Economic theory and philosophy Books

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

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Book SynopsisTrade ReviewAbrams’s book is the best, most insightful and comprehensive analysis of the modern-day efforts to manage schools like businesses. It is beautifully written and documented with careful research. -- Diane Ravitch, author of The Death and Life of the Great American School SystemAbrams describes eloquently the disconnect between the optimism underlying for-profit companies’ efforts to improve urban education and the realities that their schools faced. He also describes the history of KIPP charters, their accomplishments, and the limits of the KIPP model as a strategy for improving the life chances of urban children growing up in low-income families. -- Richard J. Murnane, co-author of Restoring OpportunityLucid, thorough, and balanced, Education and the Commercial Mindset is a riveting analysis of current education policy and how we got here. It will serve as an invaluable resource for policymakers involved in urban school reform. -- David Rogers, author of 110 Livingston StreetAbrams provides a comprehensive and insightful analysis of the private sector’s foray into public education. His analysis of Edison Schools, an educational management organization, demonstrates why private sector practices may easily be applied to purchasing scheduling software or contracting bus service, but why they cannot be easily applied to the management of schools where the purpose and process of education is much more complex and opaque. He also examines charter school organizations, the use of publicly funded vouchers for students to attend private schools in Chile and Sweden, and the application of business practices to schools in Finland. Altogether, Abrams makes a compelling case on the limits of private sector practices in public education. -- Russell W. Rumberger, author of Dropping OutGrounded in meticulous research in Finland and Sweden as well as the United States, Education and the Commercial Mindset is a bracing assessment of contemporary education reform and its consequences. -- Pasi Sahlberg, author of Finnish LessonsGiven the near-complete absence of public information and debate about the stealth effort to privatize public schools, this is the right time for the appearance of [this book]. Samuel E. Abrams, a veteran teacher and administrator, has written an elegant analysis of the workings of market forces in education in his book Education and the Commercial Mindset. -- Diane Ravitch * New York Review of Books *[An] outstanding book. -- Carol Burris * Washington Post *In Education and the Commercial Mindset, Abrams provides a detailed, informative and insightful account of the rise and fall of The Edison Project, as a case study of for-profit schools…Abrams demonstrates that for-profit schools have no incentives to consider long term educational or social goals. Obsessed with achievement metrics that might persuade consumers to purchase their product, they often exclude students with cognitive, emotional or behavioral problems. Or with failing grades…Running schools like businesses won’t solve the problem, Samuel Abrams makes clear. -- Glenn C. Altschuler * Huffington Post *In 1962, Raymond Callahan’s classic text Education and the Cult of Efficiency argued that the goal of efficient operations had become a first order priority in public education. Callahan’s work is now joined by a new definitive account, the brilliant book Education and the Commercial Mindset by Samuel E. Abrams...His arguments are exceptionally balanced, meticulously researched, and rooted in a deep understanding of the historical, cultural, and social antecedents of the widespread use of business practices and norms in education...Abrams has provided a thoughtful, critical, and rigorous explanation of crucially important distinctions that will be invaluable to scholars, policymakers, administrators, and teachers alike. -- Megan Tompkins-Stange * Teachers College Record *Education and the Commercial Mindset provides the most detailed and comprehensive analysis of the school privatization movement to date. Students of American education will learn a great deal from it. -- Leo Casey * Dissent *This is a book that all supporters as well as opponents of school choice and educational privatization should read, because the hypotheses and findings are expressed so convincingly that they may serve as a field trial for testing one's own opinions. -- Tommaso Agasisti * Educational Researcher *Essential to understanding the new challenges facing American politics, with the future of the education system being a central issue…Abrams not only offers a historical overview of the education system crisis under the Reagan administration, but also a reminder of the failure of privatization attempts in the 1990s. * Progressive Post *In recent years, several books have been published that explore the corporate influence on public education. Few are as in depth and as evenhanded as Education and the Commercial Mindset. * American Educator *

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Book SynopsisContemporary capitalism produces more and more money, debt, and inequality. These three trends have a common cause: the privilege of private banks to create money by means of accounting - by the stroke of a key. Why was this privilege not addressed politically for so long - and who benefited from it? At the heart of the answer lies the realization that the power to create money has been hidden by the way we commonly think and talk about capitalism. The book traces the omission of money creation from theories of capitalism and maps its consequences. By expanding the manoeuvring space for the banks to use their privilege, the capitalist countries have financed a transformation of the economy known as financialization. As a result, the real economy and private households became a debt supplier to a monetary system whose returns accumulate at the top. It is not simply "the markets" but money itself that transfers economic benefits from the masses to a minority. Increasing inequality of income and wealth can therefore only be combated if one does not only correct distributive results of markets-redistribution-, but addresses predistribution: the modalities of money creation.Trade ReviewIn the money-creation privilege of private banks, Aaron Sahr discovers a precarious mechanism of inequality reinforcement to which the regulation of capitalist economic activity has paid far too little attention to date. -- Hanno Pahl, University of Bonn, Germany * Neue soziologische Beiträge zur Kapitalismusanalyse: Ein Einblick. In: Soziologische Revue 42 (3), S. 405–417. DOI: 10.1515/srsr-2019-0050 *Sahr has successfully identified the structures that privilege so few and put so many at a disadvantage. The way in which the author presents these issues, unravels the connections and structures, and elucidates the illegitimacy of the money-production privilege adds up to an outstanding piece of sociological scholarship. -- Stefan Freichel * Monetative Blog *The uncontrolled creation of money by private banks should interest us all, because it creates a permanent redistribution from the poor to the rich, says the highly interesting 'Keystroke Capitalism'. -- Mathias Sonne * Information (Newspaper), DK *This book an accessible synthesis of a good deal of the literature, with interesting although by no means final political ideas. -- Wolfgang StreeckAaron Sahr's book provides a highly accessible synthesis of the state of knowledge on modern money and how it affects the political economy. Readers learn about the nature of fiat money and fiat credit and their contribution the financialization of contemporary capitalism, the conflicts it generates, and the consequences for the state and public policy. -- Wolfgang StreeckWhy and how did a company with a huge cash pile in the bank - Apple Inc - set out to borrow $17 billion in 2013? How did the world's billionaire class accumulate $418 trillion US dollars - an amount five times world income - in the blink of an eye? The answers can be found in this admirably accessible book on the way the globalised, private financial system generates 'keystroke wealth' and 'keystroke capital gains' - but also its nemesis - 'keystroke debt'. A must-read for all those fretting about the likely next crisis in the evolution of financialised capitalism. -- Ann Pettifor

