Encyclopedia of Political Economy. Volume 2, L-Z

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Encyclopedia of Political Economy. Volume 2, L-Z

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Encyclopedia of Political Economy Vol. 2
By Phillip Anthony O'Hara


 

  • Publisher:   Routledge
  • Number Of Pages:  676
  • Publication Date:   2000-12
  • ISBN-10 / ASIN:   0415241871
  • ISBN-13 / EAN:   9780415241878
  • Binding:   Paperback

 



Product Description:

This authoritative work is the first fully refereed A-Z compendium of the main concepts, problems, institutions, schools and policies associated with political economy. The entries emphasize the application of the principles of political economy to real world problems such as inflation, unemployment, development and financial instability, and provide valuable suggestions for further reading. The work covers all of the major areas in this growing field. In addition to serving as an authoritative reference source for all levels, this work offers a comprehensive introduction to the field for undergraduates taking courses in political economy or graduate students coming to the field for the first time.

Entries include: anarchism, bioeconomics, business ethics, contradictions, corporate objectives, financial crises, foreign aid, game theory, global liberalism, Great Depression, industrial relations, Karl Marx, patriarchy, precapitalist world systems, racism, rationality, Schumpeterian competition, social fabric matrix, social wage, Piero Sraffa.

 


How to use the Encyclopedia:

There are two main ways of using the Encyclopedia.

  1. Browse through the entries. This can be done according to your interest and needs at the time. Cross references within each A–Z entry will guide you to other entries of relevance. There are two types of cross reference: the first is mentioned in small capital letters within the text of each entry (LIKE THIS), and the second is listed under the heading “See also” at the end of each entry. The selected references will provide you with books and articles for further reading.
  2. Use the twenty A–Z lists below for guidance. These can be especially useful when studying specific units in a course that correspond to the title of each list. When doing this you should realize that the lists are simply a starting point for analysis; there are usually many other entries that are relevant in other lists. An indication of what these other entries are can be gained by noting the cross-references within the text of each entry.

 


A–Z lists (Vol. I & II):

The  Encyclopedia is one single A–Z format, but the lists below provide guidance when you need to study entries which have some specific relationship to each other. There are twenty A–Z lists: six relate to institutional spheres (including one on “family and gender” which includes many of the entries relevant to feminist political economy), nine relate to subjects and five relate to schools of thought.

Institutional spheres

1  Corporation

advertising and the sales effort
centralized private sector planning
competition and the average rate of profit
corporate hegemony
corporate objectives
corporation
economic power
global corporate capitalism
interlocking directorships
market structures
Nelson and Winter’s analysis of the corporation
overhead costs
ownership and control of the corporation
pricing
producer and consumer sovereignty
research and development
Schumpeterian competition
social structure of accumulation: corporate
transfer pricing
transnational corporations
transnational corporations and development
Williamson’s analysis of the corporation

2  Family and gender

affirmative action
class structures of households
comparable worth
domestic labor debate
ecological feminism
family wage
feminist philosophy of science
feminist political economy: history and nature
feminist political economy: major contemporary themes
feminist political economy: paradigms
feminization of poverty
feminization of poverty in the Third World
gender
gender division of labor
Gilman, Charlotte Perkins
home economics, new
household labor
household production and national income
International Association for Feminist Economics
labor and labor power
marriage
participation in the labor force
patriarchy
race, ethnicity, gender and class
reproduction paradigm
reserve army of labor: latent
sexuality
social structure of accumulation: family
waged household labor
women’s wages: social construction of

3 Money, credit and finance

cashless competitive payments systems
debt crises in the Third World
endogenous money and credit
finance capital
financial crises
financial innovations
financial instability hypothesis
free banking
hedge, speculative and Ponzi finance
interest rate: fair
interest rate: natural
interest rate-profit rate link
interest rates: risk structure
interest rates: term structure
liability management
liquidity preference
Minsky’s Wall Street paradigm
monetary circuit
monetary policy and central banking functions
monetary theory of production
money, credit and finance: history of
money, credit and finance: major contemporary themes
money, nature and role of
regulation and deregulation: financial
social structure of accumulation: financial
speculation
speculative bubbles and fundamental values
velocity and the money multiplier

