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Customer Reviews (7)

A must forpolicy makers
Read this book a while ago, and cannot recommend it enough! A true roadmap to aid and the pitfalls of trade as an indicator of general social well being.

4.5-Develops Adam Smith's model for creating national wealth
The author has written an excellent series of essays that essentially develop the details of Adam Smith's basic approach to the formation of wealth .The importance of basic institutions,such as the rule of law, an independent judiciary and police,the provision of basic infrastructure provided by a government not subject to bribery and corruption,an educated work force created by the provision of education for free for all those who can't afford it,etc.,is crucial.Economic growth is not possible without these basic prerequisites.
The author's economic solutions are in line with Smith's support for both retaliatory and revenue tariffs.Opening up an economy to foreign imports should be done invery slow gradations to make sure that the underdeveloped countries agricultural and industrial sectors are not crushed by giant multinational corporations attempting to institute trade relations based on absolute advantage, which is what has been going on for the last 30 years, at least as far as the policies of the World Bank,International Monetary Fund,Export -Import Bank amd World Trade Organization are concerned.
One can apply the basic model to Haiti.Economic growth in Haiti is an absolute impossibility as long as the Haitian government is controlled by a totally corrupt and rapacious upper class devoted to using government institutions and power to loot the country.The same holds for the Haitian army ,poloce force,judicial system and judges.All of these institutions would have to be eliminated first before any development plan could have any probability of working.Haiti has been a failed state for the last 60 years.

Summarizing the arguments
Though it's largely a reprinting of a group of previously published essays that fit well together, One Economics, Many Recipes: Globalization, Institutions, and Economic Growth by Dani Rodrik helped me understand how he would apply his principles of "diagnostic development." The first section (3 chapters) lays out the case that successful countries develop using different strategies that may or may not follow standard prescriptions, with the emphasis on NOT. This sets up the second section (2 lengthy chapters plus a very short summary) on what industrial policy and governance institutions look like in the context of diagnostic development. The final section - a little less-well integrated with the other two - expounds on the lessons of different policies for the case of globalization.

I find myself in large agreement with the overall diagnostic principle, which says that we as economists should identify the most binding constraints on an economy's growth and develop context-appropriate policies to deal with that particular constraint. He argues that one of three basic problems likely to lead to low investment: low social returns, low private appropriability of those returns, or high costs of finance. Each of these might have several causes. You go through the country's (or sector's) statistics to determine where the constraint is likely to be. If interest rates, capital account deficits, and the returns to investment are very high, like Brazil, it's probably the high cost of finance. He narrows it down further to the low availability of domestic savings. In El Salvador, on the other hand, interest rates and returns to human capital are low, taxes and corruption are low, there's macro stability and good property right protection ... leaving by a process of elimination that there is a lack of entrepreneurship and new ideas that is inhibiting growth there.

I'm more reticent to accept his push for industrial policy, however. While he can cite a number of successful cases where direct government support of a sector paid large developmental dividends, it seems as a practice to have as many failures as the Washington Consensus. In part he calls this a virtue: a government that has only successes probably hasn't been doing enough, he claims. I'm less convinced.

Among the things I liked from his discussion were the institutions that need to be in place in order for good outcomes to be more likely: "Effective industrial policy is predicated less on the ability to pick winners than on the ability to cut losses short once mistakes have been made," addressing bureaucratic capacity as a scarce resource (which is just as scarce a resource for employing Wash. Cons. reforms too), and an acknowledgement that this is not a story of "omniscient planners ..., but of an interactive process of strategic cooperation between the private and public sectors that ... elicits information on business opportunities and constraints and ... generates policy initiatives in response." He puts a large premium on transparent, accountable, participatory governance, another point in his favor. Since he argues throughout that higher-level economic principles do not translate obviously one-to-one into particular institutional frameworks -- multiple institutional arrangements can generate substantively similar results -- he focuses on those higher level principles ... and then oddly enough spends a large chunk of the chapter on cross-country large-n regressions, which are nice and supportive but perilous, particularly when he criticizes similar work by other high-caliber economists (Jeff Sachs and Daron Acemoglu and their co-authors, for instance).

His discussion of globalization largely focuses on preserving policy space for countries that want to use industrial policy or other heterodox methods, and the difficulties (he says impossibilities) of simultaneously preserving national sovereignty, mass politics, and global economic integration. There's a brief plug for expanded migration as part of a multilateral framework.

The globalization section shines in discussing the international governance architecture. 1) Instead of trying to maximize trade, put the emphasis back on maximizing economic growth and poverty reduction; 2) Instead of trying to harmonize (i.e. make uniform) trade, finance, etc. policies, the global institutions should preserve nations' policy space while reducing the transaction costs between them.

Things I thought were missing: aid institutions, more discussion of when Washington Consensus reforms are likely to be the binding constraints, doing more to answer why import substitution industrialization largely failed (he just asserts it worked and is done). He lists 83 episodes of sustained growth spurts, and I would have liked more information about more of them, particularly in Africa.

(This review reprinted from [...])

Brilliant study of the policies needed for economic growth
Dani Rodrik, Professor of International Political Economy at Harvard University, advises developing countries not to rely on financial markets or the international financial institutions. He argues that the principles of property rights, the rule of law, sound money, and honest public finances need to be put into practice, and the conditions for doing so vary from country to country. There is no single, simple recipe for growth.

He proposes six policies to help implement industrial policy: export subsidies, domestic-content requirements, import-export linkages, import quotas, patent and copyright infringements, and directed credit.

He argues against relying on foreign direct investment, writing, "careful studies have found very little systematic evidence of technological and other externalities from foreign direct investment, some even finding negative spillovers. In these circumstances, subsidizing foreign investors is a silly policy, as it transfers income from poor-country taxpayers to the pockets of shareholders in rich countries, with no compensating benefit."

Rodrik says countries cannot have `globalisation', nation-states and democracy all at once, only any two of the three. So if we want a nation-state and democracy, we must limit our participation in the global economy.

If trade liberalisation brought wealth, Haiti would be the richest country in the world. As Rodrik observes, "no country has developed simply by opening itself up to foreign trade and investment." And, "there is no convincing evidence that trade liberalisation is predictably associated with subsequent economic growth. ... integration with the world economy is an outcome, and not a prerequisite, of a successful growth strategy."

All countries have the right to protect their own institutions and development priorities; none has the right to impose its preferences on others. So Rodrik opposes any country's using the World Bank, the IMF and the WTO to enforce its views. He writes, "Trade rules should seek peaceful coexistence among national practices, not harmonisation."

A provocative diagnosis
One Economics, Many Recipes is a collection of nine essays by Dani Rodrik that has something to annoy almost everyone.

The first three essays lay out Rodrik's interpretation of the post-World War 2 growth experience, and the `growth diagnostics' framework that he proposes in response.He argues that development is fundamentally about the introduction of new products and new methods of production. This may fail to happen because the returns to such innovation are too low, or because the cost of finance is too high. Following one path down his decision tree, the returns to innovation may be low because of poor infrastructure, lack of human capital, or unfavourable geography. Or, the returns may be high but not appropriable by the innovator, due to government or market failure. Rodrik argues that each of these potential problems will produce a different set of symptoms if it is really the binding constraint on the economy. A shortage of finance will reveal itself with high interest rates or current account deficits, a shortage of human capital with a high skill premium, and so on.

The rest of the book suggests how reforms might be designed and implemented. Rodrik pays by far the most attention to the `market failure' branch of the tree. His ideal industrial policy is not about `picking winners' or comprehensive planning, but encouraging experiments with new types of economic activity. Many will fail, but even a few successes can amply repay the costs of failure.

This is a self-confessedly modest program. Yet it contradicts everyone currently making a noise on the subject: activists because it does not demonise the IMF, World Bank, and WTO; heterodox economists because it asserts the value of neoclassical theory; neoclassical economists because it advocates industrial policy ; foreign aid advocates because it denies the importance of poverty traps; and pessimists because it offers, if not a one-size-fits-all solution, at least some concrete advice on how to engineer growth.

It is no small achievement to disagree with so many luminaries and still receive back-cover endorsements from three Nobel laureates. He is very convincing arguing against the `laundry lists' of comprehensive reforms that have been advocated by international institutions, whether the first generation of privatisation and liberalisation, or the more ambitious second generation focused on institution building.The case against a generalised poverty trap is equally strong: spurts of growth lasting several years are relatively common, while sustained growth over decades is rare.

This very fact, however, points to a weakness, or gap, in the book. If lighting the fire is relatively easy compared to keeping it going, why spend so much time focusing on ignition techniques? For the long run, Rodrik's only specific advice is to actively diversify the industrial base, and build institutions of conflict management, which he links with democracy. There is a more general recommendation to use the time bought by growth accelerations to gradually implement more ambitious institutional reforms, but this is rather vague. Is this just the standard `laundry list' implemented more slowly? Then what becomes of the `many recipes'? Or is the long run, from a policy point of view, just a series of short runs -- life is one binding constraint after another? In this case, growth diagnostics offers no way to identify and fix constraints before they start to bind, which is what he seems to be recommending. How can you avoid Argentina's long decline, or Japan's stagnation, or the East Asian financial meltdown, except with hindsight?