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Book SynopsisNo economist has written more incisively and provocatively on financial crisis than Hyman Minsky. Minsky is best known for his claim that "stability is destabilizing" – that the seeds of the bust are sown in the boom. This financial instability hypothesis received renewed attention – and substantial confirmation – in the global financial crisis of 2008. Minsky's insights are not limited to moments of crisis; they grow out of a comprehensive and critical theory of financial capitalism. This book provides a systematic overview of Minsky's thought, covering his entire body of work. It shows how financial crises arise not as exceptions, but out of the normal operation of a financial capitalist system. It explains why Minsky's theories sit uncomfortably with economics and what efforts have been made to integrate them, and shows how Minsky's work can be incorporated into other fields of social thought. This book will be of interest to students and scholars in economics, political economy, finance, politics, and social theory, as well as to anyone with an interest in the financial system and its tendency toward crisis.Trade Review“Capitalism is essentially a financial system, said Minsky fifty years ago, and his thought laid the foundations for understanding how that system works. Reinterpreting Minsky for today, Neilson offers the best available introduction to Minsky’s thought for the modern reader.”Perry Mehrling, Boston University “Daniel H. Neilson’s book manages an extraordinary feat: the reader understands Minsky’s life and his system of thought in one book. You need to understand Minsky’s ideas to understand capitalism in the twenty-first century. This is the best book to help you do that.”Stephen Kinsella, University of LimerickTable of ContentsAcknowledgements 1 Introduction 2 Financial Capitalism 3 A Payments Theory of Finance 4 The Inadequacy of Economics 5 Making the Market 6 Last Resort 7 The Resilience of Economics 8 Minsky for All Moments References

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Book SynopsisIn Not Just for the Money Professor Frey challenges traditional economic theory and argues that people do not act in expectation of monetary gain alone, nor do they work solely because they are paid. Furthermore, the author claims that higher monetary compensation as well as regulations crowd-out motivation in important circumstances. Offering higher pay may make people less committed to their work and may reduce their performance. They thus behave in exactly the opposite way the fundamental price-effect of economics predicts.The first part of the book considers the Crowding-Out Effect and the Motivational Spill-Over Effect. The second part explores a large number of applications to constitutional questions, various policy issues and the organization of firms. The final part discusses the substantial consequences for policy making and economic theory.This path breaking book is bound to create controversy and debate. It will appeal not only to economists but to a wide range of social scientists who want to go beyond the traditional assumption of economic man.Trade Review'What he [Bruno Frey] offers is both challenging and pervasive in its relevance. He is ambitious enough to aspire to make economics less presumptive and less general, but - as he himself observes - earlier efforts to integrate psychology into economics have been noted while precious little effect on economics as a whole. His book is provocative and interesting and likely to yield some further empirical efforts to measure putative crowding-out effects, but scepticism and inertia are likely to be difficult barriers to overcome.'Table of ContentsContents: 1. Introduction Part I: The Crowding-Out Effect 2. Everyday Experiences 3. The Psychological Background 4. Integration into Economics 5. Motivational Spill-Over Effect Part II: Applications 6. A Strict or Lenient Constitution? 7. Environmental Policy 8. Siting Policy, or: the NIMBY-problem (with Felix Oberholzer-Gee) 9. Social and Organizational Policy 10. Work Motivation and Compensation Policy Part III Conclusions 11. Consequences for Economic Policy 12. Consequences for Economic Theory References Index

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Book SynopsisPolitical journalist Michael Tomasky tracks an exciting change among  progressive economists who are overturning decades of conservative dogma and offering an alternative version of capitalism that can serve broadly shared prosperity to all.Engaging, briskly paced ... On balance, history appears to be on Tomasky’s side. —The New York Times Book ReviewIn the first half of the twentieth century the Keynesian brand of economics, which saw government spending as a necessary spur to economic growth, prevailed. Then in the 1970s, conservatives fought back. Once they got people to believe a few simple ideas instead—that only the free market could produce growth, that taxes and regulation stifle growth—the battle was won. The era of conservative dogma, often called neoliberal economics, had begun. It ushered in increasing inequality, a shrinking middle class, and declining public investment. For fifty years, liberals have not

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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

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Book SynopsisDoyne Farmer is the world''s leading thinker on technological change. For decades he has focused on the question of how we can make sense of the data of today to see where the world is going tomorrow. This wonderful book applies these insights to economics, addressing the big global issues of environmental sustainability, and the well-being and prosperity of people around the world' Max Roser, Founder of Our World in DataWe live in an age of increasing complexity, where accelerating technology and global interconnection hold more promise and more peril than any other time in human history. As well as financial crises, issues around climate change, automation, growing inequality and polarization are all rooted in the economy, yet standard economic predictions fail us.Many books have been written about Doyne Farmer and his pioneering work in chaos and complexity theory. Making Sense of Chaos is the first in his own words, presenting a manifesto for doing economics better. In a tale of science and ideas, Farmer fuses his profound knowledge with stories from his life to explain how to harness a scientific revolution to address the economic conundrums facing society.Using big data and ever more powerful computers, we can for the first time apply complex systems science to economic activity, building realistic models of the global economy. The resulting simulations and the emergent behaviour we observe form the cornerstone of complexity economics. This new science, Farmer shows, will allow us to test ideas and make significantly better economic predictions and, ultimately, create a better world.

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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

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Book SynopsisClosely examining how the news media reports economic and financial matters, this book equips students with solid methodological skills for reading and interpreting the news alongside a toolkit for best practice as an economic journalist. How to Read Economic News combines theory and practice to explore the discourse surrounding economics in the mass media and how this specialised form of reporting can be improved. Beginning by introducing major concepts such as financialised economic reporting, media amnesia and loss of trust, the book goes on to help students to interpret, understand and analyse existing news discourse and to identify subtle biases in news reports stemming from hegemonic belief systems. The final section puts this analytical knowledge into practice, providing students with methods for the critical production of news and covering such skills as identifying newsworthiness, story sourcing, achieving clarity, and using complex datasets in news stories. <Table of ContentsList of Figures List of Tables List of ContributorsChapter 1: Introduction – How to Read Economic NewsHenry SilkeFergal QuinnMaria Rieder Part I: Connecting economic theory, ideology and journalismChapter 2: Economic Imaginaries, Economics Theories And The Role Of Economic Journalism Hendrik TheineChapter 3: What can journalism learn from Heterodox EconomicsAndrea GrisoldChapter 4: Ideology, Economics and JournalismHenry SilkeChapter 5: Journalism Studies and Crises: Economic, Environmental and Political - Towards a political Economic Approach.Paschal PrestonPart II: Methodological approaches for evaluation of economy-related media outputChapter 6: Using Content Analysis to study Economic JournalismFergal QuinnMuireann PrendergastChapter 7: Analysing Economic News Sources: Who gets to speak? Henry SilkeChapter 8: Corpus Linguistics and Economic Media researchBrian ClancyElaine VaughanChapter 9: Breaking Down the Discourse, Exposing Power in Economic Journalism – Critical Discourse AnalysisMaria RiederHendrik TheineChapter 10: Deconstructing Economic Discourses on Broadcast NewsCiara GrahamBrendan O’RourkeChapter 11: Deconstructing Discourse: Applying Interview Research in the Economic NewsroomSophie KnowlesNadine StraußChapter 12: Researching Audiences: Understanding how economic news is receivedMike BerryPart III: News production: Best practices for investigating economic and business stories Chapter 13: Making sense of economic dataDonal PalcicDarragh FlanneryChapter 14: Economic news approachesAudrey GalvinBrian HurleyChapter 15: Where theory meets practice - tips for BETTER economic journalism Fergal QuinnMaria RiederHenry SilkeIndex

