• Business & Economics

The Routledge Handbook of Heterodox Economics

Theorizing, Analyzing, and Transforming Capitalism
Author: Tae-Hee Jo,Lynne Chester,Carlo D'Ippoliti
Publisher: Routledge
ISBN: 1317480287
Category: Business & Economics
Page: 550
View: 7212
The Routledge Handbook of Heterodox Economics presents a comprehensive overview of the latest work on economic theory and policy from a ‘pluralistic’ heterodox perspective. Contributions throughout the Handbook explore different theoretical perspectives including: Marxian-radical political economics; Post Keynesian-Sraffian economics; institutionalist-evolutionary economics; feminist economics; social economics; Régulation theory; the Social Structure of Accumulation approach; and ecological economics. They explain the structural properties and dynamics of capitalism, as well as propose economic and social policies for the benefit of the majority of the population. This book aims, firstly, to provide realistic and coherent theoretical frameworks to understand the capitalist economy in a constructive and forward-looking manner. Secondly, it delineates the future directions, as well as the current state, of heterodox economics, and then provides both ‘heat and light’ on controversial issues, drawing out the commonalities and differences among different heterodox economic approaches. The volume also envisions transformative economic and social policies for the majority of the population and explains why economics is, and should be treated as, a social science. This Handbook will be of compelling interest to those, including students, who wish to learn about alternative economic theories and policies that are rarely found in conventional economics textbooks or discussed in the mainstream media, and to critical economists and other social scientists who are concerned with analyzing pressing socio-economic issues.

    • Economics

The Routledge Handbook of Heterodox Economics


Author: Tae-Hee Jo,Lynne Chester,Carlo D'Ippoliti
Publisher: N.A
ISBN: 9781138899940
Category: Economics
Page: 568
View: 7606
The Routledge Handbook of Heterodox Economics presents a comprehensive overview of the latest work on economic theory and policy from a 'pluralistic' heterodox perspective. Contributions throughout the Handbook explore different theoretical perspectives including: Marxian-radical political economics; Post Keynesian-Sraffian economics; institutionalist-evolutionary economics; feminist economics; social economics; Regulation theory; the Social Structure of Accumulation approach; and ecological economics. They explain the structural properties and dynamics of capitalism, as well as propose economic and social policies for the benefit of the majority of the population. This book aims, first, to provide realistic and coherent theoretical frameworks to understand the capitalist economy in a constructive and forward-looking manner. Secondly, it delineates the future directions, as well as the current state, of heterodox economics, and then provides both 'heat and light' on controversial issues, drawing out the commonalities and differences among different heterodox economic approaches. The volume also envisions transformative economic and social policies for the majority of the population and explains why economics is, and should be treated as, a social science. This Handbook will be of compelling interest to those, including students, who wish to learn about alternative economic theories and policies that are rarely found in conventional economics textbooks or discussed in the mainstream media, and to critical economists and other social scientists who are concerned with analyzing pressing socio-economic issues.

    • Business & Economics

Routledge Handbook of Ecological Economics

Nature and Society
Author: Clive L. Spash
Publisher: Taylor & Francis
ISBN: 1317395107
Category: Business & Economics
Page: 552
View: 3269
Since becoming formally established with an international academic society in the late 1980s, ecological economics has advanced understanding of the interactions between social and biophysical reality. It initially combined questioning of the basis of mainstream economics with a concern for environmental degradation and limits to growth, but has now advanced well beyond critique into theoretical, analytical and policy alternatives. Social ecological economics and transformation to an alternative future now form core ideas in an interdisciplinary approach combining insights from a range of disciplines including heterodox economics, political ecology, sociology, political science, social psychology, applied philosophy, environmental ethics and a range of natural sciences. This handbook, edited by a leading figure in the field, demonstrates the dynamism of ecological economics in a wide-ranging collection of state-of-the-art essays. Containing contributions from an array of international researchers who are pushing the boundaries of the field, the Routledge Handbook of Ecological Economics showcases the diversity of the field and points the way forward. A critical analytical perspective is combined with realism about how economic systems operate and their essential connection to the natural world and society. This provides a rich understanding of how biophysical reality relates to and integrates with social reality. Chapters provide succinct overviews of the literature covering a range of subject areas including: heterodox thought on the environment; society, power and politics, markets and consumption; value and ethics; science and society; methods for evaluation and policy analysis; policy challenges; and the future post-growth society. The rich contents dispel the myth of there being no alternatives to current economic thought and the political economy it supports. The Routledge Handbook of Ecological Economics provides a guide to the literature on ecological economics in an informative and easily accessible form. It is essential reading for those interested in exploring and understanding the interactions between the social, ecological and economic and is an important resource for those interested in fields such as: human ecology, political ecology, environmental politics, human geography, environmental management, environmental evaluation, future and transition studies, environmental policy, development studies and heterodox economics.

