Economic theory and philosophy Books

Book SynopsisEconomic forecasting involves choosing simple yet robust models to best approximate highly complex and evolving data-generating processes. This poses unique challenges for researchers in a host of practical forecasting situations, from forecasting budget deficits and assessing financial risk to predicting inflation and stock market returns. EconomiTrade Review"This book is an excellent and valuable one on economic forecasting for academics as well as practitioners. Specifically, the decision-theoretical approach employed by the book successfully conveys a new insight into the forecasting literature by making a clear connection between forecasting and decision-making. In addition, the book’s comprehensive arguments with numerous examples have no equal in other forecasting books."---Tatsuyoshi Okimoto, Economic Record

Read more less

Book SynopsisQuestions about the nature of money have gained a new urgency in the aftermath of the global financial crisis. Even as many people have less of it, there are more forms and systems of money, from local currencies and social lending to mobile money and Bitcoin. Yet our understanding of what money is--and what it might be--hasn't kept pace. In The SoTrade Review"An exhaustive analysis of money as a complex social process--not a thing--that will appeal to scholars in many fields."--Kirkus Reviews "Dodd presents a wide-ranging and sophisticated review and integration of the academic work related to alternative conceptions of modern money... [T]his is a richly rewarding book. Those of us accustomed to thinking of money as something we exchange for beer and pizza will never again have such a simple story."--Pietra Rivoli, Financial Times "Nigel Dodd's The Social Life of Money is fascinating."--Diane Coyle, Enlightened Economist "Exhaustively researched... Unexpected and fascinating."--BizEd "[T]his brilliant book helps reconsidering views, opinions and theoretical claims on money that might be taken for granted too easily. It is a must-read for any scholar interested in the topic as it helps to better understand the nature of money--or, of monies. Also, surely many future in-depth case studies of particular forms of money will gain enormously from this work."--Philipp Degens, LSE SociologyTable of ContentsACKNOWLEDGEMENTS IX INTRODUCTION 1 1 ORIGINS Barter 17 Tribute 23 Quantification 27 Mana 30 Language 34 Violence 43 Conclusion 46 2 CAPITAL The Contradictions of Money 51 Credit Money 55 Finance Capital 59 Primitive Accumulation 63 When Credit Fails 66 Behind the Veil 72 Seeing Double 79 Conclusion 87 3 DEBT Debt's Untold Story 94 Credit and Nothing but Credit 102 Neochartalism 106 Schumpeter's Banks 111 Minsky's Half-Century 117 Strange Money 121 Austerity Myths 126 Conclusion 132 4 GUILT Ubermensch and Eternal Return 136 Capitalism, Debt, and Religion 142 Filthy Lucre 149 Conclusion 158 5 WASTE Money, Excretion, and Heterogeneous Matter 166 Derrida's Ghosts 179 Cool Money, Living Money 189 Conclusion 204 6 TERRITORY Westfailure 216 Nomisma 222 Deterritorialization 226 Empire 237 Euroland 251 Conclusion 266 7 CULTURE Money and Cultural Alienation 273 Polanyi and the Problem of Embeddedness 278 Relational Monies 286 Scales of Value 294 A Quality Theory of Money 298 Repersonalizing Impersonal Money 305 Conclusion 310 8 UTOPIA Simmel's Perfect Money 316 Fromm's Humanistic Utopia 330 Giving Time for Time 342 Rotting Money 346 Proudhon's Bank 351 Vires in Numeris 362 Toward a Monetary Commons 372 Conclusion 381 CONCLUSION 385 BIBLIOGRAPHY 395 INDEX 421

Read more less

Book SynopsisA companion to Daron Acemoglu's textbook, "Introduction to Modern Economic Growth", this manual contains solutions to selected exercises located throughout Acemoglu's text, helping students to maximize and reinforce their understanding of the material.Table of ContentsIntroduction ix Chapter 2: The Solow Growth Model 1 Exercise 2.11 1 Exercise 2.14* 5 Exercise 2.17 7 Exercise 2.18* 10 Exercise 2.19* 11 Exercise 2.20 12 Exercise 2.23 14 Exercise 2.27 17 Chapter 3: The Solow Model and the Data 21 Exercise 3.1 21 Exercise 3.9 23 Chapter 4: Fundamental Determinants of Differences in Economic Performance 25 Exercise 4.3 25 Chapter 5: Foundations of Neoclassical Growth 27 Exercise 5.9 27 Exercise 5.11 29 Exercise 5.12 30 Exercise 5.14* 36 Chapter 6: Infinite-Horizon Optimization and Dynamic Programming 39 Exercise 6.2* 39 Exercise 6.8 39 Exercise 6.9 43 Chapter 7: An Introduction to the Theory of Optimal Control 45 Exercise 7.1 45 Exercise 7.10 47 Exercise 7.17* 47 Exercise 7.18 48 Exercise 7.21 50 Exercise 7.24* 51 Exercise 7.25 55 Exercise 7.28 56 Chapter 8: The Neoclassical Growth Model 63 Exercise 8.2 63 Exercise 8.11 64 Exercise 8.15 66 Exercise 8.19 68 Exercise 8.23 69 Exercise 8.27 73 Exercise 8.31 76 Exercise 8.33 81 Chapter 9: Growth with Overlapping Generations 87 Exercise 9.1 87 Exercise 9.6 88 Exercise 9.7 90 Exercise 9.15 93 Exercise 9.16 95 Exercise 9.17 100 Exercise 9.21 101 Exercise 9.24* 102 Exercise 9.32* 104 Chapter 10: Human Capital and Economic Growth 107 Exercise 10.2 107 Exercise 10.6 109 Exercise 10.7 113 Chapter 11: First-Generation Models of Endogenous Growth 119 Exercise 11.4 119 Exercise 11.14 125 Exercise 11.17 129 Exercise 11.18 130 Chapter 12: Modeling Technological Change 131 Exercise 12.2 131 Exercise 12.11 132 Exercise 12.13 134 Chapter 13: Expanding Variety Models 139 Exercise 13.1 139 Exercise 13.6 141 Exercise 13.7 142 Exercise 13.13* 144 Exercise 13.15 148 Exercise 13.19 150 Exercise 13.22 159 Chapter 14: Models of Schumpeterian Growth 163 Exercise 14.2 163 Exercise 14.7* 164 Exercise 14.13 167 Exercise 14.15 171 Exercise 14.18 179 Exercise 14.21* 182 Exercise 14.26 186 Chapter 15: Directed Technological Change 197 Exercise 15.6 197 Exercise 15.18 201 Exercise 15.19 212 Exercise 15.24* 216 Exercise 15.27 218 Chapter 16: Stochastic Dynamic Programming 223 Exercise 16.4* 223 Exercise 16.8 224 Exercise 16.10 224 Exercise 16.11* 225 Exercise 16.12 231 Exercise 16.14 233 Chapter 17: Stochastic Growth Models 237 Exercise 17.13 237 Exercise 17.18 240 Exercise 17.30 * 243 Chapter 18: Diffusion of Technology 249 Exercise 18.8 249 Exercise 18.13* 254 Exercise 18.16* 258 Exercise 18.21 260 Chapter 19: Trade and Growth 263 Exercise 19.2* 263 Exercise 19.3 266 Exercise 19.4* 268 Exercise 19.11* 270 Exercise 19.25* 273 Exercise 19.26 * 274 Exercise 19.27 * 279 Exercise 19.28 284 Exercise 19.29 285 Exercise 19.33 289 Chapter 20: Structural Change and Economic Growth 293 Exercise 20.3 293 Exercise 20.5 294 Exercise 20.6 296 Exercise 20.8 296 Exercise 20.9* 299 Exercise 20.17 299 Exercise 20.19* 305 Chapter 21: Structural Transformations and Market Failures in Development 309 Exercise 21.1 309 Exercise 21.6 311 Exercise 21.12 315 Chapter 22: Institutions, Political Economy and Growth 323 Exercise 22.2 323 Exercise 22.3 326 Exercise 22.8 328 Exercise 22.16 329 Exercise 22.17 335 Exercise 22.22* 338 Exercise 22.27 343 Chapter 23: Institutions, Political Economy and Growth 351 Exercise 23.12 351 References 361

Read more less

Book SynopsisAn authoritative look at the microeconomics of entrepreneurshipEntrepreneurs are widely recognized for the vital contributions they make to economic growth and general welfare, yet until fairly recently entrepreneurship was not considered worthy of serious economic study. Today, progress has been made to integrate entrepreneurship into macroeconomics, but until now the entrepreneur has been almost completely excluded from microeconomics and standard theoretical models of the firm. The Microtheory of Innovative Entrepreneurship provides the framework for introducing entrepreneurship into mainstream microtheory and incorporating the activities of entrepreneurs, inventors, and managers into standard models of the firm.William Baumol distinguishes between the innovative entrepreneur, who comes up with new ideas and puts them into practice, and the replicative entrepreneur, which can be anyone who launches a new business venture, regardless of whether similaTrade Review"Even as innovative entrepreneurship has emerged as the goal for policymakers around the globe, economists have struggled to find its proper place in microtheory. No more. In this pathbreaking new book, William Baumol provides the blueprint for understanding the crucial role of entrepreneurship and its contribution to innovation and ultimately economic growth. This lively and thoughtful book highlights the distinct role entrepreneurs play in the economy and reveals why the entrepreneur can no longer remain the invisible man in economic theory."—David B. Audretsch, author of The Entrepreneurial Society"Baumol is one of the giants in the entrepreneurship field. The Microtheory of Innovative Entrepreneurship will be widely read, discussed, and debated, and is likely to have a significant impact on the scholarly conversation."—Peter G. Klein, University of Missouri"This book is a timely and valuable contribution to the economics of entrepreneurship. Baumol's ambitious goal is to give the entrepreneur his rightful place in economic theory. He demonstrates that, contrary to conventional thinking, the elusive figure of the entrepreneur is indeed amenable to logical economic analysis."—Simon C. Parker, University of Western OntarioTable of ContentsList of Figures and Tables ix PREFACE: The Innovative Entrepreneur in Dynamic Microtheory xi INTRODUCTION: Bringing Entrepreneurship and Innovation into the Theory of Value 1 CHAPTER 1: Entrepreneurship in Economic Theory: Reasons for Its Absence and Goals for Its Restoration 9 PART I: Pricing, Remuneration, and Allocation of the Agents of Innovation CHAPTER 2: Toward Characterization of the Innovation Industry: The David-Goliath Symbiosis 25 CHAPTER 3: Entrepreneurship, Invention, and Pricing: Toward Static Microtheory 36 CHAPTER 4: Oligopolistic "Red Queen" Innovation Games, Mandatory Price Discrimination, and Markets in Innovation 57 PART II: Welfare Theory: Technology Transfer, Imitation, and Creative Destruction CHAPTER 5: Optimal Innovation Spillovers: The Growth-Distribution Trade-off 77 CHAPTER 6: Enterprising Technology Dissemination: Toward Optimal Transfer Pricing and the Invaluable Contribution of "Mere Imitation" 101 CHAPTER 7: The Entrepreneur and the Beneficial Externalities of Creative Destruction 128 PART III: Institutions, Payoffs, and the Entrepreneur's Choice of Activity: Historical Origins CHAPTER 8: Economic Warfare as a "Red Queen" Game: The Emergence of Productive Entrepreneurship 139 CHAPTER 9: On the Origins of Widespread Productive Entrepreneurship 152 CHAPTER 10: The Allocation of Entrepreneurship Does Matter 165 CHAPTER 11: Mega-enterprising Redesign of Governing Institutions: Keystone of Dynamic Microtheory 172 CHAPTER 12: Summing Up: Yes, the Theory of Entrepreneurship Is on Its Way 188 Notes 197 References 225 Index 237

