Why we believe and argue that the entire field of economics needs a structural reboot and a foundational overhaul

 

Why we believe and argue that the entire field of economics needs a structural reboot and a foundational overhaul  

Sujay Rao Mandavilli

What is Economics?

Economics is one of the oldest fields of study, and one of the most important fields of study in the social sciences. Economic problems and problems of survival have pre-occupied humans since pre-historic times. The American historian of Economic thought Robert Heilbroner described economics as a "Worldly Philosophy" because it is concerned with matters of how our material wants are best served with limited resources. Economics is the science that deals with economies, and studies the functioning of economies too. It also deals with the production, consumption and transfer of wealth in relation to factors of production such as land, labour, capital and entrepreneurship. It also studies the behavior and functioning of economic agents and actors, and how they function in diverse situations. The science of economics pervades virtually every aspect of human life, and its applications are wide-ranging and far-reaching. Many definitions have been provided for Economics, and we reproduce a few below. The eminent economist John Stuart Mill defined Economics as “A science which traces the laws of phenomena of society that arise from the combined operations of mankind for the production of wealth, in so far as those phenomena are not modified by the pursuit of any other object.” According to Alfred Marshall, “Economics is a study of man in the ordinary course and business of life. It investigates how a man gets his income and how he uses his income in different ways. Thus, it is on one hand, the study of wealth and on the other hand, a part of the study of the nature of man.” Some Economists have also emphasized the judicious use of scarce resources and trade-offs wherever necessary through economizing, though technology in the form of sustainable solutions may eventually make this definition less relevant, and usher in a new era in Economic theory. A scarcity based definition has been provided by Lionel Robbins who states, “Economics is a science which studies human behavior as an inter-relationship between ends and scarce means which may have many different uses.” Economics is therefore sometimes referred to as the science of ‘constrained choice’. Economics is broadly divided into microeconomics and macroeconomics. The field of Microeconomics studies the economic behavior and decision-making processes of individuals and economic decision makers. On the other hand, Macroeconomics studies the functioning of the economy as a whole through the use of suitable metrics and indicators, and analyses entire industries and economies.

 

History of Economics?

The history of economic thought comprises theories proposed by different thinkers in the subject that is now known as economics, from the ancient times to the 21st Century, and Economics has comprised many different schools of thought down through the ages. In Ancient Greece, the polymath Hesiod who was a contemporary of Homer, wrote the earliest known work investigating the early origins of economic thought, in the Seventh Century BC. The Greek philosopher Aristotle also examined ideas about wealth acquisition, and discussed whether property was better left in private or public hands. He also analyzed different forms of government such as aristocracy, monarchy, democracy, oligarchy, and tyranny. Xenophon of Athens authored the work ‘Oeconomicus’ in the fourth century BC, and this was an important treatise on household management and agriculture. Plato’s famous work ‘The republic’ discussed forms of government, specializations of labour and production, and also developed a credit theory of money. In Ancient China, Fan Li, adviser to King Goujian of Yue of the fifth century BC, wrote on economic issues and developed a set of golden business rules. In Ancient India, Chanakya who lived during the period of the Mauryan Empire, authored the famous treatise Arthashastra which dealt with statecraft, economic policy and military strategy. This work which was compiled between 300 BC and 200 CE, stated that there were four important fields of knowledge, i.e., the Vedas, the Anvikshiki (the science of enquiry), the science of government and the science of economics, which included dealings in cattle, business and trade.

Thomas Aquinas who lived in the Thirteenth century was an important Italian economic writer and a Catholic priest. He was a part of a group of Catholic scholars known as ‘the Schoolmen’. In his book ‘Summa Theologica’, Aquinas developed the concept of a just price, which later evolved into the modern concept of long run equilibrium, which was a price just sufficient to cover costs of production, and the maintenance of a worker and his family producing those goods. He believed that it was incorrect for sellers to raise their prices beyond this point, and for lenders to charge interest on loans. One of Aquinas' main critics was the Scottish philosopher Duns Scotus. In his work ‘Sententiae’ published in 1295, he argued that buyer and seller usually have different concepts of a just price. If people did not profit from a transaction, they would prefer not to trade. Another early economist French philosopher Jean Buridan was the originator of the metallic theory of money, and analyzed money from two different angles: its metal value and its purchasing power, which could vary. He argued that aggregated, not individual, demand and supply determined market prices. Therefore, according to him a just price was what the whole of society and not just one individual is willing to pay. Another French philosopher and priest Nicolas d'Oresme published a notable work about the origin and nature of money. Saint Antoninus of Florence  was another influential writer who addressed issues of social and economic development, and argued that the state had a duty to intervene in trade for public good, and help deserving sections of society as well. [1]

