TWELVE CONTEMPORARY ECONOMISTS

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1 TWELVE CONTEMPORARY ECONOMISTS

2 TWELVE CONTEMPORARY ECONOMISTS Edited by J. R. Shackleton and Gareth Locksley M Palgrave Macmillan

3 Selection and editorial matter J. R. Shackleton and Gareth Locksley 1981 Chapter 2 J. R. Shackleton 1981 Chapter 3 Gareth Locksley 1981 Chapter 4 John Burton 1981 Chapter 5 David Reisman 1981 Chapter 6 Norman P. Barry 1981 Chapter 7 Brian Morgan 1981 Chapter 8 Josef Poschl and Gareth Locksley 1981 Chapter 9 Martin Cave 1981 Chapter 10 Maurice Pest on 1981 Chapter 11 Thanos Skouras 1981 Chapter 12 Adrian Kendry 1981 Chapter 13 Alessandro Roncaglia 1981, Translation The Macmillan Press Ltd 1981 Softcover reprint of the hardcover 1 st edition All rights reserved. No part of this publication may be reproduced or transmitted, in any form or by any means, without permission First edition 1981 Reprinted 1983 (twice) Published by THE MACMILLAN PRESS LTD London and Basingstoke Companies and representatives throughout the world ISBN ISBN (ebook) DOI /

4 Contents Notes on the Contributors I. Introduction I 2. Gary S. Becker: the Economist as Empire-Builder 12 J. R. Shackleton 3. Individuals, Contracts and Constitutions: the Political Economy of James M. Buchanan 33 Gareth Locksley 4. Positively Milton Friedman 53 John Burton 5. The Dissenting Economist: J. K. Galbraith 72 David Reisman 6. Restating the Liberal Order: Hayek's Philosophical Economics 87 Norman P. Barry 7. Sir John Hicks's Contributions to Economic Theory 108 Brian Morgan 8. Michal Kalecki: A Comprehensive Challenge to Orthodoxy 141 Josef Poschl and Gareth Locksley 9. Wassily Leontief: Input-Output and Economic Planning 160 Martin Cave 10. Lionel Robbins: Methodology, Policy and Modem Theory 183 Maurice Peston II. The Economics of Joan Robinson 199 Thanos Skouras 12. Paul Samuelson, and the Scientific Awakening of Economics 219 Adrian Kendry 13. Piero Sraffa's Contribution to Political Economy 240 Alessandro Roncaglia Index 257 vii

5 Notes on the Contributors GARETH LOCKSLEY is a Senior Lecturer in Economics at the Polytechnic of Central London has taught at the University of Southern California and has been a Visiting Fellow at the New South Wales Institute of Technology, Australia. He has contributed to books and journals including Public Choice, Cambridge Journal of Economics and Political Quarterly. His current preoccupations are big business and computers, about which he has written A Study of the Evolution of Concentration in the Data Processing Industry (Commission of the European Communities). J. R. SHACKLETON was educated at King's College, Cambridge, and the School of Oriental and African Studies, London University. He has taught at Queen Mary College and is currently Senior Lecturer in Economics at the Polytechnic of Central London. He has published various articles in the fields of labour economics, the economics of politics and education. NORMAN P. BARRY is Senior Lecturer in Government at the City of Birmingham Polytechnic. He is a graduate of the University of Exeter, where he also lectured in Politics. He has also taught at the Queen's University, Belfast. He is the author of Hayek's Social and Economic Philosophy, An Introduction to Modern Political Theory (both Macmillan) and a number of articles on libertarian political philosophy and public policy. JOHN BURTON has taught economics at the University of Southampton, Kingston Polytechnic and the University of Birmingham, where he is currently a Lecturer in the Department of Industrial Economics and Business Studies. He has held consultancy posts with the National Board for Prices and Incomes, the Office of Manpower Economics and the OECD. His publications include Wage Inflation (Macmillan), The Consequences of Mr. Keynes (with J. M. Buchanan and R. E. Wagner, lea), The Job-Support Machine: a Critique of the Subsidy Morass (Centre for Policy Studies) and articles in academic journals. Vll

6 viii Notes on the Contributors MARTIN CAVE is a Lecturer in Economics at Brunei University and has been a Research Fellow at the Centre for Russian and East European Studies at Birmingham University. His research interests are planning in the French and East European economies, about which he has published numerous articles and books including Computers and Economic Planning: the Soviet Experience (Cambridge University Press). He is also the editor of Matekon. ADRIAN KENDRY is a Senior Lecturer in Economics at Bristol Polytechnic, where he has worked since his graduate student days at Queen Mary College, University of London. During the academic year 1978/9 he was a Visiting Lecturer at Illinois State University. His publications include articles on the economics of imperfect information and the statistical uncertainty of macroeconomic policy. BRIAN MORGAN studied at the London School of Economics and has taught at North East London and Middlesex Polytechnics. He is currently a Senior Lecturer at the Polytechnic of Central London. His publications include Monetarists and Keynesians: their Contribution to Monetary Theory (Macmillan). His research interests include monetary economics. MAURICE PESTON was a student and taught at the London School of Economics. He has been Professor of Economics at Queen Mary College for several years and has frequently served as an adviser to British Governments. He has published widely in the fields of macroeconomics and the economics of education, and is editor of Applied Economics. JOSEF POSCHL studied economics at the University of Vienna. He is an Assistant Professor in the Institute of Economic Theory and Policy at the University of Linz, Austria. His research interests are the dynamics of advanced capitalist economies, about which he has co-authored books and had articles published in Empirica and Wirtschaft und Gesellschaft. DAVID R EISMAN is a Lecturer in Economics at the University of Surrey. His numerous publications include Adam Smith's Sociological Economics (Barnes and Noble) and Galbraith and

7 Notes on the Contributors ix Market Capitalism and State and Welfare (both Macmillan). His area of research interest is social economics. ALESSANDRO RONCAGLIA is a graduate of the University of Rome and spent a period of research at Cambridge University. He has taught at Rutgers University, was the Director of the Institute of Political Economy and Public Finance at the University of Perugia, Italy and is currently working at the University of Rome. He is the author of Sraffa and the Theory of Prices (Wiley), of a book (in Italian) on William Petty and the birth of political economy, and of a number of essays on the theory of value and distribution contributed to English, French and Italian journals. THANOS SKOURAS has taught economics at the Architectural Association School, Cambridge University, and Middlesex, Thames and North East London Polytechnics. He is currently head of the Applied Economics Department at NELP. His publications include Land and its Taxation in Recent Economic Theory (Papazissis) and numerous journal articles. He is editor of the British Review of Economic Issues and his current research interest is the role of the state in the economy.

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