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A guide to the literature in econ theory covering the period 1964-1967 is given; it also updates 'Theoretical Economics' by the same author which appeared in this journal in 1964, 354, Mar, 152-164. An attempt is made to provide for the nonspecialist reader some indication of ideas developed in major monographs or in journal articles in major professional publications here & abroad. Topics included are demand theory, the theory of the firm, production theory, conservation analyses, market structures, the special problems of advertising, some unconventional analyses of entrepreneurial motivation, antitrust literature, peak-load pricing with application to public utility enterprises, the newer treatment of uncertainty aspects in decision-making, & the newer insights into the cost of capital of the firm. On the overall macroecon view, the content of recent work on general equilibrium, on the theory of money & the implications for monetary policy, on the structure of interest rates, & the recent approaches to the inflation issue, including the Phillips curve stress on relations of unemployment to wages & prices is conveyed. Extensions in growth theory are also noted. The theory of income distribution is undergoing some transformation & the developing literature & ideas are elaborated. Major theoretical importance can also be attached to a recent series of papers on 'capital reswitching' in which skepticism is cast on the traditional view that lower interest rates lead to the use of more capital per employee. Also of some sociol'al concern are the arguments on induced invention, concerning which it is suggested that improvements in the wage share have as their consequence technological changes which tend to reduce labor inputs. Current directions taken by welfare econ's are also outlined. Modified AA.

Vyacheslav Stepin (born 19.08.1934) is a distinguished Russian philosopher, PhD, Professor, active member of the Russian Academy of Sciences, Honoured Professor of Moscow State University and Honorary Doctor of the Karlsruhe University (Germany). He is the organizer and leader of large-scale joint research projects with foreign universities and research centers (USA, Germany, France, China) on problems of philosophy of sciences and technics, globalization and basic values of culture. In the book Theoretical Knowledge by V. Stepin, an original conception of a structure and dynamics of scientific knowledge is proposed. A detailed analysis of the foundations of science performed by the author allowed him to develop new ideas and approaches, to demonstrate how sociocultural factors are incorporated in the process of yielding of new theories. He shows direct and inverse links between foundations of science and new theories and empirical facts evolved from those, how among many potentially possible histories of science a culture selects just those directions which become a real history of science. The author analyses mechanisms of the generation of scientific theories and shows that those are changed in the process of historical development of science. He displays three historical types of scientific rationality (classical, non-classical and post-non-classical, which appears in modern science) and shows features of their coexistence and interplay. It is shown that along with the emerging of post-non-classical rationality science increases the sphere of its worldview applications. Science begins to correlate not only with the basic values of technogenic civilization but also with some values and patterns of traditional cultures. The investigation is based on the extensive literature on the history of natural and social sciences. The reader will find in the book authentic historical reconstructions of the processes of the development of classical and quantum electrodynamics, relativity, and conceptions of evolution in biology.