BOOK COVER -- HALF-TITLE -- TITLE -- COPYRIGHT -- CONTENTS -- ILLUSTRATIONS -- CONTRIBUTORS -- FOREWORD -- INTRODUCTION -- Part I HISTORY OF POLITICAL ECONOMY AND METHODOLOGY -- 1 MANUFACTURING THE SMITHIAN PARADOX OF VALUE -- INTRODUCTION -- WHAT PARADOX? -- 'INCONCEIVABLE AND MONSTROUS': THE CRITIQUE(S) -- THE JEVONIAN PARADOX -- CONCLUSIONS -- ACKNOWLEDGEMENT -- NOTES -- REFERENCES -- 2 THE RICARDO-MALTHUS DEBATE -- CONTENDING ANALYSES OF TECHNICAL CHANGE, DISTRIBUTION, AND DEMAND -- THE PRINCIPLE OF EFFECTIVE DEMAND -- ALTERNATE FORMULATIONS OF THE PRINCIPLE AND ITS KEYNESIAN CONTENT -- THE PRINCIPLE OF POPULATION -- TECHNICAL CHANGE, AGRICULTURAL IMPROVEMENT, AND LONG-RUN GROWTH -- CAPITAL ACCUMULATION AND POPULATION GROWTH OVER TIME -- POLICY IN THE INTERESTS OF SOCIETY -- Notes -- References -- 3 CASSEL ON CYCLICAL GROWTH -- UNIFORM GROWTH AND THE CAPITAL-OUTPUT RATIO -- 'WAITING' AND THE RATE OF INTEREST -- DISEQUILIBRIUM AND THE BUSINESS CYCLE -- FINAL REMARKS -- ACKNOWLEDGEMENTS -- NOTES -- REFERENCES -- 4 ALFRED MARSHALL AND EVANGELICALISM -- INTRODUCTION -- EVANGELICALISM IN THEORY -- EVANGELICALISM IN PRACTICE -- MID-CENTURY REAPPRAISAL -- RELIGIOUS ISSUES AT CAMBRIDGE -- NOTES -- REFERENCES -- 5 DISSENTING ECONOMISTS -- INTRODUCTION -- THE AGRARIAN QUESTION AND DEVELOPMENT -- PUBLIC FINANCE -- INTERNAL AND EXTERNAL 'DRAIN' -- CONCLUSION -- ACKNOWLEDGEMENTS -- NOTES -- REFERENCES -- 6 LIQUIDITY PREFERENCE -- INTRODUCTION -- THE TRACT -- THE TREATISE -- THE GENERAL THEORY -- NOTES -- REFERENCES -- 7 DENTISTS, DREAMERS AND DEFUNCT ECONOMISTS -- INTRODUCTION -- TECHNOCRATIC COLLECTIVISM: THE POLITICAL ECONOMY OF JOHN MAYNARD KEYNES -- SKETCHING A MODERN POLITICAL ECONOMY -- THE PERSISTENT CHALLENGE OF LIONEL ROBBINS -- SKETCHING A CONTINENTAL POLITICAL ECONOMY -- THE LIMITS OF ENGLISH POLITICAL ECONOMY -- CONCLUSION -- ACKNOWLEDGEMENTS.

NOTES -- REFERENCES -- 8 KEYNES'S SOCIALISM -- PRELIMINARY ISSUES -- Socialism is a family of many variants -- Thought, life and beliefs -- DOCUMENTATION OF KEYNES'S ESPOUSAL -- The 1920s -- The 1930s -- The 1940s -- SOME FEATURES OF KEYNES'S ESPOUSAL -- PHILOSOPHICAL FOUNDATIONS -- Burke's influence relative to Moore's -- SOME MAIN CHARACTERISTICS OF KEYNES'S SOCIALISM -- FIVE APPEALS -- ACKNOWLEDGEMENTS -- NOTES -- REFERENCES -- 9 ON SOME ARGUMENTS FOR THE RATIONALITY OF CONVENTIONAL BEHAVIOUR UNDER UNCERTAINTY -- THE CONCEPT OF CONVENTION -- A CRITICAL EXAMINATION OF SOME ARGUMENTS FOR THE RATIONALITY OF CONVENTIONAL BEHAVIOUR -- Workability -- Convention as induction -- Convention as a self-fulfilling prophecy -- Conventional behaviour as defensive behaviour -- The problems with following the average opinion or a social rule -- A further comment on the projection of the existing situation -- CONCLUDING REMARKS -- ACKNOWLEDGEMENTS -- NOTES -- REFERENCES -- 10 KEYNES ON RATIONALITY, EXPECTATIONS AND INVESTMENT -- INTRODUCTION -- KEYNES' ANALYSIS OF RATIONALITY AND EXPECTATIONS -- Rationality in A Treatise on Probability -- The quantification of probability -- Weight and the state of confidence -- Vague knowledge -- KEYNES ON RATIONALITY, EXPECTATIONS AND INVESTMENT -- CONCLUSION -- NOTES -- REFERENCES -- 11 KEYNES' COMMON-SENSE ECONOMICS -- THE GENERAL ARGUMENT -- COMMON SENSE VS ORDINARY LANGUAGE -- BIOGRAPHICAL EVIDENCE -- TEXTUAL EVIDENCE -- COMMON SENSE ECONOMICS -- REFERENCES -- 12 SCIENTIFIC COMMUNITIES, LANGUAGE AND THE KEYNESIAN REVOLUTION -- SOME PROBLEMS OF A KEYNESIAN PARADIGM -- Can there be paradigms in economics? -- Is economics a mature science? -- A first try -- THE SCIENTIFIC COMMUNITY -- The implicit reader of the General Theory -- Theoretical economists -- The policy-makers -- LANGUAGE -- In Cambridge -- The successful terms.

