Economic theory and philosophy Books

Book SynopsisGardiner Means has a secure place in the history of 20th century economic thought, as the co-author with A.A.Berle of The Modern Corporation and Private Property. But according to Samuels and Medema, Means should be remembered for major contributions in both micro- and macroeconomics. The authors discuss Means''s ideas of administered pricing and profit maximization within the giant corporation, the possible links between industrial structure and macroeconomic performance, a theory of the firm as it relates to the market, and the micro foundations of macroeconomics. Central to Means''s macroeconomics is his theory that administered pricing generates inflation and stagflation. Means, in the authors'' view, was a seminal thinker and a post-Keynesian economist, as well as an institutionalist. This book also gives an precis of Means''s unusual career in government and the academy.Table of ContentsPreface, 1. Introduction, 1. Introduction and Objectives, 2. The Problem of Interpretation, 3. A Precis of Means's Career, 4. Means's General Perspective, 2. The Modern Corporation: Property and Power, 1. Introduction, 2. The Corporation, 3. Concentration and Size, 4. Dispersion of Stock Ownership, 5. Separation of Ownership and Control, a. The Meaning of Control, b. Profit Maximization, c. The Separation of Ownership and Control, 6. The Corporate System: The Economy as a System of Power, 7. The Changing Meaning of Private Property: Collectivized, 8. The Economy as a System of Power, 9. The Corporation as Private Government, 3. A New Microeconomics, 1. Administered Prices, 2. The Price Adjusnnent Process, 3. The Theory of the Firm in Relation to the Market, 4. The Macroeconomic Consequences of Administered Prices, 1. Introduction, 2. Administered Pricing and Inflation 3. Means in Relation to Keynes 4. Accounting for the Cost of Idle or Excess Capacity, 5. The Reception of Means's Work and the Relation of His Work to That of Others, 1. Introduction, 2. Means's Dissertation, 3. Facts, Paradigms, Ideology, and Discourse, 4. Already and Newly Established Fields, 5. Aspects of Filtration, 6. "A Man of One Idea", 7. Recollections of Early Perceptions, 8. The Status of Means's Work, a. A General Mosaic, b. Random Smveys of Several Fields within Economics, i. Keynes and Keynesian Economics, ii. Intermediate Microeconomics, iii. Intermediate Macroeconomics, iv. The Corporation and Corporate Power, 9. The Sociology of Academic Opportunity, 10. Means as an Outsider, 6. Gardiner C. Means in the History of Economic Thought: A Preliminary Assessment, Notes, References, Index, About the Authors

Read more less

a huge range and FREE tracked UK delivery on ALL orders.

Read more less

a huge range and FREE tracked UK delivery on ALL orders.

Read more less

a huge range and FREE tracked UK delivery on ALL orders.

Read more less

a huge range and FREE tracked UK delivery on ALL orders.

Read more less

Book SynopsisThis second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.Trade Review'This book paves the way for another revolution in macroeconomics. Wray shows us how an economy with modern money works and, more importantly, how it can be used to lift us to a more prosperous tomorrow.' Stephanie Kelton, University of Missouri-Kansas City 'Wray debunks so many of the destructive beliefs that have contributed to our current economic and social malaise. This is a primer that should not only become mandatory reading for students of economics, but any policy maker who truly wants to deal with the grave disasters engendered from years of 'reading from the wrong playbook'.' Marshall Auerback, Director of the Economists for Peace and Security (epsusa.org) and a research associate at the Levy InstituteTable of ContentsContents List Of Illustrations Preface Box: Definitions Introduction The Basics Of Modern Money Theory 1. The Basics Of Macroeconomic Accounting 1.1.The Basics Of Accounting For Stocks And Flows 1.2.MMT, Sectoral Balances, And Behavior 1.3. Stocks, Flows, And Balance Sheet: A Bathtub Analogy 1.4. Government Budget Deficits Are Largely Nondiscretionary: The Case Of The Great Recession Of 2007 1.5. Accounting For Real Versus Financial 1.6. Recent US Sectoral Balances: Goldilocks And The Global Crash 2. Spending By Issuer Of Domestic Currency 2.1. What Is A Sovereign Currency? 2.2. What Backs Up Currency And Why Would Anyone Accept It? 2.3. Taxes Drive Money 2.4. What If The Population Refuses To Accept The Domestic Currency? 2.5. Record Keeping In The The Money Of Account 2.6. Sovereign Currency And Monetizing Real Assets 2.7. Sustainability Conditions 3. The Domestic Monetary System: Banking And Central Banking 3.1. Ious Denominated In The National Currency 3.2. Clearing And The Pyramid Of Liabilities 3.3. Central Bank Operations In Crisis: Lender Of Last Resort 3.4. Balance Sheets Of Banks, Monetary Creation By Banks, And Interbank Settle-Ment 3.5. Exogenous Interest Rates And Quantitative Easing 3.6. The Technical Details Of Central Bank And Treasury Coordination: The Case Of The Fed 3.7. Treasury Debt Operations 3.8. Conclusions On Fed And Treasury Roles 4. Fiscal Operations In A Nation That Issues Its Own Currency 4.1. Introductory Principles 4.2. Effects Of Sovereign Government Budget Deficits On Saving, Reserves, And In-Terest Rates 4.3. Government Budget Deficits And The 'Two-Step' Process Of Saving 4.4. What If Foreigners Hold Government Bonds? 4.5. Currency Solvency And The Special Case Of The US Dollar 4.6. Sovereign Currency And Government Policy In The Open Economy 4.7. What About A Country That Adopts A Foreign Currency? 5. Tax Policy For Sovereign Nations 5.1. Why Do We Need Taxes? The MMT Perspective 5.2. What Are Taxes For? The MMT Approach 5.3. Taxes For Redistribution 5.4. Taxes And The Public Purpose 5.5. Tax Bads, Not Goods 5.6. Bad Taxes 6. Modern Money Theory And Alternative Exchange Rate Regimes 6.1.The Gold Standard And Fixed Exchange Rates 6.2. Floating Exchange Rates 6.3. Commodity Money Coins? Metalism Versus Nominalism, From Mesopotamia To Rome 6.4. Commodity Money Coins? Metalism Versus Nominalism, After Rome 6.5. Exchange Rate Regimes And Sovereign Defaults 6.6. The Euro: The Set-Up Of A Nonsovereign Currency 6.7. The Crisis Of The Euro 6.8. Endgame For The Euro? 6.9. Currency Regimes And Policy Space: Conclusion 7. Monetary And Fiscal Policy For Sovereign Currencies: What Should Government Do? 7.1. Just Because Government Can Afford To Spend Does Not Mean Government Ought To Spend 7.2. The 'Free' Market And The Public Purpose 7.3. Functional Finance 7.4. Functional Finance Versus The Government Budget Constraint 7.5. The Debate About Debt Limits (US Case) 7.6. A Budget Stance For Economic Stability And Growth 7.7. Functional Finance And Exchange Rate Regimes 7.8. Functional Finance And Developing Nations 7.9. Exports Are A Cost, Imports Are A Benefit: A Functional Finance Approach 8. Policy For Full Employment And Price Stability 8.1. Functional Finance And Full Employment 8.2. The JG/ELR For A Developing Nation 8.3. Program Manageability 8.4. The JG/ELR And Real World Experience 8.5. The JG And Inequality 8.6. Conclusions On Full Employment Policy 8.7. MMT For Austrians: Can A Libertarian Support The JG? 9. Inflation And Sovereign Currencies 9.1. Inflation And The Consumer Price Index 9.2. Alternative Explanations Of Hyperinflation 9.3. Real-World Hyperinflations 9.4. Conclusions On Hyperinflation 9.5. Conclusion: MMT And Policy 10. Conclusions: Modern Money Theory For Sovereign Currencies 10.1. MMT Got It Right: The Global Financial Crisis 10.2. MMT Got It Right: The Euro Crisis 10.3. Creastionism Versus Redemptionism: How A Money-Issuer Really Lends And Spends 10.4. Growing Recognition Of The Need For A Job Guarantee 10.5. MMT And External Constraints: To Fix Or To Float, That Is The Question 10.6. A Meme For Money Notes Bibliography Index

