Product Description
A concise presentation of the basic principles of political economy.

Also available in: Spanish ... Read more

Customer Reviews (4)

Laboring Masses v. Ruling Classes
A remarkable little book that breaks down and makes crystal clear complex terms: surplus labor, necessary labor, necessary product, surplus product, surplus value, use value, exchange value, commodities, law of value, labor theory of value, etc.
See how despite huge differences in social systems from slavery to feudalism to capitalism, a key fundamental is consistent: most of the value produced by toilers is ceded to a parasitic ruling class.According to the author, that will change only when the laboring masses ourselves become the ruling class. Read this introduction and then read Marx's Wage Labor and Capitol as well as his Value, Price and Profit.

How the system really works
Workers are the ones who produce value.Bosses produce essentially nothing. The profits that bosses make are stolen from the workersThis is a central insight of Marxist economics that this book does a good job ofexplaining.It also has an interesting discussion of "neo-capitalism" which is the form of capitalism that arose after World War II--capitalism that needed massive government intervention to survive.Mandel shows how war spending allows capitalism to avoid major depressions and how social programs blunt the effects of economic crisis on the workers, and thereby postpone revolutionary situations.It's especially interesting to read this book now, thirty years after it was written, since it makes a point of saying that the post-World War II prosperity would not last forever. It didn't and we've now entered a period of history where world economic depression, the rise of fascist movements, and attacks on social programs like welfare, social security, unemployment compensation, etc. are the norm.Mandel's book helps make sense of this miserable system so that we can chart a way forward to destroy it.

Workers make the best students of economics
Many of us have heard the boss accuse ourselves or other workers of "stealing from the company" by taking an unauthorized break. We suspect that this reasoning is bogus, but how can we describe it from a scientific point of view? This is one of the questions that Marx took up and that Mandel summarizes very succinctly in this book. Why does the boss come out the winner when workers have to work overtime or when so-called labor saving devices are introduced into the workplace? This is another question that Mandel analyzes simply and accurately. In fact, Mandel provides an authoritative outline of Marxist economic theory, from the labor theory of value to what causes worldwide unemployment, depression, and war. Reading this book will help you become a more conscious fighter for our class. While amazon may list this book as unavailable from time to time, it is always available from boksfrompathfinder listed under "new and used" at the top of this page.

A Modern Classic
This is probably the world's most read primer in orthodox Marxist economic theory - and deservedly so. It flawlessly covers all 'the basics': the theory of value and surplus value (ch.1); capital and capitalism[historical bacground, and basic dynamics] (ch.2); and neo-capitalism [roleof the state & war] (ch.3). It does all this in tight, non-technicalstyle. For this reason it is THE starting point for the uninitiated. It isimportant to note, however, that it cannot be more than it's titlesuggests: an introduction. It does not deal with the criticisms of Marx'stheory of value in any depth. Also, it reveals not only its age, and howtimes have changed by what is emphasises AND what it ignores. In the caseof what it emphasises: much is made of the importance of the cold war as anecessary phenomenon. In the case of what it ignores: it understandablysays nothing of post-Fordism, ecological concerns, or the emergence ofnon-socialist oppositional 'social movements' (such as feminism,environmentalism and multiculturalism). These criticisms are hardlyrelevant to a book such as this: its central goal is to outline theessential message in Marx's 'Das Kapital', and to show (in ch.3) how thismessage can be applied (with some inevitable modification) to explain(then) current politico-economic events. ... Read more

Product Description
Originally published in 1907.This volume from the Cornell University Library's print collections was scanned on an APT BookScan and converted to JPG 2000 format by Kirtas Technologies.All titles scanned cover to cover and pages may include marks notations and other marginalia present in the original volume. ... Read more

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Contains chapter profiles and key formulas;completion, multiple-choice, and true/falsequestions; problems; and full length casestudies. ... Read more

Customer Reviews (1)

Study Guide Doesn't Have Detailed Answers
If you thought the study guide would have answers to all questions in the text in a detailed format, you are wrong.It gives single answer/number solutions with no real explanation.The book is helpful as a "cliff notes" for the book and to have extra problems. ... Read more

Product Description
Building on a base of simple economic theory and elementary linear algebra and calculus, this broad treatment of static and dynamic optimization methods discusses the importance of shadow prices, and reviews functions defined by solutions of optimization problems. Recently revised and expanded, the second edition will be a valuable resource for upper level undergraduate and graduate students. ... Read more

Customer Reviews (8)

over the hegde
The book focus on the intuition of the problems. I would say that is the point in which economics departs from mathematics. As an economist, I enjoyed the book. But honestly, I don't think a mathematician/engineer would like it.

Good Before Your First Year
If you haven't had a lot of math before entering an econ PhD program, this book is a great intro.I highly recommend if you need info on
- Lagrange's method & Shadow prices
- Value functions
- Convex sets
- Maximum Theorem
- Dynamic Programming
It's a quick read, but well worth your time.