Read more less

Book SynopsisWhether dealing with contracts, tort actions, or government regulations, lawyers are more likely to be successful if they are conversant in economics. This title provides the essential tools to understand the economic basis of law. It focuses on a few key concepts and shows how they play out in numerous applications.Trade Review"Economics for Lawyers provides systematic instruction in economic theory relevant to law, starting with indifference curves and working its way through the basics of game theory... [It] is a very good textbook. It is comprehensive, well-organized, clearly written, and very usable... [T]he focus of the book is unique; I know of no other book that attempts to do the same thing."--G. Thomas Woodward, The Federal LawyerTable of ContentsIntroduction xv What Makes This Book Different xvii Recommended Supplementary Reading xviii Chapter 1: Finding the Optimal Use of a Limited Income 1 I. INDIFFERENCE CURVES 1 A. The Main Question 1 B. Indifference Curves Slope Downward 2 C. Other Things to Know about Indifference Curves 4 II. GAINS FROM TRADE USING THE EDGEWORTH BOX DIAGRAM 6 A. Construction of the Box 8 B. Pareto Superior Trades 10 C. The Contract Curve: Pareto Optimal Allocations 12 III. THE BUDGET LINE: THE ESSENCE OF THE ECONOMIC PROBLEM 14 A. Impact of Income Changes 16 B. Impact of Price Changes 16 IV. CONSUMER CHOICE: THE OPTIMUM USE OF A LIMITED INCOME 16 A. Determining the Optimal Solution 16 B. Portraying an Exact Solution 18 C. How a Change in Income Affects Choice 19 D. The Impact of a Price Change on the Optimum Solution 20 V. THE COMPENSATION PRINCIPLE: THE DOLLAR VALUE OF CHANGES IN UTILITY 20 A. Valuing the Utility Change from a Price Reduction 20 B. Anatomy of a Price Change: Income and "Price" Effects 23 VI. APPLICATIONS OF THE COMPENSATION PRINCIPLE 24 A. Buckley's Tulips and Mums Problem 24 B. Dominic's Report Card and Computer Games 33 Chapter 2: Demand Curves and Consumer Surplus 41 I. FROM INDIFFERENCE CURVES TO DEMAND CURVE 41 II. CONSUMER SURPLUS 46 A. An Intuitive Way to Understand Consumer Surplus 47 B. Using the Compensation Principle 49 C. Checking Back with the Indifference Curve Map 51 III. MARKET DEMAND CURVE 52 A. Consumer Surplus When Demand Curves Are Linear 55 B. Complements and Substitutes 57 C. Changes in Income 59 IV. DEMAND ELASTICITY 59 A. Calculating the Elasticity for a Linear Demand Curve 60 B. Relation of Elasticity to Total Revenue 63 C. Long-run versus Short-run Elasticity 67 V. APPLICATION: IMPOSITION OF A TAX 68 A. Showing the Distortion on Indifference Curves 68 B. Efficiency in a Kaldor-Hicks Sense 70 C. Showing the Distortion on the Demand Curve 73 D. Tax Burden: Application of Demand Elasticity 76 APPENDIX: CONSUMER SURPLUS AND UNCOMPENSATED DEMAND CURVES 80 Chapter 3: Supply Curves and the Flow of Resources Also Sunk Cost, Opportunity Cost, and Transactions Cost 82 I. THE WORLD MARKET FOR NICKEL 83 A. The Supply of Nickel with No Fixed Costs 83 B. Producer Surplus 85 C. The World Price for Nickel 86 D. Surpluses in Market Equilibrium 88 II. THE SOLUTION WITH FIXED COSTS AND MANY FIRMS 89 A. Constructing the Cost Curves 90 B. Sustainable Price: Equilibrium in a Long-run Sense 94 III. MARKET EQUILIBRIUM: ENTRY, EXIT, AND COMPETITIVE RETURNS 95 A. How to Evaluate the Sustainability of a Market Price 95 B. The Dynamics of Entry 96 C. The Concept of Long-run Supply 99 IV. PRODUCER SURPLUS, LONG AND SHORT RUN, AND ECONOMIC RENT 100 A. Producer Surplus in a Short-run Sense 100 B. The Concept of "Rent" 101 C. The Dynamics of an Increase in Rent 103 D. Portraying the Solution in the Market for Litigation Services 104 E. The Long-run Supply Curve 107 V. BRINGING IT ALL TOGETHER: RECONSIDERING A TAX ON ONE GOOD 111 A. Short-run Impact of the Tax 111 B. Long-run Impact of the Tax 113 VI. A FEW MISCELLANEOUS COST ISSUES 115 A. Sunk Cost 115 B. Opportunity Cost 120 C. Transactions Cost 122 APPENDIX: SHORT- AND LONG-TERM IMPACT OF A SUBSIDY 125 Chapter 4: Using Demand and Supply Curves to Evaluate Policy 127 I. SHIFTS IN DEMAND AND SUPPLY CURVES 128 II. IMPACT OF A MAXIMUM PRICE: THE CASE OF GASOLINE 131 A. Setting Up the Problem 131 B. The Queue for Gasoline 133 C. The Social Cost of the Queue 135 D. A First Lesson in Property Rights 137 E. A Candidate for an Even More Inefficient Solution: Regulation 139 III. THE ECONOMICS OF THE MINIMUM WAGE 140 A. Unskilled Workers Still Employed Gain Rent 141 B. Some Low-rent Workers Displace Some High-rent Workers 142 C. High-rent Workers Outhustle Low-rent Workers 143 D. Rent to Unskilled Workers 146 E. Effort Adds Value, Which Attenuates Job Losses 147 F. A Note on Unions 148 IV. PRICE SUPPORTS 148 A. Restriction on Output 149 B. No Restriction on Supply 151 Chapter 5: The Economics of Monopoly 153 I. THE PRICE DECISION 154 A. The Rule for Finding the Profit-maximizing Price 154 B. Finding the Optimal Price 156 C. Characteristics of the Monopoly Solution 159 II. THE SOCIAL COST OF MONOPOLY 161 A. Deadweight Loss 161 B. Market for Monopoly 163 C. Rent Erosion 164 III. MONOPOLY PRICE DISCRIMINATION 170 A. Two Markets: Ice Cream Monopoly 170 B. Perfect Price Discrimination 173 C. Other Ways to Extract Consumer Surplus 174 IV. PRICE DISCRIMINATION IN COMPETITIVE MARKETS 176 A. Movie Theaters 176 B. Other Examples 180 V. COMPETITION OF THE FEW 183 A. Cheating 184 B. Prisoner's Dilemma 185 APPENDIX A: PRICE DISCRIMINATION IN THE MILK MARKET 188 A. How Milk Regulations Work 188 B. The Social Cost of Regulation 191 APPENDIX B: THE MOVIE THEATER COST STRUCTURE 193 Chapter 6: Public Goods and Common Resources Toward Understanding the Economics of Property Rights 194 I. AN INTRODUCTION TO PUBLIC GOODS 195 II. INNOVATIONS: CLASSIC PUBLIC GOODS 199 A. The Solution in an Ideal World 200 B. Patent Awards 203 C. How the Patent System Affects Societal Surplus 204 D. The Patent Quandary 208 E. Other Ideas about Patents 212 III. CONTRACTS UNDER DURESS: THE COMMON RESOURCE PROBLEM 214 A. Honor the Contract 216 B. Nullify the Contract and Impose a Reasonable Settlement 217 C. The Optimal Settlement Rule 217 D. The Main Problem: Setting Average Value to Marginal Cost 220 E. Another Way to Think about the Problem 221 IV. THE SOURCE OF RENT EROSION: POORLY DEFINED PROPERTY RIGHTS 222 Chapter 7: Externalities The Coase Theorem 228 I. WHY EXTERNALITY ISSUES ARE DIFFERENT 228 II. AIRPORT NOISE 230 A. Setting Up an Externality Model 230 B. There Is No Costless Solution to an Externality Problem 233 C. The Socially Optimum Level of Externality 234 III. THE COASE THEOREM 235 A. Airlines Own Noise Rights 235 B. Homeowners Own Noise Rights 236 C. What If Transactions Costs Are Not Zero? 237 D. Corrective Taxes 240 IV. ALLOWING FOR NOISE ABATEMENT 241 A. Stylized Abatement Technology 242 B. A Corrective Tax with Abatement 244 C. Coase with Abatement 245 D. Tradable Noise Permits 245 E. What If Homeowners Can Abate Some Noise? 246 Chapter 8: Pollution in the Workplace: Contract or Externality? An Introduction to the Rules of Law 247 I. COMPENSATION FOR EXPOSURE TO AIR PARTICULATES 248 A. Setting Up the Air Particulate Problem 249 B. The Demand for Clean Air 249 C. The Supply of Clean Air 250 D. The Socially Optimal Amount of Clean Air 251 II. HOW DO WE OBTAIN THE SOCIALLY EFFICIENT SOLUTION? 251 A. A Contract Solution (Buyer Beware) 251 B. Regulatory Solution 252 C. Strict Liability Standard 253 III. THE COMPENSATION PRINCIPLE AND ECONOMIC DAMAGES 254 A. Torts Are the Flip Side of Contracts 255 B. What If Judgment Amounts Are Not Economic Damages? 258 C. Transactions Costs Again 260 D. Value of Life in a Contract Setting 261 E. Value of Life in a Liability Setting 262 IV. NEGLIGENCE STANDARDS 267 A. An Efficient Negligence Standard 267 B. What If Workers Can Reduce Harm Themselves? 268 C. Contributory Negligence 269 D. Comparative Negligence 269 E. Strict Liability with Contributory Negligence 270 APPENDIX A: THE DECISION TO SMOKE AND RULES OF LAW 272 APPENDIX B: DRIVING AND ACCIDENTS 276 APPENDIX C: ABATEMENT WITH MASKS 280 Chapter 9: Lemons Markets and Adverse Selection Signals, Bonds, Reputation, and Tie-ins as Solutions 282 I. THE "LEMONS" MARKET PROBLEM 284 A. How a "Lemons" Market Arises 284 B. A Market for Information 287 II. BONDING A PROMISE OF HIGH QUALITY 288 A. Reputation Value 289 B. Quality Assurance Premium: Where Does Reputation Value Come From? 290 C. Specialized Investments 293 D. Advertising 295 E. Warranties 297 III. PROBLEMS WHEN THE SELLER IS UNINFORMED: ADVERSE SELECTION 299 A. Temporal Adverse Selection 300 B. Cross-section Adverse Selection 302 C. Some Market Solutions 305 D. A "Tie-in" Contract 307 E. The Employment Contract as a Tie-in 308 IV. ADVERSE SELECTION IN THE JOB MARKET 313 APPENDIX: AUCTIONS AS APPLICATIONS OF DEMAND THEORY AND BONDING 316 Chapter 10: Sorting as a Solution to Asymmetric Information Coaxing Market Participants to Divulge Valuable Information 321 I. BONDS THAT ALSO PERFORM SORTING: THE BECKER-STIGLER POLICE MODEL 324 A. A Becker-Stigler Pension Bond 324 B. An Indenture Premium 328 C. How Does the Bond Create a Sort? 328 D. An Alternative Bond: An Efficiency Wage 330 E. Putting the Two Bonds Together 332 II. THE SPENCE MODEL OF SORTING 334 A. The Idea in Brief 334 B. Application to Law School 335 C. Pursuing the Model One Step Further 335 III. OTHER SORTING DEVICES IN THE LABOR MARKET 336 A. The Not-so-free Free Sick Leave 336 B. Sorting on the Basis of Discount Rates 338 C. 401(k) Pension Plans: Another Sort on the Basis of Discount Rates 341 D. A Postscript on Becker-Stigler: Role of High Discounters 342 IV. MORE EXAMPLES OF SORTS AND BONDS 344 A. Slotting Allowances 344 B. Preparing for a Job Interview 345 Chapter 11: Moral Hazard and Agency Problems When Mispricing Affects Behavior 348 I. NOMENCLATURE 349 II. MORAL HAZARD 350 A. A Simple Water Meter Example 351 B. The Moral Hazard of Insurance 351 C. The Proverbial Free Lunch 354 D. Limits on Moral Hazard 356 E. Moral Hazard Is Not Necessarily a "Showstopper" 360 III. PRECOMMITMENT AS A SOLUTION TO EX POST MORAL HAZARD: THE CASE OF HEALTH INSURANCE 362 A. The Moral Hazard Problem 362 B. Consumer Surplus 364 C. Contracting for Efficient Care 366 D. What Happens If the ERISA Preemption Is Eliminated 367 IV. AGENCY COST: A CLOSE COUSIN TO MORAL HAZARD 369 A. What Are Agency Costs? 369 B. Examples of Agency Costs 369 V. AGENCY COSTS AND RENT EROSION: THE CASE OF TORT LAWYERS 375 A. The Reimbursement System 375 B. The Principal-Agent Problem 375 C. Implications of Rent Erosion 377 Chapter 12: Game Theory and Related Issues Strategic Thinking When Players Are Few and Information Is Poor 380 I. THE DATING GAME: BASIC CONCEPTS IN GAME THEORY 381 A. How the Game Works 381 B. Outcomes with Different Payoffs 385 C. Where Is Coase? The Role of the Cooperative Solution 389 II. BEYOND THE DATING GAME: OTHER PRACTICAL APPLICATIONS 389 A. Games in the Hiring Process 390 B. Irrational Behavior: What If Signals Are Crossed? 393 C. Dick Gets Mugged in the Park 395 III. INSTITUTIONS AND COOPERATIVE OUTCOMES 397 A. The Prisoner's Dilemma Reconsidered 397 B. Solving the Common Resource Problem: Holdups in the Building Trades 398 C. Solving the Public Goods Collection Problem: Protection for the Neighborhood 400 V. HOW LEGAL STANDARDS CHANGE THE PAYOFFS 401 A. Drivers and Cyclists 401 B. A Noise Problem 403 V. APPLICATIONS TO QUASI-MONOPOLY MARKETS: SOME SIMPLE GAME THEORY MODELS 407 A. The Cournot Model 408 B. Sequential Decision: Stackelberg 411 C. A Tit-for-tat Strategy 413 B. Index 417