Read more less

Book SynopsisWhat can prosperity possibly mean in a world of environmental and social limits?The publication of Prosperity without Growth was a landmark in the sustainability debate. Tim Jackson's piercing challenge to conventional economics openly questioned the most highly prized goal of politicians and economists alike: the continued pursuit of exponential economic growth. Its findings provoked controversy, inspired debate and led to a new wave of research building on its arguments and conclusions.This substantially revised and re-written edition updates those arguments and considerably expands upon them. Jackson demonstrates that building a post-growth' economy is a precise, definable and meaningful task. Starting from clear first principles, he sets out the dimensions of that task: the nature of enterprise; the quality of our working lives; the structure of investment; and the role of the money supply. He shows how the economy of tomorrow Trade Review‘It is hard to improve a classic, but Jackson has done it… a clearly written yet scholarly union of moral vision with solid economics.’ — Herman Daly, University of Maryland, USA‘I remember exactly where I was when I first read Prosperity Without Growth. It cut through the intellectual clamour with clarity, courage — and hope.’ — Naomi Klein, Author of This Changes Everything: Capitalism vs. The Climate‘An excellent critical review of mainstream academic thoughts on poverty in the contemporary global system; a convincing illustration of the shortcomings of these thoughts on the case of Canada’ — Samir Amin, Professor of Political Economy, Director of Third World Forum and Chair of World Forum For Alternatives, Egypt‘With much of the world in turmoil, calling for higher economic growth is every politician’s comfort blanket of choice. But Tim Jackson compellingly urges those politicians to give up their comfort blanket, to re-think our continuing dependence on economic growth, and to start preparing – urgently – for a world where such growth is no longer viable as its environmental cost massively exceeds its benefits. Prosperity Without Growth remains the single most important book addressing this most critical of contemporary challenges.’ — Jonathon Porritt, Founder Director of Forum for the Future, UK. ‘Tim Jackson's Prosperity without Growth systematises and renders tangible an essential project few believed to be practical: recovering the dream of shared prosperity and human development through decoupling it from the bandwagon of growth. Essential reading for those refusing to succumb to a dystopic future.’ — Yanis Varoufakis, DiEM25 co-founder and Professor of Economics, University of Athens, Greece. ‘Tim Jackson has brought his ground-breaking book bang up to date and substantially deepened its arguments. This extensively revised edition sets out more clearly than ever the dimensions of a new and different economics – working for people, planet and prosperity. There isn’t a better exposition out there of why and how we need to move beyond growth.’ — Caroline Lucas, MP for Brighton, Pavilion and a member of the Green Party, UK. 'One of the most important essays of our generation: both visionary and realistic, rooted in careful research and setting out difficult but achievable goals, it gives what we so badly need - an alternative to passivity, short-term selfishness and cynicism.' — Dr Rowan Williams, The Master of Magdalene College, Cambridge University and was the 104th Archbishop of Canterbury, UK. ‘This challenge to the prevailing growth-based economic paradigm confronts an inescapable dilemma: how to reconcile "our aspirations for the good life with the limitations and constraints of a finite planet." Its thoughtful and penetrating critique is enriched by an outline of credible programs to achieve this end. A very valuable contribution to urgent concerns that cannot be ignored.’ — Noam Chomsky, Institute Professor & Professor of Linguistics, MIT, USA. ‘Tim Jackson spearheads the obvious truth that GDP growth is not necessary in order to achieve higher well-being in the rich world. Government intervention can produce the desired result, namely full employment, less inequity and reduced greenhouse gas emissions.’ — Jorgen Randers, author of "2052 – A Global Forecast for the Next Forty Years"(2012) and co-author of "One Percent is Enough. Managing economic growth to reduce unemployment, inequity and greenhouse gas emissions." (2016)"Tim Jackson’s revised second edition of his Prosperity without Growth continues to provide a stimulating and accessible account of the issues facing the planet, an assessment of how we’re dealing with the problems, and the kinds of solutions that are necessary for us to be able to continue to live and thrive here." --Jonathan Warner, Quest University, CanadaTable of ContentsForeword to the first edition Prologue to the second edition1 The Limits to Growth 2 Prosperity Lost 3 Redefining Prosperity 4 The Dilemma of Growth 5 The Myth of Decoupling 6 The ‘Iron Cage’ of Consumerism 7 Flourishing – Within Limits 8 Foundations for the Economy of Tomorrow 9 Towards a ‘Post-growth’ Macroeconomics 10 The Progressive State11 A Lasting Prosperity

Read more less

Book SynopsisEconomics drives the modern world and shapes our lives, but few of us feel we have time to engage with the breadth of ideas in the subject. 50 Economics Classics is the smart person''s guide to two centuries of discussion of finance, capitalism and the global economy. From Adam Smith''s Wealth of Nations to Thomas Piketty''s bestseller Capital in the Twenty-First Century, here are the great reads, seminal ideas and famous texts, clarified and illuminated for all.The revised edition will: include 5-6 new titles addressing some more up to date areas of the subject such as The Bitcoin Standard, The Age of Surveillance Capitalism and Discrimination and Disparities have a revised introduction to reflect on the current turbulence and challenges facing the global economy over the next decade have some of the less relevant titles removed''Something of a modern classic in its own right.

Read more less

Book SynopsisYou Spend It. You Save It. You Never Have Enough of It. But how does money actually work?Understanding cash, currencies and the financial system is vital for making sense of what is going on in our world, especially now. Since the 2008 financial crisis, money has rarely been out of the headlines. Central banks have launched extraordinary policies, like quantitative easing or negative interest rates. New means of payment, like Bitcoin and Apple Pay, are changing how we interact with money and how governments and corporations keep track of our spending. Radical politicians in the US and UK are urging us to transform our financial system and make it the servant of social justice. And yet, if you stopped for a moment and asked yourself whether you really understand how it works, would you honestly be able to say 'yes'?In Money in One Lesson, Gavin Jackson, a lead writer for the Financial Times, specialising in economics, business and public policy, answers the most important questions to clarify for the reader what money is and how it shapes our societies. With brilliant storytelling, Jackson provides a basic understanding of the most important element of our everyday lives. Drawing on stories like the 1970s Irish Banking Strike to show what money actually is, and the Great Inflation of West Africa's cowrie shell money to explain how it keeps its value, Money in One Lesson demystifies the world of finance and explains how societies, both past and present, are forever entwined with monetary matters.

Read more less

Book SynopsisIn a series of 50 accessible essays, Ed Conway introduces and explains the essential economic concepts needed to understand booms and busts, bulls and bears, and how economics influences every aspect of our lives, whether buying a house or what you ate for breakfast this morning.From Adam Smith's invisible hand to supply and demand, stocks and shares to communism, 50 Economics Ideas You Really Need to Know is a complete introduction to the most important economics concepts in history.

Read more less

Book SynopsisIn Hoodie Economics, Jack Manning Bancroft builds a values system revolution that centres a relational economy, offering urgent and transformative solutions to embrace Indigenous thinking and ideas from outside the margins and pushing the focus from capitalism to relationships – from the people in suits to the people in hoodies. Economics is what we value, and in that way, economics is for everyone. But modern financial empires have shut out the many to instead prioritise ‘limitless’ market growth, attention economies and stock profits for the very few. We have been denied our sense of agency and taught to focus on the self above all, and the biggest stock that is down is our relationships – both with each other and with nature. But we have the powerful tools of imagination and exchange that will allow us to reshape economics for everyone. Hoodie Economics draws on alternative intelligence sources to look at the patterns of money, ownership and reductive thinking that we have inherited, and how we have the potential to create a new (old) foundation of equality – relational economies instead of transactional ones, and networks that are truly social. Just as Jack Manning Bancroft sets out to reimagine economics, Hoodie Economics rethinks the economics book, inviting all readers to find their own way through its narratives and to feel energised by its ideas. In increasingly anxious and tumultuous times, this book offers a mind-expanding economic philosophy that centres unlikely connections, knowledge sharing, custodianship and joy.Trade Review'This book, written with humour and heart, invites society to rethink what we value and transform how we understand our world.' – Coco McGrath, Books+Publishing

Read more less

Book Synopsis

Read more less

Book SynopsisAntitrust or competition law is widely considered an essential part of the legal and political structures of most liberal democracies and an integral foundation of a market economy. In this book, Mark D. White disputes this understanding, drawing on concepts from economics, philosophy, and law to argue that the pre-eminent status accorded to the regulation of competition should be reconsidered by any government that claims to support basic property rights. Despite its populist origins, antitrust is usually understood today in terms of economic theory, which provides a solid foundation for the analysis of market competition. As this logic goes, governments restrict firms from engaging in behaviour regarded as uncompetitive, with the purpose of protecting consumers, other firms, or the very process of competition itself. However, this neglects the fundamental property rights on which the market economy is based, an unfortunate implication of the utilitarian ethics at the heart of economics. Firms are held responsible for promoting societal welfare and penalized for failing to do so, even when their actions violate no recognized rights of consumers or competitors. This view of commerce sees firms as agents of the state rather than opportunities for individuals to pursue their interests in exchange with others. As White explains, competition or antitrust law serves as an example of how economics privileges welfare and efficiency over rights and justice, promoting the maximization of outcomes while ignoring the rights of those who generate them. Accessible and non-technical, this book assumes no previous knowledge of economics, philosophy, or law, and provides a fresh and thought-provoking perspective on antitrust and competition law that will challenge readers from all backgrounds and political stances to question the degree to which its wisdom is taken for granted.Trade ReviewOriginal, well written, thought provoking . . . this is an important contribution to the ongoing debate on American antitrust law. An accessible and fruitful read for the novice and seasoned expert, who will find a different perspective on issues that are normally taken for granted. -- Nicola Giocoli, Professor of Economics, University of PisaWhite’s thought-provoking book challenges us to rethink the basic pillars of antitrust – from competition, to market power, to consumer welfare – and to confront the paradox of enforcing antitrust in a liberal society. In so doing, White raises a provocative question: What rights are we willing to sacrifice on the altar of economic welfare or populist ideals? -- Geoffrey A. Manne, President & Founder, International Center for Law & EconomicsReadable, refreshing, and relevant. A lively jaunt through the underpinnings of antitrust law from an all too rare perspective: one that champions individual rights. -- Anastasia Boden, Director, Robert A. Levy Center for Constitutional Studies, Cato InstituteTable of ContentsIntroduction 1. Overview 2. The economics of antitrust 3. The ethics of economics 4. Rights 5. Antitrust violations and rights 6. Harms and wrongs 7. The obligation to maximize welfare 8. Re-envisioning the market

Read more less

Book Synopsis'Engaging' Money Week'A sharp-eyed account of what makes Sweden modern, resilient and rather different' Professor Jonas HinnforsSWEDENA country that defies the laws of economic gravity. A land with high wages, strong unions and generous welfare. A dream location for business and a bastion of social responsibility, coming out on top for childcare, equality and quality of life.WHAT CAN WE LEARN FROM IT?Having lived in Sweden for six years, journalist David Crouch has a unique perspective as an outsider looking in on one of the world's most successful yet divided countries. Based on more than 70 interviews with leading figures in Swedish industry and politics, Almost Perfekt is a journey through Swedish society and what sets it apart from the world today. Why is Sweden so good for businesses like IKEA, Spotify and Skype?How will the country become zero carbon by 2045?And what can we learn about immigration from its ambitious policies?With political and economic upheaval threatening to pull Europe apart, discover the truth of how Sweden really works.'If you want to know how Sweden works, this is the book for you' Andrew Brown, Guardian journalist and author'A great guide to the much-cited but little examined Swedish model and the challenges it now faces' Richard Milne, Financial TimesTrade ReviewAn entertainingly informative book about Sweden * The Listener (New Zealand) *