Excellent supplement
This book is an excellent supplement for classroom lecture.I often used it to clarify methodology used in my graduate level macroeconomics course.The presentation of the maximum principle and Hamiltonians in dynamic optimization was most helpful.In about 10 pages he clarified what 6 hours of reviewing lecture notes could not.

I was very stupid to buy this book
Many people say this book is great. But donot be fool! They are trying to make you a fool!

The authors gets everything from the air! My impression is this book is a baby sersion of the Varian Microeconomic Analysis book. I learn absolutely nothing from this book.

elegant small book on economic theory
This book is a gem.Very clear exposition of the lagrange method and multipliers, and other optimization methods. Dixit finds economic intuition in every step of the math. I pick up this book anytime I need to remind myself how the mind of a clear economic thinker works.No personal economics library could be complete without it. ... Read more

Product Description
Through four previous editions "The Economics of European Integration" by Willem Molle has established itself as a preferred textbook for students of the economics of the EU as well as a reliable reference work for those with a professional interest in the European Union. Carefully revised, this Fifth edition takes into account changes in course requirements, new statistical information, and recent policy developments. It includes new material on: enlargement and the ongoing integration of the New Member States as well as the new forms of association with other Central and Eastern European countries; the longer-term structural changes that are entailed by the enlargement process; the performance of the euro; the EU experience as a guide for the economic integration of other regions and for the eventual possibility of world economic governance. Written in a clear style and combining original insights with authoritative analysis, this new edition will further enhance the book's reputation for providing the ideal introduction to the economics of the European Union. ... Read more

Customer Reviews (1)

As a teacger who has adopted this book, its excellent!
I have used this book as the main reference for an honors senior seminar here at the American University of Paris and have found it to be an excellent text for analysis and documentation. Willem Molle, the author, knows the EU from within and as such he can explained it better than any other author that I have used in this connection ... Read more

Product Description
This book details the results of the authors' research using laboratory animals to investigate individual choice theory in economics: consumer-demand and labor-supply behavior and choice under uncertainty. The use of laboratory animals provides the opportunity to conduct controlled experiments involving precise and demanding tests of economic theory with rewards and punishments of real consequence. Economic models are compared to psychological and biological choice models along with the results of experiments testing between these competing explanations. ... Read more

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Understanding Capital is a brilliantly lucid introduction to Marxist economic theory. Duncan Foley builds an understanding of the theory systematically, from first principles through the definition of central concepts to the development of important applications. All of the topics in the three volumes of Capital are included, providing the reader with a complete view of Marxist economics.

Foley begins with a helpful discussion of philosophical problems readers often encounter in tackling Marx, including questions of epistemology, explanation, prediction, determinism, and dialectics. In an original extension of theory, he develops the often neglected concept of the circuit of capital to analyze Marx's theory of the reproduction of capital. He also takes up central problems in the capitalist economy: equalization of the rates of profit (the "transformation problem"); productive and unproductive labor and the division of surplus value; and the falling rate of profit. He concludes with a discussion of the theory of capitalist crisis and of the relation of Marx's critique of capitalism to his conception of socialism.

Through a careful treatment of the theory of money in relation to the labor theory of value, Foley clarifies the relation of prices to value and of Marx's categories of analysis to conventional business and national income accounts, enabling readers to use Marx's theory as a tool for the analysis of practical problems. The text is closely keyed throughout to the relevant chapters in Capital and includes suggestions for further reading on the topics discussed.

Customer Reviews (2)

Monetary expression of labor value
This book is an excellent introduction to Marx's economic theories (but not his political theories). It has three main merits: (i) it is written in an extremely clear and understandable manner, (ii) it compresses most of Marx's economic ideas into a short book, and (iii) it introduces the notion of the monetary expression of labour value, which is a key concept to understanding Marx's labor theory of value. The recent renaissance on labor value theories is partly due to the author's efforts. If you think that labor value theories are nonsense, then read this -- it may change your mind. Similarly, if you are convinced of the foundational importance of labor time in understanding captialist economies (as opposed to, say, marginal utility) then you may still learn something new.

The mathematical content can be understood by anyone who can read an algebraic equation and follow some simple manipulations.

In sum, this is a book for those interested in Marx's economics, but may not want to wade through all three volumes of Capital.

interesting economics, but what's the greater relevance?
First off, this is not a book to read if you want to know how Marx critiques capatalism. Sure that's touched on a little, but most of the book is devoted to pure economics, without any talk at all about how theeconomics comment on the way society, and capatalist firms function. Thebook is locked into numbers, and I'm guessing that it was meant to be usedin a college course as a supplement. He says that his math is on the levelof intermediate economics, and he's probably right, but don't expect him todo any explanation, he just plows on through, leaving those who aren't solucky as to have taken up to intermediate economics courses left in thedust. No empirical analysis whatsoever, except for a calculation of thesocial surplus and the labor value of money. If your an economist you'llhave a ball. ... Read more

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Customer Reviews (1)

Best suited for advanced graduate students
Unless you've had two or three years of economic theory or mathematics graduate study, you are unlikely to get anything from this book. The description doesn't indicate the relevant audience, so as a mathematically-inclined first-year PhD student, I was surprised when I couldn't get more than a few pages in.