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Book SynopsisTrade Review"Indispensable."---Jesse Eisinger, New York Times"Crucial."---James Surowiecki, The New Yorker"The most important [book] to emerge from the crisis. . . . The authors achieve three things. First, they explain basic financial theory with simple examples that any moderately numerate individual can understand. Second, they show that these basic ideas apply, with modest differences, also to banking. Finally, they prove that, in opposing them, bankers and their apologists have spun intellectual raiment as invisible as the emperor's new clothes. . . . Read this book. You will then understand the economics. Once you have done so, you will also appreciate that we have failed to remove the causes of the crisis. Further such crises will come."---Martin Wolf, Financial Times"Powerful. . . . The authors persuasively argue that the solution is higher levels of equity capital throughout the banking industry to offset the impact of the implied government protections against failure." * The Economist *"Excellent."---Matthew Yglesias, Slate"Ms. Admati and Mr. Hellwig, top-notch academic financial economists, do understand the complexities of banking, and they helpfully slice through the bankers' self-serving nonsense. Demolishing these fallacies is the central point of The Bankers' New Clothes."---John Cochrane, Wall Street Journal"An important new book called The Bankers' New Clothes . . . offers what the Dodd-Frank legislation mostly lacked: a simple and elegant solution to the problem of financial stability. [Admati and Hellwig] argue that banks should fund themselves with more equity and less debt—or, to put it bluntly, that banks should risk more of their own money, and less of everyone else's."---Christopher Matthews, Time"Insightful."---Floyd Norris, New York Times"Important."---John Cassidy, The New Yorker"Anat Admati and Martin Hellwig convincingly make the case for much stronger and simpler borrowing limitations for banks."---Roger Alcaly, New York Review of Books"In a year of important books about the recent economic crisis, the most important one told us simply how to stop the next one." * Wall Street Journal *"The book pounds quite the drumbeat here: Force banks to borrow less (they should make up the difference through issuing more equity stock) and so inject sanity into the system."---Katharine Whittemore, Boston Globe"Admati and Hellwig have done something extraordinary. They took [banking] frustration and all its complex details and gave it a simple narrative, one that both explains what banks have been getting away with and what we might ask that Congress do about it."---Brendan Greeley, Bloomberg Businessweek"Anat Admati and Martin Hellwig are academics with a gift for taking the mind-numbing minutiae of banking and presenting it in a way that the average reader can understand. One by one, the self-serving protests of the banking industry against tougher regulations are lined up and struck down in The Bankers' New Clothes. . . . The authors map out the regulatory flaws that make it easy for debt-junkie bankers to get rich when times are good, and leave them hanging around protesting when times are worse thanks to their own recklessness."---Susan Antilla, Bloomberg News"Admati and Hellwig explain, in layman's terms, some of the silly arguments bankers make for keeping to the status quo and preventing any new regulation of the banks from ever being enacted. And they do a great job. . . . Admati and Hellwig have made a gift to you. You don't have to go wrestle with banks' financial statements or their annual reports or their 10Q's. You don't need to pull out your old accounting textbooks or call your college economics teacher to have her explain to you again why debt leverage increases risk. Admati and Hellwig have done all the hard work for you. But, you have to read their book."---John R. Talbott, Huffington Post"Anat 'gets' banking, and gets it better than most. The fact that she is ruffling feather relates more to the fact that she is questioning deeply held—yet hardly ever challenged—belief systems within the industry, than any lack of understanding."---Izabella Kaminska, FinancialTimes.com's Alphaville blog"This book's aim, decisively achieved, is to de-mystify the public conversation about banking so we can all understand how threadbare the industry is."---Diane Coyle, Enlightened Economist"Admati and Hellwig offer a simple prescription for this complex world."---Thomas G. Donlan, Barron's"The Bankers' New Clothes makes a powerful case for why banks should stop borrowing so much."---Rana Foroohar, Time"Buy this book; read this book; give this book to your friends; discuss this book; act on this book."---Carol Hunt, Irish Sunday Independent"This is the most important book to have come out of the financial crisis. It argues, convincingly, that the problem with banks is that they operate with an order of magnitude too little equity capital, relative to their assets. Targeting return on equity, without consideration of risk, allows bankers to pay themselves egregiously, while making their institutions and the economy hugely unstable." * Financial Times *"The Bankers' New Clothes is wowing critics of fragile banks with a simple and attractive message: Force banks to have much thicker cushions of capital and you can make them safer without paying any cost in terms of higher interest rates, less lending, or lower economic growth."---Peter Coy, Bloomberg Businessweek"Admati and Hellwig's analytical rigour is convincing. . . . The value of The Bankers' New Clothes is that it sets all out in clear and accessible terms over little more than 200 pages, without cutting corners."---George Hay, Reuters Breakingviews"The Bankers' New Clothes is a lucid exposition of the intellectual falsehoods deployed by banks to justify the ways in which they went about growing their business beyond any reasonable assessment of risk in the run-up of the crisis of 2008 and which they continue to peddle today. Admati and Hellwig cut through the debates about whether it was too little or too much regulation that was to blame, whether central banks could and should have acted faster, and the rights and wrongs of securitisation or separating commercial and investment banking, and go to the heart of the matter."---Will Hutton, New Statesman"[Admati and Hellwig] have done an admirable job in explaining how capital in the banking system works to absorb shocks, and how too little of it makes banks unstable." * The Economist *"The banks' argument that equity capital is expensive and that increasing equity capital would force them to pass up otherwise attractive lending opportunities has been systematically demolished, most notably by the academics Anat Admati and Martin Hellwig. In a new book they argue . . . that both the equity and debt of well capitalised banks are safer and thus cheaper, while a lower return is perfectly acceptable to investors in exchange for lower risk."---John Plender, Financial Times"[The Bankers' New Clothes is] a clearly written, sensible analysis of problems and cures for the U.S. banking system. . . . Admati and Hellwig take a lot of time to clearly explain the problems with depending too much on borrowed money."---Dale Singer, St. Louis Post-Dispatch"Thought provoking."---Heather Stewart, The Observer"One of the greatest strengths of this book is that it clearly explains the issues for the ordinary reader. Financial reform shouldn't be left solely to Wall Street bankers and their captured policymakers in Washington, D.C., to decide. Regular citizens must make their voices heard, and this book will help them understand the basic terminology and concepts. I encourage everyone with an interest in effective financial reform to pick up a copy today. This just might be the most important book of 2013."