Read more less

Book SynopsisWhen leading scholar of Marx, Roman Rosdolsky, first encountered the virtually unknown text of Marx's Grundrisse - his preparatory work for his masterpiece Das Capital - in the 1950s in New York Public Library, he recognized it as "a work of fundamental importance," but declared "its unusual form" and "obscure manner of expression, made it far from suitable for reaching a wide circle of readers." David Harvey's Companion to Marx's Grundrisse builds upon his widely acclaimed companions to the first and second volumes of Capital in a way that will reach as wide an audience as possible. Marx's stated ambition for this text - where he was thinking aloud about some of possible metamorphoses of capitalism - is to reveal "the exact development of the concept of capital as the fundamental concept of modern economics, just as capital itself is the foundation of bourgeois society." While respecting Marx's desire to "bring out all the contradictions of bourgeois production, as well as the boundary where it drives beyond itself," David Harvey also pithily illustrates the relevance of Marx's text to understanding the troubled state of contemporary capitalism.Trade ReviewDavid Harvey provoked a revolution in his field and has inspired a generation of radical intellectuals. -- Wolfgang Streeck, Max Planck Institute for the Study of SocietiesHarvey is a scholarly radical; his writing is free of journalistic clichés, full of facts and carefully thought-through ideas. -- Richard Tuck, Harvard UniversityFew people have penetrated the heartland of contemporary cultural theory and critique as explosively or insightfully as David Harvey. * Financial Times *One of the most perceptive and intelligent thinkers the progressive movement has. * Wall Street Journal *A consistent and intelligent voice on the left. * Times Higher Education *It is often said of Marx that you need to read to the end to grasp what comes at the beginning. True to that maxim, after a lifetime of studying and interpreting Marx, David Harvey has finally returned to where Marx's critique of political economy effectively began, in the famous Grundrisse. Harvey likens his Companion to accompanying the reader on a long hike, pointing out key landforms, junctions and hazards along the way. So put on your boots, fill your water bottle, and join Harvey in his dazzling venture to bring Marx's 'most interesting and difficult' book to life. -- Brett ChristophersAn indispensable companion to the Grundrisse. Harvey's newest is as illuminating for experienced readers as it is helpful for those who are encountering Marx's great text for the first time. -- Nancy FraserNo matter how many times I read the Grundrisse by myself, I find it a difficult text. When I read it with David Harvey, however, the text is illuminated with light from the present. Harvey uses Marx's insights to make sense of the tricks capital plays today, from its drive towards financialization to its devastation of the planet. This is an extraordinary ability. For it reminds us not only of the relevance of Marx, but by making capitalism legible in the here and now, Harvey re-commits us to struggles against it. He is truly the Marx whisperer of our times. -- Tithi Bhattacharya, Co-Author of Feminism for the 99%Superbly lucid. -- Charles Mudede * The Stranger *Building on his acclaimed companions to the first and second volumes of Capital, Harvey carefully examines the drafts Marx's wrote in the 1850s, and illustrates their relevance to understanding the troubled state of contemporary capitalism. * Climate & Capitalism *When it comes to the critique of capitalist society over the last half century, few thinkers can rival David Harvey's influence and originality... -- Benjamin Tetler * Marx & Philosophy Review of Books *Just as Das Kapital provided orientation amid the Great Recession, the Grundrisse-and Harvey's interpretation of it-could be an indispensable guide to navigating our political situation today, specifically when it comes to the question of how to deal with a rapidly developing artificial intelligence and the continued, seemingly inexorable rise of China -- Samuel McIlhagga * Foreign Policy *

Read more less

Book SynopsisThe super-rich have never had it so good. But millions of us can’t afford a home, an education or a pension. And unless we change course soon, the future will be even worse. Much worse. But things don’t have to be like this. In this bold new book, former Treasury Minister Liam Byrne explains why wealth inequality has grown so fast in recent years; warns how it threatens our society, economy and politics; shows where economics has got it wrong – and lays out a path back to common sense, with five practical ways to rebuild an old ideal: the wealth-owning democracy. Liam Byrne draws on conversations and debates with former prime ministers, presidents and policymakers around the world, together with experts at the OECD, World Bank and IMF, to argue that after twenty years of statistics and slogans it’s time for solutions that aren’t just radical but plausible and achievable as well. The future won’t be a land of milk and honey but it could be a place where we live longer, happier, healthier and wealthier lives.Trade ReviewVery few in frontline politics have worked as long as Liam Byrne on the theory and practice of tackling inequality - or are as thoughtful and insightful. This new book is essential reading for anyone who cares about tackling one of the great political and moral challenges of our time. * Ed Balls *The UK is an “inheritocracy” – a country where the richest, wealth-wise, have widened the gap with the rest, amplifying social inequalities. Liam Byrne’s book is rich, practical and compelling in its proposals for turning this tide, elevating opportunities and living standards for many millions of people through sweeping institutional reform. I hope it is not just read widely but acted on immediately. * Andy Haldane, Chief Executive, The RSA *The effects of inequality are not solely a consequence of poverty, they also result from how wealth and affluence skew society, undermining our social solidarity and wellbeing. Liam Byrne understands the devastating costs of wealth inequality, here is a politician with a true sense of purpose – this is a must-read for those who want to shape a better society. * Kate Pickett and Richard Wilkinson, authors of The Spirit Level *From the destructive impunity of today’s phenomenally wealthy – the disfiguring feature of our times – to well thought out, original solutions, Liam Byrne makes an indisputable case. Powerful social observation combined with distilling the best of today’s thinking in response – at once readable and passionate – does not come much better than this. * Will Hutton, author of The State We're In: Why Britain Is in Crisis and How to Overcome It *A thought-provoking read about one of the most difficult yet most important political issues of our time. * Lord Gus O’Donnell, former Cabinet Secretary *Liam Byrne has spent his years in opposition thinking deeply about what a government should do, and this book is the fruit of that work. This is a plan for a fairer, richer and stronger country, and I hope ministers pay attention. * Oliver Bullough, author of Moneyland *Liam Byrne's new book will help the British left to understand how freedom and equality should be reconciled. He takes the politics of inequality as seriously as we must, but shows us how combating inequality can help us to expand freedom. * Philip Collins, columnist for the New Statesman *Liam Byrne’s The Inequality of Wealth is beautifully written, deeply insightful and above all humane. The policy recommendations are original, bold and persuasive, and should define future debates on how to create a more just society. * Steven Durlauf, the Steans Professor in Educational Policy and the Director of the Stone Center for Research on Wealth Inequality and Mobility at the University of Chicago Harris School of Public Policy *In this bold and incisive book, Liam Byrne makes a compelling case for a radically different approach to wealth and inequality. Everyone who cares about the future of this country and of our society should read it. * Matthew d'Ancona, former Deputy Editor of The Sunday Telegraph *Reducing wealth inequality remains an urgent global challenge. Liam Byrne has produced a well-informed, sharply-argued and highly-readable analysis of the problem — and more importantly what now needs to be done. * James Crabtree, author of The Billionaire Raj *This is a wonderful book. Liam Byrne lucidly and elegantly explains why wealth inequality is a key challenge that needs to be at the centre of a meaningful politics of social justice. His thoughtful and creative policy ideas offer a practical platform for addressing these inequities and should command attention across the political spectrum. In these troubled political times, the wise counsel offered here is a great tonic. * Mike Savage, Professor of Sociology, London School of Economics *Liam Byrne is now thinking about doing what was so very recently unthinkable. He is open to policies he once dismissed as unrealistic, and can be persuaded on others that in the past were painted as pipe dreams. British politics is changing, it is abruptly shifting, in a way it has not done fifty years, and in a good way. The Inequality of Wealth is a key part of that turn. It is a hand-break turn. * Danny Dorling, Halford Mackinder Professor of Geography, University of Oxford *Serves as a invaluable repository of recent ideas put forward by academics and think-tankers, collated through Byrne’s wide-ranging experience in public policy. * The Financial Times *Byrne is an engaging writer, and his latest book is full of ideas. * The Telegraph *[An] a engaging and readable polemic * The TLS *

Read more less

Book SynopsisYour expert guide to understanding the models, morals, minefields and mechanisms of the modern global marketplace.What with trickle down and level up, boom and bust, stimulus and stagflation, green investment and Black Monday, the modern landscape of economics is an intriguing place to explore. But how are you expected to navigate the means and ends of this turbulent world?Short Cuts: Economics provides the map you need to start exploring seriously big ideas. A wealth of provocative questions prompt 'short cut' answers written by experts in their field, with each one the setting-off point for instructions to help you plot your path through the economic maze.

Read more less

Book SynopsisIn the midst of the current financial crisis, John Gray revisits his brilliant polemic against the forces of global capitalism and deregulation. Written over ten years ago, False Dawn is a remarkably prescient book, sharply criticizing the greed and unsustainable economic practices which have proved to be the seeds of a worldwide recession. In a substantial new chapter, Gray considers how the economic landscape has shifted in a decade, and asks the crucial question: where do we go from here?Trade ReviewA prophetic book -- Nassim Nicholas Taleb, author of THE BLACK SWANA powerful analysis of the deepening instability of global capitalism -- George SorosGray was more right, sooner, than anyone else * Independent *The central message is that we are going to hell in a handcart, as free markets rip up established communities. The idea of a world of liberal democratic and prosperous states on the American model is, he argues, a fantasy ... Gray is right -- Andrew Marr * Independent *

Read more less

Book Synopsis'If we want to achieve a different society where the principle of money operates equitably, if we want to abolish the power money has developed over people historically, and position money in relationship to freedom, equality and fraternity ...then we must elaborate a concept of culture and a concept of art where every person must be an artist...' - Joseph Beuys. The world of finance exerts a huge influence over our lives, being responsible for economic turmoil and seemingly interminable peaks and crashes. Whereas money was once a simple means of exchange, today it is a commodity in itself and as 'capital' exerts power over individuals, degrading work to tradable labour. Can we find a new way of understanding money today, so that we can begin to overcome its destructive aspects? In November 1984, a remarkable discussion took place at the Meeting House in Ulm, Germany. It featured the radical artist Joseph Beuys, two professors (of Financial Sciences and Political Economics) and a banker. Beuys would appear to be out of place among these heavyweight academics, professionals and authors. But rather than being intimidated by his fellow panellists, Beuys - also a social and political activist - demonstrates his groundbreaking thinking on the subject, and his ability to bring fresh perspectives. Here for the first time is a transcript of this debate, together with analysis by Ulrich Rosch, which will be of equal interest to artists, economists and spiritual seekers.Table of ContentsForeword 'What is Money' A report of a debate held on 29 November 1984 at the Meeting House in Ulm, Germany between Joseph Beuys, Johann Philipp von Bethmann, Hans Binswanger, Werner Ehrlicher and Rainer Willert Introducing the participants Appendix One can only understand what Joseph Beuys says by having already understood him: an overview of Joseph Beuys's concepts of money and capital by Ulrich Rosch

