Ranging over a wide array of cases, Andrew Stark draws on legal, moral, and political thought--as well as the rhetoric of officeholders and the commentary of journalists--to analyze several decades of debate over conflict of interest in American public life. He offers new ways of interpreting the controversies about conflict of interest, explains their prominence in American political combat, and suggests how we might make them less venomous and intractable.

Stark shows that over the past forty years public opinion has shifted steadily toward an objective conception of conflict: instead of considering case-by-case motivations, we have adopted broadly prophylactic rules barring a variety of circumstances with no regard for whether individuals facing those circumstances would be moved in culpable ways. At the same time, we have shifted toward a subjective conception of interest: where we once focused narrowly on money, we now inquire into various commitments individuals might pursue in ways that could impair their judgment.

In exploring the consequences of these twin migrations--the passage of "conflict" from a subjective to an objective understanding; the transformation of "interest" from an objective to a subjective conception--the author aims to make our debates over public ethics less vexatious for officials, and more lucid for citizens.

The essential work from the Nobel Prize-winning virtuoso of twentieth-century economics, translated to English for the first time.

Few scholars advanced the frontier of economic modeling more than French economist Maurice Allais. Allais’s contributions—beyond his famous Allais’s Paradox—earned him the Nobel Prize and drew comparisons to the works of Paul Samuelson and even some modern mathematical behavioral economists. 

Allais’s accomplishments, however, went largely unread by non-Francophone readers due to the challenge of their translation for publishers. The effects of this gap are immeasurable. As Paul Samuelson wrote, “Had Allais's earliest writings been in English, a whole generation of economic theory would have taken a different course.”

Economy and Interest is the milestone translation of Allais's most influential work, one whose staggering findings predate their accepted formulations by other famed economists decades later. In its sweep and technical virtuosity, Economy and Interest is certain to delight and challenge new generations of English-language readers.

Originally published in 1887, The Pioneer Preacher is a lively account of a Congregationalist minister's attempts to lead a sin-free existence on the American frontier. Sherlock Bristol (1815-1906) was a California gold miner, wagon train captain, Wisconsin farmer, Idaho rancher, Indian fighter, abolitionist, and Oberlin-trained clergyman. While serving a series of churches in the East, he periodically cured himself of "nervous disorders" by journeying out West. He only broke the Sabbath once---during an Indian attack!

Reflecting in his memoirs the exploits of Daniel Boone and Davy Crockett, Bristol delights in recounting his adventures, ecclesiastical or otherwise. He vividly recalls his redemption in the wilderness where he enjoyed having "little opportunity for reading books or mental exercise, and an abundance of calls for muscular employment." Greatly influenced by the evangelist Charles G. Finney at Oberlin, Bristol tried to teach miners and frontiersmen the principles of revivalism, postmillennialism, and perfectionism. In The Pioneer Preacher he shares his own disputatious views on abolition, American Indians, temperance, and other issues of his day.

Economic individualism and market-based values dominate today's policymaking and public management circles—often at the expense of the common good. In his new book, Barry Bozeman demonstrates the continuing need for public interest theory in government. Public Values and Public Interest offers a direct theoretical challenge to the "utility of economic individualism," the prevailing political theory in the western world.

The book's arguments are steeped in a practical and practicable theory that advances public interest as a viable and important measure in any analysis of policy or public administration. According to Bozeman, public interest theory offers a dynamic and flexible approach that easily adapts to changing situations and balances today's market-driven attitudes with the concepts of common good advocated by Aristotle, Saint Thomas Aquinas, John Locke, and John Dewey.

In constructing the case for adopting a new governmental paradigm based on what he terms "managing publicness," Bozeman demonstrates why economic indices alone fail to adequately value social choice in many cases. He explores the implications of privatization of a wide array of governmental services—among them Social Security, defense, prisons, and water supplies. Bozeman constructs analyses from both perspectives in an extended study of genetically modified crops to compare the policy outcomes using different core values and questions the public value of engaging in the practice solely for the sake of cheaper food.

Thoughtful, challenging, and timely, Public Values and Public Interest shows how the quest for fairness can once again play a full part in public policy debates and public administration.

Dissatisfied with the explanations of the business cycle provided by the Keynesian, monetarist, New Keynesian, and real business cycle schools, Edmund Phelps has developed from various existing strands—some modern and some classical—a radically different theory to account for the long periods of unemployment that have dogged the economies of the United States and Western Europe since the early 1970s. Phelps sees secular shifts and long swings of the unemployment rate as structural in nature. That is, they are typically the result of movements in the natural rate of unemployment (to which the equilibrium path is always tending) rather than of long-persisting deviations around a natural rate itself impervious to changing structure. What has been lacking is a “structuralist” theory of how the natural rate is disturbed by real demand and supply shocks, foreign and domestic, and the adjustments they set in motion.

To study the determination of the natural rate path, Phelps constructs three stylized general equilibrium models, each one built around a distinct kind of asset in which firms invest and which is important for the hiring decision. An element of these models is the modern economics of the labor market whereby firms, in seeking to dampen their employees’ propensities to quit and shirk, drive wages above market-clearing levels-the phenomenon of the “incentive wage”—and so generate involuntary unemployment in labor-market equilibrium. Another element is the capital market, where interest rates are disturbed by demand and supply shocks such as shifts in profitability, thrift, productivity, and the rate of technical progress and population increase. A general-equilibrium analysis shows how various real shocks, operating through interest rates upon the demand for employees and through the propensity to quit and shirk upon the incentive wage, act upon the natural rate (and thus equilibrium path).

In an econometric and historical section, the new theory of economic activity is submitted to certain empirical tests against global postwar data. In the final section the author draws from the theory some suggestions for government policy measures that would best serve to combat structural slumps.