    • Business & Economics

In Defense of Post-Keynesian and Heterodox Economics

Responses to their Critics
Author: Frederic S. Lee,Marc Lavoie
Publisher: Routledge
ISBN: 1136215662
Category: Business & Economics
Page: 280
View: 2984
Post-Keynesian and heterodox economics challenge the mainstream economics theories that dominate the teaching at universities and government economic policies. And it was these latter theories that helped to cause the great depression the United States and the rest of the world is in. However, most economists and the top 1% do not want mainstream theories challenged—for to do so would mean questioning why and how the 1% got where they are. Therefore, numerous efforts have been and are being made to discredit if not suppress Post-Keynesian and heterodox economics. These efforts have had some success; this book is a response to them. This book makes it clear that Post Keynesian/heterodox economics is, in spite of internal problems, a viable and important approach to economics and that it should resist the attempts of the critics to bury it. The reader will also find arguments that directly engage the critics and suggest that their views/criticisms are vacuous and wrong. As such, this will appeal to all who are interested in economic theory, economic history and who believe in challenging the orthodoxy.

    • Business & Economics

The Handbook of Pluralist Economics Education


Author: Jack Reardon
Publisher: Routledge
ISBN: 1135276021
Category: Business & Economics
Page: 304
View: 2373
This book provides a blueprint for those interested in teaching from a pluralist perspective, regardless of ideology. It provides educators, policy makers and students with helpful suggestions for implementing pluralism into pedagogy, by offering detailed suggestions and guidelines for incorporating pluralist approaches tailored to specific individual courses. The Handbook for Pluralist Economics Education specifically provides practical suggestions for professors willing to implement pluralism in the classroom and increases the pedagogical influence of pluralist economics while reducing the hegemony of monism at any level.

    • Business & Economics

A History of Heterodox Economics

Challenging the Mainstream in the Twentieth Century
Author: Frederic Lee
Publisher: Routledge
ISBN: 113597022X
Category: Business & Economics
Page: 368
View: 9509
Economics is a contested academic discipline between neoclassical economics and a collection of alternative approaches, such as Marxism-radical economics, Institutional economics, Post Keynesian economics, and others, that can collectively be called heterodox economics. Because of the dominance of neoclassical economics, the existence of the alternative approaches is generally not known. This book is concerned with the community history of heterodox economics, seen primarily through the eyes of Marxian-radical economics and Post Keynesian economics. Throughout the 20th century neoclassical economists in conjunction with state and university power have attacked heterodox economists and tried to cleanse them from the academy. Professor Lee, his groundbreaking new title discusses issues including the contested landscape of American economics in the 1970s, the emergence and establishment of Post Keynesian economics in the US and the development of heterodox economics in Britain from 1970 to 1996.

    • BUSINESS & ECONOMICS

Handbook of Research Methods and Applications in Heterodox Economics


Author: The Late Frederic S. Lee,Bruce Cronin
Publisher: Edward Elgar Publishing
ISBN: 1782548467
Category: BUSINESS & ECONOMICS
Page: 640
View: 1673
Despite the important methodological critiques of the mainstream offered by heterodox economics, the dominant research method taught in heterodox programmes remains econometrics. This compelling Handbook provides a comprehensive introduction to a range of alternative research methods, invaluable for analysing the data prominent in heterodox studies. Providing a solid basis for a mixed methods approach to economic investigations, the expertly crafted contributions are split into three distinct sections: philosophical foundation and research strategy, research methods and data collection, and applications. Introductions to a host of invaluable methods such as survey, historical, ethnographic, experimental and mixed approaches, together with factor, cluster, complex and social network analytics, are complemented by descriptions of applications in practice. Practical and expansive, this Handbook is highly pertinent for students and scholars of economics, particularly those dedicated to heterodox approaches, as it provides a solid reference for mixed methods not available in mainstream economics research methods courses.

