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Economists dream of equilibrium. It’s time to wake up.

In mainstream economics, markets are ideal if competition is perfect. When supply balances demand, economic maturity is orderly and disturbed only by shocks. These ideas are rooted in doctrines going back thousands of years, yet, as James K. Galbraith and Jing Chen show, they contradict the foundations of our scientific understanding of the physical and biological worlds.

Entropy Economics discards the conventions of equilibrium and presents a new basis for thinking about economic issues, one rooted in life processes—an unequal world of unceasing change in which boundaries, plans, and regulations are essential. Galbraith and Chen’s theory of value is based on scarcity, and it accounts for the power of monopoly. Their theory of production covers increasing and decreasing returns, uncertainty, fixed investments over time, and the impact of rising resource costs. Together, their models illuminate key problems such as trade, finance, energy, climate, conflict, and demography.

Entropy Economics is a thrilling framework for understanding the world as it is and will be keenly relevant to the economic challenges of a world threatened with disorder.

From a revered public intellectual, an essential argument for the political preconditions of a liberal society. 

Liberalism has always suffered from messaging challenges. It simultaneously implies a pursuit of individual liberty and social equality, two projects often regarded as at odds. Or: Liberal means the opposite of conservative. Except when it doesn’t. The list goes on. 

Liberal bard Deirdre Nansen McCloskey understands these rhetorical troubles. Equality of Permission is her stirring and career-defining intervention on this essentially contested yet critical topic—a forceful case for liberalism as our best hope, and an essential vision of the political conditions necessary for its survival. McCloskey prescribes a liberalism built around liberty from the bottom up: “equality before the law and equality of political and economic permissions,” lightly administered.

The state, McCloskey argues, is increasingly the source of our discontents—an illiberal institution, hindered by a quixotic fixation on pursuing equality of wealth or opportunity. Equality of Permission evangelizes for a better, and earlier, version of liberalism—that of John Locke, Adam Smith, Mary Wollstonecraft, and Henry David Thoreau—as against a top-down quest for an unattainable utopia. McCloskey shows that statism in pursuit of a chimerical general will, even when well-intentioned, leads to tyranny.

Brimming with energy and erudition, drawing on wisdoms from Alexis de Tocqueville to Mae West, Equality of Permission is McCloskey at the peak of her powers—brilliant, lacerating, garrulous, funny, worldly, and warm. Amid intense debate over the use and abuse of government institutions, McCloskey shares her singular vision for a true democracy, one grounded in respect and conducive to universal human flourishing.

From a revered public intellectual, an essential argument for the political preconditions of a liberal society. 

Liberalism has always suffered from messaging challenges. It simultaneously implies a pursuit of individual liberty and social equality, two projects often regarded as at odds. Or: Liberal means the opposite of conservative. Except when it doesn’t. The list goes on. 

Liberal bard Deirdre Nansen McCloskey understands these rhetorical troubles. Equality of Permission is her stirring and career-defining intervention on this essentially contested yet critical topic—a forceful case for liberalism as our best hope, and an essential vision of the political conditions necessary for its survival. McCloskey prescribes a liberalism built around liberty from the bottom up: “equality before the law and equality of political and economic permissions,” lightly administered.

The state, McCloskey argues, is increasingly the source of our discontents—an illiberal institution, hindered by a quixotic fixation on pursuing equality of wealth or opportunity. Equality of Permission evangelizes for a better, and earlier, version of liberalism—that of John Locke, Adam Smith, Mary Wollstonecraft, and Henry David Thoreau—as against a top-down quest for an unattainable utopia. McCloskey shows that statism in pursuit of a chimerical general will, even when well-intentioned, leads to tyranny.

Brimming with energy and erudition, drawing on wisdoms from Alexis de Tocqueville to Mae West, Equality of Permission is McCloskey at the peak of her powers—brilliant, lacerating, garrulous, funny, worldly, and warm. Amid intense debate over the use and abuse of government institutions, McCloskey shares her singular vision for a true democracy, one grounded in respect and conducive to universal human flourishing.

A landmark practical guide from the twenty-first-century pioneer in economics.

Experimental economics—generating and interpreting data to understand human decisions, motivations, and outcomes—is today all but synonymous with economics as a discipline. The advantages of the experimental method for understanding causal effects make it the gold standard for an increasingly empirical field. But until now the discipline has lacked comprehensive and definitive guidance for how to optimally design and conduct economic experiments.

For more than 30 years, John A. List has been at the forefront of using experiments to advance economic knowledge, expanding the domain of economic experiments from the lab to the real-world. Experimental Economics is his A-to-Z compendium for students and researchers on the ground floor of designing, conducting, analyzing, and interpreting data that they generate. List seeks not only to guide readers on how to develop and implement their experimental projects—everything from design to administrative and ethical considerations—but to help them avoid all the mistakes he’s made in his career, too. Experimental Economics codifies its author’s refined approach to the design, execution, and analysis of laboratory and field experiments. It is a milestone work poised to become the definitive reference for the next century of economics (and economists).

The next two decades will mark a new phase in the demographic transition of the United States as baby boomers become eligible for Social Security and Medicare. Drawing on evidence from the United States and other nations, Explorations in the Economics of Aging yields important new findings on how economic decisions by households and policy choices by governments will influence the effects of this demographic shift. It explores topics such as the implications of differential mortality rates by income on Social Security, the link between cognition and economic outcomes, and scale variations in self-reported work disability. This volume will be an important reference for economists and policymakers alike.