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''The New Palgrave Dictionary of Economics'' (2018), 3rd ed., is an twenty-volume reference work on
economics Economics () is a social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interact ...

economics
published by
Palgrave Macmillan #REDIRECT Palgrave Macmillan #REDIRECT Palgrave Macmillan#REDIRECT Palgrave Macmillan Palgrave Macmillan is a British academic and trade publishing company headquartered in the London Borough of Camden. Its programme includes textbooks, journals, ...
. It contains around 3,000 entries, including many classic essays from the original Inglis Palgrave Dictionary, and a significant increase in new entries from the previous editions by the most prominent economists in the field, among them 36 winners of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Articles are classified according to ''
Journal of Economic Literature The ''Journal of Economic Literature'' is a peer-reviewed Peer review is the evaluation of work by one or more people with similar competencies as the producers of the work ( peers). It functions as a form of self-regulation by qualified mem ...
'' (''JEL'') classification codes. ''The New Palgrave'' is also available in a
hyperlink In computing Computing is any goal-oriented activity requiring, benefiting from, or creating computing machinery. It includes the study and experimentation of algorithmic processes and development of both computer hardware , hardware and so ...

hyperlink
ed online version. Online content is added to the 2018 edition, and a 4th edition under the editorship of J. Barkley Rosser Jr., Esteban Pérez Caldentey, and Matías Vernengo will be published in the future. The first edition was titled ''The New Palgrave: A Dictionary of Economics'' (1987), was and edited by
John Eatwell John is a common English name and surname: * John (given name) John (; ') is a common masculine Masculinity (also called manhood or manliness) is a set of attributes, behavior Behavior (American English) or behaviour (British Engli ...
,
Murray Milgate Murray Milgate (born 1950), is an Australian-born academic economist and Sometime Fellow and Director of Studies in Economics at Queens' College in the University of Cambridge, where he is now a Life Fellow. He is the co-creator and co-editor of t ...
, and Peter Newman, as a way of recovering the legacy of Inglis Palgrave famous dictionary. It was published in four volumes, while the second edition was under the direction of Steven N. Durlauf and Lawrence E. Blume and was published in eight volumes. Both are discussed in a section below. Access to full-text articles (for all editions and post-2018 updates) are available online by subscription, whether of an organization, a person, or a person through an organization.


''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 Eatwell John is a common English name and surname: * John (given name) John (; ') is a common masculine Masculinity (also called manhood or manliness) is a set of attributes, behavior Behavior (American English) or behaviour (British Engli ...
,
Murray Milgate Murray Milgate (born 1950), is an Australian-born academic economist and Sometime Fellow and Director of Studies in Economics at Queens' College in the University of Cambridge, where he is now a Life Fellow. He is the co-creator and co-editor of t ...
, 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. It was developed as a modern version of the old Inglis Palgrave dictionary, with entries written by prominent economists for a highly specialized public.


Reviews


General remarks

Reviewing the 1987 edition for the ''
New York Times ''The New York Times'' is an American daily newspaper A newspaper is a periodical Periodical literature (also called a periodical publication or simply a periodical) is a category of Serial (publishing), serial published, publicatio ...
'', 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.Robert M. Solow
''
The New York Times ''The New York Times'' is an American daily newspaper based in New York City with a worldwide readership. Founded in 1851, the ''Times'' has since won List of Pulitzer Prizes awarded to The New York Times, 132 Pulitzer Prizes, the most of a ...

The New York Times
'' "The Wide, Wide World of Wealth", March 28, 1998
In response, editor confirmed that the articles were written for an audience of
professional A professional is a member of a profession A Profession is a disciplined group of individuals who adhere to ethical standards and who hold themselves out as, and are accepted by the public as possessing special knowledge and skills in a wid ...
economists, and so neither for the general
reading public Print culture embodies all forms of printed text and other printed forms of visual communication. One prominent scholar in the field is Elizabeth Eisenstein, who contrasted print culture, which appeared in Europe in the centuries after the advent o ...
nor for economists.


