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Competition Policy and Price Fixing
Par Louis Kaplow. 2013
Throughout the world, the rule against price fixing is competition law's most important and least controversial prohibition. Yet there is…
far less consensus than meets the eye on what constitutes price fixing, and prevalent understandings conflict with the teachings of oligopoly theory that supposedly underlie modern competition policy. Competition Policy and Price Fixing provides the needed analytical foundation. It offers a fresh, in-depth exploration of competition law's horizontal agreement requirement, presents a systematic analysis of how best to address the problem of coordinated oligopolistic price elevation, and compares the resulting direct approach to the orthodox prohibition. In doing so, Louis Kaplow elaborates the relevant benefits and costs of potential solutions, investigates how coordinated price elevation is best detected in light of the error costs associated with different types of proof, and examines appropriate sanctions. Existing literature devotes remarkably little attention to these key subjects and instead concerns itself with limiting penalties to certain sorts of interfirm communications. Challenging conventional wisdom, Kaplow shows how this circumscribed view is less well grounded in the statutes, principles, and precedents of competition law than is a more direct, functional proscription. More important, by comparison to the communications-based prohibition, he explains how the direct approach targets situations that involve both greater social harm and less risk of chilling desirable behavior--and is also easier to apply.Cultivating Conscience: How Good Laws Make Good People
Par Lynn Stout. 2011
How the science of unselfish behavior can promote law, order, and prosperityContemporary law and public policy often treat human beings…
as selfish creatures who respond only to punishments and rewards. Yet every day we behave unselfishly—few of us mug the elderly or steal the paper from our neighbor's yard, and many of us go out of our way to help strangers. We nevertheless overlook our own good behavior and fixate on the bad things people do and how we can stop them. In this pathbreaking book, acclaimed law and economics scholar Lynn Stout argues that this focus neglects the crucial role our better impulses could play in society. Rather than lean on the power of greed to shape laws and human behavior, Stout contends that we should rely on the force of conscience.Stout makes the compelling case that conscience is neither a rare nor quirky phenomenon, but a vital force woven into our daily lives. Drawing from social psychology, behavioral economics, and evolutionary biology, Stout demonstrates how social cues—instructions from authorities, ideas about others' selfishness and unselfishness, and beliefs about benefits to others—have a powerful role in triggering unselfish behavior. Stout illustrates how our legal system can use these social cues to craft better laws that encourage more unselfish, ethical behavior in many realms, including politics and business. Stout also shows how our current emphasis on self-interest and incentives may have contributed to the catastrophic political missteps and financial scandals of recent memory by encouraging corrupt and selfish actions, and undermining society's collective moral compass.This book proves that if we care about effective laws and civilized society, the powers of conscience are simply too important for us to ignore.Strings Attached: Untangling the Ethics of Incentives
Par Ruth W. Grant. 2011
The legitimate and illegitimate use of incentives in society todayIncentives can be found everywhere—in schools, businesses, factories, and government—influencing people's…
choices about almost everything, from financial decisions and tobacco use to exercise and child rearing. So long as people have a choice, incentives seem innocuous. But Strings Attached demonstrates that when incentives are viewed as a kind of power rather than as a form of exchange, many ethical questions arise: How do incentives affect character and institutional culture? Can incentives be manipulative or exploitative, even if people are free to refuse them? What are the responsibilities of the powerful in using incentives? Ruth Grant shows that, like all other forms of power, incentives can be subject to abuse, and she identifies their legitimate and illegitimate uses.Grant offers a history of the growth of incentives in early twentieth-century America, identifies standards for judging incentives, and examines incentives in four areas—plea bargaining, recruiting medical research subjects, International Monetary Fund loan conditions, and motivating students. In every case, the analysis of incentives in terms of power yields strikingly different and more complex judgments than an analysis that views incentives as trades, in which the desired behavior is freely exchanged for the incentives offered.Challenging the role and function of incentives in a democracy, Strings Attached questions whether the penchant for constant incentivizing undermines active, autonomous citizenship. Readers of this book are sure to view the ethics of incentives in a new light.How trade imbalances spurred on the global financial crisis and why we aren't out of trouble yetChina's economic growth is…