I gave four stars because it seems like it would be useful if you specialize in general equilibrium theory or mathematical economics, but be sure you meet the prerequisites. ... Read more

Customer Reviews (7)

ECONOMICS IN CHRISTIAN PERSPECTIVE
In this time when free markets and the capitalist system are both under severe attack, this book is more relavent than ever.It is well written and presents a viewpoint on Economics from a Christian perspective that is badly needed today.So many Christian leaders, especially clergy, have a very poor understanding of economic matters and often take a point of view that is very detrimental to the poor.No person who calls himself a Christian can say they don't care about the poor.This book is a must reading for any Christian who cares about people and their well-being.

A Timely Christian Defense of the Market
Reviewed by Michael J. Douma for www.libertarianchristians.com

I picked up this book because the authors teach at my alma mater, Hope College, in Holland, MI. Although I have not met them, I was interested to see what they had to say about the relationship between Christianity and economics. The authors include an appropriate proverb, tucked away on page twenty-four. "Without freedom," they write, "there is no responsibility."They could have added that without responsibility there is no freedom. In the tradition of classical liberalism, they on insist government's role in, most importantly, protecting property and enforcing contracts, but also in stabilizing the economy, and promoting positive, and discouraging negative externalities.

The major thesis of the work is that democratic governments, free markets, and cultural institutions (i.e. the church) as separate spheres have their own responsibilities that come together like a tripod to provide the proper balance of support for society. While I assume the authors are aware of the Dutch Calvinist theologian Abraham Kuyper, and are certainly influenced by him, they make no mention of his works. This is an unfortunate omission because they share much of Kuyper's worldview. Kuyper's concept of "sphere sovereignty" first articulated in the late nineteenth century, has been influential in political thought in the Netherlands and among Dutch immigrants in America. Sphere sovereignty teaches that the church has responsibilities equal to those of the government and should not be disadvantaged by government interference. Like Kuyper, the authors believe that God had called his followers to be active in the world, and not to shun it. This is one reason why Christians should not deride the market, but come to understand its potential for making Christian change. Indeed, the model presented in this book allows society multiple angles to solve social problems, much in the way Kuyper envisioned. Markets, morals, and governments must operate with a common goal in mind.

The authors are particularly adept in providing a Christian defense of the marketplace. Scarcity, the first law of economics, does not result from sin, they write, nor can generosity eradicate it. Markets can be used for good or evil, and will feed moral sin if allowed. But markets regulate overconsumption through prices, and provide new products through innovation. Dynamic markets can cause temporary job loss or dislocations but can alleviate them and provide gain and opportunity throughout. In the authors' view, the government should step in when markets fail, and "gently nudge" the markets to provide for the otherwise unmet needs of society. Cultural institutions, meanwhile, should serve to promote virtue, a public good which will direct the actions of individuals in the marketplace and in government.

In macroeconomic policy, the authors favor Milton Friedman's monetarism, briefly understood as economic stabilization through long-term steady rates of inflation. They see the ideas of Friedman as a new paradigm in the manner described by Thomas Kuhn in his book, The Structure of Scientific Revolutions. The authors label their views accordingly as "new classical." They make a standard but well-reasoned critique of John Maynard Keynes. Keynes thought there was a trade-off between inflation and unemployment. When government inflated the money supply, they created jobs, but when they held back on spending to decrease inflation the unemployment rate would rise. Claar and Klay argue that workers can not be easily manipulated, and the trade-off between inflation and unemployment, as shown in the Phillips curve, is not a direct relationship when workers are rational. In other words, people can anticipate inflation and react accordingly, and they won't work if their wages are worthless. Their Christian dismissal of Keynes may be a more novel approach. Keynesian discretionary spending policies are deliberately deceitful, the authors say, because they cause wide swings in the value of money, while the monetarist position is transparent and honest. The Federal Reserve, then, should make its policies clear in the long-term and avoid sudden jolts through fiscal controls. This begs the question whether any artificial increase in the money supply with resulting debasement of currency is not therefore also immoral. And if inflation is immoral, is it a necessary evil for macroeconomic stabilization?

