The New Palgrave Dictionary of Economics, 2nd Edition
Encyclopedia
The New Palgrave Dictionary of Economics (2008), 2nd Edition, is an eight-volume reference work, edited by Steven N. Durlauf
and Lawrence E. Blume
. It contains 5.8 million words and spans 7,680 pages with 1,872 articles. Included are 1057 new articles and, from earlier, 80 essays that are designated as "classics", 157 revised articles, and 550 edited articles. It is the product of 1,506 contributors, including 25 Nobel Laureates in Economics
. It is also available in a searchable, hyperlinked online version with added content from quarterly updates. The articles are classified according to the Journal of Economic Literature
(JEL) classification codes
. The publisher is Palgrave Macmillan
.
The first edition, The New Palgrave: A Dictionary of Economics (1987), was published in four volumes. Institutional access to full-text online articles for both editions is available by subscription.
, calculus
, optimization theory
, statistics
, and econometrics
. Commenting on contemporary economics, Solow described technical economics as its essential "infrastructure
":
More advanced mathematics was implicit in some of the articles, many of which were well written and reasonably accessible. Solow recommended the "broad and deep" article on game theory
by Robert J. Aumann for well-equipped graduate students, along with John Harsanyi
's article on bargaining theory. The articles on financial economics
were "written by the best people—Stephen Ross
, Robert Merton
, and others—and they show it"; however, they were too difficult for the average investor. Complimenting the article on international trade
, Solow added a caveat lector: "But God forbid that" a reader without knowledge of economics should try to understand protectionism
, by consulting the New Palgrave.
In his review, George Stigler
commended the dictionary's non-technical and conceptually rich article on social choice, which was written by Kenneth Arrow
, among "numerous" excellent articles. However, Stigler criticized the inclusion of "dozens" of articles in mathematical economics
, which failed to provide intuitive introductions to the problem, how it was solved, and what the solution is: "These articles were written, not for a tolerably competent economist, but exclusively for fellow specialists."
by giving excessive space to the "dissenting fringes within academic economics", namely Marxist economics as well as "Austrian persuasion", Post-Keynesians
, and neo-Ricardian
.
The 1987 dictionary's discussion of heterodox approaches
was also criticized by George Stigler
, who singled out Marxist economics, including "neo-Ricardian
" economists (who follow Piero Sraffa
): "A nonprofessional reader would never guess from these volumes that economists working in the Marxian-Sraffian tradition represent a small minority of modern economists, and that their writings have virtually no impact upon the professional work of most economists in major English-language universities." Stigler provided a table of articles that were biased by Marxist orthodoxy and criticized some authors by name, especially a "violently pro-Marxist" entry by C. B. Macpherson
.
and Lawrence E. Blume
The Associate Editors are:
Other high-profile contributors include:
Nobel Laureate contributors include George Akerlof
, Maurice Allais
, Kenneth Arrow
, Robert Aumann
, James Buchanan
, Gerard Debreu
, Milton Friedman
, Clive Granger
, John Harsanyi
, James Heckman
, Leonid Kantorovich
, Wassily Leontief
, Harry Markowitz
, Robert C. Merton
, Roger Myerson
, Edmund Phelps
, Edward Prescott, Paul Samuelson
, Amartya Sen
, Herbert Simon
, Vernon L. Smith
, George Stigler
, Joseph E. Stiglitz
, James Tobin
, and William Vickrey
.
A complete list of articles and associated authors is here. The articles are classified according to the Journal of Economic Literature
(JEL) classification codes
.
, Murray Milgate
, and Peter Newman
. It has 4,000 pages of entries, including 1,300 subject entries (with 4,000 cross-references), and 655 biographies. There were 927 contributors, including 13 Nobel Laureates in Economics
at the time of first publication. It includes about 50 articles from Palgrave’s Dictionary of Political Economy (1925–1927). It was roughly twice the length of its predecessor and differed further in excluding most subjects not on economics or closely related to its practice.