4  State and policy

affirmative action
Bretton Woods system
budget deficit
cost-benefit analysis
democracy, political stability and economic performance
economic rationalism or liberalism
environmental policy and politics
fiscal crisis of the state
fiscal policy
free banking
free trade and protection
hysteresis
industrial relations
industry policy
inflation: conflicting claims approach
inflation: wage-cost markup approach
monetary policy and central banking functions
privatization
public choice theory
regulation and deregulation: financial
rent-seeking and vested interests
Scandinavian model
social structure of accumulation: state-citizen accord
social wage
stagflation
state and government
state and internationalization
structural adjustment policies
technology policy
trade policy
unemployment: policies to reduce
welfare state

5 Work, labor and production

cost of job loss
division of labor
efficiency wages
equilibrium rate of unemployment
Fordism and the flexible system of production
gender division of labor
health and safety in the workplace
human capital
industrial relations
internal labor markets
labor force
labor and labor power
labor market discrimination
labor markets and market power
labor process
participation in the labor force
population
productivity
reproduction paradigm
reserve army of labor
reserve army of labor: latent
segmented and dual labor markets
social structure of accumulation: capital-labor accord
social wage
Taylorism
technology
unemployment and underemployment
unions
wage determination
work, labor and production: major contemporary themes
worker participation in capitalist firms

6 World capitalist economy

balance of payments
balance of payments constraint
Bretton Woods system
class analysis of world capitalism
colonialism and imperialism: classic texts
comparative advantage and unequal exchange
core-periphery analysis
cycles and trends in the world capitalist
economy
exchange rates
free trade and protection
global corporate capitalism
global crisis of world capitalism
global liberalism
hegemony in the world economy
industrialization
international competitiveness
international money and finance
international political economy
international political economy: major contemporary themes
internationalization of capital
North-South trade models
precapitalist world-systems
regional economic integration in the world economy
social capabilities and convergence
technology: globalization of
trade policy
uneven development
world-system: incorporation into
world-systems analysis

Subject areas

7 Cycles, waves and uneven growth

accumulation
business cycle theories
cyclical crisis models
economic growth
financial crises
financial instability hypothesis
Goodwin cycle and predator-prey models
Great Depression
Harrod’s instability principle and trade cycles
increasing returns to scale
innovation, evolution and cycles
Kaldor’s theory of the growth process
Kaleckian theory of growth
long waves of economic growth and development
Maddison’s analysis of growth and development
Mitchell’s analysis of business cycles
North’s theory of institutional change
nutcracker theory of the business cycle
Okun’s Law
political business cycles
productivity slowdown
profit squeeze analysis of crises
regulation approach
Schumpeter’s theory of innovation, development and cycles
secular crisis
social structures of accumulation
transformational growth and stagnation
Verdoorn’s Law

8 Development

agrarian question
brain drain
capital and the wealth of nations
classes and economic development
debt crises in the Third World
development economics: orthodox
development and the environment
development political economy: history
development political economy: major contemporary themes
development and underdevelopment: definitions
foreign aid
foreign direct investment
gender and development
human development index
import substitution and export-oriented industrialization
indigenous tenure systems
informal sector
integrated conservation and development projects
land reform
Lewis’s theory of economic growth and development
military expenditure in developing countries
newly industrialized Asian nations
North-South trade models
regional economic integration in the world economy
social capabilities and convergence
staple theory of growth
structural adjustment policies
structuralist theory of development
surplus approach to development
sustainable development
transnational corporations and development
world hunger and poverty

9  Economic anthropology (as linked to political economy)

culture
disembedded economy
economic anthropology: history and nature
economic anthropology: major contemporary themes
gifts
hunter-gatherer and subsistence societies
language, signs and symbols
markets and exchange in pre-modern economies
mode of production and social formation
Polanyi’s views on integration
precapitalist world-systems
substantivist-formalist debate

10  Environmental political economy

bioeconomics
common property resources
cost-benefit analysis
development and the environment
ecological feminism
ecological radicalism
ecology
entropy, negentropy and the laws of thermodynamics
environmental and ecological political economy: associations and journals
environmental and ecological political economy: major contemporary themes
environmental policy and politics
environmental valuation
evolution and coevolution
Green Party
gross domestic product and net social welfare
integrated conservation and development projects
limits to growth
natural capital
nuclear energy and nuclear war
pollution
quality of life
steady-state economy
sustainable development