Short-run success is, of course, not to be disparaged. It would be nice to have a reliable method of making poor countries rich, but failing that (which we have been), significantly raising the number of growth accelerations would be a great start. With this more limited goal in mind, Rodrik's advice seems sensible, although I am sceptical of his emphasis on `cost discovery' as a justification for industry policy. He argues that those entrepreneurs who introduced garment manufacturing to Bangladesh and soccer balls to Pakistan were revealing new information about what was profitable in those countries, which could then be copied by others. This treats manufacturing as some exotic crop that will only grow under particular conditions of soil and climate, as if it was not equally likely that Pakistan would have ended up making shirts and Bangladesh balls. Rodrik's own summary of the evidence concludes that `managerial and labour turnover' is the key mechanism by which innovations spread, which points to a `learning by doing' or `human capital' interpretation. He mentions these only briefly, which is strange, as he has argued elsewhere that the widely accepted economic case for government involvement in education is similar to the case for industry policy. I would go further and say that they are practically identical.

This is, however, splitting hairs. Specifying the exact market failure is far less important than recognising that a particular activity (in this case, innovation) is likely to be undersupplied by profit-seeking enterprise. First-best intervention is usually impractical, if not impossible, so there is no one-to-one mapping from diagnosis to policy. It is a great strength of the book that it does not offer such precise, pre-packaged answers, even in a country-specific form but, rather, hints as to the right questions to ask as part of an open-ended policy-making process.

Original version published in Agenda 15(1), 2008 ... Read more

Product Description
A comprehensive review guide to help you refresh your study. This guide is particularly useful for midterms and final exams, condensing a semester's worth of information into one concise volume. ... Read more

Customer Reviews (14)

Economics in A Nutshell
This is an excellent overview of all the issues involved in the study of Economics. Briefly, but quite succinctly, it defines and describes the various economic concepts in both macroeconomics and microeconomics. While it is an excellent book for beginners, who want to acquaint with economics and diverse economic theories, starting as it from the basic concepts of demand, supply and elasticities, which constitute the main pillars of any economic theory, and leading them step by step through various macroeconomic and microeconomic theories that help in devising economic policies for the ultimate realization oftheir three main goals, namely, growth, full employment and price stability, it is also a valuable quick reference book for teachers, scholars and researchers in economic theory and practice. It is a book that can find a pride of place in not only libraries, but also shelves of economists and students of economics.

Good book for a quick review of economics
I am about to start an MBA program in the Fall and this was a good refresher of economic concepts.The book does not go into much depth into any particular subject and there are few real-world examples but this is a good book if you want to brush up on your Econ in preparation for a course that is more difficult.It would also make for a good read for anyone just curious about Economics.

Very Helpful Summary
I recently bought this book as a refresher, for my college-age daughter who was reluctantly studying MicroEconomics in a summer class.Relative to the long and obtuse textbook she was required to buy for the course, this breezy Cliff Notes summary was a charm.It provides a good narrative of all the key concepts and is a valuable layman's guide to understanding the topic. This was definitely a good additional investment alongside the course textbook.

Micro Review
I used this book as a study guide along with some online review test for the microeconomics CLEP test and did great! It breaks everything down really well and provides a really good basic overview.

For CLEP tests this should not be you only resource.
These reviews on Economics Cliffs Quick Review are outdated. Do not take the econimics CLEP tests if you have never taken a CLEP test before. If you want to take the Economics CLEP tests and you want really high grades you can go ahead and buy this book but it should not be your only resource. You should buy the REA guide(s) CLEP Microeconomics (Rea) - The Best Test Prep for the CLEPCLEP Microeconomics W/CD (Rea) - The Best Test Prep for the CLEPfor these CLEP tests which are not out yet but should be available in about 3 months. Yes these reviews are outdated-since then they have added questions about externalities which are not well explained (for CLEP test purposes) in this book. Be careful. Don't get in a hurry. By all means be patient and get the CLEP credit that you deserve! ... Read more

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Lucid, comprehensive, and definitive in its field, this text covers every aspect of economic analysis of the law, from common law, corporate and commercial law, and public international law to family law, evidence law, and the economic theory of democracy. Updated in its Seventh Edition, <b>ECONOMIC ANALYSIS OF LAW</b> is the preeminent work in its field, covering the legal-economic perspective on all key areas, from common law to the Constitution. Authored by the pioneer in law and economics analysis, this user-friendly and accessible text sustains itself as a favorite among students and professors, alike.<p class=copymedium><p class=copymedium><b>Many great features make this text an ideal option for your classroom:</b><p class=copymedium><li class=copymedium>Maintains itself as the preeminent work in the field, covering the legal-economic perspective on all key areas, from common law to the Constitution<li class=copymedium>Presents the expertise of a highly distinguished author, the pioneer in law and economics analysis <li class=copymedium>Offers accessible, lucid, and user-friendly writing and organization:a. Non-quantitative approach does not assume or require prior knowledge of economics or mathematicsb. Part and chapter organization based on legal, not economic concepts<li class=copymedium>Includes end-of-chapter sections to reinforce and extend learning through problems and suggested further readings</ul><p class=copymedium><b>This edition highlights a variety of new information, keeping it timely and topical:</b><p class=copymedium><li class=copymedium>The corporations chapter is revised and updated significantly in light of Enron and other corporate scandals; and Congress's response in the Sarbanes-Oxley Act<li class=copymedium>An exciting new field of economics¿organizational economics¿is now included, with particular reference not only to corporations but also to nonprofits, law firms, and the judiciary<li class=copymedium>The rapidly expanding interest in the legal regulation of national security and foreign affairs (torture issues, executive power, the USA Patriot Act, etc.) requires the addition of the interesting economic issues presented by such regulation<li class=copymedium>Expanded coverage of foreign law, of which there is increased interest, both substantive and institutional, and both national and supranational (e.g., European Union) throughout the book. <li class=copymedium>New insights in the chapter on contracts are drawn from the author¿s recent scholarly work on contract law<li class=copymedium>Since intellectual property is perhaps the hottest field in law today, the author incorporates some ideas from a book he recently coauthored with William Landes on the economic structure of intellectual property law<li class=copymedium>The chapter on finance is revised and updated to reflect the growing importance of behavioral finance.<li class=copymedium>Novel legal-economic issues relating to the Internet are added to several chapters</ul> ... Read more

Customer Reviews (7)

Yuk - not for the faint of heart
Bought this for a law and econ class in law school - one that supposedly didn't require an econ background.This book belies that claim.I started reading and spent more time looking up econ terms and phrases than I actually did reading.I'm not sure this book has much value for the average layperson, but perhaps it gets better and clearer after the introduction and first few chapters - I dropped the class and returned the book before I got there.I love Posner's holdings when he writes for the court - but this book was awfully dense.

Overrated simplistic reasoning
First of all, the law and economics movement did not originate with Richard Posner.To his credit, he does reference the men who collectively formulated the modern utilitarian theory called "law and economics."Pay attention to the enormous amount of spelling errors and poor syntax in the first edition.The book seems like it was rushed to the presses in order to capitalize on something.

Posner makes several invalid claims, the chief of which states that judge made law followed the logic of the law and economic movement.That is, judges allegedly were concerned with maximizing in utilitarian fashion the distribution of wealth to its most productive use.When he thinks the courts should honor efficient breaches, he contradicts this former thesis since it only proves judges don't act "entirely" in a utilitarian fashion.

I think there is some merit to this law and economic position with regard to contracts, which is why I predicate the above sentence with "entirely."With regard to contracts, the courts definitely have an economic incentive in addressing damages.However, with regard to torts or criminal law or other areas of law, the economic incentive wanes in significance.It waxes in significance only with contracts because contracts is a business as usual enterprise.

Overall, the law as developed by common law judges is deontological, not utilitarian.The word "deon" is Greek and means "duty."In theories of ethics, we refer to a theory as deontological when the theory mandates that we judge decisions according to how they conform with a prescribed duty.In contrast, consequentialism mandates that we judge actions according to their consequences (in other words, the ends justify the means).Situation ethics mandates that moral principles should change in order to accomodate the change in circumstances.Deontological ethics mandates that a change in circumstances does not permit a modification of moral principle.Modern ethicists like John Rawls state in utilitarian fashion that our decisions should maximize the good.Who defines the good?Aretaic theories stress not consequences or duty or the good but rather the individuals appropriation of good "character.""Arete" in Greek means "virtue" or "excellence in character."Aristotle was aretaic.Decisions should be made to cultivate and create good character.If they do this, they are good decisions.Deontology says that decisions can be wrong even if the consequences are good, even if good character results and even if there is a change of circumstances that makes the duty seem incorrect in application.

The logic of the common law has always been deontological.The modern utilitarian theory of law and economics does shed light on how common law judges formed their opinions in contract law, but in all other branches of law it is grossly incorrect and is a gross anachronism to posit that common law judges were Pareto Superior in their other decision making.