’s Dictionary of Political Economy (1894–1899), 3 v., was the forerunner of The New Palgrave. The initial contractual agreement between Palgrave and the publisher Macmillan & Co. is dated 1888. Serial installments in 1891-92 had disappointing sales. An appendix was added to Volume III in 1908, so completing publication of the set. The Dictionary was wide-ranging and sometimes idiosyncratic. It included for example a comprehensive treatment of laws on property and commercial transactions. Professional reaction has been described as generally favorable and unsurprising, "given that almost all economists of any repute had already endorsed the enterprise by agreeing to contribute." Nearly thirty years after the first volume appeared, Palgrave’s Dictionary of Political Economy (1923–1926), edited by Henry Higgs
, appeared with Palgrave's name added to the title but few changes in structure or contents.
Steven N. Durlauf
Steven N. Durlauf is the Kenneth J. Arrow Professor of Economics at the University of Wisconsin–Madison, USA.He has served as co-director of the economics program of the Santa Fe Institute and is a research associate of the National Bureau of Economic Research...
and Lawrence E. Blume
Lawrence E. Blume
Lawrence E. Blume is a Goldwin Smith Professor of Economics at Cornell University, USA.He is a Visiting Research Professor at IHS and a member of the external faculty at the Santa Fe Institute, where he has served as Co-Director of the Economics Program and on the Institute's steering committee...
. It contains 5.8 million words and spans 7,680 pages with 1,872 articles. Included are 1057 new articles and, from earlier, 80 essays that are designated as "classics", 157 revised articles, and 550 edited articles. It is the product of 1,506 contributors, including 25 Nobel Laureates in Economics
Nobel Memorial Prize in Economic Sciences
The Nobel Memorial Prize in Economic Sciences, commonly referred to as the Nobel Prize in Economics, but officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel , is an award for outstanding contributions to the field of economics, generally regarded as one of the...
. It is also available in a searchable, hyperlinked online version with added content from quarterly updates. The articles are classified according to the Journal of Economic Literature
Journal of Economic Literature
The Journal of Economic Literature is a peer-reviewed academic journal on economy published by the American Economic Association. It was established in 1963 as the Journal of Economic Abstracts. As a review journal, it mainly features essays and reviews of recent economic theories...
(JEL) classification codes
JEL classification codes
Articles in economics journals are usually classified according to the JEL classification codes, a system originated by the Journal of Economic Literature. The JEL is published quarterly by the American Economic Association and contains survey articles and information on recently published books...
. The publisher is Palgrave Macmillan
Palgrave Macmillan
Palgrave Macmillan is an international academic and trade publishing company, headquartered in Basingstoke, Hampshire, England, United Kingdom and with offices in New York, Melbourne, Sydney, Hong Kong, Delhi, Johannesburg. It was created in 2000 when St...
.
The first edition, The New Palgrave: A Dictionary of Economics (1987), was published in four volumes. Institutional access to full-text online articles for both editions is available by subscription.
General remarks
Reviewing the 1987 edition for the New York Times, Robert M. Solow concluded that "this is a dictionary only in a very special sense. There are excellent survey articles, in various sizes, on various subjects. But the best of them are written by professionals for professionals." According to Solow, graduate students in economics would find the dictionary useful, but most of the articles would be inaccessible to non-economists, even undergraduate students of the liberal arts. For economists, however, the dictionary provided many excellent overviews of contemporary research.Contemporary economics and its technical core
Presenting the results of contemporary economics to the general reader is difficult, because mathematics is so prevalent. Economics articles typically use linear algebraLinear algebra
Linear algebra is a branch of mathematics that studies vector spaces, also called linear spaces, along with linear functions that input one vector and output another. Such functions are called linear maps and can be represented by matrices if a basis is given. Thus matrix theory is often...
, calculus
Differential calculus
In mathematics, differential calculus is a subfield of calculus concerned with the study of the rates at which quantities change. It is one of the two traditional divisions of calculus, the other being integral calculus....
, optimization theory
Optimization (mathematics)
In mathematics, computational science, or management science, mathematical optimization refers to the selection of a best element from some set of available alternatives....
, statistics
Statistics
Statistics is the study of the collection, organization, analysis, and interpretation of data. It deals with all aspects of this, including the planning of data collection in terms of the design of surveys and experiments....
, and econometrics
Econometrics
Econometrics has been defined as "the application of mathematics and statistical methods to economic data" and described as the branch of economics "that aims to give empirical content to economic relations." More precisely, it is "the quantitative analysis of actual economic phenomena based on...