    • Business & Economics

The Systemic Nature of the Economic Crisis

The perspectives of heterodox economics and psychoanalysis
Author: Arturo Hermann
Publisher: Routledge
ISBN: 131762761X
Category: Business & Economics
Page: 208
View: 3181
The most prominent aspect of the current financial crisis is its systemic character which manifests itself in high levels of inequality, rampant unemployment, economic and social insecurity and environmental decay. This book explores the potential of a pluralistic and interdisciplinary approach for a deeper understanding of the manifold aspects of the economic crisis. This book examines the potential of a number of contributions from heterodox economics and psychoanalysis in providing a deeper understanding of these problems. The book analyses some of the most debated aspects of the concepts of market, democracy and socialism and explores the role of structural ties between economic, social and psychological aspects of collective life. It also addresses the main economic aspects of the crisis and pays particular attention to a number of structural imbalances, and to the psychological interpretation of these phenomena. By drawing together approaches from heterodox economics and psychoanalysis, this book adopts a pluralist and interdisciplinary approach to the study of these phenomena and manages to overcome the fragmentation so often present in social sciences.

    • Business & Economics

Routledge Handbook of Marxian Economics


Author: David M. Brennan,David Kristjanson-Gural,Catherine P. Mulder,Erik K. Olsen
Publisher: Routledge
ISBN: 1317683714
Category: Business & Economics
Page: 436
View: 2425
Most developed economies are characterized by high levels of inequality and an inability to provide stability or opportunity for many of their citizens. Mainstream economics has proven to be of little assistance in addressing these systemic failures, and this has led both scholars and students to seek alternatives. One such alternative is provided by Marxian economics. In recent decades the field has seen tremendous theoretical development and Marxian perspectives have begun to appear in public discourse in unprecedented ways. This handbook contains thirty-seven original essays from a wide range of leading international scholars, recognized for their expertise in different areas of Marxian economics. Its scope is broad, ranging from contributions on familiar Marxist concepts such as value theory, the labor process, accumulation, crisis and socialism, to others not always associated with the Marxian canon, like feminism, ecology, international migration and epistemology. This breadth of coverage reflects the development of Marxian economic and social theory, and encompasses both the history and the frontiers of current scholarship. This handbook provides an extensive statement of the current shape and future direction of Marxian economics. The Routledge Handbook of Marxian Economics is an invaluable resource for students, researchers and policy makers seeking guidance in this field. It is designed to serve both as a reference work and as a supplementary text for classroom use, with applications for courses in economics, sociology, political science, management, anthropology, development studies, philosophy and history.

    • Business & Economics

Theories of International Economics


Author: Peter M. Lichtenstein
Publisher: Routledge
ISBN: 1317433491
Category: Business & Economics
Page: 332
View: 7201
International economic theories emerged within particular social, economic and political frameworks and were developed as solutions to the problems of contemporary economics. In order to understand the increasingly complex and interdependent state of today’s international economy, we need to realise the importance of those theories that came before. However, many international economics textbooks do not place the theories they discuss within this historical context. Theories of International Economics aims to redress the balance by taking a pluralistic approach, presenting with authority both orthodox and heterodox international economic theories. Each chapter shows the necessarily interdependent nature of schools of international economic theories by including an historical component that shows how each school of thought developed, why it developed and what it has to say about the contemporary world. This text examines a wide range of theories with an emphasis on the benefits of a pluralistic approach, addressing schools of thought including Classical, Neoclassical, Keynesian, Post Keynesian, Marxian, Austrian, Institutional and Feminist Economics, Mercantilism and Neo-Mercantilism, alongside – and in relation to – each other. This approach allows the scholarly value of each approach to be understood and appreciated, and in doing so enables a greater understanding of the world economy. This book is suitable for use as either a core or supplementary text on international economics and international political economy courses.