Most false theories are based on exchanging "both/and" for "either/or."It would be incorrect to say that contracts was either deontological or utilitarian (law and economics type of utilitarian).Therefore, Posner says a half truth when he says contracts is law and economics type of thinking.It is both deontological and law and economics, since both logics have played a role in judicial decisions.However, it is primarily deontological as shown by the fact that even modern judges refuse to honor efficient breaches of contract.Law and economic type of thinking operated as a lemma in indented proof when judges made their deontological decisions.After evaluating the relationship between the rights and duties of a particular case, they wouldn't go overboard and give the winning party in a contract action a windfall.To prevent windfalls and other ways of going overboard, judges would try to be economically efficient.Jurisprudence is making prudent judgments on legal matters.It is pathetic that a 7th Circuit judge like Posner has such poor judgment with regard to saying what the law is.The public can think that neo-conservative moron George Bush for appointing this moron to the 7th Circuit court.

Good economics concepts exposed...
Although the economic theories used by Posner are for the most part sound, nevertheless, he lacks a more realistic approach to the problems presented in this book. For example, in the real world we CANNOT ignore transaction costs in all cases. Also, not all laypeople know the law as well as Mr. Posner. Overall, I do recommend reading this book, it will undoubtly stimulate your mind!

University of Chicago "Must"
Anyone interested in Economic Analysis of Law should have this book of "legendary" Posner

Monumental, brilliant . . . and ultimately unconvincing
Prior to 1960, legal scholars invoked economics only in a handful of specialized contexts -- mostly antitrust and taxation. But it was not generally thought that economic science had much of anything useful to say about the law generally.

Then, in the early 1960s, Guido Calabresi and Ronald Coase published a couple of papers that a lot of people found pretty darned interesting.

Richard Posner was one of those people. Within about a decade thereafter, he had written a massive treatise-textbook that attempted to apply (Chicago-school) economic insights to almost the entirety of the law, in part relying on Calabresi's insights on risk allocation and Coase's famous theorem about what happens in a world with no transaction costs.

That treatise-textbook is now in its fifth edition, and you're looking at the Amazon page for it. It would be hard to name a more influential work in the field of law and economics -- and even today, as Posner himself will gladly tell you, although there are a few other _textbooks_ on the topic, there are still no other _treatises_.

Posner's scope is breathtaking. Not content to limit himself to the usual array of legal topics (property, torts, contracts, criminal law, legal procedure, and so forth), he also manages to devote portions of his text to, e.g., sex and marriage, surrogate motherhood, prostitution, homosexuality, and a host of other controversial and/or marginal topics you don't typically encounter in an economics text.

The typical reader will probably not find him altogether persuasive on these topics. In fact, if you're anything like me, you'll probably wind up shaking your head in sheer wonderment: how is it possible for someone to be so brilliantly incisive on one page and so infuriatingly obtuse on the next?

But don't assume Posner is the one who's wrong. Don't misunderstand me; I think he _is_ sometimes the one who's wrong. But even then, his arguments are something to be reckoned with, not to be easily dismissed. (Nor is he _ever_ simply "obtuse.")

For the most part I think the book is a success in its more modest aim. In the fifth edition, Posner ends his opening chapter with a short reply to critics of the law and economics movement; with much of what he has to say here I can wholeheartedly agree. His work should, as he notes, be of _some_ interest to anyone who thinks Kaldor-Hicks efficiency/potential Pareto improvement plays any role whatsoever in setting policies. (I don't personally think it plays or should play much role at all, but I can agree with the point as Posner has stated it.) And Posner notes, quite unobjectionably, that the entire field should not be rejected merely because one does not accept the views of its most aggressive exponents.

But make no mistake, Posner _is_ one of its most aggressive exponents, and the apparent modesty of his aims is somewhat disingenuous: he is not merely trying to find out what economics can say about the law but to tell us that it can say quite a lot indeed. And it is here that I find him ultimately unconvincing on a number of points.

(To take one well-known example, I don't think Posner's discussion of the famous "Hand formula" captures what Judge Billings Learned Hand meant by it, and at any rate the formula is not as useful as Posner seems to think it is. There is some good discussion of the Hand formula by Richard Wright in _Philosophical Foundations of Tort Law_, and in general Posner has been roundly and in some respects successfully criticized by a wide range of scholars from Ronald Dworkin to Gary Schwartz.)

But there is no getting around this massive work, and it absolutely cannot be lightly dismissed. On the contrary, the thing bristles with fine insights and obviously massive legal and economic erudition; most of it will repay close reading even for the reader who ends up disagreeing. If you have any interest in the field of law and economics, you really ought to read this book _sometime_. ... Read more

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Now in its Thirteenth Edition, this proven, market-leading book remains a favorite among readers of all backgrounds for its clear, concise treatment of international trade and finance theory. Using a wealth of contemporary examples and practical applications, INTERNATIONAL ECONOMICS vividly demonstrates the relevance of theory to real-world economic issues and policy questions. Discussions are presented both verbally and graphically, making the book highly accessible even if you have little economics background. As you will soon discover, ?if it?s clear, concise and contemporary, it has to be Carbaugh!? ... Read more

Customer Reviews (9)

Great Book
I really like the book. It explains everything in an understanding way. I really recommend this book especially for those who wants to learn more about economics as well as how the countries interact each other in terms of trade.

International Economics
Good book, shipped within specified time.Good condition even though I had bought it used.

Good Book
I ordered this book for an International Economics class I am taking on-line.This is a good book with very valuable information.

Thank you!

Thank you so much~!!!
It was so fast and the textbook is in a really good condition.

Thank you!@@

International Economics
This book is easy to read and makes most concepts easy to understand. However, I find myself often stumped when using the index to search for specific terms.I believe that this index could be elaborated on, in an effort to research material more easily. ... Read more

Product Description
Now in its Thirteenth Edition, this proven, market-leading book remains a favorite among readers of all backgrounds for its clear, concise treatment of international trade and finance theory. Using a wealth of contemporary examples and practical applications, INTERNATIONAL ECONOMICS vividly demonstrates the relevance of theory to real-world economic issues and policy questions. Discussions are presented both verbally and graphically, making the book highly accessible even if you have little economics background. As you will soon discover, ?if it?s clear, concise and contemporary, it has to be Carbaugh!? ... Read more

Customer Reviews (9)

Great Book
I really like the book. It explains everything in an understanding way. I really recommend this book especially for those who wants to learn more about economics as well as how the countries interact each other in terms of trade.

International Economics
Good book, shipped within specified time.Good condition even though I had bought it used.

Good Book
I ordered this book for an International Economics class I am taking on-line.This is a good book with very valuable information.

Thank you!

Thank you so much~!!!
It was so fast and the textbook is in a really good condition.

Thank you!@@

International Economics
This book is easy to read and makes most concepts easy to understand. However, I find myself often stumped when using the index to search for specific terms.I believe that this index could be elaborated on, in an effort to research material more easily. ... Read more

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The Worldly Philosophers is a bestselling classic that not only enables us to see more deeply into our history but helps us better understand our own times. In this seventh edition, Robert L. Heilbroner provides a new theme that connects thinkers as diverse as Adam Smith and Karl Marx. The theme is the common focus of their highly varied ideas -- namely, the search to understand how a capitalist society works. It is a focus never more needed than in this age of confusing economic headlines.

In a bold new concluding chapter entitled "The End of the Worldly Philosophy?" Heilbroner reminds us that the word "end" refers to both the purpose and limits of economics. This chapter conveys a concern that today's increasingly "scientific" economics may overlook fundamental social and political issues that are central to economics. Thus, unlike its predecessors, this new edition provides not just an indispensable illumination of our past but a call to action for our future. ... Read more

Customer Reviews (90)

Every voter's public affairs reading list should include this book.
I read an earlier edition in high school (circa 1961).However, still today it's standard reading for college students in the social sciences and humanities, and in fact, for all educated persons.It's a popular, nontechnical introduction to major economists and their ideas.Although biographically oriented, it tries to convey the essence of their thinking.I would compare it to Will Durant's _The Story of Philosophy_, a book every young intellectual should read.

Of particular interest is John Maynard Keynes whose ideas have renewed interest because of the current financial crisis.If you don't know who Keynes is, and perhaps have never even ever hear of him, then please put this book on your required reading list.

I strongly recommend _The Worldly Philosophers_ to every voter not already familiar with its contents, but especially to "tea party" voters.If you care about America and yet have never taken an academic course in economics, then please arm yourself with at least a little knowledge about 'political economy' before next entering the voting booth.

_The Worldly Philosophers_ will not likely leave you with all the answers (it doesn't attempt to do so), but it'll introduce you to many of the questions, questions & viewpoints which you may not have considered previously.

Anyway, such is my opinion.Grab hold a copy (every public library has one), skim through it, and judge for yourself whether it's worth more of your time.

A classic with a few missing parts
This is a combination of economic history, history of economic thought and biography.It's considered a classic, thus the 7th edition.

