bluuebunny/crossref_metadata_2025 huggingface dataset:
Parties and Democracy
Authors: Budge Ian , Keman Hans
Published: October 2003

Parties are the central institution through which mass representative democracies now work. This book covers four aspects of their activities at governmental level—the actual formation and termination of governments; the distribution of ministries between parties forming the government; and policymaking. In each area, it proposes theories and models of how parties drive these processes, and checks them against comparative evidence for 20 States from 1946–85. Initial hypotheses are broadly upheld by this evidence, supporting a general theory of democratic functioning described in Chs. 3 and 7. This has considerable implications for the general theory of the State. The evidence used in the book has been updated and extended. It is now published as Jqap Woldendorp, hans E. Keman, and Ian Budge Party Government in 48 Democracies (1945–98): Composition, Duration, Personnel.
Italian Regions in the European Community
Authors: Desideri Carlo
Published: October 2003

Italian regionalism has become more important with the demise of the old system of extraordinary intervention and the rise of the Northern League. Regions are demanding more powers to cope with the demands of European integration.
Spanish Regions in the European Community
Authors: Morata Francesc
Published: October 2003

Regional devolution and entry into Europe followed quickly from the democratic transition in Spain. Spanish governments have been reluctant to allow regions direct access to Europe but some autonomous communities have been active.
French Regionalization and European Integration: Territorial Adaptation and Change in a Unitary State
Authors: Balme Richard
Published: October 2003

French regions do not have extensive competences or rights in Europe, but dynamic presidents have been able in some cases to build effective systems of action. They have also been active on the European scene.
The European Community and Greece: Integration and the Challenge to Centralism
Authors: Featherstone Kevin , Yannopoulos George N.
Published: October 2003

Greece has retained a centralized system of government in the face of European pressures. There are large regional disparities, although Greece has done well from the Structural Funds.
Regionalism in Portugal
Authors: Pereira Armando
Published: October 2003

Regionalism has made little progress in Portugal, except for the Islands. In the mainland, European regional pressures are dealt with by administrative regionalism.
Conclusion
Authors: Jones Barry
Published: October 2003

The chapters show how European integration has impinged on processes of regionalization in Member States. There is no consistent pattern, but pressures for regionalization and decentralization are likely to accentuate and lead to fresh demands for regional participation in EU matters.
From Representative to Responsive Government?
Authors: Charlot Jean
Published: October 2003

Despite the rise in electoral abstention, decline in party identification, and lack of trust in political elites, representative democracy is not in crisis, although the economic policies of governments have been frequently ineffective. European leaders have used opinion polls, which are effective in reaching more than the active minorities, to remain in touch with what the electors desire. Between elections, public opinion, as polls reveal it, as the media present, and as the politicians respond to it, exerts increasing pressure on government decision‐making.
Élite–Mass Linkages in Europe: Legitimacy Crisis or Party Crisis?
Authors: Andeweg Rudy B.
Published: October 2003

A gap between representatives and the represented is an inevitable consequence of the separation of the principal and the agent. Despite a decrease in the trust of political leaders, there is no decline in the democratic system or of interest in politics. An increase in right‐wing extremism is a safety valve alerting the political elites to neglected issues, not a threat to the democratic order. Parties have lost most of their non‐electoral functions, in part to single‐issue movements that provide new structures for elite‐mass linkage.
Organized Interests as Intermediaries
Authors: Richardson Jeremy
Published: October 2003

Not only have interest groups played a key role in representation and legitimization but have also begun to displace political parties as intermediaries between governing elites and governed peoples. There has been an increase in the groups involved in each policy and the erosion of boundaries between policy sectors. As policy‐making is Europeanized, interest groups are shifting their activities towards the EU. Far from lacking linkage processes, there has been an enormous proliferation of opportunity structures for citizen participation.
The Fluctuating Rationale of Monetary Union
Authors: Forder James , Oppenheimer Peter
Published: October 2003

The conditions for monetary union incorporated in the Maastricht Treaty conflict with the interests of the European peoples by giving priority to maintaining price stability over employment and growth. This involved capitulation in the 1980s to German Bundesbank insistence. The resulting disinflationary impetus in the Maastricht convergence criteria was relayed by successive reports from the European Commission rejecting responsibility for output and employment levels.
The Racial Convention
Authors: Banton Michael
Published: October 2003

Like Plato's Republic, the ICERD is founded on a noble lie: that racial discrimination, as defined in its opening article, can be eliminated. Events leading up to the unanimous adoption of the Convention in 1965 are described. The preambular paragraphs represent racial discrimination as resembling a sickness; the operative paragraphs conceive of it as resembling a crime. Without the rhetoric promising elimination, the Convention would not have been adopted. Without the obligation upon all states parties to introduce legislation, the Convention would have had no practical effect.
The Committee's Inheritance
Authors: Banton Michael
Published: October 2003