Read more less

Book SynopsisThe recent economic crisis was a dramatic reminder that capitalism can both produce and destroy. It's a system that by its very nature encourages predators and creators, locusts and bees. But, as Geoff Mulgan argues in this compelling, imaginative, and important book, the economic crisis also presents a historic opportunity to choose a radically diTrade Review"[I]nteresting and thought-provoking."--Frank Dillon, Irish Times "Geoff Mulgan's The Locust and the Bee is an important contribution to this field."--John Lloyd, Financial Times "There is much in Mulgan's analysis that will repay careful scrutiny... The Locust and the Bee abounds with arresting observations of this kind and no one will finish the book without having learned something new and important."--John Gray, New Statesman "Mulgan is my former boss, but that doesn't stop me from saying that what he writes is always rewarding because he intellectually coaxes you into believing--however fleetingly--that a rotten system doesn't have to be this way."--Yvonne Roberts, Observer "[E]xcellent."--Frank Pasquale, Concurring OpinionsTable of ContentsChapter 1- After Capitalism 1 Chapter 2 - Barren and Pregnant Crises 17 Chapter 3 - The Essence of Capitalism 28 Chapter 4 - To Take or to Make 52 *The Roles of Creators and Predators Chapter 5 - Capitalism's Critics 79 Chapter 6 - Anticapitalist Utopias and Neotopias 104 Chapter 7 - The Nature of Change 116 *How One System Becomes Another Chapter 8- Creative and Predatory Technology 145 Chapter 9 - The Rise of Economies Based on Relationships and Maintenance 172 Chapter 10 - Capitalism's Generative Ideas 198 Chapter 11 - New Accommodations 230 *or How Societies (Occasionally) Jump Chapter 12 - Outgrowing Capitalism 280 Notes 289 Acknowledgments 321 Index 323

Read more less

Book SynopsisExplains the foundations of Bayesian decision theory and shows why Savage restricted the theory's application to small worlds. This title discusses the various philosophical attitudes related to the nature of probability and offers resolutions to paradoxes believed to hinder further progress.Trade Review"This short, ambitious book is intended to appeal to the presumed curiosity of economists, statisticians, and philosophers as to what constitutes rationality in scientific induction. Binmore, a game theorist aware of the daunting complexity of his subject matter for nonspecialists, has gone to great pains in making his work accessible, even offering marginal symbols to indicate the substantial portions of the text best avoided by readers lacking the author's appetite for mathematical data."--Choice "Rational Decisions contains a wealth of stimulating arguments and thought-provoking claims. It would be an excellent text for an advanced seminar in decision theory, particularly for students with a solid technical background. And no economist, philosopher or political scientist seriously interested in theories of rational decision-making can afford to ignore Binmore's controversial and iconoclastic claims."--Jose Luis Bermudez, Economics and Philosophy "[T]he book constitutes an interesting contribution to this area of research rewarding for philosophers, economists, psychologists, and mathematicians alike."--Reinhard Slick, Mathematical Reviews "It is an original and stimulating book. I enjoyed it very much, and expect that you may too."--Brian Skyrms, British Journal for Philosophy of ScienceTable of ContentsPreface ix Chapter 1: Revealed Preference 1 1.1 Rationality? 1 1.2 Modeling a Decision Problem 2 1.3 Reason Is the Slave of the Passions 3 1.4 Lessons from Aesop 5 1.5 Revealed Preference 7 1.6 Rationality and Evolution 12 1.7 Utility 14 1.8 Challenging Transitivity 17 1.9 Causal Utility Fallacy 19 1.10 Positive and Normative 22 Chapter 2: Game Theory 25 2.1 Introduction 25 2.2 What Is a Game? 25 2.3 Paradox of Rationality? 26 2.4 Newcomb's Problem 30 2.5 Extensive Form of a Game 31 Chapter 3: Risk 35 3.1 Risk and Uncertainty 35 3.2 Von Neumann and Morgenstern 36 3.3 The St Petersburg Paradox 37 3.4 Expected Utility Theory 39 3.5 Paradoxes from A to Z 43 3.6 Utility Scales 46 3.7 Attitudes to Risk 50 3.8 Unbounded Utility? 55 3.9 Positive Applications? 58 Chapter 4: Utilitarianism 60 4.1 Revealed Preference in Social Choice 60 4.2 Traditional Approaches to Utilitarianism 63 4.3 Intensity of Preference 66 4.4 Interpersonal Comparison of Utility 67 Chapter 5: Classical Probability 75 5.1 Origins 75 5.2 Measurable Sets 75 5.3 Kolmogorov's Axioms 79 5.4 Probability on the Natural Numbers 82 5.5 Conditional Probability 83 5.6 Upper and Lower Probabilities 88 Chapter 6: Frequency 94 6.1 Interpreting Classical Probability 94 6.2 Randomizing Devices 96 6.3 Richard von Mises 100 6.4 Refining von Mises' Theory 104 6.5 Totally Muddling Boxes 113 Chapter 7: Bayesian Decision Theory 116 7.1 Subjective Probability 116 7.2 Savage's Theory 117 7.3 Dutch Books 123 7.4 Bayesian Updating 126 7.5 Constructing Priors 129 7.6 Bayesian Reasoning in Games 134 Chapter 8: Epistemology 137 8.1 Knowledge 137 8.2 Bayesian Epistemology 137 8.3 Information Sets 139 8.4 Knowledge in a Large World 145 8.5 Revealed Knowledge? 149 Chapter 9: Large Worlds 154 9.1 Complete Ignorance 154 9.2 Extending Bayesian Decision Theory 163 9.3 Muddled Strategies in Game Theory 169 9.4 Conclusion 174 Chapter 10: Mathematical Notes 175 10.1 Compatible Preferences 175 10.2 Hausdorff's Paradox of the Sphere 177 10.3 Conditioning on Zero-Probability Events 177 10.4 Applying the Hahn-Banach Theorem 179 10.5 Muddling Boxes 180 10.6 Solving a Functional Equation 181 10.7 Additivity 182 10.8 Muddled Equilibria in Game Theory 182 References 189 Index 197

Read more less

Book SynopsisIncentives can be found everywhere - in schools, businesses, factories, and government - influencing people's choices about almost everything, from financial decisions and tobacco use to exercise and child rearing. This title shows that, like all other forms of power, incentives can be subject to abuse.Trade ReviewOne of Choice's Outstanding Academic Titles for 2012 "Strings Attached is a thoughtful ... look at the encroaching power of the market and its mechanisms in a range of human activity. What does it mean to see life as a series of transactions? The question is relevant far beyond the book's specific examples."--Nancy F. Koehn, New York Times "We're used to relying on incentives. Academics face an incentive to publish papers, hedge fund managers have incentives to earn money for their clients, and if we don't pay our taxes we face the threat of sanctions, fines, and jail. The contribution of Ruth W. Grant in Strings Attached is to question the morality of these arrangements and their ubiquity in our lives."--Tyler Cowen, Science "Increasingly, authorities mistake freedom for choice... They manipulate, demean and corrupt in the name of a 'freedom' that is no freedom at all. [Grant's] ideas may or may not result in better public policy. But they ought to give us a richer idea of freedom."--Christopher Caldwell, Financial Times "I regard the book as illuminating. It may not give us all the right answers, but shows us how to ask all the right questions."--Jason Brennan, Public Choice "[This book] ought to appeal to ... everyone who wants a say over his or her own life and possesses a healthy skepticism towards schemes of stealthy power."--Andrew Sabl, Society "Increasingly, authorities mistake freedom for choice, Prof. Grant believes. They manipulate, demean and corrupt in the name of a 'freedom' that is no freedom at all. Her ideas may or may not result in better public policy. But they ought to give us a richer idea of freedom."--Christopher Caldwell, Financial Times "In a very interesting, helpful new book, Strings Attached, author Ruth W. Grant deals with incentives in all kinds of situations."--Psychology Today "In Strings Attached, Ruth W. Grant examines the history, language, and ethics of incentives, both in the workplace and the realm of public policy. Grant, a professor at Duke, considers incentives to be a form of power, right alongside force and persuasion as methods people can use to get someone else to do what they want."--Biz Ed Magazine "Grant examines the ethical implications of incentives, which she sees as a form of power... Grant's conclusion is an excellent summary of the deeper democratic values threatened by unanalyzed use of incentives in public policy. This is an important contribution to both ethics and public policy."--Choice "This book offers useful guidance about how to devise better incentives that direct people toward good choices without manipulating them."--Robert Mayer, Ethics "In Strings Attached, Grant provides a rich and nuanced analysis of the issue of incentives, while still being accessible for a general public interested in the subject. Not specifically aimed at a specialized academic readership, the book nonetheless provides a thorough historical, ethical, and political perspective on incentives that should prove of interest to scholars in bioethics."--Maude Laliberte, Bioethical Inquiry "Strings Attached makes you think ... and above all, [it is] timely. [It] contribute[s] something substantial ... and serve[s] as a reminder that the morality of markets and incentives is never a settled matter."--Raphael Calel, Economics and Philosophy "[I]n its assault on economic perspectives, it packs a powerful punch. And from start to finish, the lucidity and grace of the exposition are unconditionally admirable: I never fear that I can't figure out what Grant is saying, and these days too many theory books make me fearful in just that way. This clarity means the book would be a complete winner in the classroom."--Don Herzog, Political TheoryTable of ContentsPreface ix Acknowledgments xv CHAPTER ONE: Why Worry about Incentives? 1 CHAPTER TWO: Incentives Then and Now The Clock and the Engineer 14 CHAPTER THREE: "Incentives Talk" What Are Incentives Anyway? 31 CHAPTER FOUR: Ethical and Not So Ethical Incentives 45 CHAPTER FIVE: Applying Standards, Making Judgments 60 CHAPTER SIX: Getting Down to Cases --Plea Bargaining 76 --Recruiting Medical Research Subjects 86 --IMF Loan Conditions 101 -- Motivating Children to Learn 111 CHAPTER SEVEN: Beyond Voluntariness 123 CHAPTER EIGHT: A Different Kind of Conversation 133 Notes 141 References 171 Index 189