11  Evolution, change and Schumpeterian themes

bioeconomics
catastrophe theory
chaos theory
circular and cumulative causation
entropy, negentropy and the laws of thermodynamics
European Association for Evolutionary Political Economy
evolution and coevolution
evolutionary economics: history
evolutionary economics: major contemporary themes
hysteresis
innovation, evolution and cycles
knowledge, information, technology and change
niches
Pasinetti’s analysis of structural dynamics and growth
path dependency
research and development
Schumpeter, Joseph Alois
Schumpeter’s theory of innovation, development and cycles
Schumpeterian competition
Schumpeterian political economy
systems approach
technological lock in
technology
uncertainty

12 History of political economy and general themes

Austrian school of political economy
capitalism
circular and cumulative causation
classical political economy
equilibrium, disequilibrium and non-equilibrium
Galbraith’s contribution to political economy
game theory
George’s contribution to political economy
Heilbroner’s worldly philosophy
historical school
history of economics: societies and journals
International Confederation of Associations for the Reform of Economics
Japanese political economy
journals of political economy
Keynes and the classics debate
Keynes, John Maynard
Keynesian revolution
markets
Marxist political economy: relationship with other schools
medieval Arab-Islamic economic thought
mercantilism
monetarism
Myrdal’s contribution to political economy
natural rights
neoclassical economics
neoclassical economics: critique
physiocracy
political economy
political economy: history
political economy: major contemporary themes
political economy: schools
Robinson’s contribution to political economy
supply and demand: aggregate
supply and demand: microeconomic
surplus approach to political economy
traverse
value foundation of price

13 Methodology and philosophy

contradictions
critical realism
determinism and overdetermination
dialectical method
entry point
feminist philosophy of science
foundationalism and anti-foundationalism
holistic method
human action and agency
laws of political economy
Lowe’s instrumental method
methodological individualism and collectivism
methodology in economics
methodology of scientific research programs
modernism and postmodernism
natural rights
normative and positive economics
paradigms
pragmatism
rationality and irrationality
rhetoric
storytelling and pattern models
time
value judgments and world views

14  Race and ethnicity

cultural capital
culture of poverty
discrimination in the housing and mortgage market
labor market discrimination
land rights movements
race, ethnicity, gender and class
race in political economy: history
race in political economy: major contemporary themes
racism
segmented and dual labor markets
slavery
Williams-Rodney thesis

15  Political ideologies and programs

alienation
anarchism
capitalist breakdown debate
exploitation
fascism
future of capitalism
ideology
labor-managed enterprises
liberation theology
market socialism
Mondragón
participatory democracy and self-management
Reaganomics and Thatcherism
republicanism
social democracy
social ownership and property
socialism and communism
socialist calculation debate
Utopia
Ward-Vanek model of self-management

Schools of political economy

16  Institutional political economy

Association for Evolutionary Economics and Association for Institutionalist Thought
Ayres’s contribution to political economy
capitalism
centralized private sector planning
ceremonial encapsulation
circular and cumulative causation
collective social wealth
Commons’ contribution to political economy
conspicuous consumption and emulation
conventions
corporate hegemony
culture
disembedded economy
economic reasoning
Galbraith’s contribution to political economy
hegemony
holistic method
individual and society
instincts
institutional change and adjustment
institutional political economy: history
institutional political economy: major contemporary themes
institutionalism: old and new
institutions and habits
instrumental value theory
minimal dislocation
neoinstitutionalism
North’s theory of institutional change
pragmatism
radical institutionalism
recognized interdependence
reproduction paradigm
social fabric matrix
transaction costs
Veblen, Thorstein Bunde
Williamson’s analysis of the corporation

17 Marxist political economy

Asiatic mode of production
capitalism
circuit of social capital
class
class processes
classes of capitalism
commodity fetishism
competition and the average rate of profit
composition of capital
determinism and overdetermination
dialectical method
economic power
economic surplus
exploitation and surplus value
falling rate of profit tendency
falling rate of profit tendency: temporal approaches
feudalism
finance capital
labor and labor power
labor theory of value
Marx, Karl Heinrich
Marxist political economy: history
Marxist political economy: major contemporary varieties
mode of production and social formation
monopoly capitalism
primitive accumulation
productive and unproductive labor
property
reproduction paradigm
reproduction: simple and expanded
reserve army of labor
surplus value as rent, interest and profit
transformation problem
turnover time of capital
Union for Radical Political Economics
use-value and exchange-value