The fourteenth century Islamic writer Ibn Khaldoun was another important intellectual who developed theories on the lifecycles of civilizations, specialization of labor, and the value of money as a means of exchange and not just a store of value. He also developed ideas on just taxation, but his work was not immediately recognized in the west. In the Western world, economics was not considered to be a separate field of study, but part of philosophy until the Industrial Revolution which accelerated economic growth in the Western world, and eclipsed development elsewhere. The philosophy of Mercantilism dominated European economic thought from the Sixteenth to the Eighteenth centuries, as it emerged from feudalism and the dark ages, and headed towards proto-industrialization. After the voyages of Christopher Columbus, Ferdinand Magellan, James Cook, Balboa and other explorers opened up several opportunities for trade, monarchies wanted external trade to boost their economic power. Mercantilism was a movement that advocated the use of the state's powers to protect local markets and supply sources from imports, and exports and one-way trade boosted. Mercantile theorists and advocates such as Jean-Baptiste Colbert believed that international trade could not benefit all countries equally. According to them, Money and precious metals were the chief source of riches. Therefore, tariffs had to be levied on imports and measures used to encourage exports, in order to bring money into the country. In other words, a positive balance of trade had to be maintained, and imports discouraged at all costs. Even though Mercantilism never became a systematic scientific theory, mercantilist ideas manifested themselves in many acts such as the Navigation Act of 1651 and the Sugar Act of 1764, and such policies were implemented by the British and the Dutch East India Companies. The term mercantilism was however not coined until the year 1763, by Victor de Riqueti, Marquis de Mirabeau, and was popularized by Adam Smith in 1776, who opposed the idea.

In the sixteenth century, the Jesuit School of Salamanca of Spain initially founded by Spanish theologians took economic theory to a new high, but their contributions remained largely forgotten until the 20th century until they were brought to light by Austrian Economist Joseph Schumpeter in his ‘History of Economic Analysis’ which was published in 1954, and by the English Economist Marjorie Grice-Hutchinson. This school is often referred to as the ‘first economic tradition’ in the field of economics, and important contributors were Domingo de Soto, Martin de Azpilcueta, Luis de Molina, Jean Bodin, and Tomas de Mercado. The University of Salamanca and the University of Coimbra played a major role in this tradition. [2]  In 1516, the Englishman Sir Thomas More published his work ‘Utopia’, which described an ideal society where land was publicly owned and there was universal education and tolerance, which later inspired the English Poor Laws of  1587 and the communism-socialism movement of the Nineteenth century. In 1517, the eminent Astronomer Nicolas Copernicus proposed the quantity theory of money which argued that the general price level of goods and services was directly proportional to the amount of money in circulation. In 1519, he published the earliest version of what is now called Gresham's Law. According to this law, "Bad money drives out good money".

In 1568, French jurist and political philosopher Jean Bodin published the first known analysis of inflation endorsing the quantity theory of money. In 1598, French mercantilist economist Barthelemy de Laffemas published a work containing the earliest version of under-consumption theory, which was refined by John Maynard Keynes. Debates over free trade and the desirability of government regulation of companies date back to 1622 when English merchants Edward Misselden and Gerard Malynes discussed the desirability of state regulation.  In the Sixteenth century, the English Economist Thomas Mun strongly advocated mercantilist policy, and became the last among the early Mercantilists, even though his works were not published until his death. 

The English Economist Sir William Petty is often considered to be the first ‘Scientific Economist’ because he applied the scientific tradition of Francis Bacon to Economics, using measurable phenomena and quantitative precision, and put to use statistical mathematics in his analysis too. This preceded econometrics by several centuries. During the time of King Louis XIV in France, national guilds were used to regulate major industries, and this is regarded as the first attempt to regulate industry by government. In 1695, French economist Pierre Le Pesant, Sieur de Boisguilbert questioned mercantile economic policy and argued that the wealth of a country should be valued on the basis of its production and exchange of goods and not on its assets.  Hugo de Groot and Anders Chydenius were among the earliest Economists to advocate free trade, and they expressed their ideas in legal terms. In 1696, British mercantilist Charles Davenant became the first economist to study consumer demand and perfect competition. In 1767, Scottish mercantilist economist Sir James Stuart published the work “An Inquiry into the Principles of Political Economy”, which was the first complete economics treatise.

