This volume broadens our concept of reasoning and rationality to allow for a more pluralistic and situational view of human thinking as a practical activity. Drawing on contributors across disciplines including philosophy, economics, psychology, statistics, computer science, engineering, and physics, _Reasoning, Rationality, and Probability_ argues that the search for strong theories should leave room for the construction of context-sensitive conceptual tools. Both science and everyday life, the authors argue, are too complex and multifaceted to be forced into ready-made schemata.

Economists since the First Industrial Revolution have been interested in the links between economic growth and resources, often pointing to resource scarcities as a hindrance to growth. Offering a counter perspective, this volume highlights the positive role that scarcities can play in inducing technical progress and economic growth. It outlines a structural framework for the political economy of scarcity and rents, and offers a novel way of organizing the evidence concerning the role of resources in industrial growth. This book proposes (...) a major shift in the treatment of scarcity issues by focusing on bottlenecks and opportunities arising within the production system, and will appeal to economists and policy makers interested in the role of resources as triggers of structural change. (shrink)

This volume, first published in 1991, represents a wide-ranging inquiry into the general field of structural economic analysis and provides a thorough appraisal of the method of economic dynamics. It comprises nine original essays by distinguished scholars, all of which assess different aspects of the concept of economic structure. The analytical contribution of the volume is to draw attention to the relationship between 'horizontal' and 'vertical' treatments of economic structure that have characterized economic theory. The former focuses on the circular (...) character of economic relationships, as exemplified in the Quesnay–Leontief literature, while the latter concentrates on the relationships between the 'fund' of productive resources and the production of finished goods. Perhaps the most important contribution of the volume is to provide a linkage between the two approaches and to put forward a new conceptual framework that combines an appreciation for the importance of technical relationships with a recognition of the institutional arrangements in the economic system. (shrink)

In the words of Robert M. Solow traverse analysis "is the easiest part of skiing, but the hardest part of economics". The aim of this volume is to assess the state and scope of modern traverse analysis as it had been initiated by John Hicks in his pioneering contribution Capital and Time. The analysis of an economy which originally had been in a growth equilibrium which was disturbed by technical progress is one of the most challenging problems in economics. This (...) book takes Hicks’ work as the point of departure for theoretical work on the macroeconomic theory of capital dynamics along transition non-steady state paths The original contributions in this volume explore the manifold theoretical roots of traverse analysis in classical and post-classical literature, its features as a specific method of economic dynamics, and its applications in a variety of fields from monetary economics to development and international economics. The essays thereby focus on the ways ahead from Capital and Time that have been suggested and actively pursued by a number of scholars in recent years. Its central theme is the role of capital structures as critical factors in determining the actual dynamics of any given economic system. This volume is inspired by the belief that this state of affairs is not a satisfactory one, and outlines a new agenda for capital theory. Contributors include Edwin Burmeister, Jean-Luc Gaffard and Heinz Kurz. (shrink)

In the words of Robert M. Solow traverse analysis "is the easiest part of skiing, but the hardest part of economics". The aim of this volume is to assess the state and scope of modern traverse analysis as it had been initiated by John Hicks in his pioneering contribution Capital and Time. The analysis of an economy which originally had been in a growth equilibrium which was disturbed by technical progress is one of the most challenging problems in economics. This (...) book takes Hicks’ work as the point of departure for theoretical work on the macroeconomic theory of capital dynamics along transition non-steady state paths The original contributions in this volume explore the manifold theoretical roots of traverse analysis in classical and post-classical literature, its features as a specific method of economic dynamics, and its applications in a variety of fields from monetary economics to development and international economics. The essays thereby focus on the ways ahead from Capital and Time that have been suggested and actively pursued by a number of scholars in recent years. Its central theme is the role of capital structures as critical factors in determining the actual dynamics of any given economic system. This volume is inspired by the belief that this state of affairs is not a satisfactory one, and outlines a new agenda for capital theory. Contributors include Edwin Burmeister, Jean-Luc Gaffard and Heinz Kurz. (shrink)

This volume is inspired by developments in two strands of economic theorising. Firstly, research on structural economic dynamics based on three sources: Hicks' work on traverse analysis, Pasinetti on disproportional growth and Goodwin on dynamic decomposition and economic fluctuations. The second strand goes back to Georgescu-Roegen's interest in an organisational theory of production based upon the interrelationship between tasks, fund factors and material transformations. The approach taken involves a comprehensive view of sub-units of the whole economic system representing dynamics of (...) structural adaptation and compositional change. Furthermore, a detailed representation of micro-organisational features leads to the analysis of networks and networking processes within and amongst such sub-units. (shrink)

This book presents a new theoretical framework for the analysis of production processes. It is based on a rigorous reconstruction of the intellectual heritage of economics, but also considers issues traditionally left aside by economists, such as the distinction between three dimensions of the production process, the organizational approach to scale and size, and the idea that different institutional set-ups may be compatible with the same objective standard of efficiency.

Sir John Hicks was a leading economic theorist of the twentieth century, and along with Kenneth Arrow was awarded the Nobel Prize in 1972. His work addressed central topics in economic theory, such as value, money, capital and growth. An important unifying theme was the attention for economic rationality 'in time' and his acknowledgement that apparent rigidities and frictions might exert a positive role as a buffer against excessive fluctuations in output, prices and employment. This emphasis on the virtue of (...) imperfection significantly distances Hicksian economics from both the Keynesian and Monetarist approaches. Containing contributions from distinguished theorists in their own right, this volume examines Hicks's intellectual heritage and discusses how his ideas suggest a distinct approach to economic theory and policy making. It will be of great interest to scholars and students of economic theory and the history of economic thought. (shrink)