Read more less

Book SynopsisIn the century after "Adam Smith's Wealth of Nations", the British economy was transformed. This title considers how grand ideas about the connections between individual liberty, free markets, and social and economic justice sometimes attributed to Smith are as much the product of gradual modifications and changes wrought by later writers.Trade ReviewWinner of the 2011 David and Elaine Spitz Prize, International Conference for the Study of Political Thought "This is an important, sound analysis of the interrelation between political and economic theory in the century after Adam Smith... This book exemplifies the best contemporary work on the nexus of political and economic theory."--Choice "Milgate and Stimson produce a very careful and detailed analysis of early economists' ideas on issues shaping the modern concept of the political order, in the process displaying a rich array of competing ideas... [T]his book provides a striking perspective on classical political economy. The reader will benefit from some prior familiarity with Smith, Malthus, Ricardo and J. S. Mill, along with the Utilitarians."--Donald Frey, EH.net (Economic History Association) "In the last decade, scholars have moved away from the interpretation of Smith as a simple economic determinist who espoused lasissez-faire economics, and Milgate and Simpson have advanced their undertaking immensely with this book."--Donald Stabile, Australian Economic History Review "Milgate and Stimson have undertaken ... enormous scholarship in writing their book. Scholars and students of the history of economic ideas, as well as of the history of political economy and political thought in nineteenth-century Europe can benefit enormously from this book."--Farhad Rassekh, History of Economic IdeasTable of ContentsPreface vii CHAPTER ONE: Introduction 1 CHAPTER TWO: Adam Smith's Political Odyssey 10 CHAPTER THREE: The Rise and Fall of Civil Society 33 CHAPTER FOUR: Economic Life and Political Life 60 CHAPTER FIVE: The Economic Machine and the Invisible Hand 77 CHAPTER SIX: The Figure of Smith 97 CHAPTER SEVEN: Population and Political Economy 121 CHAPTER EIGHT: Utility, Property, and Political Participation 139 CHAPTER NINE: Economic Opinion on Parliamentary Reform 160 CHAPTER TEN: Utopias and Stationary States 186 CHAPTER ELEVEN: Labour Defended 217 CHAPTER TWELVE: Individual Liberty and the Liberty of Trade 237 CHAPTER THIRTEEN: Two Critiques of Classical Political Economy 258 References 269 Index 299

Read more less

Book SynopsisPresents the author's lecture notes for the first part of his well-known graduate course in microeconomics. In this edition, the author retains the striking originality and deep simplicity that characterize his famously engaging style of teaching.Trade Review"Rubinstein's very original work could be considered, in a certain sense, the personification of the co-operative and open ghost professor appearing in the student's home or dorm room while the student is reading, waiting patiently and speaking only if asked... [V]ery thought-provoking."--Adam Torok, Acta OeconomicaTable of ContentsPreface vii Introduction ix Lecture 1. Preferences 1 Problem Set 1 10 Lecture 2. Utility 12 Problem Set 2 20 Lecture 3. Choice 23 Problem Set 3 41 Lecture 4. Consumer Preferences 45 Problem Set 4 58 Lecture 5. Demand: Consumer Choice 60 Problem Set 5 73 Lecture 6. Choice over Budget Sets and the Dual Consumer 75 Problem Set 6 82 Lecture 7. The Producer 85 Problem Set 7 92 Lecture 8. Expected Utility 94 Problem Set 8 104 Lecture 9. Risk Aversion 107 Problem Set 9 119 Lecture 10. Social Choice 121 Problem Set 10 128 Review Problems 131 References 147 Index 151

Read more less

Book SynopsisIn the graveyard of economic ideology, dead ideas stalk the land. This title explains how these dead ideas walk among us - and why we must find a way to kill them once and for all if we are to avoid an even bigger financial crisis in the future.Trade ReviewCo-Winner of the 2012 Gold Medal Book Award in Economics, Axiom Business "Entertaining and thought-provoking... [W]orks as a good summary for non-specialists of how the economics debate has developed."--Philip Coggan, Economist "Lucid, lively and loaded with hard data, passionate, provocative and ... persuasive... (Zombie Economics) should be required reading, even for those who aren't Keynesians or Krugmaniacs."--Glenn C. Altschuler, Barron's "The financial crisis has disproved many cherished tenets of 'market liberalism', such as the 'Efficient Markets Hypothesis', yet these zombie ideas still shamble through newspapers and journals. Enter economist Quiggin, calmly wielding dual shotguns to blast them relentlessly in the face... As Quiggin explains with elegance, lucidity and deadpan humour, the undead ideas here are interconnected: killing one causes it to knock over another in a sort of zombie-dominoes effect."--Guardian "Quiggin is a writer of great verve who marshals some powerful evidence."--Financial Times (FT Critics Pick 2010) "Zombie Economics is ... a highly readable and sobering assessment of the role played by discredited economic ideas in the global financial and economic meltdown of 2008-09. Quiggin delves deeply into the origins and development of all the star culprits so loved by the economic right in recent decades: from the efficient markets hypothesis to privatization and Real Business Cycle Theory. None has stood up to the stern test posed by real markets and economies in crisis. Yet most live on, still featured in many curriculums and advocated by those academics who have staked their careers on them."--Globe & Mail "It's hard to resist a book called Zombie Economics, and University of Queensland professor John Quiggin makes his tale as compelling as his title... It's the rare read that's both thoughtful and fun."--Biz Ed Magazine "[C]ogent and readable."--Nation "Apparently some economists have a sense of humor, dismal though it may be. Quiggin uses the 2008 global financial crisis as the focal point for examining five core macroeconomic and financial theories that have been--to use zombie terminology--killed by our current predicament... Economics students and interested lay readers will find this valuable."--Library Journal "Erroneous economic ideas resemble the living dead, writes John Quiggin in his smart new book Zombie Economics. They are dangerous yet impossible to kill. Even after a financial crisis buries them, they survive in our minds and can rise unbidden from the necropolis of ideology."--James Pressley, Bloomberg News "I haven't done justice to Quiggin's book, so if you're interested in a readable exposition of the exploits of academic economists over the past 35 years I recommend it highly. It's the story of how economists forgot much of what they knew. Please, guys, don't do that again."--Ross Gittins, Sydney Morning Herald "As well as exposing how these flawed ideas brought on the global crisis and how they live on, Quiggin offers his view on a new way forward in economic theory. It's time to bury the zombie."--Fiona Capp, The Age "From the so-called 'great moderation' concept to the implications of the efficient markets hypothesis, Quiggin does an excellent job summarizing each zombie idea and explaining why it is discredited in a simple (but not simplistic) manner."--Choice "Cleverly titled, with a wonderful and very un-academic cartoon cover and written without excessive jargon, Zombie Economics provides an elegant critical introduction and analysis of some of the key ideas of modern economic thought."--Satyajit Das, Naked Capitalism blog "Put a bullet through the decaying brain of walking-dead economics by reading Quiggin."--Seth Sandronsky, SN&R "Peppered with humorous quotations, theory and history, Quiggin has assembled a compelling read about the misguided intellectual economic assumptions of the last forty years and also gives possible solutions to our current financial dilemma."--Ted Stamas, Bullfax.com "This book is certainly a good read for anyone eager to know why it is urgent that economists come up with a socially useful body of thought or suggestions."--Shanghai Daily "[A]n excellent new book."--Jessica Irvine, Sydney Morning Herald "When I put on my economist's hat, I admire my field's ability to publicly hang its soiled laundry in public. I encourage my colleagues in sociology, psychology, and management to read this book and leverage it to lead to a more integrated social science and, perhaps, a more socially aware economic science"--.Brent Goldfarb, Administrative Science Quarterly "Quiggin manages to be argumentative, accurate, straight forward and convincing, while on occasion humorous. Certainly a good companion for anyone hoping to navigate the swamps of messy, and failed economic ideas."--Sarthak Shankar, Organiser "If we're lucky, there will be more books like this one, criticizing 'market liberal' economics (neoliberalism or laissezfaire) from the left. John Quiggin ... presents a learned and frankly social-democratic attack on market liberalism."--James G. Devine, Science & Society "[T]his book, which is written for a general audience and is highly informative and entertaining."--Gaurab Aryal, Economic Record

Read more less

Book SynopsisThis book originated from a 2010 conference marking the fortieth anniversary of the publication of the landmark "Phelps volume," Microeconomic Foundations of Employment and Inflation Theory, a book that is often credited with pioneering the currently dominant approach to macroeconomic analysis. However, in their provocative introductory essay, RomaTrade Review"The 1970 Phelps volume has been extremely influential in macroeconomics. Three of its contributors went on to win Nobel prizes for work detailed in the book, and it inspired many others who contributed to the small equilibrium models that became the workhorses of macroeconomics. Yet virtually all of these models use the assumption of rational expectations. In this new volume, Phelps and Roman Frydman assemble a new group of scholars to critique the work based on rational expectations. Phelps and Frydman argue that rational expectations destroyed one of the key premises of the original book—that independent expectations are critical for understanding macroeconomic phenomena. The contributors to this follow-up volume make a convincing case for the failure of several models with rational expectations, and present thought-provoking alternatives. Their efforts to build macroeconomic models without the rational expectations hypothesis might have the impact in their areas of research that the original volume had."—Christopher Pissarides, Nobel Laureate in Economics"Microeconomic Foundations of Employment and Inflation Theory, edited by Edmund Phelps forty years ago, established the concept of 'micro foundations' as an essential macroeconomics idea. Later, 'rational expectations' was added as the second pillar of the current standard macro model. Recent events have challenged the validity of that model. This new Phelps volume, coedited with Roman Frydman, challenges and offers alternatives to the second pillar while retaining the first. It is a must-read for anyone interested in modern economic thought and its implications for policy."—Dale Mortsensen, Nobel Laureate in Economics"A great volume."—Peter Howitt, Brown University"This book brings together an exceptional group of economic theorists who discuss future avenues that the economics profession can take to replace the paradigm of rational expectations. The task is challenging and the outcome of the project still uncertain, but all the chapters are very interesting."—Fabrizio Coricelli, Paris School of EconomicsTable of ContentsWhich Way Forward for Macroeconomics and Policy Analysis? 1 Roman Frydman and Edmund S. Phelps PART ONE Back to the Foundations 1Expectational Coordination Failures and Market Volatility 49 Roger Guesnerie 2Learning as a Rational Foundation for Macroeconomics and Finance 68 George W. Evans and Seppo Honkapohja 3Keynes on Knowledge, Expectations, and Rationality 112 Sheila Dow 4The Imperfect Knowledge Imperative in Modern Macroeconomics and Finance Theory 130 Roman Frydman and Michael D. Goldberg PART TWO Autonomous Expectations in Long Swings in Asset Prices 5Heterogeneous Gain Learning and Long Swings in Asset Prices 169 Blake LeBaron 6Opening Models of Asset Prices and Risk to Nonroutine Change 207 Roman Frydman and Michael D. Goldberg PART THREE Rethinking Unemployment-Inflation Trade-offs and the Natural Rate Theory 7Animal Spirits, Persistent Unemployment, and the Belief Function 251 Roger E. A. Farmer 8Indeterminacies in Wage and Asset Price Expectations 277 Edmund S. Phelps 9The Long Swings of Employment, Investment, and Asset Prices 301 Gylfi Zoega 10Imperfect Knowledge, Asset Price Swings, and Structural Slumps 328 Katarina Juselius 11Stabilization Policies and Economic Growth 351 Philippe Aghion and Enisse Kharroubi PART FOURPolicymaking after "Rational Expectations" 12Swings and the Rules-Discretion Balance 373 John B. Taylor 13Principled Policymaking in an Uncertain World 389 Michael Woodford Contributors 415 Index 421

Read more less

Book SynopsisExplores the post-World War II transformation of economics by constructing a history of the proof of its central dogma - that a competitive market economy may possess a set of equilibrium prices.Trade ReviewWinner of the 2016 Joseph J. Spengler Best Book Prize, History of Economics Society "[An] engaging and illuminating history of the mid-twentieth-century proofs of competitive general equilibrium and the three authors associated with them."--S. Abu Turab Rizvi, Erasmus Journal for Philosophy and Economics "The book has a marvelous and incredibly detailed reconstruction of the paths pursued by the three protagonists with mathematical details suppressed."--Olav Bjerkholt, EH.Net "A fascinating history about modern economics and some of its key historical actors ... also a treatise on historiography."--Marcel J. Boumans, History of Economic Ideas "Finding Equilibrium is a testament to the importance of writing the history of recent economics. The fact that it is a gripping read ... only adds to the impressiveness of Duppe and Weintraub's accomplishment. May it have many imitators."--Steven G. Medema, Journal of the History of Economic ThoughtTable of ContentsPreface ix Chronology xxiii Part I People 1 Chapter 1 Arrow's Ambitions 3 Chapter 2 McKenzie's Frustrations 24 Chapter 3 Debreu's Silence 47 Part II Context 65 Chapter 4 Sites 67 Chapter 5 Community 98 Part III Credit 129 Chapter 6 Three Proofs 131 Chapter 7 Aftermath 172 Chapter 8 The Proofs Become History 204 Conclusion 231 Coda 245 Acknowledgments 249 References 251 Index of Names 267 Index of Subjects 273