sputtering, the Euro is under threat, and the United States is combating serious trade disadvantages. Another Great Depression? Not quite. Noted economist and China expert Michael Pettis argues instead that we are undergoing a critical rebalancing of the world economies. Debunking popular misconceptions, Pettis shows that severe trade imbalances spurred on the recent financial crisis and were the result of unfortunate policies that distorted the savings and consumption patterns of certain nations. Pettis examines the reasons behind these destabilizing policies, and he predicts severe economic dislocations that will have long-lasting effects.Demonstrating how economic policies can carry negative repercussions the world over, The Great Rebalancing sheds urgent light on our globally linked economic future.Unified Growth Theory
Par Oded Galor. 2011
For most of the vast span of human history, economic growth was all but nonexistent. Then, about two centuries ago,…
some nations began to emerge from this epoch of economic stagnation, experiencing sustained economic growth that led to significant increases in standards of living and profoundly altered the level and distribution of wealth, population, education, and health across the globe. The question ever since has been--why? This is the first book to put forward a unified theory of economic growth that accounts for the entire growth process, from the dawn of civilization to today. Oded Galor, who founded the field of unified growth theory, identifies the historical and prehistorical forces behind the differential transition timing from stagnation to growth and the emergence of income disparity around the world. Galor shows how the interaction between technological progress and population ultimately raised the importance of education in coping with the rapidly changing technological environment, brought about significant reduction in fertility rates, and enabled some economies to devote greater resources toward a steady increase in per capita income, paving the way for sustained economic growth. Presents a unified theory of economic growth from the dawn of civilization to today Explains the worldwide disparities in living standards and population we see today Provides a comprehensive overview of the three phases of the development process Analyzes the Malthusian theory and its empirical support Examines theories of demographic transition and their empirical significance Explores the interaction between economic development and human evolutionThe Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do about It
Par Robert J. Shiller. 2013
An essential account of the historic subprime mortgage crisis, from the Nobel Prize–winning economist and bestselling author of Irrational ExuberanceThe…
subprime mortgage crisis has already wreaked havoc on the lives of millions of people and now it threatens to derail the U.S. economy and economies around the world. In this trenchant book, best-selling economist Robert Shiller reveals the origins of this crisis and puts forward bold measures to solve it. He calls for an aggressive response—a restructuring of the institutional foundations of the financial system that will not only allow people once again to buy and sell homes with confidence, but will create the conditions for greater prosperity in America and throughout the deeply interconnected world economy.Shiller blames the subprime crisis on the irrational exuberance that drove the economy's two most recent bubbles—in stocks in the 1990s and in housing between 2000 and 2007. He shows how these bubbles led to the dangerous overextension of credit now resulting in foreclosures, bankruptcies, and write-offs, as well as a global credit crunch. To restore confidence in the markets, Shiller argues, bailouts are needed in the short run. But he insists that these bailouts must be targeted at low-income victims of subprime deals. In the longer term, the subprime solution will require leaders to revamp the financial framework by deploying an ambitious package of initiatives to inhibit the formation of bubbles and limit risks, including better financial information; simplified legal contracts and regulations; expanded markets for managing risks; home equity insurance policies; income-linked home loans; and new measures to protect consumers against hidden inflationary effects.This powerful book is essential reading for anyone who wants to understand how we got into the subprime mess—and how we can get out.How the United States became an imperial power by bowing to pressure to defend its citizens' overseas investmentsThroughout the twentieth…
century, the U.S. government willingly deployed power, hard and soft, to protect American investments all around the globe. Why did the United States get into the business of defending its citizens' property rights abroad? The Empire Trap looks at how modern U.S. involvement in the empire business began, how American foreign policy became increasingly tied to the sway of private financial interests, and how postwar administrations finally extricated the United States from economic interventionism, even though the government had the will and power to continue.Noel Maurer examines the ways that American investors initially influenced their government to intercede to protect investments in locations such as Central America and the Caribbean. Costs were small—at least at the outset—but with each incremental step, American policy became increasingly entangled with the goals of those they were backing, making disengagement more difficult. Maurer discusses how, all the way through the 1970s, the United States not only failed to resist pressure to defend American investments, but also remained unsuccessful at altering internal institutions of other countries in order to make property rights secure in the absence of active American involvement. Foreign nations expropriated American investments, but in almost every case the U.S. government's employment of economic sanctions or covert action obtained market value or more in compensation—despite the growing strategic risks. The advent of institutions focusing on international arbitration finally gave the executive branch a credible political excuse not to act. Maurer cautions that these institutions are now under strain and that a collapse might open the empire trap once more.With shrewd and timely analysis, this book considers American patterns of foreign intervention and the nation's changing role as an imperial power.In One Hundred Semesters, William Chace mixes incisive analysis with memoir to create an illuminating picture of the evolution of…
