New Thinking in Political Economy series – serie

Culture has been a relatively understudied subject within economics. Economists who have studied it often conceive culture as a form of capital, treating it as a set of tools or a resource that certain groups possess and other groups do not. Austrian economics, in contrast, is a science of human behavior that is primarily concerned with making sense of meaningful human action. Because of this, Austrian economists are particularly well suited to inject cultural considerations into economic analysis.This edited volume, a collection of both theoretical essays and empirical studies, presents an Austrian economics perspective on the role of culture in economic action. The authors illustrate that culture cannot be separated from economic action, but that it is in fact part of all decision-making.Culture and Economic Action is an enlightening cross-disciplinary exploration that will appeal to all scholars in the social sciences, from anthropologists to economists.Contributors: P.D. Aligica, P.J. Boettke, E. Chamlee-Wright, B. Colon, C.J. Coyne, L.E. Grube, A. John, R. Langrill, D. Lavoie, P.T. Leeson, A. Matei, K.W. O'Donnell, P. Runst, S. Stein, V.H. Storr

This critical and thought-provoking book explores the causes and consequences of Europe's failed political and economic institutions. Europe's recession has created new challenges as market turmoil has shaken the foundations of the twin pillars of the new drive for European integration - political and monetary unions. This book critically assesses the patchwork solutions continually offered to hold the troubled unions together. Failed political policies, from the prodigious 'Common Agricultural Policy' to ever more common fiscal stimulus packages, are shown to have bred less than stellar results in the past, and to have devastating implications for future European growth. The contributors outline the manner through which European monetary union has subsidized and continues to exacerbate the burgeoning debt crisis. Most strikingly, the interplay between Europe's political and economic realms is exposed as the boondoggle it is, with increasingly bureaucratic institutions plaguing the continent and endangering future potential. Combining political and economic analysis, this comprehensive book will prove essential for researchers and students in international business and macroeconomics. Educated laymen wanting a keener perspective on Europe's recession will also find this book to be invaluable.

Presenting a wide range of topics and written 150 years since Carl Menger’s Principles of Economics was published, this timely book reviews Menger’s life and theories and explains how his insights on the creation of money are still inspiring and relevant today. Highlighting state-of-the-art results on Menger’s methodology and economic theory, the book expertly analyses key topics such as the debt theory of money, capital wealth and the gender wage gap. Chapters also cover up-to-date topics such as Bitcoin and technological progress reinvigorating the study of Menger’s philosophies and their application for future work in economics and the history of economic thought. Comprehensive in its approach, this book will provide an excellent addition to the mainstream literature for scholars and students of economics, Austrian economics and the philosophy of economics. Researchers interested in economic development and other areas such as Bitcoin will find this an excellent resource for their research.

Illustrating the knowledge and ideas of thinkers such as Mandeville, Hume, Montesquieu and Smith, this book fully investigates the entire panorama of social sciences as well as providing a clear and concise analysis of the history of the social sciences from the point at which evolutionary theory entered the field. Examining the history of culture and humanity, Lorenzo Infantino discusses the ‘discovery of society,’ when people stopped seeing behind every social phenomenon the direct action of human and/or divine will, and how the subsequent void was filled by the unintended creation of language, habits, customs, laws and public power. Focussing on the idea that the object of social sciences should be the study of unintended consequences, Infantino also expertly reviews the approach of ‘methodological individualism’. Forward-thinking, the book highlights the need for a rule of law in cultural evolution to prevent harm to others and allow a greater freedom of choice when deciding future actions. Providing an in-depth explanation of why the social sciences are needed and highlighting the task of a social scientist, this book will be invaluable for researchers in the fields of politics, economics and sociology.

