Murray Milgate

Allocation, information and markets

Efficient allocation, S.Reiter adverse selection, C.Wilson asymmetric information, A.Postlewaite auctions, V.L.Smith bidding, R.Wilson the coase theorem, R.D.Cooter decentralization, E.Malivaud economic organization and transaction costs, S.NM.S.Cheung exchange, R.Wilson experimental methods in economics, V.L.Smith externalities, J.J.Laffont fraud, E.Karni hidden actions, moral hazard and contract theory, R.Guesnerie implicit contracts, C.Azariadis incentive compatibility, J.O.Ledyard incentive contracts, E.P.Lazear incomplete contracts, O.Hart incomplete markets, C.Wilson market failure, J.O.Ledyard mechanism design, R.B.Myerson moral hazard, Y.Kotowitz natural selection and evolution, S.G.Winter organization theory, T.Marschak perfectly and imperfectly competitive markets, J.Roberts principal and agent, J.E.Stiglitz public goods, A.Sandmo revelation of preferences, J.J.Laffont search theory, P.Diamond signalling J.G.Riley teams, R.Radner.

Utility and probability

Acyclicity, Douglas Blair Allais paradox, Maurice Allais Thomas Bayes, D.V.Lindley Daniel Bernoulli, S.L.Zabell bounded rationality, Herbert A.Simon certainty equivalent, Xavier Freixas contingent commodities, Zvi Safra economic theory and the hypothesis of rationality, Kenneth J.Arrow Francis Ysidro Edgeworth, Peter Newman expected utility and mathematical expectation, David Schmeidler & Peter Wakker expected utility hypothesis, Mark J.Machina Bruno de Finetti, Giancarlo Gandolfo Hermann Heinrich Gossen, Jurg Niehans impatience, Larry G.Epstein induction, Paul W.Humphreys interdependent preferences, Peter C.Fishburn interpersonal utility comparisons, John C.Harsanyi lexicographic orderings, C.Blackorby Myopic decision rules, Mordecai Kurz orderings, C.Blackorby perfect foresight, Margaret Bray preferences, George Henrik von Wright preference reversals, Edi Karni preordering, C.Blackorby probability, Ian Hacking psychology and economics, Charles R.Plott Frank Plumpton Ramsey, Peter Newman rational behaviour, Amartya Sen representation of preferences, Peter C.Fishburn risk, Mark J.Machina and Michael Rothschild Leonard J.Savage, I.Richard Savage state-dependent preferences, Edi Karni state preference approach, H.M.Polemarchakis stochastic dominance, Haim Levy subjective probability, I.J.Good time preference, Wayne Shafer uncertainty, Peter J.Hammond utility, R.D.Collison Black utility theory and decision theory, Peter C.Fishburn.

The Fall and Rise of Keynesian Economics

During the 1970s, when doctrines like monetarism and new classical macroeconomics ushered in an era of neoliberal economic policymaking, Keynesian economics was pushed aside. It was almost forgotten that when Keynesian thinking had dominated economic policymaking in the middle decades of the twentieth century, it had underwritten postwar economic reconstruction in both Europe and Japan, and was largely responsible for the unprecedented prosperity and stable growth of the 1950s and 1960s. The global financial crisis and recession changed all that. Influential voices in progressive economics circles began to remind us how useful Keynesian ways of thinking could be again, especially in assisting us to come to terms with our economic predicaments. When politicians across the globe were confronted with economic crisis, almost by accident they introduced pragmatic and workable measures that bore all the hallmarks of Keynesianism. This book is about this fall and rise of Keynesian economics. Eatwell and Milgate range widely across the landscape that defines their subject matter. They consider how powerful Keynesian ideas can be when applied to our past and present economic problems. They show how helpful these ideas are in explaining why we came to find ourselves in the mess we are in. They examine where and how the analytical and methodological foundations of conventional macroeconomic wisdom went wrong. They set out a blueprint for an alternative that provides a clearer, more consistent, and more applicable approach to understanding how markets work. They also highlight the interpretive shortcomings that have come to characterize Keynes scholarship itself. They do all of this within the context of a provocative reconsideration of some of the most pressing economic problems that confront financial markets and the global economy today. Available in OSO:

