Neoclassical Finance (Princeton Lectures in Finance)
Average customer rating: 3 out of 5 stars
  • What!?
  • Excellent riposte to the behavioralists
Neoclassical Finance (Princeton Lectures in Finance)
Stephen A. Ross
Manufacturer: Princeton University Press
ProductGroup: Book
Binding: Hardcover

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ASIN: 0691121389

Book Description

Neoclassical Finance provides a concise and powerful account of the underlying principles of modern finance, drawing on a generation of theoretical and empirical advances in the field. Stephen Ross developed the no arbitrage principle, tying asset pricing to the simple proposition that there are no free lunches in financial markets, and jointly with John Cox he developed the related concept of risk-neutral pricing. In this book Ross makes a strong case that these concepts are the fundamental pillars of modern finance and, in particular, of market efficiency. In an efficient market prices reflect the information possessed by the market and, as a consequence, trading schemes using commonly available information to beat the market are doomed to fail.

By stark contrast, the currently popular stance offered by behavioral finance, fueled by a number of apparent anomalies in the financial markets, regards market prices as subject to the psychological whims of investors. But without any appeal to psychology, Ross shows that neoclassical theory provides a simple and rich explanation that resolves many of the anomalies on which behavioral finance has been fixated.

Based on the inaugural Princeton Lectures in Finance, sponsored by the Bendheim Center for Finance of Princeton University, this elegant book represents a major contribution to the ongoing debate on market efficiency, and serves as a useful primer on the fundamentals of finance for both scholars and practitioners.

Customer Reviews:

1 out of 5 stars What!?.......2006-01-04

"Neo-classical finance" is an impossibility. Money/liquidity cannot be built into neo-classical economic theory. Radner noted this over thirty years ago. He speculated that money/liquidity arises from uncertainty and/or from computational limitations (correctly stated, from lack of computability of neo-classical equilbria, which Lewis later studied). Why would anyone with empirical background write a book that has no application whatsoever to empirical data: the neo-classical model has been completely falsified, it does not describe any real market, much less financial markets. As I have explained in writings and in economics colloquia and conferences, neo-classical economics is not science, neo-classical economics is mathematized ideology.

5 out of 5 stars Excellent riposte to the behavioralists.......2004-11-20

Why is the market capitalization of an exchange-traded fund so often less than the same fund's net asset value? Isn't this proof that markets aren't rational or efficient? that a more psychological (or "behavioral," in the fashionable term) approach to understanding finance makes more sense that the efficient capital markets hypothesis and its offshoots?

Ross was instrumental in the creation of the ECMH in its current form in the mid 1970s, with his development of the no-arbitrage theory of asset pricing and his formulation, with John Cox, of the idea of risk-neutral pricing. He comes to the defense of that structure of ideas against the behaviorists, and against their use of the valuation issued of closed-end funds in particular as a "poster child."

There aren't many laugh-out-loud moments in books on these subjects, but I for one laughed when I reached a footnote on page 70, which describes one aspect of this controversy as "an interesting example for scientific sociology." I won't explain further, that would be unfair.
The Macroeconomic Debate: Models of the Closed and Open Economy
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    The Macroeconomic Debate: Models of the Closed and Open Economy
    Brian Hillier
    Manufacturer: Blackwell Publishing Limited
    ProductGroup: Book
    Binding: Paperback

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    ASIN: 0631177582

    Book Description

    This textbook, originally published as Macroeconomics: Models, Debates and Developments, enables readers to understand the current debate amongst macroeconomists by examining the major theoretical controversies that have raged in macroeconomics since the publication of Keynes' General Theory.In a clear and concise style, Brian Hillier uses simple macroeconomic models to show how the controversies have led to the development of new ideas and further debate. The key issues fought over today by New Classical, New Keynesian and Monetarist economists are shown to have their roots in the debate between Keynes and the Classics. For this new edition, the author has increased the space given to open economy models to show how the closed economy models developed earlier in the book can be developed earlier in the book can be developed to deal with important open economy issues. Topics covered include Keynes versus the Classics; does fiscal policy really matter?; is there a trade-off between inflation and unemployment?; and can the government maintain the exchange rate without losing control of fiscal and monetary policy?
    Evolutionary Economics: Program and Scope (Recent Economic Thought, Volume 74) (Recent Economic Thought)
    Average customer rating: Not rated
      Evolutionary Economics: Program and Scope (Recent Economic Thought, Volume 74) (Recent Economic Thought)