This book discusses the crisis in modern governance rooted in the social fragmentation of modern society, the expanding diversity of values, beliefs and lifestyles generated by globalization and the technological revolution. Chapters advocate for a convergence of the institutional theory of polycentricity and the political philosophy of modus vivendi – live and let live – as a basic conceptual framework to uphold a peaceful and tolerant society, while presenting detailed analysis of a wide range of case studies.This book is a critical resource for students and scholars of political science and public policy in addition to those studying political philosophy, sociology, moral theory or institutional systems. Policymakers and practitioners involved in governance will also find this invaluable due to its timely focus on the tensions generated by pluralism and how they can be alleviated.

This erudite book examines the theory of explanatory games. Jonas G. Lipski argues for a comparative approach to the philosophy of economics, applying theoretical ideas to central controversies in the field. Evaluating Competing Explanatory Games in Economics addresses key contemporary issues around mainstream economics, advocating for a naturalistic approach towards philosophy of science that is focused on applicability. He argues that in accordance with these criteria, the theory of explanatory games is the best available approach vis a vis competing general approaches to philosophy of science. Focusing on explanatory practices in economics, Lipski highlights the different rules that economists follow in constructing explanations, emphasizing the need for these to be critically and comparatively evaluated. He argues that economics is a field in which explanatory games with different rules compete with one another. Using examples from growth theory and the Socialist Calculation Debate as case studies, he further argues that some marginalized perspectives - specifically the Austrian School or New institutional Economics - have distinct advantages over the approaches that historically came to be accepted by the majority of economists.A vital resource for students and academics in economics and philosophy, this book’s novel insights into the theory of explanation and comparative economic theory will also greatly benefit economists and philosophers.

This book reconceptualizes wealth maximization in law and economics, proposing a revised framework that integrates cognitive and moral dimensions into institutional analysis. Victor Dorokhin argues that wealth maximization must be constrained by the moral intuitions and normative expectations inherent in human cognition.The author expands upon the concept of moral costs, highlighting the often-overlooked ethical trade-offs in standard economic models. He assesses the foundations of legal reasoning from an interdisciplinary perspective, outlining a cognitively grounded alternative to utilitarian and contractarian frameworks in legal analysis. Drawing on insights from the Austrian school, legal philosophy, neuroscience, and a critical engagement with Richard Posner’s theory of wealth maximization, the chapters explore how institutions emerge not merely through rational design, but as responses to shared judgments about justice and legitimacy. The book also presents practical recommendations for legal policy, emphasizing the importance of aligning legal frameworks with the moral architecture of social agents.Law, Morality and Economics is a valuable resource for scholars and students of legal economics and political economy. Providing normative guidelines and actionable policy suggestions, it is also beneficial for legal policy analysts and reformers.

Providing a thorough defence of economics against behavioural imperialism and psychologism, Arkadiusz Sieroń argues that psychology should not play a significant role in economic theory. He focuses on the role of rationality in economics, the psychological theories of the business cycle, the debate surrounding the impact of capitalism on mental health, and anti-market sentiment.Sieroń analyses rationality in economics through four concepts: the individual, methodological, metaphysical and the empirical, and evaluates the differences between economics and psychology. Chapters consider issues which undermine the validity of psychological theories of the business cycle, investigate whether economic systems should be assessed in terms of their impact on happiness or psychological well-being, and explore the psychological factors of anti-market sentiment.Rationality, Psychology and Capitalism is a crucial resource for students and scholars in economics, particularly those interested in behavioral economics. It will also be of benefit to philosophy, methodology and psychology students, with its focus on the issues at the intersection of economics and psychology.

This fascinating book explores Nobel Prize winner Friedrich August von Hayek’s lasting influence on economics and social thought. Expert authors reflect on his contributions and apply them to various challenges in contemporary society.By tracing the evolution of Hayek’s achievements, this book also explores lesser known aspects of his work such as the impact of religion, his critique of the welfare state and his unique interpretation of David Hume. Chapters highlight the modern relevance of these considerations, engaging with current debates not only within Austrian economics but also within other social sciences, including political philosophy, law and psychology. Drawing on Hayek’s intellectual connections and modes of analysis, contributors examine key themes of entrepreneurship, monetary theory, macroeconomics and the role of institutions, as well as his critical analyses on socialism and classical liberalism.Providing comprehensive coverage of Hayek’s intellectual influence, this book is highly relevant to scholars and students of social philosophy, economics and the history of ideas, particularly those interested in the Austrian school of economics.

