Economics Books

Book SynopsisThis book provides an historical analysis of the co-evolution of educational attainment and U.S. wage structure through the 20th century. During the first 80 years of the 20th century, the increase of educated workers was higher than demand for them. This boosted income for most and lowered inequality. The reverse has been true since about 1980.Trade ReviewOne of the most important books of the year. -- Nicholas D. Kristof * New York Times *Essential reading...Goldin and Katz give a broad historical view of the role of education in economic growth in the U.S. They make the case that, after a century of leading the world in supplying the educated workers needed to serve technology, the U.S. has fallen behind in education. -- Thomas F. Cooley * Forbes *Goldin and Katz's book is excellent. -- Jim Manzi * New Republic *This is the most important book on modern U.S. inequality to date. -- Tyler Cowen * marginalrevolution.com *If you want to understand the causes of the innovation deficit, I’d recommend adding one serious book to your summer reading list: The Race Between Education and Technology. -- David Leonhardt * New York Times *[Goldin and Katz] tackle the most important U.S. economic trend, and, hence, most critical domestic issue--growing income inequality...[America] now has the most unequal income and wage distributions of any high-income nation...Goldin and Katz's careful documentation of the changes in income distribution is an important public service. This alone would make their book essential reading. Yet they also offer a powerful explanation for what has driven changes in income inequality and point to solutions for addressing it...The good news is that if Goldin and Katz are right, the cure for income inequality is one most Americans would intuitively support: improving mass education. Mr Obama's spin-doctors should start translating Goldin and Katz's book into a campaign slogan at once. -- Chrystia Freeland * Financial Times *Masterful...As the book's title suggests, whether inequality increases or not is best thought of as an ongoing race between education and technology. Combining this simple but appealing idea with a deep knowledge of the histories of the U.S. labor market and educational institutions, Goldin and Katz conclude that whereas education was winning the race for most of the 20th century, technology caught up in the 1970s and has since prevailed. The authors' most insightful point is that the root cause of the recent growth in inequality is not faster technological progress during the past three decades but rather the surprising stagnation in the level of education of young Americans. -- Thomas Lemieux * Science *A staggering achievement of historical research and analysis and required reading for anyone who's tired of glib, ideologically-inspired, trendy prescriptions for how to fix America's education system. -- Sylvia Nasar, author of A Beautiful MindClaudia Goldin and Lawrence Katz have produced a definitive economic history of American education...[It's] tightly reasoned and easy to grasp by anyone who cares about the country's educational history. -- Peter H. Lindert * eh.net *This book represents the best of what economics has to offer, combining a broad theoretical perspective, careful consideration of data, detailed lessons from economic history, and a close look at the present. -- Alan Krueger, Princeton UniversityA masterful work by two leading economists on some of the biggest issues in economics: economic growth, human capital, and inequality. There are fundamental insights in the book, not just about our past but also our future. Rigorous but not overly technical, this beautifully written book will appeal to educated lay people and economists alike. -- Steven D. Levitt, University of Chicago, co-author of FreakonomicsThe Race Between Education and Technology will stand as the definitive treatment of changes in income distribution and their causes, as well as of possible countervailing policies towards rising inequality. This is empirical economic scholarship at its finest. -- Lawrence Summers, Harvard UniversityAn impressive combination of extensive historical research, careful empirical analysis, and thoughtful commentary on one of the most important questions of the day: to what extent does increasing inequality in incomes stem from our failure to increase educational attainment? -- William G. Bowen, President Emeritus, The Andrew W. Mellon FoundationThe Race Between Education and Technology is a most important study, both for what it teaches us about the past and also in presenting policies for the future if America is to regain its world leadership in education. -- Stanley Engerman, University of RochesterThe Race Between Education and Technology contains many tables, a few equations and a powerfully told story about how and why the United States became the world's richest nation--namely, thanks to its schools...Beginning in the 1970s, however, the education system failed to keep pace, resulting, Ms. Goldin and Mr. Katz contend, in a sharply unequal nation...It is nice to be reminded, in a data-rich book, that greater investments in human capital once put Americans collectively on top of the world. -- Stephen Kotkin * New York Times *Goldin's and Katz's thesis is that the 20th century was the American century in large part because this country led the world in education. The last 30 years, when educational gains slowed markedly, have been years of slower growth and rising inequality. -- David Leonhardt * New York Times Magazine *Claudia Goldin and Lawrence Katz establish a clear link between the number of high school and college graduates produced in any modern society and its economic growth. -- Thomas D. Elias * Appeal-Democrat *[Goldin and Katz] combine an acute sense of history with a skillful use of statistics. -- Andrew Hacker * New York Review of Books *During the 20th century both technology and education raced forward in the US, generating massive economic expansion and rising standards of living. Throughout the century, technological changes increased the relative demand for skilled labor, while the rapid expansion of first high schools and then higher education simultaneously increased the relative supply of skilled labor. Goldin and Katz carefully examine the historical and economic forces behind this expansion in education, extracting crucial evidence from the remarkable Iowa State Census of 1915, and they argue very plausibly that the relative demand for skilled labor grew at a fairly constant rate over the century. They conclude that "education ran faster" than technology "during the first half of the century," causing a considerable drop in economic inequality, but that "technology sprinted ahead of limping education in the last 30 years," leading to the recent upsurge in inequality. The rate of return on educational investments has become, once again, very high. Why have education levels increased so sluggishly in the face of these massive rewards? The answers are not entirely clear, nor are the optimal public policies, but the authors offer much food for thought. A must read. -- R. M. Whaples * Choice *The general brilliance of illumination makes this book a feast of provocation. -- Trevor Butterworth * Forbes.com *One of the most comprehensive analyses of the spread of the American educational system throughout the 20th century. -- Eduardo Porter * New York Times *Claudia Goldin and Lawrence F. Katz’s magnum opus…[An] impressive work…Enlightens us to rethink the social-economic and cultural environment of education, the close relationship between education and technology, and the fundamental aims of education. -- Shiyu Xu * Beijing International Review of Education *Table of Contents* Introduction Part I: Economic Growth and Distribution * The Human Capital Century * Inequality across the Twentieth Century * Skill-biased Technological Change Part II: Education for the Masses in Three Transformations * The Origins of the Virtues * Economic Foundations of the High School Movement * America's Graduation from High School * Mass Higher Education in the Twentieth Century Part III. The Race * The Race between Education and Technology * How America Once Led and Can Win the Race for Tomorrow * Appendix A * Appendix B * Appendix C * Appendix D * Notes * References * A Note on Sources * Acknowledgments * Index

