"How we went about testing these questions and what we found may astound you. Our planned two-week investigation into the psychology of prison life had to be ended after only six days because of what the situation was doing to the college students who participated. In only a few days, our guards became sadistic and our prisoners became depressed and showed signs of extreme stress. Please read the story of what happened and what it tells us about the nature of human nature."
This volume of seventeen previously published essays by William J. Baumol brings together work on the theory of contestable markets, welfare theory, antitrust, pricing, and the history of economic thought. Written between 1971 and 1983, they have sparked productive extensions and criticism in microeconomic theory and provide an engaging intellectual history of one of the leading figures in the field of economics. Baumol introduces each of the book's four parts, presenting his subsequent views on the subjects covered in the reprinted articles, including some important book opens with an autobiographical essay that presents the intellectual climate of economics in the 1940s in which Kenneth Arrow, Frank Hahn, Martin Shubik, Otto Eckstein, and Gary Becker were beginning their careers. Baumol's introductory essays to the book's major sections take up the threads from this autobiographical piece and follow them to the development of concepts central to economic theory, applications, and essays in the first part provide an underpinning for the theory of contestable markets. In the second part five essays explore issues in welfare economics such as the role of diminishing and increasing returns may play the role of symmetric obstacles to Pareto optimality. Essays in the third part range from regulation and antitrust to urban economics to the Phillips curve and the pitfalls of using, in the analysis of real issues, dual values derived from linear models when the underlying reality is nonlinear. Those in the concluding part focus on the history of economic ideas such as the Smithian versus Marxian view of business morality and the social interest, the Marxian concept of value transformation, the iron law of wages, and Say's J. Baumol is Professor of Economics by joint appointment at Princeton University and New York University.
Achebe's first novel, Things Fall Apart , tells the tale of Okonkwo, a leader in his community until colonialism enters. Arrow of God similarly describes the downfall of a traditional leader at the hands of colonialism. The central conflicts of the novel revolve around the struggle between continuity and change, such as Ezeulu refusing to serve Winterbottom, or between the traditional villagers and Ezeulu's son who studies Christianity.