This extensive book explores in detail a wide range of topics within the public choice and constitutional political economy tradition, providing a comprehensive overview of current work across the field.The expert contributions are underpinned by the notion of moving economic thinking away from the analysis of the logic of a situation given a set of well-established and well-enforced 'rules of the game', towards a deeper analysis of the logic behind the selection of the rules of the game themselves. Within this context, the theme of choice between rules (as well as the more conventional analysis within rules) across historical time and place, and in various thought experiments and conceptual situations, is explored in detail. Extensive case studies back theory with empirical evidence, and topics discussed include: the foundations of constitutional economics; constitutional political economy; political competition and voting; public choice and public policy; and extensions to public choice theory.This stimulating book will prove a thought-provoking read for academics and both under- and post-graduate students in the fields of economics (particularly public choice and Austrian economics), public policy and political science.Contributors: P. Bernholz, V.K. Borooah, G. Brennan, G. Brosio, J.M. Buchanan, F. Cabrillo, R.D. Congleton, G. Eusepi, S. Fedeli, M. Ferrero, S. Fitzpatrick, F. Forte, B.S. Frey, J. Helin, M.J. Holler, J.D. Montoro-Pons, S. Neckermann, H. Nurmi, M. Paldam, M.A. Puchades-Navarro, G.C. Romagnoli, P. Salmon, V.J. Vanberg, B.-A. Wickström

Entrepreneurial Action, Public Policy, and Economic Outcomes examines the economics of entrepreneurship from the perspectives of productive versus unproductive entrepreneurial behavior and the role of institutions in economic outcomes. It seeks to advance the research on institutions by providing a simple framework to analyze the broader, long-term consequences of economic policies.The authors examine the relationship between economic freedom and economic outcomes and summarize empirical evidence and theory. Important topics of public debate are covered, and the economic rules of the game are carefully analyzed for clues to provide a better path toward prosperity. The book provides practical policy solutions that are based on the authors cogent analyses which highlight the importance of institutions for economic outcomes. It also focuses specifically on the impact of public policy and provides concrete examples regarding the role of institutions.Providing a clear summary of the institutions and entrepreneurship research this comprehensive and timely book will be of great interest to anyone involved in public policy. It also offers a practical application for academic research and a rich bibliography of the scholarship and will therefore appeal to both graduate and undergraduate students.Contributors: N.D. Campbell, R.L. Coyne, N. Dutta, B.K. Hobbs, P.T Leeson, D.T. Mitchell, T. Ovaska, G.M. Randolph, T.M. Rogers, S. Roy, R.F. Salvino jr, R.S. Sobel, M. Swaleheen, M.T. Tasto, G.K. Turnbull

This exciting book provides fresh insight into how institutions, governments, regulations, economic freedom and morality impact entrepreneurship and public policy. Each chapter contains a rigorous analysis of the consequences of public policy and the effects of institutional decisions on the productivity of entrepreneurs. Expert contributors highlight the importance of institutions for economic outcomes while focusing specifically on the impact of public policy. One standout feature is the presentation of concrete examples regarding the role of institutions as well a clear analysis of entrepreneurship research. The editors also examine and compare productive versus unproductive public policies. Some of the conclusions made within this book include:Successful recruitment spending by states creates an incentive for unproductive entrepreneurs to seek economic rentsRegulatory measures impact firms in a continuous and evolving fashionEconomic actions and morality may converge given certain conditionsMore economic freedom in a given country is associated with greater levels of entrepreneurshipPublic Policy, Productive and Unproductive Entrepreneurship will help policymakers direct their efforts at creating a positive economic environment for entrepreneurs to flourish and give scholars a better understanding of the role policy plays in entrepreneurial activity. Its practical application for academic research will be great for students, helping them to connect theoretical economic fundamentals to real and familiar economic outcomes.Contributors include: J. Fetzner, J.C. Hall, P.G. Klein, M. Latta, R.A. Lawson, G.M. Randolph, M. Rivero, S. Roychoudhury, M.E. Ryan, R.F. Salvino, R.S. Sobel, M.T. Tasto, P.A. Yakovlev

