economist

This book is a gentle introduction to the math used in microeconomics at advanced undergrad or graduate levels. The book assumes nothing or at least very little in the way of math preparation. The authors could point out more pitfalls, but these two mathematics professors write beautifully and simply about what is, for some of us, a complicated topic. They start with things as simple as Cartesian graphs and they move on through calculus, differential equations and various forms of linear and matrix algebra. The econ examples are excellent and concise, but are basic and not of theoretical interest. No one is going to learn Cournot monopoly theory or auction theory here, but you will learn how to read a book like Wolfstetter's Topics in Microeconomics without wishing you could throttle the excessively brief and cryptic author of that interesting text. One wishes in general that economists could write like the authors of this book, but they can't. Nowhere have I seen such obtuse notation and heartless math presentation as in microeconomic theory. But econ is micro, and even if a lot of microeconomists can't teach, write, or present math, they are the roadblock to understanding much of finance, applied game theory, and matters of technical management and public policy. This book covers continuous and static analysis tools, not probability or statistics in any detail. It is truly innovative among the books I have seen in treating mathematical economics. Micro theory is the flunk-out course for econ majors. This book could get most through. A patient non-quantitative person can learn it right out of the book without lectures or high anxiety. I suspect the seriously macho econ folks will hide the fact that they own it, but they would probably benefit too at least from topics where they stumble a bit or feel a slight discomfort. It would also be a worthwhile text for Ph.D. candidates who want to prepare for comprehensive exams either oral or written, or for people like economic sociologists who vaguely wish to be taken seriously.

This book provides the non-mathematician with a well thought out and accessible explanation of the mathematical tools of economics. The approach adopted by the author is to explain each concept a number of ways, and to structure the book so that each new concept follows the previous one. I highly recommend this book to any non-mathematical economist.

This book helps to continually remind me why I decided to change my messy lifestyle. It's understanding and uplifting messages from somebody who has been in the grip of the compulsion to save and clutter, gives me a friend on my path.

Each of the 31 essays in this book explains the personal and professional influence that Murray Rothbard had on those who knew him. In particular, Joseph Stromgerg`s and Joseph Salerno`s essays provide the most detail, but all entries here are excellent.

Murray Rothbard was a seminal figure in the post-world war 2 intellectual movement for individual rights. (This movement is popularly refered to as "conservative," sometimes it is known as "libertarian." Regardless of the nomenclature the basic idea is a respect for individual liberty and rights.) Rothbard not only laid a theoretical foundation upon which a generation of scholars could continue his work, he actually practiced the "conservative" values of piety, humility, and a quest for knowledge AND understanding of the nature and essence of reality. This anthology of reflections of the impact that Murray Rothbard had on this group of academics and scholars suggests that his influence will be felt by many generations to come.

While I never meet Murray personally, I have my own testimony as to the impact that he can have on his readers. Through his books and articles I have been able to develop a much deeper and broader understanding of economics, philosophy, hisory, and government and politics. There will never be another Murray Rothbard but we should all be grateful for the legacy that he left behind.

Richard G. Lipsey, Microeconomics, Growth and Political Economy. Cheltenham: Edward Elgar, 1997, pp. 480.

Richard G. Lipsey, Macroeconomic Theory and Policy. Cheltenham: Edward Elgar, 1997, pp. 429.

Curtis Eaton and Richard G. Lipsey, On the Foundations of Monopolistic Competition and Economic Geography. Cheltenham: Edward Elgar, 1997, pp. 314.

Curtis Eaton and Richard Harris (eds), Trade Technology and Economics: Essays in Honour of Richard G. Lipsey. Cheltenham: Edward Elgar, 1997, pp. 340.

It is hard to imagine any major area of economic theory and policy in which Richard G. Lipsey has not been an important contributor. Several of his six textbooks had over a dozen editions (some have been sold in the millions) and they have been translated into 15 languages. These, along with 11 monographs and over 130 articles, in total around 80,000 pages, have influenced the education, further research and thoughts of around 15 million economists throughout the world over the past four decades.