The New Dealers' semantics -- THE FUZZY PARADIGM -- ACKNOWLEDGEMENTS -- NOTES -- REFERENCES -- 13 SITUATIONAL ANALYSIS AND AGENT RATIONALITY -- INTRODUCTION -- POPPERIAN SITUATIONAL ANALYSIS -- SHACKLE CONTRA POPPER -- THE ROLE OF REASON UNDER THE CIRCUMSTANCES -- CONCLUSION AND FUTURE DIRECTIONS -- ACKNOWLEDGEMENTS -- NOTES -- REFERENCES -- 14 THE DEBATE ON EXCESS CAPACITY IN THE 1930s -- INTRODUCTION -- THE NOTION OF EXCESS CAPACITY -- KAHN: THE ECONOMICS OF THE SHORT PERIOD -- HARROD: EXCESS CAPACITY IN THE SHORT AND IN THE LONG PERIOD -- ROBINSON'S SOLUTION OF THE EXCESS CAPACITY PROBLEM -- THE ENSUING DISCUSSION: HARROD AND ROBINSON -- THE ENSUING DISCUSSION: CHAMBERLIN, HARROD AND KALDOR -- CONCLUSION -- NOTES -- REFERENCES -- 15 CANTABRIGIAN PREFERENCES -- NOTES -- REFERENCES -- 16 READING MARX -- INTRODUCTION -- MARX'S SOCIOECONOMIC STRUCTURE -- THE LABOUR THEORY OF VALUE -- THE FALLING RATE OF PROFITS -- EFFECTIVE DEMAND -- THEORY OF INVESTMENT -- CONCLUSION -- NOTES -- REFERENCES -- 17 JOAN ROBINSON -- INTRODUCTION -- THE KNOWN ROOTS OF MIGRATION LITERATURE -- JOAN ROBINSON'S STORY IN PERSPECTIVE -- Determinants of migration -- Constant money wage -- Rising money wage -- The hypotheses: Robinson versus Todaro -- Consequences of migration -- Simultaneity -- Cumulative effects -- MIGRATION AND JOAN ROBINSON'S LATER WORK -- CONCLUSION -- NOTES -- REFERENCES -- Part II ECONOMIC THEORY AND APPLIED ANALYSIS -- 18 THE CAMBRIDGE THEORY OF DISTRIBUTION IN THE SHORT PERIOD -- INTRODUCTION -- ENDOGENOUS MONEY SUPPLY IN A SMALL OPEN ECONOMY -- INCOME DISTRIBUTION WITH FLEXIBLE EXCHANGE RATES AND FIXED MONEY WAGES IN THE SHORT PERIOD -- A FIXED EXCHANGE RATE REGIME AND THE 'HARCOURT EFFECT' IN AN OPEN ECONOMY -- REAL-WAGE RESISTANCE -- CONCLUDING REMARKS -- ACKNOWLEDGEMENTS -- NOTES -- REFERENCES -- 19 THE POLITICAL ECONOMY OF MACROECONOMIC POLICY.