This thought-provoking book considers the global challenges and challengers to the economic supremacy of the West.Jan Winiecki explores the various problems that the West must deal with in order to remain an efficient competitor in the world economy. These, he argues, are primarily consequences of the ever-expanding welfare state; consequences that are not only economic but also socio-psychological and, therefore, political. The author also considers the evolution of Western Europe and the USA from a new perspective, noting the 'Europeanization' of US economic policies and regulation and the 'Americanization' of polices and regulation in some European countries. The book concludes that the main challengers to the West - Brazil, Russia, India and China (the so-called BRIC group of countries) - are unlikely to gain economic supremacy over the West any time soon, given that they have to contend with their own difficulties.Economic Futures of the West will prove a stimulating and challenging read for academics, researchers and students in the fields of economics, heterodox economics and development.Contents: Preface Part I: Global Challenges: Irrelevant? Imaginary? Immaterial? 1. Anti-Globalists - Funny Children of Marx and Coca-Cola 2. World is Running Out of Resources (Once Again...) 3. Climate Alarmists, Climate Skeptics Part II: BRIC Countries and Global Economic Shifts: Projections and Realities 4. The Uneven Quality of the BRIC: Russia and Brazil as the Weaker Half 5. China and India: Competitors for Future Leadership in the Global Economy Part III: West in Decline and Still (Largely) in Denial 6. Global Financial Crisis as an Accelerator of Damaging Long-Term Trends 7. Intra-European Divergences at the Time of Crumbling Welfare State 8. How Much of American Exceptionalism is Still Left in the Europeanized United States? 9. Underpinnings for Scenario Postscript - Back to the Future Index

David Simpson skilfully argues that a market economy can be best understood as a human complex system, a perspective that represents a continuation of the classical tradition in economic thought. In the classical tradition, growth rather than allocative efficiency is the principal object of enquiry, economic phenomena are recognised to be elements of processes rather than structures, and change is evolutionary.The book shows the common principles that connect the early classical school, the Austrian school and complexity theory in a single line of thought. It goes on to show how these principles can be applied to explain the characteristic features of a market economy - namely incessant change, growth, the business cycle and the market process itself - and argues that static equilibrium theory, whether neoclassical or neo-Keynesian, cannot satisfactorily account for these phenomena.This fascinating book will provide a stimulating read for academics, postgraduate students and all those with an interest in economic theory and economic policy.

This fascinating volume challenges the widely held belief that the state should supply, finance and regulate schooling in developing countries. Using India as an example, Dr. Pauline Dixon examines the ways in which private, for-profit schools might serve as a successful alternative to state-run systems of education in impoverished communities around the world.The book begins with a thorough history of India's government-run schools - based on the traditional British model - which are currently characterized by high levels of waste, inefficiency and subpar student performance. The author goes on to present comprehensive survey and census data, along with analyses of different school management types and their effect on student achievement, teacher attendance and quality of facilities. The book also tackles the problem of inefficient allocation and use of international aid, and offers recommendations on the development of new mechanisms for utilizing aid resources in support of low-cost private schools.This meticulously researched volume will appeal to students and professors of development studies, political economy and international studies. Policymakers and other officials with an interest in educational innovation will also find much of interest in this book.