---John Reeves, Motley Fool"The authors have written the book for the enlightenment of the average reader who has no background in economics, finance or quantitative fields. But it can be read by anyone interested in banking--bankers, policy makers and researchers." * Business Standard *"Professor and journalist Admati and economic researcher Hellwig argue that it is possible to have a well-balanced banking system without any cost to society; weak regulations and lax enforcement is what caused the buildup of risk unleashed in the crisis. Here, they aim to demystify banking and expand the range of voices in the debate; encouraging people to form opinions and express doubts will ensure a healthier financial system as people understand the issues and influence policy. . . . The authors push for aggressive reform by outlining specific steps that can be taken to change our banking system for the better." * Publishers Weekly *"An important book for readers interested in what has been done, and what remains to be done, when it comes to safeguarding financial institutions." * Kirkus Reviews *"This title is a must read for management and human resource professionals within the banking industry as well as government policymakers. With its clear explanations, many examples, and analogies, the book is accessible to readers who do not have business backgrounds and who want to better understand banking." * Library Journal *"Admati and Hellwig don't just criticize bankers. The real strength of their book is that they walk their readers through the balance sheet and to a regulatory answer to the banking problem, an answer that's elegant in its simplicity and far-reaching in its potential to prevent and manage financial crises."---Randolph Walerius, Roll Call"Financial regulation has become a hot topic in the wake of the recent crisis; many complex proposals have ensued, and a dizzying array of new acronyms and agencies has emerged. But in their new book, Admati and Hellwig make a forceful case for a classic and simple solution to excessive, unregulated lending: higher capital ratios for banks." * Finance & Development *"The book deserves to be read by both bankers and policymakers as it debunks many of the myths that have been used to justify excessive leverage in banking." * Economic & Political Weekly *"Increasing capital is the most sure-fire way of improving financial stability. Indeed, a new book—The Bankers' New Clothes—cogently argues that equity/debt ratios in banks could and should be increased drastically to levels more like those of ordinary businesses."---Richard Saunders, Financial News"One can only hope that non-financial readers who want to improve the focus of their frustration will find their way to this book. Perhaps, then, policy-makers will start to feel pressure for smarter change."---Peter Morris, Financial World"[Admati's and Hellwig's] case that the banking industry still needs a shake-up is persuasive. And you have to admire their nerve in tackling the lobby head-on because, like the emperor in the Hans Christian Andersen fairytale, it wears a smokescreen of competence and confidence. Attacking the illusion takes courage."---David Wilson, South China Morning Post"In simple and accessible terms, the authors show convincingly that banks are as fragile and destructive as they are, not because they must be, but because they want to be—and they get away with it." * Shanghai Daily *"[The Bankers' New Clothes] lays out the problems in banking revealed by the crisis and asks how to solve them. The authors, Anat Admati and Martin Hellwig draw upon accounts of the crisis and come up with some clear prescriptions based on what they see as the biggest problem—that banks are over-leveraged."---Nick Dunbar, NickDunbar.net"A clear and detailed call for banking reform. Arguing that the system is no safer today than before the financial crisis, the authors reject some bankers' and politicians' fears that further regulations would be too expensive and instead call for extensive change. Their starting place: Make banks responsible for their own mistakes." * Worth *"Offering a unique insight into banking from both an insider's and layman's perspectives, The Bankers' New Clothes is a welcome source of information in these unstable times."---Noori Passela, The National"Critical and refreshing. Anat Admati and Martin Hellwig are a formidable pair and systematically demolish all the bankers' arguments on risk, capital buffers, reserve requirements and the claims that no further reforms are required."---Hazel Henderson, Seeking Alpha"Admati and Hellwig walk banking neophytes slowly through how banking works, framing examples in a way that most people can understand: borrowing on a home. In very simple terms the authors explain how excess leverage is dangerous. Ironically, bankers are quick to point this out when examining someone else's credit prospects but not necessarily their own."---Douglas French, Freeman"Valuable. . . . This is a timely and interesting book and one that is squarely in the middle of the debate over the future of the nation's largest banks."---Christopher Whalen, National Interest"I've read almost all the major books on the financial crisis, and what makes this one of the best, if not the very best, is its simplicity and accessibility."---Emre Deliveli, Hurriyet Daily News"This excellent volume provides an invaluable lens through which to view modern banking and the ways it has evolved to privatize returns and socialize risks. . . . Admati and Hellwig provide an accessible explanation of the inherent risks in the current banking system and propose sensible rules and reforms to make the system stable without damaging bank lending or economic growth." * Choice *"The Bankers' New Clothes . . . stands out from the crowd. For one, it does not beat around the bush--it is clear and straight to the point in an industry usually heaving with jargon. By using language the man on the street can understand, this bold book leads quite literally by example as it reveals insights into the banking industry and why it is in such a mess."---Nina Roehrbein, Investment & Pensions Europe"This accessible look into complex financial theory is a must-read for anyone interested in the ongoing debate over regulatory reform and 'too big to fail.'"---Jeanine Skowronski, BankThink"The Bankers' New Clothes makes a simple, powerful argument: that banks need to raise more capital. It is entirely persuasive that the extent of their leverage makes the financial system fragile, and it clearly and patiently demolishes all the counter-arguments made by the banks and their lobbyists."---Diane Coyle, Enlightened Economist"The authors write well in simple language any adult who reads English can understand, and then support each chapter with exhaustive endnotes for economists and to prove they are not making anything up; the banks really are as bad as they say, and we can fix it." * Reference & Research Book News *"[The Bankers' New Clothes] presents an interesting and fresh viewpoint. . . . The book's discussions about the weakness of free markets and capitalism make it highly relevant. . . . It also sheds light on the role of government and the elites in the formation of regulatory policies."---Hemant Kanakia, Economic & Political Weekly"In the growing literature on the 2007-08 financial crises, The Bankers' New Clothes is a significant addition. Admati and Hellwig identify low equity of banks as single most important cause of the crisis."---M. K. Datar, The Hindu"This is a great book; I hope that it is influential."---Charles Goodhart, Economica"Well worth reading."---Steven Pressman, Dollars & Sense"The text is well written and structured, and there is a good index to help the reader find the detail in both the text and the endnotes. . . . [As a] valuable contribution to debate and counterweight to opposing arguments, it is certainly most welcome."---Kevin Davis, Economic Record"The book pulls off the trick of explaining a lot of technical points about banking in highly accessible detail." * Fool's Gold *"Admati and Hellwig's work is groundbreaking both in its accessibility and its clarity."---Ross P. Buckley, Banking & Finance Law Review

