that the "math less" reader can follow the text without difficulty; legal jargon is also avoided, for the sake of economists and other readers not trained in the law.

Although the primary focus is on explaining existing doctrines rather than on exploring their implementation by juries, insurance adjusters, and other "real world" actors, the book has obvious pertinence to the ongoing controversies over damage awards, insurance rates and availability, and reform of tort law-in fact it is an essential prerequisite to sound reform. Among other timely topics, the authors discuss punitive damage awards in products liability cases, the evolution of products liability law, and the problem of liability for "mass disaster" torts, such as might be produced by a nuclear accident. More generally, this book is an important contribution to the "law and economics" movement, the most exciting and controversial development in modern legal education and scholarship, and will become an obligatory reference for all who are concerned with the study of tort law.

Every day, in every sector of our economy, a business shuts down while another starts up, jobs are created while others are cut, and workers are hired while others are laid off. This constant flux, or turbulence, is a defining characteristic of our free market system, yet it mostly inspires angst about unemployment, loss of earnings, and the overall competitiveness of corporations. But is this endless cycle of fluctuation really so bad for America? Might something positive be going on in the economy as a result of it?

In this penetrating work, three esteemed economists seek to answer these questions by exploring the real impact of volatility on American workers and businesses alike. According to the authors, while any number of events--shifts in consumer demand, changes in technology, mergers and acquisitions, or increased competition--can contribute to economic turbulence, our economy as a whole is, by and large, stronger for it, because these processes of creation and destruction make it more flexible and adaptable. The authors also acknowledge and document the adverse consequences of this turbulence on different groups of workers and firms and discuss the resulting policy challenges. Basing their argument on an up-close look into the dealings and practices of five key industries—financial services, retail food services, trucking, semiconductors, and software—the authors demonstrate the positive effects of turbulence on career paths, employee earnings, and firm performance.

The first substantial attempt to disentangle and make clear the complexities of this phenomenon in the United States, Economic Turbulence will be viewed as a major achievement and the centerpiece of any discussion on the subject for years to come.

The work of Overton H. Taylor is here made available within the covers of a single volume. More than twenty years of study and reflection have taken shape in the previously scattered short writings, which, chronologically presented, amount almost to intellectual autobiography.

Taylor is not simply an “economist” in the present-day meaning of the term. He is a political philosopher and a political economist—a scholar whose interests extend beyond economics into the surrounding areas of social science, philosophy, ethics, political thought, and intellectual history. Taylor’s search into the basic questions of social science has led him repeatedly—as the papers show—to new and fresh appraisals.

The writings here collected cover a wide range of subjects. Some of them are concerned with large segments of the general history of ideas in Western civilization. Other are extended, critical reviews of the books or the thoughts of contemporary thinkers such as R. H. Tawney, A. G. B. Fisher, and Joseph Schumpeter. Still others discuss modern problems of social philosophy and public policy. In all of them, the reader will find a creative and thought-provoking investigation of the foundations of the liberal conservative position.