It is not an economic primer and if you are hoping to understand economic theory, you'll have to look elsewhere.Heilbroner places economics in its context and explains the importance of economic thought, but does not give a lot of detail on what that economic thought is.This is not necessarily a criticism and certainly makes the book much more readable for those without economic training.

Heilbroner is a liberal (at least for an economist) and that shows in his pick of economists, although that may also be a function of his cut-off point.No Friedman here and barely a mention of Hayek.The book was updated to the 1990s, but the economists were not.He gives a well-deserved defense of Keynes, who fell out of favor in the 1970s, but never really explains why Keynes fell out of favor.

The book is definitely worth reading, interesting and informative, but the reader might want to follow it up with something like by Yergin and Stanislaw which covers the post WWII era, in many ways picking up where this book leaves off.

Evolution of Economics
This books is OK... The author did a good job of making the different philosophers he studied human. They all have characteristics we can appreciate and characteristics that make us happy we'll never meet them... However, it seems as if the author gets bored with his subjects a little more than 1/2 way through and starts rambling more about personal lifestyle choices than their actual theories. By the end we're back on track.

Fantastic
I'm no economist, but this seems like a must-read for those who aren't, but want to know more about the great thinkers in economics. Also a nice starting point for anyone wanting to get into that field. Each chapter is readable without being too basic. And each chapter covers a major figure in the field of economics, starting with - if I remember correctly - Adam Smith, going through to Ricardo, Mill, Marx, Schumpeter, and Keynes (lots of others in there too). Each chapter is part bio, part explanation of the person's major theories. What's clear is that all these people were incredibly smart, hard working, offered important theories to the field of economics, and were wrong about some important things. The only weaknesses include the title (though economics has its share of philosophers, the title is too general, which the author admits and - again if I remember correctly - wanted a different title.) Also would have been nice to have a chapter on Milton Friedman. But I think the author wrote this when Friedman was still producing major stuff, and Heilbroner wanted to focus on past economists. Fair enough.

Gem of storytelling
Written with a prose that reminds me of Thomas Bullfinch, Will Durant and Joseph Campbell, The Worldly Philosophers will transport you to a bygone time and place where the ideas of the great economists will spring to life and effortlessly make sense. But you will not be left hanging in the 19th or 20th century either - Heilbroner also discusses each economist's legacy updating their ideas to our own century.

First published in 1953 and now in its seventh edition this book is the canon of introductory texts on history of economic thinking. Millions of Economics 101 students could not be wrong - or could them?

Here is a list of main ideas included in the book::

1 - Economics as a field of study could not have risen before markets have establish themselves around the 18th century;

2 - Scores of greedy individuals looking after their own interests and being rewarded for their efficiency make for a better society for everybody - enters the invisible hand;

3 - When everybody seemed optimistic about the future, a young reverend wrote an essay stating that the world food production could never keep up with population growth - enters the dismal science;

4 - David Ricardo, the unsung hero of globalization, remains unsung for his amazing theory of competitive advantages, based on which a nation that is superior in producing everything will still be better off by trading with a less efficient nation, is not explained in the book. This is a major fault.

5 - The transition from feudalism to the industrial age resulted, at least initially, in appalling conditions for the working class. A movement called the Utopian Socialists that sadly bundled together the great John Stuart Mill with the airhead Charles Fourier tried to propose solutions;

6 - Marx (Karl, not Groucho) once said he was not a Marxist. Is it fair to say that I am a Marxist because I am not a Marxist? Enters the Dialectical Materialism;

7 - Despite Mill's and Marx's preaching, what really lifted the European proletariat out of abject poverty was the emergence of the proletariat's proletariat in the way of the millions of souls captured during the 19th and early 20th century European imperialist expansion into Africa and Asia - homo homini lupus;

8 - Thorstein Veblen gave, with The Theory of the Leisure Class, a new explanation for the stability of capitalistic society. The proletariat would not overthrow the leisure class for the simple reason that deep inside the proletariat wished to partake in the same leisurely lifestyle. That almost seemed possible with the great bull market of the 1920s until...

9 - The 1929 market crash came along and in its wake the great depression. A new theory for anti-cyclical monetary measures was needed and that came in Keynes' The General Theory of Employment, Interest and Money;

10 - Throughout the first half of the 20th century Joseph Schumpeter revisited Karl Marx's theories and gave a new explanation for the existence of profits in the capitalistic system, the entrepreneur;

11 - In a sad final chapter Heilbroner declares the age of Worldly Philosophers ended with the passing of Joseph Schumpeter. Great names such as John Kenneth Galbraith and Milton Friedman are not equated by Heilbroner to the above mentioned airheads such as Charles Fourier. But it his book and not mine, and a great book by the way, far better than I could ever dream about writing...


As a companion book to The Worldly Philosophers I also recommend Niall Ferguson's The Ascent of Money.

Leonardo Alves - Brazil 2010
... Read more

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Customer Reviews (46)

The antidote to "Guns, Germs, and Steel".
This book is a goldmine of insightful viewpoints and possible causality connections. I am not saying that the book is the final word on economic history, but the thinking is first rate and the logic Mr. Clark uses to guide us to his conclusions is compleling. If nothing else, the book can open the reader to new ways of viewing history and help weaken the hold of the official mythology that most of us learn in our schooling.

The book has the feel of an exciting exploration and inquiry. The author takes the stance of one who is excitedly sharing the nuggets of wisdom that he has acquired through much hard work. This is in dramatic contrast to "Guns, Germs, and Steel", by Jared Diamond, which reads like a desperate groping for excuses for why the world in not the way Mr. Diamond thinks it should be. (Oh, the unfairness of it all)

Overall an excellent read for anyone interested in understanding humanity and the twists and turns of human history.

Highly recommended.

Are we still talking about Malthus?
The reasons that 3rd world countries are so poor is because of planned-economies and interventionism.There's no other reason.No single group of man was born with an innate ability to participate in the Industrial Revolution!Look at the recent economic development of India and China, they are raising their life expectancy not because they had some societal/psychological shift!They're having it because they freed their markets, which in turn will allow comparative advantage to best use their resources!Also, what Clark seems to ignore is the ability for man to use land to sustain his own life.The reason we have such high rates of poverty is because we have such low rates of land usage.The redistribution of natural resources through taxation would lift the burden of speculation off the back of the working class and allow markets to actually be free.Clark is a moron.He ignores simple economic principles to create an "interesting and politically incorrect read!".Dumb.I'm returning it today.

Great think, long read.
Roughly, the title says it all.

Basic claim:
Contemporary analyses of why growth happens do not explain the Industrial Revolution.Pre-industrial revolution, Malthusian economics held sway.After the industrial revolution, it didn't.What changed, and why England, and not elsewhere?

Candidate answer, with lots of support, but not enough to advocate strongly is that between 1200 and 1800, the poor of England slowly died out, breeding at notably less than replacement.More interestingly, they were replaced, not by the children of the nobility, but by the children of the rich, be they nobles, merchants or otherwise.And whatever combination of traits (willingness to delay gratification, moderately higher intelligence, stronger work-ethic) led to richness in the parents, the children inherited as well.Since this selective population pressure was so much greater in England than anywhere else (nowhere else was it so true that the rich were the ones who bred more), the industrial revolution happened in England.

Great think.Long read.

Explaining poverty and riches
Why is it that some countries today are very rich while others are very poor, whereas in 1800 all countries were comparatively poor? The explanation of what happened, according to Gregory Clark in thsi book, is that the wealthy countries managed to increase productivity per capita through innovations. However, this does not explain why the productivity increases started when they did, or why some countries have benefitted greatly while others have not.

Clark's explanation for why the productivity increases started in England is the seemingly bizarre one that at the applicable time England's upper classes had higher birth rates than the lower classes, and the upper class skills such as literacy and a disciplined approach to work were thereby transmitted down through the society. His explanation for the current divergence between rich and poor countries is that workers in poorer countries are less productive.

The book is essentially a detailed examination of the history of the Industrial Revolution in England, with references to the current great divergence between rich and poor countries little more than an afterthought. The questions posed are very interesting, but I found the answers largely unconvincing. If workers in poor countries are less productive, why do they suddenly become more productive when they migrate to richer countries?

An Excellent Interdisciplinary Study
Hello.
This truly excellent book made an exhaustive study of the trends of different elements in the society of late medieval and rennaissance England to come to the conclusion that the rich by leaving more heirs were imparting their values and qualities to successively lower elements of the social strata.This led to the characteristics and habits, such as diligence, foresight, and inventiveness that led to the industrial revolution in 18th and early 19th century England rather than polotical and other institutional inputs.
Geoff ... Read more

Product Description
"Judd's book is a masterpiece which will help transform the way economictheory is done. It harnesses the computer revolution in the service ofeconomic theory by collecting together a whole array of numericalmethods to simulate and quantify models that used to be purely algebraicand qualitative." -- Avinash K. Dixit, Sherrerd University Professor ofEconomics, Princeton University

To harness the full power of computer technology, economists need to usea broad range of mathematical techniques. In this book, Kenneth Juddpresents techniques from the numerical analysis and applied mathematicsliteratures and shows how to use them in economic analyses.