Read more less

Book SynopsisThroughout the world, the rule against price fixing is competition law's most important and least controversial prohibition. Yet there is far less consensus than meets the eye on what constitutes price fixing, and prevalent understandings conflict with the teachings of oligopoly theory that supposedly underlie modern competition policy. CompetitionTrade Review"[H]is contribution to the debate is novel, provocative, and important."--Choice "[V]ery well documented... I highly recommend to economists and lawyers, as well as those working in competition policy issues than those in charge of its implementation."--David Encaoua, Journal of Economics "I highly recommend [Kaplow's book] to economists and lawyers, as well as those working in competition policy issues than those in charge of its implementation."--David Encaoua, Journal of EconomicsTable of ContentsPreface xiii 1. Introduction 1 PART I: HORIZONTAL AGREEMENTS 2. Defining the Problem 21 3. Communications 50 4. Statutory Provisions and Higher Court Interpretations 69 5. U.S. Lower Court Practice 101 6. Paradox of Proof 125 7. Oligopoly Theory and the Agreement Requirement 174 PART II: PRICE-FIXING POLICY 8. Social Welfare 217 9. Framework for Decision-Making 231 10. Detection: Market-Based Evidence 256 11. Detection: Other Types of Evidence 286 12. Liability Assessment 307 13. Sanctions 322 14. Unilateral Market Power 346 15. Additional Considerations 368 PART III: COMPARISON OF APPROACHES 16. Communications-Based Prohibition 387 17. Detection of Prohibited Communications 398 18. Further Topics 420 19. Conclusion 443 References 455 Index 475

Read more less

Book SynopsisHigh-frequency trading is an algorithm-based computerized trading practice that allows firms to trade stocks in milliseconds. This book introduces readers to these emerging methods and tools of analysis.Trade Review"The authors are well established and are at the forefront of this specialised research area. Together they bring a wealth of knowledge to this book. . . . This text is a great resource for PhD-level courses and a great reference for researchers in the area of high-frequency financial econometrics. It is a fine scholarly book that comprehensively brings readers up to date with very recent developments in the high-frequency financial econometrics literature."---Ole Worapree Maneesoonthorn, Economic RecordTable of Contents*Frontmatter, pg. i*Contents, pg. vii*Preface, pg. xvii*Notation, pg. xxiii*Chapter 1. From Diffusions to Semimartingales, pg. 3*Chapter 2. Data Considerations, pg. 57*Introduction, pg. 81*Chapter 3. Introduction to Asymptotic Theory: Volatility Estimation for a Continuous Process, pg. 83*Chapter 4. With Jumps: An Introduction to Power Variations, pg. 109*Chapter 5. High-Frequency Observations: Identifiability and Asymptotic Efficiency, pg. 131*Introduction, pg. 167*Chapter 6. Estimating Integrated Volatility: The Base Case with No Noise and Equidistant Observations, pg. 169*Chapter 7. Volatility and Microstructure Noise, pg. 209*Chapter 8. Estimating Spot Volatility, pg. 259*Chapter 9. Volatility and Irregularly Spaced Observations, pg. 299*Introduction, pg. 327*Chapter 10. Testing for Jumps, pg. 329*Chapter 11. Finer Analysis of Jumps: The Degree of Jump Activity, pg. 393*Chapter 12. Finite or Infinite Activity for Jumps?, pg. 429*Chapter 13. Is Brownian Motion Really Necessary?, pg. 441*Chapter 14. Co-jumps, pg. 453*Appendix A. Asymptotic Results for Power Variations, pg. 477*Appendix B. Miscellaneous Proofs, pg. 507*Bibliography, pg. 633*Index, pg. 657

Read more less

Book SynopsisTrade Review"Highly recommended."--Karen Shook, Times Higher EducationTable of ContentsIntroduction: Why Failures? 1 Part I Leading Causes of Research Failures 17 1 Inappropriate Research Setting 19 2 Technical Design Flaws 29 3 Partner Organization Challenges 40 4 Survey and Measurement Execution Problems 51 5 Low Participation Rates 62 Part II Case Studies 71 6 Credit and Financial Literacy Training: No Delivery Means No Impact 73 7 Interest Rate Sensitivity: Ignoring the Elephant in the Room 84 8 Youth Savings: Real Money Drumming up Fake People 94 9 Poultry Loans: Trying to Fly without a Pilot 105 10 Child Health and Business Training with Credit: No Such Thing as a Simple Study 114 11 Bundling Credit and Insurance: Turns Out More Is Less 125 Conclusion 133 Appendix | Checklist for Avoiding Failures 138 Acknowledgments 147 Notes 149 Bibliography 153 Index 157

Read more less

Book SynopsisChina's economic growth is sputtering, the Euro is under threat, and the United States is combating serious trade disadvantages. Another Great Depression? Not quite. Noted economist and China expert Michael Pettis argues instead that we are undergoing a critical rebalancing of the world economies. Debunking popular misconceptions, Pettis shows thatTrade Review"[Michael Pettis is] a brilliant economic thinker."--Edward Chancellor, Wall Street Journal "Insightful... [O]ffers a sweeping perspective that links trade, exchange rates, and cross-border capital flows to underlying domestic taxation, investment, and fiscal policies... Pettis's erudite, but lucid and very readable analysis brims with surprising ripostes to conventional wisdom... Pettis's stimulating, contrarian take on the present crisis challenges dogma with clear thinking."--Publishers Weekly "This is a book that should be read by: (a) politicians, central bankers and anybody else involved in macroeconomic policy; (b) all economists; (c) all students of economics; and (d) everybody else. The Great Rebalancing: Trade, Conflict and the Perilous Road Ahead for the World Economy by Michael Pettis is as sharp and clear as a cut diamond in its analysis of the continuing global imbalances. The author brings logic, accounting identities and clarity of thought and language to bear on the issue of prospects for the global economy, putting most other commentators into the shade."--Diane Coyle, Enlightened Economist "[A] book full of easy-to-understand, yet often misunderstood theories, explanations and predictions for what went wrong internationally before the 2008 Financial Crisis, what has been going on since, and where things are likely to head in the future... The Great Rebalancing is probably one of the clearest, most elegant and logically written explanations of world trade, including both how policies affect trade and how trade affects economies... [T]his is not just a China book, but a book encompassing some of the biggest economic and financial questions of our time. The persuasive, clear and well-reasoned arguments behind many of the seemingly unorthodox ideas in the book will make it both pleasing and nicely unsettling for many readers. Hopefully its message will be heard amongst policymakers before some of the more disturbing predictions become realities."--James Parker, Diplomat "With much pleasure, I highly recommend Michael Pettis' newest book The Great Rebalancing... Michael Pettis has taught me most of what I know about global trade. I also happen to believe he is the world's foremost expert on China in relation to trade and global macro events. I give two thumbs up to The Great Rebalancing."--Mike "Mish" Shedlock, Global Economic Analysis "I've been waiting for this book for over 10 years... Anyone who wants to understand international economics better will benefit from this book. I cannot recommend it more highly."--David Merkel, Seeking Alpha "This is a dense and well-argued book... It will be read with interest by the large and growing community that follows China's economy."--Mark O'Neill, South China Morning Post "The Great Rebalancing is probably one of the clearest, most elegant and logically written explanations of world trade, including both how policies affect trade and how trade affects economies... [T]his is not just a China book, but a book encompassing some of the biggest economic and financial questions of our time. The persuasive, clear and well-reasoned arguments behind many of the seemingly unorthodox ideas in the book will make it both pleasing and nicely unsettling for many readers. Hopefully its message will be heard amongst policymakers before some of the more disturbing predictions become realities."--James Parker, Diplomat Pacific Money Blog "[F]ascinating reading."--BizEd "[The Great Rebalancing] is original and quite convincing, and coherently challenges conventional accounts."--Choice "Demonstrating how economic policies can carry negative repercussions the world over, The Great Rebalancing sheds urgent light on our globally linked economic future."--World Book Industry "Policymakers should heed the macroeconomic laws that Pettis articulates. His text is a sound introduction to global balance-of-payment mechanisms, using the financial crisis as the ideal case study."--Survival "Pettis does a major service in explaining the determinants of global imbalances, providing insights into the functioning of the Chinese economy, while bringing in quotes from historical figures, prominent economists, and misguided pundits... I hope this book stimulates a more informed debate on how to rebalance growth, trade, and capital flows in the least disruptive manner."--Caroline Freund, Journal of World Trade Review "Pettis does a major service in explaining the determinants of global imbalances, providing insights into the functioning of the Chinese economy, while bringing in quotes from historical figures, prominent economists, and misguided pundits. This serves the purpose of underscoring how confused thinking can be on this important topic--a topic that ultimately helps determine the distribution of growth and jobs around the globe. I hope this book stimulates a more informed debate on how to rebalance growth, trade, and capital flows in the least disruptive manner."--Caroline Freund, Journal of World Trade "The Great Rebalancing offers a stimulating read. The author advances many arguments I find quite interesting and pushes me to rethink issues I tend to take for granted. It certainly provides a different perspective."--Paul Deng, Copenhagen Journal of Asian Studies "The Great Rebalancing does what all good books should do: it prompts the reader to question old assumptions and think about the world in a slightly different way. That is not only intellectually stimulating; it is, or should be, also of practical value. Maybe one day they will even get around to reading, and learning from, this book in Berlin."--Guy de Jonquieres, Economic RecordTable of ContentsPreface to the Paperback Edition xi CHAPTER ONE Trade Imbalances and the Global Financial Crisis 1 * Underconsumption 4 * The Different Explanations of Trade Imbalance 6 * Destabilizing Imbalances 9 * We Have the Tools 11 * Why the Confusion? 14 * Some Accounting Identities 17 * The Inanity of Moralizing 19 * The New Economic Writing 22 CHAPTER TWO How Does Trade Intervention Work? 26 * Trade Intervention Affects the Savings Rate 29 * Currency Manipulation 32 * Exporting Capital Means Importing Demand 34 * What Happens If China Revalues the Renminbi? 37 * Wealth Is Transferred within China 40 * Does China Need a Social Safety Net? 42 CHAPTER THREE The Many Forms of Trade Intervention 47 * How Changes in Wealth Affect Savings 50 * Wage Growth 52 * Trade Policy as the Implicit Consequence of Transfers 55 * Financial Repression 58 * Higher Interest Rates and Household Wealth 61 * Do Higher Interest Rates Stimulate or Reduce Consumption? 64 * Currency versus Interest Rates 66 CHAPTER FOUR The Case of Unbalanced Growth in China 69 * What Kind of Imbalance? 74 * Growth Miracles Are Not New 78 * The Brazilian Miracle 81 * Powering Growth 84 * Paying for Subsidies 87 * Limits to Backwardness 89 * The Trade Impact 92 * A Lost Decade? 94 * Can China Manage the Transition More Efficiently? 96 * Some More Misconceptions 97 CHAPTER FIVE The Other Side of the Imbalances 100 * Can Europe Change American Savings Rates? 103 * How Does Trade Rebalance? 106 * Globalization Is Not Bilateral 109 * The Global Shopping Spree 113 * Trade Remains Unbalanced 115 CHAPTER SIX The Case of Europe 119 * The Mechanics of Crisis 122 * Too Late 125 * German Thrift 128 * Forcing Germany to Adjust 131 * Two-Sided Adjustment 133 CHAPTER SEVEN Foreign Capital, Go Home! 136 * Swapping Assets 139 * It's about Trade, Not Capital 142 * Trade Imbalances Lead to Debt Imbalances 144 * The Current Account Dilemma 147 CHAPTER EIGHT The Exorbitant Burden 150 * Why Buy Dollars? 153 * It Is Better to Give Than to Receive 157 * Foreigners Fund Current Account Deficits, Not Fiscal Deficits 161 * Rebalancing the Scales 163 * When Are Net Capital Inflows a Good Thing? 166 * Can We Live without the Dollar? 168 * Why Not Use SDRs? 172 * An American Push Away from Exorbitant Privilege 174 CHAPTER NINE When Will the Global Crisis End? 178 * Transferring the Center of the Crisis 180 * Reversing the Rebalancing 183 * Some Predictions 185 * The Global Impact 191 APPENDIX Does income equality lead to unemployment? 197 Notes 217 Index 225