18  Post-Keynesian political economy

animal spirits
circular and cumulative causation
effective demand and capacity utilization
efficiency wages
expectations
French Circuit School
Kaldor-Pasinetti models of growth and distribution
Kaldor’s theory of the growth process
Kalecki, Michal
Kalecki’s macro theory of profits
Kalecki’s principle of increasing risk
Keynes, John Maynard
Keynesian political economy
monopoly, degree of
paradoxes
post-Keynesian political economy: history
post-Keynesian political economy: major contemporary themes
post-Keynesian theory of choice
pricing
Robinson’s contribution to political economy
short-run cost curves
Sraffian and post-Keynesian linkages
time
wage and profit share
X-inefficiency
uncertainty

19  Social political economy

alienation
business ethics
capital and the wealth of nations
common property resources
community
cost-benefit analysis
crime
deontology
disembedded economy
distribution of income
ethics and morality
Gandhian political economy
health care in social economics
health inequality
human dignity
humanistic economics
individual and society
inequality
instrumental value theory
Islamic political economy
justice
language, signs and symbols
Mondragón
needs
normative and positive economics
overhead costs
Polanyi’s views on integration
poverty: absolute and relative
poverty: definition and measurement
public goods, social costs and externalities
quality of life
rights
social economics: history and nature
social economics: major contemporary themes
social economics: associations and organizations
social and organizational capital
social wage
sport
urban and regional political economy: history
urban and regional political economy: major contemporary themes
value judgments and world views
welfare state
world hunger and poverty

20  Sraffian political economy

basic and non-basic commodities
Cambridge revolution
capital reversing
capital theory debates
circular production and vertical integration
competition in Sraffian political economy
corn model
gravitation and convergence
heterogeneous capital and labor
international trade in Sraffian political economy
invariable measure of value
joint production
labor theory of value
Pasinetti’s analysis of structural dynamics and growth
price theory, Sraffian
profit theory in Sraffian political economy
reswitching of techniques
Sraffa, Piero
Sraffa’s critique of atomism
Sraffian political economy
Sraffian and post-Keynesian linkages
surplus approach to political economy
technical change and measures of technical progress
wage theories, Sraffian


Alphabetic Table of Contents Vol II:

L
    labor force
    labor and labor power
    labor-managed enterprises
    labor market discrimination
    labor markets and market power
    labor process
    labor theory of value
    land reform
    land rights movements
    language, signs and symbols
    laws of political economy
    Lewis’s theory of economic growth and development
    liability management
    LIBERALISM, GLOBAL: see global liberalism
    liberation theology
    limits to growth
    liquidity preference
    long waves of economic growth and development
    Lowe’s instrumental method

M
    Maddison’s analysis of growth and development
    market socialism
    market structures
    markets
    markets and exchange in premodern economies
    marriage
    Marx, Karl Heinrich
    Marx’s methodology of political economy
    Marxist political economy: history
    Marxist political economy: major contemporary varieties
    Marxist political economy: relationship to other schools
    medieval Arab-Islamic economic thought
    mercantilism
    methodological individualism and collectivism
    methodology in economics
    methodology of scientific research programs
    military expenditure in developing countries
    minimal dislocation
    Minsky’s Wall Street paradigm
    Mitchell’s analysis of business cycles
    mode of production and social formation
    modernism and postmodernism
    Mondragón
    monetarism
    monetary circuit
    monetary policy and central banking functions
    monetary theory of production
    money
    money, credit and finance: history
    money, credit and finance: major contemporary themes
    monopoly capitalism
    monopoly, degree of
    MORALITY: see ethics and morality
    Myrdal’s contribution to political economy

N
    natural capital
    natural rights
    needs
    Nelson and Winter’s analysis of the corporation
    neoclassical economics
    neoclassical economics: critique
    neoinstitutionalism
    NEW HOME ECONOMICS: see home economics, new
    NEW INSTITUTIONALISM: see institutionalism: relationship between old and new
    newly industrialized Asian nations
    niches
    normative and positive economics
    North-South trade models
    North’s theory of institutional change
    nuclear energy and nuclear war
    nutcracker theory of the business cycle

