This book, first published in 1967, explores some of the problems formulating investment criteria for the public sector of a mixed-enterprise, underdeveloped economy. The typical essay on public investment criteria explicitly or implicitly postulates a single goal for economic analysis – maximization of weighted average of national income over time – and relegates all other objectives of public policy to a limbo of "political" and "social" objectives not amenable to systematic, rational treatment. In contrast Professor Marglin assumes a multiplicity of objectives and explores ways and means of expressing contributions to different objectives in common terms. The book also investigates the relationship of specific investment criteria to the objectives of public policy. Benefits and costs are defined separately for each objective, as are so-called "secondary" benefits. This book is suited for students of economics.

Public Investment Criteria (Study in Economic Development of India)

Business & Money

Marglin, Stephen A.

Economics

Value and Price in the Labour-Surplus Economy

Oxford University Press

This historical/theoretical work presents essays that examine the institutions that fostered sustained growth and high employment after World War II, and the forces which undermined the effectiveness of these institutions in the 1960s and 70s. Contributors include A. Glyn, A. Hughes, A. Lipietz, A. Singh, G. Epstein, J. Schor, S. Marglin, A. Bhaduri, S. Bowles, R. Boyer, R. Rowthorn, and M. Aoki.

The Golden Age of Capitalism: Reinterpreting the Postwar Experience (WIDER Studies in Development Economics)

Schor, Juliet B.

See "Stephen Marglin on the Future of Capitalism" at FORA.tv. 
 Economists celebrate the market as a device for regulating human interaction without acknowledging that their enthusiasm depends on a set of half-truths: that individuals are autonomous, self-interested, and rational calculators with unlimited wants and that the only community that matters is the nation-state. However, as Stephen Marglin argues, market relationships erode community. In the past, for example, when a farm family experienced a setback--say the barn burned down--neighbors pitched in. Now a farmer whose barn burns down turns, not to his neighbors, but to his insurance company. Insurance may be a more efficient way to organize resources than a community barn raising, but the deep social and human ties that are constitutive of community are weakened by the shift from reciprocity to market relations. 
 Marglin dissects the ways in which the foundational assumptions of economics justify a world in which individuals are isolated from one another and social connections are impoverished as people define themselves in terms of how much they can afford to consume. Over the last four centuries, this economic ideology has become the dominant ideology in much of the world. Marglin presents an account of how this happened and an argument for righting the imbalance in our lives that this ideology has fostered.

The Dismal Science: How Thinking Like an Economist Undermines Community

Harvard University Press

See "Stephen Marglin on the Future of Capitalism" at FORA.tv.
Economists celebrate the market as a device for regulating human interaction without acknowledging that their enthusiasm depends on a set of half-truths: that individuals are autonomous, self-interested, and rational calculators with unlimited wants and that the only community that matters is the nation-state. However, as Stephen Marglin argues, market relationships erode community. In the past, for example, when a farm family experienced a setback--say the barn burned down--neighbors pitched in. Now a farmer whose barn burns down turns, not to his neighbors, but to his insurance company. Insurance may be a more efficient way to organize resources than a community barn raising, but the deep social and human ties that are constitutive of community are weakened by the shift from reciprocity to market relations.
Marglin dissects the ways in which the foundational assumptions of economics justify a world in which individuals are isolated from one another and social connections are impoverished as people define themselves in terms of how much they can afford to consume. Over the last four centuries, this economic ideology has become the dominant ideology in much of the world. Marglin presents an account of how this happened and an argument for righting the imbalance in our lives that this ideology has fostered.

The purpose of this book is to improve the methodology of designing water resource systems. The methodology of system design involves four related steps: identifying the objectives of design; translating these objectives into design criteria; using the criteria to devise plans for the development of specific water resource systems that fulfill the criteria in the highest degree; and evaluating the consequences of the plans that have been developed. All of this methodology is defined in this book.

Design of Water-Resource Systems : New Techniques for Relating Economic Objectives, Engineering Analysis, and Governmental Planning

Science & Math

Dorfman, Robert

Maass, Arthur

Hufschmidt, Maynard M.

Thomas Jr., Harold A.

Fair, Gordon Maskew

Nature & Ecology

Growth, Distribution, and Prices (Harvard Economic Studies)

What determines the rate of growth, the distribution of income, and the structure of relative prices under capitalism? What, in short, makes capitalist economies tick? This watershed treatise analyzes the answers to these questions provided by three major theoretical traditions: neoclassical, neo-Marxian, and neo-Keynesian. Until now, the mutual criticism exchanged by partisans of the different traditions has focused disproportionately on the logical shortcomings of rival theories, or on such questions as whether or not input–output relationships can be described by a continuous-substitution production function.In this book, these are at best secondary issues. The real distinguishing features of the theories, for Stephen Marglin, are their characterization of labor markets and capital accumulation. For clarity, Marglin first sets out the essential features of each theory in the context of a common production model with a single good and a fixed-coefficient technology. He then formalizes the different theories as alternative ways of closing the model. In subsequent chapters he examines the effects of relaxing key simplifying assumptions, in particular the characterization of technology and the homogeneity of output and capital. And although his primary emphasis is theoretical, he does not ignore the problem of empirically testing the theories. Finally, he synthesizes the insights of the neo-Marxian and neo-Keynesian models into a single model that transcends the shortcomings of each taken separately.Marglin anticipates that partisans of the different traditions will agree on one point: each will allow that the book reveals the shortcomings of the other theories but will insist that it fails utterly to reflect the power and majesty of one’s own particular brand of truth. Growth, Distribution, and Prices will be controversial, but it will not be ignored.