Mathematics and contemporary economics

According to Milgate, ''New Palgrave'' downplayed mathematics, in comparison to leading economic journals. Only 24% of the columns ''contained'' "any mathematics" (and so required expensive hand-typesetting), while only 25% of the most recent issue of the ''
American Economic Review ''The American Economic Review'' is a monthly peer-reviewed Peer review is the evaluation of work by one or more people with similar competencies as the producers of the work ( peers). It functions as a form of self-regulation by qualified me ...
'' (''AER'') in fact ''lacked'' mathematics, according to Milgate, who averred that the ''AER'' mathematical usage was typical of leading contemporary journals: The ''New Palgrave''s usage of mathematics was the reciprocal of the contemporary profession's. "It must be concluded that the ''New Palgrave'' actually under-represented the mathematical element in modern economics; and under-represented it to a significant degree", wrote . Commenting on contemporary economics, Solow described technical economics as its essential "
infrastructure Infrastructure is the set of fundamental facilities and systems that support the sustainable functionality of households and firms. Serving a country, city, or other area, including the services and facilities necessary for its economy An ec ...

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 Game theory is the study of mathematical model A mathematical model is a description of a system A system is a group of Interaction, interacting or interrelated elements that act according to a set of rules to form a unified whole. ...
by Robert J. Aumann for well-equipped graduate students, along with
John Harsanyi John Charles Harsanyi ( hu, Harsányi János Károly; May 29, 1920 – August 9, 2000) was a Hungarian Nobel Prize laureate Nobel laureates of 2012 Alvin E. Roth, Brian Kobilka, Robert J. Lefkowitz">Brian_Kobilka.html" ;"title="Alvin E. Roth ...
's article on
bargaining theory Bargaining or haggling is a type of negotiation in which the buyer and seller of a good or service debate the price and exact nature of a transaction. If the bargaining produces agreement on terms, the transaction takes place. Bargaining is an ...
. The articles on
financial economics Financial economics is the branch of economics Economics () is a social science Social science is the Branches of science, branch of science devoted to the study of society, societies and the Social relation, relationships among i ...
were "written by the best people— Stephen Ross, , and others—and they show it"; however, they were too difficult for the average investor. Complimenting the article on
international trade International trade is the exchange of capital Capital most commonly refers to: * Capital letter Letter case (or just case) is the distinction between the letters that are in larger uppercase or capitals (or more formally ''majuscul ...
, Solow added a ''
caveat lector ''Caveat emptor'' (; from ''caveat'', "may they beware", a subjunctive mood, subjunctive form of ''cavēre'', "to beware" + ''ēmptor'', "buyer") is Latin for "Let the buyer beware". It has become a proverb in English. Generally, ''caveat emptor' ...
'': "But God forbid that" a reader without knowledge of economics should try to understand
protectionism Protectionism is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. Proponents argue that protectionist policies sh ...
, by consulting the ''New Palgrave''. In his review,
George Stigler George Joseph Stigler (; January 17, 1911 – December 1, 1991) was an American economist An economist is a professional and practitioner in the social science Social science is the branch The branches and leaves of a tree. A br ...
commended the dictionary's non-technical and conceptually rich article on
social choice Social choice theory or social choice is a theoretical A theory is a rational Rationality is the quality or state of being rational – that is, being based on or agreeable to reason Reason is the capacity of consciously making sense o ...
, which was written by
Kenneth Arrow Kenneth Joseph Arrow (23 August 1921 – 21 February 2017) was an American economist, mathematician, writer, and political theorist {{unreferenced, date=June 2015 A political theorist is someone who engages in constructing or evaluating politica ...
, among "numerous" excellent articles. However, Stigler criticized the inclusion of "dozens" of articles in
mathematical economics Mathematical economics is the application of mathematical Mathematics (from Greek Greek may refer to: Greece Anything of, from, or related to Greece Greece ( el, Ελλάδα, , ), officially the Hellenic Republic, is a country locat ...
, 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."