In 1965, many governments associated racial discrimination with a particular phase of European thought, with the imperialism of European powers, and with practices in the USA. Yet the Convention represented it as a universal problem. From its first meeting in 1970, CERD, the body established to examine state reports, had to work out the implications for states in different regions of their acceptance of its obligations. The relations between relevant groups in Europe, Africa, America, and Asia at this time are described.
The Last of the Cold War
Authors: Banton Michael
Published: October 2003

During the ten years from 1978, the conflict between the Eastern and Western blocs formed the political framework within which CERD had to operate. It was argued, on the one hand, that CERD could not examine a report properly unless it could compare the information within it to information from other sources. On the other hand, it was maintained that the Convention referred only to ‘the examination of the reports and information received from the States Parties’. In 1986, at a time when the press was reporting on a campaign forcibly to assimilate the Turkish‐speaking minority in Bulgaria, the Committee was unable to confirm that the campaign was contrary to the Convention.
Dialogue With Asian States
Authors: Banton Michael
Published: October 2003

The implementation of the Convention in states in the Pacific, East Asia, South Asia, South‐East Asia, and the Middle East is summarily reviewed. CERD has disagreed with some governments about whether the Convention prohibits discrimination based on caste, and, for example, about the claim that Bangladesh constitutes a ‘post‐racial society’.
Democracy Between Consolidation and Crisis
Authors: Morlino Leonardo
Published: October 2003

What are the key factors to describe and explain the consolidation of a democracy or its possible internal crisis? After providing a few conceptual guidelines and the empirical indicators of consolidation and crisis, a systematic comparative analysis of the following aspects in the four Southern European countries (Italy, Spain, Portugal, and Greece) is unfolded: consensus and legitimation, party systems and party organizations, and relationships of organized and non‐organized interests with parties and state institutions. The consequent models of consolidation, and the related explanations, are given. What happens later in those countries is analysed with special reference to dissatisfaction, discontent, and perceived inefficacy. The concluding remarks pay attention to the ‘quality’ of democracy.
Introduction
Authors: Morlino Leonardo
Published: October 2003

The general guidelines of the research are indicated. The content of each chapter is illustrated. The empirical bases of the research in the four Southern European countries are provided.
Indicators and Measures
Authors: Morlino Leonardo
Published: October 2003

The entire set of indicators and measures of consolidation and crisis is presented. The indicators and measures are systematically applied to the four Southern European cases (Portugal, Spain, Italy, Greece). Consequently, a set of institutional, electoral, party, and elite dimensions is discussed with reference to the empirical cases.
Parties and Party Organization
Authors: Morlino Leonardo
Published: October 2003

This chapter is entirely devoted to the empirical analysis of the main features of party and party systems in Portugal, Spain, Italy, and Greece. Closer attention is especially devoted to party membership and rate of membership, party identification and organization, and stabilization and institutionalization. A thorough analysis of party organizational models established in the four countries is also presented.
Features and Explanations of Crises
Authors: Morlino Leonardo
Published: October 2003

The main dimensions and explanations of crisis are discussed. Although a greater space is devoted to the Italian case, aspects of crisis are detected in the other three countries. The key aspects that are considered refer to the reactions to the policies and particularly to the attitudes and behaviour in terms of dissatisfaction, protest, and manifest inefficacy. The mix of fading away of constraints and of emergence of incentives is suggested to be at the core of disanchoring process and, consequently, of internal democratic crisis.
Regulation Inside Government
Authors: Hood Christopher , James Oliver , Jones George , Scott Colin , Travers Tony
Published: October 2003

Regulation Inside Government analyses the army of inspectors, auditors, grievance‐chasers, standard‐setters, and other bodies overseeing contemporary public organizations. On the basis of a pioneering two‐year inside study of British Government by a team of leading scholars, this book provides an original analytical perspective on regulation within government. Given the limitations of orthodox constitutional checks on executive government, the courts, and elected politicians, regulation inside government deserves more attention than it has hitherto received. As one of the first comprehensive accounts of regulation inside government, this book begins to fill the gap. The empirical data for the study sets out the full range of modes of control applied to the public sector. The authors examine the relationship between formal oversight, of the traditional regulatory sort, with other forms of control based on competition, mutuality, and contrived randomness. They conclude that there is a failure in contemporary public management to deploy each of these modes of control to their full potential.
A Regulatory State Inside the State?
Authors: Hood Christopher , Scott Colin , James Oliver , Jones George , Travers Tony
Published: October 2003