Perhaps the greatest shortcoming of the book is that it attempts to do too much. The authors discuss internet file-sharing, economic trade-offs, patents, the injurious effects of wage-rate laws, Christian environmental stewardship, Pigovian pollution taxes, and why human life can not be given an infinite value in cost-benefit analysis, among other topics. The best sections are some of the shortest. For example, in addressing the tithe, the authors explain that it was originally a rent paid on land, not on income, and that only in the past two centuries have churches stressed the doctrine of giving ten percent. Yet, while the authors cover extensive ground, they sometimes lose track of their audience. This work is certainly not light reading for a layman, and is best suitable for college-educated Christians who have taken a number of courses on economics. The authors make good use of stories related to Holland, Michigan, so that a local audience might also find the work additionally appealing.

Ideologically, the authors appear right-of-center, but show an eclectic mix of influences. In asking how Christian morality should meet the marketplace, the authors appeal to the philosopher John Rawls to say that we should consider how our actions affect others, or rather, how our actions would affect us if we were in a different situation. Citing the Laffer Curve, they note that an increase in the tax rate does not always lead to an increase in tax revenue. Yet, they do not question the assumption of why government should attempt to maximize tax revenue in the first place.

This book, whatever its minor faults, reminds us that economics is moral philosophy. This alone is an important message. Markets can go a long ways in helping people, and we must acknowledge this. But in addition, we learn that Christians must recognize non-monetary incentives to act morally. We must also recognize the potential benefits of government while disparaging its evils. The authors' chapter on globalization provides a clear example of this philosophy at work. As Hernando De Soto explained in his book, The Mystery of Capital, it is the ability to turn property into capital that has allowed capitalism to succeed in the West and fail in the third world. Governments must protect private property rights to allow for capital to enter the market. That is, government can play a positive role. But government can also injure markets through excessive regulation or absurd tariffs. A caring Christian should recognize the ability of the market to alleviate poverty. But he should also support Christian organizations that have established long-term commitments to aid the poor.

Sound perspective for uncertain economic times
As a seminary grad and an aspiring armchair economist, I want to commend Victor Claar and Robin Klay for writing Economics in Christian Perspective. Inspired by the work of the Acton Institute, I have been seeking to gain a better grasp on contemporary economic issues, and was pleased to find their book listed under Acton's Studies in Ethics and Economics. For someone who formerly had great difficulty understanding (or even staying awake in) my undergrad economics courses, I can say that their book is a welcome re-introduction to the field, and probably one the most balanced and practical resources I have read to date on mainstream economics. I only wish I could have been exposed to this perspective earlier on in my education!

Christianity and Mainstream Economics
As a student of economics and christian, I am very pleased that exists christians who understand that theorical and applied economics have a relationship with many aspects of the life. And the authors show how we can relate the christian ethic and principles with the economic theory, and show that economics doesn't need to be a "godless" science (by the way, any area of scientific resarch doesn't need to be "godless").

One of the great points in this book is that this is not a worship of the austrian economics, neither liberation theology, and shows that both goverment and markets are necessary for economic development, but they add a third sector: churches, communities, charities and other institutions which work for the public welfare without direct influence of the goverment and markets. In the chapter "Work and Vacation", Klay writes about how her career evolved, and this helped me in my doubts.

The books also shows that markets can really be good for the people, specially for the poor. Instead of complain and do nothing, we should use the markets to help each others, and we should be careful with the temptations.

It's an analysis of policy and theory, but it does have controversial viewpoints, such as a critique of the minimum wage and the defence of a greater role for the market than the goverment.

But I have a complaint: the authors see the multinational corporations with pink glasses, and they don't acknowledge that the corporations are not so friendly with the governments of the third world nations or, sometimes, are friendly in corrupt affairs.

This is a good book and I recommend. The last chapter and the epilogue are perfect for their role: a conclusion, and they show how the gospel can change the community for better and, if we change the communitie, we can change the world.

P.S.: The book also focused in the mainstream economics, and I would suggest that in the next editions, there could be appendix on heterodox economics.

Highly recommended for economists and lay people alike
Amidst my MBA studies at a top school known for leading the way in economic thinking, I found this book to be a very helpful complement to the curriculum.Professors Clay and Claar demonstrate mastery of economic theory by explaining and exploring concepts in ways that will enlighten the mind of an educated economist and lay person alike.While most Christians will have studied economics from an agnostic perspective, this book helps to provide the Christian with a framework to think about how to bring God's values to bear on a wide variety of societal and policy issues.The topics include third world poverty, income disparities, unemployment, global trade and the role of government.The authors strive to provide the nuances of complex issues, but also offer clear, tangible suggestions as to how Christians might approach these issues.I highly recommend this book to anyone, economist or not, who is interested in developing more sophisticated, well-reasoned views on the great economic matters of the day through the lens of Christianity. ... Read more