Read more less

Book SynopsisOver 100 years ago, Einstein changed the way we understood time from being a fixed measurement to a relative one which, rather than being 'correct' as it had been before, was now 'proper' to the body concerned. While physics, especially at the quantum level, has moved on, economics still labours under the old Newtonian idea of time as some sort of fixed, intergalactic tape measure. Jam Tomorrow? uses Einstein's conception of time to recalibrate economics in a way which puts time itself at the very heart of the economic calculus where previous ideas like supply and demand or utility held sway. Rather than just sitting on the x-axis of every graph, time becomes the key variable underpinning the economic cycle; our collective time horizon extends in a boom and contracts in a recession. Each economic agent, whether an individual, household, corporation or government, has their own time horizon which reflects their specific needs and desires, and it's the interaction of these factors which is the proper topic for economic analysis. At the most fundamental level, every economic decision is one about time because the basic economic choice is one between consuming in the present or delaying that consumption to the future through saving. Because humans are unique in their degree of self-awareness and therefore awareness of their existence in time, they alone in the animal kingdom consciously decide to delay consumption since they know that action in the present can affect the future. Economics is therefore the realm of the animal that chooses to save, and that realm is a temporal one. Jam Tomorrow? builds a new theory of value based on our economic perception of time. It redefines the relationship between the idea of value and price which incorporates a new, temporal theory of money and credit, which in turn creates new possibilities in terms of our understanding of economic and market history as well as anticipating how we might react to the economic and environmental challenges of the future.Trade ReviewJam Tomorrow? is an important exposition for why economists ought to think deeper about how we value the past, present and future. -- Tej Parikh, economics leader writer at the Financial Times

Read more less

Book SynopsisTrading, forecasting, aggregating, and innovating (the Four) are key social interactions in human life at both the individual and aggregate levels. They are part of the human fabric because they stem from mankind’s peculiarities—heterogeneity, inclination to forecast, sociality, and inventiveness. But humans have multifaceted behavior, too. They are capable of having contradictory impulses towards one another, integrating and disintegrating as well as cooperating and dominating, and behaving prosocially and anti-socially. Hence, humans need to organize themselves in order to maintain, improve, and extend their social interactions as well as a safe and ordered life. Crucial intersections emerge naturally—the efficiency of humans’ way of tackling the Four is a joint product of economic systems, institutions, and behaviors. All told, the main idea of this book is to include in a single tour a collection of insights on why and how humans implement the Four. The narrative highlights several connections as well as how key these businesses are as the traveler is escorted through some Four-related behavioral problems and institutional solutions that humans have been, respectively, facing and elaborating over time. Economics students may exploit this book by both inserting what they are learning from textbooks into a wider framework and enjoying some of the hints revealed by the grand social theorizing of giants such as A. Smith and J. Schumpeter. But the proposed tour may also attract outsiders to economics who are curious about disparate economic themes linked to the Four but who wish to gain an overview without engaging in longer readings.Table of ContentsChapter 1. Prologue.- Chapter 2. Trading: Humans Are Heterogeneous Animals.- Chapter 3. Forecasting: Humans Are Prone-To-Predicting Animals.- Chapter 4. Aggregating: Humans Are Social Animals.- Chapter 5. Innovating: Humans Are Ingenious Animals.- Chapter 6. Epilogue.

Read more less

a huge range and FREE tracked UK delivery on ALL orders.

Read more less

Book SynopsisThis compendium contains and explains essential statistical formulas within an economic context. A broad range of aids and supportive examples will help readers to understand the formulas and their practical applications. This statistical formulary is presented in a practice-oriented, clear, and understandable manner, as it is needed for meaningful and relevant application in global business, as well as in the academic setting and economic practice.The topics presented include, but are not limited to: statistical signs and symbols, descriptive statistics, empirical distributions, ratios and index figures, correlation analysis, regression analysis, inferential statistics, probability calculation, probability distributions, theoretical distributions, statistical estimation methods, confidence intervals, statistical testing methods, the Peren-Clement index, and the usual statistical tables.Given its scope, the book offers an indispensable reference guide and is a must-read for undergraduate and graduate students, as well as managers, scholars, and lecturers in business, politics, and economics.Table of ContentsStatistical Signs and Symbols.- Descriptive Statistics.- Inferential Statistics.- Probability Calculation.

Read more less

Book SynopsisThis book is for people who want to understand modern trade theory, particularly the Melitz model. It lays out Melitz theory from first principles and relates it to earlier theories of Armington and Krugman. For trade theory specialists, the book produces some significant conclusions. It identifies conditions under which Krugman and Melitz models produce essentially the same results for the welfare effects of trade liberalization as those obtained from Armington, and conditions under which this is not true. These findings will be of interest to academics and policy advisors who need to understand critiques of Armington by proponents of Krugman and Melitz.For computable general equilibrium (CGE) modelers, the book shows how Melitz-style CGE models can be calibrated, solved and interpreted. A major practical contribution of the book is to show how large-scale Armington models such as GTAP can be converted to Melitz by the addition of a small number of equations and minimal alteration of the original Armington model.The book describes computational experience in solving Melitz CGE models using GEMPACK software. This experience will be of interest to researchers currently attempting to solve Melitz-based CGE models. Almost all previous Melitz studies have used GAMS software. Authors of these studies have reported computational difficulties. These difficulties did not occur in this book’s GEMPACK-based computations. The book concludes that: (a) CGE modelers can embrace Melitz while retaining their Armington-based models as powerful interpretive devices; and (b) via GEMPACK, large-scale CGE models incorporating Melitz specifications can be solved with no more difficulty than similar-dimensioned Armington models. Table of ContentsChapter 1. Introduction: What’s in the Book and How to Read It.- Chapter 2. Armington, Krugman and Melitz as Special Cases of an Encompassing Model.- Chapter 3. Optimality in the Armington, Krugman and Melitz Models.- Chapter 4. Calibration and Parameter Estimation for a Melitz Sector in a CGE Model.- Chapter 5. Melitz equals Armington Plus Endogenous Productivity and Preferences.- Chapter 6. Illustrative GEMPACK Computations in a General Equilibrium Model with Melitz Sectors.- Chapter 7. Converting an Armington Model into a Melitz Model: Giving Melitz Sectors to GTAP.- Chapter 8. Summary and Concluding Remarks.