This fascinating volume challenges the widely held belief that the state should supply, finance and regulate schooling in developing countries. Using India as an example, Dr. Pauline Dixon examines the ways in which private, for-profit schools might serve as a successful alternative to state-run systems of education in impoverished communities around the world.The book begins with a thorough history of India's government-run schools - based on the traditional British model - which are currently characterized by high levels of waste, inefficiency and subpar student performance. The author goes on to present comprehensive survey and census data, along with analyses of different school management types and their effect on student achievement, teacher attendance and quality of facilities. The book also tackles the problem of inefficient allocation and use of international aid, and offers recommendations on the development of new mechanisms for utilizing aid resources in support of low-cost private schools.This meticulously researched volume will appeal to students and professors of development studies, political economy and international studies. Policymakers and other officials with an interest in educational innovation will also find much of interest in this book.

For some, Sweden is proof that a generous welfare state is fully compatible with a growing competitive economy. For others, it is a frightening example of what big government can do to a once thriving economy. Sweden and the Revival of the Capitalist Welfare State tackles a number of controversial questions regarding Sweden's economic and political development: How did Sweden become rich? How did Sweden become egalitarian? Why has Sweden since the early 90s grown faster than the US and most EU-countries despite its high taxes and generous welfare state?The author uses new research on institutions and economic reforms to explain the rise, the fall and the recent revival of the Swedish welfare state. The central argument is that a generous welfare state like that of Sweden can work well, provided that it is built on well-functioning capitalist institutions and economic openness. The book expertly explains how Sweden developed from a poor and highly unequal society to one of the richest and most egalitarian countries in the world by building a universal welfare state on a capitalist foundation. It also engages in an important discussion about the current and future challenges for the welfare state in general.The book will fit well in introductory and advanced courses on welfare state policy, social work, sociology, economic history, institutional economics and political science. In all these disciplines, the case of Sweden has always provoked interest and debate, due to Sweden's combination of prosperity, equality and extensive welfare state. The rapid pace of change in Sweden over the last 25 years, however, means that most other books are descriptively dated.

This thought-provoking book considers the global challenges and challengers to the economic supremacy of the West.Jan Winiecki explores the various problems that the West must deal with in order to remain an efficient competitor in the world economy. These, he argues, are primarily consequences of the ever-expanding welfare state; consequences that are not only economic but also socio-psychological and, therefore, political. The author also considers the evolution of Western Europe and the USA from a new perspective, noting the 'Europeanization' of US economic policies and regulation and the 'Americanization' of polices and regulation in some European countries. The book concludes that the main challengers to the West - Brazil, Russia, India and China (the so-called BRIC group of countries) - are unlikely to gain economic supremacy over the West any time soon, given that they have to contend with their own difficulties.Economic Futures of the West will prove a stimulating and challenging read for academics, researchers and students in the fields of economics, heterodox economics and development.Contents: Preface Part I: Global Challenges: Irrelevant? Imaginary? Immaterial? 1. Anti-Globalists - Funny Children of Marx and Coca-Cola 2. World is Running Out of Resources (Once Again...) 3. Climate Alarmists, Climate Skeptics Part II: BRIC Countries and Global Economic Shifts: Projections and Realities 4. The Uneven Quality of the BRIC: Russia and Brazil as the Weaker Half 5. China and India: Competitors for Future Leadership in the Global Economy Part III: West in Decline and Still (Largely) in Denial 6. Global Financial Crisis as an Accelerator of Damaging Long-Term Trends 7. Intra-European Divergences at the Time of Crumbling Welfare State 8. How Much of American Exceptionalism is Still Left in the Europeanized United States? 9. Underpinnings for Scenario Postscript - Back to the Future Index

Competition, or the freedom to enter into a market, contributes greatly to the differentiation of human activities and therefore to economic progress. This fascinating book highlights the similarities between human systems at both the micro and macro level, and demonstrates how competition can positively affect the economic workings of firms and countries.Pascal Salin explores a number of issues associated with competition and human diversity, with a particular focus on the European Union. Topics addressed include globalization and regulation, tax harmonization, monetary integration and currency issues, economic and monetary policies, and financial crises. The book concludes with a thorough discussion of the underlying economic theory and the vital differences between the Austrian approach and mainstream thought.This book will appeal to scholars and students of Austrian and public choice economics.

