Since 1969 when the Nobel Prize in Economics was first awarded, more than 62 economists have been so honored--as in other disciplines, not for lifetime work but rather for specific discoveries
or breakthrough achievements. This collection is volume 7 in the publisher's series, The Pioneering Papers of the Nobel Memorial Laureates in Economics and comprises papers by six papers each
by Tobin (1918-2002) and Modigliani (1918-2003), and 10 papers jointly written by Kydland (b.1943) and Prescott (b.1940), along with an introductory essay for each individual. A sampling of
topics: inflation and unemployment, liquidity preference as behavior towards risk, liquidity preference and the theory of interest and money, long-run implications of alternative fiscal
policies and the burden of the national debt, investment under uncertainty, hours and employment variation in business cycle theory, and the inconsistency of optimal plans. Each volume in the
series is devoted to economists whose work is in the same broad area--groupings which involved editorial decision-making and some personal judgment when subject areas overlapped. There's no
attempt to achieve comprehensiveness with regard to the work of each Laureate or with regard to the subject matter; generally, not more than six papers are presented for each individual, and
none are repeated within the series. Economists Vane and Mulhearn (both: Liverpool John Moores U., UK) have taken on the editorial task of selecting pioneering papers, arranging the material,
and setting the work in context with introductory essays. The contents are not indexed. Annotation 穢2010 Book News, Inc., Portland, OR (booknews.com)