Each of the first three volumes published by Edward Elgar provides a reprint of around 20 articles or chapters written or co-authored by Lipsey. The last volume, edited by Eaton and Harris, is a festschrift in which some prominent economists discuss and attempt to build on Lipsey's contribution. Even though no selection of already published articles and chapters can do full justice to the extent, nature and significance of Lipsey's contribution to economic theory and policy, the selection of pieces may serve at least two useful purposes. First, the books may remind practicing economists of Lipsey's contribution to economics and, second, others will have a handy selection of classical pieces and learn some important things.

The first volume on microeconomics has five parts. The first deals with economic growth from a microeconomic vantage point. Basically, technological change (innovation, accumulated knowledge) set in an historical time dimension is the principal (although not the only) driver of growth. The second contains the value theory. Lipsey's and Lancaster's theory of the second best has had the most profound influence on all social sciences. In a world where optimality requires satisfaction of many conditions, a move from a given sub-optimal situation that satisfies only some of these conditions does not necessarily improve welfare (neither does an addition of one or more imperfections necessarily worsen the given sub-optimal situation). This theory had a revolutionary effect on welfare economics and was, unfortunately, avoided by those that did not have the nerve to consider alternative approaches to their own. Writings on international trade are in the third part. One of the most frequently reprinted articles is on customs unions. Lipsey demonstrates that a trade-diverting customs union may be beneficial for the participating countries. Fourth is the part on the political economy. Lipsey analyses and evaluates issues which include the merits and flaws of the free price system and government intervention, American savings and the trade imbalance, as well as the British participation in European integration. Finally, in a consideration of methodology, Lipsey argues that theories should not be evaluated according to their intuitive plausibility (Austrian-Robbinsian) or political acceptability but rather on how well they meet the facts. That was the reason for naming his basic economic text Positive Economics.

The tome on macroeconomic theory and policy, organized into five parts, brings together articles on inflation, anti-inflationary policy, the Phillips curve and the Keynesian economic model. Although controversies about inflation are here to stay, there is quite an accumulated body of knowledge on how to handle the problem. The impact of powerful groups such as labour unions that can push prices upwards (their existence in Europe and their non existence in the United States) has a significant effect on differences in employment levels in the two regions. In such cases the authorities can either accept unemployment or accommodate price increases with new money creation. Another frustration to anti-inflationary policy may come from trade credits among firms that are ready to accept some of their balances in this way. Incomes control as an anti-inflationary policy tool may be used only in exceptional situations. As it usually stays much longer after the need for such intervention has expired, it may 'do a lot of harm by trying to do a little good'. In addition, there is still the largely debatable issue of whether high employment is compatible with zero inflation. One has also to keep in mind that Lipsey was one of the instigators of the currently popular approach that macroeconomic relations need to be derived from microeconomic behaviour.

The volume on monopolistic competition and economic geography includes Lipsey's articles with Eaton mainly published during the period of the mid-1970s to the mid-1980s, which are perhaps more relevant now than at the time of their publication. The reason is that one can hardly imagine a more exciting area of contemporary economics than the new economic geography. The study of the location of production has a long, although somehow meagre history in spite of the fact that economic activity is unevenly distributed geographically. The neglect of the geography of production was not because the research field was uninteresting, but because the issues were regarded as intractable. New research tools such as monopolistic competition, production linkages and multiple equilibria have been introduced. Sixteen articles reproduced in this volume were a crucial (although not yet fully recognized) contribution to this field.

Eaton and Lipsey reject the neoclassical economic model as it cannot easily accommodate key elements that are relevant in modern economy. First is the neoclassical assumption that all inputs are perfectly divisible. This is not the case as both capital goods and knowledge are 'lumpy'. The second reason for the rejection stems from production inputs (labour and capital). These inputs are activity-specific, rather than non-specific as is in the neoclassical case. The final rationale for the rejection is that there is a diversity of tastes. Consumers in similar situations make different choices (recall the diversity of breakfast cereals, painkillers, cigarettes, cars or bicycles). A combination

