John Komlos

The 2008 financial crisis, the rise of Trumpism and the other populist movements which have followed in their wake have grown out of the frustrations of those hurt by the economic policies advocated by conventional economists for generations. Despite this, textbooks continue to praise conventional policies such as deregulation and hyperglobalization. This textbook demonstrates how misleading it can be to apply oversimplified models of perfect competition to the real world. The math works well on college blackboards but not so well on the Main Streets of America. This volume explores the realities of oligopolies, the real impact of the minimum wage, the double-edged sword of free trade, and other ways in which powerful institutions cause distortions in the mainstream models. Bringing together the work of key scholars, such as Kahneman, Minsky, and Schumpeter, this book demonstrates how we should take into account the inefficiencies that arise due to asymmetric information, mental biases, unequal distribution of wealth and power, and the manipulation of demand. This textbook offers students a valuable introductory text with insights into the workings of real markets not just imaginary ones formulated by blackboard economists. A must-have for students studying the principles of economics as well as micro- and macroeconomics, this textbook redresses the existing imbalance in economic teaching. Instead of clinging to an ideology that only enriched the 1%, Komlos sketches the outline of a capitalism with a human face, an economy in which people live contented lives with dignity instead of focusing on GNP.

What Every Economics Student Needs to Know

Foundations of Real-World Economics

Penny Schine Gold

John A. Goldsmith

Is a career as a professor the right choice for you? If you are a graduate student, how can you clear the hurdles successfully and position yourself for academic employment? What's the best way to prepare for a job interview, and how can you maximize your chances of landing a job that suits you? What happens if you don't receive an offer? How does the tenure process work, and how do faculty members cope with the multiple and conflicting day-to-day demands? With a perpetually tight job market in the traditional academic fields, the road to an academic career for many aspiring scholars will often be a rocky and frustrating one. Where can they turn for good, frank answers to their questions? Here, three distinguished scholars—with more than 75 years of combined experience—talk openly about what's good and what's not so good about academia, as a place to work and a way of life. Written as an informal conversation among colleagues, the book is packed with inside information—about finding a mentor, avoiding pitfalls when writing a dissertation, negotiating the job listings, and much more. The three authors' distinctive opinions and strategies offer the reader multiple perspectives on typical problems. With rare candor and insight, they talk about such tough issues as departmental politics, dual-career marriages, and sexual harassment. Rounding out the discussion are short essays that offer the "inside track" on financing graduate education, publishing the first book, and leaving academia for the corporate world. This helpful guide is for anyone who has ever wondered what the fascinating and challenging world of academia might hold in store. Part I - Becoming a Scholar * Deciding on an Academic Career * Entering Graduate School * The Mentor * Writing a Dissertation * Landing an Academic Job Part II - The Academic Profession * The Life of the Assistant Professor * Teaching and Research * Tenure * Competition in the University System and Outside Offers * The Personal Side of Academic Life

A Portable Mentor for Scholars from Graduate School through Tenure

The Chicago Guide to Your Academic Career

John Komlos examines the industrial expansion of Austria from a fresh viewpoint and develops a new model for the industrial revolution. By integrating recent advances in the study of human biology and nutrition as they relate to physical stature, population growth, and levels of economic development, he reveals an intense Malthusian crisis in the Habsburg lands during the second half of the eighteenth century. At that time food shortages brought about by the accelerated population growth of the 1730s forced the government to adopt a reform program that opened the way for the beginning of the industrial revolution in Austria and in the Czech Crownlands. Comparing this "Austrian model" of economic growth to the industrial revolution in Britain, Komlos argues that the model is general enough to explain demographic and economic growth elsewhere in Europe--despite obvious regional differences. The main feature of the model is the interplay between a persistent, even if small, tendency to accumulate capital and a population with an underlying tendency to grow in numbers while remaining subject to Malthusian checks, particularly a limited availability of food. According to Komlos, modern economic growth in Europe began when the food constraint was finally lifted. Originally published in 1989. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

An Anthropometric History

Nutrition and Economic Development in the Eighteenth-Century Habsburg Monarchy

This short book explores a core group of 40 topics that tend to go unexplored in an Introductory Economics course. Though not a replacement for an introductory text, the work is intended as a supplement to provoke further thought and discussion by juxtaposing blackboard models of the economy with empirical observations. Each chapter starts with a short "refresher" of standard neoclassical economic modelling before getting into real world economic life. Komlos shows how misleading it can be to mechanically apply the perfect competition model in an oligopolistic environment where only an insignificant share of economic activity takes place in perfectly competitive conditions. Most economics texts introduce the notion of oligopoly and differentiate it from the perfect competition model with its focus on "price takers." Komlos contends that oligopolies are "price makers" like monopolies and cause consumers and economies nearly as much harm. Likewise, most textbook authors eschew any distortions of market pricing by government, but there is usually little discussion of the real impact of minimum wages, which Komlos corrects. The book is an affordable supplement for all basic economics courses or for anyone who wants to review the basic ideas of economics with clear eyes.

John Komlos

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