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In China, the decade from 1979 to 1988 witnessed among economists and policymakers an unprecedented willingness to depart from the traditional dogmatic interpretations of socialism and to enter into a discourse aimed at promoting economic reforms and development.Robert C. Hsu, in Economic Theories in China, 1979-1988, systematically explores the substance and logic of the evolution of the most vital economic-reform theories prevalent in China during those years (before the recent slowdown).He also examines and assesses the delicate interaction between these theories and the practical policies of the Chinese government.Hsu's analysis covers the debates over exactly how to combine the market mechanism with socialist planning.Chinese economists argued about how to diversify the ownership system, how to implement price-wage reforms, how to invigorate state-owned enterprises and make them more efficient, and how to develop China's agriculture, industry, and foreign trade.Though Hsu critically dissects the diversity of views and describes the shortcomings that will affect future economic policies and theories, his mood is primarily an affirmation of the new dynamic age of China's economics.This is the first study in English of economic theories of the reform decade in China and the first to comment on the relationship between theoretical and institutional changes.It will be of interest not only to economists, but also to political scientists and China scholars from many other disciplines. ... Read more

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The classic introduction to economic thought, now updated in time for the publication of New Ideas from Dead CEOs

This entertaining and accessible introduction to the great economic thinkers throughout history— Adam Smith, John Stuart Mill, Karl Marx, John Maynard Keynes, and more—shows how their ideas still apply to our modern world. In this revised edition, renowned economist Todd Buchholz offers an insightful and informed perspective on key economic issues in the new millennium: increasing demand for energy, the rise of China, international trade, aging populations, health care, and the effects of global warming. New Ideas from Dead Economists is a fascinating guide to understanding both the evolution of economic theory and our complex contemporary economy.Amazon.com Review
Over 150 years ago, Scottish essayist Thomas Carlyle dubbedeconomics the "dismal science." But it certainly doesn't seem that wayin the skillful hands of Todd G. Buchholz, author of New Ideas fromDead Economists. In this revised edition of a book first publishedin 1989, economics is accessible, relevant, and fascinating. It's evenfun--for example, when he uses the cast of Gilligan's Islandand Henny Youngman jokes to explain complex economic theories. "Whynot have the last laugh on Carlyle by using the dead economiststhemselves to reverse their bad reputations and to teach the lessonsthey left to us?"

Buchholz surveys and critiques economic thought from Adam Smith'sinvisible hand of the 18th century to the depression-fighting ideas ofthe Keynesians and money-supply concepts of the 20th-centurymonetarists. He also relates classic economic principles to suchmodern-day events as the fall of communism, the Asian financialmeltdown, and global warming. Buchholz includes plenty of anecdotesabout the lives of the great economists: Karl Marx, for instance, wasan unkempt slob; David Ricardo, the early-19th-century Englishpolitician and economist, was among the rare economists to get richtrading stocks; and Maynard Keynes was so homely his friends calledhim "Snout." Here's a lively and authoritative read for thoseinterested in the past, present, and future of economics. --DanRing ... Read more

Customer Reviews (39)

Great overview of many different schools of Economic thought
Todd Buchholz brings together a wonderful and well written overview of many different schools of economic thought. This book neatly discusses, summarizes, and brings up criticisms and problems in economics from the days of Adam Smith, to our most recent 'Rational Expectations' school. Each section is divided up into 20 to 30 odd-some pages so that the reader will not be too engrossed in one partiular school of thought, and will be able to easily transition from one school to the next and for the most part, he works in a chronological order. You will learn about the most famous economists Adam Smith, John Maynard Keynes, Karl Marx, Alfred Marshall, as well as Milton Friedman and some of the lesser known economists, whose theories are the foundation of both micro and macroeconomics. Well written and worth the read!

As enjoyable as economics can be
I bought this book because I like to consider myself a well-informed person, and enjoy finance/economics/business, but never knew what people were talking about when they referred to "Keynesian economics" or "Adam Smith's invisible hand".This book is exactly what it claims to be- a solid introduction to modern economic thought.It covers all the great economists, a brief summary of their life, and an explanation of what they added to economic theory.The author is clearly biased, but how could you not be clearly biased against Marx?His writing makes a somewhat tedious topic entertaining- I literally laughed out loud a number of times.I would highly recommend this book to anyone with the same goal as me- a quick catch-up on what's been going on in economics in the past few hundred years, to understand the topic a little better and have intelligent conversations about it.There are definitely no detailed descriptions of theories or in-depth personal analyses of the men themselves- it is a beginners book that makes the topic entertaining and gives you just enough information to understand what people are talking about when economics comes up, and maybe even contribute your own opinions.

Great Intro to the History of Economic Thought for Beginners
Other texts are more technical and exhaustive, but this book is written for the layperson and is *almost* a primer for economics itself, seen through the passage of history.It begins with Smith, devotes chapters to Malthus, Ricardo, Marx, Veblen, Marshall, Mill, Keynes, Friedman, Public Choice, Rational Expectations, etc.The descriptions of how prices coordinate activity and of comparative and absolute advantage is about as good as any, and clear enough for anybody to understand.