    • Business & Economics

The Marginal Productivity Theory of Distribution

A Critical History
Author: John Pullen
Publisher: Routledge
ISBN: 1134010885
Category: Business & Economics
Page: 224
View: 9480
The Marginal Productivity Theory of Distribution (MPTD) claims that in a free-market economy the demand for a factor of production will depend upon its marginal product – where "marginal product" is defined as the change in total product that is caused by, or that follows, the addition or subtraction of the marginal unit of the factor used in the production process, with all other inputs held constant. From its inception in the early nineteenth century the MPTD has been claimed by some economists to be a solution to the ethical problem of distributive justice, i.e. to be a means of determining fairness in wages, profits, interest and rent. Other economists have rejected this ethical claim, but have seen the MPTD as a valid demand-side criterion in the determination of equilibrium and efficiency. This book argues that the MPTD is valid, neither as a normative theory of social justice, nor as a positive law of economics. It suggests that economics is yet to develop a satisfactory theory of distribution that is scientific in the quantitative or mathematical sense. Through a survey of the origin and subsequent evolution of the MPTD in the writings of over 50 contributors over 150 years, John Pullen presents a critical history of the concept. The book begins by examining the conceptual tools that have been deployed to facilitate this analysis of past contributions to the MPTD and then looks at various economists and their contribution to the debate including its supporters such as Wicksteed, Marshall, Wicksell and Stigler, and its critics such as Pareto, Hobson, Edgeworth, Adriance and Cassel.

    • Business & Economics

The Foundations of Evolutionary Institutional Economics

Generic Institutionalism
Author: Manuel Scholz-Wäckerle
Publisher: Routledge
ISBN: 1136008721
Category: Business & Economics
Page: 368
View: 4109
Generic institutionalism offers a new perspective on institutional economic change within an evolutionary framework. The institutional landscape shapes the social fabric and economic organization in manifold ways. The book elaborates on the ubiquity of such institutional forms with regards to their emergence, durability and exit in social agency-structure relations. Thereby institutions are considered as social learning environments changing the knowledge base of the economy along generic rule-sets in non-nomological ways from within. Specific attention is given to a theoretical structuring of the topic in ontology, heuristics and methodology. Part I introduces a generic naturalistic ontology by comparing prevalent ontological claims in evolutionary economics and preparing them for a broader pluralist and interdisciplinary discourse. Part II reconsiders these ontological claims and confronts it with prevalent heuristics, conceptualizations and projections of institutional change. In this respect the book revisits the institutional economic thought of Thorstein Veblen, Friedrich August von Hayek, Joseph Alois Schumpeter and Pierre Bourdieu. A synthesis is suggested in an application of the generic rule-based approach. Part III discusses the implementation of rule-based bottom-up models of institutional change and provides a basic prototype agent-based computational simulation. The evolution of power relations plays an important role in the programming of real-life communication networks. This notion characterizes the discussed policy realms (Part IV) of ecological and financial sustainability as tremendously complex areas of institutional change in political economy, leading to the concluding topic of democracy in practice. The novelty of this approach is given by its modular theoretical structure. It turns out that institutional change is carried substantially by affective social orders in contrast to rational orders as communicated in orthodox economic realms. The characteristics of affective orders are derived theoretically from intersections between ontology and heuristics, where interdependencies between instinct, cognition, rationality, reason, social practice, habit, routine or disposition are essential for the embodiment of knowledge. This kind of research indicates new generic directions to study social learning in particular and institutional evolution in general.

    • Business & Economics

Heterodox Islamic Economics

The emergence of an ethico-economic theory
Author: Masudul Alam Choudhury,Ishaq Bhatti
Publisher: Routledge
ISBN: 1317336259
Category: Business & Economics
Page: 184
View: 2246
The fields of morality and ethics have been left out significantly from socio-scientific study in general and in economics and finance in particular. Yet this book argues that in this age of post-modernist analytical inquiry, the study of morality and ethics is an epistemological requirement. This book illustrates the delimiting nature of mainstream economic reasoning in treating morality and ethics and highlights the potential contribution of analytical monotheism, as typified by the Islamic concept of Tahwid. The principal purpose of this book is to undertake an introductory exploration of the critical area of comparative economic thought in order to place the nature and emergence of ethico-economic theory in its proper context. It is ultimately argued that such a post-orthodoxy revolutionary methodological worldview can be presented by Islamic political economy, Islamic economics and finance.