'In an age of specialization, Capaldi and Lloyd have recreated that ancient tool of learning: the conversation. Beginning with the debate between Locke and Rousseau, and continuing through to Galbraith, Friedman, Hayek and Piketty, this book invites the reader to join a conversation which has now lasted over three centuries. Don't read this book if you just want a simple answer to complex problems. Do read this book if you want to think deeply and widely about the fundamental questions of how to organize a society.'- Jim Hartley, Mount Holyoke College'Liberty and Equality in Political Economy takes the reader across a convincing roadmap of how and why the ongoing conversation between Lockean Liberty and Rousseau Equality provides an evolutionary explanation of the development of formal and informal institutions that define Western Civilization and explain their consequences. This book should be a must-read for undergraduate and graduate students in humanities and social sciences.'- Svetozar (Steve) Pejovich, Texas A&M UniversityLiberty and Equality in Political Economy is an evolutionary account of the ongoing debate between two narratives: Locke and liberty versus Rousseau and equality. Within this book, Nicholas Capaldi and Gordon Lloyd view these authors and their texts as parts of a conversation, therefore highlighting a new perspective on the texts themselves. The authors argue that the debate initiated between Locke and Rousseau continues to define political economy today. They not only explore the strengths of each narrative, but also indicate how proponents within each will respond to their rivals. Other important views in economics and philosophy, including the works of Immanuel Kant, Georg Wilhelm Friedrich Hegel, Alexis de Tocqueville, John Stuart Mill, Milton Friedman, Friedrich Hayek, and Michael Oakeshott, are examined in conjunction with Locke; the works of the French Revolution, Proudhon, Marx and Engels, the Progressives, Keynes, Galbraith, Rawls, and Piketty reflect Rousseau's divergent views. Together this provides a rich exploration of the philosophical underpinnings of modern economics and politics.This comprehensive analysis will be of interest to philosophers, political theorists, and economists who wish to join the conversation. Graduate and undergraduate students in political theory, history of economics, political philosophy, and business ethics courses will also find this book valuable.

How have the most influential political economists of the past three centuries theorized about sovereign borrowing and shaped its now widespread use? This important question receives a comprehensive answer in this original work, featuring careful textual analysis and illuminating exhibits of public debt empirics since 1700. Beyond its value as a definitive, authoritative history of thought on public debt, this book rehabilitates and reintroduces a realist perspective into a contemporary debate now heavily dominated by pessimists and optimists alike.The book simultaneously explicates and critiques the most prominent theories concerning why states borrow in the first place, whether or not they borrow productively, the incidence of their debts, why they sometimes borrow too much and why they often default, whether explicitly or implicitly. The author classifies major public debt theorists as pessimists, optimists or realists. This book also examines the influence of regime types, especially why most modern welfare states tend not only to over-issue bonds but also to incur even larger implicit obligations via unfunded, off-balance sheet liabilities. Scholars and undergraduate and graduate students in economics and political science, as well as policymakers, will find this analysis of public debt and public spending insightful and revealing.

'While market activity and political activity are often analyzed independently of each other, Wagner demonstrates their interdependence. His novel analysis shows that politics has a level of complexity well beyond the way it is typically depicted in the social sciences, and shows that political activity has more in common with market activity than is commonly recognized. The book offers a wide range of insights and pushes readers to take a more nuanced view of politics.'- Randall G. Holcombe, Florida State University, USEconomists typically treat government as something outside the business realm, a sort of 'Lord of the Manor'. Richard Wagner argues that this is the wrong approach and can ultimately be destructive to capitalism and to society.Modern governments are a peculiar form of business enterprise. They face the same problems as regular businesses, such as ascertaining demand and organizing production, and act within the system in a way that can lead to a parasitical relationship with the market. Largely rooted in political economy, this book develops new theoretical ideas and formulations to explain why democracy is a difficult form of government to maintain. The author explores how and why limited governments can morph into a system of destructive politics, and looks at ways to escape this process.This dynamic book will be useful for public choice scholars, economists, political scientists, and lawyers who are interested in political economy in its various guises.

