Hayek, one of the key thinkers of the twentieth century, has also been much misunderstood. His work has crossed disciplines—economics, philosophy, and political science—as well as national boundaries. He was an early critic of Keynes and became famous in the 1940s for his warnings that the advance of collectivism in Western democracies was the road to serfdom. He was a key figure in the post-war revival of free market liberalism and achieved renewed notoriety and some political influence in the 1970s (...) and 1980s as one of the chief intellectual inspirations for the New Right in Britain and the United States.This book traces Hayek’s intellectual formation in Austrian economics and English liberalism. It analyzes the main themes of his thought such as the idea of market order, the nature of knowledge, the limits of government, and his critiques of socialism and conservatism; assesses the originality and internal coherence of his account of liberalism and modernity; and explores as his interventions in policy debates. Gamble argues that Hayek the social scientist must be disentangled from Hayek the ideologue before you can appreciate the importance and implications of some of his insights into the nature of modern societies.An excellent critical guide to one of the most influential thinkers of our times, this book will be of interest to students in politics, economics, and philosophy, as well as to all those interested in a comprehensive introduction to one of the most controversial thinkers of the twentieth century. (shrink)

Although Considered By A Few Critics That The Sentence Structures Of The Book Are Quite Incomprehensible And Almost Unbearable To Read, The Book Is An Essential ...

Postmodernism too often seems to be an evasive body of ideas rather than a clear cut concept, mainly characterized by all-embracing assertions. Yet it can be referred to as an intellectual project with specific roots and a historical development. The Postmodernism Reader traces the origins, evolvement and the politics of postmodernism through the key writings of postmodernist thinkers. This collection of foundational essays restores the poignancy that has been lost - or even emphatically rejected - in the debate about postmodernism (...) by focussing on central formative texts and the predominant thinkers we have come to associate with postmodernist theory. Michael Drolet's authoritative introductory essay and his careful selection of texts provide a solid basis for the study of postmodernism by uncovering the philosophical origins of present theories and focussing on their major aspects, thus clearing a path through the maze of knowledge that we call postmodernism. Arranged in three parts, theessays cover the origins of the term postmodernism, its evolution and its political ramifications. Included are writings by Foucault, Derrida, Deleuze, Baudrillard, Lyotard, Bauman, Jameson, Berman and Irigaray. (shrink)

This first edition of this book was a broad study, drawing on a wide range of published research and historical evidence, of the enormous stock market boom that started around 1982 and picked up incredible speed after 1995. Although it took as its specific starting point this ongoing boom, it placed it in the context of stock market booms generally, and it also made concrete suggestions regarding policy changes that should be initiated in response to this and other such booms. (...) The book argued that the boom represents a speculative bubble, not grounded in sensible economic fundamentals. Part one of the book considered structural factors behind the boom. A list of twelve precipitating factors that appear to be its ultimate causes was given. Amplification mechanisms, naturally-occurring Ponzi processes, that enlarge the effects of these precipitating factors, were described. Part Two discussed cultural factors, the effects of the news media, and of "new era" economic thinking. Part Three discussed psychological factors, psychological anchors for the market and herd behavior. Part Four discussed attempts to rationalize exuberance: efficient markets theory and theories that investors are learning. Part Five presented policy options and actions that should be taken. The second edition, 2005, added an analysis of the real estate bubble as similar to the stock market bubble that preceded it, and warned that "Significant further rises in these markets could lead, eventually, to even more significant declines. The bad outcome could be that eventual declines would result in a substantial increase in the rate of personal bankruptcies, which could lead to a secondary string of bankruptcies of financial institutions as well. Another long-run consequence could be a decline in consumer and business confidence, and another, possibly worldwide, recession." Thus, the second edition of this book was among the first to warn of the global financial crisis that began with the subprime mortgage debacle in 2007. (shrink)

The principal findings of experimental economics are that impersonal exchange in markets converges in repeated interaction to the equilibrium states implied by economic theory, under information conditions far weaker than specified in the theory. In personal, social, and economic exchange, as studied in two-person games, cooperation exceeds the prediction of traditional game theory. This book relates these two findings to field studies and applications and integrates them with the main themes of the Scottish Enlightenment and with the thoughts of F. (...) A. Hayek. (shrink)

Since economies are dynamic processes driven by creativity, social norms, and emotions as well as rational calculation, why do economists largely study them using static equilibrium models and narrow rationalistic assumptions? Economic activity is as much a function of imagination and social sentiments as of the rational optimisation of given preferences and goods. Richard Bronk argues that economists can best model and explain these creative and social aspects of markets by using new structuring assumptions and metaphors derived from the poetry (...) and philosophy of the Romantics. By bridging the divide between literature and science, and between Romanticism and narrow forms of Rationalism, economists can access grounding assumptions, models, and research methods suitable for comprehending the creativity and social dimensions of economic activity. This is a guide to how economists and other social scientists can broaden their analytical repertoire to encompass the vital role of sentiments, language, and imagination. (shrink)