ECONOMIC THEORY AND REALITY: Selected Essays on their Disparities and Reconciliation (Economists of the Twentieth Century series) - Hardcover

Scitovsky, Tibor

Hardcover

ISBN 10: 1858981395 ISBN 13: 9781858981390

Publisher: Edward Elgar Publishing, 1995

Synopsis

Economic Theory and Reality presents Tibor Scitovsky's latest thinking on the relationship between economic theory and economic reality. It focuses in depth on two central themes. The first is Professor Scitovsky's attempt to make economic theory more realistic and thereby more useful; it includes his work on the necessity of asymmetric markets, some market power and righteous behaviour as conditions of a progressive and properly functioning market economy.
The second major theme is the shortcomings of the real-world economy, in particular its failure to maintain macroequilibrium, price stability and full employment. His work on this theme includes examinations of inflexible wages and prices, excessive claims, positional goods, and the impact of second-hand markets on the macroeconomy.

About this title

About the Author:

Tibor Scitovsky is Emeritus Professor of Economics, Stanford University, US, Professor Emeritus, London School of Economics, UK and Emeritus Professor, University of California, Santa Cruz, US.

Review:

`It is a book that is well worth having on the shelf. Economic theorists (macro and mirco), applied economists and welfare economists, and even economic consultants, have all much to gain from reading this book and returning to it at regular intervals. It will remind them all of some fundamental truths and confusions that the economics profession has to deal with.' -- John Stark, The Business Economist `His ability to remain original, thought-provoking and succinct, and to maintain his curiosity for so long, must be the envy of us all.' -- Maurice Scott, The Economic Journal

About this edition

• Publisher: Edward Elgar Publishing
• Publication date: 1995
• ISBN 10: 1858981395
• ISBN 13: 9781858981390
• Binding: Hardcover
• Number of pages: 264