      Manufacturer: Springer
      ProductGroup: Book
      Binding: Hardcover

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      ASIN: 0792373944

      Book Description

      Evolutionary Economics: Program and Scope offers a fresh look at the paradigmatic foundations and basic theoretical propositions of economics. Twelve authors - each of them with his own distinct contribution to economics - make a step forward by reinterpreting major areas of micro and macroeconomics in line with modern evolutionary thinking. This volume offers a unified approach to economics that allows recent developments in various strands of Evolutionary Economics to be integrated and major positions of Neoclassical Economics to be reconsidered.
      The chapters on `Evolutionary Macro Economics' explore macro areas such as the division of labor and knowledge, technology and institutions, population thinking, meso economics, techno-economic trajectories and industrial sectors. By telescoping structure into time, they highlight the processes of structural change and co-evolution between technologies and institutions, and provide a causal-explanatory core for a modern - evolutionary - theory of economic growth and economic development.
      The chapters on `Evolutionary Micro Economics' offer insights into the knowledge based theories of the firm and take up the issues of cognitive and behavioral routines. The contributions explore the processes of complex human choice, creativity, and adaptation in selective and path-dependent environments. The discussions make an essential contribution to the cognitive and behavioral foundations of a modern institutional economics.
      Shoveling Fuel for a Runaway Train: Errant Economists, Shameful Spenders, and a Plan to Stop them All
      Average customer rating: 4.5 out of 5 stars
      • Slow down that train
      • This book does more harm than good
      • Another important clue in uncovering the world we live in
      • Part I by itself would have earned 5 stars
      • Rampant overspending begins with buying this book
      Shoveling Fuel for a Runaway Train: Errant Economists, Shameful Spenders, and a Plan to Stop them All
      Brian Czech
      Manufacturer: University of California Press
      ProductGroup: Book
      Binding: Paperback

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      Similar Items:
      1. Beyond Growth: The Economics of Sustainable Development Beyond Growth: The Economics of Sustainable Development
      2. The Long Emergency: Surviving the End of Oil, Climate Change, and Other Converging Catastrophes of the Twenty-First Century The Long Emergency: Surviving the End of Oil, Climate Change, and Other Converging Catastrophes of the Twenty-First Century
      3. Ecological Economics: Principles And Applications Ecological Economics: Principles And Applications
      4. Overshoot: The Ecological Basis of Revolutionary Change Overshoot: The Ecological Basis of Revolutionary Change
      5. PowerDown: Options And Actions For A Post-Carbon World PowerDown: Options And Actions For A Post-Carbon World

      ASIN: 0520225147

      Book Description

      Americans have been conditioned to appreciate, cheer, and serve economic growth. Brian Czech argues that, while economic growth was a good thing for much of American history, somewhere along the way it turned bad, depleting resources, polluting the environment, and threatening posterity. Yet growth remains a top priority of the public and polity. In this revolutionary manifesto, Czech knocks economic growth off the pedestal of American ideology. Seeking nothing less than a fundamental change in public opinion, Czech makes a bold plea for castigating society's biggest spenders and sets the stage for the "steady state revolution."
      Czech offers a sophisticated yet accessible critique of the principles of economic growth theory and the fallacious extension of these principles into the "pop economics" of Julian Simon and others. He points with hope to the new discipline of ecological economics, which prescribes the steady state economy as a sustainable alternative to economic growth.
      Czech explores the psychological underpinnings of our consumer culture by synthesizing theories of Charles Darwin, Thorstein Veblen, and Abraham Maslow. Speaking to ordinary American citizens, he urges us to recognize conspicuous consumers for who they are--bad citizens who are liquidating our grandkids' future. Combining insights from economics, psychology, and ecology with a large dose of common sense, Czech drafts a blueprint for a more satisfying and sustainable society. His ideas reach deeply into our everyday lives as he asks us to re-examine our perspectives on everything from our shopping habits to romance.
      From his perspective as a wildlife ecologist, Czech draws revealing parallels between the economy of nature and the human economy. His style is lively, easy to read, humorous, and bound to be controversial. Czech will provoke all of us to ask when we will stop the runaway train of economic growth. His book answers the question, "How do we do it?"