Makes a case for reading from understanding and study of business regulation to study and analysis of ‘regulation inside government’ and offers a definition of the phenomenon and a taxonomy of the variety of forms of control that are involved. Three major findings from the project are set out. First, regulation inside government is a surprisingly large enterprise, measured in quantitative terms. Second, it appears to have been increasing in formality, complexity, intensity, and specialization over the last two decades. Third, there is considerable variety in the closeness of the regulators to those they oversee, and this affects, in particular, the relative formality of regulatory processes.
Running the Ruler Over Regulation Inside Government
Authors: Hood Christopher , Scott Colin , James Oliver , Jones George , Travers Tony
Published: October 2003

Sets out the results of the quantitative assessment of regulation inside government in the UK and refers to the detailed table of budget and staffing levels contained in Appendix 2. It offers a method for defining what is meant by the term ‘public sector’, which is then deployed to capture the whole set of central regulators of public sector bodies. The pattern of growth in staffing and budgets over a 20‐year period point to nearly exponential growth in regulation inside government, and through highly diverse forms of oversight institution that include auditors, inspectorates, ombudsman, and central agencies.
Eurocratic Regulation
Authors: Hood Christopher , Scott Colin , James Oliver , Jones George , Travers Tony
Published: October 2003

Examines European Union oversight of UK public sector activity, over compliance with EU norms and financial rules. EU regulators, and particularly those within the European Commission, possess financial sanctions to an extent unusual among domestic regulators over the UK public sector. However, the tendency towards politicization in many domains appeared to generate what, in terms of the rationality of the EU, looked like under‐enforcement.
Regulation in Government and the ‘New Public Management’
Authors: Hood Christopher , Scott Colin , James Oliver , Jones George , Travers Tony
Published: October 2003

Examines the relationship between new public management (NPM) reforms and regulation inside government. It charts the changes in regulatory style over a 20‐year period. The relaxation of controls associated with NPM has often been accompanied by the tightening of other forms of control.
Walras‐Type Model of Match‐Box Size
Authors: Morishima Michio
Published: October 2003

Introduces multi‐sectoral growth analysis. Mainly devoted to examining a Walrasian general equilibrium model of capital formation on the smallest possible scale. It is assumed that the economy concerned consists of many firms that are classified into two industries: the consumption‐good industry and the capital‐good industry. It is also assumed (as Walras and Leontief assumed) that there is no possibility of joint production: the consumption‐good industry only produces the consumption goods and the capital‐good industry only the capital goods (later in the book this assumption is shown to be undesirable). The remaining parts of the chapter give further mathematical treatment of the existence of short‐run equilibrium, its uniqueness, its Pareto optimality, and the investment function implied—a neoclassical growth.
Economic Implications of the ‘Revolution’
Authors: Morishima Michio
Published: October 2003

The neoclassical model so far examined in the book assumes, among other things: (a) that firms can be classified into two or several industries, each producing a single output; (b) that capital goods do not suffer wear and tear, or they depreciate by evaporation; (c) that the stock of capital goods can be transferred freely from one firm to another; and (d) that the neoclassical price mechanism works so as to establish automatically the full employment of capital stocks and the labour force; however, all these assumptions are unrealistic and crucially affect the model's capacity to analyse the capital structure of the economy. According to the neoclassical evaporation treatment of depreciation, capital goods that were produced several years ago and have been subject to wear and tear are considered to be physically equivalent to some smaller amounts of new capital goods of the same kind; this is a useful assumption, but an oversimplification of the age structure of the available endowments, and does not deal well with the mortality of the capital goods. In contrast, von Neumann suggested that used capital goods appearing simultaneously with products at the end of the production period could be treated as by‐products of the manufacturing process; this treatment of capital goods requires the discarding of assumptions (a) and (c). Another task assigned to the theory of capital is to find out when a capital good ceases to be used and is replaced by a new one; in growth theory, this problem is especially important, and the von Neumann device of regarding capital goods at different ages as different goods allows the endogenous determination of their economic lifetime simultaneously with other economic unknowns (in fact, capital goods die economically and become free goods when they become unprofitable). The different sections of the chapter look at technological aspects of the von Neumann revolution, his specification and symbolization of production processes, two interpretations of the original von Neumann model (genuine and bastard), the introduction of consumer choice, equilibrium within a period, the working of the system over time (the temporary equilibrium approach versus balanced growth approach), a ‘Pasinetti’ or ‘anti‐Pasinetti’ solution, and the generalized Leontief model (revisited).
Maximization of Bequests: The First Turnpike Theorem
Authors: Morishima Michio
Published: October 2003