. Commenting on contemporary economics, Solow described technical economics as its essential "infrastructure
Infrastructure
Infrastructure is basic physical and organizational structures needed for the operation of a society or enterprise, or the services and facilities necessary for an economy to function...
":
More advanced mathematics was implicit in some of the articles, many of which were well written and reasonably accessible. Solow recommended the "broad and deep" article on game theory
Game theory
Game theory is a mathematical method for analyzing calculated circumstances, such as in games, where a person’s success is based upon the choices of others...
by Robert J. Aumann for well-equipped graduate students, along with John Harsanyi
John Harsanyi
John Charles Harsanyi was a Hungarian-Australian-American economist and Nobel Memorial Prize in Economic Sciences winner....
's article on bargaining theory. The articles on financial economics
Financial economics
Financial Economics is the branch of economics concerned with "the allocation and deployment of economic resources, both spatially and across time, in an uncertain environment"....
were "written by the best people—Stephen Ross
Stephen Ross
Stephen Ross may refer to:* Stephen Jay Ross , U.S. communications businessman* Stephen Ross, Baron Ross of Newport , former Liberal Member of Parliament* Stephen Ross , financial economist and textbook author...
, Robert Merton
Robert Merton
Robert Merton may refer to:*Robert K. Merton , American sociologist*Robert C. Merton , American economist, Nobel Laureate, MIT professor, son of Robert K. Merton...
, and others—and they show it"; however, they were too difficult for the average investor. Complimenting the article on international trade
International trade
International trade is the exchange of capital, goods, and services across international borders or territories. In most countries, such trade represents a significant share of gross domestic product...
, Solow added a caveat lector: "But God forbid that" a reader without knowledge of economics should try to understand protectionism
Protectionism
Protectionism is the economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow "fair competition" between imports and goods and services produced domestically.This...
, by consulting the New Palgrave.
In his review, George Stigler
George Stigler
George Joseph Stigler was a U.S. economist. He won the Nobel Memorial Prize in Economic Sciences in 1982, and was a key leader of the Chicago School of Economics, along with his close friend Milton Friedman....
commended the dictionary's non-technical and conceptually rich article on social choice, which was written by Kenneth Arrow
Kenneth Arrow
Kenneth Joseph Arrow is an American economist and joint winner of the Nobel Memorial Prize in Economics with John Hicks in 1972. To date, he is the youngest person to have received this award, at 51....
, among "numerous" excellent articles. However, Stigler criticized the inclusion of "dozens" of articles in mathematical economics
Mathematical economics
Mathematical economics is the application of mathematical methods to represent economic theories and analyze problems posed in economics. It allows formulation and derivation of key relationships in a theory with clarity, generality, rigor, and simplicity...
, which failed to provide intuitive introductions to the problem, how it was solved, and what the solution is: "These articles were written, not for a tolerably competent economist, but exclusively for fellow specialists."
Criticisms of undue weight for heterodox approaches
Robert M. Solow criticized the 1987 edition for slighting mainstream economicsMainstream economics
Mainstream economics is a loose term used to refer to widely-accepted economics as taught in prominent universities and in contrast to heterodox economics...
by giving excessive space to the "dissenting fringes within academic economics", namely Marxist economics as well as "Austrian persuasion", Post-Keynesians
Post-Keynesian economics
Post Keynesian economics is a school of economic thought with its origins in The General Theory of John Maynard Keynes, although its subsequent development was influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor and Paul Davidson...
, and neo-Ricardian
Neo-Ricardianism
The neo-Ricardian school is an economic schoolthat derives from the close reading and interpretation of David Ricardo by Piero Sraffa, and from Sraffa's critique of Neoclassical economics as presented in his The Production of Commodities by Means of Commodities, and further developed by the...
.
The 1987 dictionary's discussion of heterodox approaches
Heterodox economics
"Heterodox economics" refers to approaches or to schools of economic thought that are considered outside of "mainstream economics". Mainstream economists sometimes assert that it has little or no influence on the vast majority of academic economists in the English speaking world. "Mainstream...
was also criticized by George Stigler
George Stigler
George Joseph Stigler was a U.S. economist. He won the Nobel Memorial Prize in Economic Sciences in 1982, and was a key leader of the Chicago School of Economics, along with his close friend Milton Friedman....