Design of Water-Resource Systems: New Techniques for Relating Economic Objectives, Engineering Analysis, and Governmental Planning

Politics & Social Sciences

Social Sciences

Product Description 
Back to the future: a heterodox economist rewrites Keynes’s General Theory of Employment, Interest, and Money to serve as the basis for a macroeconomics for the twenty-first century.John Maynard Keynes’s General Theory of Employment, Interest, and Money was the most influential economic idea of the twentieth century. But, argues Stephen Marglin, its radical implications were obscured by Keynes’s lack of the mathematical tools necessary to argue convincingly that the problem was the market itself, as distinct from myriad sources of friction around its margins.Marglin fills in the theoretical gaps, revealing the deeper meaning of the General Theory. Drawing on eight decades of discussion and debate since the General Theory was published, as well as on his own research, Marglin substantiates Keynes’s intuition that there is no mechanism within a capitalist economy that ensures full employment. Even if deregulating the economy could make it more like the textbook ideal of perfect competition, this would not address the problem that Keynes identified: the potential inadequacy of aggregate demand.Ordinary citizens have paid a steep price for the distortion of Keynes’s message. Fiscal policy has been relegated to emergencies like the Great Recession. Monetary policy has focused unduly on inflation. In both cases the underlying rationale is the false premise that in the long run at least the economy is self-regulating so that fiscal policy is unnecessary and inflation beyond a modest 2 percent serves no useful purpose.Fleshing out Keynes’s intuition that the problem is not the warts on the body of capitalism but capitalism itself, Raising Keynes provides the foundation for a twenty-first-century macroeconomics that can both respond to crises and guide long-run policy. 
 Review 
“Marglin has taken 80 years of neoclassical distortions of Keynes, presented them with great clarity in their own language, and then pounded them into dust, pushing the detritus back into the faces of the high priests of the neoclassical synthesis, the New Keynesians, and the New Classical Economists. 
Raising Keynes issues a challenge that they would be cowardly to refuse―which is not to suggest that they won’t do their best to ignore it.” 
― 
James K. Galbraith 
, 
Project Syndicate\n“Stephen Marglin’s magnum opus makes a powerful case that we cannot expect the economy to solve its own problems, and that instead economists and policymakers need to put persistent unemployment at the center of their thinking in order to both better understand the economy and to make a stronger case for using fiscal and monetary policy to change it for the better.” 
― 
Jason Furman, Harvard University, former Chairman of the U.S. Council of Economic Advisers\n“This is a thought-stimulating reconstruction of John Maynard Keynes’s insight that market economies do not automatically gravitate to full-employment equilibrium even if prices are flexible. Stephen Marglin shows, with modern analytical tools and (yet) in an often entertaining style, how normal signal processing leads to real-time adjustments to shocks that can move a competitive economy out of equilibrium in the short run and into a different equilibrium in the long. He succeeds in demonstrating this without invoking all those frictions and imperfections so indispensable to New Keynesians. The book opens a wide array of unorthodox, but well-founded perspectives on past and current issues of economic policy. It is the fruit of life-long research, and it deserves a wide readership.” 
― 
Hans-Michael Trautwein, University of Oldenburg, Germany\n“ 
Raising Keynes is a work of great significance that anyone seriously interested in how capitalism functions and malfunctions should read carefully. Stephen Marglin succeeds in clarifying the central ideas in John Maynard Keynes’s revolutionary macroeconomic framework, while also extending and deepening those ideas in important ways, applying the ideas to o

Raising Keynes: A Twenty-First-Century General Theory

See the best price to sell, buy, or rent books by Marglin, Stephen A.. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Books by Marglin, Stephen A.

See the best price to sell, buy, or rent books by Marglin, Stephen A.. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Public Investment Criteria (Study in Economic Development of India)

Value and Price in the Labour-Surplus Economy

The Golden Age of Capitalism: Reinterpreting the Postwar Experience (WIDER Studies in Development Economics)

The Dismal Science: How Thinking Like an Economist Undermines Community

The Dismal Science: How Thinking Like an Economist Undermines Community

Design of Water-Resource Systems : New Techniques for Relating Economic Objectives, Engineering Analysis, and Governmental Planning

Growth, Distribution, and Prices (Harvard Economic Studies)

Growth, Distribution, and Prices (Harvard Economic Studies)

Design of Water-Resource Systems: New Techniques for Relating Economic Objectives, Engineering Analysis, and Governmental Planning

Raising Keynes: A Twenty-First-Century General Theory