Monetary problems are important and widely debated, but the complexity of the international monetary system and the disparate systems that make it up gives rise to many fallacies about the inner workings of these systems. When shared by those who decide economic and monetary policies, these fallacies can have damaging consequences. This book provides a rigorous and approachable analysis of these systems and consequences, providing the keys to untangling and understanding their mechanisms and influence.A clear understanding of the working of monetary systems becomes an indispensable decision-making tool when it comes to pressing questions about reform and issues of global debate such as whether a country should join (or leave) the Eurozone or attempts to cure the so-called 'balance of payments problems'. Starting from basic concepts, Pascal Salin progressively builds upon his analysis of monetary systems in a coherent and easily readable way, drawing on the most reliable theoretical contributions from research and giving examples of lessons that can be drawn from this rigorous examination of topics including devaluations, fixed and flexible exchange rates, monetary integration, monetary crises, monetary policy, and more. His clear, orderly style pares down accumulated details and theories to leave a concise and usable toolkit for analysis and action.This book makes it possible for anyone, starting from scratch, to come to a comprehensive understanding of the working of monetary systems. Students and scholars in economics as well as policy makers and practitioners will find this lucid volume an important resource and reference, as it provides intellectual instruments to evaluate the working of any monetary system.

'While market activity and political activity are often analyzed independently of each other, Wagner demonstrates their interdependence. His novel analysis shows that politics has a level of complexity well beyond the way it is typically depicted in the social sciences, and shows that political activity has more in common with market activity than is commonly recognized. The book offers a wide range of insights and pushes readers to take a more nuanced view of politics.'- Randall G. Holcombe, Florida State University, USEconomists typically treat government as something outside the business realm, a sort of 'Lord of the Manor'. Richard Wagner argues that this is the wrong approach and can ultimately be destructive to capitalism and to society.Modern governments are a peculiar form of business enterprise. They face the same problems as regular businesses, such as ascertaining demand and organizing production, and act within the system in a way that can lead to a parasitical relationship with the market. Largely rooted in political economy, this book develops new theoretical ideas and formulations to explain why democracy is a difficult form of government to maintain. The author explores how and why limited governments can morph into a system of destructive politics, and looks at ways to escape this process.This dynamic book will be useful for public choice scholars, economists, political scientists, and lawyers who are interested in political economy in its various guises.

The modern welfare state finds itself in the middle of two major upheavals: the impact of technology and immigration. Having taken in more refugees per capita than most other countries, the pillars of the Swedish welfare state are being shaken, and digital technologies are set to strengthen already existing trends towards job and wage polarization. The development of skills to keep pace with technology will enter into a critical period for the labor market in which inadequate policy responses could result in further inequality and polarization. In this regard, a platform-based labor market could help by opening up a vast range of new work opportunities. Marten Blix examines the implications of these trends that drive change in developed economies and, in particular, the impact that they have on Sweden and other European countries with rigid labor markets and comprehensive tax-financed welfare services. Increasing costs from immigration and rising inequality could further reduce the willingness to pay high taxes and erode support for redistribution. Failure to address challenges like this one could herald much more drastic changes down the road. There are already signs of economic and political tensions and there is a risk that the social contract could crack. This new discussion on the future of work and the welfare state will be of interest not only to scholars but in policy circles and corresponding societies in sociology, labor relations, political science and public administration.

