Explaining international production

Recent Books national modelling, and domestic economic management. The book is part of the series Znternational Studies in Economic Modelling, which is designed to present research on areas of micro and macroeconomics, and on the methodology of model construction. Economics of the Employment Relationship. Robert J. Flanagan, Lawrence M. Kahn, Robert S. Smith, and Ronald G. Ehrenberg. Glenview, IL: Scott, Foresman and Company, 1989. 677 pp. $30.00 ISBN 0-673-38237-O. A textbook for a survey course in labor economics and labor relations, Economics of the Employment Relationship examines economic, organizational, and legal aspects of the employment relationship. It explains the operation of modem human resource management and labor unions, and demonstrates the importance of using labor-market analysis to understand labor relations, human resource management, and the effects public policies have on the employment relationship. Other topics detailed include the institutional framework of collective bargaining and compensations systems, which are analyzed from an economic perspective. Employment, Unemployment and Labor Utilization. Robert A. Hart, ed. Winchester, MA: Unwin Hyman, Inc., 1988. 386 pp. $55.00 ISBN O-04-445120-2. An outgrowth of a conference held at the Science Center in Berlin in 1986, this collection of papers investigates the relation of employment and unemployment issues to standard, part-time, and overtime working hours and flexible staffing systems. A major theme is the function of labor costs in decisions on employment and labor utilization. The book also concentrates on the effects job security policies used in Japan, Europe, and the United States have on employment and the labor market. The volume closely examines the short-run adaptability of the Japanese and United States labor markets and the effects of job security regulation on working time and employment in the United States and Europe. Explaining Znternational Production. John H. Dunning. Winchester, MA: Unwin Hyman, Inc., 1988. 378 pp. $24.95 ISBN 04445214-4 (paperback). In this volume, Dunning reevaluates his 1970s general theory of international production. Using previously published and new essays, he analyzes changes in the characteristics of international production and suggests the use of an interdisciplinary method for un158

Recent Books derstanding the multinational enterprise in the world economy. Dunning’s essay topics include a search for an eclectic approach to trade, location of economic activity and the multinational enterprise, possible extensions to the eclectic paradigm of international production, antecedents to the eclectic paradigm, an explanation of intra-industry international production, a comparison of U.S. and Japanese afIXates in the United Kingdom, and the multinationals of the late 1980s and early 1990s. A Financial Model of the UK Economy. J.L. Thompson. Brookfield, VT: Gower Publishing Company, 1988. 158 pp. $49.95 ISBN O566-05690-g. This book analyzes the construction and estimation of a quarterly financial model of the economy of the United Kingdom from 1973 to 1980. Besides being specifically designed to handle the determination of the money supply and its interaction with bank credit, this model is also capable of dealing with the interaction of the exchange rate, monetary policy and expectations, and the determination of interest rates. Of particular significance is the use of this model in evaluating the effect of various intervention policies in the foreign exchange markets. General Equilibrium Models of Mondary Economies. Ross M. Starr, ed. San Diego, CA: Academic Press, Inc., 1989. 351 pp. $49.50 ISBN 0-12-66-3970-l. A volume in the series Economic Theory, Econometrics, and Mathematical Economics, this book presents modern studies of classic issues in monetary theory. Major areas covered include the function of a medium of exchange, intertemporal trade and allocation with money as a store of value, and the maintenance of a positive price of money (determinate price level) in equilibrium. The book is divided into four sections: (1) monetary and microeconomic theory, (2) bilateral trade, which includes essays from the eighteenth and nineteenth centuries, (3) transaction costs and intertemporal allocations, and (4) the value of money. Inflation Stabilization. Michael Bruno, Guido Di Tella, Rudiger Dornbusch, and Stanley Fischer, eds. Cambridge, MA: The MIT Press, 1989. 419 pp. $27.50 ISBN o-262-02279-6. A collection of essays and comments first presented at a 1987 conference co-sponsored by the World Institute for Development Economics Research of the United Nations University, this book 159