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Description
This book, set out over four volumes, provides a comprehensive history of economic thought in the 20th century. Special attention is given to the cultural and historical context behind the development of economic theories, to the leading or peripheral research communities and their interactions or controversies, and a critical appreciation and assessment of theories throughout these times.
Volume IV explores economic theory in the age of globalization, between the years from the mid-1970s to the early 2000s. It focuses on efforts to establish a new neoclassical paradigm led by proponents of New Chicago economics, and traces the emergence of alternative research trajectories including New Keynesians, Behavioral Economics, and Complexity Economics. The volume concludes with an examination of the debate on the financial and economic crisis of 2007-8. Key thinkers discussed include Robert Lucas, George Akerlof, Joseph Stiglitz, Daniel Kahneman and Brian Arthur.
This work provides a significant and original contribution to the history of economic thought and gives insight to the thinking of some of the major international figures in economics. It will appeal to students and scholars wishing to further their understanding of the history of economics.
Chapter 1: Introduction.- Chapter 2: Economics at Chicago and the New Chicago School in the Age of Robert Lucas.- Chapter 3: Economics in the MIT-Harvard Network and the New Keynesian Economics.- Chapter 4: The Development of Behavioral Economic Science at Stanford, at The Center for Advanced Study in the Behavioral Sciences and elsewhere in the United States.- Chapter 5: Complexity Economics at Santa Fe Institute and at the University of Michigan.- Chapter 6: Theoretical Controversies: Economists Dealing with the Great Recession and Its Impact on Macroeconomics.- Chapter 7: Between the mid-1970s and the Great Recession: the Rise and Fall of New Neoclassical Economics. Final Remarks.- Chapter 8: GENERAL CONCLUSIONS. ECONOMIC THEORY IN THE TWENTIETH CENTURY.A COMPREHENSIVE OVERVIEW.
Roberto Marchionatti is Professor Emeritus of Economics at the University of Torino, Fellow of the Accademia delle Scienze di Torino, and a Life Member of the Clare Hall College, Cambridge. He has been Visiting Scholar at the Universities of New York and Cambridge. He is the editor of Annals of Fondazione Luigi Einaudi: An Interdisciplinary Journal of Economics, History and Political Science and he has been co-editor of History of Economic Ideas. He is also a member of the Editorial Advisory Board of Mauss International. Anti-Utilitarian Interventions in Social Sciences. He is currently directing the Edizione Nazionale of the writings of the eminent Italian economist Luigi Einaudi. He has published over 50 journal articles, and more than 15 books as well as a great number of contributions to edited volumes.