The conditions for the Golden Equilibrium have been established earlier in the book and this chapter turns to an examination of the economy for stability; it asks whether a Hicks–Malinvaud competitive equilibrium trajectory starting from the historically given initial point approaches nearer and nearer to the state of Golden Equilibrium when the order of the path gets larger. This problem, which amounts to asking whether an economy obeying the principle of competition can attain a Golden Age, is discussed repeatedly in this chapter and the following one. Convergence of this sort will be compared with another kind of convergence recently dealt with by many writers under the common heading of Turnpike Theorems, particular applications of which may occur in more or less planned economies but not in purely competitive economies. In this chapter, the simple case of ‘L‐shaped’ indifference curves is examined. The different sections of the chapter compare the Hicks–Malinvaud equilibrium trajectory (Hicks–Malinvaud equilibrium growth path) with the DOSSO‐efficient path, discuss the Final State Turnpike Theorem, offer a proof of the theorem by the jyoseki (a formula in the game of go), present a lemma by Gale, discuss the convergence to the Turnpike, discuss yosses (the final part of a game of go) of the proof and cyclic exceptions, and look at the tendency towards the Golden Equilibrium of a competitive economy with no planning authorities.
Oscillations Due to Consumer's Choice
Authors: Morishima Michio
Published: October 2003

Earlier chapters in the book have: introduced consumer's choice into the conventional framework of economic growth originated by J. von Neumann, and assumed that consumers are classified into two broad groups of persons—the worker and the capitalist (Ch. 6 ); observed that a balanced growth equilibrium obtained when only the worker consumes and only the capitalist saves is distinguished as the ‘best’ one from all other possible states of balanced growth and is, therefore, referred to as the Golden Equilibrium (Ch. 10); and concentrated on a particular economy where the capitalist is thrifty enough to carry out no consumption of goods at all while the worker is well paid so that he/she can buy goods in the Golden Equilibrium amounts, thus enabling the establishment of convergence to the Turnpike (Ch. 10). The following question is then naturally asked: Is the Golden Equilibrium still stable when the assumption of rigid consumption is replaced by the more realistic one that the worker's demand for consumption goods depends on prices and the wage income? In association with the assumption of rigid consumption, Ch. 10 made another powerful assumption that there is no shortage at all in the supply of labour; an economy was considered where the labour force grows at a constant rate, which is exogenously determined, and it was found that a state of balanced growth is compatible with such a flexible demand schedule. Therefore, it is suspected that the flexible demand for consumption goods is an additional cause of the cyclic behaviour of the Hicks–Malinvaud competitive equilibrium path and the DOSSO‐efficient growth path. The different sections of this chapter look at the possibility that flexible demand for consumption goods may cause cycles, the possibility of a Hicks–Malinvaud path in this case (and a numerical example), the DOSSO efficiency in the case of flexible consumption, and a DOSSO zigzag.
Consumption En Route: The Second Turnpike Theorem
Authors: Morishima Michio
Published: October 2003

Chapter 10 was concerned with the Final State Turnpike Theorem on the assumptions that consumption of each good per worker is fixed throughout the planning period and that the authorities try to maximize the stocks of goods that they can bestow, at the horizon, upon the future citizens; this chapter looks at a Second Turnpike Theorem. The partial optimization for the sake of the future should more properly be superseded by a general mutual optimization, so that the benefits from the properties initially available are shared between the people living in the planning period and those after that; this would inevitably cause confrontation with one of the hardest problems of economics—the interpersonal and intertemporal comparisons of utilities. In this chapter, attempts to solve the crux of the problem are abandoned and the other extreme is addressed: the conditions are derived for Ramsey optimality as distinct from DOSSO efficiency, i.e. optimization is in favour of the people in the planning period, and the satisfaction of the future residents is pegged at a certain level, of which the present residents approve. Among all feasible programmes that leave, at the end of the planning period, necessary amounts of goods for the future residents, the question is whether the people living choose a single one that is most preferable from their own point of view, i.e. there is a switch over of ideology from abstinence for the future to satisfaction in the transient life. The different sections of the chapter include discussion of: two norms of optimum growth—the Golden Balanced Growth path and the Consumption Turnpike; the existence of the Consumption Turnpike; the Silvery Rule of Accumulation’ the singular case where there is no discrimination between the living and the coming people; the Consumption Turnpike Theorem—the cases of the subjective time‐preference factor not being greater than the growth factor of the population, and of the former being greater than the latter; and an example of a cyclic Ramsey‐optimum growth.
Econometric Concepts
Authors: Hendry David F.
Published: October 2003

The main concepts for empirical modelling of economic time series are explained: parameter and parameter space; constancy; structure; distributional shape; identification and observational equivalence; interdependence; stochastic process; conditioning; white noise; autocorrelation; stationarity; integratedness; trend; heteroscedasticity; dimensionality; aggregation; sequential factorization; and marginalization. A formal data‐generation process (DGP) for economics is the joint data density with an innovation error. Empirical models derive from reduction operations applied to the DGP.
Econometric Tools and Techniques
Authors: Hendry David F.
Published: October 2003

Least squares and recursive methods for estimating the values of unknown parameters and the logic of testing in empirical modelling, are discussed. The tools needed for investigating the properties of statistics in economics, namely, large‐sample distribution theory and Monte Carlo simulation techniques, are described. Ergodicity is explained, as are tools for investigating non‐stationarity due to unit roots.
Exogeneity and Causality
Authors: Hendry David F.
Published: October 2003