The book is divided into five parts. Part I provides a generalintroduction. Part II presents basics from numerical analysis onRn, including linear equations, iterative methods, optimization,nonlinear equations, approximation methods, numerical integration anddifferentiation, and Monte Carlo methods. Part III covers methods fordynamic problems, including finite difference methods, projectionmethods, and numerical dynamic programming. Part IV covers perturbationand asymptotic solution methods. Finally, Part V covers applications todynamic equilibrium analysis, including solution methods for perfectforesight models and rational expectation models. A web site containssupplementary material including programs and answers to exercises. ... Read more

Customer Reviews (6)

Good theoretical book
The book is very theoretical and it is really hard to use it in applied work. The book is very demanding and hard to read. You have to have very rich mathematical background to understand the book. Not for beginners to start. A very little number of useful examples which clarify to understand the theoretical staff.

Great exercises, very easy to follow
This is a great introduction to computational economics. The exercises are well-organized and very useful. His exposition is straightforward. Judd has clearly thought deeply about how computation contributes to economics as well as its limitations.

Great job!
The book was in a great condition, and it arrived just as promised.

An excellent and useful text
This is the type of book I've been looking for for a long time: It tells you directly what problems are solved by numerical approximation, what methods have been developed for such applications, how to use them, what to watch out for and most importantly, what "tricks" are available to make things easier - this is something you will never pick up in an academic paper and in very few courses.

The structure is very illuminating: simple examples of common problems are followed by generalized versions which are usefull for anyone to apply to their own work. Care is taken to point out the strenghts and weaknesses of various procedures so that the best one can be selected.

As to the critisisms that it does not go deep enough: its not supposed to. It covers in enough detail most (all) of the important methods used by the top economic researchers today, and if the problem you are working on requires more detail than is in the text, precise and extensive references are provided to further understand that particular area.

a very practical and forthright book.

too hard for uninitiated
this book may be good for those who already know smth about numerical methods. ... Read more

Product Description
". . . competition, we see now, is destructive. It would be better ifeveryone would work together as a system, with the aim for everybody towin. What we need is cooperation and transformation to a new style ofmanagement."

In this book W. Edwards Deming details the system of transformation thatunderlies the 14 Points for Management presented in Out of theCrisis. The system of profound knowledge, as it is called, consistsof four parts: appreciation for a system, knowledge about variation,theory of knowledge, and psychology. Describing prevailing managementstyle as a prison, Deming shows how a style based on cooperation ratherthan competition can help people develop joy in work and learning at thesame time that it brings about long-term success in the market.Indicative of Deming's philosophy is his advice to abolish performancereviews on the job and grades in school.

previously published by MIT-CAES ... Read more

Customer Reviews (31)

Sets the basis for his Profound Knowledge
Before he passed on in 1993, he was apparently in the final stages of developing his philosophy of Profound Knowledge. This was a synthesis of many ideas he adopted during his quality lectures. There are four parts to it. The first was Systems Thinking - atopic which has taken on a path that Deming could not have foreseen. The second was Understanding Variation. The third was about a theory of knowledge. The fourth was knowledge of psychology.
The last came about because of the seeming illogical rejection or refusal to adopt the use of statistics to implement quality systems correctly. The many who were tried, failed. Knowledge of human psychology is necessary to understand this and to create a theory of change.
The Second, about variation, is basic to most areas of business and science. Fundamental to this is the idea of Process. If processes that make a product are not "in control" then the result will be unwanted variation in product output and costly mistakes and rework. Business' are still not getting that point. Indeed, at one manufacturing company that I worked for I heard mid-level managers complain about being "Processed to death."
The first topic about systems is fundamental in that systems are usually mis-defined. Those that are defined correctly are mis-understood. This book helps to overcome that lack of understanding.
This book is for more than quality or six-sigma practitioners. This book is for anybody who wants to understand the forces at work in our society and to be able to improve their work and their products.

Must read for any manager!
Deming's "The New Economics" is a great basis for any person looking to be not just a good manager, but a great one. His book discusses the problems of current management and how to solve these issues. Deming clearly illustrates his concept of common cause variation and also how management by results is ineffective. Overall, this book is a very easy read and extremely straight forward.

The New Economics: For Industry, Government, Education (Paperback)
I want to encourage people who work in management department or any department that link with management to read this book. Dr Deming gave us good explanation of why hard work and old management system will not survive in this new era. His believed in equality or socialism is the best way to excel while merit system and competition will destroy a company might surprise you, but his explanation and example will make you think twice.His book will also give you a picture about system in organization and how management should make transformation to understand and improve the system.
In the second half of the chapter he will give more explanation about leadership, management and understanding about variation so that management can lead the team to success by making decision from the variation in the process. His example like "The Read Beads" and "The Funnel" will teach you about what needs to be done when there are common cause and assignable cause which create variation inside the data.
In conclusion, this book will give you more knowledge with easy wording to understand. He also put less statistical calculation and focuses more on explaining how to manage organization.
PS: If you believe in capitalism, you will have a hard time reading it, but overall his idea is great.

Edwards Deming,
Great ideas represented in this book, but lots of repeating of the same. I find this with most American authors. They write good books, easily digestible, but then run in circles, talking about the same stuff on hundreds of pages. Why not write an essay on 20-30 pages. I am willing to pay the same price.
Nevertheless, this book is worth reading.

A must have solid 5 star system
This is a pleasant read and much more fun than you
might think - Don't let the name of this book fool you...

This book is actually a fun read - at least I found
it to be so just because of the fascination of valuable
information ... "page after page after page!"

I first heard of Deming from the studies of Jay Abraham
and now after reading the work of Deming I can see why Jay
took his principles so seriously.

This book is a must have and I give it my highest
recommendations - if you're in business - or if you a manager
within any industry - buy this book with great confidence you
are making an investment in you ... and to the people who
surround you!

Nick Teetzel ... Read more

Product Description
Environmental Economics is the first text to concentrate solely on environmental economics--the problems of earth, air, and water pollution from an economic perspective--with an emphasis on both government regulation and private-sector anti-pollution incentives.

With the assumption that readers already have an understanding of intermediate microeconomics, the book reaches into more detail ontheory and analysis than most other textbooks in this area. Now fully revised in its second edition, Environmental Economics is divided into four primary sections: the first section defines the field of environmental economics in relation to general economics and to ecological and resource economics; the second section is normative, looking at market failure and asks why, even with apparent environmental protection, the market often fails to work properly; the third section is positive, examining government regulation of pollution using the industrial organization literature; and the final section covers more advanced topics, looking at risk, uncertainty, green accounting, international competition and cooperation and development.

Including many international examples, the book places special emphasis on the ways that countries around the world approach and control their own environmental problems. Environmental Economics, Second Edition, is ideal for undergraduate economics courses and beginning graduate courses in environmental management.


New to this Edition
* Utilizes a new structure: the first part is normative, the second part positive
* Provides an updated treatment of valuation and moves it to the first part of the text
* Substantially revises coverage of cost-benefit analysis, property rights, and market failure, resulting in greater clarity
* Includes new chapters on voluntary environmental protection and additional sections on discounting and dynamics
* Offers increased coverage of open access resources and fisheries
* The technical level throughout the text is much more consistent from chapter to chapter ... Read more

Customer Reviews (3)

So So
Purchased for an Eviro Econ Course.Book covers most topics, weak on valuation.Full of typos.Discussion of many topics very convoluted.Not an easy read.

Great introduction to Environmental Economics .
Actual rating - 4.5 stars .

I read this book as a must-read for the Environmental Economics course I had taken in the beginning of the last semester . I think this book is a great choice for students that are interested in this topic . Myself , I didn't know what to expect in the beginning of the course , but it turned up to be a surprisingly interesting and important issue - with the good help of this book .

I have to say that I've learned a lot from reading this book , and it has been a pleasant experience too . Professor Kolstad has really accomplished a commendable achievement in writing a fluent , methodical , thorough and interesting book about Environmental Economics , nearly everyone who wishes to , can read and understand .

I say it as a student who hasn't read other works on the subject , but nevertheless , feels this book has many pluses as an introduction to this subject :

- The author , in spite of announcing it is a book for persons that have taken an Intermediate Microeconomics courses , makes far-reaching efforts to explain nearly every statement he proclaimed . This is a good feature students can use for reviewing forgotten material , deleting the need to use more fundamental books for understanding .

- Significant number of chapters includes a small use of mathematic tools . This fact is of considerable help for the layman , who is interested in expending horizons and lacks the necessary mathematical skills .

I believe the following points characterize many tutorials , but it's important to note them anyway;

- Every figure the author uses is accompanied with detailed explanations that enhance the reader's ability to understand the sketch and the whole subject while at it .

- Every chapter includes an introduction and a summery . The first connects the chapter to the previous one , and assists in grasping the place it takes in the big picture of things , while the second one summarize the major issues dealt with . This functions organize the material and construct an understandable structure of knowledge .