Read more less

Book SynopsisTrade Review"A New Statesman Book of the Year""A really fascinating read."---Justin Kempf, Democracy Paradox"A valuable contribution to the extensive, and growing, historiography concerning the origins of the modern state. While others have concentrated on non-Western or Western European countries to reach their conclusions about the evolution of modern politics, Wheatley’s case study breaks new ground in its analysis of an especially difficult case, the Austrian Empire after the Austro-Hungarian Compromise of 1867." * Choice *"A richly rewarding book. . . . Wheatley gracefully unpacks the complicated constitutional issues faced by inhabitants of the Habsburg monarchy." * History Today *"Monumental. . . . Wheatley’s narrative recovers a world where international law was not a dead letter but a blueprint for a multinational and pluralistic world."---Yosef Malka, BR!NK

Read more less

Book SynopsisHow to design and activate the skills-based enterprise that is pivotal for navigating the ?next? of work.As the world navigates the rapid and disruptive effects of AI, climate change, and geopolitical conflicts, the world of work, too, needs to change. Jobs are giving way to skills as the currency of work to ensure a more agile, resilient, and flexible enterprise that cannot just respond but must thrive in the face of these challenges. This pivot from jobs to skills will require us to rethink everything we know about work. Building on his bestselling book Work without Jobs, Ravin Jesuthasan returns, this time with coauthor Tanuj Kapilashrami, an international human resources leader, to provide the framework organizations need to thrive in a world demanding perpetual reinvention.Many business and management books focus on individual skills and competencies, the power of AI to make companies more agile through enabling ?internal gigs,? and the societal and policy implications of the external gig economy. The cases in The Skills-Powered Organization, however, discuss how leading companies are reinventing themselves to be skills-based organizations and transforming value for customers, communities, and stakeholders. Jesuthasan and Kapilashrami describe the need for new organizational capabilities like work design and AI-driven resourcing, as well as the need to reinvent current work systems, to realize the agility, productivity, and value-creating potential of an organization where skills are at the center of its operating model.Providing a step-by step guide for both new and seasoned leaders, this practical and informative book shows just how to future-proof organizations for the post?fourth industrial revolution world.