      Customer Reviews:

      5 out of 5 stars Slow down that train.......2005-11-03

      This book is an excellent introduction to the steady state economy. The idea of the steady state economy has been around for decades, but I think it may finally be gaining some traction (note the recent appearance of an article by ecological economist Herman Daly in Scientific American).

      Czech is a lively writer. I especially liked the chapter giving responses to the cornucopian Julian Simon's arguments. Part of the problem I see with modern environmentalism is that it spends nearly all of its time preaching to the converted, with the result that evidence and arguments against truly wrongheaded ideas don't get properly developed. This book takes on the best arguments that the mainstream economists have to offer, and demolishes them. Bravo!

      I appreciated Czech's suggestion to use the phrase "economic bloating" instead of economic growth. Words do count in this kind of high-stakes contest.

      Czech's ideas about using social disapproval to influence the consumption habits of the top 1% of society (the liquidating class) are interesting. I like the fact that it puts the influence of women on public opinion front and center. Whether it will really work or not, I'm not sure, but it might be worth trying.

      Czech talks about investment being bad because it will just waste more. I don't agree with this. I think the problem is that due to the enormous externalities in our economic system, resources are not being allocated correctly. This is what causes the waste, not investment as such. Investment in something that will provide long-lasting benefits or help in the conversion to a steady-state economy is GOOD, not bad. Czech also contrasts "bad" investment with "good" contributions to charity. I think he is correct that charity is more likely to benefit society, but this is not always true. Some charities engage in poorly-thought-out schemes that only encourage population growth beyond what an area can sustain. This helps no one in the long run.

      1 out of 5 stars This book does more harm than good.......2004-10-25

      While the first part of the book provides compelling reasons for re-examining how we view economic policy, you can find all the same arguments better explained within the introduction of Herman Daly's excellent book Beyond Growth. Czech adds nothing to Daly in repeating him, and the second part of Czech's book is dangerous in its ignorance. Czech basically says that the more something costs, the more it wastes; and therefore the best thing to do to stop waste is to villify spending. He gives several extravagant examples of luxury by members of the upper classes as proof that they waste far more per capita than normal people and thus (psychological) class warfare (though he doesn't call it that) is the answer to our environmental problems.

      There are SO many things wrong with this view. First, a $100 bottle of wine doesn't waste any more or less than a $6 bottle of wine, nor does more expensive organic produce cause more environmental damage than cheaper conventional produce (quite the opposite). Did Czech entirely miss Daly's explanation of the difference between quantity/growth and quality/development? Second, if the large estates that Czech chides the upper classes for saves trees and land from cookie-cutter suburban housing developments, I for one am all for them (i.e. the large estates). Third, villifying *anyone* as part of the ecological economics revolution is counter-productive, particularly in that blaming the rich for their waste ignores the hideous waste of the lower classes themselves. (So richer people have more boats, perhaps, but what classes are more likely to have a beat-up car that leaves trails of grey exhaust?) Taking personal responsibility for the greater good is key to reaching a solution -- not passing blame on others. If, for instance, ecological damage (in production, use, and disposal) is taken into account in pricing goods and services (with the proper funds going toward mitigation of the damages rather than general government coffers), then it doesn't matter WHO is doing the purchasing. Czech presents good arguments for fundamental economic reforms; but these arguments are better presented elsewhere, and Czech's proposed solutions are quite awful indeed.

      4 out of 5 stars Another important clue in uncovering the world we live in.......2004-05-03

      Brian has really impressed with his thoughtful analysis of our economy from both an intellectual and spirtual viewpoint. Unfortunately, none of this can be easily proved, but that is the case with the most important things in our lives, all of which have a spirtual base (religion, our role in society, role in the family, etc.).

      Brian has uncovered and clarified issues which have probably been rolling around in the back of many of our minds, for example the link between Darwinism, Maslow's heirarchy, and sexuality. (The real spirit of how things work is deeply embedded in our passions, sexuality, etc, and we must uncover these things to get to the root of all critical life issues). He also proposed a viewpoint of the role of the wealthy in our society, how their behavior impacts our economny and ecology, and how we all are capable of the same behavior if we had a few more dollars in our pocket, so perhaps a little better understanding of each other across "classes" is in order.

      Brian only loosely alluded to the role of addiction in the behavior of the wealthy (e.g. if you have a hundred million dollars, why do you need more, what are you trying to prove, and aren't you in a position to exercize the most important human / spirtual values?). Perhaps a closer look at the role of addiction and prevalance of addictive behaviors and how they contribute to "success" and sustain destructive behaviors and ego based delusions at the expense of a more spirtual well roundedness would be in order.