O
    OBJECTIVES, CORPORATE: see corporate objectives
    Okun’s Law
    OLD INSTITUTIONALISM: see institutionalism: old and new
    OVERDETERMINATION: see determinism and overdetermination
    overhead costs
    ownership and control of the corporation

P
    paradigms
    paradoxes
    participation in the labor force
    participatory democracy and self-management
    Pasinetti’s analysis of structural dynamics and growth
    path dependency
    patriarchy
    PHILOSOPHY OF SCIENCE, FEMINIST: see feminist philosophy of science
    physiocracy
    Polanyi’s views on integration
    political business cycles
    political economy
    political economy: history
    POLITICAL ECONOMY, ISLAMIC: see Islamic political economy
    POLITICAL ECONOMY, JAPANESE: see Japanese political economy
    political economy: major contemporary themes
    political economy: schools
    POLITICAL STABILITY: see democracy, political stability and economic performance
    pollution
    population
    post-Keynesian political economy: history
    post-Keynesian political economy: major contemporary themes
    post-Keynesian theory of choice
    poverty: absolute and relative
    POVERTY, FEMINIZATION OF: see feminization of poverty
    pragmatism
    precapitalist world-systems
    price theory, Sraffian
    pricing
    primitive accumulation
    privatization
    producer and consumer sovereignty
    productive and unproductive labor
    productivity
    productivity slowdown
    profit-squeeze analysis of crises
    profit in Sraffian political economy
    property
    public choice theory
    public goods, social costs and externalities

Q
    quality of life

R
    race, ethnicity, gender and class
    race in political economy: history
    race in political economy: major contemporary themes
    racism
    radical institutionalism
    rationality and irrationality
    Reaganomics and Thatcherism
    recognized interdependence
    regional economic integration in the world economy
    regulation approach
    regulation and deregulation: financial
    rent-seeking and vested interests
    reproduction paradigm
    reproduction: simple and expanded
    republicanism
    research and development
    reserve army of labor
    reserve army of labor: latent
    reswitching of techniques
    rhetoric
    rights
    Robinson’s contribution to political economy

S
    Scandinavian model
    Schumpeter, Joseph Alois
    Schumpeter’s theory of innovation, development and cycles
    Schumpeterian competition
    Schumpeterian political economy
    secular crisis
    segmented and dual labor markets
    sexuality
    short-run cost curves
    slavery
    social capabilities and convergence
    social democracy
    social economics: organizations
    social economics: history and nature
    social economics: major contemporary themes
    social fabric matrix
    social and organizational capital
    social ownership and property
    social structure of accumulation: capital-labor accord
    social structure of accumulation: corporate
    social structure of accumulation: family
    social structure of accumulation: financial
    social structure of accumulation: state-citizen accord
    social structures of accumulation
    social wage
    SOCIAL WEALTH, COLLECTIVE: see collective social wealth
    socialism and communism
    socialist calculation debate
    speculation
    speculative bubbles and fundamental values
    sport
    Sraffa, Piero (1898–1983)
    Sraffa’s critique of atomism
    Sraffian political economy
    Sraffian and post-Keynesian linkages
    stagflation
    staple theory of growth
    state and government
    state and internationalization
    steady-state economy
    storytelling and pattern models
    structural adjustment policies
    structuralist theory of development
    substantivist-formalist debate
    supply and demand: aggregate Heterodox foundations in Keynes
    supply and demand: microeconomic
    surplus approach to development
    surplus approach to political economy
    surplus value as rent, interest and profit
    sustainable development
    systems approach

T
    Taylorism
    technical change and measures of technical progress
    technological lock-in
    technology
    technology policy
    technology: globalization of
    time
    trade policy
    transactions costs
    transfer pricing
    transformation problem
    transformational growth and stagnation
    transnational corporations
    transnational corporations and development
    traverse
    turnover time of capital

U
    uncertainty
    unemployment: policies to reduce
    unemployment and underemployment
    uneven development
    Union for Radical Political Economics
    unions
    urban and regional political economy: history
    urban and regional political economy: major contemporary themes
    use-value and exchange-value
    utopia

V
    value foundation of price
    value judgments and world views
    VALUE THEORY, INSTRUMENTAL: see instrumental value theory
    Veblen, Thorstein Bunde (1857–1929)
    velocity and the money multiplier
    Verdoorn’s Law
    VERTICAL INTEGRATION: see circular production and vertical integration