- One last thing , that consists an advantage constructed with disadvantage is the appearance of questions and problems in the end of each chapter , in the obvious order to help you check out your understanding , but with the irritating absence of answers and solutions (!) . What's the point in composing personal examinations without any achievable , certified solutions ? How can I know I am right ? I recommend authors to annex a booklet/extra pages with the correct answers , along with a full description of the way to the solution plus explanations - if you include such a tutorial tool in your book - do it right .

Excluding the last disadvantage , I'm most pleased with this book , and would recommend it for anyone who is interested in environment and its protection problems

complete and comprenhensive
This book is more than a simple overview of the wide environmental economics world, since it embraces the subject in a clear, comprenhensive but in-depth enough to get a very good picture of it. ... Read more

Product Description
Thomas and Maurice’s Managerial Economics teaches students how to use microeconomic theory to analyze business decisions.In a clear and engaging writing style, Christopher Thomas carries on the tradition he and Charles Maurice shepherded for eight previous editions in the 9th edition.The 9th Edition explores the current market forces that create both opportunities and constraints for business enterprises.The book has enjoyed success in part because of its mid-level of rigor, clarity of presentation, and end-of-chapter material. ... Read more

Customer Reviews (10)

BUS 640 Economics
This book is in good shape and arrived in a fast manner.That said, however, as a textbook, I am not all the impressed.Nothing bad about the sale of the book.

One of the worst text books I've ever used
This book is horrible and I plan to complain to my university about it when we evaluate the class. It is supposed to make Economics easier however in most cases it rambles on unnecessarily to the point where you aren't sure if you get the concept after all.

Good product
The book was new, U. S. version as described and came in a reasonably short period of time.

textbook
The textbook appears to be fine.I received it promptly and in good condition.I did not have any problems with ordering, paying or receiving it.I was interested in getting the CD with the book. I'd love to get a textbook on CD read by the author so that I could listen to each chapter while driving.That would helpbefore sitting down to read.This CD is not that.

Great Book
Easy to go through the content.
organized very well

Got the best deal on the new book here on Amazon, way cheaper than my college book store ... Read more

Product Description
This classic book offers a broad sweep of economic history from prehistoric times to the present and explores the disparity of wealth among nations. Now in its fourth edition, A Concise Economic History of the World has been updated to reflect the stunning changes in the world economy since 1989. Truly a definitive history of globalization, the new edition has been expanded to include coverage of the most recent developments in the European Union, East Asia, and, in general, transition economies. Comprehensive and global in scope, this concise text features ample illustrations and a fully updated annotated bibliography that guides readers to the relevant scholarly literature. Now available in eleven languages, including Spanish (second edition), French, German (two volumes), Polish, and Chinese, this unique work remains an invaluable, lively, and accessible text for both undergraduate and graduate students of European economic history, the history of globalization, and world development. ... Read more

Customer Reviews (7)

Simple history lacking theory
This book is too elementary, in terms of economic history, for even an intro level undergraduate book on the subject. For a better introduction see Braudel's "Wheels of Commerce". In addition, it lacks any discussion of theory(ies) or presentations thereof as to what drives growth and why it has occured in some areas and not others. After all, is this not the purpose of studying economic history?

Adequate but roundly lacking work
If one looks to today's world he overarching political and economic structure is that of westernized globalization.It seems that most political movements are either for globalization who to varying degrees either against or promoting the slowing of its effects.How does this relate to the world we have seen previously in the world?

Cameron and Neal hope to give a complete history of the trends and stages of the world economy from the first humans to today's world (circa 2001) and cram it into fewer than 500 pages.In this fourth edition of their 1989 original, they have produced an adequate work.They take surprising stands on certain issues, like the Industrial Revolution while not accounting for some recent scholarship on effects of neo-liberal globalization.

Their thesis of the logistic (the S shaped growth curve of biology) to help explain periods of European growth may help to enlighten some trends in world economic history. The first logistic happens in the early fourteenth century; while the second takes place in the seventeenth century.After the logistic the "life for ordinary men and women were becoming increasingly difficult in the decelerating phases" (p. 17).Cameron and Neal place the third logistic in the first part of the nineteenth century.

As the nineteenth century is considered the beginning of "modern industry," the effects of the "industrial revolution" have become a major determinant of modern growth.Yet, Cameron and Neal call this a misnomer.The growth of population and agricultural efficiency in the period can help to explain the third logistic.Therefore for Cameron and Neal the Industrial Revolution was no revolution.One can look to Marx' description of what we think of as revolution: it is only the big bang at the end of real social revolution.Is it not possible that the industrial revolution was a revolution; just due to a dearth of ready capital there was no big bang but a steady growth of investment into the world of iron and coal?

The spend time discussing the revolutions of 1989 as the prelude to the more modern era of both economics and politics.The year 2001 is declared a watershed, as we will view the successes and failures of globalization.Here they follow neo-liberal party line.Let's quote Adam Smith about growth but ignore his portions of the Wealth of Nations regarding equality.

At no point in the work do I recall the terms "equality," "inequality," "Gini coefficient," or "Lorenz Curve;" and, none of these terms appear in the index.(Stolper-Samuelson and Hecksher-Ohlin are equally shirked). The fact is they turn blinders to the growing inequality found at stages of globalization of the economy, neither mentioning the scholarship nor even attempting to excuse the matter.

While the actual trends of inequality in today's globalization may not have been readily available in 2001, there were those who had not drank the neo-liberal Kool Aid and were already challenging some of the assumptions.Jefferey Williamson's 1997 paper "Globalization and Inequality, Past and Present" shows that while there was overall growth in the world economy's first major globalization from 1890-1914, the fruits were seldom shared by the working class.This is the dirty little secret of globalization, which is invariably ignored by Cameron and Neal.Perhaps they can use the excuse they only had 500 pages to tell the history of the economic world.

I am going to give this book two stars.I see no reason to read it if it were not assigned for a class.Yet, if it assigned it will be one of the easier economic textbooks to read which you'll ever be assigned.

Excellent Work
This is one of the best works by Neal.While yes it is heavy on Europe, the explanations of Egypt and China are exceptional.

A sure buy is you want to study the topic better.

Not Bad
The title of this book should read "An Economic History of Europe," because 90% of the material focuses on the economic development of Europe.This is understandable considering that the industrial revolution first occured in Europe, and pulsated outwards.However, the amount of time given towards explaining the economies of the middle east, Asia, Oceania, Australasia, Africa, Latin America, and even the USA are so minute that the title is decieving and for all intensive purposes incorrect.

Nevertheless, the book is quite interesting, as it progresses from the dawn of human civilization with very concise and brief summaries well in to the twentieth century becoming more desciptive and detailed.If you are interested in how the world economy arrived to its current level, then I would suggest that this book is a good read and worth your while.Since this edition was published in 1997, it is excusable for the author to omit the economic consequences of the Euro, the rise of China and the rest of Asia, and the economic implications of Septemer 11.The author also refuses to offer his speculative view on the future of the world economies, thereby leaving the reader to do his or her on guess work.Although the introduction of the book, on the current inequality of world economies, is quite interesting, it is not elaborated upon towards the end of the book, and causes a lack of continuity.If you wish to understand better the world economy, you would be better off reading the encyclopedia, Lonely Planet travel guides, or perhaps even better, (what I have done) which is to travel and see these countries for yourself with your own eyes.

The total economic history of the world in laymans words
Rondo Cameron certainly explains the hold economic history of the world. Rondo takes you from the ages before Christ to the twenthieth century. Why did the Roman Empire went down?, Why Spain was not able to achievehigherlevels of economical well-being despite their big colonies overseas?:Questions like these are answered in Rondo's excellent book. If a man wantsto forsee the future, he has to go back and learn where he comes from.Economics and History were successfully married in the book, so historians,economists and financiers will find it helpfull. ... Read more

Product Description
This book reconsiders the field of health economics as it is traditionally taught and practiced. It critically examines economic theory as applied to the health sector and questions the prevailing belief that a competitive healthcare marketplace results in the best outcomes.

New information, including an overview of standard microeconomic theory, makes this new edition an ideal stand-alone text for health economics and health policy courses.

Expanded and thoroughly updated, this edition features: A new chapter on traditional microeconomic theory that includes an overview of demand, supply, competition, monopoly, and social welfare, an expanded overview of the role of government, added information about market competition and the implications for health policy, expanded information about the demand for health insurance and health services, a new chapter discussing for-profit versus nonprofit organizations in healthcare, including specialty hospitals and the nursing home and pharmaceutical industries, a new chapter on healthcare-workforce issues including the markets for physicians and nurses, an update on the different ways developed countries can and have organized their healthcare systems ... Read more

Customer Reviews (4)

Fast service/ good customer care
The book arrived quickly and as promised by seller. The book was assigned by professor who changed his mind. I returned the book and had no problem getting my account credited.
Good customer service.