American higher education over the past half century. Chace follows his own journey from undergraduate education at Haverford College to teaching at Stillman, a traditionally African-American college in Alabama, in the 1960s, to his days as a professor at Stanford and his appointment as president of two very different institutions--Wesleyan University and Emory University. Chace takes us with him through his decades in education--his expulsion from college, his boredom and confusion as a graduate student during the Free Speech movement at Berkeley, and his involvement in three contentious cases at Stanford: on tenure, curriculum, and academic freedom. When readers follow Chace on his trip to jail after he joins Stillman students in a civil rights protest, it is clear that the ideas he presents are born of experience, not preached from an ivory tower. The book brings the reader into both the classroom and the administrative office, portraying the unique importance of the former and the peculiar rituals, rewards, and difficulties of the latter. Although Chace sees much to lament about American higher education--spiraling costs, increased consumerism, overly aggressive institutional self-promotion and marketing, the corruption of intercollegiate sports, and the melancholy state of the humanities--he finds more to praise. He points in particular to its strength and vitality, suggesting that this can be sustained if higher education remains true to its purpose: providing a humane and necessary education, inside the classroom and out, for America's future generations.Finding Equilibrium: Arrow, Debreu, McKenzie and the Problem of Scientific Credit
Par Till Düppe, E. Roy Weintraub. 2014
The remarkable story and personalities behind one of the most important theories in modern economicsFinding Equilibrium explores the post–World War…
II transformation of economics by constructing a history of the proof of its central dogma—that a competitive market economy may possess a set of equilibrium prices. The model economy for which the theorem could be proved was mapped out in 1954 by Kenneth Arrow and Gerard Debreu collaboratively, and by Lionel McKenzie separately, and would become widely known as the "Arrow-Debreu Model." While Arrow and Debreu would later go on to win separate Nobel prizes in economics, McKenzie would never receive it. Till Düppe and E. Roy Weintraub explore the lives and work of these economists and the issues of scientific credit against the extraordinary backdrop of overlapping research communities and an economics discipline that was shifting dramatically to mathematical modes of expression.Based on recently opened archives, Finding Equilibrium shows the complex interplay between each man's personal life and work, and examines compelling ideas about scientific credit, publication, regard for different research institutions, and the awarding of Nobel prizes. Instead of asking whether recognition was rightly or wrongly given, and who were the heroes or villains, the book considers attitudes toward intellectual credit and strategies to gain it vis-à-vis the communities that grant it.Telling the story behind the proof of the central theorem in economics, Finding Equilibrium sheds light on the changing nature of the scientific community and the critical connections between the personal and public rewards of scientific work.The Lucky Ones uncovers the story of the Tape family in post-gold rush, racially explosive San Francisco. Mae Ngai paints…
a fascinating picture of how the role of immigration broker allowed patriarch Jeu Dip (Joseph Tape) to both protest and profit from discrimination, and of the Tapes as the first of a new social type--middle-class Chinese Americans. Tape family history illuminates American history. Seven-year-old Mamie attempts to integrate California schools, resulting in the landmark 1885 case Tape v. Hurley. The family's intimate involvement in the 1904 St. Louis World's Fair reveals how Chinese American brokers essentially invented Chinatown, and so Chinese culture, for American audiences. Finally, The Lucky Ones reveals aspects--timely, haunting, and hopeful--of the lasting legacy of the immigrant experience for all Americans. This expanded edition features a new preface and a selection of historical documents from the Chinese exclusion era that forms the backdrop to the Tape family's story.Lessons Learned: Reflections of a University President (The William G. Bowen Series #67)
Par William G. Bowen. 2010
An insider's account of higher education from a legendary university leaderLessons Learned gives unprecedented access to the university president's office,…
