A new principles of economics : the science of markets / Carsten Herrmann-Pillath and Christian Hederer.

Format:

Book

Author/Creator:

Herrmann-Pillath, Carsten, author.

Language:

English

Subjects (All):

Markets.

Economics.

Physical Description:

1 online resource (518 pages)

Place of Publication:

London ; New York : Routledge, [2023]

Summary:

Despite the dynamic development of the discipline of economics, the ways in which economics is taught and how it defines its basic principles have hardly changed, resulting in economics being criticised for its inability to provide relevant insights on global challenges. In response, this book defines new principles of economics and seeks to establish economics as the science of markets. A New Principles of Economics provides an alternative conceptual framework for the study of economics, integrating recent developments and researchin both economics and neighbouring social sciences. Adopting the structure of a standard principles text, it separates the study of markets as mechanisms and markets in their wider contexts. In doing so, a number of new perspectives are introduced, including approaching the economy as part and parcel of the Earth system; directly connecting the analysis of production with an analysis of technology and thermodynamic principles; explicitly treating markets as forms of social networks mediated by the institution of money; and reinstating the central role of distribution in political economy analysis. Drawing on the latest theories and research on the economy, and including both the natural and social sciences, this text provides a holistic introduction suitable for postgraduates and other advanced students.

Contents:

Introduction

PART I: 1. What Are Markets?

2. Economics as the science of markets

3. Economics and values

PART II 4. Evolution, ecology, economy

5. Specialisation and cooperation

6. Production and technological evolution

PART III 7. The economic agent

8. Networks and social interaction

9. Institutions

10. Money and value

11. Markets evolving

PART IV 12. Money and finance

13. Economic fluctuations and aggregate economic evolution

14. The economics of global markets

15. Markets and inequality

16. Global economic growth in the Earth system

PART V 17. Economic policy

18. Epilogue: The economist as adviser.

Notes:

Includes bibliographical references and index.

Description based on print version record.

ISBN:

1-00-309486-4

1-000-81967-1

1-003-09486-4

9781003094869

OCLC:

1354271220