Read more less

Book SynopsisAndrew B. Abel is Ronald A. Rosenfeld Professor of Finance at The Wharton School and professor of economics at the University of Pennsylvania. He received his AB summa cum laude from Princeton University and his PhD from the Massachusetts Institute of Technology. He began his teaching career at the University of Chicago and Harvard University and has held visiting appointments at both Tel Aviv University and The Hebrew University of Jerusalem. A prolific researcher, Abel has published extensively on fiscal policy, capital formation, monetary policy, asset pricing, and social security, as well as serving on the editorial boards of numerous journals. He has been honored as an Alfred P. Sloan Fellow, a Fellow of the Econometric Society, and a recipient of the John Kenneth Galbraith Award for teaching excellence. Abel has served as a visiting scholar at the Federal Reserve Bank of Philadelphia, as a member of the Panel of Economic Advisers at the Congressional Budget OfTable of ContentsPART 1: INTRODUCTION Introduction to Macroeconomics The Measurement and Structure of the National Economy PART 2: LONG-RUN ECONOMIC PERFORMANCE Productivity, Output, and Employment Consumption, Saving, and Investment Saving and Investment in the Open Economy Long-Run Economic Growth The Asset Market, Money, and Prices PART 3: BUSINESS CYCLES AND MACROECONOMIC POLICY Business Cycles The IS–LM/AD–AS Model: A General Framework for Macroeconomic Analysis Classical Business Cycle Analysis: Market-Clearing Macroeconomics Keynesianism: The Macroeconomics of Wage and Price Rigidity PART 4: MACROECONOMIC POLICY: ITS ENVIRONMENT AND INSTITUTIONS Unemployment and Inflation Exchange Rates, Business Cycles, and Macroeconomic Policy in the Open Economy Monetary Policy and the Federal Reserve System Government Spending and Its Financing Appendix A: Some Useful Analytical Tools

Read more less

Book SynopsisA historical perspective on the decline of globalization, illuminating the future path of the global economy and world politics.