Weak exogeneity sustains conditional inference about parameters of interest without loss of information. Strong exogeneity, weak exogeneity with Granger non‐causality, sustains conditional forecasting. Super exogeneity, weak exogeneity with invariance of parameters to interventions, sustains conditional policy analyses. Concepts of causality, and estimation and inference in conditional models of unit‐root processes are considered.
The Theory of Reduction
Authors: Hendry David F.
Published: October 2003

Twelve stages of reduction are delineated from the actions of agents in an economy to an econometric model. The actual measurement process induces the DGP, followed by data transformations and aggregation; formulating parameters of interest; and partitioning the data. Marginalization, sequential factorization, the mapping to I(0), and conditional factorization can involve considerable loss of information if inappropriately implemented. Constancy, lag truncation, and functional form are discussed, leading to the derived model. The main concepts of econometrics arise as measures of ‘no loss of information’ about parameters of interest during a reduction. The reduction sequence also entails a taxonomy of information sets for model evaluation. These clarify the relation of model‐selection criteria to the null hypotheses of test statistics. Implicit model design is criticized in favour of an explicit approach.
Simultaneous Equations Systems
Authors: Hendry David F.
Published: October 2003

Linear system modelling is structured in 10 stages from the general to the specific. The dynamic statistical system is the maintained model, defined by the variables of interest, their distributions, whether they are modelled or non‐modelled, and their lag polynomials. An econometric model is a (possibly) simultaneous‐equations entity, which is intended to isolate autonomous, parsimonious relationships based on economic theory. That model must adequately characterize the data evidence and account for the results in the congruent statistical system. Model formulation, identification, estimation (using an estimator generating equation), encompassing, and evaluation are considered.
Testing and Evaluation
Authors: Hendry David F.
Published: October 2003

The non‐central chi‐squared distribution frequently results when hypothesis testing, so the large‐sample properties of such tests are analysed for sequences of local alternatives. Test power depends only on the distance of the null from the alternative, not the direction of departure. Likelihood ratio, Wald, and Lagrange‐multiplier tests are compared, and the methodological implications of evaluation are highlighted.
Modelling Issues
Authors: Hendry David F.
Published: October 2003

Data mining has three distinct meanings, but is detectable when it denotes ignoring, or camouflaging, conflicting evidence in a prejudiced search for an acceptable model. The twin dangers of excessive theory dependence and sample dependence are investigated, as are progressive research strategies to determine structure. Pyrrho's lemma reveals that any desired regression outcome can be obtained by adding one more regressor to any model. The properties of dummy variables, the impacts of seasonal adjustment on integrated–cointegrated data, the adequacy of approximating moving‐average processes by autoregressive schemes and models of second moments are investigated.
A Critique of Monetary Policy
Authors: Dow J. C. R. , Saville I. D.
Published: October 2003

This book has been written to work on two levels. On the one hand, it provides a theory of monetary policy, focusing on the role of the central bank in determining and effecting policy. It also examines the relationship of the central banks to the public and private sectors. Both authors have extensive experience working in the Bank of England, and so are attempting to transfer this experience to the area of economic theory. The theoretical analysis is complemented by an examination of the successes and failures of monetary policy in the UK from the mid‐1960s. As such, the book acts as an important work for students of economics and economic theory, but is also accessible to those involved in policy‐making, journalism, and other interested parties.
Introduction
Authors: Dow J. C. R. , Saville I. D.
Published: October 2003

Introduces the aims of the book. The origins of the study are discussed with attention paid to how monetary policy is implemented within the confines of a central bank. It details the general approach taken by the study and the reasons for this.
The Macroeconomic Behaviour of the Banking System
Authors: Dow J. C. R. , Saville I. D.
Published: October 2003

The focus is on the banking system and how it is likely to operate if it is able to function without state interference. It presents a discussion as to how an economy with rising money incomes leads to a growth in the stock of money (an analysis important for later discussions of monetary control). It focuses on the flows of money from lenders to borrowers and analyses the differences between public‐ and private‐sector borrowing on potential bank growth. There is also a brief analysis on the relationships of banks to money markets.
The Behaviour of Interest Rates Continued
Authors: Dow J. C. R. , Saville I. D.
Published: October 2003

This is a continuation of the previous chapter, but focuses on the institutional process at work in a central bank rather than theory. It examines the effects of central‐bank policy on base interest rates and on what basis policy is formed. It comments on the relationship between the rates set by the central bank in relation to other banking institutions. The authors compare their discussion to Keynes's general theory and found some similarities, but also some differences. They also examined it in comparison to Hick's IS/LM curve. The chapter ends with an analysis of interest rates since 1971.
The Behaviour of Exchange Rates
Authors: Dow J. C. R. , Saville I. D.
Published: October 2003