      Brian makes an excellent point about how a real solution requires a change in the mindset of the populace (very Jeffersonian) to be more aware and more involved in solving these problems, however he falls short with solid solutions. But then again, maybe there are no simple solutions. This book is about awareness, and it does a great job at it.

      3 out of 5 stars Part I by itself would have earned 5 stars.......2004-01-04

      The first 106 pages of the book are well written and present a number of interesting notions about the dangers of our society's high regard for economic growth. Czech's arguments against the practicality of infinite growth (even though it may be theoretically possible according to neoclassical economists) are clear and well documented.

      The underlying theme of the book is that neoclassical economists support a theory that the economy can sustain infinite growth, while the ecological economists claim that at some point, the growth will inevitably slow and then stop (more likely crash) because it is impossible in practicality to sustain growth forever. The book starts off with some interesting points about economic growth and sustainability in Part I, and then goes off the deep end in Part II as the author shares his proposed plan for achieving a 'steady-state economy.'

      The plan in a nutshell: everyone should live very modestly, regardless of their income level, and whenever they notice someone else spending more money than they feel is necessary, they should immediately judge them and try to shame them into changing their ways. The goal is for society to become repulsed by conspicuous consumption to the extent that those in the financial top 1% of society are pressured to reform themselves and give their extra money away to those in need.

      Although Part I is good enough to justify the purchase price, I would recommend skipping Part II in its entirety.

      3 out of 5 stars Rampant overspending begins with buying this book.......2003-11-19

      I was drawn to this book after it was suggested as an alternative here at Amazon to a so-called "perpetual growth" tome (a book, by the way, that actually points to no such thing), but I've decided against buying Czech's book for fear of becoming an overspent American. Sorry, but I'm not contributing to the royalty check of Czech.
      The Struggle over the Soul of Economics
      Average customer rating: 5 out of 5 stars
      • Economist, know your soul
      The Struggle over the Soul of Economics
      Yuval P. Yonay
      Manufacturer: Princeton University Press
      ProductGroup: Book
      Binding: Hardcover

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      ASIN: 0691034192

      Book Description

      This book provides a surprising answer to two puzzling questions that relate to the very "soul" of the professional study of economics in the late twentieth century. How did the discipline of economics come to be dominated by an approach that is heavily dependent on mathematically derived models? And what happened to other approaches to the discipline that were considered to be scientifically viable less than fifty years ago? Between the two world wars there were two well-accepted schools of thought in economics: the "neoclassical," which emerged in the last third of the nineteenth century, and the "institutionalist," which started with the works of Veblen and Commons at the end of the same century. Although the contributions of the institutionalists are nearly forgotten now, Yuval Yonay shows that their legacy lingers in the study and practice of economics today. By reconsidering their impact and by analyzing the conflicts that arose between neoclassicists and institutionalists, Yonay brings to life a hidden chapter in the history of economics.

      The author is a sociologist of science who brings a unique perspective to economic history. By utilizing the actor-network approach of Bruno Latour and Michel Callon, he arrives at a deeper understanding of the nature of the changes that took place in the practice of economics. His analysis also illuminates a broader set of issues concerning the nature of scientific practice and the forces behind changes in scientific knowledge.

      Download Description

      This book provides a surprising answer to two puzzling questions that relate to the very "soul" of the professional study of economics in the late twentieth century. How did the discipline of economics come to be dominated by an approach that is heavily dependent on mathematically derived models? And what happened to other approaches to the discipline that were considered to be scientifically viable less than fifty years ago? Between the two world wars there were two well-accepted schools of thought in economics: the "neoclassical," which emerged in the last third of the nineteenth century, and the "institutionalist," which started with the works of Veblen and Commons at the end of the same century. Although the contributions of the institutionalists are nearly forgotten now, Yuval Yonay shows that their legacy lingers in the study and practice of economics today. By reconsidering their impact and by analyzing the conflicts that arose between neoclassicists and institutionalists, Yonay brings to life a hidden chapter in the history of economics. The author is a sociologist of science who brings a unique perspective to economic history. By utilizing the actor-network approach of Bruno Latour and Michel Callon, he arrives at a deeper understanding of the nature of the changes that took place in the practice of economics. His analysis also illuminates a broader set of issues concerning the nature of scientific practice and the forces behind changes in scientific knowledge.