, who singled out Marxist economics, including "neo-Ricardian
Neo-Ricardianism
The neo-Ricardian school is an economic schoolthat derives from the close reading and interpretation of David Ricardo by Piero Sraffa, and from Sraffa's critique of Neoclassical economics as presented in his The Production of Commodities by Means of Commodities, and further developed by the...
" economists (who follow Piero Sraffa
Piero Sraffa
Piero Sraffa was an influential Italian economist whose book Production of Commodities by Means of Commodities is taken as founding the Neo-Ricardian school of Economics.- Early life :...
): "A nonprofessional reader would never guess from these volumes that economists working in the Marxian-Sraffian tradition represent a small minority of modern economists, and that their writings have virtually no impact upon the professional work of most economists in major English-language universities." Stigler provided a table of articles that were biased by Marxist orthodoxy and criticized some authors by name, especially a "violently pro-Marxist" entry by C. B. Macpherson
C. B. Macpherson
Crawford Brough Macpherson O.C. M.Sc. D. Sc. was an influential Canadian political scientist who taught political theory at the University of Toronto.-Life:...
.
Editors and contributors of the revised 2008 edition
The General Editors are Steven N. DurlaufSteven N. Durlauf
Steven N. Durlauf is the Kenneth J. Arrow Professor of Economics at the University of Wisconsin–Madison, USA.He has served as co-director of the economics program of the Santa Fe Institute and is a research associate of the National Bureau of Economic Research...
and Lawrence E. Blume
Lawrence E. Blume
Lawrence E. Blume is a Goldwin Smith Professor of Economics at Cornell University, USA.He is a Visiting Research Professor at IHS and a member of the external faculty at the Santa Fe Institute, where he has served as Co-Director of the Economics Program and on the Institute's steering committee...
The Associate Editors are:
- Roger Backhouse, Professor of the History and Philosophy of Economics, Birmingham, UK
- Mark BilsMark BilsMark Bils is a macroeconomist at the University of Rochester. Bils obtained his PhD in economics from MIT in 1985 and BA in economics from Ohio State University in 1979...
, Professor of Economics, Rochester, USA - Moshe Buchinsky, Professor of Economics, University of California, Los Angeles, USA
- Gregory ClarkGregory Clark (economist)Gregory Clark is an economic historian at the University of California, Davis.-Biography:Clark, whose grandfathers were migrants to Scotland from Ireland, earned his B.A. in economics and philosophy at King's College, Cambridge in 1979 and his Ph.D. at Harvard in 1985...
, Professor of Economics, University of California, Davis, USA - Catherine Eckel, Professor of Economics and Political Economy, University of Texas at Dallas, USA
- Marcel Fafchamps, Professor of Development Economics, Oxford, UK
- David Genesove, Professor, Hebrew University of Jerusalem, Israel
- James Hines, Professor of Economics, University of Michigan, USA
- Barry Ickes, Professor of Economics, Penn State University, USA
- Yannis Ioannides, Professor of Economics, Tufts University, USA
- Eckhard Janeba, Professor of Economics, University of Mannheim, Germany
- Shelly Lundberg, Castor Professor of Economics, University of Washington, USA
- John Nachbar, Professor of Economics, Washington University (St Louis), USA
- Lee Ohanian, Professor of Economics, University of California, Los Angeles, USA
- Joon Park, Professor of Economics, Texas A&M University, USA
- John Karl Scholz, Professor of Economics, University of Wisconsin–Madison, USA
- Christopher Taber, Professor of Economics, University of Wisconsin–Madison, USA
- Bruce Weinberg, Professor of Economics at The Ohio State University, USA
Other high-profile contributors include:
- Daron AcemogluDaron AcemogluKamer Daron Acemoğlu is a Turkish-American economist of Armenian origin. He is currently the Elizabeth and James Killian Professor of Economics at Massachusetts Institute of Technology and winner of the 2005 John Bates Clark Medal. He is among the in the world according to IDEAS/RePEc...