Read more less

Book Synopsis

Read more less

Book Synopsis

Read more less

Book Synopsis

Read more less

Book Synopsis

Read more less

Book SynopsisSuitable for advanced undergraduate and beginning graduate students, this title introduces readers to the principal ideas and applications of game theory. It covers static and dynamic games, with complete and incomplete information and features a variety of examples, applications, and exercises.Trade Review"The book is enjoyable to read and truly an enrichment in game theory. It is widely well-structured and well-written and mathematically correct. The purpose is given perfectly. I recommend the book for researchers and graduate students who wants to get some insight in the area of game theory."--Sirma Zeynep, Zentralblatt MATH "The book aims to be precise and rigorous, yet accessible and reader-friendly, and, to a great extent, it does hit these apparently conflicting targets... The depth of the book is intermediate, with a conventional, yet clear, style of writing. It will please mainstream economists... It can help advanced undergraduates and also students at honors or master's levels. It can also be used by PhD students seeking a fast, not so mathematized introduction to the field."--Jose Rodriques-Neto, Economic RecordTable of ContentsPreface xi PART I Rational Decision Making Chapter 1 The Single-Person Decision Problem 3 *1.1 Actions, Outcomes, and Preferences 4 * 1.1.1 Preference Relations 5 * 1.1.2 Payoff Functions 7 *1.2 The Rational Choice Paradigm 9 *1.3 Summary 11 *1.4 Exercises 11 Chapter 2 Introducing Uncertainty and Time 14 *2.1 Risk, Nature, and Random Outcomes 14 2.1.1 Finite Outcomes and Simple Lotteries 15 2.1.2 Simple versus Compound Lotteries 16 2.1.3 Lotteries over Continuous Outcomes 17 *2.2 Evaluating Random Outcomes 18 2.2.1 Expected Payoff: The Finite Case 19 2.2.2 Expected Payoff: The Continuous Case 20 2.2.3 Caveat: It's Not Just the Order Anymore 21 2.2.4 Risk Attitudes 22 2.2.5 The St. Petersburg Paradox 23 *2.3 Rational Decision Making with Uncertainty 24 2.3.1 Rationality Revisited 24 2.3.2 Maximizing Expected Payoffs 24 *2.4 Decisions over Time 26 2.4.1 Backward Induction 26 2.4.2 Discounting Future Payoffs 28 *2.5 Applications 29 2.5.1 The Value of Information 29 2.5.2 Discounted Future Consumption 31 *2.6 Theory versus Practice 32 *2.7 Summary 33 *2.8 Exercises 33 PART II Static Games of Complete Information Chapter 3 Preliminaries 43 *3.1 Normal-Form Games with Pure Strategies 46 3.1.1 Example: The Prisoner's Dilemma 48 3.1.2 Example: Cournot Duopoly 49 3.1.3 Example: Voting on a New Agenda 49 *3.2 Matrix Representation: Two-Player Finite Game 50 3.2.1 Example: The Prisoner's Dilemma 51 3.2.2 Example: Rock-Paper-Scissors 52 *3.3 Solution Concepts 52 3.3.1 Assumptions and Setup 54 3.3.2 Evaluating Solution Concepts 55 3.3.3 Evaluating Outcomes 56 *3.4 Summary 57 *3.5 Exercises 58 Chapter 4 Rationality and Common Knowledge 59 *4.1 Dominance in Pure Strategies 59 4.1.1 Dominated Strategies 59 4.1.2 Dominant Strategy Equilibrium 61 4.1.3 Evaluating Dominant Strategy Equilibrium 62 *4.2 Iterated Elimination of Strictly Dominated Pure Strategies 63 4.2.1 Iterated Elimination and Common Knowledge of Rationality 63 4.2.2 Example: Cournot Duopoly 65 4.2.3 Evaluating IESDS 67 *4.3 Beliefs, Best Response, and Rationalizability 69 4.3.1 The Best Response 69 4.3.2 Beliefs and Best-Response Correspondences 71 4.3.3 Rationalizability 73 4.3.4 The Cournot Duopoly Revisited 73 4.3.5 The "p-Beauty Contest" 74 4.3.6 Evaluating Rationalizability 76 *4.4 Summary 76 *4.5 Exercises 76 Chapter 5 Pinning Down Beliefs: Nash Equilibrium 79 *5.1 Nash Equilibrium in Pure Strategies 80 5.1.1 Pure-Strategy Nash Equilibrium in a Matrix 81 5.1.2 Evaluating the Nash Equilibria Solution 83 *5.2 Nash Equilibrium: Some Classic Applications 83 5.2.1 Two Kinds of Societies 83 5.2.2 The Tragedy of the Commons 84 5.2.3 Cournot Duopoly 87 5.2.4 Bertrand Duopoly 88 5.2.5 Political Ideology and Electoral Competition 93 *5.3 Summary 95 *5.4 Exercises 95 Chapter 6 Mixed Strategies 101 *6.1 Strategies, Beliefs, and Expected Payoffs 102 6.1.1 Finite Strategy Sets 102 6.1.2 Continuous Strategy Sets 104 6.1.3 Beliefs and Mixed Strategies 105 6.1.4 Expected Payoffs 105 *6.2 Mixed-Strategy Nash Equilibrium 107 6.2.1 Example: Matching Pennies 108 6.2.2 Example: Rock-Paper-Scissors 111 6.2.3 Multiple Equilibria: Pure and Mixed 113 *6.3 IESDS and Rationalizability Revisited 114 *6.4 Nash's Existence Theorem 117 *6.5 Summary 123 *6.6 Exercises 123 PART III Dynamic Games of Complete Information Chapter 7 Preliminaries 129 *7.1 The Extensive-Form Game 130 7.1.1 Game Trees 132 7.1.2 Imperfect versus Perfect Information 136 *7.2 Strategies and Nash Equilibrium 137 7.2.1 Pure Strategies 137 7.2.2 Mixed versus Behavioral Strategies 139 7.2.3 Normal-Form Representation of Extensive-Form Games 143 *7.3 Nash Equilibrium and Paths of Play 145 *7.4 Summary 147 *7.5 Exercises 147 Chapter 8 Credibility and Sequential Rationality 151 *8.1 Sequential Rationality and Backward Induction 152 *8.2 Subgame-Perfect Nash Equilibrium: Concept 153 *8.3 Subgame-Perfect Nash Equilibrium: Examples 159 8.3.1 The Centipede Game 159 8.3.2 Stackelberg Competition 160 8.3.3 Mutually Assured Destruction 163 8.3.4 Time-Inconsistent Preferences 166 *8.4 Summary 169 *8.5 Exercises 170 Chapter 9 Multistage Games 175 *9.1 Preliminaries 176 *9.2 Payoffs 177 *9.3 Strategies and Conditional Play 178 *9.4 Subgame-Perfect Equilibria 180 *9.5 The One-Stage Deviation Principle 184 *9.6 Summary 186 *9.7 Exercises 186 Chapter 10 Repeated Games 190 *10.1 Finitely Repeated Games 190 *10.2 Infinitely Repeated Games 192 10.2.1 Payoffs 193 10.2.2 Strategies 195 *10.3 Subgame-Perfect Equilibria 196 *10.4 Application: Tacit Collusion 201 *10.5 Sequential Interaction and Reputation 204 10.5.1 Cooperation as Reputation 204 10.5.2 Third-Party Institutions as Reputation Mechanisms 205 10.5.3 Reputation Transfers without Third Parties 207 *10.6 The Folk Theorem: Almost Anything Goes 209 *10.7 Summary 214 *10.8 Exercises 215 Chapter 11 Strategic Bargaining 220 *11.1 One Round of Bargaining: The Ultimatum Game 222 *11.2 Finitely Many Rounds of Bargaining 224 *11.3 The Infinite-Horizon Game 228 *11.4 Application: Legislative Bargaining 229 11.4.1 Closed-Rule Bargaining 230 11.4.2 Open-Rule Bargaining 232 *11.5 Summary 235 *11.6 Exercises 236 PART IV Static Games of Incomplete Information Chapter 12 Bayesian Games 241 *12.1 Strategic Representation of Bayesian Games 246 12.1.1 Players, Actions, Information, and Preferences 246 12.1.2 Deriving Posteriors from a Common Prior: A Player's Beliefs 247 12.1.3 Strategies and Bayesian Nash Equilibrium 249 *12.2 Examples 252 12.2.1 Teenagers and the Game of Chicken 252 12.2.2 Study Groups 255 *12.3 Inefficient Trade and Adverse Selection 258 *12.4 Committee Voting 261 *12.5 Mixed Strategies Revisited: Harsanyi's Interpretation 264 *12.6 Summary 266 *12.7 Exercises 266 Chapter 13 Auctions and Competitive Bidding 270 *13.1 Independent Private Values 272 13.1.1 Second-Price Sealed-Bid Auctions 272 13.1.2 English Auctions 275 13.1.3 First-Price Sealed-Bid and Dutch Auctions 276 13.1.4 Revenue Equivalence 279 *13.2 Common Values and the Winner's Curse 282 *13.3 Summary 285 *13.4 Exercises 285 Chapter 14 Mechanism Design 288 *14.1 Setup: Mechanisms as Bayesian Games 288 14.1.1 The Players 288 14.1.2 The Mechanism Designer 289 14.1.3 The Mechanism Game 290 *14.2 The Revelation Principle 292 *14.3 Dominant Strategies and Vickrey-Clarke-Groves Mechanisms 295 14.3.1 Dominant Strategy Implementation 295 14.3.2 Vickrey-Clarke-Groves Mechanisms 295 *14.4 Summary 299 *14.5 Exercises 299 PART V Dynamic Games of Incomplete Information Chapter 15 Sequential Rationality with Incomplete Information 303 *15.1 The Problem with Subgame Perfection 303 *15.2 Perfect Bayesian Equilibrium 307 *15.3 Sequential Equilibrium 312 *15.4 Summary 314 *15.5 Exercises 314 Chapter 16 Signaling Games 318 *16.1 Education Signaling: The MBA Game 319 *16.2 Limit Pricing and Entry Deterrence 323 16.2.1 Separating Equilibria 324 16.2.2 Pooling Equilibria 330 *16.3 Refinements of Perfect Bayesian Equilibrium in Signaling Games 332 *16.4 Summary 335 *16.5 Exercises 335 Chapter 17 Building a Reputation 339 *17.1 Cooperation in a Finitely Repeated Prisoner's Dilemma 339 *17.2 Driving a Tough Bargain 342 *17.3 A Reputation for Being "Nice" 349 *17.4 Summary 354 *17.5 Exercises 354 Chapter 18 Information Transmission and Cheap Talk 357 *18.1 Information Transmission: A Finite Example 358 *18.2 Information Transmission: The Continuous Case 361 *18.3 Application: Information and Legislative Organization 365 *18.4 Summary 367 *18.5 Exercises 367 Chapter 19 Mathematical Appendix 369 *19.1 Sets and Sequences 369 19.1.1 Basic Definitions 369 19.1.2 Basic Set Operations 370 *19.2 Functions 371 19.2.1 Basic Definitions 371 19.2.2 Continuity 372 *19.3 Calculus and Optimization 373 19.3.1 Basic Definitions 373 19.3.2 Differentiation and Optimization 374 19.3.3 Integration 377 *19.4 Probability and Random Variables 378 19.4.1 Basic Definitions 378 19.4.2 Cumulative Distribution and Density Functions 379 19.4.3 Independence, Conditional Probability, and Bayes' Rule 380 19.4.4 Expected Values 382 References 385 Index 389

Read more less

Book Synopsis'Nowadays people know the price of everything and the value of nothing.' Credit has crunched, debt has turned toxic, the gears of the world economy have ground to a halt. Yet despite its failures, the same market-driven ideas are being applied to everything from famine to climate change. We need to ask again one of the most fundamental questions a society ever addresses: why do things cost what they do? Radical, original, nimbly argued, The Value of Nothing draws on ideas from history, philosophy, psychology and agriculture to show how we can build an economically and environmentally sound future.

Read more less

Book SynopsisPeople tend to be penny wise and pound foolish and cry over spilt milk, even though we are taught to do neither. Focusing on the present at the expense of the future and basing decisions on lost value are two mistakes common to decision-making that are particularly costly in the world of finance. Behavioral Finance: What Everyone Needs to KnowR provides an overview of common shortcuts and mistakes people make in managing their finances. It covers the common cognitive biases or errors that occur when people are collecting, processing, and interpreting information. These include emotional biases and the influence of social factors, from culture to the behavior of one''s peers. These effects vary during one''s life, reflecting differences in due to age, experience, and gender. Among the questions to be addressed are: How did the financial crisis of 2007-2008 spur understanding human behavior? What are market anomalies and how do they relate to behavioral biases? What role does overconfideTrade ReviewBehavioral Finance is a compact and useful overview of this important, comparatively new sub-field of finance and an excellent resource for practitioners wanting to refresh or deepen their understanding. * Enterprising Investor *If you are looking for a book that explains behavioral finance in plain understandable language, then this book is for you. This book adeptly applies the classic Socratic method to explain why the behavioral approach better explains the behavior of normal people than the neoclassical approach. * Hersh Shefrin, Mario L. Belotti Professor of Finance, Santa Clara University *Table of ContentsChapter 1. Foundations and Psychological Concepts Chapter 2. Cognitive Biases Chapter 3. Emotional Biases and Social/Cultural Influences Chapter 4. Investor Behavior Chapter 5. Nudge: The Influence of Frame Dependence Chapter 6. Cognitive Ability Notes Index

Read more less

Book SynopsisSuccinct, accessible, and authoritative, Thomas Piketty’s The Economics of Inequality is the ideal place to start for those who want to understand the fundamental issues at the heart of one the most pressing concerns in contemporary economics and politics. This work now appears in English for the first time.Trade ReviewIn a work that is aligned with but antecedent to his grand synthesis, Capital in the Twenty-First Century, French economist Piketty examines the structural causes of inequality… A discussion worth having and a book worth reading. * Kirkus Reviews *Piketty’s The Economics of Inequality is an excellent book and a great companion to Capital. This book is a remarkable mix of extensive data, attention to theory, and concern for policy. -- Axel Gosseries, Fund for Scientific Research (FRS-FNRS) and University of Louvain (UCL)If Piketty is right, inequality is increasing and cannot be cured by the free market; we must understand the problem to understand how to address it. This should be required reading for every concerned citizen. * Publishers Weekly *Even a brief guide to basic concepts in Piketty’s field of study can remind you, at every turn, that something profound is going on within the global economic system. The data, especially the data from recent decades, does not conceal the tale…Avarice and plunder play no part in the language of economics, but they too are causes and consequences of the phenomena Piketty describes. In some respects, his work is an assault on the kind of cult thinking that these days passes for economic and political analysis. -- Ian Bell * Glasgow Herald *Piketty’s The Economics of Inequality, which acts as a primer, provides a useful starting point for a wide audience. -- Tom Healy * Irish Times *Translated into English for the first time, it offers an exceptionally clear, cogent, and coherent discussion of economic inequality. -- Richard N. Cooper * Foreign Affairs *

Read more less

Book SynopsisWritten by the best-selling author of Python for Finance, Yves Hilpisch, this new book explains financial, mathematical, and Python programming concepts in an integrative manner so that the interdisciplinary concepts reinforce each other.