While creative destruction and disruptive innovation change the entrepreneurial landscape, regulation - especially regulation of sectorial markets and competition regulation - can delay this change or even bring it to a halt. Grounded in a particular understanding of the economic concept of the market as a series of processes, this book explores the implications of creative destruction, competition regulation and the role that businesses play.Instead of discussing this in a purely abstract manner, this book uses Uber as a case study. Uber plays an active role between these two forces: first as an agent of creative destruction and then possibly as a champion of regulation on its own terms. Henrique Schneider analyses Uber as an economic phenomenon, investigates the fundamental problems with competition regulation, and explores the intermediation of idle capacity through technology. Ultimately, Schneider concludes that the more Uber is regulated, the less innovative it becomes. This groundbreaking book will appeal to a broad and varied readership including economists, educators, students and law professionals.

For some, Sweden is proof that a generous welfare state is fully compatible with a growing competitive economy. For others, it is a frightening example of what big government can do to a once thriving economy. Sweden and the Revival of the Capitalist Welfare State tackles a number of controversial questions regarding Sweden's economic and political development: How did Sweden become rich? How did Sweden become egalitarian? Why has Sweden since the early 90s grown faster than the US and most EU-countries despite its high taxes and generous welfare state?The author uses new research on institutions and economic reforms to explain the rise, the fall and the recent revival of the Swedish welfare state. The central argument is that a generous welfare state like that of Sweden can work well, provided that it is built on well-functioning capitalist institutions and economic openness. The book expertly explains how Sweden developed from a poor and highly unequal society to one of the richest and most egalitarian countries in the world by building a universal welfare state on a capitalist foundation. It also engages in an important discussion about the current and future challenges for the welfare state in general.The book will fit well in introductory and advanced courses on welfare state policy, social work, sociology, economic history, institutional economics and political science. In all these disciplines, the case of Sweden has always provoked interest and debate, due to Sweden's combination of prosperity, equality and extensive welfare state. The rapid pace of change in Sweden over the last 25 years, however, means that most other books are descriptively dated.

Over the past few decades, economists have witnessed with growing uneasiness their failure to explain the ballooning of public debt in most countries. Using methodological individualism and micro-economics, this book overcomes flaws inherent in the standard macro approach, according to which governments manipulate public debt to promote systemic stability. This unique analysis is grounded in the writings of Antonio de Viti de Marco, injecting current analytical contributions and formulations into the framework to offer a forthright insight into public debt and political economy. Public Debt provides an alternative orientation that explains why concepts of public debt that are relevant for authoritarian regimes are not relevant for democratic regimes. It examines public debt in cooperative and monopolistic democracies as well as the corrupting quality of public debt in democracy. Including topics such as macro guidance within a Machiavellian approach, public debt as systemic lying and as a shell game, economy as an ecology vs. economy as an engine, individual vs. group action and cooperative state as ideal type, this book is a unique and refreshing approach to the material. This comprehensive and cohesive sourcebook will serve as a critical resource for academics interested in public debt and political economy.

Religion and Comparative Development is the first analytical endeavor on religion and government that incorporates microeconomic modeling of democracy and dictatorship as well as empirical linkages between religious norms and the bureaucratic provision of public goods within the framework of survey data analysis and public goods experiments. Moreover, it explores the rising significance of religion in Middle East and post-Soviet politics, as well as in current migration, security and party developments in the United States and Europe alike through these lenses. This book underscores the significance of religion as a crucial factor for political development and economic transformation, suggesting that all world religions can offer pathways to peace and development through different institutional channels. With a multiplicity of methods (statistical modeling, game theory, lab-in-the-field experiments, comparative historical analysis), the author observes how religion impacts political economy and international politics, and not always negatively. This demystification of religion goes beyond the classical discussion on the role of religion in the public sphere and sets the grounds for explaining why some economies are more likely to be democracies and others dictatorships. Researchers, graduate and undergraduate students of economics and social sciences, and faculty members who are interested in cutting-edge research on economics and culture will want this book in their collection. It insights will also be useful for policy-makers, administrators, historians, and civic organizations.