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Book SynopsisIs economics a neutral scientific field, or is it riddled with eurocentric biases that stem from its origins in the development of capitalism, colonialism, and slavery? This book makes the case that economics cannot extricate itself from its highly problematic imperial context without a rigorous process of decolonization, which must involve questioning and re-assessing the development of the field and how it came to be represented as a universal and objective science. In doing so, argue the authors, we can challenge the existing intellectual hierarchies and show that the field as it stands now has become ill-equipped to tackle the critical questions of our time, such as structural racism, environmental crisis, informal labour relations and the role of power in shaping economic outcomes. A decolonized economics can help us pioneer alternative – and better – ways of understanding economic questions by introducing key interventions by non-Western thinkers and non-eurocentric theories. This is a critical guide for anyone intellectually curious to understand how economics can be decolonized and what can be learned from a decolonized economics.

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Book SynopsisThis is an open access title available under the terms of a CC BY-NC-ND 4.0 International license. It is offered as a free PDF download from OUP and selected open access locations.Exploitation is a globally pervasive phenomenon. Slavery, serfdom, and the patriarchy are part of its lineage. Temporary and sex workers, commercial surrogacy, precarious labour contracts, sweatshops, and markets in blood, vaccines or human organs, are some contemporary manifestations of exploitation. What makes these exploitative transactions unjust? And is capitalism inherently exploitative? This book offers answers to these two questions. Nicholas Vrousalis argues that exploitation is a form of domination, self-enrichment through the domination of others. On the domination view, exploitation complaints are not, fundamentally, about harm, coercion or unfairness. Rather, they are about who serves whom and why. Exploitation, in a word, is a dividend of servitude: the dividend the powerful extract from the servitude of the vulnerable. Vrousalis claims that this servitude is inherent to capitalist relations between consenting adults whereby capital is monetary control over the labour capacity of others. It follows that capitalism, the mode of production where capital predominates, is an inherently unjust social structure.Trade ReviewIt is to the great credit of this book, and its author, that they focus attention on such questions, and provide a clear rationale for their pursuit. * Callum Zavos MacRae, The Philosophy Department, The Graduate Center, NY, United States *In Exploitation as Domination, Nicholas Vrousalis brings philosophical discussions of exploitation full circle back to capitalism. * Lillian Cicerchia, University of Amsterdam *The book makes a powerful case for the major conceptual connections that it proposes, and it will most likely serve in the years to come as both an instructive example of the rigor and breadth with which novel research in the philosophy of socialism can be conducted. * Callum Zavos MacRae, Res Publica *Vrousalis' book brings us to the brink of [...] a revived critique of political economy, rather than a new theory of distributive justice. * Lillian Cicerchia, Economics & Philosophy *It is to the great credit of this book, and its author, that they focus attention on such questions, and provide a clear rationale for their pursuit. * Callum Zavos MacRae, Res Publica *This book explores the conceptual interrelationships between human "exploitation" and "domination." ...This book is extremely well written and well organized. * Choice *Table of ContentsTable of Contents List of Figures and Tables Introduction Background 1: Theories of Exploitation Theory 2: Domination at Work 3: How Exploiters Dominate 4: Structural Domination in the Market Applications 5: Capitalist Exploitation: Its Forms, Origin, and Fate 6: Exploitation and International Relations Alternatives 7: The Emancipated Economy References

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Book SynopsisThe problem of rent is at the root of vital social concerns in the twenty-first century, ranging from the climate emergency and spiralling economic inequality to the repercussions of global economic crises. But while many of us may be familiar with rent (especially paying it), how should we really understand it? Examining both concrete contexts and complex concepts, in this book Joe Collins provides a comprehensive but concise survey of the theories and debates over rent and rentier capitalism. He examines global gentrification from São Paolo to Dublin, the tyranny of technology from Taipei to San Francisco, and the excesses of extractivism from Sekondi to Karratha. In doing so, he reveals how rent is fundamental to the current dominant form of capitalist social organization across the globe and how we can prevent the next generation from seeing our societies rent asunder. An essential resource for students and scholars alike, this groundbreaking book will be of interest to anyone working on capitalism, property, political economy, economic sociology and contemporary politics.Trade Review‘From twenty-first-century techno-patents to landlord sex scams, rentier capitalism tightens its grip on everyday life. In this short book, Joe Collins unpacks the multiple meanings of rent as these evolved through traditional economics to contemporary political economy. A lucid and compassionate account.’Ariel Salleh, Global University for Sustainability, Hong Kong ‘As rents become ever more important and rentiers become ever more powerful, this book provides an important theoretical underpinning to the idea of rent as a cause and consequence of monopoly. Contemporary capitalism cannot be understood without this.’Jayati Ghosh, University of Massachusetts AmherstTable of ContentsChapter 1 – What is rent? Chapter 2 – Rent theory in historical perspective Chapter 3 – Mainstream rent theory Chapter 4 – Rent theory in modern political economy Chapter 5 – Why is rent important today? Notes References

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Book SynopsisTrade Review"Selected for Askblog’s Books of the year 2017"

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Book SynopsisFriedrich Hayek was one of the leading economists of the 20th century and the leading contemporary critic of Keynes. He did pioneering work on monetary theory and trade cycles, but achieved international fame through his 1944 critique of totalitarian socialism, The Road to Serfdom.He went on to map out the principles of a free society in a series of books including Law, Legislation and Liberty and became the leading proponent, along with Milton Friedman, of economic and political liberalism.Setting him in context as well as incorporating criticism since his death 20 years ago, this book explores several major areas of Hayek''s thought and argument:- why society is not something that can be rebuilt any way we want, but is the result of long-term cultural evolution, and what that means for political reform, morality and individual choice- the kind of laws that true freedom relies upon, and how freedom and its benefits are threatened by political confusions- how the market process really works: from maximising gains for everyone who participates, to competition as a discovery process- where boom and bust cycles come from and how privatising currencies could be the startling solution- how we actually interpret our world, and what this means for social sciences and politics- why socialism was a mistake, capitalism isn''t wasteful, and what economic organisation has to do with political destiny- the impossibility of social justice but the genuine hope offered by true economic freedom- what the real foundations of a free society look like.A breath of intellectual fresh air, this concise guide to Friedrich Hayek is a must for any reader or student interested in one of the most vital minds of the 20th century.

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Book SynopsisTrade ReviewGrand Transitions shows Vaclav Smil truly to be Bringing It All Back Home * John Roy Porter, Natures Sciences Sociétés *Vaclav Smil is my favorite author. * Bill Gates, GatesNotes *His book roams impressively around the globe and across five centuries as it asks big questions and searches for big answers. . . .His five-pack of grand transitions encompasses population, agriculture and diets, energy, economy, and environment. . . . anyone who hasn't read about these subjects since graduation will be awestruck by the amount of research that has gone into these vaguely familiar stories. Smil pulls recent studies together, throws in a few of his own, offers interpretive twists, and fills his account with delicious nuggets of information. (This book actually got me in trouble at home, as I kept asking my family, "Did you know..." about some gem of an anecdote.) * Andre Schmid, Literary Review of Canada *No one writes about the great issues of our time with more rigor or erudition than Vaclav Smil. Grand Transitions is at once sweeping, sobering, and profoundly informative. * Elizabeth Kolbert, author of The Sixth Extinction, winner of the Pulitzer Prize *An expert portrait of spectacular technical and economic advances that many in the 21st century enjoy but which exclude large segments of the population and are creating problems that may or may not be solvable. Ingenious, insightful, and disturbing. * Kirkus *Underpinned by mesmerizing data and deep analysis, Grand Transitions provides a clear and compelling framework for thinking about the future of energy, the environment, and the economy. A feast for anyone interested in the future of energy. A must read. * Atul Arya, Chief Energy Strategist, IHS Markit *Grand Transitions is the epitome of excellence in integrative systemic scientific analysis, anchored in a magisterial exploration of the main five transitions of mankind since civilizations emerged. And it provides a healthy antidote to the wishful thinking so prevalent today. Decision makers and the public should educate themselves with this authoritative evaluation, which will shape their decisions on how to ensure a harmonious, sustainable future for all. * Didier Sornette, Professor of Entrepreneurial Risks and Finance, ETH Zurich *For a generation, polymath Vaclav Smil has expounded on the big patterns in energy, food, and other means through which humans have transformed their environment. In Grand Transitions he has zoomed out even further to paint a picture of how the pieces fit together and to explain how the modern world works. In elegant prose with relentless attention to fact and reality-rare these days-he has written a masterpiece that forces you to think, disagree, wonder, and grapple with the accomplishments and challenges of today's industrial society. * David G. Victor, Professor of International Relations, University of California, San Diego *In Grand Transitions, Vaclav Smil reminds us of the fundamental point that the economy cannot be untethered from nature. Technological ingenuity has loosened the links, but the outlook for economic gains--or losses--is inextricably tied to the dynamics of population change, and of food and energy production. * Diane Coyle, Bennett Professor of Public Policy, University of Cambridge *Investing requires quantification of impact. But Vaclav Smil convincingly challenges the increased reliance on applying mathematical modelling to single-frame narratives. He steadily illustrates why such approaches seldom provide useful enough insights, as they tend to ignore technical constraints and biospheric limits. * Philippe Rohner, Pictet Asset Management *Smil offers a sweeping account of the deep material forces that have shaped the modern world... He tells a remarkable story of the human capacity to innovate, build, and integrate societies across vast distances. * Foreign Affairs *Smil is a conjurer with numbers. In Grand Transitions, he works to show just how thoroughly this is now a planet of our making--and how rapidly the transformation is still happening. * Washington Post *Table of Contents1. Epochal Transitions 2. Populations 3. Agricultures and Diets 4. Energies 5. Economies 6. Environment 7. Outcomes and Outlooks

