The purpose of this volume is to reopen the discussion of how to develop the economic theory of investment to better model the facts of experience and to provide policy makers with a better understanding of how capital markets work. In this final decade of the twentieth century, almost everyone agrees that human progress will be closely related to the decisions regarding the investments made to promote economic growth of output. Despite the Nobel prize work done in recent decades, economic performance in this area seems to have worsened. Clearly, a reopening of public discussion on what is required is necessary. Until we get our theory right, it is impossible to get our public policy right. This book does not promise to provide “the” correct theory. Instead, it hopes to stimulate the reader into an understanding of where we may have gone wrong, and how we might rectify our mistakes.

The basic concept behind free-market economics was simple and seductive: the government should not attempt to pick winners by granting assistance to specific industries, and it should only intervene in the market in circumstances where there has been a substantial market failure.

A balanced examination of global energy issues. Energy sustainability and climate change are two of the greatest challenges facing humankind. Unraveling these complex and interconnected issues demands careful and objective assessment. Fact and Fiction in Global Energy Policy aims to change the prevailing discourse by examining fifteen core energy questions from a variety of perspectives, demonstrating how, for each of them, no clear-cut answer exists. Is industry the chief energy villain? Can we sustainably feed and fuel the planet at the same time? Is nuclear energy worth the risk? Should geoengineering be outlawed? Touching on pollution, climate mitigation and adaptation, energy efficiency, government intervention, and energy security, the authors explore interrelated concepts of law, philosophy, ethics, technology, economics, psychology, sociology, and public policy. This book offers a much-needed critical appraisal of the central energy technology and policy dilemmas of our time and the impact of these on multiple stakeholders.

A Financial Times Best Economics Book of 2021 From the author of Keynes Hayek, the next great duel in the history of economics. In 1966 two columnists joined Newsweek magazine. Their assignment: debate the world of business and economics. Paul Samuelson was a towering figure in Keynesian economics, which supported the management of the economy along lines prescribed by John Maynard Keynes’s General Theory. Milton Friedman, little known at that time outside of conservative academic circles, championed “monetarism” and insisted the Federal Reserve maintain tight control over the amount of money circulating in the economy. In Samuelson Friedman, author and journalist Nicholas Wapshott brings narrative verve and puckish charm to the story of these two giants of modern economics, their braided lives and colossal intellectual battles. Samuelson, a forbidding technical genius, grew up a child of relative privilege and went on to revolutionize macroeconomics. He wrote the best-selling economics textbook of all time, famously remarking "I don’t care who writes a nation’s laws—or crafts its advanced treatises—if I can write its economics textbooks." His friend and adversary for decades, Milton Friedman, studied the Great Depression and with Anna Schwartz wrote the seminal books The Great Contraction and A Monetary History of the United States. Like Friedrich Hayek before him, Friedman found fortune writing a treatise, Capitalism and Freedom, that yoked free markets and libertarian politics in a potent argument that remains a lodestar for economic conservatives today. In Wapshott’s nimble hands, Samuelson and Friedman’s decades-long argument over how—or whether—to manage the economy becomes a window onto one of the longest periods of economic turmoil in the United States. As the soaring economy of the 1950s gave way to decades stalked by declining prosperity and "stagflation," it was a time when the theory and practice of economics became the preoccupation of politicians and the focus of national debate. It is an argument that continues today.

In Legal Reasoning and Political Conflict, Cass R. Sunstein, one of America's best known commentators on our legal system, offers a bold, new thesis about how the law should work in America, arguing that the courts best enable people to live together, despite their diversity, by resolving particular cases without taking sides in broader, more abstract conflicts. Professor Sunstein closely analyzes the way the law can mediate disputes in a diverse society, examining how the law works in practical terms, and showing that, to arrive at workable, practical solutions, judges must avoid broad, abstract reasoning. He states that judges purposely limit the scope of their decisions to avoid reopening large-scale controversies, calling such actions incompletely theorized agreements. In identifying them as the core feature of legal reasoning, he takes issue with advocates of comprehensive theories and systemization, from Robert Bork to Jeremy Bentham, and Ronald Dworkin. Equally important, Sunstein goes on to argue that it is the living practice of the nation's citizens that truly makes law. Legal reasoning can seem impenetrable, mysterious, baroque. Legal Reasoning and Political Conflict helps dissolve the mystery. Whether discussing abortion, homosexuality, or free speech, the meaning of the Constitution, or the spell cast by the Warren Court, Cass Sunstein writes with grace and power, offering a striking and original vision of the role of the law in a diverse society. In his flexible, practical approach to legal reasoning, he moves the debate over fundamental values and principles out of the courts and back to its rightful place in a democratic state: to the legislatures elected by the people. In this Second Edition, the author updates the previous edition bringing the book into the current mainstream of twenty-first century legal reasoning and judicial decision-making focusing on the many relevant contemporary issues and developments that occurred since its initial 1996 publication.