providing a unique set of reflections on the challenges involved in leading both research universities and liberal arts colleges. In this landmark book, William Bowen, former president of Princeton University and of the Andrew W. Mellon Foundation, and coauthor of the acclaimed bestseller The Shape of the River, takes readers behind closed faculty-room doors to discuss how today's colleges and universities serve their age-old missions.With extraordinary candor, clarity, and good humor, Bowen shares the sometimes-hard lessons he learned about working with trustees, faculty, and campus groups; building an effective administrative team; deciding when to speak out on big issues and when to insist on institutional restraint; managing dissent; cultivating alumni and raising funds; setting academic priorities; fostering inclusiveness; eventually deciding when and how to leave the president's office; and much more. Drawing on more than four decades of experience, Bowen demonstrates how his greatest lessons often arose from the missteps he made along the way, and how, when it comes to university governance, there are important general principles but often no single right answer.Full of compelling stories, insights, and practical wisdom, Lessons Learned frames the questions that leaders of higher education will continue to confront at a complex moment in history.Lecture Notes in Microeconomic Theory: The Economic Agent - Second Edition
Par Ariel Rubinstein. 2012
Ariel Rubinstein's well-known lecture notes on microeconomics—now fully revised and expandedThis book presents Ariel Rubinstein's lecture notes for the first…
part of his well-known graduate course in microeconomics. Developed during the fifteen years that Rubinstein taught the course at Tel Aviv University, Princeton University, and New York University, these notes provide a critical assessment of models of rational economic agents, and are an invaluable supplement to any primary textbook in microeconomic theory.In this fully revised and expanded second edition, Rubinstein retains the striking originality and deep simplicity that characterize his famously engaging style of teaching. He presents these lecture notes with a precision that gets to the core of the material, and he places special emphasis on the interpretation of key concepts. Rubinstein brings this concise book thoroughly up to date, covering topics like modern choice theory and including dozens of original new problems.Written by one of the world's most respected and provocative economic theorists, this second edition of Lecture Notes in Microeconomic Theory is essential reading for students, teachers, and research economists.Fully revised, expanded, and updatedRetains the engaging style and method of Rubinstein's well-known lecturesCovers topics like modern choice theoryFeatures numerous original new problems—including 21 new review problemsSolutions manual (available only to teachers) can be found at: http://gametheory.tau.ac.il/microTheory/.The Social Life of Money
Par Nigel Dodd. 2016
A reevaluation of what money is—and what it might beQuestions about the nature of money have gained a new urgency…
in the aftermath of the global financial crisis. Even as many people have less of it, there are more forms and systems of money, from local currencies and social lending to mobile money and Bitcoin. Yet our understanding of what money is—and what it might be—hasn't kept pace. In The Social Life of Money, Nigel Dodd, one of today’s leading sociologists of money, reformulates the theory of the subject for a postcrisis world in which new kinds of money are proliferating.What counts as legitimate action by central banks that issue currency and set policy? What underpins the right of nongovernmental actors to create new currencies? And how might new forms of money surpass or subvert government-sanctioned currencies? To answer such questions, The Social Life of Money takes a fresh and wide-ranging look at modern theories of money.One of the book’s central concerns is how money can be wrested from the domination and mismanagement of banks and governments and restored to its fundamental position as the "claim upon society" described by Georg Simmel. But rather than advancing yet another critique of the state-based monetary system, The Social Life of Money draws out the utopian aspects of money and the ways in which its transformation could in turn transform society, politics, and economics. The book also identifies the contributions of thinkers who have not previously been thought of as monetary theorists—including Nietzsche, Benjamin, Bataille, Deleuze and Guattari, Baudrillard, Derrida, and Hardt and Negri. The result provides new ways of thinking about money that seek not only to understand it but to change it.Complexity and the Art of Public Policy: Solving Society's Problems from the Bottom Up
Par David Colander, Roland Kupers. 2014
How ideas in complexity can be used to develop more effective public policyComplexity science—made possible by modern analytical and computational…
advances—is changing the way we think about social systems and social theory. Unfortunately, economists' policy models have not kept up and are stuck in either a market fundamentalist or government control narrative. While these standard narratives are useful in some cases, they are damaging in others, directing thinking away from creative, innovative policy solutions. Complexity and the Art of Public Policy outlines a new, more flexible policy narrative, which envisions society as a complex evolving system that is uncontrollable but can be influenced.David Colander and Roland Kupers describe how economists and society became locked into the current policy framework, and lay out fresh alternatives for framing policy questions. Offering original solutions to stubborn problems, the complexity narrative builds on broader philosophical traditions, such as those in the work of John Stuart Mill, to suggest initiatives that the authors call "activist laissez-faire" policies. Colander and Kupers develop innovative bottom-up solutions that, through new institutional structures such as for-benefit corporations, channel individuals’ social instincts into solving societal problems, making profits a tool for change rather than a goal. They argue that a central role for government in this complexity framework is to foster an ecostructure within which diverse forms of social entrepreneurship can emerge and blossom.Development Economics