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Book SynopsisTrade Review“A fair-minded, deeply researched account of how a school of thought developed and wielded influence . . . quite well done, and full of fascinating stories.”—Justin Fox, New York Times Book Review“A masterly history.”—George Melloan, Wall Street Journal“The book is a fair- minded, deeply researched account of how a school of thought developed and wielded influence”— Justin Fox, International New York Times“[A] book that no one interested in the interrelationships between Austrian economics and the renaissance of liberal thought can afford to disregard”—Hansjörg Klausinger, Contemporary Austrian Studies“Wasserman’s masterful book paints a much needed critical yet scholarly picture of the Austrian School...Unlike many of the accounts written by people personally connected to the School, he brings attention to these thinkers’ privileged backgrounds and lifestyles, their fundamentally elitist politics, and the important connections to wealthy benefactors with clear political agendas.”—Ola Innset, Erasmus Journal for Philosophy and Economics“Wasserman tells an original story of a real school of economic thought from its very beginnings to the present…tracing the constant interaction between individual thinkers and an intellectual community that has survived over time…The story as a whole is fascinating.”—Antonio Magliulo, The Journal of European Economic History“Likely to become a standard reference...The author is admirably even-handed in his assessments of both the adherents and critics of Austrianism.”—David Throsby, Times Literary Supplement“Shines in its treatment of the School as a sociological entity, and it demonstrates that social ties can overcome many intellectual differences...Makes a compelling case on sociological grounds for the inclusion of Friedrich Wieser, Hans Mayer, Joseph Schumpeter and Oskar Morgenstern in the School”—Erwin Dekker, European Journal of the History of Economic ThoughtWinner of the Joseph Spengler Best Book Prize, sponsored by the History of Economics Society “This is a vital book for our times. Janek Wasserman’s study is learned and accessible, demystifying and elegant; above all, it corrects popular misconceptions about the origins and legacies of Austrian economics.”—Jeremy Adelman, Princeton University“Over more than a hundred years, the Austrian School of Economics was born, emigrated, split, revived and transformed. Janek Wasserman has done the impossible, producing a readable guide to the whole story while shirking none of the school’s complexity. A serious achievement.”—Quinn Slobodian, author of Globalists: The End of Empire and the Birth of Neoliberalism“Janek Wasserman deftly traces the filiation of Austrian economic ideas from the café culture of pre-war Vienna to the online universe of the contemporary alt-right. The result is a stimulating history of economists such as Mises and Hayek, and their influence on our era. Well-written, compelling, and entirely accessible, this book deserves a broad readership.”—Robert Leonard, Université du Québec à Montréal“[ . . . ] Wasserman has succeeded in providing a rich and worthwhile overview of Austrian economics.”—D. Mitch, University of Maryland Baltimore County

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Book SynopsisTrade Review"Winner of the 2018 PROSE Award for Excellence in Social Sciences, Association of American Publishers""Winner of the 2018 PROSE Award for Business, Finance & Management, Association of American Publishers""Finalist for the 2017 TIAA Paul A. Samuelson Award, TIAA Institute""Shortlisted for the 2017 Financial Times and McKinsey Business Book of the Year Award""One of the CNBC 13 Best Business Books of 2017""One of Foreign Affairs Best of Books 2017 – Economic, Social, and Environment / Finance""One of The New York Times Deal Book “Business Books Worth Reading” 2017 (chosen by Andrew Sorkin)""One of Exame’s “9 books that will help you get rich in 2018”""One of MoneyWeek’s “Five of the best books of 2017” (chosen by Dr. Matthew Partridge)""One of The Wall Street Journal’s What Business Leaders Read in 2017""One of the Microsoft Best Business Books of 2017""One of Financial Times (FT.com) Best Books of 2017: Economics""One of Bloomberg’s Best Books of 2017, chosen by Vitor Constancio""One of Bloomberg’s Best Books of 2017, chosen by Robert Shiller""[Adaptive Markets] is very well written, striking a right balance between education and teaching."---Mathis Mörke, Markets and Portfolio Management"[Adaptive Markets] delivers an important contribution to the ongoing discussion about the EMH in a very entertaining way."---Christoph Kaserer, Journal of Economics

