Economic Theories in a Non-Walrasian Tradition (Historical Perspectives on Modern Economics)

negishi Examines A Broad Range Of Topics In The History Of Economics That Have Relevance To Current Economic Theories. The Author Contends That One Of The Tasks For Historians Of Economics Is To Analyze And Interpret Theories Currently Outside The Mainstream Of Economic Theory, In This Case, Walrasian Economics. Familiar Topics Covered Include The Division Of Labor, Economies Of Scale, Wages, Profit, International Trade, Market Mechanisms, And Money. These Are Considered In Reference To The Well-known Non-walrasian Schools Of Thought. The advent of electronic computing permits the empirical analysis of economic models of far greater subtlety and rigour than before, when many interesting ideas were not followed up because the calculations involved made this impracticable. The estimation and testing of these more intricate models is usually based on the method of Maximum Likelihood, which is a well-established branch of mathematical statistics. Its use in econometrics has led to the development of a number of special techniques; the specific conditions of econometric research moreover demand certain changes in the interpretation of the basic argument. This book is a self-contained introduction to this field. It consists of three parts. The first deals with general features of Maximum Likelihood methods; the second with linear and nonlinear regression; and the third with discrete choice and related micro-economic models. Readers should already be familiar with elementary statistical theory, with applied econometric research papers, or with the literature on the mathematical basis of Maximum Likelihood theory. They can also try their hand at some advanced econometric research of their own This book covers a broad range of topics in the history of economics that have relevance to economic theories. The author believes that one of the tasks for a historian of economics is to analyze and interpret theories currently outside the mainstream of economic theory, in this case non-Walrasian economics. By doing so, he argues, new directions and new areas for research can be developed that will extend the current theories. Familiar topics covered include: the division of labor, economies of scale, wages, profit, international trade, market mechanisms, and money. These are considered in the light of the well-known non-Walrasian schools of thought: the classical, Marxian, Austrian, and Cambridge schools The neoclassical economic theory that is currently predominant should, to be precise, be referred to as Walrasian or neo-Walrasian economic theory, to distinguish it from the Marshallian tradition that was originally designated neoclassical economics (Latsis 1976, p. 86). This title covers a range of topics in the history of economics that have relevance to economic theories at the beginning of the 21st century. The author analyzes and interprets non-Walrasian economics, a theory outside the mainstream of economic theory Takashi Negishi. Includes Indexes. Bibliography: P. 192-200.