, John Bates Clark Award; member of the American Academy of Arts and Sciences; author of the forthcoming book Introduction to Modern Economics Growth - Philippe AghionPhilippe AghionPhilippe Aghion is a French economist. He is Robert C. Waggoner Professor of Economics at Harvard University, having previously been Professor at University College London, an Official Fellow at Nuffield College, Oxford, and an Assistant Professor at Massachusetts Institute of Technology .His main...
, 2001 Yrjo Jahnsson Award; co-editor of Handbook of Economic Growth - William BaumolWilliam BaumolWilliam Jack Baumol is an American economist. He is a professor of economics at New York University and is also affiliated with Princeton University. Baumol has written extensively about labor market and other economic factors that affect the economy. He also made valuable contributions to the...
, author of Good Capitalism, Bad Captalism, and the Economics of Growth and Prosperity - Alan BlinderAlan BlinderAlan Stuart Blinder is an American economist. He serves at Princeton University as the Gordon S. Rentschler Memorial Professor of Economics and Public Affairs in the Economics Department, Vice Chairman of The Observatory Group, and as co-director of Princeton’s Center for Economic Policy Studies,...
, Vice Chairman, Board of Governors, US Federal Reserve; member of Council of Economic Advisors (Clinton Administration); member of the American Academy of Arts and Sciences; author of Hard Heads, Soft Hearts: Tough Minded Economics for a Just Society - Samuel BowlesSamuel BowlesSamuel Bowles may refer to:*Samuel Bowles *Samuel Bowles...
, served as an economic advisor to the World Bank and the International Labor Organization; co-author of Schooling in Capitalist America and Microeconomics: Behavior, Institutions and Evolution - Tyler CowenTyler CowenTyler Cowen is an American economist, academic, and writer. He occupies the Holbert C. Harris Chair of economics as a professor at George Mason University and is co-author, with Alex Tabarrok, of the popular economics blog Marginal Revolution...
, New York Times columnist; author of Discover Your Inner Economist - Peter DiamondPeter A. DiamondPeter Arthur Diamond is an American economist known for his analysis of U.S. Social Security policy and his work as an advisor to the Advisory Council on Social Security in the late 1980s and 1990s. He was awarded the Nobel Memorial Prize in Economic Sciences in 2010, along with Dale T. Mortensen...
, Nemmers Prize; member of the American Academy of Arts and Sciences, National Academy of Sciences; author of Saving Social Security: A Balanced Approach - Avinash DixitAvinash DixitAvinash Kamalakar Dixit is an Indian-American economist originally of Indian nationality.-Education:Dixit received a B.Sc. from Bombay University in 1963 in Mathematics and Physics, a B.A...
, president of the American Economic Association; member of the National Academy of Sciences, the American Academy of Arts and Sciences; Corresponding (Foreign) Fellow of the British Academy; former president of the Econometric Society - William EasterlyWilliam EasterlyWilliam Russell Easterly is an American economist, specializing in economic growth and foreign aid. He is a Professor of Economics at New York University, joint with Africa House, and Co-Director of NYU’s Development Research Institute. He is also a nonresident senior fellow at the Brookings...
, author of The Elusive Quest for Growth : Economists' Adventures and Misadventures in the Tropics and The White Man's Burden: Why the West's Efforts to Aid the Rest Have Done So Much Ill and So Little Good - Stanley FischerStanley FischerStanley "Stan" Fischer is an American-Israeli economist and the current Governor of the Bank of Israel. He previously served as Chief Economist at the World Bank.-Biography:...
, Governor of the Bank of Israel; formerly President of Citigroup International - Robert H. FrankRobert H. FrankRobert H. Frank is the Henrietta Johnson Louis Professor of Management and a Professor of Economics at the Samuel Curtis Johnson Graduate School of Management at Cornell University. He contributes to the "Economic View" column, which appears every fifth Sunday in The New York Times.-Career:Frank...
, author of The Economic Naturalist - Douglas Holtz-EakinDouglas Holtz-EakinDouglas J. "Doug" Holtz-Eakin is an American economist, former professor, former Director of the Congressional Budget Office and former chief economic policy adviser to U.S...
, chief economic advisor to the McCain campaign - Steven LevittSteven LevittSteven David "Steve" Levitt is an American economist known for his work in the field of crime, in particular on the link between legalized abortion and crime rates. Winner of the 2004 John Bates Clark Medal, he is currently the William B...