Par Debraj Ray. 1998
The study of development in low-income countries is attracting more attention around the world than ever before. Yet until now…
there has been no comprehensive text that incorporates the huge strides made in the subject over the past decade. Development Economics does precisely that in a clear, rigorous, and elegant fashion.Debraj Ray, one of the most accomplished theorists in development economics today, presents in this book a synthesis of recent and older literature in the field and raises important questions that will help to set the agenda for future research. He covers such vital subjects as theories of economic growth, economic inequality, poverty and undernutrition, population growth, trade policy, and the markets for land, labor, and credit. A common point of view underlies the treatment of these subjects: that much of the development process can be understood by studying factors that impede the efficient and equitable functioning of markets. Diverse topics such as the new growth theory, moral hazard in land contracts, information-based theories of credit markets, and the macroeconomic implications of economic inequality come under this common methodological umbrella.The book takes the position that there is no single cause for economic progress, but that a combination of factors--among them the improvement of physical and human capital, the reduction of inequality, and institutions that enable the background flow of information essential to market performance--consistently favor development. Ray supports his arguments throughout with examples from around the world. The book assumes a knowledge of only introductory economics and explains sophisticated concepts in simple, direct language, keeping the use of mathematics to a minimum.Development Economics will be the definitive textbook in this subject for years to come. It will prove useful to researchers by showing intriguing connections among a wide variety of subjects that are rarely discussed together in the same book. And it will be an important resource for policy-makers, who increasingly find themselves dealing with complex issues of growth, inequality, poverty, and social welfare.Mountain of Fame: Portraits in Chinese History
Par John E. Wills. 2012
Through biographies of China's most colorful and famous personalities, John Wills displays the five-thousand-year sweep of Chinese history from the…
legendary sage emperors to the tragedy of Tiananmen Square. This unique introduction to Chinese history and culture uses more than twenty exemplary lives--biographies of China's most colorful and famous personalities--including those of statesmen, philosophers, poets, and rulers, to provide the focus for accounts of key historical trends and periods. What emerges is a provocative rendering of China's moral landscape, featuring characters who have resonated in the historical imagination as examples of villainy, heroism, wisdom, spiritual vision, political guile, and complex combinations of all of these. Investigating both the legends and the facts surrounding these figures, Wills reveals the intense interest of the Chinese in the brilliance and in the frail complexities of their heroes. Included, for instance, is a description of the frustrations and anxieties of Confucius, who emerges as a vulnerable human being trying to restore the world to the virtue and order of the sage kings. Wills recounts and questions the wonderfully shocking stories about the seventh-century Empress Wu, an astute ruler and shaper of an increasingly centralized monarchy, who has since assumed a prominent position in the Chinese tradition's rich gallery of bad examples--because she was a woman meddling in politics. The portrayal of Mao Zedong, which touches upon this leader's earthy personality and his reckless political visions, demonstrates the tendency of the Chinese not to divorce ideology from its human context: Maoism for them is a form of "objective" Marxism, inseparable from one man's life and leadership. Each of the twenty chapters provides a many-sided exploration of a "slice" of Chinese history, engaging the general reader in a deep and personal encounter with China over the centuries and today. The biographies repeatedly mirror the moral earnestness of the Chinese, the great value they place on the ruler-minister relationship, and their struggles with tensions among practicality, moral idealism, and personal authenticity. Culminating in a reflection on China's historical direction in the aftermath of Tiananmen Square, the biographies show the modern Chinese still inspired and frustrated by a complex heritage of moral fervor and political habits and preconceptions. As absorbing as it is wide ranging, this history is written for the general public curious about China and for the student beginning to study its rich cultural heritage. This new edition highlights important figures that have emerged in China since the book's initial publication and provides updated suggestions for further reading.The Quest for Prosperity: How Developing Economies Can Take Off - Updated Edition
Par Justin Yifu Lin. 2015
