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Constructing the International Economy (Cornell Studies in Political Economy) 1st Edition

4.5 out of 5 stars 2 customer reviews
ISBN-13: 978-0801475887
ISBN-10: 0801475880
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Editorial Reviews

Review

"Constructing the International Economy is an impassioned, compelling case for stepping back from the realist view of the modern economy to understand how its institutions, practices, and theories have been constructed by human agents. Three of the most innovative scholars of the international economy, Rawi Abdelal, Mark Blyth, and Craig Parsons, bring together in this engaging and timely book a series of cutting-edge studies from dynamic and creative young researchers."―Frank Dobbin, Harvard University



"Constructing the International Economy makes an important statement as to why constructivist social theory needs to be applied to the field of international political economy. The editors are to be commended for structuring the volume in such a way that it captures all forms of constructivism, which both enriches the book's insights and creates opportunities for conversation."―Jeffrey T. Checkel, Professor of International Studies and Simons Chair in International Law and Human Security, Simon Fraser University

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Product Details

  • Series: Cornell Studies in Political Economy
  • Paperback: 304 pages
  • Publisher: Cornell University Press; 1 edition (May 6, 2010)
  • Language: English
  • ISBN-10: 0801475880
  • ISBN-13: 978-0801475887
  • Product Dimensions: 6 x 0.9 x 9.1 inches
  • Shipping Weight: 15.2 ounces (View shipping rates and policies)
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon Best Sellers Rank: #544,354 in Books (See Top 100 in Books)

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Top Customer Reviews

Format: Paperback
Overall, this book is excellent. It recognizes that modern macroeconomics is an empty tautology based on SEU (Subjective expected utility) theory so that all decision makers are able to specify exact probabilities for all relevant outcomes and identify all outcomes.This is the defihition of " rational" currently used by all mainstream schools of economics. It is essentially just a development of Jeremy Bentham's approach from the 1790's.
The authors' are incorrect ,however, in their belief that ":...Concerning uncertainty, Keynes's and Hayek's perspectives are particularly insightful and have much in common with the perspectives adopted by economic sociology.Like Frank Knight ,both writers made the role of radical uncertainty explicit and addressed the related questions of epistemology" (p.139).Hayek argues that each individual has only a small piece of the total relevant evidence. This could be linked to Keynes's weight of the evidence ,w. Each decision maker has a w <1.Unfortunately, Hayek then argues that market prices take all of the tiny ,dispersed pieces of information and concentrate it in a form that allows savvy,smart entrepreneurs to identify the correct decision to make.These concentrated price vectors eliminate the problem of uncertainty..The problem of uncertainty is solved as long as there is no government interference in the market price mechanism..GLS Shackle deserted Hayek in the mid 1930's precisely because Shackle realized that Hayek was claiming that market prices solved the problem of uncertainty.
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Format: Paperback Verified Purchase
Great introduction for anyone interested in constructivist analysis and political economy. Could be interesting and appropriate for advanced undergraduates, graduate students and faculty alike.
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