Read more less

Book SynopsisIn 2012, Ben Bernanke, chairman of the U.S. Federal Reserve, gave a series of lectures about the Federal Reserve and the 2008 financial crisis, as part of a course at George Washington University on the role of the Federal Reserve in the economy. In this unusual event, Bernanke revealed important background and insights into the central bank's crucTrade ReviewOne of China Business News' Financial Books of the Year for 2014 "Anyone interested in a primer on recent financial history will likely find Bernanke's book to be worthwhile reading."--Publishers Weekly "The lectures are consistently lucid and informal ... and above all intelligent and interesting... [I]t would be difficult to find a better short and not very technical account of what went wrong, and of how the Fed (and the Treasury) managed to keep it from getting much worse."--Robert Solow, New Republic "Readers who are not fans of the Fed chairman and his Keynesian, fiat-money policies should find as much of interest here as those who are; it's the sort of primary-source book that investors will scrutinize, politicians will seize on, pundits will plunder and generations of scholars will analyse... [The Federal Reserve and the Financial Crisis] brings what Bernanke said in the classroom to a vastly larger audience; now, it's up to the readers of varying political and economic persuasions to make what they will of his behind-the-scenes account."--Alan Wallace, Pittsburgh Tribune-Review "This book is, in short, not just an excellent guide to the Fed and its response to the financial crisis, but also constitutes an important document of its time, a reflection that central banks can do some very effective short-term anti-crisis measures, but they cannot be miracle workers."--Harold James, Central Banking Journal "The lectures, and Bernanke's answers to students' questions, are uniformly erudite, elegant and concise. Perhaps, the most arresting aspect of the lectures is the fascinating insight they provide into the thinking and motivation of the world's most powerful central banker."--Selwyn Cornish, Economic Record "The author examines what the Federal Reserve was intended to accomplish, how it performed its statutory task as it evolved over time and the special functions of the lender-of-last-resort that have been called upon during the financial crisis. These lectures provide a useful primer on matters not often presented in such a comprehensive or unequivocal way. Bernanke's reputation is often identified with his expertise on the Great Depression. Here, he presents himself differently, as a practitioner of central banking... A great introduction to the functioning of central banking for general readers."--Kirkus Reviews "This important book deserves to be read widely both because Bernanke admirably explains the Fed and its actions and because his authorship provides a window into his thinking as one of the world's most powerful financial figures."--Library Journal (starred review) "In March 2012, Ben Bernanke, chairman of the US Federal Reserve, gave four guest lectures at George Washington University. This slim volume--at only 130 pages, comfortably finished in the time it takes to watch a TV movie--comprises those lectures apparently almost verbatim, with a few astute audience questions and answers at the end of each... This is easy reading."--Financial World "The Federal Reserve and the Financial Crisis ... provides a useful tutorial on the workings of an institution in its most difficult hour. For that reason alone, it makes an important contribution to the historical record."--Marc L. Ross, Financial Analysts Journal "[T]his is a useful and highly approachable take on the history of central banking and the recent financial crisis. It's worth a read, if only to get a first-person narrative from one of the most important figures in global capital markets."--Carrie Sheffield, Washington Times "[F]or those interested in why we have central banks, what led to the 2008 financial crisis and how the nation's top officials reacted, there isn't a better primer... This is no boring textbook, despite the occasional chart. Bernanke presents a clear and engaging narrative of the economic history of the United States, while also tackling a few of the perennial anti-Fed bugaboos... One of the book's most important achievements is to place the Fed's extraordinary interventions during the crisis--including the emergency lending of $1.2 trillion to the financial industry--in context."--Ben Weyl, Roll Call "That loud crack you hear are the necks snapping as money-managers and financial specialists all over the country do double takes before snatching this book off the shelves."--C.D. Quyn, San Francisco Book Review "[The Federal Reserve and the Financial Crisis] is a helpful primer on modern central banking by one of its preeminent practitioners."--Foreign Affairs "This book will be particularly useful for those teaching a class in either macroeconomics or economic history of the twentieth century at the undergraduate level, as these lectures provide a succinct and accessible account of U.S. macro policymaking over the last hundred years."--Kris James Mitchener, EH.Net "Providing first-hand knowledge of how problems in the financial system were handled, The Federal Reserve and the Financial Crisis will long be studied by those interested in this critical moment in history."--World Book Industry "I learned so much about the Fed, the crisis, the financial market. Say what you want about Bernanke, but he is one great teacher."--Tibi Puiu, ZME Science "[T]his is an extremely useful book, especially to monetary neophytes like myself. I learned so much about the Fed, the crisis, the financial market. Say what you want about Bernanke, but he is one great teacher."--Tibi Puiu, ZME ScienceTable of ContentsPublisher's Note vii Lecture 1 - Origins and Mission of the Federal Reserve 1 Lecture 2 - The Federal Reserve after World War II 29 Lecture 3 - The Federal Reserve's Response to the Financial Crisis 64 Lecture 4 - The Aftermath of the Crisis 97 Index 131

Read more less

Book SynopsisThe recent economic crisis was a dramatic reminder that capitalism can both produce and destroy. It's a system that by its very nature encourages predators and creators, locusts and bees. But, as Geoff Mulgan argues in this compelling, imaginative, and important book, the economic crisis also presents a historic opportunity to choose a radically diTrade Review"Geoff Mulgan's The Locust and the Bee is an important contribution to this field."--John Lloyd, Financial Times "There is much in Mulgan's analysis that will repay careful scrutiny... The Locust and the Bee abounds with arresting observations of this kind and no one will finish the book without having learned something new and important."--John Gray, New Statesman "A brilliant book, full of great ideas, provoking us to pause and think."--M. S. Sriram, Business Standard (India) "[E]xcellent."--Frank Pasquale, Concurring Opinions "[I]nteresting and thought-provoking."--Frank Dillon, Irish Times "Geoff Mulgan ... earns his spurs as a top-rank, global public intellectual with his latest book, The Locust and the Bee."--Hazel Henderson, Seeking Alpha "[A] rare combination of breadth and detail ... an essential guide to how to deal with the 'predators and creators in capitalism's future.'"--Julian Baggini, Observer, "Best Books of the Year" "What Mulgan is trying to do is laudable... No-one can doubt the sincerity of his message, the intellectual rigour he applies, or the beauty of the English he writes."-- Rebecca Harding, Business EconomistTable of ContentsChapter 1- After Capitalism 1 Chapter 2 - Barren and Pregnant Crises 17 Chapter 3 - The Essence of Capitalism 28 Chapter 4 - To Take or to Make 52 *The Roles of Creators and Predators Chapter 5 - Capitalism's Critics 79 Chapter 6 - Anticapitalist Utopias and Neotopias 104 Chapter 7 - The Nature of Change 116 *How One System Becomes Another Chapter 8- Creative and Predatory Technology 145 Chapter 9 - The Rise of Economies Based on Relationships and Maintenance 172 Chapter 10 - Capitalism's Generative Ideas 198 Chapter 11 - New Accommodations 230 *or How Societies (Occasionally) Jump Chapter 12 - Outgrowing Capitalism 280 Afterword to the paperback edition 289 Notes 297 Acknowledgments 329 Index 331

Read more less

Book SynopsisEfficiently Inefficient describes the key trading strategies used by hedge funds and demystifies the secret world of active investing. Leading financial economist Lasse Heje Pedersen combines the latest research with real-world examples and interviews with top hedge fund managers to show how certain trading strategies make money--and why they sometTrade Review"Pedersen's book can be recommended to a wide spectrum of readers interested in financial markets in general and hedge funds in particular."--Jacek Klich, Central Banking "Encyclopedic in its cataloguing of active management strategies and authoritative in its analysis of the practical issues of their implementation. Pedersen grounds his exposition in landmark scholarly articles and, where quantitative analysis is required to elucidate a concept, conveys his message without resorting to arcane mathematics."--Martin S. Fridson, Financial Analysts Journal "Despite the author's high level of understanding he manages to deliver a high quality but also easily understandable guide to the strategies."--Mats Larsson, Investing by the BooksTable of ContentsThe Main Themes in Three Simple Tables vii Preface xi Who Should Read the Book? xiv Acknowledgments xv About the Author xvii Introduction 1 i. Efficiently Inefficient Markets 3 ii. Global Trading Strategies: Overview of the Book 7 iii. Investment Styles and Factor Investing 14 Part I Active Investment 17 Chapter 1 Understanding Hedge Funds and Other Smart Money 19 Chapter 2 Evaluating Trading Strategies: Performance Measures 27 Chapter 3 Finding and Backtesting Strategies: Profiting in Efficiently Inefficient Markets 39 Chapter 4 Portfolio Construction and Risk Management 54 Chapter 5 Trading and Financing a Strategy: Market and Funding Liquidity 63 Part II Equity Strategies 85 Chapter 6 Introduction to Equity Valuation and Investing 87 Chapter 7 Discretionary Equity Investing 95 Interview with Lee S. Ainslie III of Maverick Capital 108 Chapter 8 Dedicated Short Bias 115 Interview with James Chanos of Kynikos Associates 127 Chapter 9 Quantitative Equity Investing 133 Interview with Cliff Asness of AQR Capital Management 158 Part III Asset Allocation and Macro Strategies 165 Chapter 10 Introduction to Asset Allocation: The Returns to the Major Asset Classes 167 Chapter 11 Global Macro Investing 184 Interview with George Soros of Soros Fund Management 204 Chapter 12 Managed Futures: Trend-Following Investing 208 Interview with David Harding of Winton Capital Management 225 Part IV Arbitrage Strategies 231 Chapter 13 Introduction to Arbitrage Pricing and Trading 233 Chapter 14 Fixed-Income Arbitrage 241 Interview with Nobel Laureate Myron Scholes 262 Chapter 15 Convertible Bond Arbitrage 269 Interview with Ken Griffin of Citadel 286 Chapter 16 Event-Driven Investments 291 Interview with John A. Paulson of Paulson & Co. 313 References 323 Index 331

Read more less

Book SynopsisGrowing international trade has helped lift living standards around the world, and yet free trade is always under attack. Critics complain that trade forces painful economic adjustments, such as plant closings and layoffs of workers, and charge that the World Trade Organization serves the interests of corporations, undercuts domestic environmental regulations, and erodes America's sovereignty. Why has global trade--and trade agreements such as NAFTA--become so controversial? Does free trade deserve its bad reputation? In Free Trade under Fire, Douglas Irwin sweeps aside the misconceptions that litter the debate over trade and gives the reader a clear understanding of the issues involved. This fourth edition has been thoroughly updated to include the most recent policy developments and the latest research findings on the impact of trade.