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Book SynopsisPresents a unified theory of economic growth since the dawn of civilization. This title provides a comprehensive overview of the three phases of the development process. It analyzes the Malthusian theory and its empirical support. It examines theories of demographic transition and their empirical significance.Trade ReviewOne of Choice's Outstanding Academic Titles for 2011 "Galor is the founder of unified growth theory. The theory seeks to uncover the principal forces behind the world's transition from the subsistence livelihoods experienced by early antecessors to the exponential increases in living standards that came with the Industrial Revolution... This book is a must for anyone interested in economic growth."--Choice "Galor provides a mass of data and theory that may help to frame the role of education in creating economic sustainability."--Josephine Gatti, International Social Science Review "[T]he contribution to economic science provided by Oded Galor poses an intellectual challenge for more general macroeconomic models ... which still need to provide comprehensive and endogenous explanations regarding the radical changes that affected the world economy in the aftermath of the economic and financial crisis."--Gianfranco Di Vaio, Journal of European and Economic History "This volume must be highly recommended to anyone interested in economic growth and comparative development."--Christopher Bliss, European LegacyTable of ContentsPreface xv CHAPTER 1: Introduction 1 1.1 Toward a Unified Theory of Economic Growth 3 1.2 Origins of Global Disparity in Living Standards 6 1.2.1 Catalysts for the Engine of Transition from Stagnation to Growth 6 1.2.2 Persistence of Prehistorical Biogeographical Conditions 7 1.2.3 Convergence Clubs 8 CHAPTER 2: From Stagnation to Growth 9 2.1 The Malthusian Epoch 10 2.1.1 Stagnation of Income per Capita in the Long Run 11 2.1.2 Population Dynamism 12 2.1.3 Fertility and Mortality 14 2.1.4 Fluctuations in Income and Population 15 2.1.5 Technological Progress 16 2.1.6 Main Characteristics of the Epoch 17 2.2 The Post-Malthusian Regime 17 2.2.1 Take-off in Income per Capita 18 2.2.2 Spike in Population Growth 18 2.2.3 Fertility and Mortality 23 2.2.4 Industrialization and Urbanization 25 2.2.5 Globalization and the Pace of Industrialization 27 2.2.6 Central Features of the Regime 29 2.3 Industrialization and Human Capital Formation 30 2.3.1 Industrial Demand for Education 31 2.3.2 Land Concentration and Human Capital Formation 37 2.3.3 Land Reforms and Education Reforms 39 2.3.4 Political and Education Reforms 42 2.3.5 Human Capital Formation in Less Developed Economies 45 2.3.6 Main Insights 45 2.4 The Demographic Transition 46 2.4.1 Decline in Population Growth 46 2.4.2 Fertility Decline 49 2.4.3 Mortality Decline 51 2.4.4 Life Expectancy 52 2.4.5 Central Characteristics 54 2.5 The Modern Growth Regime 55 2.5.1 Rapid Industrialization and Human Capital Formation 55 2.5.2 Sustained Growth of Income per Capita 57 2.5.3 Divergence in Income and Population across the Globe 57 2.5.4 Insights for Comparative Development 64 2.6 Concluding Remarks 65 CHAPTER 3: The Malthusian Theory 67 3.1 The Basic Structure of the Model 68 3.1.1 Production 69 3.1.2 Preferences and Budget Constraints 69 3.1.3 Optimization 70 3.2 The Evolution of the Economy 70 3.2.1 Population Dynamics 70 3.2.2 The Time Path of Income per Worker 72 3.3 Testable Predictions 74 3.4 Empirical Framework 74 3.4.1 Empirical Strategy 74 3.4.2 The Data 77 3.4.3 The Neolithic Revolution and Technological Advancement 78 3.4.4 Basic Regression Model 79 3.5 Cross-Country Evidence 80 3.5.1 Population Density in 1500 CE 81 3.5.2 Population Density in Earlier Historical Periods 86 3.5.3 Income per Capita versus Population Density 92 3.5.4 Effect of Technological Sophistication 96 3.5.5 Robustness to Technology Diffusion and Geographical Features 103 3.5.6 Rejection of Alternative Theories 105 3.6 Concluding Remarks 108 3.7 Appendix 110 3.7.1 First-Stage Regressions 110 3.7.2 Variable Definitions and Sources 110 CHAPTER 4: Theories of the Demographic Transition 115 4.1 The Rise in Income per Capita 116 4.1.1 The Theory and Its Testable Predictions 116 4.1.2 The Evidence 118 4.2 The Decline in Infant and Child Mortality 120 4.2.1 The Central Hypothesis 120 4.2.2 Evidence 121 4.3 The Rise in Demand for Human Capital 123 4.3.1 The Theory 125 4.3.2 Evidence: Education and the Demographic Transition 127 4.3.3 Quantity-Quality Trade-off in the Modern Era 129 4.4 The Rise in Demand for Human Capital: Reinforcing Mechanisms 130 4.4.1 The Decline in Child Labor 131 4.4.2 The Rise in Life Expectancy 131 4.4.3 Evolution of Preferences for Offspring Quality 132 4.5 The Decline in the Gender Gap 132 4.5.1 The Theory and Its Testable Predictions 133 4.5.2 The Evidence 135 4.6 The Old-Age Security Hypothesis 136 4.7 Concluding Remarks 136 4.8 Appendix 138 4.8.1 Optimal Investment in Child Quality 138 4.8.2 Optimal Investment in Child Quantity 139 CHAPTER 5: Unified Growth Theory 140 5.1 The Fundamental Challenge 142 5.2 Incompatibility of Non-Unified Growth Theories 143 5.2.1 The Malthusian Theory 143 5.2.2 Theories of Modern Economic Growth 145 5.3 Central Building Blocks 146 5.3.1 The Malthusian Elements 147 5.3.2 Engines of Technological Progress 147 5.3.3 The Origin of Human Capital Formation 148 5.3.4 The Trigger of the Demographic Transition 148 5.4 The Basic Structure of the Model 149 5.4.1 Production of Final Output 149 5.4.2 Preferences and Budget Constraints 150 5.4.3 Production of Human Capital 151 5.4.4 Optimization 152 5.5 Evolution of Technology, Population, and Effective Resources 155 5.5.1 Technological Progress 155 5.5.2 Population 155 5.5.3 Effective Resources 156 5.6 The Dynamical System 156 5.6.1 The Dynamics of Technology and Education 157 5.6.2 Global Dynamics 161 5.7 From Malthusian Stagnation to Sustained Growth 164 5.8 Main Hypotheses 166 5.9 Complementary Mechanisms 170 5.9.1 Sources of Human Capital Formation 170 5.9.2 Triggers of the Demographic Transition 171 5.9.3 Engines of Technological Progress 172 5.9.4 The Transition from an Agricultural to an Industrial Economy 172 5.10 Calibrations of Unified Growth Theory 174 5.11 Concluding Remarks 177 5.12 Appendix: Optimal Investment in Child Quality 178 CHAPTER 6: Unified Growth Theory and Comparative Development 179 6.1 Country-Specific Characteristics and the Growth Process 182 6.1.1 Factors Contributing to Technological Progress 183 6.1.2 Reinforcing Elements in Human Capital Formation 185 6.1.3 The Dynamics of Technology and Education 187 6.2 Variation in Technological Progress and Comparative Development 189 6.3 Variation in Human Capital and Comparative Development 191 6.3.1 The Emergence of Human Capital--Promoting Institutions 193 6.3.2 Globalization and Divergence 198 6.4 Persistence of Deeply Rooted Biogeographical Factors 208 6.4.1 The Neolithic Revolution and Comparative Development 208 6.4.2 The Out-of-Africa Hypothesis and Comparative Development 217 6.5 Multiple Growth Regimes and Convergence Clubs 226 6.6 Concluding Remarks 229 CHAPTER 7: Human Evolution and the Process of Development 232 7.1 Natural Selection and the Origins of Economic Growth 233 7.2 Primary Ingredients 235 7.2.1 The Darwinian Elements 235 7.2.2 The Malthusian Components 237 7.2.3 Determinants of Technological Progress and Human Capital Formation 237 7.2.4 The Trigger of the Demographic Transition 238 7.3 The Basic Structure of the Model 238 7.3.1 Production of Final Output 239 7.3.2 Preferences and Budget Constraints 240 7.3.3 Production of Human Capital 241 7.3.4 Optimization 242 7.3.5 Distribution of Types and Human Capital Formation 246 7.3.6 Time Path of the Macroeconomic Variables 249 7.4 The Dynamical System 254 7.4.1 Conditional Dynamics of Technology and Education 254 7.4.2 Conditional Dynamics of Technology and Effective Resources 259 7.4.3 Conditional Steady-State Equilibria 260 7.4.4 Human Evolution and the Transition from Stagnation to Growth 261 7.5 Failed Take-off Attempts 265 7.6 Main Hypotheses and Their Empirical Assessment 266 7.7 Complementary Mechanisms 269 7.7.1 Evolution of Entrepreneurial Spirit and Economic Growth 270 7.7.2 Evolution of Life Expectancy and Economic Growth 273 7.8 Concluding Remarks 278 7.9 Appendix 279 7.9.1 Conditional Dynamics of Technology and Education 279 7.9.2 Conditional Dynamics of Technology and Effective Resources 280 CHAPTER 8: Concluding Remarks 285 References 289 Name Index 311 Subject Index 317