    • Business & Economics

The Cultural and Political Economy of Recovery

Social learning in a post-disaster environment
Author: Emily Chamlee-Wright
Publisher: Routledge
ISBN: 1135146551
Category: Business & Economics
Page: 224
View: 7391
In August 2005 the nation watched as Hurricane Katrina pummelled the Gulf Coast. Residents did not just suffer the personal costs of a home that had been severely damaged or destroyed; frequently they also lost their entire neighbourhood and the social systems that under normal circumstances made their lives "work". Katrina raised the questions of whether and how communities could solve the complex social coordination problems catastrophic disaster poses, and what inhibits them from doing so? Professor Chamlee-Wright investigates not only the nature of post-disaster recovery, but the nature of the social order itself – how societies are able to achieve a level of complex social coordination that far exceeds our ability to design. By deploying the tools of both political economy and cultural economy, the book contributes to the bourgeoning literature on the social, political and economic impact of Hurricane Katrina. Through a selection of case studies, the author argues that post-disaster resilience depends crucially upon the discovery that unfolds within commercial and civil society. The book will be of particular interest to postgraduate students and researchers in economics, sociology and anthropology as well as disaster specialists.

    • Business & Economics

Reclaiming Pluralism in Economics


Author: Jerry Courvisanos,James Doughney,Alex Millmow
Publisher: Routledge
ISBN: 1317359860
Category: Business & Economics
Page: 346
View: 1770
Until the end of the early 1970s, from a history of economic thought perspective, the mainstream in economics was pluralist, but once neoclassical economics became totally dominant it claimed the mainstream as its own. Since then, alternative views and schools of economics increasingly became minorities in the discipline and were considered ‘heterodox’. This book is in honour of John Edward King who has an impressive publication record in the area of economic theory with specific interest in how economic thought in the past shapes current economic theory and enforces certain paths of economic policy and economic development. This book is divided into five themes based on King’s interests. The first theme looks at the challenge in trying to reclaim pluralism in economics. The second faces head-on the direct collision of mainstream economics with history of economic thought and heterodox economics. The third addresses classical economic ideas, their central influence in the past and how they can still primarily guide modern pluralist economics. The fourth examines Post Keynesian and Kaleckian economics with a view to providing a more coherent and extensive branch of heterodox economics. The final theme critiques the policy of neoliberalism that has entrenched itself in capitalist economies which have led to financial, industrial, labour, and behavioural/consumerist crises. This text aims to provide a clear path for pluralism to serve the economics discipline as its standard bearer, and to no longer be merely a heterodox challenge to the mainstream. This book is of interest to those who study history of economic thought, political economy and heterodox economics.

    • Business & Economics

Modern Monetary Theory and European Macroeconomics


Author: Dirk H. Ehnts
Publisher: Routledge
ISBN: 1317224795
Category: Business & Economics
Page: 208
View: 378
This book provides a new methodological approach to money and macroeconomics. Realizing that the abstract equilibrium models lacked descriptions of fundamental issues of a modern monetary economy, the focus of this book lies on the (stylized) balance sheets of the main actors. Money, after all, is born on the balance sheets of the central bank or commercial bank. While households and firms hold accounts at banks with deposits, banks hold an account at the central bank where deposits are called reserves. The book aims to explain how the two monetary circuits – central bank deposits and bank deposits – are intertwined. It is also shown how government spending injects money into the economy. Modern Monetary Theory and European Macroeconomics covers both the general case and then the Eurozone specifically. A very simple macroeconomic model follows which explains the major accounting identities of macroeconomics. Using this new methodology, the Eurozone crisis is examined from a fresh perspective. It turns out that not government debt but the stagnation of private sector debt was the major economic problem and that cuts in government spending worsened the economic situation. The concluding chapters discuss what a solution to the current problems of the Eurozone must look like, with scenarios that examine a future with and without a euro. This book provides a detailed balance sheet view of monetary and fiscal operations, with a focus on the Eurozone economy. Students, policy-makers and financial market actors will learn to assess the institutional processes that underpin a modern monetary economy, in times of boom and in times of bust.

    • Business & Economics

The Financialization of GDP

Implications for economic theory and policy
Author: Jacob Assa
Publisher: Taylor & Francis
ISBN: 1317329902
Category: Business & Economics
Page: 118
View: 3237
Gross Domestic Product (GDP) and other statistics based on national income accounting are ubiquitous but rarely understood today. GDP has been criticized for many reasons, including not reflecting well-being, leaving out the costs of environmental pollution, and not counting unpaid work, but on purely economic terms it has been mostly accepted as an indicator of economic performance. In recent decades, however, GDP has diverged dramatically from economic trends such as employment and median income. This book argues that GDP is flawed even as a narrow economic indicator, and traces the problem to the way financial services are measured. The first part of the book is a political history of the practice of national accounting from its beginning in the mid-17th century to present day, and explores how such income estimates were constructed for political reasons. The Financialization of GDP presents the practice of estimating national income as a historically and political contingent craft - driven by power and not only theory - culminating in the rise of the financial sector and the concomitant inclusion of financial services in GDP in 1993.. The second part of the book focuses on the treatment of financial services in national accounting and develops an adjusted measure of output (Final Domestic Product or FDP) – which treats financial revenues as intermediate inputs (or costs) to the economy as a whole. The final part of the book explores the empirical and policy implications of treating finance as an overall cost to the economy. This volume shows that the Great Moderation of volatility was a statistical artefact; Okun’s Law (relating changes in output and unemployment) never died, and even provides early signs for the Great Recession which analysts using standard GDP did not see. This book is of great interest to those who study political economy and macroeconomics.