Read more less

Book SynopsisQuestions about the nature of money have gained a new urgency in the aftermath of the global financial crisis. Even as many people have less of it, there are more forms and systems of money, from local currencies and social lending to mobile money and Bitcoin. Yet our understanding of what money is--and what it might be--hasn't kept pace. In The SoTrade Review"An exhaustive analysis of money as a complex social process--not a thing--that will appeal to scholars in many fields."--Kirkus Reviews "Dodd presents a wide-ranging and sophisticated review and integration of the academic work related to alternative conceptions of modern money... [T]his is a richly rewarding book. Those of us accustomed to thinking of money as something we exchange for beer and pizza will never again have such a simple story."--Pietra Rivoli, Financial Times "Nigel Dodd's The Social Life of Money is fascinating."--Diane Coyle, Enlightened Economist "Exhaustively researched... Unexpected and fascinating."--BizEd "[T]his brilliant book helps reconsidering views, opinions and theoretical claims on money that might be taken for granted too easily. It is a must-read for any scholar interested in the topic as it helps to better understand the nature of money--or, of monies. Also, surely many future in-depth case studies of particular forms of money will gain enormously from this work."--Philipp Degens, LSE Sociology "As this book copiously shows, money is probably one of the most used concepts in the social sciences and the humanities, not counting economics... A significant accomplishment"--Alex Preda, American Journal of Sociology "This book is a serious but enjoyable read that is highly recommended for all; for laypeople, students, professional academics, basically anyone who is interested in the role of money in society. This book will undoubtedly lead the reader to reflect on some innovative and alternative ways to think about social reform and how reinventing money could improve our societies. It is a volume of creative experimentation that can be returned to again and again; there is much to digest and ponder here."--Tamara d'Auvergne, Symbolic InteractionTable of ContentsPREFACE TO THE PAPERBACK EDITION IX ACKNOWLEDGEMENTS XVII INTRODUCTION 1 1 ORIGINS Barter 17 Tribute 23 Quantification 27 Mana 30 Language 34 Violence 43 Conclusion 46 2 CAPITAL The Contradictions of Money 51 Credit Money 55 Finance Capital 59 Primitive Accumulation 63 When Credit Fails 66 Behind the Veil 72 Seeing Double 79 Conclusion 87 3 DEBT Debt's Untold Story 94 Credit and Nothing but Credit 102 Neochartalism 106 Schumpeter's Banks 111 Minsky's Half-Century 117 Strange Money 121 Austerity Myths 126 Conclusion 132 4 GUILT Ubermensch and Eternal Return 136 Capitalism, Debt, and Religion 142 Filthy Lucre 149 Conclusion 158 5 WASTE Money, Excretion, and Heterogeneous Matter 166 Derrida's Ghosts 179 Cool Money, Living Money 189 Conclusion 204 6 TERRITORY Westfailure 216 Nomisma 222 Deterritorialization 226 Empire 237 Euroland 251 Conclusion 266 7 CULTURE Money and Cultural Alienation 273 Polanyi and the Problem of Embeddedness 278 Relational Monies 286 Scales of Value 294 A Quality Theory of Money 298 Repersonalizing Impersonal Money 305 Conclusion 310 8 UTOPIA Simmel's Perfect Money 316 Fromm's Humanistic Utopia 330 Giving Time for Time 342 Rotting Money 346 Proudhon's Bank 351 Vires in Numeris 362 Toward a Monetary Commons 372 Conclusion 381 CONCLUSION 385 BIBLIOGRAPHY 395 INDEX 421

Read more less

Book SynopsisTrade Review"This is a masterly and path-breaking book by one of the most complete behavioral scientists of all time, Herbert Gintis. It seeks to unify the behavioral sciences and to provide a core analytical framework. It should be required reading for every student of behavioral science and will play a critical role in the development of the behavioral sciences. . . . I would unhesitatingly give it a five-star-plus rating."---Sanjit Dhami, Evolutionary Studies in Imaginative CultureTable of ContentsOverview xi 1 Gene-Culture Coevolution 1 1.1 Culture Determines Biological Fitness 3 1.2 Reciprocal Causality 7 1.3 The Physiology of Human Communication 9 2 Zoon Politikon: The Evolutionary Origins of Human Socio-political Systems 12 2.1 Accounting for Human Exceptionalism 12 2.2 Models of Political Power 13 2.3 The Moral Basis of Modern Political Systems 16 2.4 The Socio-political Structure of Primate Societies 18 2.5 The Evolutionary History of Primate Societies 22 2.6 Fire and Social Sharing 23 2.7 From Gatherer to Scavenger 24 2.8 Primitive Lethal Weapons 26 2.9 Warfare 30 2.10 Dominance and Reverse Dominance Hierarchies 31 2.11 Are There Egalitarian Nonhuman Primates? 37 2.12 Governance by Consent 38 2.13 Cooperative Mothering: The Evolution of Prosociality 40 2.14 Lethal Weapons and Egalitarianism 40 2.15 The Long-Term Evolution of Human Sociality 42 3 Distributed Effectivity: Political Theory and Rational Choice 45 3.1 Public and Private Spheres 47 3.2 Private and Public Persona 49 3.3 Social Rationality 51 3.4 The Social Rationality of Voter Turnout 55 3.5 The Logic of Distributed Effectivity 59 3.6 Situating Distributed Effectivity 63 4 Power and Trust in CompetitiveMarkets 67 4.1 The Short-Side Power Principle 68 4.2 Power in Competitive Markets 73 4.3 Trust and Integrity 74 4.4 Reputational Equilibrium 79 4.5 Contingent Renewal Labor Markets 80 4.6 I'd Rather Fight than Switch 84 4.7 Regulating Market Power 87 5 Rational Choice Revealed and Defended 88 5.1 The Axioms of Rational Choice 92 5.2 Choice Under Uncertainty 94 5.3 Bayesian Updating with Radical Uncertainty 97 5.4 State-Dependent Preferences 98 5.5 Networked Minds and Distributed Cognition 100 5.6 Limitations of the Rational Actor Model 101 6 An Analytical Core for Sociology 109 6.1 Game Theory 111 6.2 Complexity 115 6.3 Roles, Actors, and the Division of Social Labor 117 6.4 The Socio-psychological Theory of Norms 121 6.5 Socialization and the Internalization of Norms 123 6.6 A Model of Norm Internalization 124 6.7 The Evolution of Social Conventions 126 6.8 The Omniscient Choreographer and Moral Preferences 129 6.9 The Evolution of Norm Internalization 131 6.10 Modeling NetworkedMinds 133 6.11 Class Structure in General Social Equilibrium 135 6.12 Resurrecting Sociological Theory 138 7 The Theory of Action Reclaimed 140 7.1 The Moral and Material Bases of Choice 145 7.2 Carving an Academic Niche for Sociology 148 7.3 The Parsonian Synthesis 150 7.4 The Attempt to Separate Morality from Rationality 153 7.5 Why Did Parsons Fail? 157 7.6 The Flourishing of Middle-Range Theory 160 7.7 High Theory as Interpretation 163 8 The Evolution of Property 165 8.1 The Endowment Effect 166 8.2 Territoriality 168 8.3 Property Rights in Young Children 171 8.4 Respect for Possession in Nonhuman Animals 171 8.5 Conditions for a Property Equilibrium 174 8.6 Property and Antiproperty Equilibria 177 8.7 An Antiproperty Equilibrium 182 8.8 Property Rights as Choreographer 184 9 The Sociology of the Genome 186 9.1 The Core Genome 191 9.2 Inclusive Fitness and Hamilton's Rule 195 9.3 Kin Selection and Inclusive Fitness 201 9.4 A Generalized Hamilton's Rule 205 9.5 Harmony and Disharmony Principles 207 9.6 The Utterly Selfish Nature of the Gene 208 9.7 Prosocial Genes Maximize Inclusive Fitness 210 9.8 The Boundaries of Inclusive Fitness Maximization 211 9.9 The One Mutation at a Time Principle 212 9.10 The Phenotypic Gambit 213 9.11 The Anatomy of the Core Genome 214 9.12 Explaining Social Structure 218 A1 Hamilton's Rule with General Social Interaction 219 10 Gene-Culture Coevolution and the Internalization of Norms 227 10.1 Norms and Internalization 227 10.2 Socialization and Fitness-Enhancing Norms 229 10.3 Altruism 233 10.4 Copying Phenotypes: The Replicator Dynamic 237 10.5 Why is Altruism Predominantly Prosocial? 238 10.6 The Power of Altruistic Punishment 241 10.7 Final Considerations 243 11 The Economy as Complex Dynamical System 246 11.1 The General Equilibrium Model Explained 247 11.2 The Fundamental Theorems of Welfare Economics 250 11.3 The Market Economy as a Dynamic Game 252 11.4 The Walrasian Economy 253 11.5 Exchange Processes with Private Prices 255 11.6 Strict Nash Equilibria and Stability 256 11.7 The Characterization of Stable Exchange Processes 256 11.8 A Markov Implementation of Walrasian Dynamics 261 11.9 Complex Dynamics 264 12 The Future of the Behavioral Sciences 267 12.1 What are Analytical Foundations? 271 12.2 Cross-Disciplinary Conflicts in the Behavioral Sciences 274 Acknowledgments 279 References 281 Subject Index 341 Author Index 345

Read more less

Book SynopsisTrade Review"[This book] draws on extensive statistical data to analyse this paradox, along with many stories of his relatives who forged, embraced and sometimes rejected the kibbutz way of life." * Times Higher Education *

Read more less

Book SynopsisTrade Review"One of Diane Coyle's Best Economic Books of 2018""One of the most interesting and exhilarating books I’ve read for ages. . . . This is a beautifully written book, very profound. . . . The Republic of Beliefs offers a distinctive and revealing perspective on public policy, and couldn’t be more timely."---Diane Coyle, Enlightenment Economics"In this important book which is most lucidly written, Basu shows that a game-theory paradigm can lead us to ask critically important questions about what it is that might make people observe the law."---Robert Lee, Journal of Law and Society"An unqualified success. . . . the argument in its totality is overwhelming, and it is only to behoped that practitioners of the discipline of law and economics will be willing to bringits suggestions to fruition."---Mario Ferrero, Journal of Economics"The book is a message of hope that institutions and laws governing citizens are not static. It has the potential to reinvigorate the space for multidisciplinary inquiries into law and economics, and promises to develop a framework for law and economics that departs from orthodoxy."---Sarthak Gaurav, Economic & Political Weekly"The book resolves several conundrums faced by the existing L and E discipline. . . . the book provides a rich framework that can be used by the researchers and policymakers to address the outstanding issues."---Ram Singh, Indian Economic Review

Read more less

Book SynopsisTrade Review"A heartfelt call for economics to return to its methodological roots in scrupulously separating judgements about economic policy from what can be known as a matter of scientific, empirical evidence. If economists take the advice offered in this book, the subject will become more humble, and humane, as it once used to be."—Diane Coyle, Bennett Professor of Public Policy, University of Cambridge “Colander and Freedman’s wonderful book argues for a return to the discussion tradition of classical liberalism in which one offers a point of view, and recognizing one’s limitations, encourages other points of view. This careful book is based on numerous interviews with participants and opponents of the Chicago School from whom the authors are able to examine and understand many issues.”—David M. Levy, George Mason University“George Stigler once joked that John Stuart Mill was the first economist to treat his opponents’ arguments with full respect: `The experiment,’ Stigler continued, `was never repeated.’ Colander and Freedman wisely want to revive a Millean and classical liberalism in method, a respectful one, which is under attack currently by misled scientists and populists. This deep yet cheerful book focuses on scientific rhetoric and shows that we’ll never understand economic science or policy until we recognize the force of language, in the economy and among economists.”—Deirdre McCloskey, Distinguished Professor of Economics, History, English, and Communication, University of Illinois at Chicago“Colander and Freedman argue in this fascinating book that economists began to go wrong when they tore down the firewall between theory and policy—the first scientific and objective, the second judgmental and subjective. Once they forgot that their science does not, or rather cannot, produce clear and unambiguous policy advice, all kinds of mischief followed. Drawing on the history of economic thought as well as contemporary debate, the authors provide an account that is as engaging as it is challenging to professional economists.”—Dani Rodrik, author of Straight Talk on Trade

Read more less

Book SynopsisTrade Review"Winner of the 2018 Schumpeter Prize Competition, International Joseph A. Schumpeter Society""A rare breadth of economic analysis."---Paschal Donohoe, Irish Times"Best discerns and deciphers key economic trends at critical junctures in world history, and we should warmly welcome his willingness to sacrifice many of the sacred cows of economics on the altar of greater understanding."---Michael M. Rosen, Weekly Standard"A wonderful analysis of how regions catch up and shape the industrial frontier through the capability triad."---Rajah Rasiah, Asia Pacific Business Review"Best shows that overlooking production in economics has led to a major misunderstanding of how the economy grows in the real world." * Choice *

Read more less

Book SynopsisTrade Review"Lars Peter Hansen, Co-Winner of the 2013 Nobel Prize in Economics""Thomas J. Sargent, Winner of the 2011 Nobel Prize in Economics""This book is chock full of results that will be useful to all interested in dynamic linear models, including material that will be novel to even the experienced macroeconomist. Buy it, read it, use it."---Kenneth D. West, Journal of Economic Literature

Read more less

Book SynopsisTrade Review“Using a rich set of examples, Failing in the Field describes failures that occur because the design or implementation of a research study does not yield data that can answer the questions it was intended to. By showing that mistakes in research design can be systematic, this book could benefit many students before they embark on their own studies. It was a pleasure to read.”—Karla Hoff, World Bank“Highly recommended.”—Karen Shook, Times Higher Education

Read more less

Book SynopsisTrade Review"[This book] draws on extensive statistical data to analyse this paradox, along with many stories of his relatives who forged, embraced and sometimes rejected the kibbutz way of life." * Times Higher Education *