Read more less

Book SynopsisTrade Review"Co-Winner of the Silver Medal in Business Technology, Axiom Business Book Awards""One of the Financial Times' Summer Books of 2019: Business""One of the Financial Times' Best Books of 2019: Technology""12 must-read books for 2019 as recommended by Tech Crunch's Extra Crunch readers""One of Five Books' Best Economics Books of 2019""University of Chicago 2019 Recommended Reading""One of Handelsblatt's Best Technology Books of 2019""One of Época Negócios's Best Books of 2019""A Choice Outstanding Academic Title of the Year""A Project Syndicate Best Read in 2019""A Financial Times Best Book of the Year""Winner of the Richard A. Lester Prize for the Outstanding Book in Industrial Relations and Labor Economics, Industrial Relations Section of Princeton University""A superb guide to 21st-century automation and its disruptive effects."---John Harris, The Guardian"The Technology Trap may well ensnare doom-seekers’ attention with its ominous-sounding title. But it should ultimately hearten anyone who reads it." * The Economist *"Anybody interested in the economic impact of digital and AI, in particular on jobs, will want to read [The Technology Trap]."---Diane Coyle, Enlightened Economist"[Frey] takes a provocative, original long view on current concerns, examining the fallout from past technological advances . . . to mass production and artificial intelligence."---Andrew Hill, Financial Times, Summer Books of 2019"I have been lost in [The Technology Trap] for the last 10 days."---John Harris, The Guardian"Frey’s analysis is worth taking seriously because the Oxford economic historian and economist has researched his subject deeply and has co-authored one of the most widely cited studies on automation . . . . Frey’s story is well argued and — at times — deeply alarming about the stability of western democracies given he predicts the further concentration of wealth in a few hands and in even fewer locations"---John Thornhill, Financial Times"An excellent analysis of past industrial revolutions, the technologies that emerged within them, and the way societies adapted to those changes."---Adi Gaskell, Forbes"As [Frey] points out in his new book The Technology Trap, for all that the robots may make the world more local, they may have other painful side-effects, putting millions of people out of work and sparking an almighty backlash."---Ed Conway, The Times"The Technology Trap is the perfect book for higher ed people to read . . . . deeply researched and [convincingly] argued."---Joshua Kim, Inside Higher Education"If you're an optimist about the robotic future, you likely hear talk that we're all going to lose our jobs or suffer a big pay cut, and tell friends to relax — the new technology revolution is going to turn out like all the others since the dawn of the Industrial Age. But if history is your best hope, you should probably think again: [The Technology Trap has] a strong case."---Steve Levine, Axios"Anybody interested in the economic impact of digital and AI, in particular on jobs, will want to read Carl Frey’s new book."---Diane Coyle, Enlightened Economist"In his bracing new book The Technology Trap, Carl Frey extrapolates from the history of the industrial revolution to offer a vision of the future in which Amazon Go, AI assistants and autonomous vehicles are 'worker replacement' technologies."---Greg Williams, Wired"A fascinating history of technical change."---Chris Dillow, Stumbling and Mumbling"One of Frey’s most salient points is that our attitudes and actions toward technology can play a pivotal role in how it impacts us. A lot of stock has been put into Frey and Osborne’s prediction of 47 percent automation. But if Frey’s book gets even half the attention the paper got, it should serve to quell some of our fears around a bleak machine-dominated future."---Vanessa Bates Ramirez, Singularity Hub"Carl Benedikt Frey has written an important and timely book . . . . A great deal of effort, thought, and scholarship went into its writing, and it shows. There is much food for thought here and I can envision this assigned in upper division economics classes as well as some graduate courses."---Alexander Field, EH.net"Frey offers a refreshingly human-centered analysis of technological progress."---Oscar Schwartz, Stanford Social Innovation Review"It’s clear The Technology Trap has plenty to teach us, and should automatically be on the reading list of any serious policy maker or politician."---Ben Ramanauskas, Cap X"Frey explores automation and its consequences, taking the reader on a long sweep of UK and US industrial history that demonstrates the distinction between labour-enabling and labour-replacing technologies. . . As arguably the most comprehensive account of automation to date, this book deserves to be read widely"---Liam Kennedy, London School of Economics Review of Books"[The Technology Trap] offers a fascinating history of technology’s effects on employment from the Industrial Revolution to today and attempts to tackle how we might avoid a repeat of past social ills, as the Computer Revolution sweeps away a majority of human jobs."---Robert Elliott Smith, Medium"Narrator Richard Lyddon performs an almost impossible feat—making a very theoretical audiobook sound absorbable in a truly entertaining way . . . . Cheers to both Frey and Lyddon, a pairing that listeners may wish to hear again." * AudioFile Magazine *"An extremely useful history of the effect of technology on jobs and income inequality."---John Judis, The National Interest"[E]rudite and thoughtful, and the questions [The Technology Trap] raises are important and pertinent."---Joel Mokyr, Journal of Economic History"[Frey] investigates the short, medium, and long-term consequences of the Industrial Revolution on workers, finding that in fact the changes had extraordinarily negative consequences in the short term. His lessons from this pivotal moment in history can help technology leaders avoid the biggest risks today in how we design human/AI systems in the coming age of automation." * TechCrunch *"I highly recommend [The Technology Trap]."---Randal C. Picker"There is little reason to doubt the contemporary relevance of Frey’s analysis into the consequences of automation on the labour market, and the broader socio‐political implications of those technological changes which are highly anticipated to reshape our working lives and economic existence as we know it. The voluminous public commentary about technology, and public protests against the ramifications of technology change (such as taxi drivers decrying peer‐to‐peer ride‐sharing services which rely on smartphone apps), serve as sufficient warrant to pay attention to Frey’s contribution."---Mikayla Novak, Economic Record"Excellently written, full of examples and studies I hadn't previously encountered, and I learned a lot."---Tim Harford"[The Technology Trap] is a reminder that the future of work depends on policy choices. It is well worth reading."---Ravi Venkatesan, Book Review Literacy Trust"A . . . danger is that Luddite efforts to avoid the short-term costs associated with a new technology will end up denying access to its long-term benefits—something Carl Benedikt Frey, an Oxford academic, calls a 'technology trap'." * The Economist *"Excellent."---Masood Ahmed, CGD Policy Blog"Magisterial."---Chris Gibbons, Acumen"Frey’s observations and detailed historical analysis are useful for even those of us who cling to a more optimistic view of the long run."---Micheal Munger, Law & Liberty"[A] historical odyssey."---Jane Humphries and Benjamin Schneider, Project Syndicate"Frey provides a longue durée examination of the economic, social, and political interplay that drives technological change. Careful, erudite, elegantly written, and full of insight, the book sets the current overwrought debate about automation and AI on a firm contextualized footing."---Jayati Ghosh, Project Syndicate"Frey’s book is a history with a policy purpose . . . the book reveals an enormous scope of reading."---Kenneth Lipartito, American Historical Review"I was hugely impressed by this well-researched book, which provides a fascinating historical analysis of the interplay between government policy and technical change around the world. At the same time, it provides clues about how similar dynamics may shape the ongoing wave of automation, and what that might mean for wealth distribution within and among countries."---Sami Mahroum, Project Syndicate"Even when we learned enough about how the world works to change and manipulate it — to disrupt the status quo — stasis had its defenders. And it still does today. So many historical examples of this in the great 2019 book, The Technology Trap."---James Pethokoukis, AEI"The Technology Trap offers a rich account of the history of automation. . . . If anything, the corona-crisis has made this 2019 publication even more relevant. The lockdowns will likely accelerate automation in the workplace, and in the wake of the resulting economic decline and rising unemployment, questions around jobs and automation will become more politically fraught than they had been up to now."---Justin Nogarede, The Progressive Post"’The Technology Trap’ . . . made me look at the industrial revolution, invention, sleeping beauties, contexts and the forces that shape our societies differently. . . . Techies and economists love to point out that the textile machines the Luddites opposed in the 19th century brought greater prosperity to all — but it took three generations before the benefits kicked in, and there was a lot of pain and suffering in the meantime. And as Frey points out, history is made in the short term."---David Byrne, New York Times Book Review"A powerful historical synthesis on the question of the relationship between man and machine." * Wall Street Journal *