W
    wage determination
    wage and profit share
    waged household labor
    wages theory, Sraffian
    Ward-Vanek model of selfmanagement
    welfare state
    Williams-Rodney thesis
    Williamson’s analysis of the corporation
    women’s wages: social construction of
    work, labor and production: major contemporary themes
    worker participation in capitalist firms
    world hunger and poverty
    world-system: incorporation into
    world-systems analysis
    WORLD SYSTEMS, PRECAPITALIST: see precapitalist world-systems
    WORLDLY PHILOSOPHY: see Heilbroner’s worldly philosophy

X
    X-inefficiency

 


Reviews:

Summary: An Outstanding Reference Source on Political Economy: A Skilfully Collated 2 Volume Work of Distinction by Professor O'Hara
Rating: 5

Nowadays, a vast amount of complex information is offered to us. With the advent of the Internet and other forms of immediate communications so much information and perspectives are available. Unfortunately, new forms of knowledge replace old forms quite rapidly, and it's getting harder to find out which particular theory or idea is "truth" and which isn't. Therefore, as knowledge complexity and knowledge obsolescence rises, it's becoming increasingly difficult for human beings to understand the world we live in and solve the concoction of problems we face. But, there are bits of knowledge out there that seldom go out of date and stand the test of time; and it's sitting right here on my bookshelf, the Encyclopedia of Political Economy. To me, the Encyclopedia of Political Economy (EPE for short) is the best source of reference for political economy to date. It has been an invaluable authoritative reference source in my later undergraduate and postgraduate college studies of political economy. The EPE is an important landmark in scholarly development in political economy. My preference is the paperback edition as it is easy to flip through and has an attractive colorful front cover!

The EPE is an easy to use 2 volume set which is suitable as an introduction for concerned students and activists whom are interested in the social and political effects of economic policy. You should find the entries uncomplicated to understand, and after reading several of them you'll get use to the consistent format and feel that each one has. Any political economic issue you want to gain knowledge on is readily accessible. Various links on closely associated topics and further suggested readings are provided for all entries. For instance, throughout the text in the entry "environmental and ecological political economy: major contemporary themes", there are virtual hyperlinks to other areas of special interest: e.g. entropy; sustainable development; natural capital; or Ecological Economics. Plus, at the end of each section, related topics are provided to further direct the reader onto related areas of interest. For example, under the "gross domestic product and net social welfare" entry, some of the related topics such as "household production and national income" and "quality of life" have their own entry in the EPE. With over 450 essays on most aspects of political economy written by experts in the field, you would be sure to find what you are looking for.

In summary, we are faced with a large amount of choice in the information we accept as true. In the process we are forced to limit our choices of knowledge and select only the most relevant to what we value and believe. One of those things I value is a greater social welfare for all living creatures; the EPE contributors embrace this too. I personally give the EPE 5-stars. But you don't have to take my good word for it; here are some extracts from several reviews of the EPE, including one from the very prestigious Economic Journal.

* Journal of Economic Issues (vol 37, no 4, December 2003, pp. 1186-1188): "The publication of this encyclopedia underscores the extent to which political economy has come of age. ... This encyclopedia compares very favorably to the New Palgrave: A Dictionary of Economics (1987). ... When compared with The Concise Encyclopedia of Economics ..., this encyclopedia has more depth and a greater appreciation of the range of topics relevant to economics. ... This is an excellent reference source, well suited for the non-specialist seeking to understand political economy. It should be available in all university libraries and departments of economics or political economy" (Mayo Toruno, California State University - San Bernadino).

* Economic Journal (vol 110, no 467, November 2000, pp. F765-766): "These [issues] collectively constitute the life-blood of contemporary economic concerns and it is extremely useful to find within a single book a discussion of the major points that define these issues. ... [W]here the Encyclopedia of Political Economy comes into its own is in an institutionally richer treatment of topics ... To the growing number of persons who are interested in the broader context of economics, these volumes are to be highly recommended" (p. F767, vol 110, no 467, Nov 2000).

* Journal of Australian Political Economy, (no 43, 2000, pp. 148-149): "This handsome two-volume encyclopedia is an impressive stocktaking of the main concerns of political economy ... Certainly, the publication of this encyclopedia is a major landmark in the long march to develop an influential alternative to orthodox neoclassical economics" (no 43, 2000).