This is a great book to use as a jumping off point for studying more of the economists, schools of thoughts, and concepts mentioned.A great companion book to Naked Economics, Basic Economics (Sowell), or Economics in One Lesson.

For a far more accurate (and far more in-depth and less beginner-friendly) treatment of Marx, see Sowell's book on Marxism, the chapter here repeats a few well-worn misconceptions about Marxian economics.

Brilliant survey of the history of economics
I am constantly amazed how little economists know about the history of their profession. They have heard (at best) of Adam Smith, David Ricardo, J.M Keynes. This survey will add to the reader's store of knowledge of an additional ten seminal thinkers.

This book started off slow, but the end was great
1. There was a bit too much detail about the subjects' private lives-- however this information was somewhat useful in getting an idea of the context from which the ideas came. So.....Keynes (the aesthete) seemed to be some sort of reaction against the Victorian background from which he had come.

2. The Public Choice policy discussion was, by far, the best part of the book. The thoughts that were expressed in this chapter are ideas that I have encountered in many other contexts-- but these were a wonderful, concise exposition to the ideas and their founding fathers (Mancur Olson). There was also wonderful discussion of what they did explain and what they did not.

3. Monetary and Fiscal policy were also great. A lot of people know those words, but don't know the profound differences in the ideas that anchor these concepts ("fiscal stimulus"/"Monetary stimulus"). I counted in these people before reading this elucidating book but can at least talk conversationally about it.

4. Because this book deals with the basic schools of thought in different parts of Economics, it can give you specific places to start looking in the search for deeper information. It can also clarify the most fundamental differences between differing schools of thought.

5. On the down side, the book is not all that light to read. Most books this length I could take in about 2 afternoons of reading. But this one is of such a depth that I could read (and absorb) no more than one chapter per day.

6. There were also a few problems with the author's attempts at drollery. He could have left them out and the book would not have been diminished in any way.

Other than that, this is a great book and well worth the (new) purchase price. I have a feeling that it is something to which I'll return time and time again. ... Read more

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No matter how extensive--or limited--your economics background, HEALTH ECONOMICS, Fifth Edition, delivers current, comprehensive, and complete coverage that equips you with a solid, practical knowledge of today's fast-changing health care systems. Thoroughly revised, the new Fifth Edition addresses the many changes in both the public and private sectors as it thoroughly presents the costs and benefits associated with various health care choices. With a lively and inviting writing style, the text presents topics in an easy-to-understand format that uses only the core foundations of economic theory while also presenting real-world applications that you can readily apply to your own life. ... Read more

Customer Reviews (2)

VERY Happy
I purchased what was advertised as a brand new book and that's exactly what I got.I saved about $35 off the school bookstore price.Thank you!

Not worth the extra for the CD
Book is decent, but the extra money spent for the CD and access to site is virtually worthless to a serious student with excellent library and Google skills.Disappointed instructor waited for publishing for this.Also, get the 2010 pub date.Today's date is 10/09.?????? Explain the healthcare economics of that. ... Read more

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Game theory, the formalized study of strategy, began in the 1940s by asking how emotionless geniuses should play games, but ignored until recently how average people with emotions and limited foresight actually play games. This book marks the first substantial and authoritative effort to close this gap. Colin Camerer, one of the field's leading figures, uses psychological principles and hundreds of experiments to develop mathematical theories of reciprocity, limited strategizing, and learning, which help predict what real people and companies do in strategic situations. Unifying a wealth of information from ongoing studies in strategic behavior, he takes the experimental science of behavioral economics a major step forward. He does so in lucid, friendly prose.

Behavioral game theory has three ingredients that come clearly into focus in this book: mathematical theories of how moral obligation and vengeance affect the way people bargain and trust each other; a theory of how limits in the brain constrain the number of steps of "I think he thinks . . ." reasoning people naturally do; and a theory of how people learn from experience to make better strategic decisions. Strategic interactions that can be explained by behavioral game theory include bargaining, games of bluffing as in sports and poker, strikes, how conventions help coordinate a joint activity, price competition and patent races, and building up reputations for trustworthiness or ruthlessness in business or life.

While there are many books on standard game theory that address the way ideally rational actors operate, Behavioral Game Theory stands alone in blending experimental evidence and psychology in a mathematical theory of normal strategic behavior. It is must reading for anyone who seeks a more complete understanding of strategic thinking, from professional economists to scholars and students of economics, management studies, psychology, political science, anthropology, and biology. ... Read more

Customer Reviews (2)

outstanding textbook for behavioral economics
This book is an extremely well organized presentation of key theories and evidence in behavioral game theory, a subset of topics from the field of behavioral economics.I have often assigned chapters 1 and 2 in behavioral economics classes at Harvard and Duke, and recommended other chapters to students who want to learn about Learning theory.(I would cheerfully assign the other chapters if I happened to be covering those topics, but there's only so much you can squeeze into a 1-semester undergraduate course!)

