New Frontiers in Economics

by Edited by Michael Szenberg , Lall Ramrattan , Foreword by Paul A. Samuelson

• ISBN13: 9780521545365
• ISBN10: 0521545366
• Format: Paperback
• Copyright: 2004-09-06
• Publisher: Cambridge University Press

Summary

Leading economists analyze the new directions that subdisciplines of economics have taken in the face of modern economic challenges. These essays represent invention and discovery in the areas of information, macroeconomics and public policies, international trade and development, finance, business, contracts, law, gaming, and government, as these areas of study evolve through the different phases of the scientific process. They offer a wealth of factual information on the current state of the economy. Theoretical and empirical innovations conceptualize reality and values in different ways from their predecessors. Together the essays offer the reader a balanced look at the various fields, approaches, and dimensions that comprise future directions in economic theory, research, and practice. The extensive introduction by the editors not only summarizes and reviews the implications of the contributions presented in the volume, but also examines how scientific progress takes place, with special reference to economics and finance.

Table of Contents

Introduction

Part I. Informational, Behavioral Economics and Finance: 1. Information and the change in the paradigm in economics Joseph Stiglitz

2. Behavioral economics Matthew Rabin

3. Experiments with financial markets: implications for asset pricing theory Peter Bossaerts

4. Understanding risk and return John Y. Campbell

Part II. Macroeconomics and Public Policies: 5. Whither macro? Perry Mehrling

6. Recent developments in and future prospects for public economics James M. Poterba

Part III. International Trade and Development: 7. Economic theory and the interpretation of GATT/WTO Kyle Bagwell and Robert W. Staiger

8. What's new in development economics Debraj Ray

Part IV. Contracts, Law, and Gaming: 9. Contract or war? On the consequences of a broader view of self-interest in economics Michelle Garfinkel and Sterio Skaperdas

10. New directions in law and economics Alan Sykes.