* History of Economics Review (no 37, Winter 2003, pp. 159-162): "It is a tribute to [O'Hara's] energy that the work was initially planned and organised by him ... There are indeed a number of useful and interesting articles. ... [T]his is a useful collection which will feature on the reading lists of many political economy courses and, hopefully as well, on the shelves of many research libraries in universities around the world" (Peter Groenewegan, University of Sydney, Australia).

* New Political Economy (vol 7, no 2, 2002, pp. 299-307 "Review Article"): "[This] encyclopedia tells an interesting story about [its] purported discipline's past, its current status and, more ambitiously, its future trajectory. ... The result is a well-demarcated intellectual legacy for political economy to draw upon in its efforts to reclaim a disciplinary mantle. ... [T]ese volumes provide ... the A-Z of our discipline, nicely condensed and sitting right there on our shelf. This is quite an achievement" (Randall D. Germain, University of Wales, UK)

* The European Journal of the History of Economic Thought (vol 7, no 3, 2000): "The Encyclopedia ... is ...a forum for innovative work. [M]ost of the essays ... seem to be thoughtfully and richly informed. [P]articularly the entries on money, credit and finance are worth reading. There are undoubtedly important points being made in these essays. Even the specialist in monetary theory will benefit from reading various portions" (Thomas Huth, Fachhochschulke Luneburg, Germany).

* Eastern Economic Journal (vol 29, no 4, Fall 2003, pp. 629-630): "All entries are organised in the same way. There is thus much formal unity and ... impressive editorial work has been done to this end. The entries are well written. ... I find this encyclopedia definitely original and interesting. It is also stimulating" (Michel De Vroey, Catholic University of Louvain, Belgium).



Summary: No coherent definition and/or analysis of uncertainty
Rating: 1

This encyclopedia is for true believers in the Post Keynesian tradition of Joan Robinson,G L S Shackle and Paul Davidson.Unfortunately, this approach to economics can't operationalize any of the analytic tools and concepts Keynes developed in the A Treatise on Probability in 1921(TP)or in the General Theory in 1936(GT).An obvious place to start is the failure of Post Keynesians to operationalize Keynes's concepts of the weight of the evidence in the TP,uncertainty in the GT and probability in both the TP and GT.Keynesian probability is fundamentally of an interval nature.It is quantitative and at the same time noncomparative,nonrankable,and incommensurable if any of the interval estimates overlap.The source of this analysis is chapters 15,17,20,and 22 of the TP.Weight of the evidence,w,is an index that measures the completeness of the relevant,potential,available evidence upon which probability estimates will be based.Keynes defined it as 0<=w<=1.If w=0,then you are dealing with what Keynes called ignorance in the TP.A w=0 would also hold in the 1937 Quarterly Journal of Economics article if"We simply do not know!"Other names would be complete or total uncertainty or the fundamental uncertainty of the Shackles and the Davidsons.w's between 0 and 1 represent cases of partial knowledge and partial ignorance.Here a set of different probability distributions or a set of intervals would have to be constructed.A w=1 allows a decision maker to specify a single unique probability distribution or interval.Given a strict application of the central limit theorem and the law of large numbers,suppose that the data passed the Lexis Q-test for stability.Keynes would then agree that one could apply a normal probability distribution since an analysis of the data would support such a conclusion as long as the data was homogeneous in its composition throughout the series or sequence.Now let us turn to the GT.Keynes was quite clear that uncertainty is a function of the weight of the evidence.As the weight of the evidence increases,uncertainty decreases.As the weight of the evidence decreases,uncertainty increases.u=f(w).If w=0,then uncertainty is total and no estimates of probability are possible.In this case,the decision maker would exhibit a very high liquidity preference and tend to rely on heuristics,rules of thumb,habits,memory,conventions or a follow the crowd approach.



Summary: A great general resource for the social sciences
Rating: 5

This is a great general resource for people, and especially students, interested in the social sciences. The area of Political Economy defines a broad subject matter incorporating economics, political science, sociology and History (at least), from a leftist point of view. There are excellent essays on topics relating to each of these areas that have helped me understand, at long last, those college classes I took oh, so long ago. I wrote the essay on the Informal Sector, but there are over 300 other essays that are really worth looking at. Each essay has a short list of publications in the field that can help jump-start a more in-depth research project.



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