The British Enlightenment took place in the Seventeenth and Eighteenth centuries riding on the general renaissance in Europe, and spurred the advancement of economic thought. The Irish-French Economist Richard Cantillon wrote an important treatise on human reason and market competition in the economic world in 1730, and his works came to be known as “the cradle of political economy”. Another important English enlightenment thinker John Locke combined philosophy, politics and economics to form a logical and a coherent framework. Locke argued that people contracted into society, and this was bound to protect their property rights. He believed property included people's lives and liberties, and their wealth, too. Locke argued that not only should the government stop interfering with people's property, but also that it should ensure their protection.

Dudley North and David North were other influential economists of the era, and both opposed the unintended consequences of mercantilism. A Frenchman Vincent de Gournay by name, was one of the early Physiocrats. This term is derived from a Greek word meaning "Government of nature", and believed that agriculture was the main source of wealth, an idea also championed by Francois Quesnay. He also opposed government regulation, stating that it inhibited commerce and trade. The Physiocrats' economic theory, believed in the notion of a circular flow of income throughout the economy. Other Economists like Anne Robert Jacques Turgot who advocated liberalism, divided society into three classes namely the agricultural class, the artisan class and the landowning class. In 1751, Neapolitan philosopher Ferdinando Galiani published a treatise on money called Della Moneta (On Money), twenty-five years before Adam Smith's ‘The Wealth of Nations’, which is one of the earliest modern economic analyses. It discussed different aspects of monetary theory, including the origin of money, its regulation, and inflation.

The Scottish Philosopher Adam Smith is widely considered to be the father of modern Economics and played a major role in bringing about the Scottish Enlightenment. His 1776 publication “An Inquiry Into the Nature and Causes of the Wealth of Nations” coincided with the American Revolution, and also with the dawn of a new industrial revolution that led to increased levels of prosperity throughout Europe. Adam Smith believed in the self-regulating invisible hand, and that the idea that wealth was derived solely by self-interest, and not by benevolence, magnanimity or charity.  Thus, Adam Smith advocated a free market economy, based on secure property, capital accumulation, important role for markets and a division of labour with only a limited role for the government. He was therefore opposed to mercantilism, which he felt stunted specialization. Smith also studied productive and non-productive labour, and its role in economic development. Adam Smith’s ideas were later developed by William Pitt the Younger, and other economists. Other leading thinkers of the age were Jeremy Bentham who developed the concept of utilitarianism to maximize happiness and minimize pain, David Ricardo, known for his theory of Comparative Advantage, and Jean-Baptiste Say who developed Say’s law which stated that supply always equaled demand. 

John Stuart Mill was another important Economist, and also an influential thinker in the history of classical liberalism. Mill's textbook, which was published in 1848, and titled “Principles of Political Economy”, presented the views of the economic thought prevalent of the time. Mill adopted a middle ground between Adam Smith's views on expansion due to trade and technological innovation and Thomas Malthus' view of the attendant dangers of unbridled population growth and imagined imminent famine due to food shortages as expounded in his famous essay, “Essay on the Principle of Population”. Another important theory of this period was the labour theory of value, which argued that the economic value of a good or service was determined by the socially necessary labour required to produce it. This contrasted with value deriving from a general equilibrium theory of supply and demand. A school within classical economics formulated the under-consumption theory. This theory argued for government action to reduce unemployment and mitigate the impact of economic downturns, and is seen as a predecessor of Keynesian economics of the 1930s. Another school of this era was Manchester capitalism, Manchester liberalism or Manchesterism of Richard Cobden and John Bright, which advocated free trade, and government policy based on free trade.