Read more less

Book SynopsisWhy do some countries succeed while others struggle? Why are some firms profitable while rivals fail? Why do some marriages thrive and others end in divorce? These questions seem unrelated, but societies, companies, and marriages have one important thing in common: they involve more than one individual. They thus face the same fundamental challenges. How can people be made to help rather than hurt each other? How can they use sacrifice, cooperation, and coercion to promote the common good? In this introductory text, Tore Ellingsen equips readers to answer essential questions around the success and failure of humans in groups, drawing on behavioral game theory, psychology, and sociology. He emphasizes how other-regarding preferences such as altruism and dutifulness matter for societies’ prosperity, and analyzes the role of culture in the form of shared values and understandings. One lesson is that cooperation is facilitated when people anticipate that they will hold common memories of past behavior, especially if agreements take precedence over leaders’ authority. A groundbreaking text, Institutional and Organizational Economics is essential reading for students and scholars of economics, political science, sociology, and public administration.Trade Review“Institutional and Organizational Economics not only provides a superb development of the ideas of organizational economics, using the tools of basic game theory, but also offers fascinating connections to history, sociology, and literature. A tour de force.”Oliver D. Hart, Harvard University“This slim volume offers an amazing wealth of ideas about institutions and organizations. The exposition nicely combines historical and experimental evidence with clear and simple behavioral game theoretic explanations. A book to instruct and delight students and scholars alike.”Avinash Dixit, Princeton UniversityTable of ContentsPreface1 The Organizational Challenge2 Sacrifice3 Selfishness, Rationality, and Utility4 Situations, Games, and Cooperation5 Shared Understandings and Values6 Predicting Behavior in Games7 A Model of Anarchy8 Changing the Game9 Coordination10 Authority’s Limitations11 Relationships12 Third-party Punishment13 Coercion: Costs and Benefits14 Contracts and Governance15 Limited Liability and Corporate Finance16 Asymmetric Information17 Application: The Oil-Pool Problem18 Conclusion19 More Food for Thought20 Further ReadingPostfaceAnswers to ExercisesNotesReferencesIndex