The book has many strengths.First, Camerer is one of the Very Important Scholars in behavioral economics, and there are less than a handful of people (Matt Rabin) who could conceivably be argued to be more authoritative on the subject matter. Second, Camerer makes extraordinarily good use of summary tables, explicit sections/subsections/subsubsections, summary paragraphs, and the like to help the reader keep track of the details, and to quickly locate the particular details of interest.Third, the introductory chapter offers a wonderful and intuitive introduction to the field; I have often started the first class of a new semester by reproducing the experiments in the chapter as classroom demonstrations.Fourth, the appendices to the introduction offer a good overview of economics experiments and of game theory (no substitute for a full textbook on game theory, of course, but a good refresher, and enough to get the bare bones of the subject).I expect the reader will quickly find many other reasons to admire this book.

This is NOT a book for a casual read by a non-economist.It's a textbook, or a handbook for economists and other people with a reasonable mathematical background who want to see, in one place, the most important results in behavioral game theory (as of a few years ago).It's also designed to present scholarly research, which means the reader should be prepared for the scholar's willingness to leave a lot of loose ends lying around and NOT to claim to know the definitive answers to the questions.

If you are a lay person looking for a behavioral economics book for the general audience, you should probably look to Richard Thaler and Cass Sunstein's Nudge or Dan Ariely's Predictably Irrational.All three of those authors are first-tier scholars and major contributors to the literature in their own right, and those books are written with a non-specialist audience in mind.

Game Theory For All
The required math knowledge to truly understand game theory is rather intense, and this book will allow one to put their knowledge to the test. However, the book also enables readers with limited math skills to appreciate and conceptually understand what behavioral game theory is, how it works, and the implications it has on future research in the strategic/behavioral theory camps. ... Read more

Product Description
"International Economics "captures the vitality of modern international trade and finance. A classic textbook by world-renowned authors, the Seventh Edition is comprehensively revised and updated in a new, full-color format.Each half of the book contains a core of theory chapters followed by chapters applying the theory to major policy questions of the past and present. ... Read more

Customer Reviews (4)

A very good guide for an undergraduate course
I used several times the fifth edition of Krugman and Obstfeld's book to teach International Finance to undergraduates in economics, and I found it comprehensive, understandable and very didactic. True, the book does not follow a rigorous mathematical approach, even less a dynamic one, but I think that is not the authors' intention. On the contrary, they use simple equations, basic graphical analysis, empirical data illustrations and some economic history to show the main issues they want to. And I must say that they clearly succeed in explaining virtually every topic an undergraduate student should know about international economics.

There are several essential topics that should be part of the backbone of a course in international finance, and they are included in this book:

- the asset approach to exchange rates;
- the crucial role of expectations;
- the relationship between money, interest rates and the exchange rates in the short run;
- the long run relationship between prices and exchange rates;
- the internal and external equilibrium for small open economies;
- the interaction of fiscal and monetary policies in an international context;
- inflation bias and other policy formulation problems;
- fixed exchange rates and foreign intervention;
- A description of the evolution of the international monetary system;
- floating exchange rates; macroeconomic policy and international coordination;
- optimum currency areas;
- recent topics on the global capital markets; and
- growth, crisis and reform in developing countries.

In sum, the book by Krugman and Obstfeld is a pretty good undergrad textbook to learn for the first time the core of monetary issues in international economics.

One word describes the book
Verbose! The authors spend pages upon pages wasting trees trying to explain a concept that could be explained using one paragraph. The authors go in circles in my opinion, sometimes i feel that they forget what they had initially started. And the shyness to use math and write out what could be written as a single equation makes the book about 600 pages when it should only be 200.

A not-so-bad survey of international economics
Regarding Gerald Senarclens de Grancy's comments:The idea of Krugman as a Bush administration cheerleader is pretty funny.At first I thought this was a joke but then I realised it wasn't.Granted, the book doesn't mention the Tobin Tax, but there's only so much you can pack into a superficial survey text like this.Overall, I think the authors are pretty unbiased and mainstream.(Haven't used the web supplements, so can't comment on that).

Having seen this book evolve over several editions, I can honestly say that the current one represents a distinct improvement, with the new introductory chapter on the gravity model providing some much needed perspective at the start.However, it's not an ideal book to learn trade theory and open econonmy macro from.My favorite (although slightly more rigorous) is "The International Economy" by Kenen.And if you are only interested in trade theory, "International Trade, Theory and Evidence" by Markusen et. al. is superior.