This book is written by a historian and deals with law-and-economics avant la lettre in Europe. It is worth every penny of its rather expensive $64.95 for 202 pages. In a very rich survey, it shows how during the 19th and early 20th century, Europeans, Germans in particular, and some Americans asked the same questions about the origins of property rights and the role of legal institutions, as did American law-and-economics scholars from the 1960s onwards. This early law-and-economics movement borrowed economic tools that economics was able to supply at the time, i.e. substantially less advanced and more verbal than those of our time. As they strayed farther away from the straight homo economicus model, their analyses degenerated into loose speculations, to which economists and lawyers were no longer prepared to listen. In a brief concluding review of current law-and-economics, the author shows how utterly ignorant current scholars have shown themselves to be of this early scholarship and of the reasons for its decline. He implies that current law-and-economics may have been needlessly reinventing the wheel. One must wonder whether the current movement is headed for the same fate as the earlier one. Ejan Mackaay - Univ. of Montreal/Law 15 Nov. 1997

Jevons was a proponent of a famous theory on utility in
fair exchanges. His work was mathematical and statistical
in nature. He argued:

"If a person has any useful object, but an object belonging to
another person would have greater utility, he will be glad
to give the one in return for the other. But it is a necessary
condition that the other person will likewise gain, or at least
not lose by the exchange."

In addition, he concluded that:

"A balance of utility on both sides will lead to an exchange."

A brief account of a general mathematical theory of political
economy was presented in the Journal of the Royal Statistical
Society of London in June of 1866 pp. 282-287

This work summarizes some of Jevons' more important
correspondence and personal papers. It serves as an excellent
reference for economic theorists, historians and econometricians.
These papers will complement any course in economic theory
by providing the personal dimension of the author as enunciated
in the original writings. The fact that some of the papers
were published just after Lincoln's Presidency will add an
additional dimension for exploration by professional historians.

"The pursuit of reason" is a detailled and excellent written history of the Economist.It's the answer to the question:HOW CAN A BUSINESS MAGAZINE SURVIVE FOR MORE THAN 150 YEARS? The answer of this book is: quality goes never out of style.A must for every economist who loves his job.

Richard Whatmore's "Republicanism and the French Revolution: An Intellectual History of Jean Baptiste Say's Political Economy" ia a brilliant addition to the history of Say and the French Revolution. Whatmore reveals a side of Say unknown to most, his republicanism.

Say was a solider in the Revolutionary Army, and a fervent believer in the French Revolution. Not even the Terror changed his belief in the French republican experiment. Say, known for his liberal economic views, was also a defender and exponent of modern republicanism. Say believed that popular education, manners, virtue, and industry were necessary to a free republic.

Say was an opponent of feudalism, slavery, religious bigotry, and monarchy. He believed monarchy an absurd form of government and that aristocracy was immoral and corrupted men. An advocate of the common man, Say felt that commerce, free trade, and progressive taxation would free the lower classes from the grip of the Old Regime. He believed in the disestablishment of the Catholic Church as also necessary to a free republican order.

Say, although orginally a supporter of Napoleon, became a fervent opponent. He despised the despotism, reinstatment of the Church,and the creation of hierachical orders instituted by the Emperor. Say oppsed the imposition of the Bourbons in 1815 and was an opponent of the monarchy until his death in 1832.

Say was a remarkable man, an enlightened economist, and a staunch republican, deserving of our admiration today. A great book.

Stigler won the Nobel Prize in 1982 for his work on antitrust and the role of information in the economy. He was one of the founders of the renowned Chicago School of economic thought, whose most famous member was Milton Friedman. Stigler traces the origins of the Chicago School in this easy to read, non academic memoir. He also tells a bit of personal history, but his main focus is on the analysis of thought evolution in economics.

Overall, I thought this was a nice concise book. With only about 200 pages, the author surely measured his words. This is not a book about economics (though there is a little bit in it), but mainly a book on economic thought.

Nobel prize-winning author George Stigler provides insight into the working of a great mind and the notorious "Chicago School" of economics. Worthwhile for its presentation of the human side of the "dismal science" as well as its clear explanation of basic concepts of Stigler's economic theory. Stigler holds nothing back and delivers a frank and modest account of his life and dealings with other prominent economists