The focus shifts from a closed economic environment to the effects of exogenous factors such as overseas trading, with exchange rates being key. To this end, the chapter is split into two main arguments. The first offers a more theoretical account of the role of official action on exchange rates. The authors discuss their ideas in relation to Dornbusch‐type models. After this, the chapter discusses the adoption of flotation rates in 1973 in place of the Bretton Woods. The chapter ends with a brief discussion on how arguments developed in previous chapters are influenced by exogenous factors such as exchange rates.
Government Transactions, Money, and Interest Rates
Authors: Dow J. C. R. , Saville I. D.
Published: October 2003

In this chapter, the area of interest is the public sector. It begins by assessing the major theoretical implications of government action such as government spending and public‐sector debt. It examines the effects of fiscal policy on public debt and interest rates and the role of the state in the issuing of coinage and notes. It concludes with a discussion on fiscal and monetary policy in the UK, and the role of banks in public borrowing.
Monetary Growth Since the Mid‐1960s
Authors: Dow J. C. R. , Saville I. D.
Published: October 2003

The chapters up to this point have presented a theory of economic analysis. This chapter expands on this and presents a detailed analysis of monetary growth in the UK since the mid‐1960s. The discussion is split into four sections. The first section presents a survey of the data and provides many graphs and tables to illustrate the argument. The second section is concerned with the patterns of lending by banks and building societies to the private sector. The third section is concerned with the consequences of increased lending patterns on spending, whilst also providing a historical analysis. The final section offers some conclusions about the behaviour of the financial system and implications for monetary analysis and control.
Monetary Policy Without Monetary Targets
Authors: Dow J. C. R. , Saville I. D.
Published: October 2003

The authors pursue a number of aims. They begin by placing monetary policy within the wider framework of general economic policy. They continue by examining the domestic role of monetary policy and how they see it developing in the future. This is followed by a discussion specifically on exchange rates, which the authors see as the major area of importance for monetary policy. The chapter concludes with a brief discussion of the mix between monetary and fiscal policy.
Keynes's Vision
Authors: Fitzgibbons Athol
Published: October 2003

This is an overview of the writings of John Maynard Keynes. It shows that a logically coherent structure of ideas, based on a single vision, permeated all aspects of Keynes's thought. This vision integrated Keynes's theories of probability and uncertainty with his moral and political philosophy.

Keynes's probability theory rejected both pseudo‐quantification and undue scepticism. His macroeconomics assumed that the world was complex and changing, and that many elements in a decision could not be meaningfully quantified. In many respects, his political philosophy, which was meant to be a third way to Marxism and laissez‐faire, reflected his economics. It treated the economy neither as a perfect machine nor as a system doomed to failure, but as a fallible human institution subject to judgement, and improvable by human reason.

All of Keynes's writings are considered, including his unpublished early works. This history of economic thought discusses the meaning and development of Keynes's system, considers how it changed over time, and shows that he was misled by an exaggerated notion of the power of ideas.
Introduction
Authors: Fitzgibbons Athol
Published: October 2003

The Introduction provides an overview of J. M. Keynes's system, incorporating his moral and political philosophies, his philosophy of probability, and his economic theories and objectives.
Probability
Authors: Fitzgibbons Athol
Published: October 2003

Introduces Keynes's philosophy of probability, including his critiques of David Hume and Laplace, and the reason for his emphasis on non‐quantitative probabilities.
Socialism and Equality
Authors: Fitzgibbons Athol
Published: October 2003

This chapter is a continuation of the previous chapter, and it evaluates Keynes's attitudes and contributions to equalitarianism.
Conclusion: An Apology for Keynes
Authors: Fitzgibbons Athol
Published: October 2003

Discusses the significance of Keynes's idealism, and considers his overall contribution.
Capitalism as Creative, Chaotic Evolution by Structural Change
Authors: Goodwin Richard M.
Published: October 2003

As in meteorology, prediction in economics is hampered by highly irregular, chaotic dynamics. A two‐sector model is employed to examine the complementary growth theories of Schumpeter and Keynes showing that innovation can lead to a decline in output. A brief history of the chaos theory follows noting that linear systems subject to shocks can appear chaotic. Finally, a further model demonstrates that innovation may stimulate a boom and subsequent collapse in output.
Classical Dynamics: The Corn Economy
Authors: Goodwin Richard M.
Published: October 2003

Deals with the classical dynamical problem of technological advances in an agricultural (corn) economy. Goodwin asserts that two mis‐specifications—concerning labour supply and technical progress—hampered classical models. A discrete time model is proposed with corn production embedded in a wider economy. The model has a chaotic attractor, and highly erratic market dynamics follow even in the absence of exogenous shocks.
Growing in Short and Long Waves: Schumpeter
Authors: Goodwin Richard M.
Published: October 2003