      Customer Reviews:

      5 out of 5 stars Economist, know your soul.......2000-10-16

      This is an excellent book that should be read by professional economists, and others interested in the history of the discipline. It provides a history of the confrontation between neoclassical and institutional economics between the wars.

      It illuminates many puzzles. Central is that of the ideas that dominated post-war Western (especially Anglo-Saxon) policy making. That is, until economists came through who could do the maths (rather than things like Edgeworth boxes) who ran the show? Why were people like Wesley C. Mitchell, Arthur Burns and others, who played dominant roles in US conomic policy-making, so very different in approach and attitude to what followed once Samuelson and others had effected the mathematical revolution.

      The crucial point made is that both institutionalists and the necoclassicals they fought were swept away by the post-war mathematicisation of economics. In this sense, neo-institutionalists are no more modern-day institutionalists than neo-classicals are modern classical economists. The failed institionalist attempt to create a basis for economics that would start from a fresh examination of the massive amounts of data that was coming available sits beside the gathering evidence that modern econometrics, co-integration and all, in effect does little more. Thus the massive tensions remain, for example between the exogenous preferences assumptions that penetrate economics as taught, and the need to address such issues as the data presents them.

      A great book.

      Adam Fforde
      Economics: Marxian versus Neoclassical
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        Economics: Marxian versus Neoclassical
        Richard D. Wolff , and Stephen A. Resnick
        Manufacturer: The Johns Hopkins University Press
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        Binding: Paperback

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        1. Microeconomics Microeconomics
        2. Knowledge and Class: A Marxian Critique of Political Economy Knowledge and Class: A Marxian Critique of Political Economy
        3. Understanding Capital: Marx's Economic Theory Understanding Capital: Marx's Economic Theory
        4. Theories of Value and Distribution since Adam Smith: Ideology and Economic Theory Theories of Value and Distribution since Adam Smith: Ideology and Economic Theory
        5. An Introduction to Marxist Economic Theory An Introduction to Marxist Economic Theory

        ASIN: 0801834805

        Book Description

        Wolff and Resnick provide a unique, balanced explication of the differing assumptions, logical structures, and arguments of neoclassical and Marxian economics. They address broader aspects of evaluating or choosing between alternative theories, but their conclusions are nonpolemical. Throughout, math is used simply and sparingly.
        Money and Value: A Reconsideration of Classical and Neoclassical Monetary Economics (Econometric Society Monographs)
        Average customer rating: Not rated
          Money and Value: A Reconsideration of Classical and Neoclassical Monetary Economics (Econometric Society Monographs)
          Jean-Michel Grandmont
          Manufacturer: Cambridge University Press
          ProductGroup: Book
          Binding: Paperback

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          ASIN: 0521313643

          Book Description

          This book addresses one of the major theoretical issues that underlies, implicitly or explicitly, some recurrent controversies in macroeconomics - namely, whether a competitive monetary economy has built-in mechanisms that are strong enough to remove excess demands and supplies on all markets, through an automatic adjustment of the price system. Jean-Michel Grandmont sheds light on this complex subject by using the analytical techniques of general equilibrium theory alongside the methods of monetary analysis. The book warns against the indiscriminate use of the rational expectations hypothesis when approaching this topic, and conversely stresses the common-sense observation that short-run learning processes are among the most important characteristics of economic agents. Grandmont argues that such processes are deserving of careful theoretical study, and the result is a clear and rigorous analysis of all the issues involved.
          Global Economy, Global Justice: Theoretical Objections and Policy Alternatives to Neoliberalism (Contemporary Political Economy Series)
          Average customer rating: 5 out of 5 stars
          • Great for students looking for alternatives to neoliberalism
          Global Economy, Global Justice: Theoretical Objections and Policy Alternatives to Neoliberalism (Contemporary Political Economy Series)
          G. Demartino
          Manufacturer: Routledge
          ProductGroup: Book
          Binding: Paperback

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          Similar Items:
          1. Anarchy, State and Utopia Anarchy, State and Utopia
          2. Naked Economics: Undressing the Dismal Science Naked Economics: Undressing the Dismal Science
          3. The End of Poverty: Economic Possibilities for Our Time The End of Poverty: Economic Possibilities for Our Time