INTRODUCTION -- THE FISCAL DEFICIT AS AN INSTRUMENT -- Reining-in external imbalance: 'the twin deficits' view -- The control of inflation -- SOME UNINTENDED CONSEQUENCES OF DEFICIT REDUCTION -- Demand management and private investment -- Private investment and the incentive structure -- ON THE DETERMINATION OF THE FISCAL DEFICIT -- Reducing the fiscal deficit: some pitfalls -- CONCLUSION -- ACKNOWLEDGEMENTS -- NOTES -- REFERENCES -- 20 UNEMPLOYMENT HYSTERESIS IN AN OPEN ECONOMY -- INTRODUCTION -- THE NATURAL RATE OF UNEMPLOYMENT AND HYSTERESIS -- MECHANISMS -- HYSTERESIS OR PERSISTENCE? -- HYSTERESIS IN AN OPEN ECONOMY -- THE MODEL -- INITIAL CONDITIONS -- CONCLUSION -- NOTES -- REFERENCES -- 21 HOW MANUFACTURING CAN HELP YOUNG PEOPLE TO GET HIGH-WAGE JOBS -- INTRODUCTION -- GLOBAL MANUFACTURING IN PERSPECTIVE -- HIGH-WAGE, HIGH-SKILL JOBS -- VIRTUOUS CIRCLE OF GROWTH -- COORDINATION FAILURES -- PROBLEMS AND CHALLENGES IN AUSTRALIA -- INVESTMENT IN NEW TECHNOLOGIES -- SUPPLY SIDE POLICY FRAMEWORK -- NOTES -- REFERENCES -- 22 HARCOURT, HICKS AND LOWE -- INTRODUCTION -- A TAXONOMY -- EQUILIBRIUM AND THE TRAVERSE -- THE IRRELEVANCE OF THE TRAVERSE -- LIFE IS A TRAVERSE -- CONCLUSION -- ACKNOWLEDGEMENTS -- NOTES -- REFERENCES -- 23 TECHNOLOGICAL PROGRESS AND EFFECTIVE DEMAND -- INTRODUCTION -- THE ROLE OF UNCERTAINTY -- THE MODEL -- THE EFFECTS OF TECHNICAL CHANGE -- CONCLUSION -- ACKNOWLEDGEMENTS -- NOTES -- REFERENCES -- 24 LIGHTHOUSES, TELEVISION AND THE THEORY OF PUBLIC GOODS -- INTRODUCTION -- THE CONVENTIONAL WISDOM -- Market failure and the problem of exclusion -- Other sources of market failure -- The conventional conclusion -- CHALLENGES TO THE CONVENTIONAL WISDOM -- The effect on public broadcasting -- Exclusion-solving the problem of 'revealed preferences'? -- The search for the source of 'publicness'-do 'public goods' really exist?.

CONCLUSION -- ACKNOWLEDGEMENT -- NOTES -- REFERENCES -- 25 REPETITION, EVOLUTION AND LEARNING IN GAMES -- INTRODUCTION -- COOPERATION IN REPEATED GAMES -- EVOLUTIONARY GAME THEORY -- RATIONAL PLAYERS AS FINITE AUTOMATA -- LEARNING AUTOMATA -- LEARNING TO COOPERATE (UNDER FIXED RESOURCES) -- CONCLUDING REMARKS -- ACKNOWLEDGEMENTS -- NOTES -- REFERENCES -- 26 A MODIFIED TREND THROUGH PEAKS APPROACH TO MEASURING POTENTIAL OUTPUT -- INTRODUCTION -- THE APPROACH -- THE ESTIMATION RESULTS -- Estimating Okun's coefficient -- Estimating potential output -- Some preliminary conclusions -- A COMPARISON WITH OTHER ESTIMATES -- CONCLUDING OBSERVATIONS -- ACKNOWLEDGEMENTS -- NOTES -- REFERENCES -- 27 THE WAGE-WAGE SPIRAL AND WAGE DETERMINATION -- INTRODUCTION -- CROSS-INDUSTRY WAGE COMPARISONS AND THE INFLATIONARY PROCESS -- Wage relativities and wage determination -- The concept of outside wages in cross-industry wage comparisons -- WAGE RELATIVITIES AND WAGE DETERMINATION: AN EMPIRICAL FRAMEWORK -- A baseline model -- The estimated equations -- WAGE RELATIVITIES AND WAGE DETERMINATION: THE RESULTS -- The dataset -- Some preliminary remarks -- Assessing the evidence -- CONCLUDING REMARKS -- ACKNOWLEDGEMENTS -- NOTES -- REFERENCES -- APPENDIX -- 28 DISAGGREGATED IMPORT DEMAND FUNCTIONS FOR THE ITALIAN ECONOMY -- INTRODUCTION -- THEORETICAL FRAMEWORK -- LONG-RUN STRUCTURE OF ITALIAN IMPORTS, 1977 - 95 -- Econometric issues -- Empirical results -- CONCLUSIONS -- ACKNOWLEDGEMENTS -- NOTES -- REFERENCES -- APPENDIX: DATA SOURCES AND DEFINITIONS -- INDEX.