How modern economics abandoned classical liberalism and lost its wayMilton Friedman once predicted that advances in scientific economics would resolve debates about whether raising the minimum wage is good policy. Decades later, Friedman’s prediction has not come true. In Where Economics Went Wrong, David Colander and Craig Freedman argue that it never will. Why? Because economic policy, when done correctly, is an art and a craft. It is not, and cannot be,...

Economists seem to be everywhere in the media these days. But what exactly do today's economists do? What and how are they taught? Updating David Colander and Arjo Klamer's classic The Making of an Economist, this book shows what is happening in elite U.S. economics Ph.D. programs. By examining these programs, Colander gives a view of cutting-edge economics--and a glimpse at its likely future. And by comparing economics education today to the findings of the original book, the new...

This volume, which evolved from a number of conversations with economists includes a collection of essays that have two themes: a positive one and a negative one. The positive theme of the essays is that economic analysis, if kept in perspective, is enormously powerful. It provides a way of uncovering the workings of real-world phenomena that fit the perceptions many people have. The negative theme is that economic analysis is not being kept in perspective by economists, and that loss of p...

Noneconomists often think that economists' approach to race is almost exclusively one of laissez-faire. Racism, Liberalism, and Economics argues that economists' ideas are more complicated. The book considers economists' support of markets in relation to the challenge of race and race relations and argues that their support of laissez-faire has traditionally been based upon a broader philosophical foundation of liberalism and history: what markets have and have not achieved in the...

How ideas in complexity can be used to develop more effective public policyComplexity science—made possible by modern analytical and computational advances—is changing the way we think about social systems and social theory. Unfortunately, economists' policy models have not kept up and are stuck in either a market fundamentalist or government control narrative. While these standard narratives are useful in some cases, they are damaging in others, directing thinking...

A new approach to science has recently developed. It is called the complexity approach. A number of researchers, such as Brian Arthur and Buz Brock, have used this approach to consider issues in economics. This volume considers the complexity approach to economics from a history of thought and methodological perspectives. It finds that the ideas un

Offering an introduction to the Japanese political system, this book covers the end of the Koizumi era, the brief and troubled premiership of Abe, and the selection of Fukuda as prime minister. It includes material on "bubble" and "post-bubble" economic developments, as well as coverage of health care policy.

This book is an authoritative and accessible guide to the pluralist movement threatening to revolutionise mainstream economics. Leading figures in the field explain why pluralism is a required virtue in economics, how it came to be blocked and what it means for the way we think about, research and teach economics.The first part of the book looks at how neoclassical economics gained its stranglehold, particularly in the United States, and how the social and intellectual underpinning...

In this major theoretical statement, the author offers a new and provocative interpretation of the institutional transformations associated with modernity. We do not as yet, he argues, live in a post-modern world. Rather the distinctive characteristics of our major social institutions in the closing period of the twentieth century express the emergence of a period of 'high modernity,' in which prior trends are radicalised rather than undermined. A post-modern social universe may eventually...

Re-Thinking Science presents an account of the dynamic relationship between society and science. Despite the mounting evidence of a much closer, interactive relationship between society and science, current debate still seems to turn on the need to maintain a 'line' to demarcate them. The view persists that there is a one-way communication flow from science to society - with scant attention given to the ways in which society communicates with science.The authors argue that...

The first comprehensive survey of this interdisciplinary field, combining a concise overview of key concepts with an original and integrated framework.Virtually every aspect of modern life is suffused with the biproducts of scientific research, yet the study of science itself—what it is, how it is done, and how it has evolved over time—is relatively new. By examining the political, historical, and cultural dimensions of science and technology, science studies provi...

This book is an examination of the nature of economic explanation. The opening chapters introduce current thinking in the philosophy of science and review the literature on methodology. Professor Blaug then turns to the troublesome question of the logical status of welfare economics, giving the reader an understanding of the outstanding issues in the methodology of economics. This is followed by a series of case studies of leading economic controversies, which shows how controversies in ec...