Best of
Economics

1957

Theory and History: An Interpretation of Social and Economic Evolution


Ludwig von Mises - 1957
    Hayek, Ludwig von Mises moved beyond economics in his later years to address questions regarding the foundation of all social science. But unlike Hayek's attempts, Mises' writings on these matters have received less attention than they deserve. Theory and History, writes Rothbard in his introduction, "remains by far the most neglected masterwork of Mises".Here Mises defends his all-important idea of methodological dualism: one approach to the hard sciences and another for the social sciences. He defends the epistemological status of economic proposition. He has his most extended analysis of those who want to claim that there is more than one logical structure by which we think about reality. He grapples with the problem of determinism and free will. He presents philosophy of history and historical research. Overall, this is a tremendously lucid defense of the fundamental Misesian approach to social philosophy."It is Mises's great methodological work, explaining the basis of his approach to economics, and providing scintillating critiques of such fallacious alternatives as historicism, scientism, and Marxian dialectical materialism.... Austrian economics will never enjoy a genuine renaissance until economists read and absorb the vital lessons of this unfortunately neglected work."Theory and History should be required for any student of 20th-century ideas.

Economic Theory And Underdeveloped Regions


Gunnar Myrdal - 1957
    Myrdal examines the basic assumptions of classical economic theory, and of the theory of international trade in particular, in relation to the problems of under-developed regions.Dr. Myrdal points out that, contrary to what orthodox teaching would lead one to expect, economic inequalities between nations are increasing; and he argues that this is bound to happen whenever the free play of market forces is allowed to continue unchecked. He analyses the false assumptions (usually implicit rather than explicit) which have led orthodox economists astray; and argues that theories which assume equilibrating tendencies in economic affairs should be superseded by theories based on the principle of cumulative causation. If a backward community does not wish to remain caught in a vicious circle, it must interfere deliberately with the market forces in order to break it.Dr. Myrdal's book is both of practical interest to those who are engaged in framing policies for under-developed areas, and a challenge to some of the fundamental premises of hitherto accepted economic theory.

An Economic Theory of Democracy


Anthony Downs - 1957
    Downs treats this differently than do other students of politics. His explanations are systematically related to, and deductible from, precisely stated assumptions about the motivations that attend the decisions of voters and parties and the environment in which they act. He is consciously concerned with the economy in explanation, that is, with attempting to account for phenomena in terms of a very limited number of facts and postulates. He is concerned also with the central features of party politics in any democratic state, not with that in the United State or any other single country. I. BASIC STRUCTURE OF THE MODEL. 1. Introduction. 2. Party Motivation and the Function of Government in Society. 3. The Basic Logic of Voting. 4. The Basic Logic of Government Decision-Making. II. THE GENERAL EFFECTS OF UNCERTAINTY. 5. The Meaning of Uncertainty. 6. How Uncertainty Affects Government Decision-Making. 7. The Development of Political Ideologies as Means of Getting Votes. 8. The Statics and Dynamics of Party Ideologies 9. Problems of Rationality Under Coalition Governments. 10. Government Vote-Maximizing and Individual marginal Equilibrium. III. SPECIFIC EFFECTS OF INFORMATION COSTS. 11. The Process of Becoming Informed. 12. How Rational Citizens Reduce Information Costs. 13. The Returns From Information and Their Diminution. 14. The Causes and Effects of Rational Abstention. IV. DERIVATIVE IMPLICATIONS AND HYPOTHESIS. 15. A Comment on Economic Theories of Government Behavior. 16. Testable Prepositions Derived from the Theory.

Three Essays On The State Of Economic Science


Tjalling C. Koopmans - 1957
    

The Liberal Tradition from Fox to Keynes


Alan Bullock - 1957
    In the editors' lengthy introduction, and in their selection and annotation of passages from a wide range of sources, the outstanding contribution of British liberal thinkers is clearly and impressively displayed. In the great debate on political issues that has been going on continuously in Britain since the sixteenth century this is one of the most important contributions in its influence not only at home but overseas.

The Co-operative Movement in Indonesia


Mohammad Hatta - 1957