Combines long and short waves of innovation. A model is constructed in which demand effects enhance an innovation logistic: innovation is preceded by investment, which stimulates demand, in turn facilitating the spread of the innovation. Each innovative burst produces a wave of output growth. A major innovation (e.g. steam, electricity) with a 50‐year logistic can distort an underlying 8‐year economic cycle, producing a great boom followed by a bust. A limitation of the model is that each wave returns to its initial level. A continuous time model with a growth cycle (and a Rössler attractor) overcomes this limitation.
Introduction
Authors: Drèze Jean , Sen Amartya
Published: October 2003

Hunger in the modern world is introduced as the main topic of the book. Chronic hunger is distinguished from famine and elementary notions that are to be used throughout the book are clarified. In this enumeration, concepts such as entitlement, capability, deprivation, and social security receive special attention. Concludes by highlighting the challenges facing public action in its attempt to eliminate hunger.
Nutrition and Capability
Authors: Drèze Jean , Sen Amartya
Published: October 2003

The difficulties in defining, describing, and measuring hunger and the consequences of this problem on public policy are highlighted. Mention is made of the deficiencies of the traditional nutritional analysis as a measure of food deprivation and people undernourishment, and ways to solve this problem are suggested. The last part draws on the advantages of the capability approach (and the concept of entitlement) in studying deprivation.
Society, Class and Gender
Authors: Drèze Jean , Sen Amartya
Published: October 2003

The authors note the misleading nature of the distinction between man‐made and natural famine, before moving on to emphasise the role of social conditions and cooperative conflicts in the genesis of hunger. Attention is drawn to the unequal treatment in intrafamily divisions, especially female deprivation, and the role of gender in hunger. They conclude by highlighting the differences between the concepts of protection and promotion.
Famines and Social Response
Authors: Drèze Jean , Sen Amartya
Published: October 2003

This is the first of four chapters dedicated to famines. It begins by emphasising the role of public intervention in avoiding famines and then elaborates on the advantages of thinking of famine prevention in terms of an entitlement protection problem. It notes how any action should take into account the informal security systems already in play and describes some aspects of them, with special reference to sub‐Saharan Africa. Concludes with some reflections on early intervention.
Experiences and Lessons
Authors: Drèze Jean , Sen Amartya
Published: October 2003

Some experiences in India and Africa are examined and lessons drawn from them. The authors show how the entitlement protection efforts of India since independence help explain the lack of famines, and then focus on the 1970 Maharashtra drought. They analyse the success stories of Cape Verde, Kenya, Zimbabwe, and Botswana in Africa, referring again to the importance of entitlement protection systems. Special attention is given to the role of early intervention, private trade, diversification of economic activity and public distribution.
Production, Entitlements and Nutrition
Authors: Drèze Jean , Sen Amartya
Published: October 2003

The problem of public action in combating persistent undernutrition and endemic deprivation is raised. The argument is made for broadening the attention from food self‐sufficiency to food adequacy, from food adequacy to food entitlements, and from the latter to nutritional and related capabilities, always observing the link between these variables. The role of diversification and the potential process of industrialisation is considered, giving some attention to cash crops.
China and India
Authors: Drèze Jean , Sen Amartya
Published: October 2003

Taking advantage of the similarities between China and India when they began their development planning, an assessment is made of their achievements and how eventually China had greater success than India in fighting endemic deprivation. The Chinese experience is seen as a success story of support‐led security solving the problem of chronic hunger. This is contrasted with the unsuccessful experience with the Chinese famine. The last part focuses on Kerala, which, although one of the poorer states in India, has managed to achieve high levels of life expectancy.
Experiences of Direct Support
Authors: Drèze Jean , Sen Amartya
Published: October 2003

The strategy of support‐led security is examined, reflected in the experiences of some selected countries, in particular, Sri Lanka, Chile, and Costa Rica. This strategy is distinguished by the use of public support (such as public health services, educational facilities, food subsides) to raise the standard of living without waiting for the country in question to achieve prosperity through sustained economic growth.
The Objective of Catching Up
Authors: Brus Włodzimierz , Laski Kazimierz
Published: October 2003

As the countries of ‘real socialism’ started their transition to socialism under conditions of immaturity in orthodox Marxist (and Schumpeterian) terms, the overriding objective of their revolution was to eliminate the retardation, economically as well as socially and culturally. The Soviet‐type modernization strategy included therefore: (1) very fast growth of industry through massive investment in new industrial capacity (2) selective, unbalanced growth, with resources directed to sectors and activities designated as ‘engines of development’ (3) maximal utilization of existing resources in defiance of conventional cost calculations.