, author of FreakonomicsFreakonomicsFreakonomics: A Rogue Economist Explores the Hidden Side of Everything is a 2005 non-fiction book by University of Chicago economist Steven Levitt and New York Times journalist Stephen J. Dubner. The book has been described as melding pop culture with economics, but has also been described as... - Paul KlempererPaul KlempererPaul David Klemperer, FBA, is an economist and the Edgeworth Professor of Economics at Oxford University. He is a member of the prominent Klemperer family...
, Foreign Honorary Member of the American Academy of Arts and Sciences, elected 2005; Fellow of the British Academy, elected 1999 - Richard PosnerRichard PosnerRichard Allen Posner is an American jurist, legal theorist, and economist who is currently a judge on the United States Court of Appeals for the Seventh Circuit in Chicago and a Senior Lecturer at the University of Chicago Law School...
, Judge, United States Court of Appeals for the Seventh Circuit - Jeffrey SachsJeffrey SachsJeffrey David Sachs is an American economist and Director of The Earth Institute at Columbia University. One of the youngest economics professors in the history of Harvard University, Sachs became known for his role as an adviser to Eastern European and developing country governments in the...
, author of The End of PovertyThe End of PovertyThe End of Poverty: Economic Possibilities for Our Time is a 2005 book by American economist Jeffrey Sachs. It was a New York Times bestseller.... - Thomas Sargent, former president of the American Economic Association; former president of the Econometric Society; member of the American Academy and National Academy
- Robert ShillerRobert ShillerRobert James "Bob" Shiller is an American economist, academic, and best-selling author. He currently serves as the Arthur M. Okun Professor of Economics at Yale University and is a Fellow at the Yale International Center for Finance, Yale School of Management...
, author of The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do about It
Nobel Laureate contributors include George Akerlof
George Akerlof
George Arthur Akerlof is an American economist and Koshland Professor of Economics at the University of California, Berkeley. He won the 2001 Nobel Prize in Economics George Arthur Akerlof (born June 17, 1940) is an American economist and Koshland Professor of Economics at the University of...
, Maurice Allais
Maurice Allais
Maurice Félix Charles Allais was a French economist, and was the 1988 winner of the Nobel Memorial Prize in Economics "for his pioneering contributions to the theory of markets and efficient utilization of resources."...
, Kenneth Arrow
Kenneth Arrow
Kenneth Joseph Arrow is an American economist and joint winner of the Nobel Memorial Prize in Economics with John Hicks in 1972. To date, he is the youngest person to have received this award, at 51....
, Robert Aumann
Robert Aumann
Robert John Aumann is an Israeli-American mathematician and a member of the United States National Academy of Sciences. He is a professor at the Center for the Study of Rationality in the Hebrew University of Jerusalem in Israel...
, James Buchanan
James Buchanan
James Buchanan, Jr. was the 15th President of the United States . He is the only president from Pennsylvania, the only president who remained a lifelong bachelor and the last to be born in the 18th century....
, Gerard Debreu
Gerard Debreu
Gérard Debreu was a French economist and mathematician, who also came to have United States citizenship. Best known as a professor of economics at the University of California, Berkeley, where he began work in 1962, he won the 1983 Nobel Memorial Prize in Economics.-Biography:His father was the...
, Milton Friedman
Milton Friedman
Milton Friedman was an American economist, statistician, academic, and author who taught at the University of Chicago for more than three decades...
, Clive Granger
Clive Granger
Sir Clive William John Granger was a British economist, who taught in Britain at the University of Nottingham and in the U.S.A. at the University of California, San Diego. In 2003, Granger was awarded the Nobel Memorial Prize in Economic Sciences, in recognition that he and his co-winner, Robert F...
, John Harsanyi
John Harsanyi
John Charles Harsanyi was a Hungarian-Australian-American economist and Nobel Memorial Prize in Economic Sciences winner....
, James Heckman
James Heckman
James Joseph Heckman is an American economist and Nobel laureate. He is the Henry Schultz Distinguished Service Professor of Economics at the University of Chicago, Professor of Science and Society at University College Dublin and a Senior Research Fellow at the American Bar Foundation.Heckman...