Read more less

Book SynopsisWritten during the winter of 1857-8, the Grundrisse was considered by Marx to be the first scientific elaboration of communist theory. A collection of seven notebooks on capital and money, it both develops the arguments outlined in the Communist Manifesto (1848) and explores the themes and theses that were to dominate his great later work Capital. Here, for the first time, Marx set out his own version of Hegel''s dialectics and developed his mature views on labour, surplus value and profit, offering many fresh insights into alienation, automation and the dangers of capitalist society. Yet while the theories in Grundrisse make it a vital precursor to Capital, it also provides invaluable descriptions of Marx''s wider-ranging philosophy, making it a unique insight into his beliefs and hopes for the foundation of a communist state.Table of ContentsIntroduction (Notebook M)1. Production in general2. General relation between production, distribution, exchange and consumption3. The method of political economy4. Means (forces) of production and relations of production, relations of production and relations of circulationThe Chapter on Money (Notebooks I and II, pp. 1-7)Darimon's theory of crisesGold export and crisesConvertibility and note circulationValue and priceTransformation of the commodity into exchange value; moneyContradictions in the money relation:(1) Contradiction between commodity as product and commodity as exchange value(2) Contradiction between purchase and sale(3) Contradiction between exchange for the sake of exchange and exchange for the sake of commodities(4) Contradiction between money as particular commodity and money as general commodity (The Economist and the Morning Star on money)Attempts to overcome the contradictions by the issue of time-chitsExchange value as mediation of private interestsExchange value (money) as social bondSocial relations which create an undeveloped system of exchangeThe product becomes a commodity; the commodity becomes exchange value; the exchange value of the commodity becomes moneyMoney as measureMoney as objectification of general labour time (Incidental remark on gold and silver)Distinction between particular labor time and general labour timeDistinction between planned distribution of labour time and measurement of exchange values by labour time (Strabo on money among the Albanians)The precious metals as subjects of the money relation:(a) Gold and silver in relation to the other metals(b) Fluctuations in the value-relations between the different metals(c) and (d) (headings only): Sources of gold and silver; money as coinCirculation of money and opposite circulation of commoditiesGeneral concept of circulation:(a) Circulation circulates exchange values in the form of prices (Distinction between real money and accounting money)(b) Money as the medium of exchange (What determines the quantity of money required for circulation) (Comment on (a))Commodity circulation requires appropriation through alienationCirculation as an endlessly repeated processThe price as external to and independent of the commodity: Creation of general medium of exchange; exchange as a special businessDouble motion of circulation: C-M; M-C, and M-C; C-MThree contradictory functions of money:(1) Money as general material of contracts, as measuring unit of exchange values(2) Money as medium of exchange and realizer of prices(Money, as representative of price, allows commodities to be exchanged at equivalent prices)(An example of confusion between the contradictory functions of money)(Money as particular commodity and money as general commodity)(3) Money as money: as material representative of wealth (accumulation of money)(Dissolution of ancient communities through money)(Money, unlike coin, has a universal character)(Money in its third function is the negation #negative unity# of its character as medium of circulation and measure)(Money in its metallic being; accumulation of gold and silver)(Headings on money, to be elaborated later)The Chapter on Capital (Notebooks II pp. 8-28, III, IV, V, VI and VII)The Chapter on Money as Capital:Difficulty in grasping money in its fully developed character as moneySimple exchange: relations between the exchangers (Critique of socialists and harmonizers: Bastiat, Proudhon)Section One: The Production Process of CapitalNothing is expressed when capital is characterized merely as a sum of valuesLanded property and capitalCapital comes from circulation; its content is exchange value; merchant capital, money capital, and money interestCirculation presupposes another process; motion between presupposed extremesTransition from circulation to capitalist production "Capital is accumulated labour (etc.)""Capital is a sum of values used for the production of values"Circulation, and exchange value deriving from circulation, the presupposition of capitalExchange value emerging from circulation, a presupposition of ciruclation, preserving and multiplying itself in it by means of labourProduct and capital. Value and capital. ProudhonCapital and labour. Exchange value and use value for exchange valueMoney and its use value (labour) in this relation capital: Self-multiplication of value is its only movementCapital, as regards substance, objectified labour. Its antithesis, living, productive labourProductive labour and labour as performance of a serviceProductive and unproductive labour. A. Smith etc.The two different processes in the exchange of capital with labourCapital and modern landed propertyThe marketExchange between capital and labour. Piecework wagesValue of labour powerShare of the wage labourer in general wealth determined only quantitativelyMoney is the worker's equivalent; he thus confronts capital as an equalBut the aim of his exchange is satisfaction of his need. Money for him is only medium of circulationSavings, self-denial as means of the worker's enrichmentValuelessness and devaluation of the worker a condition of capital(Labour power as capital!)Wages not productiveThe exchange between capital and labour belongs within simple circulation, does not enrich the workerSeparation of labour and property the precondition of this exchangeLabour as object absolute poverty, labour as subject general possibility of wealthLabour without particular specificity confronts capitalLabour process absorbed into capital(Capital and capitalist)Production process as content of capitalThe worker relates to his labour as exchange value, the capitalist as use valueThe worker divests himself of labour as the wealth-producing power; capital appropriates it as suchTranformation of labour into capitalRealization process(Costs of production)Mere self-preservation, non-multiplication of value contradicts the essence of capitalCapital enters the cost of production as capital. Interest bearing capital (Parentheses on: original accumulation of capital, historic presuppositions of capital, production in general)Surplus value. Surplus labour timeValue of labour. How it is determinedConditions for the self-realization of capitalCapital is productive as creator of surplus labourBut this is only a historical and transitory phenomenonTheories of surplus value (Ricardo; the Physiocrats; Adam Smith; Ricardo again)Surplus value and productive force. Relation when these increaseResult: in proportion as necessary labour is already diminished, the realization of capital becomes more difficultConcerning increases in the value of capitalLabour does not reproduce the value of material and instrument, but rather preserves it by relating to them in the labour process as to their objective conditionsAbsolute surplus labour time. RelativeIt is not the quantity of living labour, but rather its quality as labour which preserves the labour time already contained in the materialThe change of form and substance in the direct production processIt is inherent in the simple production process that the previous stage of production is preserved through the subsequent onePreservation of the old use value by new labourThe quantity of objectified labour is preserved because contact with living labour preserves its quality as use value for new labourIn the real production process, the separation of labour from its objective moments of existence is suspended. But in this process labour is already incorporated in capitalThe capitalist obtains surplus labour free of charge together with the maintenance of the value of material and instrumentThrough the appropriation of present labour, capital already possesses a claim to the appropriation of future labourConfusion of profit and surplus value. Carey's erroneous calculationThe capitalist, who does not pay the worker for the preservation of the old value, then demands remuneration for giving the worker permission to preserve the old capitalSurplus Value and ProfitDifference between consumption of the instrument and of wages. The former consumed in the production process, the latter outside itIncrease of surplus value and decrease in rate of profitMultiplication of simultaneous working daysMachineryGrowth of the constant part of capital in relation to the variable part spent on wages=growth of the productivity of labourProportion in which capital has to increase in order to employ the same number of workers if productivity risesPercentage of total capital can express very different relationsCapital (like property in general) rests on the productivity of labourIncrease of surplus labour time. Increase of simultaneous working days. (Population)(Population can increase in proportion as necessary labour time becomes smaller)Transition from the process of the production of capital into the process of circulationSection Two: The Circulation Process of CapitalDevaluation of capital itself owing to increase of productive forces(Competition)Capital as unity and contradiction of the production process and the realization processCapital as limit to production. OverproductionDemand by the workers themselvesBarriers to capitalist productionOVerproduction; ProudhonPrice of the commodity and labour timeThe capitalist does not sell too dear; but still above what the thing costs himPrice can fall below value without damage to capitalNumber and unit (measure) important in the multiplication of pricesSpecific accumulation of capital. (Transformation of surplus labour into capital)The determination of value and of pricesThe general rate of profitIf the capitalist merely sells at his own cost of production, then it is a transfer to another capitalist. The worker gains almost nothing therebyBarrier of capitalist production. Relation of surplus labour to necessary labour. Proportion of the surplus consumed by capital to that transformed into capitalDevaluation during crisesCapital coming out of the production process becomes money again(Parenthesis on capital in general)Surplus Labour or Surplus Value Becomes Surplus CapitalAll the determinants of capitalist production now appear as the result of (wage) labour itselfThe realization process of labour at the same time its de-realization processFormation of surplus capital ISurplus capital IIInversion of the law of appropriationChief result of the production and realization processOriginal accumulation of capitalOnce developed historically, capital itself creates the conditions of its existence(Performance of personal services, as opposed to wage labour)(Parenthesis on inversion of the law of property, real alien relation of the worker to his product, division of labour, machinery)Forms which precede capitalist production. (Concerning the process which precedes the formation of the capital relation or of original accumulation)Exchange of labour for labour rests on the worker's propertylessnessCirculation of capital and circulation of moneyProduction process and circulation process moments of production. The productivity of the different capitals (branches of industry) determines that of the individual capitalCirculation period. Velocity of circulation substitutes for volume of capital. Mutual dependence of capitals in the velocity of their circulationThe four moments in the turnover of capitalMoment II to be considered here: transformation of the product into money; duration of this operation. Transport costs. Circulation costs. Means of communication and transportDivision of the branches of labourConcentration of many workers; productive force of this concentrationGeneral as distinct from particular conditions of productionTransport to market (spatial condition of circulation) belongs in the production processCredit, the temporal moment of circulationCapital is circulating capitalInfluence of circulation on the determination of value; circulation time=time of devaluationDifference between the capitalist mode of production and all earlier ones (universality, propagandistic nature)(Capital itself is the contradiction)Circulation and creation of valueCapital not a source of value-creationContinuity of production presupposes suspension of circulation timeTheories of Surplus ValueRamsay's view that capital is its own source of profitNo surplus value according to Ricardo's lawRicardo's theory of value. Wages and profitQuinceyRicardoWakefield. Conditions of capitalist production in coloniesSurplus value and profit. Example (Malthus)Difference between labour and labour capacityCarey's theory of the cheapening of capital for the workerCarey's theory of the decline of the rate of profitWakefield on the contradiction between Ricardo's theories of wage labour and of valueBailey on dormant capital and increase of production without previous increase of capitalWade's explanation of capital. Capital, collective force. Capital, civilization.Rossi. What is capital? Is raw material capital? Are wages necessary for it?Malthus. Theory of value and of wagesAim of capitalist production value (money), not commodity, use value etc. ChalmersDifference in return. Interruption of the production process. Total duration of the production process. Unequal periods of productionThe concept of the free labourer contains the pauper. Population and overpopulationNecessary labour. Surplus labour. Surplus population. Surplus capitalAdam Smith: work as sacrificeAdam Smith: the origin of profitSurplus labour. Profit. WagesImmovable capital. Return of capital. Fixed capital. John Stuart MillTurnover of capital. Circulation process. Production process. Circulation costs. Circulation timeCapital's change of form and of substance; different forms of capital; circulation capital as general character of capitalFixed (tied down) capital and circulating capitalConstant and variable capitalCompetitionSurplus value. Production time. Circulation time. Turnover timeCompetition (continued)Part of capital in production time, part in circulation timeSurplus value and production phase. Number of reproductions of capital = number of turnoversChange of form and of matter in the circulation of capital. C-M-C. M-C-MDifference between production time and labour timeFormation of a mercantile estate; creditSmall-scale circulation. The process of exchange between capital and labour capacity generallyThreefold character, or mode, of circulationFixed capital and circulating capitalInfluence of fixed capital on the total turnover time of capitalFixed capital. Means of labour. MachineTransposition of powers of labour into powers of capital both in fixed and in circulatin capitalTo what extent fixed capital (machine) creates valueFixed capital and continuity of the production process. Machinery and living labour.Contradiction between the foundation of bourgeois production (value as measure) and its developmentSignificance of the development of fixed capital (for the development of capital generally)The chief role of capital is to create disposable time; contradictory form of this in capitalDurability of fixed capitalReal saving (economy)=saving of labour time=development of productive forceTrue conception of the process of social productionOwen's historical conception of industrial (capitalist) productionCapital and value of natural agenciesScope of fixed capital indicates the level of capitalist productionIs money fixed capital or circulating capital?Turnover time of capital consisting of fixed capital and circulating capital. Reproduction time of fixed capitalThe same commodity sometimes circulating capital, sometimes fixed capitalEvery moment which is a presupposition of production is at the same time its result, in that it reproductes its own conditionsThe counter-value of circulating capital must be produced within the year. Not so for fixed capital. It engages the production of subsequent yearsMaintanence costs of fixed capitalRevenue of fixed capital and circulating capitalFree labour=latent pauperism. EdenThe smaller the value of fixed capital in relation to its product, the more usefulMovable and immovable, fixed and circulatingConnection of circulation and reproductionSection Three: Capital as Fructiferous. Tranformation of Surplus Value into ProfitRate of profit. Fall of the rate of profitSurplus value as profit always expresses a lesser proportionWakefield, Carey and Bastiat on the rate of profitCapital and revenue (profit). Production and distribution. SismondiTransformation of surplus value into profitLaws of this and transformationSurplus value=relation of surplus labour to necessary labourValue of fixed capital and its productive powerMachinery and surplus labour. Recapitulation of the doctrine of surplus value generallyRelation between the objective conditions of production. Change in the proportion of the component parts of capitalMiscellaneousMoney and fixed capital: presupposes a certain amount of wealth. Relation of fixed capital and circulating capital (Economist)Slavery and wage labour; profit upon alienation (Steuart)Steuart, Montanari and Gouge on moneyThe wool industry in England since Elizabeth; silk-manufacture; iron; cottonOrigin of free wage labour. Vagabondage. (Tuckett)Blake on accumulation and rate of profit; dormant capitalDomestic agriculture at the beginning of the sixteenth century. (Tuckett)Profit. Interest. Influence of machinery on the wage fund. (Westminster Review)Money as measure of values and yardstick of prices. Critique of theories of the standard measure of moneyTransformation of the medium of circulation into money. Formation of treasures. Means of payment. Prices of commodities and quantity of circulating money. Value of moneyCapital, not labour, determines the value of money (Torrens)The minimum of wagesCotton machinery and working men in 1826. (Hodgskin)How the machine creates raw material. (Economist)Machinery and surplus labourCapital and profit. Relation of the worker to the conditions of labour in capitalist production. All parts of capital bring a profitTendency of the machine to prolong labourCotton factories in England. Example for machinery and surplus labourExamples from Glasgow for the rate of profitAlienation of the conditions of labour with the development of capital. InversionMerivale. Natural dependence of the worker in colonies to be replaced by artificial restrictionsHow the machine saves material. Bread. Dureau de la MalleDevelopment of money and interestProductive consumpion. Newman. Transformations of capital. Economic cycleDr. Price. Innate power of capitalProudhon. Capital and simple exchange. SurplusNecessity of the worker's propertylessnessGalianiTheory of savings. StorchMacCulloch. Surplus. ProfitArnd. Natural interestInterest and profit. CareyHow merchant takes the place of masterMerchant wealthCommerce with equivalents impossible. OpdykePrincipal and interestDouble standardOn moneyJames Mill's false theory of pricesRicardo on currencyOn moneyTheory of foreign trade. Two nations may exchange according to the law of profit in such a way that both gain, but one is always defraudedMoney in its third role, as money(I) Value (This section to be brought forward)Bastiat and CareyBastiat's economic harmoniesBastiat on wages

Read more less

Book SynopsisWritten by one of the leading authorities in market microstructure research, this book provides a comprehensive guide to the theoretical work in this important area of finance.Table of ContentsAbout the Author v Foreword ix 1. Markets and Market-Making 1 2. Inventory Models 15 3. Information-Based Models 53 4. Strategic Trader Models I: Informed Traders 89 5. Strategic Trader Models II: Uninformed Traders 129 6. Information and the Price Process 153 7. Market Viability and Stability 179 8. Liquidity and the Relationships between Markets 215 9. Issues in Market Performance 251 References 273 Index 283

Read more less

Book SynopsisThe author of the acclaimed Marx at the Margins analyses the late Marx on Indigenous communism, gender, and anti-colonialism.