Time series and statistics

Statistical Inference in Time Series P.Whittle - ARIMA Models A.C.Harvey - Autoregressive and Moving Average Time Series Models M.Nerlove & F.X.Diebold - Bayesian Inference A.Zellner - Continuous and Discrete Time Models C.A.Sims - Edgeworth as a Statistician S.M.Stigler - Ergodic Theory W.Parry - Estimation M.Nerlove & F.X.Diebold - Factor Analysis I.Adelman - Ronald Aylmer Fisher A.W.F.Edwards - Forecasting C.W.J.Granger - Heteroskedasticity J.Kmenta - H.Hotelling K.J.Arrow - Hypothesis Testing G.C.Chow - Least Squares H.White - Likelihood A.W.F.Edwards - Martingales A.F.Karr - Maximum Likelihood R.L.Basmann - Meaningfulness and Invariance L.Narens & R.Duncan Luce - Mean Value S.H.Chew - Measurement R.Duncan Luce & L.Narens - Monte Carlo Methods J.G.Cragg - Multivariate Time Series Models C.A.Sims - Non-parametric Statistical Methods J.L.Gastwirth - Outliers W.S.Krasker - Prediction P.Whittle - Principal Components T.Kloek - Randomization J.O.Berger - Random Variables I.R.Savage - Regression and Correlation Analysis D.V.Lindley - Residuals F.J.Anscombe - Semiparametric Estimation S.R.Cosslett - Sequential Analysis J.O.Berger - Eugen Slutsky G.Gandolfo - Spectral Analysis C.W.Granger - Spline Functions D.J.Poirier - Stationary Time Series E.J.Hannan - Statistical Decision Theory J.O.Berger - Statistical Inference D.V.Lindley - Time Series Analysis M.Nerlove & F.X.Diebold - Transformation of Statistical Variables D.R.Cox - Abraham Wald E.R.Weintraub - Weiner Process A.G.Malliaris

Problems of the planned economy

Perestroika A.Aganbegyan - Socialist Planning M.Ellman - Chinas Economic Reforms P.Nolan - Nikolai Ivanovich Bukharin D.J.Harris - Central Planning T.Kowalik - Colbertism D.C.Coleman - Collective Agriculture P.Nolan - Command Economy G.Grossman - Control and Coordination of Economic Activity B.Martos - Convergence Hypothesis P.J.D.Wiles - Corporatism J.Halevi - Cycles in Socialist Economies D.M.Nuti - East-West Economic Relations M.Lavigne - Economic Calculation in Socialist Economies M.Ellman - Fascism W-D.Classen - Grigorii Alexandrovic Feldman M.Ellman - Investment Planning J.Halevi - Leonid Vitalievich Kantorovich V.Makarov - Labour-managed Economies B.Horvat - Oskar Lange T.Kowalik - Lange-Lerner Mechanism T.Kowalik - Vladimir Ilyich Lenin M.Desai - Abba Ptachya Lerner T.Scitovsky - Mao Zedong P.Nolan - Market Socialism W.Brus - Material Balances G.Grossman - Vasily Sergeevich Nemchinov M.C.Kaser - Viktor Valentinovich Novozhilov H.Hunter & R.W.Campbell - Planned Economy A.Nove - Planning R.Vohra - Evgenii Alexeyevich Preobrazhensky M.Ellman - Prices and Quantities A.Brody - Socialism A.Nove - Josif Vissarionovich Stalin M.Ellman - Stanislav Gustavovich Strumilin M.C.Kaser - Lev Davidovich Trotsky R.B.Day - Nikolai Alekseevich Voznesensky M.C.Kaser

The invisible hand

Adam Smith A.S.Skinner - Anarchism G.Woodcock - Claude Fr d ric Bastiat R.F.H bert - Jeremy Bentham R.Harrison - Collective Action M.Olson - Common Law P.S.Atiyah - Constitutional Economics J.M.Buchanan - Economic Freedom A.Peacock - Economic Harmony I.M.Kirzner - Economic Laws S.Zamagni - Equilibrium: Development of the Concept M.Milgate - Adam Ferguson N.Phillipson - William Godwin P.Marshall - Friedrich August von Hayek R.W.Garrison & I.M.Kirzner - Thomas Hobbes C.B.Macpherson - David Hume E.Rotwein - Francis Hutcheson A.S.Skinner - Individualism C.B.Macpherson - Interests A.O.Hirschman - Invisible Hand K.I.Vaughn - Law and Economics D.Friedman - Liberalism R.Dahrendorf - Liberty A.Ryan - John Locke K.I.Vaughn - Bernard de Mandeville N.Rosenberg - John Stuart Mill A.Ryan - John Millar N.Phillipson - Moral Philosophy R.S.Downie - Natural Law N.E.Simmonds - Property A.Ryan - Property Rights A.A.Alchian - Scottish Enlightenment J.Robertson - Self-interest D.H.Monro - Social Cost J.de V.Graaf - Utilitarianism C.Welch - Utopias G.Claeys - Contributors

The figure of Smith: Dugald Stewart and the propagation of Smithian economics

Despite the persistence of interpretive differences over the substance of Adam Smiths economic and political writings, in the last two decades historians of economic and political thought have done much to establish distinctions between the figure of Smith and the original subject. This paper examines a subset of issues surrounding what we call the Transmission questionnamely, the process which led to the forging of the figure of Smith as the apostle of economic liberalism that he is widely, if not universally, thought to have been. It is not primarily concerned with what Smith actually said but rather with the figure of Smith; with how and why it came to acquire some of its most characteristic feathers under the direction of Dugald Stewart.

Economic theory and European society: The influence of J.M. Keynes∗

Abstract The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. 1 1. J.M. Keynes, The General Theory of Employment, Interest and Money (London: Macmillan, 1936), p. 383. We have changed, by insensible degrees, our philosophy of economic life, our notions of what is reasonable and what is tolerable; and we have done this without changing our technique or our copybook maxims. Hence our tears and troubles. 2 2. J.M. Keynes, Essays in Persuasion (London: Macmillan, 1931), pp. 337–338.