The German philosopher Karl Marx was a leading thinker of his day (and one of the most influential thinkers till date) and wrote “Das Kapital” which along with his “Communist manifesto”, became his most important and well-known works. He also introduced new concepts such as the bourgeoisie and the proletariat. According to Marx, Capitalism was based on exploitation and inherent contradictions, and it would eventually lead to revolution by the masses, and the establishment of a classless society. In this society, the means of production would be commonly owned by the proletariat. Marx used the word "commodity" and stated that when people mixed their labor with an object it became a "commodity". However, commodities have a dual nature, and a dual value.  He distinguished between the use value of an object and its exchange value. The use value of a commodity existed only as long as that commodity is consumed or used. Marx argued that employers always paid their workers less in "exchange value" than the workers produced in "use value". According to Marx, this was "surplus value". Capitalism according to Marx, was a system based on exploitation. With every economic boom and recession,  Marx claimed, conflict between capitalists and workers would increase, until capitalism collapsed under the weight of its own inherent contradictions. In Marxism, society consists of two parts, known as the base and the superstructure. The base comprises the forces and relations of production, and determines the superstructure which determines culture, institutions and power structures of a society. Thus, Marxist theory greatly emphasized material needs of society. However, his vision of a utopia did not come to pass, and his theories led to totalitarianism, with most communist societies degenerating into dictatorships. Marx also never understood the dynamism and flexibility of Capitalism and its potential to create wealth. Marxism also incorporates methods of socioeconomic analyses that views class relations and social conflict using a materialist view of history, and a dialectical view of social transformation, and strongly influenced historiography as well. The ideological divisions between “Communists”, and “Capitalists” became entrenched, and remain entrenched to this day with dogmatic positions, and very few via media solutions in sight.  

In 1879, the American Economist Henry George published a treatise explaining why poverty accompanied progress and economic booms led to busts. He also provided the foundation for the economic philosophy that came to be known as Georgism. According to this philosophy, people should own the value they produce themselves, but economic value from land and other natural resources should be owned by all members of society. His work led to the dawn of the Progressive Era, and the reforms that accompanied it. Georgism eventually declined in the second half of the Twentieth Century as Marxist ideology and the Austrian and Keynesian neoclassical schools gained traction. According to Paul Samuelson, Henry George was one of the six "American saints" in classical economics, and he partially influenced many modern writers such as Joseph Stiglitz and Milton Friedmann. In 1895, the London School of Economics (or the LSE in short) was founded by Fabian Society members (The Fabian society had been founded in 1884 and was named after the Roman general Quintus Fabius Maximus) Sidney Webb, Beatrice Webb, R H Tawney and George Bernard Shaw, for the betterment of English society and for the advancement of democratic socialism through a gradual process rather than a sudden overthrow. Fabian Socialism later came to be associated with economic stagnation and decline, though it was adopted in different guises in different parts of the world.

Neoclassical economics was another school of Economics which developed in the 1870s. This school focused on the determination of goods, outputs and income distributions in the markets through supply and demand, though the term was introduced by Thorstein Veblen much later, only in the year 1900. Further definitions of Neo-classical economics were provided by Colander, Rosser and Holt (Colander, Rosser and Holt 2004), and by Arnsperger and Varoufakis (Arnsperger and Varoufakis 2006). There were many branches in Neoclassical Economics such as the Austrian school, Cambridge School, and the Lausanne school, and the term is sometimes used as an umbrella term to cover other concepts. The Cambridge School was founded with the publication of Jevons' “Theory of Political Economy”, who also developed theories of partial equilibrium with a special focus on market failures. Its adherents were Alfred Marshall, Stanley Jevons, Arthur Pigou and Francis Y. Edgeworth, and many of these Economists laid the foundations for modern Microeconomics. The Austrian School of Economics comprised economists such as Eugen von Bohm-Bawerk, Carl Menger, and Friedrich von Wieser, who developed the theory of capital and attempted to explain economic crises as well. The Lausanne School, led by Leon Walras and Vilfredo Pareto, was the third school which developed the theories of General Equilibrium and Pareto efficiency. It was founded after the 1874 publication of Walras' “Elements of Pure Economics”.

Walras suggested that free markets tended towards equilibrium in the long run, and served the needs of countries very well. In 1933, Joan Robinson and Edward H. Chamberlain published works on imperfect competition and monopolistic competition, taking Neoclassical Economics in a new direction. Neoclassical Economics along with Keynesian Economics dominates mainstream microeconomics today, although it has not been free from criticism. The British Economist Alfred Marshall is also credited for his attempt to use mathematical analysis in economics, and transform it into a much more scientific profession without obliterating the basic concepts of Economics. He was the first professor of economics at the University of Cambridge, and completely jettisoned the old-fashioned term "political economy" for the term "economics". Economic schools of thought are also sometimes classified into orthodox schools and heterodox schools, where the latter is based on a criticism of the old-school theories and ideas, and often recommends radical approaches.