This strategy achieved the initial objectives of rapid expansion of the industrial base, but consistently failed in respect of efficiency of growth, consumption dynamics, propensity to develop and absorb new technologies (‘conservative modernization’). This lack of success became increasingly evident with the passage of time, due to intrinsic inadequacies of the economic system.
The Hungarian Practice
Authors: Brus Włodzimierz , Laski Kazimierz
Published: October 2003

The first practical application of the idea of market socialism (but not necessarily along Lange's model) was made in early 1950s in Yugoslavia after the break with the Soviet Union, and in conjunction with countrywide system of ‘workers’ self‐management’. As for the Soviet‐bloc countries, the dissatisfaction with the command system and a tendency to introduce some elements of market mechanism manifested itself openly in (failed) in Poland, as well as in several other countries starting from mid‐1950s. However, by the beginning of the 1980s, out of all these attempts, only the Hungarian ‘New Economic Mechanism’ survived, albeit not in the initial form of combining central planning with elements of market mechanism. The Hungarian NEM improved somewhat the economic performance, but in fundamentals, it also failed, becoming reduced to a shift from direct bureaucratic control to indirect control from the centre.
The Capital Market and the Problem of Full Employment
Authors: Brus Włodzimierz , Laski Kazimierz
Published: October 2003

In this chapter, the problems related to capital (in addition to product and labour) market as a constitutional element of market socialism proper (MS) are discussed. First, high benign consequences expected from the introduction of equity shares market are stressed. Second, these expectations are confronted with the well‐known tendency of the pure market mechanism to underemployment and cyclical fluctuations. Third, the possibilities and limits to attenuate these phenomena by fiscal and monetary policies in MS are analysed. Fourth, the idea of a general capital charge to be levied on every type of asset owned by firms, regardless of the degree of their liquidity, is proposed. This charge aims to solve the general conflict which may arise in MS between a given distribution of national income and the final use of this income needed for securing both optimal utilization of capacity and full employment. However, the authors do not hide formidable difficulties in combining in MS micro efficiency with macro stability at a satisfactory level of economic activity.
Concluding Remarks
Authors: Brus Włodzimierz , Laski Kazimierz
Published: October 2003

A cruel East European wisecrack defines socialism as ‘the painful road to capitalism’. It may be too much to see in MS simply a stage on this road (or slide, as some would say), but the analysis in this book left little doubt that the disticntions between capitalist and socialist economic systems, as hitherto perceived, become under MS thoroughly blurred. The recourse to MS means that the very idea of a grand design of a supremely rational economy has been acknoledged as utterly fallacious despite the fact that a number of socialist values have to be incorporated into any economic system pursuing objectives worthy of human society.
Economic Perspectives
Authors: Hicks J. R.
Published: October 2003

The chapters contained in this book on money and growth, including two previously unpublished chapters, brings together the work of Sir John Hicks, covering the following: the mainspring of economic growth; industrialism; monetary experience and the theory of money; expected inflation; Hawtrey; recollections and documents; capital controversies, ancient and modern; the disaster point in risk theory; and explanations and revisions.
The Mainspring of Economic Growth
Authors: Hicks John
Published: October 2003

This chapter reviews the changes in John Hicks's economic theory since his Theory of Wages was first published in 1932. In particular, it looks at a chapter entitled ‘Distribution and Economic Progress’ which was to be the first theoretical chapter in that book. Chapter I explains how he has moved away from the ideas presented in that chapter, and in so doing, describes important work he has done in all the time from 1932 to the present.
Monetary Experience and the Theory of Money
Authors: Hicks John
Published: October 2003

This chapter examines monetary theories, in particular the classical quantity theory, Wicksell's model, and Keynes' model. It considers how much is to be learned from these theories and their relevance today.
Expected Inflation
Authors: Hicks John
Published: October 2003

This chapter argues that although it is correct, nowadays, to take it that inflation is expected, it is a mistake to suppose that the expectation of inflation is consistent. One should distinguish between the effects of inflation on different kinds of markets and different kinds of dealings. Any system of prices has to satisfy canons of economic efficiency and canons of fairness — canons which it is very difficult to make compatible.
Capital Controversies: Ancient and Modern
Authors: Hicks John
Published: October 2003

This chapter does not attempt to make a survey of all the known controversies about capital. Instead, it does something much more modest. It takes one particular point, which has figured in many such controversies, and uses it as a means of pulling a part of the story together. This provides an interesting illustration of the way in which the history of John Hicks' studies can be of use to the modern economist.
Explanations and Revisions
Authors: Hicks John
Published: October 2003

Those authors who issue their books in many editions have a regular opportunity of replying to critics; they can show, in the alterations and additions which they make, which of the criticisms that have been made they accept, and which reject. With one major exception, Hicks has not followed that practice. He has nevertheless occasionally made what are in effect such replies; some have not been published, while others have appeared in rather miscellaneous places, so they could easily be overlooked. This chapter brings these together. Topics covered include the Accelerator theory, the two kinds of economic history, the Ricardo machinery effect, and an addendum to Capital and Time.