Fair analysis
Rice strikes the critical balance between review, criticism and prescription of important topics in health care economics.For example, in chapter 5 he refers to the major contributions of libertarian (Nozick) utilitarian and normative (Rawls) thinkers on the question of health equality and health resource allocation.His prescription is relatively egalitarian, but he offers a thorough discussion of alternative ideas.His review of the details of health economics (and the unique challenges that health poses to anyone interested in treating it as a commodity) are insightful.An excellent reader for anyone interested in reconsidering the market model of health care.

Superb analysis
Dr. Rice's book is an outstanding analysis of the realities that exist within our competitive market economy.Other reviewers of this text have failed to comprehend the complexities inherent in health care and health economics.The competitive market economy in many instances works in opposition to issues of health, as Dr. Rice eloquently points out throughout his book, explaining many of the health policy dilemmas that our society is currently confronted with .

Fried Rice
Rice's primary purpose of this short book appears to be to counter Paul Feldstein's Health Care Economics text. Mr. Rice must have spent all weekend writing this disappointing book, which meanders through the whole spectrum of health care socialism. ... Read more

Product Description
Discover the importance of economics in today's news and even everyday personal life as this book's unique, issues-oriented approach delves into engaging areas of interest. Moomaw/Olson/Applegate/McLean's ECONOMICS AND CONTEMPORARY ISSUES, 8E examines major economic issues related to education, health care, Social Security, unemployment, inflation, and international trade. This edition also examines social and political phenomena throughout the world, such as the collapse of communism and central planning, the role of government in today's economy as well as crime and poverty. The authors clearly connect today's issues to key economic principles and applications with captivating insights and a solid international perspective. Useful online study tools and an inviting writing style assist the reader today and in the future job market. ... Read more

Customer Reviews (3)

Economics and Contemporary Issues
Since I took this as an online coarse and the professor didn't do any teaching, this book and the EOC questions was the only means for learning this material.The info is easy to understand and uses the Supply & Demand theory greatly to explain many current economic conditions.

Economics and Contemporary Issues
Great service, quick shipping.Helped me out of a jam at school.Thanks again!

Good student introduction to politics & economic reasoning.
Ideal as a suplement for undergraduate economics courses, or as a principal text for a course focused on economics and politcal/ethical reasoning.Shows the flexibility of resoning with economics, which is, for better or worse, the basic "grammar" of contemporary policy debate.Also shows that the political implications of such reasoning are not always easy to predetermine on a liberal/conservative axis. The analysis of economic efficiency, for example, does not preclude one from examining distributional consequences or questions of fairness ... Read more

Product Description
With its roots in history and eyes on the future, this book traces the development of our economic society from the Middle Ages to the present, offering a balanced perspective of why our economy is the way it is and where it may be headed. It explores the catalytic role past economic trends and dynamics–particularly capitalism–have played in creating the present challenges we face, and offers suggestions on how we may deal with them most effectively in the future. Chapter topics include the economic problem, the premarket economy, the emergence of market society, the industrial revolution, the great depression, the rise of the public sector, modern capitalism emerges in Europe, the golden age of capitalism, the rise and fall of socialism, the globalization of economic life, and why some nations remain poor. For individuals interested in the economic history of the U.S. ... Read more

Customer Reviews (10)

I'm sure there are better books elsewhere
The book provided a fairly decent foundation for the concepts it presents, though I feel as though it does so in an overly wordy and diffuse manner. The authors frequently make sweeping statements about a general topic with little to no evidence; indeed, little to no evidence even exists for some of the generalizations made. Similarly, the authors frequently pose what appears to be a significant question at the beginning of a section and then do little to answer it, instead jumping from topic to topic as if to say "look how much stuff we know!" I know I have a bias in coming from the physical sciences, but I believe students and instructors can find a clearer and more concise overview of the material in another book.

A balanced introduction to economic history
Content Summary:Heilbroner's introductory text "The Making of Economic Society", reviews the development of economics from the Middle Ages of Feudal Europe through the height of the industrial revolution and to the present day information age.Intended for introductory economics students, it could also be enjoyed by the casual or curious reader who wanted to review basic economic history and theory.

Analytical Review:Heilbroner's style is very accessible. This is a readable book.You don't have to be an economist find something interesting in it.I found Heilbroner to take a fairly balanced view of the merits of capitalism and Adam Smith (which he clearly favors), but also an appreciative view of the Marxist spirit of equality.Heilbroner's book is concise without sacrificing thought-provoking questions and content.

Capitalism works, just not too well in the US
I've read several of Robert Heilbroner's books and this one had some real pearls of wisdom. It starts slow going all the way back to the 1400's but he gets into somegreat economic theory towards the late 1800's. His perspective of the "robber barons" was interesting.The last chapter is a gem in his analysis of why capitalism works but not too well in the US. In summary, this book (written a long time ago in the early 60's) is a great compliment to a Thomas Sowell.

no title
This book was a perfect price! Much cheaper than anywhere else. Also, the book came right on time! It even arrived before the date I was given. So, I was completely satisfied!

boring for those who dont study this suject normaly
the book is a uninteresting read for those who dont study this subject but it is also a good beginners book for those who will study the subject... ... Read more

Product Description
Continuing his groundbreaking analysis of economic structures, Douglass North develops an analytical framework for explaining the ways in which institutions and institutional change affect the performance of economies, both at a given time and over time. Institutions exist, he argues, due to the uncertainties involved in human interaction; they are the constraints devised to structure that interaction. Yet, institutions vary widely in their consequences for economic performance; some economies develop institutions that produce growth and development, while others develop institutions that produce stagnation.North first explores the nature of institutions and explains the role of transaction and production costs in their development. The second part of the book deals with institutional change. Institutions create the incentive structure in an economy, and organizations will be created to take advantage of the opportunities provided within a given institutional framework. North argues that the kinds of skills and knowledge fostered by the structure of an economy will shape the direction of change and gradually alter the institutional framework. He then explains how institutional development may lead to a path-dependent pattern of development. In the final part of the book, North explains the implications of this analysis for economic theory and economic history. He indicates how institutional analysis must be incorporated into neo-classical theory and explores the potential for the construction of a dynamic theory of long-term economic change.Douglass C. North is Director of the Center of Political Economy and Professor of Economics and History at Washington University in St. Louis.He is a past president of the Economic History Association and Western Economics Association and a Fellow, American Academy of Arts and Sciences.He has written over sixty articles for a variety of journals and is the author of The Rise of the Western World: A New Economic History (CUP, 1973, with R.P. Thomas) and Structure and Change in Economic History (Norton, 1981).Professor North is included in Great Economists Since Keynes edited by M. Blaug (CUP, 1988 paperback ed.) ... Read more

Customer Reviews (12)

Economics goes back to common sense and history
This is the great founding book in systematic and specific study of institutions as a determinant factor in the economic performance of a nation (or any other kind of polity). The author is a Nobel prize winner, and his book is characterized by an economy of words, as well as precission and clarity in his thought. Although it would seem obvious that institutions play a decisive role in economic performance, it hasn't been the case along the history of economic thinking. North begins by criticizing the cold and abstract Neo-Classical model, a la Robert Solow. Yes in fact, output is the result of the conjunction between capital and labor, plus the further addition of knowledge (technology) to the equation Q = K x L x (e). But this model is really effective only under the assumption of open and competitive markets, perfect and equally accessible information, and zero transaction costs. We know the real world is not like that. We now know also that "rational choice behavior" is neither absolute nor unanimous, and that each "actor" defines the "rationality" of his choices according to his view of the world and himself.

There are two kinds of institutions: formal (laws, codes, public policy, business policy, etc.), and informal (traditons, religions, modes of organization, family and social habits). Both are equally important, for they determine the rules of the game. In turn, rules determine what kind of knowledge is worth acquiring, what activities are profitable, and how to relate to others, which, in turn, determines economic performance. An innovation-rewarding society will tend to be technologically advanced, whereas a conformity-rewarding society will stagnate. Another important statement of the book is that institutions change in a marginal and incremental way. Even after revolutions and radical changes in political regimes, informal institutions tend to persist and in any case they change very slowly. North uses the example of the Russian Revolution: even though it is most likely the most radical and sudden social change ever experienced, there is still much of Tsarist Russia in its contemporary society, after the Soviet regime came and left. Tocqueville made the same observation about the French Revolution in his masterful "The Ancient Regime and Revolution": France ended up with an Emperor and several kings after the republican bloodshed and well into the XIXth Century, and social change came about slowly.

By generating winners and losers, institutions create "path dependence". Even when it is clear that change is needed, those who profit from the status quo (the rich and powerful), will stop or obstruct change. North puts forth the case of the Americas, the Anglosaxon and the Hispanic, to illustrate how, in spite of the fact that many Latin American nations practically copied the American Constitution after achieving independence, the heritage of the decadent and stagnant Spain persists to this day in their instititutions.

This is easily one of the most relevant books to read when trying to understand the world's economy (crisis and all). As a further example, although it looks like China has changed overnight, it is most likely that's not the case in institutional terms, and soon China will face the dead weight of its culture versus economic progress. Change does happen, and there may be some kickstarters, but in the long run institutions change in an incremental and slow way.