Read more less

Book SynopsisDynamic stochastic general equilibrium (DSGE) models have become one of the workhorses of modern macroeconomics and are extensively used for academic research as well as forecasting and policy analysis at central banks. This book introduces readers to state-of-the-art computational techniques used in the Bayesian analysis of DSGE models. The book cTrade Review"Well written and well organized, and the topic analyzed is very interesting and current."--Manuel Salvador, MathSciNetTable of ContentsFigures xi Tables xiii Series Editors' Introduction xv Preface xvii I Introduction to DSGE Modeling and Bayesian Inference 1 1 DSGE Modeling 3 1.1 A Small-Scale New Keynesian DSGE Model 4 1.2 Other DSGE Models Considered in This Book 11 2 Turning a DSGE Model into a Bayesian Model 14 2.1 Solving a (Linearized) DSGE Model 16 2.2 The Likelihood Function 19 2.3 Priors 22 3 A Crash Course in Bayesian Inference 29 3.1 The Posterior of a Linear Gaussian Model 31 3.2 Bayesian Inference and Decision Making 35 3.3 A NonGaussian Posterior 43 3.4 Importance Sampling 46 3.5 Metropolis-Hastings Algorithms 52 II Estimation of Linearized DSGE Models 63 4 Metropolis-Hastings Algorithms for DSGE Models 65 4.1 A Benchmark Algorithm 67 4.2 The RWMH-V Algorithm at Work 69 4.3 Challenges Due to Irregular Posteriors 77 4.4 Alternative MH Samplers 81 4.5 Comparing the Accuracy of MH Algorithms 87 4.6 Evaluation of the Marginal Data Density 93 5 Sequential Monte Carlo Methods 100 5.1 A Generic SMC Algorithm 101 5.2 Further Details of the SMC Algorithm 109 5.3 SMC for the Small Scale DSGE Model 125 6 Three Applications 130 6.1 A Model with Correlated Shocks 131 6.2 The Smets-Wouters Model with a Diffuse Prior 141 6.3 The Leeper-Plante-Traum Fiscal Policy Model 150 III Estimation of Nonlinear DSGE Models 161 7 From Linear to Nonlinear DSGE Models 163 7.1 Nonlinear DSGE Model Solutions 164 7.2 Adding Nonlinear Features to DSGE Models 167 8 Particle Filters 171 8.1 The Bootstrap Particle Filter 173 8.2 A Generic Particle Filter 182 8.3 Adapting the Generic Filter 185 8.4 Additional Implementation Issues 191 8.5 Adapting st-1 Draws 198 8.6 Application to the Small-Scale DSGE Model 204 8.7 Application to the SW Model 212 8.8 Computational Considerations 216 9 Combining Particle Filters with MH Samplers 218 9.1 The PFMH Algorithm 218 9.2 Application to the Small-Scale DSGE Model 222 9.3 Application to the SW Model 224 9.4 Computational Considerations 229 10 Combining Particle Filters with SMC Samplers 231 10.1 An SM C2 Algorithm 231 10.2 Application to the Small-Scale DSGE Model 237 10.3 Computational Considerations 239 Appendix 241 A Model Descriptions 241 A.1 Smets-Wouters Model 241 A.2 Leeper-Plante-Traum-Fiscal Policy Model 247 B Data Sources 249 B.1 Small-Scale-New Keynesian DSGE Model 249 B.2 Smets-Wouters Model 249 B.3 Leeper-Plante-Traum Fiscal Policy Model 251 Bibliography 257 Index 271

Read more less

Book SynopsisMilton Friedman was lauded as the grandmaster of free-market economic theory in the postwar era. This book collects many of Friedman's papers on topics in economics that were published in the "Journal of Political Economy". It incorporates papers from 1948 to 1990. It is useful for those tracing the course of 20th century economics and politics.Trade Review"There are very few people over the generations who have ideas that are sufficiently original to materially alter the direction of civilization. Milton Friedman is one of those very few people." - Alan Greenspan"

Read more less

Book Synopsis

Read more less

Book SynopsisThe substantially revised fourth edition of a widely used text, offering both an introduction to recursive methods and advanced material, mixing tools and sample applications.Recursive methods provide powerful ways to pose and solve problems in dynamic macroeconomics. Recursive Macroeconomic Theory offers both an introduction to recursive methods and more advanced material. Only practice in solving diverse problems fully conveys the advantages of the recursive approach, so the book provides many applications. This fourth edition features two new chapters and substantial revisions to other chapters that demonstrate the power of recursive methods. One new chapter applies the recursive approach to Ramsey taxation and sharply characterizes the time inconsistency of optimal policies. These insights are used in other chapters to simplify recursive formulations of Ramsey plans and credible government policies. The second new chapter explores the mechanics of matc

Read more less

Book SynopsisToday''s global financial system bears little resemblance to what it was at the end of the twentieth century. Shadow bankingfinancial activity taking place outside existing regulatory frameworkshas grown so important that it now serves as the backbone of the entire system. The shadow banking system, however, is highly unstable and the main reason why the financial system has remained in crisis mode since the 2008 financial crisis. To maintain stability, central banks like the Fed and the European Central Bank have come to use radical new monetary policy instruments which were inconceivable until very recently. Without intervention on the part of central banks, existing financial systems would completely collapse.As Joscha Wullweber shows, there has been a radical change in the state-market nexus. With governments refraining from strong and comprehensive fiscal and financial regulatory policies, central banks have become the main stabilizing force and the nodal point of financ

Read more less

Book SynopsisBlue Ocean Strategy, the #1 global bestseller, forever changed how the world thinks about strategy. Now W. Chan Kim and Renée Mauborgne offer up a bold, new idea that will transform how we all think about innovation and growth.Disruption dominates innovation theory and practice. But disruption, for all its power, is destructive—displacing jobs, companies, and even entire industries. Are we missing an alternative approach to innovation and growth?With three decades of research, the #1 global bestselling authors of Blue Ocean Strategy, W. Chan Kim and Renée Mauborgne, reveal another way to innovate and grow. Just as Blue Ocean Strategy redefined the essence of strategy as creating not competing, Beyond Disruption redefines and expands the existing view of innovation by introducing a new approach, nondisruptive creation, that is free from the destructive displacement that happens when innovators set out to disrupt.Kim and Mauborgne reveal the distinct advantages of nondisruptive creation to business and society, showing how this new approach to innovation allows companies to grow while also being a force for good. With examples that reach across all sectors of the economy and a practical framework for guiding innovation efforts, this book shows: Why nondisruptive creation matters to all of us and why it is likely to become even more important in the future How it complements disruption and how you can identify and execute on nondisruptive opportunities How companies can more thoughtfully pursue their growth and innovation strategies in a way that better balances business and society A practical guide for driving innovation and growth, the rich research behind the book, coupled with its frame-breaking message, make it the must-read book for the next generation of innovators.Trade ReviewNamed one of the best management books of 2023 by Børsen."I can't help but fall in love with Beyond Disruption. It's yet another masterpiece from Kim and Mauborgne that provides a fresh perspective on a popular business topic. The ideas presented in the book have the power to reshape our approach to growth and innovation, transforming how we view disruption moving forward." — Small Business TrendsAdvance Praise for Beyond Disruption:"Chan Kim and Renée Mauborgne have done it again. Their first book, Blue Ocean Strategy, is a landmark in the field of strategy, beloved by business leaders worldwide. Now, Beyond Disruption presents new research for innovating and seizing growth opportunities without the social and human costs that often come with disruption and the displacement of jobs, people, companies, and industries. Nondisruptive creation is a pathbreaking new concept that shows leaders and innovators how business can be a force for good. This book will become a business classic." — Jake Cohen, Senior Associate Dean at the MIT Sloan School of Management"Few books are fascinating and theoretically important. Beyond Disruption is. Introducing a big new idea—Nondisruptive Creation—Chan Kim and Renée Mauborgne once again have written an agenda-setting book. Reflecting their deep insight and decades of research, Beyond Disruption offers evidence that economies, industries, and companies can grow without leaving a wake of destruction in their path. A must-read for executives, policy makers and students alike." — Craig Hatkoff, Co-founder of the Tribeca Film Festival, Co-founder of the Disruptor Awards"Clay Christensen's seminal book, The Innovator's Dilemma, identifies the complacency of many major companies, too entrenched in their successful existing business models, that got disrupted from the low end by startup innovators who ate their lunch! Now, Chan Kim & Renée Mauborgne take the contrasting view and brilliantly state the case for nondisruptive creation focusing not on existing businesses, but the opportunities presented by solving a brand new set of challenges whether it be space, climate change, or multiple areas not addressed by existing industries. The book offers an enlightened strategy for addressing the unmet needs of the 21st century which will lead imaginative thinkers to approach business with a whole new perspective." — Alan Patricof, Founder and Chairman of Primetime Partners, Chairman Emeritus of Greycroft LLC and Founder of Apax Partners"If you think disruption is important for our business and economy, you must read this book. Beyond Disruption by Chan Kim and Renée Mauborgne tells the missing half of the story that complements disruption. It offers an alternative approach to market-creating innovation through which economic growth can be achieved without destroying existing companies or jobs. It shows how innovation, growth, and society can move in lockstep. Beyond Disruption will be the innovation playbook for decades to come." — Warren Tuttle, a board member of the United States Intellectual Property Alliance"What Africa needs is a new generation of visionary leaders who understand innovation and how to transform the continent into a twenty-first century economic juggernaut. Beyond Disruption will serve as a blueprint and an indispensable tool for the next one hundred Mandela's who can integrate our many cultures and rich traditions with the challenges and opportunities of modernity." — Ndaba Mandela, Founder of the Mandela Institute for Humanity, author of Going to the Mountain: Life Lessons from My Grandfather, Nelson Mandela"Chan Kim and Renée Mauborgne have tapped into a new global zeitgeist, reflecting a cultural moment as people around the world are searching for a new approach where economic and social good can move in lockstep. Reflecting their deep insight and decades of research, Beyond Disruption offers proof that economies, industries, and companies can grow, without leaving a wake of destruction in their path." — Elcin Barker Ergun, Chief Executive Officer of Menarini Group, a Top 50 Global Pharma Company"Beyond Disruption speaks to a whole new generation of leaders and innovators who believe that business can be a force for good. At last, a book that gives us the tools for creating economic and social value at the same time, lifting up societies through new jobs and game-changing growth opportunities for all. Introducing a big new idea—Nondisruptive Creation—Chan Kim and Renee Mauborgne once again have written an agenda-setting book." — Heung Soo Kim, Executive Vice President and Head of the Global Strategy Office of Hyundai Motor Group

Read more less

Book SynopsisJoseph Stiglitz has had a remarkable career. He is a brilliant academic, capped by sharing the Nobel Memorial Prize in Economics and the Nobel Peace Prize, and honorary degrees from Harvard, Cambridge, Oxford and more than fifty other universities, and elected not only to the National Academy of Sciences and the American Academy of Arts and Letters but the Royal Society and the British Academy; a public servant, who served as Chair of President Clinton''s Council of Economic Advisors and Chief Economist and Senior Vice President of the World Bank, headed international commissions for the UN and France, and was awarded the French Legion of Honor and Australia''s Sydney Peace Prize; a public intellectual whose numerous books on vital topics have been best sellers. What brought him to economics were his concerns about the inequality and discrimination he saw growing up. Wanting to understand what drives it and what can be done about it has been his lifelong passion. This book gathers toge

Read more less