The overview presented above should serve to demonstrate that most economic models have been largely Euro-centric in their orientation given that economic theory evolved primarily in the West. Cultural factors and cultural differences around the world have been largely ignored in economic analysis, as also the fundamental differences between the natures of economies of developed and developing countries (the latter are characterized by extreme differences in wealth and socio-economic disparities as well). Before the fall of the Iron curtain, most developing countries leant towards alien Marxist or centrally-planned models, or watered down alternatives like Fabian socialism. After the 1980’s, developing countries were mostly rudderless, and swung towards capitalistic models of growth which did not suit their needs particularly well either. The idea that developing countries must therefore play a major role in formulating economic theory in the Twenty-first century and beyond, is one of the foundational principles and the guiding force behind this paper, and can potentially lift billions out of poverty.  Thus, there are a range of possibilities between the solutions proposed by the left and the right. This approach is also in tune with our philosophy of the ‘Globalization of Science’, particularly social sciences. In the next few pages we will attempt to show, that while an interface between Anthropology and Economics has indeed been attempted by many scholars, such efforts have largely been piecemeal, and driven primarily by western interests and perceptions.  The time has therefore arrived to integrate Anthropology and Economics much more robustly keeping in mind the potential downstream implications of such endeavours. 

Drawbacks of current approaches to economics

The following are the drawbacks of current approaches to economics, per our view. This may be on account of the fact that the field of economics did not historically develop this way on account of its inherent Eurocentrism:

1.       Do not take social aspects into account and consideration

2.       Do not take cultural aspects into account and consideration

3.       Do not take motivational aspects into account and consideration

4.       Money-centric approach

5.       Western centric approach

6.       Do not discuss factors such as sustainability

7.       Rely heavily on trickle down models

8.       Do not discuss issues such as welfare and happiness adequately

Our approach to anthropological economics

In our paper on Anthropological economics which was published in 2020, we had probed the interface between Anthropology and Economics, overviewed Economic Anthropology, established the connection between anthropology and public policy, reviewed cultural economics, cultural finance, economic sociology, Marxist sociology, developmental anthropology, the anthropology of development, economic growth versus economic development, developmental economics, welfare economics, behavioural economics, the psychology of economic development, value judgments is economics, etc. We had also postulated new concepts such as economic activity, economic actors, culture goods, non-culture goods, anthropological goods, sociocultural goods, socioeconomic goods, occupational groups, creative classes, intellectual classes, entrepreneurial classes, human capital, cultural capital, social capital, etc. We had also reviewed concepts such as the human development index, and the concept of poverty. We had also then, proposed concepts such as econoethnography, the introspective method, the investigative method, the case study method, thematic apperception tests, the sociological ninety ten rule, etc. we had also studied controllable factors versus non-controllable factors.

In sum, we had published the following papers on Anthropological Economics:

1.       Introducing Anthropological Economics: The quest for an Anthropological basis for Economic theory, growth models and policy development for wealth and human welfare Maximization, ELK Asia Pacific Journal of Social studies (2020)

2.       Delineating “Cultural limits” and “Anthropological limits” as central theorems in the social sciences: Some more useful and practicable techniques for social sciences research, Social Sciences Research Network 2024

3.       Measuring economic performance against “Cultural limits” and “Anthropological limits”: Techniques and strategies for better economic planning and economic modeling, Social Sciences Research Network 2024

 

The following are our related books on the subject

1.       Plotting the contours for India’s economic development: Why this could be a role model for other developing nations as well, Google books, 2024

 

The following are our related articles on the subject which were published on our blog in 2024.