          ASIN: 0415224012

          Book Description

          Global Economy, Global Justice explores a vital question that is suppressed in most economics texts: "what makes for a good economic outcome?" Neoclassical theory embraces the normative perspective of "welfarism" to assess economic outcomes. This volume demonstrates the fatal flaws of this perspective--flaws that stem from objectionable assumptions about human nature, society and science. Exposing these failures, the book obliterates the ethical foundations of global neoliberalism.
          George DeMartino probes heterodox economic traditions and philosophy in search of an ethically viable alternative to welfarism. Drawing on the work of Amartya Sen, DeMartino proposes the egalitarian principle of the "global harmonization of capabilities" to guide economics. This principle provides a basis for resisting oppression the world over while nevertheless demanding respect for cultural diversity. DeMartino puts this principle to work adjudicating contemporary debates over global policy regimes, and completes thebook with a set of deeply egalitarian global policies for the year 2025. Global Economy, Global Justice's engaging prose will appeal to those seeking to understand the intersection between economics and political philosophy. Its focus on the normative foundations of contemporary policy disputes makes it unique in the literature on globalization.

          Customer Reviews:

          5 out of 5 stars Great for students looking for alternatives to neoliberalism.......2005-02-19

          The book begins with a thorough critique of the underlying assumptions that predicate neoclassical prescriptions. For anyone familiar with Dr. Ramstad's ECN 305 class at the University of Rhode Island, there is nothing new here.

          However, DeMartino does make some sophisticated conceptual contributions here that are not easily come across in such an easy to read format.
          1. We get a good discussion of the whole multicultural trade debate (a debate that really is not much more sophisticated than an oft-mentioned Star Trek gimic, the Prime Directive): between the, 'leave developing countries alone doctrine' and the 'intervention is good because of development doctrine.' DeMartino helps to break down the whole notion of growth by building on some concepts developed by Amartya Sen, which is essentially an ethic by which we can measure the effects of trade and so determine whether they are 'good' or 'bad.' This is, again, nothing especially new, but it is done in a novel way, and if this is the first time you come across these ideas, they stick to you pretty well. And for me, the debate was pretty much over at this point. Similar studies that provide alternatives to the Gross Domestic Product (GDP) for other variants that measure social development are worth seeking out.

          2. The last major contribution that stuck with me - I read this book 4 years ago - is a newly conceptualized trade regime that was actually co-developed with Stephen Cullenberg. Some of the details are a little fuzzy now, but here's what I remember. First, DeMartino concedes that there are benefits to competitiveness. However, he is unwilling to simply then conclude that all competition is good for everyone, or that competition is not a malleable concept. In a section entitled, 'taking the x out of competition,' he then goes on to show that some competition can be destructive, others constructive, and that some variables within a competitive framework can effectively be removed so that only the constructive elements remain. This discussion becomes a little complicated at this point, as he begins to develop a variable that measures social provions / capability to provide such provisions. In short, these variants can be used to adminster a tax and tariff system that reward and punish countries for participating in these destructive trade practices. This system, then, would take the 'x' (destructive trade incentives) out of competition.

          I know this review is coming across muddled - I'll have to review the text again. Regardless, if you are a reader interested in (1) understanding the neoliberal argument and its value-laden prescriptions, (2) formulating a critique of these values and prescriptions, (3) looking for alternatives to the dominant ideology - then you should not pass on this book.

          After reading it, in almost every imaginable encounter, the so-called debate surrounding these issues has been pretty much resolved in favor of DeMartino's ideas.

          Two Caveats:
          1) This is not an empirical document. This is a theoretical critique and conceptual contribution. For something more mathematical, you'll need to go see some of the Analytic Marxists. Robert Brenner has a new book coming out in June that is supposed to be excellent.

          2) How should I say this...this book is not cynical. While reading, you should keep in mind that the destructive forms of competition that DeMartino seeks to remove are quite possibly (and most likely) the exact forms of competition that capital enjoys. A trade regime that actually worsens labor standards or destroys environmental regulatory bodies is in the interest of a firm looking for a high turnover labor force or a firm that has outsourced its harmful production facilities. So, we have ot be careful to not be barred down in conceptual battles when in fact the battles to come will be fought against capital. Still, until then, we'll need allies and those allies are won on the field of values.
          Economics: New Classical Versus Neoclassical Frameworks
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            Economics: New Classical Versus Neoclassical Frameworks
            Xiaokai Yang
            Manufacturer: Blackwell Publishing Limited
            ProductGroup: Book
            Binding: Paperback

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