Editorial pages applaud them for getting tough on crime. Constitutional lawyers raise the issue of cruel and unusual punishment. Legal philosophers ponder questions of justness. An economist, on the other hand, observes that making the punishment for armed robbery the same as that for murder encourages muggers to kill their victims. This is the cut-to-the-chase quality that makes economics not only applicable to the interpretation of law, but beneficial to its crafting.Drawing on numerous commonsense examples, in addition to his extensive knowledge of Chicago-school economics, David D. Friedman offers a spirited defense of the economic view of law. He clarifies the relationship between law and economics in clear prose that is friendly to students, lawyers, and lay readers without sacrificing the intellectual heft of the ideas presented. Friedman is the ideal spokesman for an approach to law that is controversial not because it overturns the conclusions of traditional legal scholars--it can be used to advocate a surprising variety of political positions, including both sides of such contentious issues as capital punishment--but rather because it alters the very nature of their arguments. For example, rather than viewing landlord-tenant law as a matter of favoring landlords over tenants or tenants over landlords, an economic analysis makes clear that a bad law injures both groups in the long run. And unlike traditional legal doctrines, economics offers a unified approach, one that applies the same fundamental ideas to understand and evaluate legal rules in contract, property, crime, tort, and every other category of law, whether in modern day America or other times and places--and systems of non-legal rules, such as social norms, as well.This book will undoubtedly raise the discourse on the increasingly important topic of the economics of law, giving both supporters and critics of the economic perspective a place to organize their ideas.

    Coase has been, even though, as he admits, "most economists have a different way of looking at economic problems and do not share my conception of the nature of our subject." Coase's particular interest has been that part of economic theory that deals with firms, industries, and markets—what is known as price theory or microeconomics. He has always urged his fellow economists to examine the foundations on which their theory exists, and this volume collects some of his classic articles probing those very foundations. "The Nature of the Firm" (1937) introduced the then-revolutionary concept of transaction costs into economic theory. "The Problem of Social Cost" (1960) further developed this concept, emphasizing the effect of the law on the working of the economic system. The remaining papers and new introductory essay clarify and extend Coarse's arguments and address his critics."These essays bear rereading. Coase's careful attention to actual institutions not only offers deep insight into economics but also provides the best argument for Coase's methodological position. The clarity of the exposition and the elegance of the style also make them a pleasure to read and a model worthy of emulation."—Lewis A. Kornhauser, Journal of Economic LiteratureRonald H. Coase was awarded the Nobel Prize in Economic Science in 1991.

    Drawing from these practical, commonsense notions, The Cost of Rights provides a useful corrective to the all-or-nothing feel of much political debate nowadays (The Economist).

    And in this book the distinguished scholar Amartya Sen offers a powerful critique of the theory of social justice that, in its grip on social and political thinking, has long left practical realities far behind.The transcendental theory of justice, the subject of Sen's analysis, flourished in the Enlightenment and has proponents among some of the most distinguished philosophers of our day; it is concerned with identifying perfectly just social arrangements, defining the nature of the perfectly just society. The approach Sen favors, on the other hand, focuses on the comparative judgments of what is "more" or "less" just, and on the comparative merits of the different societies that actually emerge from certain institutions and social interactions.At the heart of Sen's argument is a respect for reasoned differences in our understanding of what a "just society" really is. People of different persuasions--for example, utilitarians, economic egalitarians, labor right theorists, no--nonsense libertarians--might each reasonably see a clear and straightforward resolution to questions of justice; and yet, these clear and straightforward resolutions would be completely different. In light of this, Sen argues for a comparative perspective on justice that can guide us in the choice between alternatives that we inevitably face.

    The relation between wage-labour to capital is a core concept in Marx's analysis of political economy. This book is an essential, a foundation to understanding the development of Marxist theory. "Price. Value and Profit" was written in 1865. The different parts, as in the title decomposes into 'surplus value' (the essential economic building block in Marism). This book, again, is basic to understanding the development of Marist theory. A Collector's Edition.

    The former deals with how the economic problem is solved, while the latter deals with how the economic problem should be solved. The effects of price or rent control on the distribution of income are problems of positive economics. The desirability of these effects on income distribution is a problem of normative economics.Within economics, the major division is between monetary theory and price theory. Monetary theory deals with the level of prices in general, with cyclical and other fluctuations in total output, total employment, and the like. Price theory deals with the allocation of resources among different uses, the price of one item relative to another.Prices do three kinds of things. They transmit information, they provide an incentive to users of resources to be guided by this information, and they provide an incentive to owners of resources to follow this information. Milton Friedman's classic book provides the theoretical underpinning for and understanding of prices.Economics is not concerned solely with economic problems. It is a social science, and is therefore concerned primarily with those economic problems whose solutions involve the cooperation and interaction of different individuals. It is concerned with problems involving a single individual only insofar as the individual's behavior has implications for or effects upon other individuals. Price Theory is concerned not with economic problems in the abstract, but with how a particular society solves its economic problems.