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Book SynopsisTrade Review"There is little doubt that Quiggin’s Economics in Two Lessons will be an instant classic and feature on university reading lists around the world. It should also be compulsory reading for policymakers and public commentators, who all too often lack a framework for thinking clearly about the costs and benefits of markets. The good news is that Quiggin has one—and he’s happy to share."---Richard Holden, Inside Story"This is a highly readable introduction to the intellectual framework of modern policy economics, with plenty of lively examples."---Diane Coyle, Enlightened Economist"His book would be a useful supplement to a principles of economics course, with the advantage of avoiding resort to any graphs or equations . . . . [It] provides an essential completion of the basic story . . . . It is essential reading for anyone interested in the practical side of economic policymaking."---Max B. Sawicky, Jacobin"The themes are complex, but the writing is clear, and the journey is rewarding." * BizEd *"Quiggin writes well and [this] book is full of useful erudite information."---Warwick Lightfoot, Financial World"Many economists consider ‘opp cost’ to be the single most important and fundamental concept in economics, and the discipline’s most useful contribution to the betterment of mankind. Indeed, that’s the view Professor John Quiggin, of the University of Queensland, takes in his book Economics in Two Lessons, which I recommend as the best book to introduce you to economics."---Ross Gittins, Sydney Morning Herald"Quiggin reckons with the incoherence of markets-only thinking in his masterful 2019 book Economics in Two Lessons, which explores the power, limitations and dangers of using markets to solve our problems in a thoughtful and clear way."---Cory Doctorow, Boing Boing

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Book SynopsisIntroduces Arrow's Impossibility Theorem and founded the field of social choice theory in economics and political science.Trade Review"Arrow's insightful comments on the issues underlying welfare economics are as fresh and relevant today as they were when they first appeared in 1951. They should be required reading for social scientists who concern themselves with public policy." (Douglass C. North, Washington University)"

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Book SynopsisIn this work a political scientist seeks to offer a jargon-free introduction to the market system, for all readers with or without a background in economics. He assesses the character, rules, advantages and shortcomings of the institution co-ordinating modern economic and social life.

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Book SynopsisTrade Review“A vivid portrait of an exceptional woman and a lively history of the economic and financial crises that helped make the treasury secretary and former Fed chair who she is today.” — Sylvia Nasar, #1 New York Times bestselling author of A Beautiful Mind: The Life of Mathematical Genius and Nobel Laureate John Nash “This book provides an in-depth portrait of the person Janet Yellen and teaches us how one can be effective while maintaining a moral compass in an often bitterly contentious and rapacious political landscape. It explores economic ideas and convictions, including hers and those of her husband George Akerlof and their son Robert Akerlof. Together they are an amazing family. They make this not just a biography, but an elucidation by example of the human side of our nation's economic experience." — Robert Shiller, Nobel Prize-winning economist and New York Times bestselling author of Irrational Exuberance “A captivating examination of the unusual intellectual partnership between Janet Yellen, one of the most consequential economic policy makers of the past quarter century, and her husband, George Akerlof, a path-breaking Nobel prize-winning economic thinker. Part biography, part history of ideas, the book provides a fascinating window into the ways thinking on economic policy has evolved in the last 25 years, as it charts how Janet Yellen navigated the economy through uncharted waters as it was being buffeted by a series of unprecedented shocks and boom-bust cycles. A must-read for anyone seeking to understand the current economic challenges we face.” — Liaquat Ahamed, Pulitzer Prize-winning author of Lords of Finance: The Bankers Who Broke the World “My friend George Akerlof is certainly one of the most innovative thinkers in economics today, just as Janet Yellen is unbeatable as a leader of economic policymaking. Their extraordinary contributions have been individual, but their combined vision has helped America understand itself. I am fortunate also to be close with their son, the economist Robert Akerlof, a sparkling intellectual in his own right. This is an extraordinary book, full of illuminating anecdotes and perceptive insights. A true delight to read.” — Amartya Sen, Nobel Prize-winning economist, philosopher, and author of Home in the World “A fantastic biography … I loved the book--and I suspect that people who come to it with less background might get even more out of this insightful window into the interplay of policymaking and economic ideas … I strongly recommend.” — Jason Furman, Aetna Professor of the Practice of Economic Policy, Harvard Kennedy School “Hilsenrath’s new book on Yellen and Akerlof is a gem. It’s equal parts love story and economics book … Everyone should read it.” — Austen Goolsbee, Professor of Economics, University of Chicago, Booth School of Business. “This well-researched portrait of a talented woman unfolds into a slice of American economic history.” — Booklist (starred review) "A perceptive dual biography of Janet Yellen and her husband, Nobel laureate George Akerlof. Hilsenrath draws on personal interviews and abundant published material to clearly elucidate economic theories, recount Yellen’s challenges in steering the nation through economic upheaval, and convey the warmth of the family’s life. A lucid, informative portrait." — Kirkus Reviews "Meticulous...an oft-powerful study of a key player in American economics." — Publishers Weekly "Yellen...is an elegant and erudite depiction of [Yellen and Akerlof's] intellectual voyages in pursuit of the idea that markets can fail and that sensible government action can improve people’s lives." — The Economist

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Book SynopsisThe Silicon phenomenon was, is, and will be an extremely important phenomenon in the accelerated technological, scientific, and economic development of countries and regions. Silicon Valley North (SVN) is the high tech capital of Canada, the nations most developed and dynamic technology sector, which includes multiple clusters in telecommunications, software, photonics, and life sciences. It gave birth to many well-known companies such as Corel, JDS Uniphase, Mitel, Newbridge Networks, Nortel Networks, Digital Equipment of Canada, just to mention a few. A lot of literature describes Silicon Valley and Silicon Alley in the US, Silicon Islands in Asia, and so on. Despite the quite evident importance of Silicon Valley North for the regional, national, and international technological development (especially when Nortel Networks and JDS Uniphase became global leaders in their fields and expanded in explosive fashion), this phenomenon is far from being well understood.Because of this, a bookTable of ContentsIntroduction. Beginning of the Canadian Silicon Valley. Silicon Valley North: its recent past, current state, and future. Conclusions.

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Book SynopsisThe classic economic treatise that insipired Thomas Piketty's Capital in the Twenty-First CenturyThe publication of The Wealth of Nations in 1776 coincided with America's Declaration of Independence, and with this landmark treatise on political economy, Adam Smith paved the way for modern capitalism, arguing that a truly free market - fired by competition yet guided as if by an 'invisible hand' to ensure justice and equality - was the engine of a fair and productive society. Books I - III of The Wealth of Nations examine the 'division of labour' as the key to economic growth, by ensuring the interdependence of individuals within society. They also cover the origins of money and the importance of wages, profit, rent and stocks, but the real sophistication of his analysis derives from the fact that it encompasses a combination of ethics, philosophy and history to create a vast panorama of society.This edition contains an analytical introductioTrade Review"Adam Smith's enormous authority resides, in the end, in the same property that we discover in Marx: not in any ideology, but in an effort to see to the bottom of things."--Robert L. Heilbroner

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Book SynopsisSmith''s THE WEALTH OF NATIONS was the first comprehensive treatment of political economy. Originally delivered in the form of lectures at Glasgow, the book''s publication in 1776 co-incided with America''s Declaration of Independence. These volumes include Smith''s assessment of the mercantile system, his advocacy of the freedom of commerce and industry, and his famous prophecy that America will be one of the foremost nations of the world.

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