Realistic and Relevant
These are strange times in the economics profession. Most economists insist upon representing actual economic systems with mathematical models that bear little resemblance to reality. The results of these models are often quite strange. Government deficits are offset by taxpayers who save more money in anticipation of higher future taxes. Monetary policy is neutral; it has no real predictable effects. We are in equilibrium in every phase of the business cycle. Investors might as well pick stocks by throwing darts. Economic analysis is judged by its formalism, not its realism.

This book by Douglass North is a refreshing change from `economics as usual'. Here the factors that matter most are real institutions and actual history. North draws upon the right kind sources for his theoretical underpinnings (Coase, Hayek, Ostrom, Olson, Veblen- yes Veblen too). North also focuses on an issue of primary importance- economic performance through time. How does economic development happen? Why does it happen in some nations and not others?

There are some important ideas here. We need to think in terms of adaptive efficency (p80-81). Incremental changes in institutions comes from entrepreneurs (p8). We should understand institutional change in terms of transaction costs, relative prices, and ideology (p86). North has constructed a theory of institutional change using a blend of common sense and subtlety that is rare in modern economics. This book should be required reading for all econ grad students.

There are some historical examples sprinkled through this book. Personally, I would have liked to see more history. But it is still the case that there is more history here than one typically finds in contemporary economics. Institutions, Institutional Change, and Economic performance is not easy reading, but it is easier to read and vastly more informative than the math models that most economists try to pass off as proper economic analysis.

Economic excellence
This is a really good and insightful book for anyone interested in economics, especially as it relates to determining factors in economic growth. In about 150 pages, North presents an interesting and thought provoking theory of economic growth.

The Perfect Introduction to "New Institutional Econonomics"
Douglass North is an excellent writer, and this book is the amazing culmination of a lifetime's work in the area known as New Institutional Economics.This school or tradition is concerned with the role institutions play in the functioning of economies, and in particular, how they influence economic performance.Institutions are defined as rules or constraints, both informal (social conventions, habits, norms, etc.) and formal (legal rules and regulation), on human behavior.Rules, however, only provide the framework for action, and it is here where Douglass North brings in "organizations", which are responsible for determining the ways in which those "rules" become articulated, accepted (internalized) and enforced.

A lot is covered in this book, but some general themes and arguments can be gleaned from the very short and immensely accessible number of pages.Perhaps most importantly, North argues in this book that conventional concepts like economic efficiency, cooperation, perfectly defined and costlessly enforced property rights, "frictionless exchange", costless information, and economic rationalism are by no means "given" in the standard economic modeling framework.These all depend on the "stability" of the institutions that exist in society.Stability, in turn, also depends on the ability of the agents responsible for measurement and enforcement to reduce transaction costs so that economic performance can be improved.This itself is by no means "given", because the State (the agent commonly assigned the task of enforcement) typically acts in ways that make property rights less secure, and hence raises transaction costs.

If all of this sounds interesting, then Douglass North's book is perhaps the best source to consult on these matters.His prose is eminently readable, and he is a pleasure to follow as he tells his story in fascinating detail.I have explored other books that deal with similar topics, but I still regard this book as the most edifying.

Not enough economics for someone interested in economics; not captivating enough for anyone
As a fan of the economic focus on institutions, I was excited to read one of Douglass North's books. North is the founder of this school, it would seem, and won a Nobel for it.

Unfortunately, North's book hasn't enough mathematics to satisfy those with a quantitative bent, nor enough elegance to captivate anyone. I had to put it down after 80 pages (of 140 or so). I haven't felt like precious moments of my life were being lost so viciously since I last hurled Cryptonomicon across the room. I'm told that I should read North's papers rather than his books; this seems wise.

If you want to read books that refocus economics on institutions, I'd strongly suggest starting with Bowles's "Microeconomics: Behavior, Institutions, and Evolution." It's the best synthesis of the subject that I've seen, bringing in threads from evolutionary game theory and probably every major economist from the last 75 years. ... Read more

Product Description

This best-seller examines health care economics through core economic themes rather than concepts unique to the health care economy. The Sixth Edition updates content to reflect the major changes in the health policy arena.

Customer Reviews (6)

Great Book.Great Price!
Good book to develop the conceptual understanding of how health can be viewed as a product of both individual production and individual consumption.

A good book for starters but missing some chapters
This is a good book to introduce you with the basic concepts of health economics.The text is heavily reliant on microeconomics, and though it gives some overview in the first two chapters it really helps to understand basic micro before reading this book.Overall, a good book, but a bit outdated.With the latest developments in health care reform you may want to purchase the newer version.

Just as promised
The book came in great condition and arrived a few days after I ordered it. I would definitely order from this seller again.

Helpful to a point
It could have been because my teacher asked us very ambiguous questions, but this book was not very helpful when trying to apply its basic examples to broader concepts. It spent too little time on important topics (how doctors and hospitals force a nursing shortage, etc.) and too much time on special topics. I'd recommend purchasing the old version over the newer version though. It's just the same.

Health Care Economics
Book was received on time in great condition. I will definitely use this seller again. ... Read more

Product Description

Still Keeping it Real and More Accessible Than Ever!

Hubbard & O'Brien keeps it real in the third edition with updated examples, data, and end-of-chapter problems, providing the most up-to-date discussion on the recession/financial crisis and the monetary and fiscal policy response.

Hubbard & O'Brien is the only book that motivates students to learn economics through real business examples.

The #1 question students of economics ask themselves is:  "Why am I here, and will I ever use this?"  Hubbard/O'Brien answer this question by demonstrating that real businesses use economics to make real decisions daily.  This is motivating to all students, whether they are business majors or not.  All students can relate to businesses they encounter in their everyday lives.  Whether they open an art studio, do social work, trade on Wall Street, work for the government, or bartend at the local pub, students will benefit from understanding the economic forces behind their work.

The book motivates users by demonstrating how real businesses use economics to make real decisions on a daily basis.  Covers the different Market Structures in an intuitive fashion so that readers of all backgrounds and fields can grasp the importance and flow of these concepts.  Chapter opening cases, examples and figures motivate the economic principles covered, while Solved Problems provide models of how to solve an econommic problem - keeping readers focused on the main ideas of each chapter, and preventing them from getting bogged down due to a lack of basic math or "word problem" skills.

Customer Reviews (6)

Useful book, though definitely pro-free market
If you're looking to learn the basics of economics, this is a very good book. Having said that, the book is written by a well-known defender of the free market, so one can detect the pro-capitalist bias throughout the book. Also, if you're interested in lifting weights, you can do that too with this book. It's huge!

Wrong book
My school told me to buy the wrong book. Not really the sellers fault. It took a little bit for my book to arrive, but I sent it back right away and the refund was prompt.

Great
Ahh this book has come very much in handy this semester, my professor doesn't always go into the very very deep details, but luckily I have this to fall back on, and its great! I recieved it very quickly, very good service on the seller's part.

perfectly satisfied
i needed this book for my economics class, but i didn't want to spend $208 at the bookstore. great choice. shipment came on time. book in good condition. came with some unwanted post-it notes, but who cares?!

Great book
Easy to understand but still delves into complex concepts. I loved the examples that the author uses, so the point where sometimes when studying I would get distracted by anecdotes and start reading all the way through totally engrossed. It is very interesting. ...Too bad I screwed up the class anyways... took too many courses. ... Read more

Product Description

Customer Reviews (6)

in great condition!
The product arrived in great condition--as stated in its description. It also arrived on time with no problems! I would certainly purchase from this seller again.

Excellent Book
I was interested in better understanding the complex issues regarding healthcare reform.This book fullfilled this role and provided me with a clear understanding of the overall healthcare economy.The author does an excellent job integrating published economic research into a thorough unbiased summary of healthcare economics.The book provides numerous references.I recommend this book to all.A prior understanding of basic microeconomics is desirable but not necessary for understanding this book.

Wonderfully written textbook
This textbook is a wonderfully written introduction to health care economics.It takes complex issues and presents them in a somewhat simplified manner while not losing the quality of the information.

first to take into hand
The coverage of this book is as comprehensive as there is no need to hold any similar book describing the health economics on the whole. The pollicy description is mainly US focused and less stress has been put on the international perspective. Nonetheless, Phelps' Health economics is for me the first to take into hand when preparing slights, talks or just looking for simple answer. Ales Tichopad (CEEOR - Central and Eastern Europe Outcomes Research)

Comprehensive Undergraduate Health Economics Book
I am completing my final semester in the Economics Department at the University of Rochester.Looking back over all of the books that I have read as an undergraduate student, this book ranks among the top three (including books from other disciplines).Dr. Phelps offers a balanced perspective on a broad selection of health-related issues.Furthermore, he constantly backs up his analysis with insightful studies and statistics.Regardless of the quality of your professor, after reading this book, you will feel knowledgeable (from an economic perspective and more) about the issues facing our health care system (and to a certain extent, even those of other countries). ... Read more