    • Sports & Recreation

Routledge Handbook of Sport and the Environment


Author: Brian P. McCullough,Timothy B. Kellison
Publisher: Routledge
ISBN: 1317214161
Category: Sports & Recreation
Page: 468
View: 7167
The natural environment is a central issue in both academic and wider societal discourse. The global sport industry is not immune from this discussion and has to confront its responsibility to reduce its impact on the natural environment. This book goes further than any other in surveying both the challenges and the opportunities presented to the sports industry as it engages with the sustainability agenda, exploring the various ways in which sport scholars can integrate sustainability into their research. With a multidisciplinary sweep, including management, sociology, law, events, and ethics, this is a ground-breaking book in the study of sport. Drawing on cutting-edge research, it includes over thirty chapters covering all the most important themes in contemporary sport studies such as: climate change, sustainability, and corporate social responsibility ethics, governance, and the law event management, tourism, and pollution marketing, branding, and consumer behavior the Olympics, urban development, and mega-event legacies. With contributions from world-leading researchers and practitioners from around the globe, this is the most comprehensive book ever published on sport and the environment.

    • Business & Economics

The Heterodox Theory of Social Costs

By K. William Kapp
Author: K. William Kapp
Publisher: Routledge
ISBN: 1317682378
Category: Business & Economics
Page: 166
View: 1836
K. William Kapp’s heterodox theory of social costs proposes precautionary planning to pre-empt social costs and provide social benefits via socio-ecological safety standards that guarantee the gratification of basic human needs. Based on arguments from Thorstein Veblen, Karl Marx, and Max Weber, social costs are conceptualized as systemic and large-scale damages caused by markets. Kapp refutes neoclassical solutions, such as bargaining, taxation, and tort law, unmasking them as ineffective, inefficient, inconsistent, and too market-obedient. The chapters of this book present the social costs of markets and neoclassical economics, the social benefits of environmental controls, development planning, and the governance of science and technological standards. This book demonstrates the fruitfulness of the heterodox theory of social costs as a coherent framework to develop effective remedies for today’s urgent socio-ecological crises. This volume is suitable for readers at all levels who are interested in the theory of social costs, heterodox economics, and the history of economic thought.

    • Business & Economics

The Foundations of Institutional Economics


Author: K. William Kapp
Publisher: Routledge
ISBN: 1136804374
Category: Business & Economics
Page: 320
View: 9806
This is a ground-breaking book about the foundations of institutional economics. K. William Kapp presents the economic role of institutions for economic development, capital formation and technological dynamics in an easily accessible and comprehensive manner. As a front-rank 20th century institutional economist, Kapp pulls together arguments from a variety of sources, including Thorstein Veblen, John Kenneth Galbraith and Gunnar Myrdal, all of which emphasize the crucial role of institutions. The author cements institutional economics as a distinct and coherent framework of analysis to effectively address urgent socio-economic problems, such as environmental disruption and sustainable development. This book begins with a critique of conventional (neoclassical) economics and an overview of the antecedents of institutional economics. The core of the book is formed by the chapters on institutions, human economic behavior and needs, arguing that institutional change is key to directing economic development towards sustainable and adequate living conditions, rather than merely formal growth formulas. The final chapters provide the reader with the institutional theories of capital and technology, showing how capital formation and technological dynamics are determined by institutions, such as the principle of investment for profit. The appendix complements Kapp’s plea for institutional change with articles on science and technology, social costs, substantive economics, and circular and cumulative causation. This book is suited for readers at all levels who are interested in institutional economics, the history of economics thought, political economics as well as ecological and heterodox economics. Researchers and students will find it to be an easily accessible and a concise elaboration on the foundations of institutional economics.