, Leonid Kantorovich
Leonid Kantorovich
Leonid Vitaliyevich Kantorovich was a Soviet mathematician and economist, known for his theory and development of techniques for the optimal allocation of resources...
, Wassily Leontief
Wassily Leontief
Wassily Wassilyovich Leontief , was a Russian-American economist notable for his research on how changes in one economic sector may have an effect on other sectors. Leontief won the Nobel Committee's Nobel Memorial Prize in Economic Sciences in 1973, and three of his doctoral students have also...
, Harry Markowitz
Harry Markowitz
Harry Max Markowitz is an American economist and a recipient of the John von Neumann Theory Prize and the Nobel Memorial Prize in Economic Sciences....
, Robert C. Merton
Robert C. Merton
Robert Carhart Merton is an American economist, Nobel laureate in Economics, and professor at the MIT Sloan School of Management.-Biography:...
, Roger Myerson
Roger Myerson
Roger Bruce Myerson is an American economist and Nobel laureate recognized with Leonid Hurwicz and Eric Maskin for "having laid the foundations of mechanism design theory." A professor at the University of Chicago, he has made contributions as an economist, as an applied mathematician, and as a...
, Edmund Phelps
Edmund Phelps
Edmund Strother Phelps, Jr. is an American economist and the winner of the 2006 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. Early in his career he became renowned for his research at Yale's Cowles Foundation in the first half of the 1960s on the sources of economic growth...
, Edward Prescott, Paul Samuelson
Paul Samuelson
Paul Anthony Samuelson was an American economist, and the first American to win the Nobel Memorial Prize in Economic Sciences. The Swedish Royal Academies stated, when awarding the prize, that he "has done more than any other contemporary economist to raise the level of scientific analysis in...
, Amartya Sen
Amartya Sen
Amartya Sen, CH is an Indian economist who was awarded the 1998 Nobel Prize in Economic Sciences for his contributions to welfare economics and social choice theory, and for his interest in the problems of society's poorest members...
, Herbert Simon
Herbert Simon
Herbert Alexander Simon was an American political scientist, economist, sociologist, and psychologist, and professor—most notably at Carnegie Mellon University—whose research ranged across the fields of cognitive psychology, cognitive science, computer science, public administration, economics,...
, Vernon L. Smith
Vernon L. Smith
Vernon Lomax Smith is professor of economics at Chapman University's Argyros School of Business and Economics and School of Law in Orange, California, a research scholar at George Mason University Interdisciplinary Center for Economic Science, and a Fellow of the Mercatus Center, all in Arlington,...
, George Stigler
George Stigler
George Joseph Stigler was a U.S. economist. He won the Nobel Memorial Prize in Economic Sciences in 1982, and was a key leader of the Chicago School of Economics, along with his close friend Milton Friedman....
, Joseph E. Stiglitz
Joseph E. Stiglitz
Joseph Eugene Stiglitz, ForMemRS, FBA, is an American economist and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences and the John Bates Clark Medal . He is also the former Senior Vice President and Chief Economist of the World Bank...
, James Tobin
James Tobin
James Tobin was an American economist who, in his lifetime, served on the Council of Economic Advisors and the Board of Governors of the Federal Reserve System, and taught at Harvard and Yale Universities. He developed the ideas of Keynesian economics, and advocated government intervention to...
, and William Vickrey
William Vickrey
William Spencer Vickrey was a Canadian professor of economics and Nobel Laureate. Vickrey was awarded the Nobel Memorial Prize in Economics with James Mirrlees for their research into the economic theory of incentives under asymmetric information...
.
A complete list of articles and associated authors is here. The articles are classified according to the Journal of Economic Literature
Journal of Economic Literature
The Journal of Economic Literature is a peer-reviewed academic journal on economy published by the American Economic Association. It was established in 1963 as the Journal of Economic Abstracts. As a review journal, it mainly features essays and reviews of recent economic theories...
(JEL) classification codes
JEL classification codes
Articles in economics journals are usually classified according to the JEL classification codes, a system originated by the Journal of Economic Literature. The JEL is published quarterly by the American Economic Association and contains survey articles and information on recently published books...
.