Totally dissatisfied
I'm really unhappy with both the book and the services provided that come with the book. This has several reasons of which I'd like to point out a few here (though I have to note that I only read the second part - the one about international monetary policy):
o) the book follows a pure neclassical approach and seems very biased against everything else
o) it sometimes reads like propaganda for some republican presidents
o) it doesn't discuss (or even mention) very important contemporary concepts such as the tobin tax which could have a deep impact on international monetary policy
o) the web applications are not provided for users of any other software than the core Microsoft systems, which makes them unusable by those who like eg. Apple, Firefox or Linux
o) even running in Internet Explorer the web exercises have some major problems (some of the suggested answers are simply wrong)
o) the web applications refer to graphs that do not appear in the newest edition
o) the explanations are sometimes not very clear, in my point of view there are even contradictions
o)...

concluding I have to say that this book represents to me both a waste of money and a waste of time. ... Read more

Product Description
This is a history of economic thought from Adam Smith to John Maynard Keynes--but it is a history with a difference. Firstly, it is history of economic theory, not of economic doctrines. Secondly, it includes detailed Reader's Guides to nine of the major texts of economics in the effort to encourage students to become acquainted at first hand with the writings of all the great economists. This fifth edition adds new Reader's Guides to Walras' Elements of Pure Economics and Keynes' General Theory of Employment, Interest and Money as well as major additions to the chapters on marginal productivity theory, general equilibrium theory and welfare economics. ... Read more

Customer Reviews (5)

Good synopsis but poor analysis
I have always felt uneasy with this book since I was an under graduated student, 30 years ago. This is undoubtedly a quiet useful book for anyone who needs a bird's-eye view of the classics in economics. If you don't have time to read Smith's Wealth of Nations or Marshall's Principles, here you have the book you need. However, it is not here that you can look for a good analysis of the meaning and implications of the main schools of economic thought, as well as the relevance of the work of its most distinguished authors and their social and intellectual environment. That is reason why I always preferred Schumpeter's History of Economic Analysis. Today, that I am lecturing this course my dissatisfaction has increased, among other reasons because you have more and better textbooks, such as Lionel Robbins' History of Economic Thought, Mark Skoussen's Making of Modern Economics, or JürgNiehams'History of Economic Theory, which I really enjoyed reading because they try to make a portrayal of the intellectual and human stature of the most important economists of all times and their background.

Good synopsis but poor analysis
I have always felt uneasy with this book since I was an under graduated student, 30 years ago. This is undoubtedly a quiet useful book for anyone who needs a bird's-eye view of the classics in economics. If you don't have time to read Smith's Wealth of Nations or Marshall's Principles, here you have the book you need. However, it is not here that you can look for a good analysis of the meaning and implications of the main schools of economic thought, as well as the relevance of the work of its most distinguished authors and their social and intellectual environment. That is reason why I always preferred Schumpeter's History of Economic Analysis. Today, that I am lecturing this course my dissatisfaction has increased, among other reasons because you have more and better textbooks, such as Lionel Robbins' History of Economic Thought, Mark Skoussen's Making of Modern Economics, or JürgNiehams'History of Economic Theory, which I really enjoyed reading because they try to make a portrayal of the intellectual and human stature of the most important economists of all times and their background.

good for econ dudes
as an econ major i found this book highly informative and interesting. however, if you are not mathematically inclined you might find some of the models and graphs difficult to follow, especially the ones involving differential equations.
but if you are an econ dude, this book is great. lots of insight about how commonly used theories and models came about. well written for the most part, but somewhat wordy at times.

Too much lopsided for my taste.
The problem with this book is that it offers an astoundingbibliography, being therefore a mandatory list to further readings, but unfortunately it is entirely teleological, as it considers neoclessic economics of the most conservative kind to represent the acme of all economic thinking.

Still the best of its type
The standard text for anyone who wishes to analyse economic theory. Blaug takes the approach that an economic theory can be criticised on two levels.It may have a mismatch with the environment and or it may be internallyflawed as a theory. By concentrating on theory Blaug helps the readeracquire their own critical faculties for assessing economic theorieswithout getting bogged down on endless details associated with, "butthings were different then," or with defendants of marxist economictheory, "but things would be different." ... Read more

Customer Reviews (1)

An Essential Economics Reader
Introduction - Daniel Bell and Irving Kristol

Essay list -

Toward the Next Economics - Peter F. Drucker

The Dissolution of the Keynesian Consensus - James W. Dean

Monetarism and the Crisis in Economics - Allan H. Meltzer

Models and Reality in Economic Discourse - Daniel Bell

"Rational Expectations" as a Counterrevolution - Mark H. Willes

Microeconomics and X-Efficiency Theory - Harvey Leibenstein

The "Austrian" Perspective - Israel M. Kirzner

General Equilibrium Theory - Frank Hahn

Real and Nominal Magnitudes in Economics - Kenneth J. Arrow

Post Keynesian Economics - Paul Davidson

Value and Capital in Marxian Economics - Edward J. Nell

Rationalism in Economics - Irving Kristol ... Read more