1.       Do Indians and people from other developing countries suffer from a general aspiration deficit syndrome? (2024)

Globalization of science

Even though scientific endeavour has become much more globalized in the past few decades, with many researchers in India, China and Africa among other nations taking up science and making positive and noteworthy contributions across disciplines, Eurocentric paradigms or paradigms emanating from narrow region-specific data or considerations have not been obliterated completely from various branches of science. Research publications from unexpected parts of the world have been increasing of late, but these pale in comparison with the quantum scientific output still emanating from the West. Colonial bias is also at long last disappearing with the emergence of anti-establishment driven or even reactionary schools of thought, but a lot more may need to be done to make science completely cultureneutral and prejudice-free. Furthermore, while Asians have made major contributions to technology, their contributions to various fields of the social sciences remain abysmally low or non-existent. In these fields, old Eurocentric paradigms still predominate. All these metrics and observations imply that a lot more work needs to be done.

The ‘Globalisation of science’ as we see it, refers to the examination of phenomena and the formulation of strategies from the prism of multiple socio-cultural backgrounds, which is highly desirable in virtually every field of scientific endeavour, but is particularly meaningful and productive in various fields of social science such as Anthropology, Sociology, Linguistics, Historiography and Economics and will lead to what we call ‘true multivocality’, and eventually, a global renaissance and enlightenment in much the same manner as took place in the west a few centuries ago. In this paper, we not only examine why the ’Globalization of science’ has many positive benefits for science and scientific method as a whole, but also stress and emphasize the need for ‘horizontal collaboration between nations’, particularly developing ones. This paper attempts to cover both theoretical sciences and the practical, commercial applications of science, and the development of socially and culturally apposite economic development paradigms and frameworks as well, even though our scope may prima facie appear to be biased in favour of theoretical and foundational science. Even as we issue a clarion call for the propagation of science around the world, all endeavours must be accompanied by the inculcation of a scientific temper, otherwise dubious constructs will result as exemplified by the Hindutva catastrophe in India.

Other concepts

The following additional concepts must also be borne in mind

Marxism is a political philosophy and method of socioeconomic analysis which uses a dialectical materialist interpretation of history, also known as historical materialism, to analyse class relations, social conflict, and social transformation. Marxism is attributed to the works of Karl Marx and Friedrich Engels. Marxism has had a definitive impact on modern society and modern thought, and has spawned many variants as well in due ocurse.  Communism on the other hand, is a sociopolitical, philosophical, and economic ideology  whose goal is the creation of a utopian communist society, and a socioeconomic order centered around common ownership of the means of production, distribution, and exchange that allocates products to everyone in the society based on need. In most variants of communism, private property is abolished, and so is established social order.

Socialism is an economic and political philosophy encompassing a diverse set of economic, political and social systems which is characterised by common ownership of the means of production, as opposed to private ownership. Socialism describes the economic, political, and social theories and movements associated with the implementation of such systems. Social ownership may include public, community, cooperative, collective,  or employee ownership of resources. Socialism is is a very common and widely practiced left wing ideology that can be found in many parts of the world. Fabian socialism is another form of socialism that represents the ideology of the Fabian society, is now in general retreat all over the world. This is akin t democratic socialism, and advocated peaceful and graduated means of bringing about social change, rather than outright revolution.

Keynesian economics is named after British economist John Maynard Keynes) are the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output and inflation. This approach and technique is naturally highly suitable for developing countries such as India, and is something that we fully and wholeheartedly endorse, subject of course, to some checks and balances. KN Raj, who was the author and architect of the successful First five year plan, advocated exactly this kind of an approach. This approach varied from the approach advocated by PC Mahalonabis who was more a socialist at heart. The two concepts and approaches are therefore entirely different. The right kind of government spending can create the necessary social and economic infrastructure to boost economic growth in the long term. The idea that mainstream economic models were grossly insufficient and grossly inadequate were noted by other economists such as CT Kurien. Very little has however been done by way of a fundamental reorientation in the field of economics. From our philosophical standpoint, trickle up approaches, and bottom up approaches are the only way. Other approaches such as “Gross national happiness” have been proposed. However, they barely scratch the surface.  We believe these approaches will revolutionize the way economics is approached and studied. We also advocate horizontal collaboration, and a greater collaboration between developing countries.  Refer our paper, “Taking the benefits of science to underrepresented regions of the world: Promoting Horizontal collaboration in social science research as a meaningful extension of cross-cultural research design” which as published in 2023.

 

 

 

 

 

 

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[1] The history of economic thought: A reader, Medema, S., & Samuels, W. J., Routledge, London, 2003

[2] 21st Century Economics: A Reference Handbook, Sage Publications