Read more less

Book Synopsis

Read more less

Book SynopsisTrade Review"Despite remarkable successes, Galea argues, public health succumbed to a disturbing strain of illiberalism during the pandemic. . . .Galea makes a powerful case that to carry the worst illiberal outcomes from the pandemic into the next crisis would be a devastating mistake." -- Pamela Paul * The New York Times *"Galea is a good companion in navigating readers through the political thickets in which public health now operates. [Within Reason] is not about COVID-19, but the pandemic was an enormous stress test of public health and thrust public health into the center of politics and media attention." * The Lancet *“Powerful, erudite, and immersive—an essential treatise on our needed reformation in public health.” -- Alonzo Plough | Robert Wood Johnson Foundation“With equal dose of empathy and examination, Sandro Galea challenges us to undertake a deep exercise of self-reflection: how our hard-won political beliefs may betray us in the hope for a greater good. Within Reason is critically relevant for each of us—and all of us.” -- Julio Frenk | University of MiamiTable of ContentsIntroduction Foundations What Stories Will We Tell about COVID-19? Liberty and Health? Fear The Economics of Illiberalism How to Get Healthier and Wealthier during a Crisis Decision-Making in an Age of Social Media Borders in an Age of Pandemics UFOs, COVID-19, and the Return of Radical Uncertainty Why Do We Tell the Stories We Tell? The History of Soccer, the Butterfly Effect, and Public Health The Ongoing Challenge of Race Not in the Name of Public Health Health and the Opportunity to Think Freely Thinking in Groups or Thinking for Ourselves: In Praise of Iconoclasm The Challenge of Slow-Burning Threats The Ineluctable Role of the Faceless Bureaucrat Sectarianism and the Public’s Health Health in an Era of Resurgent Great Power Conflict “For Our Own Good” Heresies Why Health? The Spherical Cow Problem Public Health and the Temptations of Power Not Our Place The Radical Importance of Acknowledging Progress Who’s Left? Too Far, or Not Far Enough? A Case against Moralism in Public Health Resisting the Allure of Moral Grandstanding Resisting Our Suburban Impulses Checking Our Blind Spots We Need to Talk about Class Public Health and Tradition My Bias in Favor of Living Hopes Mercy and Our Present Moment A Case for Good Faith Argument “One Does Have Joys” A Playbook for Balancing the Moral and Empirical Cases for Health The False Choice of Diversity and Inclusion versus the Pursuit of Excellence Our Place in the Natural Order of Things What Do We Want from Our Political System? The Role of Experts and Community Voices Both The Aesthetics of a Healthier World Intellectual Cross-Training toward a Healthier World The Incredible Potential of New Technology The Consent of the Governed Spending Smarter A Populist Public Health In Praise of Objective Reality The Next Generation: The Kids Are (Probably) All Right In Conclusion Toward a Liberal Public Health Acknowledgments Index

