This three volume collection of papers by Herbert Grubel makes available, in an easily accessible form, some of his most important work spanning a wide range of topics, making contributions of lasting value. Nearly all these papers were motivated by national and international policy issues; the findings of several of them have influenced the design of policies and the research of many economists.Volume I, International Adjustment, Money and Trade, contains studies of the international monetary system and of the international adjustment mechanism, the theory and measurement of intra-industry trade, protection and tariff structure.

Volume II, International Capital and Service Flows, reproduces work on the motives and welfare effects of international flows of human, financial and real capital, and services. The collection includes papers presenting the original, widely-cited internationalist approach to the brain drain, the principles of international diversification of portfolios and multinational banking. Five papers provide new understanding of the nature of service industries and the causes and effects of international trade in services.

Volume III, Unintended Effects of Government Policies, contains studies of the unplanned consequences of government programmes and political institutions. One influential paper measures the effect on unemployment due to moral hazard behaviour induced by unemployment insurance. Other papers employ public choice theory to explain the existence of inefficient regulation and spending programmes. The final set of papers looks at the value-system of the economics profession and the tendency towards teaching and research which is becoming increasingly irrelevant to the economic problems of the world.

A newly written introduction for each volume provides perspectives on the intellectual, institutional, public policy and personal influences which resulted in the writing of the papers. They also contain retrospective second thoughts on the work and reflections on the response the studies have evoked from other economists and policymakers.