Justin Yifu Lin's groundbreaking account of how developing countries can help themselves—now fully updatedHow can developing countries grow their economies?…
Most answers to this question center on what the rich world should or shouldn't do for the poor world. In The Quest for Prosperity, Justin Yifu Lin—the first non-Westerner to be chief economist of the World Bank—focuses on what developing nations can do to help themselves. Lin examines how the countries that have succeeded in developing their own economies have actually done it. Interwoven with insights, observations, and stories from Lin’s travels as chief economist of the World Bank and his reflections on China’s rise, this book provides a road map and hope for those countries engaged in their own quest for prosperity.Beyond Mechanical Markets: Asset Price Swings, Risk, and the Role of the State
Par Roman Frydman, Michael D. Goldberg. 2011
A powerful challenge to contemporary economics and a new agenda for global financeIn the wake of the global financial crisis…
that began in 2007, faith in the rationality of markets has lost ground to a new faith in their irrationality. The problem, Roman Frydman and Michael Goldberg argue, is that both the rational and behavioral theories of the market rest on the same fatal assumption—that markets act mechanically and economic change is fully predictable. In Beyond Mechanical Markets, Frydman and Goldberg show how the failure to abandon this assumption hinders our understanding of how markets work, why price swings help allocate capital to worthy companies, and what role government can and can't play.The financial crisis, Frydman and Goldberg argue, was made more likely, if not inevitable, by contemporary economic theory, yet its core tenets remain unchanged today. In response, the authors show how imperfect knowledge economics, an approach they pioneered, provides a better understanding of markets and the financial crisis. Frydman and Goldberg deliver a withering critique of the widely accepted view that the boom in equity prices that ended in 2007 was a bubble fueled by herd psychology. They argue, instead, that price swings are driven by individuals' ever-imperfect interpretations of the significance of economic fundamentals for future prices and risk. Because swings are at the heart of a dynamic economy, reforms should aim only to curb their excesses.Showing why we are being dangerously led astray by thinking of markets as predictably rational or irrational, Beyond Mechanical Markets presents a powerful challenge to conventional economic wisdom that we can't afford to ignore.Falling Behind?: Boom, Bust, and the Global Race for Scientific Talent
Par Michael S. Teitelbaum. 2014
How the fear of a shortage in American science talent fuels cycles in the technical labor marketIs the United States…
falling behind in the global race for scientific and engineering talent? Are U.S. employers facing shortages of the skilled workers that they need to compete in a globalized world? Such claims from some employers and educators have been widely embraced by mainstream media and political leaders, and have figured prominently in recent policy debates about education, federal expenditures, tax policy, and immigration. Falling Behind? offers careful examinations of the existing evidence and of its use by those involved in these debates.These concerns are by no means a recent phenomenon. Examining historical precedent, Michael Teitelbaum highlights five episodes of alarm about "falling behind" that go back nearly seventy years to the end of World War II. In each of these episodes the political system responded by rapidly expanding the supply of scientists and engineers, but only a few years later political enthusiasm or economic demand waned. Booms turned to busts, leaving many of those who had been encouraged to pursue science and engineering careers facing disheartening career prospects. Their experiences deterred younger and equally talented students from following in their footsteps—thereby sowing the seeds of the next cycle of alarm, boom, and bust.Falling Behind? examines these repeated cycles up to the present, shedding new light on the adequacy of the science and engineering workforce for the current and future needs of the United States.The Body Economic: Life, Death, and Sensation in Political Economy and the Victorian Novel
Par Catherine Gallagher. 2005
The Body Economic revises the intellectual history of nineteenth-century Britain by demonstrating that political economists and the writers who often…
presented themselves as their literary antagonists actually held most of their basic social assumptions in common. Catherine Gallagher demonstrates that political economists and their Romantic and early-Victorian critics jointly relocated the idea of value from the realm of transcendent spirituality to that of organic "life," making human sensations--especially pleasure and pain--the sources and signs of that value. Classical political economy, this book shows, was not a mechanical ideology but a form of nineteenth-century organicism, which put the body and its feelings at the center of its theories, and neoclassical economics built itself even more self-consciously on physiological premises. The Body Economic explains how these shared views of life, death, and sensation helped shape and were modified by the two most important Victorian novelists: Charles Dickens and George Eliot. It reveals how political economists interacted crucially with the life sciences of the nineteenth century--especially with psychophysiology and anthropology--producing the intellectual world that nurtured not only George Eliot's realism but also turn-of-the-century literary modernism.