Read more less

Book Synopsis

Read more less

Book SynopsisA dynamic revision of the most modern development economics textbook.

Read more less

Book SynopsisTrade Review"A one-stop source on global warming, seen through the prism of a brilliant economist."—Fred Andrews, New York TimesSelected as one of the best books of 2013 in the Financial Times"Nordhaus is arguably the world’s leading thinker on the economics of global warming. . . . His conclusion is clear: Acting to stop climate change costs money. Ignoring the problem costs more. . . . Ultimately, this message, delivered by a number-crunching economist rather than a morally outraged environmentalist, may prove far more effective in making the case for action."—Coral Davenport, The New York Times Book Review"When we have a disjunction between scientific consensus and popular perception—that should light a fire under those of us in the news media. An excellent basis for discussion is the new book The Climate Casino by William Nordhaus."—Nicholas Kristof, New York Times"Provides a comprehensive stocktaking of the possibilities and consequences of global climate change, all of which can be summed up in one sentence: 'Global warming is a trillion-dollar problem requiring a trillion-dollar solution.'"—Sheridan Jobbins, World Economic Forum"Few economists have worked as hard on such problems as William Nordhaus and in this new book, he's on top form."—Jonathan Wright, Geographical Magazine"The economic focus of this book should provide a valuable insight into the challenges and barriers that must be overcome for planners and policy makers."—Alexander Waller, The Biologist“Intriguing, captivating reading” —Anna Maria Polidori, AlFemminile BlogspotWon an Honorable Mention for the 2013 New England Book Festival given by the JM Northern Media Family of Festivals, in the General Non-Fiction CategoryWinner of the 2013 American Publishers Awards for Professional and Scholarly Excellence (PROSE), in the Economics category"Nordhaus is the world’s clearest, best informed and most serious thinker on climate change policy. There is more insight and good sense advice in this volume than in many libraries. This book should be as central to climate policy debates as climate change is to humanity’s future."—Lawrence H. Summers, Charles W. Eliot University Professor and President Emeritus at Harvard University"Bill Nordhaus is one of the world’s pioneers in applying economic reasoning to the harrowing problem of climate change. Before there was the UN climate treaty, the recent rounds of IPCC reports, and the Stern Review, there was Nordhaus’ path-breaking thinking, modeling, and research on the subject. His new book, The Climate Casino, marks a long-awaited update and synthesis of this work for the public and students everywhere. His core conclusion – that we must act and act now – is carefully explained with Nordhaus’ trademark vigor, clarity, and thoughtfulness. Nordhaus repeatedly and rightly reminds the reader of the risks of catastrophic tipping points and the huge unknowns concerning the ability of societies and ecosystems to adapt to the changes ahead. As he aptly puts it, by investing in slowing and eventually halting the emission of greenhouse gases humanity will be paying a well-justified 'insurance premium' for human wellbeing."—Jeffrey D. Sachs, The Earth Institute at Columbia University"The Climate Casino is one of the most important books ever written about global warming . . . it deals with the problem (climate change and its consequences including economic) and with the solution (primarily a suitable price for carbon). It does so with wonderful clarity."—Thomas E. Lovejoy, George Mason University and The H. John Heinz Center for Science, Economics, and the Environment"The Climate Casino is a tour de force and will make a real impact in the popular literature on climate change . . . it brings together all of the important strands of the debate . . . the book is without peer."—Charles Kolstad, Stanford University"This is a book written by a master of the field after more than twenty years of research on the global warming topic."—David Victor, Director of the Laboratory on International Law and Regulation, University of California at San Diego