Read more less

Book SynopsisTrade Review"Grossman's is a good read. The book tells you as to how we got to be where we are. There are lessons to be learnt for those who want to go about reshaping reforms in global banking." * BusinessWorld *"Grossman weaves an enormous amount of research into an impressive history of the banking industry in many developed countries over the last 200 years. His focuses primarily on changes in the size and structure of the banking industry over time and argues that banks and bank assets rise as a share of overall economic output and then fall as a country moves from developing to developed. . . . [T]his work represents a valuable contribution to the history of banking." * Choice *"Professor Grossman has assembled an impressive collection of historical, statistical, and bibliographic data, one that would be extremely difficult to reproduce using other sources. This information will prove invaluable for those conducting intensive research on commercial or international banking, and Unsettled Account will make an excellent addition for libraries that commonly serve such patrons. Academic law libraries at institutions offering specific courses in commercial banking may also want to consider a copy."---Shannon L. Kemen, Law Library Journal"Unsettled Account provides us with a new and welcome history of the last three centuries of banking. Who should read this book? A lot of people. For the legions of political, social and cultural historians, if they have to read one book on the historical evolution of banking, this is it. It will provide them with the needed theoretical background without an equation in sight, useful country studies, and the insights needed to instruct their students. For the legions of economic theorists, if they have to read one book on the historical evolution of banking, this is it. The book is a guide to every key stylized fact they might use for a model, identifying the broad parameters of institutions and history. For the legions of policy makers, if they have to read one book on the historical evolution of banking, this is it. Distanced from the crisis of the moment, Grossman nicely hits the key issues and distills some relevant lessons."---Eugene White, EH.Net"[A] number of books stand out as works of real scholarship written by experts in their fields. Unsettled Account should be numbered among the best of those produced so far."---Ranald Michie, BHR"Richard Grossman has produced a valuable and accessible synthesis of research on some key aspects of banking history in this publication. . . . Students and academics with an interest in financial history, as well as practitioners and regulators, would benefit from reading Unsettled Account."---John Singleton, Australian Economic History Review"Richard Grossman has long been a well regarded figure in the field of financial history, and he has applied his knowledge and analysis to produce a comparative history of banking in Western Europe, North America, Australia, and Japan over the course of the nineteenth and twentieth centuries."---Ranald Michie, Business History Review"What Grossman has done, in drawing our attention to the way in which past banking crises have been dealt with, is a significant contribution to the literature on the problems and difficulties involved in dealing with banks."---Jonathan Warner, European Legacy

Read more less

Book Synopsis

Read more less

Book SynopsisTrade Review"Winner of the 2018 Joseph B. Gittler Award, American Philosophical Association""Guala's book is very clearly written and well-structured. Its accessible prose makes it ideal as an introductory text. By reviewing several complex problems and offering solutions it will help further constructive debate and theoretical development. . . . [Guala] consolidates an important argument and raises additional questions that help us to move further forward. This is a great book, which should be read by every social scientist who wants to understand institutions."---Geoffrey M. Hodgson, Journal of Economic Methodology"This is a lively work with many engaging arguments. . . . The book remains important and deserving of attention in the social ontology debates. While it is not written as a textbook, it would be very useful in the classroom. The lively prose is organized into compact chapters that close with recommended readings. Engaging this book with a group of graduate or advanced undergraduate students would be rewarding for all."---Mark Risjord, Notre Dame Philosophical Reviews"[A] worthy and accessible book."---Joachim Wiewiura, Erkenntnis

Read more less

Book Synopsis

Read more less

Book SynopsisCan every allocation in the core of an economy be decentralized by a suitably chosen price system? Werner Hildenbrand shows that the answer is yes if the economy has "many" participating agents and if the influence of every individual agent on collective actions is "negligible." To give a general and precise definition of economics with this properTable of Contents*Frontmatter, pg. i*CONTENTS, pg. v*PREFACE, pg. viii*PART I. MATHEMATICS, pg. 1*PART II. ECONOMICS, pg. 81*SUMMARY OF NOTATION, pg. 234*BIBLIOGRAPHY, pg. 236*NAME INDEX, pg. 247*SUBJECT INDEX, pg. 249

Read more less

Book SynopsisA health economics companion to Greenhalgh: How to Read a Paper Clear and concise introduction to this important aspect of health care Supplies the tools for making optimum choices in terms of benefits and outcomes across the health spectrum Suitable for students of health economics and health professionals alike.Table of Contents1 Introduction. 2 Organisation and funding of health care services. 3 The costs of health care. 4 The benefits of health care: outputs and outcomes. 5 Evaluating health care interventions from an economic perspective. 6 The role of health economics in decision making. 7 Conclusions and the way forward.

Read more less

Book SynopsisTable of ContentsAvant-propos: Le philosophe et la science nouvelle1. Naissance d’une science2. Voltaire et la pensée économique3. Finances publiques et politique monétaire4. L’économie du luxe5. La tentation physiocratique6. Le philosophe-entrepreneurConclusionBibliographieIndex

Read more less

Book SynopsisA clear case for the common ownership of money as a solution to the financial crisisTrade Review'Mary Mellor has a superb understanding of the nature of money; of the institutions that underpin our monetary system, and of the economic frameworks within which monetary systems operate' -- Ann Pettifor, analyst of the global financial system, author of Just Money: How Society Can Break the Despotic Power of Finance and Director of Policy Research in Macroeconomics (PRIME)'Demonstrates the need to change the way in which money is created, in order to stop the private sector undermining the public sector and enable a shift to an economy that is environmentally sustainable and socially just. Fresh, clear and incisive' -- Andrew Sayer, Professor of Social Theory and Political Economy at Lancaster University'Prospering without growth requires reclaiming the creation of money from private banks. Now that even the likes of the IMF and the Bank of England entertain the idea of public money, how money is to be made public is as important as ever. And Mary Mellor's book has the right answers' -- Giorgos Kallis, ICREA Professor, ICTA, Autonomous University of Barcelona and Leverhulme Visiting Professor, SOAS'An insightful and thought-provoking analysis. This book clearly shows why a monetary system based on debt inevitably leads to crisis' -- Ben Dyson, Positive Money'Original and thought-provoking ... This well-researched study will interest anyone wanting to understand our current economic problems in order to take further action' -- Peace News'Debt or Democracy will surely enhance her reputation as a radical socialist academic' -- Socialist Review'This book deserves to be widely read and deeply considered ... I heartily recommend this book' -- Peace NewsTable of ContentsIntroduction 1. The Privatisation of Money and the Politics of Austerity 2. Money for Sustainability, Sufficiency and Social Justice 3. Provisioning through Public Money 4. Misunderstanding Public Money: Four Myths and a Confusion 5. Janus-faced: The Central Bank 6. Understanding Public Money 7. Public Money: Beyond the Borders 8. Conclusion: Crisis and Change Bibliography Index

Read more less

Book SynopsisA clear and concise exposition of mainstream microeconomics from a heterodox perspective.Trade Review'A thorn in the side of mainstream economics' -- Steve Keen, author of Debunking Economics (Zed, 2011)'An accessible and rich resource for those who appreciate critical and creative approaches. This and its companion macroeconomics volume contain numerous valuable insights for the serious student of economics' -- Stuart Birks, head of the World Economics Association’s Textbook Commentaries Project, author of Rethinking economics: From Analogies to the Real World (Springer, 2015) and 40 Critical Pointers for Students of Economics (WEA Press, 2015)'These wonderful volumes are what many teachers and students of economics have been waiting for - textbooks that are logical, critical, accessible and relevant' -- Professor Jayati Ghosh, Jawaharlal Nehru University'Ben Fine has written the book that I wish I could have read as a graduate student. Its insightful critiques of mainstream theory will be even more important to those of today's generation of students seeking to cast off the intellectual blinders from their training' -- Rod Hill, University of New Brunswick and co-author of The Economics Anti-Textbook: A Critical Thinkers Guide to Microeconomics (Zed, 2010)'An invaluable antidote to the conventional poison of marginalism and general equilibrium theory in microeconomics; and Say's law and the denial of crises or slumps in macroeconomics' -- Michael Roberts'Ben Fine has done a splendid job of critically challenging the microeconomic foundations of the new conventional wisdom in a manner accessible to intermediate level students of economics' -- Jomo Kwame Sundaram, former United Nations Assistant Secretary-General for economic analysis (2005-2015), recipient of Wassily Leontief Prize for Advancing the Frontiers of Economic Thought (2007)Table of ContentsList of Boxes List of Diagrams Preface, Preliminaries and Acknowledgements 1. Locating Microeconomics 2. Elusive Consumers and the Theory of Demand 3. From Production to Supply and Beyond to General Equilibrium? 4. Competition Is as Competition Does? 5. Production Function Rules, Not OK 6. Labour Markets 7. Whither Microeconomics: Upside-Down or Inside-Out? References Index

Read more less

Book SynopsisAn engaging and unique study of Enlightenment philosopher David Hume's understanding of moneyand his role in the rise of capitalismTrade Review'Caffentzis has been the philosopher of the anticapitalist movement from the American civil rights movement of the 1960s. A historian of our own times, he carries the political wisdom of the twentieth century into the twenty-first. Here is capitalist critique and proletarian reasoning fit for our time' -- Peter Linebaugh, author of 'The Magna Carta Manifesto' (University of California Press, 2008)Table of ContentsList of Figures and Tables Acknowledgments Foreword An Autobiographical Preface Introduction: Who is a Philosopher of Money? PART I: HUME AND HIS CLASS'S PROBLEMATIC 1. On the Scottish Origins of Civilization 2. Civilizing the Highlands: Hume, Money and the Annexing Act 3. Hume’s Monetary Education in Bristol PART II: HUME'S PHILOSOPHY AND HIS STRATEGY 4. Why was Hume a Metallist? 5. Did Hume read Berkeley’s The Querist? Notions and Conventions in their Philosophies of Money 6. Fiction or Counterfeit? Specie or Paper? 7. Wages and Money: Pegasus’ Mirror Conclusion: Locke, Berkeley and Hume as Philosophers of Money Coda: A Critique of Marx’s Thesis 11 on Feuerbach Notes Bibliography Index

Read more less

Book SynopsisA classic examination of John Locke's philosophy of economics, language and historyTrade Review'Caffentzis is a practical philosopher and a pure teacher. His reasoning even at its most abstract always tends to the political. The street is his classroom. This is truly vulgar Marxism, that is, it is a critique by, with, and for the vulgus, or common people (you and I)' -- Peter Linebaugh, author of 'The Magna Carta Manifesto' (University of California Press, 2008)Table of ContentsAcknowledgments Note on the New Edition Foreword Introduction to the New Edition Preface Introduction 1. Clipped Coins 2. Civil Government 3. Abused Words Conclusion: Weaving an Origin Postface: John Locke, the Philosopher of Primitive Accumulation Notes Bibliography Index

Read more less

Book SynopsisHow England's political cultures are being eroded by neoliberalismTrade Review'This is a hugely ambitious and seriously rewarding genealogy of Britishness. Navigating the East India Company and Brexit, conservatism and liberalism, Gramsci and Stuart Hall, Mike Wayne has produced a fantastic analysis of the contradictions of our political culture' -- Des Freedman, Professor of Media and Communications, Goldsmiths, University of London'Wayne's excellent book delivers home truths and important historical lessons with authority, clarity and conviction. Its call for a radical version of social democracy is both convincing and energising. Anyone seeking the sign-posts for social change should read this' -- Anita Biressi, Professor of Media and Society, University of Roehampton'In the aftermath of Brexit, Mike Wayne's provocative re-reading of the tangled historical relations between Britain's contesting political cultures forces us to think again about the exercise of power, the imagination of nationhood and the possibilities for change' -- Graham Murdock, Professor of Culture and Economy, Loughborough University'Provides a valuable analysis of how Britain is ruled and the ideology and culture of its elite' -- Counterfire'An exploration of English national identity that provides a highly effective insight towards understanding the politucal terrain of post-Brexit Britain' -- Philosophy FootballTable of ContentsIntroduction 1. Political Cultures and National Identities: A Gramscian Framework 2. The Formation of Political Cultures 3. Conservative Culture and the Economy 4. Conservative Culture and the State 5. The Oscillations of Liberalism 6. Geopolitical Discontents: A Tale of Two Referendums 7. Hegemony in Question: Stuart Hall, Gramsci and Us 8. Going Forwards, Facing Backwards Notes Index

Read more less