Borderlands of Economics: Essays in Honour of Daniel R.Fusfeld (Routledge Frontiers of Political Economy, 11)

In recent years there has been increasing discontent with the abstract nature of mainstream economics. Not only does this make the subject less relevant to real issues, it drives a wedge between economics and other disciplines ostensibly addressing the same issues. Borderlands of Economics explores the ways in which economics might be reconnected, both with the real world and with other disciplines. Booknews Presents a collection of essays honoring an economics professor in the Ph.D program at the University of Michigan. Part I introduces Fusfeld's work as an economist, as an educator, and as a social activist, and includes an autobiographical essays by the professor. Part II contains chapters on the field of history of economic thought and economics as a profession, and Part III models various aspects of economic behavior using alternative, neo-classical approaches. Papers in Part IV address a wider range of issues in political economy from a local level to the international scene. Annotation c. by Book News, Inc., Portland, Or. BOOK COVER......Page 1 HALF-TITLE......Page 2 TITLE......Page 4 COPYRIGHT......Page 5 CONTENTS......Page 6 FIGURES AND TABLES......Page 8 CONTRIBUTORS......Page 10 FOREWORD......Page 14 Part I INTRODUCTION......Page 21 1 AN INTELLECTUAL JOURNEY......Page 22 2 DAN FUSFELD: TEACHER AND MENTOR......Page 43 ACKNOWLEDGEMENTS......Page 48 3 FUSFELD AND ECONOMIC METHODOLOGY......Page 50 ‘THE CONCEPTUAL FRAMEWORK’......Page 51 FUSFELD’S TREATMENT OF CHANGE......Page 58 CONCLUSION......Page 59 NOTES......Page 60 REFERENCES......Page 62 4 THE CONTRIBUTIONS OF DANIEL R.FUSFELD, ECONOMIST......Page 65 Economic thought......Page 66 Economic theory and method......Page 71 Political economy and labor......Page 75 Pedagogy......Page 79 CLOSING THOUGHTS......Page 80 NOTES......Page 81 REFERENCES......Page 82 Part II HISTORY OF ECONOMIC THOUGHT......Page 86 CLASSICAL POLITICAL ECONOMY......Page 87 The Corn Laws and classical political economy......Page 88 Ricardo’s provisional opposition to the Corn Laws......Page 90 Ricardo on Ireland......Page 91 Classical political economy and the Game Laws......Page 94 The destructive nature of the Game Laws......Page 96 JOHN BATES CLARK......Page 99 The competitive world of John Bates Clark......Page 102 REFERENCES......Page 103 6 THE DEVELOPMENT OF ECONOMIC DEVELOPMENT, 1980–95......Page 107 TWO PARADIGMS: GROWTH OR HUMAN DEVELOPMENT?......Page 108 THE GROWTH PARADIGM: INITIAL STUDIES IN ECONOMIC DEVELOPMENT......Page 109 Economic transformation policies and the challenge to development economics......Page 111 The growth paradigm: endogenous growth theory......Page 113 Entitlements, capabilities and agency......Page 114 Gender and development or women in development?......Page 116 THE PARADIGM SHIFTS......Page 118 NOTES......Page 119 REFERENCES......Page 121 7 GENDER IN ECONOMICS AND THE GENDER OF ECONOMISTS......Page 124 RECENT TRENDS IN THE GENDER OF ECONOMISTS......Page 125 THE HISTORY OF THE GENDER OF ECONOMISTS: THE EARLY YEARS......Page 126 THE HISTORY OF THE GENDER OF ECONOMISTS: THE SUFFRAGE YEARS......Page 129 REFLECTING ON THE INTERSECTION: WOMEN ECONOMISTS AND GENDER ISSUES......Page 136 CONCLUSION: THE FUTURE OF FEMINIST ECONOMICS......Page 138 NOTES......Page 139 REFERENCES......Page 140 THE HET COURSE AND ITS STATUS IN UNIVERSITY CURRICULA......Page 145 Current status......Page 147 The academic job market for historians of economic thought......Page 150 Ph.D. dissertations in HET/M......Page 151 Analysis of the contraction of HET in undergraduate and graduate curricula......Page 153 IMPROVING THE QUALITY OF ECONOMICS EDUCATION: THE NEED FOR MORE HET......Page 155 CONCLUSION AND PROPOSALS FOR CHANGE......Page 157 APPENDIX 8.1 SURVEY ON THE HISTORY OF THOUGHT IN ECONOMICS CURRICULA......Page 158 NOTES......Page 159 REFERENCES......Page 161 ACKNOWLEDGEMENT......Page 164 Part III ALTERNATIVE APPROACHES TO NEOCLASSICAL MODELING......Page 165 Private costs, so-called......Page 166 Social costs......Page 168 Costs and utility: the ubiquity and inevitability of power......Page 169 Costs in a general interdependence paradigm of choice and power......Page 170 The central problem of cost......Page 173 SOME EXAMPLES......Page 174 CONCLUSION......Page 179 NOTES......Page 180 REFERENCES......Page 182 10 CULTURE AS A GROWTH RESOURCE......Page 184 The ‘endogenous growth’ literature......Page 185 Empirical research......Page 186 A RUDIMENTARY MODEL OF GROWTH WITH COUNTRY-SPECIFIC VARIABLES......Page 188 THE DIMENSIONS OF CULTURE AND THEIR EFFECT ON GROWTH......Page 190 Methodology......Page 192 Empirical results......Page 193 APPENDIX 10.1 SIXTEEN VALUE DILEMMAS VERSUS ECONOMIC GROWTH......Page 195 2 Universalism......Page 196 3 Individualism......Page 197 5 Functionality......Page 198 7 Internal versus external control......Page 199 9 Universalism......Page 200 11 Universalism......Page 201 13 Egalitarianism......Page 202 15 Individualism......Page 203 NOTES......Page 204 REFERENCES......Page 205 ACKNOWLEDGEMENTS......Page 206 TIME AND CHANGE......Page 207 ECONOMIC ENTITIES: OPERATION......Page 208 DIMENSIONS AND TRANSFORMATIONS......Page 212 CREATIVE RELIABILITY......Page 216 CONCLUSION: EVOLUTIONARY POSSIBILITIES......Page 222 REFERENCES......Page 224 II......Page 226 III......Page 228 V......Page 230 VI......Page 232 VII......Page 233 VIII......Page 234 IX......Page 235 X......Page 238 XI......Page 240 REFERENCES......Page 241 Part IV POLITICAL ECONOMY......Page 243 13 LABOR MARKET OUTCOMES FOR YOUNGER BOSTON AREA WORKERS IN THE 1990s......Page 244 THE MODEL: JOB COMPETITION VERSUS NEOCLASSICAL THEORY......Page 245 FACTORS INFLUENCING LABOR FORCE ATTACHMENT AND UNEMPLOYMENT: HUMAN CAPITAL, CULTURAL CAPITAL, AND SOCIAL CAPITAL......Page 246 OPERATIONALIZING THE JOB COMPETITION MODEL......Page 247 A description of younger Boston area workers......Page 248 Education (Table 13.4)......Page 252 Unemployment (Table 13.6)......Page 253 Hours worked per week (Table 13.7)......Page 254 Use of computer on the job (Table 13.8)......Page 255 Hourly wages (Table 13.10)......Page 256 The simulation methodology......Page 257 The simulation results—men......Page 259 The simulation results—women......Page 262 APPENDIX 13.1 SIMULATION MODEL RESULTS......Page 264 REFERENCES......Page 275 ACKNOWLEDGEMENT......Page 276 14 INSTITUTIONS AND INSTITUTIONALISM......Page 277 THE PRIVATE MARKET......Page 279 THE ROLE OF GOVERNMENT......Page 283 THE INSTITUTION OF THE MILITARY......Page 285 MONEY AND FINANCE......Page 286 CONCLUSION: WHAT IS TO BE DONE?......Page 288 REFERENCES......Page 291 BACKGROUND......Page 293 STABILIZATION AND ADJUSTMENT IN GLOBAL CONTEXT......Page 295 Investment in health and education......Page 296 Financial institutions......Page 297 Emphasis on correcting external deficits......Page 298 Bias toward comprehensive rather than evolutionary change......Page 299 Trade, exchange rate, and capital liberalization......Page 300 Privatization......Page 301 Lack of emphasis on safety nets......Page 303 Lack of emphasis on self-directed development......Page 305 Neglect of political factors......Page 306 AFRICAN CRITICISMS OF ADJUSTMENT AND STABILIZATION PROGRAMS......Page 307 CONCLUSION: A SKETCH OF POLICY APPROACHES......Page 308 REFERENCES......Page 310 16 ECONOMICS WITHOUT HISTORY......Page 315 THE STANDARD REFORM POLICY PRESCRIPTION......Page 316 THE IMPORTANCE OF THE INSTITUTIONAL FRAMEWORK......Page 317 THE IMPORTANCE OF THE UNDERLYING CULTURAL ENVIRONMENT......Page 319 THE HISTORICAL LEGACY OF SOVIET-STYLE SOCIALISM......Page 321 SHOCK THERAPY MEETS RUSSIAN REALITY......Page 323 Privatization of state enterprises......Page 325 Industrial management behavior......Page 326 Agricultural reform......Page 327 Efforts at macroeconomic stabilization......Page 328 The contradictions of a rapid transition......Page 329 CONCLUSION......Page 330 NOTES......Page 331 ACKNOWLEDGEMENT......Page 332 INDEX......Page 333 In recent years there has been increasing discontent with the abstract nature of mainstream economics. The book explores the ways in which economics might be reconnected, both with the real world and with other disciplines.