The legacy of Ricardo Giovanni A. Caravale,Ed. Oxford: Blackwell, 1985, 325 pp.

Conclusion The existence of competing interpretations of classics such as Ricardo, is one aspect of the continuation of distinct lines of inquiry in economic theorizing. This feature of economic knowledge may be related to the fact that theorizing in economics is often characterized by the specialized use of ordinary economic language, so that each theory generally derives its primitive terms from ordinary language through what one might call semantic specialization.Awareness of the history of economic concepts is essential to the interpretation of current economic controversies. Moreover, the history of economic thought should be based upon explicit recognition that alternative patterns of semantic specialization do exist in economic analysis and that distinct lines of inquiry are derived therefrom. Explicit recognition that disagreement is possible is an essential prerequisite for dialogues between distinct lines of research.The collection edited by Caravale is an important contribution which provides impressive evidence of the fundamental role that theoretical beliefs play in matters of textual interpretation. As such, the book is essential reading both to Ricardian scholars and to economists interested in the general issue of how analytical work and intellectual history interact upon each other in the formation of economic knowledge.This review article is part of the exchange of reviews between theAtlantic Economic Journal and theRivista Internatzionale Di Scienze Economiche E Commerciali (International Review of Economics and Business). L. E. Johnson is doing the reciprocal review of this book. The author acknowledges research support from the Italian National Research Council (CT 86.01257.10).     

The economics of regulation: Principles and institutions Alfred E. Kahn Cambridge,MA: MIT Press, 1988, Vol. I, 199 pp., Vol. II, 360 pp.

Conclusion Although Kahn's theorizing may be criticized in various ways, there is no doubt that he succeeds in arriving at the correct conclusion. Significant social benefits were to be attained through increasing competition, i.e., through deregulation, in all of the industries that are considered in his analysis. As chairman of the Civil Aeronautics Board, Kahn courageously and effectively acted to bring about the benefits from deregulation that he predicted would be forthcoming, for which this nation, if not the world, should be grateful.In this book, Kahn argues persuasively for increasing thecompetitive component in regulated industries in order to achieve greater economic efficiency. The message of the book endures, as is befitting the book's stature as a classic.The author expresses his appreciation to the Book Review Editor of this journal, the two anonymous referees, Janice A. Sears, Khy and Anne Alexis Daniel, and Tonya Katsoulis for their tolerance, encouragement, and suggestions. The author alone is responsible for any errors.