    It examines economic policies not simply in terms of their immediate effects but also in terms of their later repercussions, which are often very different and longer lasting. The interplay of politics with economics is another theme of Applied Economics, whose examples are drawn from experiences around the world, showing how similar incentives and constraints tend to produce similar outcomes among very disparate peoples and cultures.

    First published in 1890, Principles of Economics stands as Marshall's most influential work. This abridged edition offers a general introduction to the study of economics, dealing mainly with normal conditions of industry, employment, and wages. It begins by isolating the primary relations of supply, demand, and price in regard to a particular commodity. Following his study of science, history, and philosophy, Marshall argues that, while fragmentary statistical hypotheses are used as temporary aids to dynamic economic concepts, the central idea of economics must be that of a living force and movement, and its main concern must be with human beings who are impelled, for better or worse, to change and progress.

    In his most important work, The General Theory of Employment, Interest, and Money (1936), Keynes critiqued the laissez-faire policies of his day, particularly the proposition that a normally functioning market economy would bring full employment. Keynes's forward-looking work transformed economics from merely a descriptive and analytic discipline into one that is policy oriented. For Keynes, enlightened government intervention in a nation's economic life was essential to curbing what he saw as the inherent inequalities and instabilities of unregulated capitalism.

    Routledge is an imprint of Taylor & Francis, an informa company.

    Rothbard begins with a quick overview of its historical roots, and then goes on to define libertarianism as resting "upon one single axiom: that no man or group of men shall aggress upon the person or property of anyone else." He writes a withering critique of the chief violator of liberty: the State. Rothbard then provides penetrating libertarian solutions for many of today's most pressing problems, including poverty, war, threats to civil liberties, the education crisis, and more.

    This volume is produced from digital images created through the University of Michigan University Library's preservation reformatting program.

    This book is required reading for anyone concerned about a fundamental transformation of the ailing capitalist economy."—Cornel West“Richard Wolff’s constructive and innovative ideas suggest new and promising foundations for a much more authentic democracy and sustainable and equitable development, ideas that can be implemented directly and carried forward. A very valuable contribution in troubled times.”—Noam Chomsky"Probably America's most prominent Marxist economist."—The New York TimesCapitalism as a system has spawned deepening economic crisis alongside its bought-and-paid-for political establishment. Neither serves the needs of our society. Whether it is secure, well-paid, and meaningful jobs or a sustainable relationship with the natural environment that we depend on, our society is not delivering the results people need and deserve.One key cause for this intolerable state of affairs is the lack of genuine democracy in our economy as well as in our politics. The solution requires the institution of genuine economic democracy, starting with workers directing their own workplaces, as the basis for a genuine political democracy.Here Richard D. Wolff lays out a hopeful and concrete vision of how to make that possible, addressing the many people who have concluded economic inequality and politics as usual can no longer be tolerated and are looking for a concrete program of action.Richard D. Wolff is professor of economics emeritus at the University of Massachusetts, Amherst. He is currently a visiting professor at the New School for Social Research in New York. Wolff is the author of many books, including Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It. He hosts the weekly hour-long radio program Economic Update on WBAI (Pacifica Radio) and writes regularly for The Guardian, Truthout.org, and MRZine.

    

    No one has bettered Keynes's description of the psychology of investors during a financial crisis: 'The practice of calmness and immobility, of certainty and security, suddenly breaks down. New fears and hopes will, without warning, take charge of human conduct... the market will be subject to waves of optimistic and pessimistic sentiment.' Keynes's preeminent biographer, Robert Skidelsky, Emeritus Professor of Political Economy at the University of Warwick, brilliantly synthesizes from Keynes's career and life the aspects of his thinking that apply most directly to the world we currently live in. In so doing, Skidelsky shows that Keynes's mixture of pragmatism and realism - which distinguished his thinking from the neo-classical or Chicago school of economics that has been the dominant influence since the Thatcher-Reagan era and which made possible the raw market capitalism that created the current global financial crisis - is more pertinent and applicable than ever. Crucially Keynes offers nervous capitalists - and Keynes never wavered in his belief in the capitalist system - a positive answer to the question we now face: When unbridled capitalism falters, is there an alternative? "In the long run," as Keynes famously said, "we are all dead." We may not have time to wait for the perfect theoretical operation of capital as the neo-classicists insist will happen eventually. In the meantime, we have Keynes: more supple, more human and more magnificently real than ever.