Exclusion of empirical material

Whitaker wrote, "Readers to whom economics is nothing if not a science based on empirical inquiry may be dismayed by the lack of attention to empirical studies and factual matters". Stigler criticized the ''New Palgrave'' for largely ignoring empirical economics—economic data, summary statistics, and econometric investigations. According to Stigler, the empirical investigation of consumption and production functions has profoundly influenced microeconomic theory, while the empirical investigation of price levels has profoundly influenced monetary economics: The ''New Palgraves neglect of empirical economics also weakened its treatment of economic theory and the history of economic thought. Furthermore, the editors failed to explain their neglect of empirical economics, while they gave large space to treatments of "technical economics", especially
mathematical economics Mathematical economics is the application of mathematical Mathematics (from Greek Greek may refer to: Greece Anything of, from, or related to Greece Greece ( el, Ελλάδα, , ), officially the Hellenic Republic, is a country locat ...
, and faddish topics, wrote Stigler. "The article on 'Profit and profit theory' does not contain a single number for what profits are or ever have been, in the United States or any other country, or any reference to any source that might provide such a number", wrote
Herbert Stein Herbert Stein (August 27, 1916 – September 8, 1999) was an American economist, a senior fellow at the American Enterprise Institute and was on the board of contributors of ''The Wall Street Journal''. He was chairman of the Council of Economic ...
, who complained "There are articles about elasticities of this or that but no estimate of the elasticity of anything." Reviewing the critics of the over-emphasis on theoretical and "doctrinal" economics, editor Milgate admitted that the ''New Palgrave'' was flawed by its neglect of empirical economics.


Criticisms of undue weight for heterodox approaches

Robert M. Solow criticized the 1987 edition for slighting
mainstream economics Mainstream economics is the body of knowledge, theories, and models of economics Economics () is a social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), c ...
by giving excessive space to the "dissenting fringes within academic economics", namely
Marxist economics Marxian economics, or the Marxian school of economics, is a Heterodox economics, heterodox school of political economic thought. Its foundations can be traced back to Karl Marx, Karl Marx's Critique of political economy#Marx's critique of politic ...
as well as "Austrian persuasion",
Post-Keynesians Post-Keynesian economics is a Schools of economic thought, school of economic thought with its origins in ''The General Theory of Employment, Interest and Money, The General Theory'' of John Maynard Keynes, with subsequent development influenced ...
, and neo-Ricardian. The 1987 dictionary's discussion of heterodox approaches was also criticized by George Stigler, who complained that these articles were written by sympathetic editors in a partisan manner:
The selection of sympathetic writers ... is in fact a general practice in ''Palgrave II''. Israel Kirzner's essay on the Austrian economists does not hint at the existence of error, misrepresentation of critics, or tasteless attacks upon the German Historical School, and Klaus Henning did little better with Böhm-Bawerk. An ersatz Austrian is apparently more loyal than the genuine article. talics added
Stigler complained about the extensive and biased articles on Marxist economics, including " neo-Ricardian" economists (who follow
Piero Sraffa Piero Sraffa (5 August 1898 – 3 September 1983) was an influential Italian economist An economist is a professional and practitioner in the social science Social science is the branch A branch ( or , ) or tree branch (sometime ...
): "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.


The 2nd edition (2008)

The General Editors were Steven N. Durlauf and Lawrence E. Blume. It added considerably on the previous edition, and maintained the general conception of the dictionary as written for advanced specialists. The list of Nobel laureates increased to 25, and the number of volumes also doubled. Perhaps as a result of already being an established institution there were a considerably smaller number of reviews. Declan Trott argued that the Dictionary is not properly a dictionary or an encyclopedia and that the quality and depth of the entries are very uneven, comparing it with Wikipedia as a source for information on economics.


Earlier editions

R. H. Inglis Palgrave'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 t
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.


See also

* ''
Concise Encyclopedia of Economics Liberty Fund, Inc. is an American private educational foundation headquartered in Indianapolis Indianapolis (), colloquially known as Indy, is the List of U.S. state and territorial capitals, state capital and List of U.S. states' largest ci ...
'' * Economics handbooks * ''
International Encyclopedia of the Social & Behavioral Sciences The ''International Encyclopedia of the Social & Behavioral Sciences'', originally edited by Neil J. Smelser and Paul B. Baltes, is a 26-volume work published by Elsevier. It has some 4,000 signed articles (commissioned by around 50 subject editors ...
'' *
List of encyclopedias by branch of knowledge This is a list of notable encyclopedia An encyclopedia (American English), encyclopædia (archaic spelling), or encyclopaedia (British English) is a reference work or compendium providing summaries of knowledge either from all branches or ...


Notes


References

* * * * * {{DEFAULTSORT:New Palgrave 1987 non-fiction books 2008 non-fiction books Economics books 1987 in economics Palgrave Macmillan books