Cover -- Half-title -- Title -- Copyright -- Dedication -- Contents -- Table and Figures -- TABLE -- FIGURES -- Preface -- 1 Economics without Apology -- ECONOMICS AND SOCIETY -- ISSUES OF THE DAY -- EXCITING ECONOMIC CONCEPTS FROM THE TWENTIETH CENTURY -- WHICH IDEAS HAVE STAYING POWER? -- INTENDED AUDIENCE AND PURPOSE OF THE BOOK -- 2 Back to the Future: Political Economy -- MARKETS AND MARKET FAILURES -- POLITICAL ECONOMY IN THE TWENTY-FIRST CENTURY -- A RETURN TO POLITICAL ECONOMY -- 3 In Another's Shoes: Games, Strategies, and Economics -- A CASE FOR GAME THEORY -- SOME IMPORTANT CONCEPTS OF GAME THEORY -- NASH EQUILIBRIUM AS A SOLUTION CONCEPT -- EVOLUTIONARY GAMES AS A NEW DEFENSE FOR A NASH EQUILIBRIUM -- SUCCESSES OF GAME THEORY -- MORE ON NONCOOPERATIVE AND COOPERATIVE GAMES -- MAJOR CHALLENGES TO GAME THEORY -- 4 It Takes Two or More: Public Economics and Collective Action -- MYTHS AND REALITIES OF PUBLIC ECONOMICS -- WHY HAS THE PUBLIC SECTOR GROWN? -- SOME LESSONS FROM PUBLIC SECTOR ECONOMICS -- COLLECTIVE ACTION -- PROGNOSIS FOR PUBLIC ECONOMICS AND COLLECTIVE ACTION -- 5 Government for the Politician? Public and Social Choice -- WHAT IS PUBLIC CHOICE? -- SOME BASIC PARADIGMS -- AN EVALUATION OF PUBLIC CHOICE -- SOCIAL CHOICE AND ANYTHING GOES? -- BASIC MESSAGE OF SOCIAL CHOICE -- PROGNOSIS FOR SOCIAL CHOICE -- 6 Institutions Matter: The New Institutional Economics -- THE NATURE OF THE NEW INSTITUTIONAL ECONOMICS -- FIRMS VERSUS MARKETS: A CLOSER LOOK -- TRANSACTION BENEFITS, NOT TO BE IGNORED -- "NEW" NEW INSTITUTIONAL ECONOMICS -- THE PROSPECTS FOR THE NEW INSTITUTIONAL ECONOMICS -- UNANSWERED QUESTIONS -- 7 Knowledge Is Power: Asymmetric Information -- A SECOND-PRICE AUCTION: A CLEVER DEVICE -- CLEANSING A STREAM -- HOME ASSESSMENTS -- HIDDEN ACTION OR MORAL HAZARD -- HIDDEN INFORMATION AND ADVERSE SELECTION.

PRINCIPAL-AGENT ANALYSIS -- OTHER APPLICATIONS -- KNOWLEDGE AND INFORMATION AS A PUBLIC GOOD -- AN EVALUATION OF THE STUDY OF ASYMMETRIC INFORMATION -- 8 Everything Ties Together: General Equilibrium -- THE ELEMENTS OF GENERAL EQUILIBRIUM -- A BRIEF HISTORY OF GENERAL EQUILIBRIUM -- A ROBINSON CRUSOE ECONOMY -- FOUR ISSUES OF GENERAL EQUILIBRIUM -- COMPETITIVE EQUILIBRIUM AND OPTIMALITY: FURTHER THOUGHTS -- THE SECOND WELFARE THEOREM AND SOVIET-STYLE ECONOMIES -- FIRST BEST VERSUS SECOND BEST -- GENERAL EQUILIBRIUM: AN EVALUATION -- 9 Laboratory Economics: Of Rats and Men -- ADVANTAGES OF EXPERIMENTAL ECONOMICS -- DISADVANTAGES OF EXPERIMENTAL ECONOMICS -- EXPERIMENTAL VERSUS EMPIRICAL ECONOMICS -- SPECIFIC EXAMPLES -- Public Goods and Free Riding -- Experiments and Game Theory -- Bargaining and Experiments -- The "Winner's Curse" -- EXPERIMENTAL ECONOMICS: AN EVALUATION AND ITS FUTURE -- 10 Before Yesterday and Beyond Tomorrow: Intergenerational Economics -- INTERGENERATIONAL PUBLIC GOODS -- INTERGENERATIONAL PUBLIC GOODS AND SPILLOVER AWARENESS -- LINKING GENERATIONS AND SHARED RISK -- INTERGENERATIONAL CLUBS -- MARKETS FOR NONRENEWABLE RESOURCES -- RENEWAL RESOURCES -- ON THE SOCIAL RATE OF DISCOUNT -- TODAY'S TOMORROW: A PROGNOSIS -- 11 Fish, Space, and Spaceship Earth: Bioeconomics and Interdisciplinary Economics -- BIOECONOMICS -- A Static Model of the Fishery -- A Dynamic Model of the Fishery -- Management Decisions -- ENVIRONMENTAL AND ECOLOGICAL ECONOMICS -- OTHER MULTIDISCIPLINARY POSSIBILITIES -- Economics and Psychology -- Sociology and Economics -- OUTER SPACE, THE NEW MARKET FRONTIER -- INTERDISCIPLINARY ECONOMICS AND THE TWENTY-FIRST CENTURY -- 12 Crystal Ball Economics: Rational Expectations -- RATIONAL EXPECTATIONS: ITS ORIGINS -- RATIONAL EXPECTATIONS AND ECONOMIC POLICY.

AN EVALUATION OF RATIONAL EXPECTATIONS THEORIZING: STRENGTHS AND WEAKNESSES -- FUTURE PROSPECTS OF RATIONAL EXPECTATIONS -- 13 How Do We Get There from Here? Transition Economies and Policy Reforms -- HOW DO WE GET THERE FROM HERE? -- A TRANSITION STRATEGY -- POLICY REFORMS -- STATE-OWNED ENTERPRISES AND POLICY REFORMS -- DEMOCRATIZATION: POLITICAL AND ECONOMIC CONSEQUENCES -- CONCLUDING REMARKS -- 14 Economic Growth: Endogeneity, Institutions, and Other Concepts -- OVERVIEW OF STANDARD GROWTH THEORY -- Toward a Theory of Endogenous Growth -- ENDOGENOUS GROWTH: FURTHER DISCUSSION -- MANCUR OLSON'S COLLECTIVE ACTION THEORY OF GROWTH -- EVALUATION OF RECENT THEORIES OF GROWTH -- 15 Economic Visions of Future Horizons -- MAJOR DEVELOPMENTS DURING THE LAST CENTURY -- WANING AREAS OF ECONOMIC ANALYSIS -- WHERE THE FOCUS WILL BE -- IS THERE A CRISIS OF VISION? -- References -- Author Index -- Subject Index.