New Frontiers in Economics

Paul A. Samuelson

doi:10.1017/CBO9780511754357

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.

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Contents

Frontmatter
pp i-vi
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Contents
pp vii-viii
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List of Contributors
pp ix-x
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Foreword by Paul A. Samuelson
pp xi-xii
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Preface
pp xiii-xiv
- By Michael Szenberg, Professor of Economics, Lubin School of Business, Pace University, Lall Ramrattan, Instructor, University of California, Berkeley
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Acknowledgments
pp xv-xviii
- By Michael Szenberg, Professor of Economics, Lubin School of Business, Pace University, Lall Ramrattan, Instructor, University of California, Berkeley
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Introduction
pp 1-24
- By Michael Szenberg, Professor of Economics, Lubin School of Business, Pace University, Lall Ramrattan, Instructor, University of California, Berkeley
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PART I - INFORMATIONAL BEHAVIORAL ECONOMICS AND FINANCE
pp 25-26
- By Michael Szenberg, Professor of Economics, Lubin School of Business, Pace University, Lall Ramrattan, Instructor, University of California, Berkeley
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1 - Information and the Change in the Paradigm in Economics
pp 27-67
- By Joseph E. Stiglitz, 2001 Nobel Laureate and Professor of Economics and Finance, Columbia University
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2 - Behavioral Economics
pp 68-102
- By Matthew Rabin, Professor of Economics, University of California, Berkeley
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3 - Experiments with Financial Markets: Implications for Asset Pricing Theory
pp 103-127
- By Peter Bossaerts, Professor of Economics and Management, California Institute of Technology
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4 - Two Puzzles of Asset Pricing and Their Implications for Investors
pp 128-170
- By John Y. Campbell, Professor of Applied Economics, Harvard University
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PART II - MACROECONOMICS AND PUBLIC POLICIES
pp 171-172
- By Michael Szenberg, Professor of Economics, Lubin School of Business, Pace University, Lall Ramrattan, Instructor, University of California, Berkeley
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5 - Whither Macro?
pp 173-184
- By Perry Mehrling, Professor of Economics, Barnard College and Columbia University
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6 - Recent Developments in and Future Prospects for Public Economics
pp 185-202
- By James M. Poterba, Mitsui Professor Public Finance and Corporate Finance, Massachusetts Institute of Technology
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PART III - INTERNATIONAL TRADE AND DEVELOPMENT
pp 203-204
- By Michael Szenberg, Professor of Economics, Lubin School of Business, Pace University, Lall Ramrattan, Instructor, University of California, Berkeley
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7 - Economic Theory and the Interpretation of GATT/WTO
pp 205-234
- By Kyle Bagwell, Professor of Economics, Columbia University, Robert W. Staiger, Professor of Economics, University of Wisconsin
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8 - What's New in Development Economics?
pp 235-258
- By Debraj Ray, Professor of Economics, New York University
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PART IV - CONTRACTS, LAW, AND GAMING
pp 259-260
- By Michael Szenberg, Professor of Economics, Lubin School of Business, Pace University, Lall Ramrattan, Instructor, University of California, Berkeley
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9 - Contract or War? On the Consequences of a Broader View of Self-Interest in Economics
pp 261-280
- By Michelle Garfinkel, Professor of Applied Economics, Harvard University, Stergios Skaperdas, Associate Professor of Economics, University of California, Irvine
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10 - New Directions in Law and Economics
pp 281-302
- By Alan O. Sykes, Frank and Bernice Greenberg Professor of Law and Faculty Director for Curriculum, University of Chicago Law School
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Author Index
pp 303-308
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Subject Index
pp 309-318
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New Frontiers in Economics

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Contents

Frontmatter
pp i-vi

Contents
pp vii-viii

List of Contributors
pp ix-x

Foreword by Paul A. Samuelson
pp xi-xii

Preface
pp xiii-xiv

Acknowledgments
pp xv-xviii

Introduction
pp 1-24

PART I - INFORMATIONAL BEHAVIORAL ECONOMICS AND FINANCE
pp 25-26

1 - Information and the Change in the Paradigm in Economics
pp 27-67

2 - Behavioral Economics
pp 68-102

3 - Experiments with Financial Markets: Implications for Asset Pricing Theory
pp 103-127

4 - Two Puzzles of Asset Pricing and Their Implications for Investors
pp 128-170

PART II - MACROECONOMICS AND PUBLIC POLICIES
pp 171-172

5 - Whither Macro?
pp 173-184

6 - Recent Developments in and Future Prospects for Public Economics
pp 185-202

PART III - INTERNATIONAL TRADE AND DEVELOPMENT
pp 203-204

7 - Economic Theory and the Interpretation of GATT/WTO
pp 205-234

8 - What's New in Development Economics?
pp 235-258

PART IV - CONTRACTS, LAW, AND GAMING
pp 259-260

9 - Contract or War? On the Consequences of a Broader View of Self-Interest in Economics
pp 261-280

10 - New Directions in Law and Economics
pp 281-302

Author Index
pp 303-308

Subject Index
pp 309-318

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