The New Palgrave: A Dictionary of Economics
The New Palgrave: A Dictionary of Economics (1987) is the title of the first New Palgrave edition. It is a four-volume reference edited by John EatwellJohn Eatwell, Baron Eatwell
John Leonard Eatwell, Baron Eatwell is a British economist and the current President of Queens' College, Cambridge, where he was a student .-Education:...
, Murray Milgate
Murray Milgate
Murray Milgate is an Australian-born academic economist and Fellow and Director of Studies in Economics at Queens' College in the University of Cambridge...
, and Peter Newman
Peter Kenneth Newman
Peter Kenneth Newman was an English economist and historian of economic thought. He helped to edit The New Palgrave: A Dictionary of Economics, to which he contributed several articles.-External reference:*...
. It has 4,000 pages of entries, including 1,300 subject entries (with 4,000 cross-references), and 655 biographies. There were 927 contributors, including 13 Nobel Laureates in Economics
Nobel Memorial Prize in Economic Sciences
The Nobel Memorial Prize in Economic Sciences, commonly referred to as the Nobel Prize in Economics, but officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel , is an award for outstanding contributions to the field of economics, generally regarded as one of the...
at the time of first publication. It includes about 50 articles from Palgrave’s Dictionary of Political Economy (1925–1927). It was roughly twice the length of its predecessor and differed further in excluding most subjects not on economics or closely related to its practice.
Contents by volume number
Contents include;- List of Entries A-Z, including cross-references, at the beginning of each volume.
- Volume 1: A-D.
- Volume 2: E-J.
- Volume 3: K-P.
- Volume 4: Q-Z.
- Appendix I: Entries by author
- Appendix II: Biographies of persons in Palgrave's Dictionary (1925) but not The New Palgrave
- Appendix III: Entries by author in Palgrave's Dictionary (1925-27)
- Appendix IV: Subject Index
- Index: 38 pp.
Earlier editions
R. H. Inglis PalgraveInglis Palgrave
Sir Robert Harry Inglis Palgrave FRS FSS was a British economist.He was educated at Charterhouse School and the University of Cambridge. In 1843, at the age of 16, he joined the bank of Deacon, Williams and Co. He then in 1845 joined Dawson Turner Turner and Gurney in Yarmouth, the banking firm of...
’s Dictionary of Political Economy (1894–1899), 3 v., was the forerunner of The New Palgrave. The initial contractual agreement between Palgrave and the publisher Macmillan & Co. is dated 1888. Serial installments in 1891-92 had disappointing sales. An appendix was added to Volume III in 1908, so completing publication of the set. The Dictionary was wide-ranging and sometimes idiosyncratic. It included for example a comprehensive treatment of laws on property and commercial transactions. Professional reaction has been described as generally favorable and unsurprising, "given that almost all economists of any repute had already endorsed the enterprise by agreeing to contribute." Nearly thirty years after the first volume appeared, Palgrave’s Dictionary of Political Economy (1923–1926), edited by Henry Higgs
Henry Higgs
Henry Higgs was a British civil servant, economist, and historian of economic thought.Higgs joined the War Office as a Lower Division Clerk in 1882. From there he moved to the Postmaster General's Office in 1884 when he also began taking courses at University College, London. He received an LLB...
, appeared with Palgrave's name added to the title but few changes in structure or contents.
See also
- Concise Encyclopedia of EconomicsConcise Encyclopedia of EconomicsThe Concise Encyclopedia of Economics is a widely-used encyclopedia of economics. It is used by students and teachers from high school to college to graduate school, and is one of the most popular worldwide resources for researching and understanding topics in economics.Articles are written by...
- International Encyclopedia of the Social & Behavioral SciencesInternational Encyclopedia of the Social & Behavioral SciencesThe International Encyclopedia of the Social & Behavioral Sciences , edited by Neil J. Smelser andPaul B. Baltes, is a 26-volume work. It has some 4,000 signed articles, commissioned by around 50 subject editors, and includes biographical entries, 122,400 entries, and an extensivehierarchical...
- List of encyclopedias by branch of knowledge
External links
- The New Palgrave Dictionary of Economics Online
- The New Palgrave Dictionary of Economics (2008)
- Publisher’s description, Palgrave Macmillan (U.K.)
- Publisher’s description, Palgrave Macmillan (U.S.)
- The New Palgrave: A Dictionary of Economics (1987). Publisher’s description.