Read more less

Book SynopsisTHE INTERNATIONAL BESTSELLER''Entertaining, acute and disarmingly honest'' Economist''A vital guide to the new economic order'' Rana Foroohar, TimeThe crisis of 2008 ended the illusion of a golden era in which many people imagined that prosperity and political calm would continue to spread indefinitely. In a world now racked by slowing growth and mounting unrest, how can we discern which nations will thrive and which will fail? Shaped by prize-winning author Ruchir Sharma''s twenty-five years travelling the world, The Rise and Fall of Nations rethinks economics as a practical art. By narrowing down the thousands of factors that can shape a country''s future, it spells out ten clear rules for identifying the next big winners and losers in the global economy.''The nub of the book is how to spot which countries are likely to succeed, and which to fail, in this impermanent world. Sharma offers a framework of Trade ReviewFilled with amazing data ... fascinating insights and revealing anecdotes, this is quite simply the best guide to the global economy today. Whether you are an observer or an investor, you cannot afford to ignore it. -- Fareed ZakariaA fine guide to the great emerging market boom and bust. * The Economist *Sharma's wealth of knowledge ... and ample experience on the ground are strong foundations for his exploration of what makes economies break out, or break down. * Reuters *For sheer readability and insight on the developing world drama, I dare say you won't find a better choice. * Wall Street Journal *A vital guide to the new economic order. -- Rana Foroohar * Time *

Read more less

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

Read more less

Based on archival research, this is a history of the Russo-Chinese border which examines Russia's expansion into the Asian heartland during the decades of Chinese decline and the 20th-century paradox of Russia's inability to sustain political and economic sway over its domains.

Read more less

Book SynopsisIn this saga of brilliant triumphs and magnificent failures, David E. Hoffman, the former Moscow bureau chief for the Washington Post, sheds light on the hidden lives of Russia's most feared power brokers: the oligarchs. Focusing on six of these ruthless men, Alexander Smolensky, Yuri Luzhkov, Anatoly Chubais, Mikhail Khodorkovsky, Boris Berezovsky, and Vladimir Gusinsky,Hoffman shows how a rapacious, unruly capitalism was born out of the ashes of Soviet communism.Trade Review"[Hoffman's] account is the most dramatic and comprehensive yet... What makes this account both devastating and entertaining is the way Hoffman has pieced it together... he has read far and wide, and operated like a probing private eye." (New York Times Book Review) "[Hoffman's] book may well be the most authoritative account we will ever get of the early days of the four true 'oligarchs'... He describes and analyzes so well the methods by which money and power were grabbed in the new Russia." (New York Review of Books) "One of the most vivid and well-researched accounts to date of this tumultuous period in recent Russian history." (Newsweek) "Hoffman makes the tale of the men's rise and fall a masterful blend of adventure and serious, informed analysis." (Foreign Affairs) "In his devastating portrait of the so-called Russian oligarchy...Hoffman's... account provides us with more than its share of instruction...Hoffman brilliantly shows how seemingly halting and insignificant acts finally culminated in changes in a whole society." (Washington Post)"

Read more less

Book SynopsisWhy did the size of the U.S. economy increase by 3 percent on one day in mid-2013 - or Ghana's balloon by 60 percent overnight in 2010? Why did the U.K. financial industry show its fastest expansion ever at the end of 2008 - just as the world's financial system went into meltdown? This title deals with these questions.Trade ReviewWinner of the 2015 Bronze Medal in Economics, Axiom Business Book Awards One of The Wall Street Journal's Best Books of 2014 One of Choice's Outstanding Academic Titles for 2014 One of FA-mag.com's Books of the Year 2014 One of "The Books Quartz Read" in 2014 One of Minnpost.com's 'Three (plus) books for the econ buff on your list' 2014 Longlisted for the Financial Times and McKinsey Business Book of the Year 2014 "GDP is, as Diane Coyle points out in her entertaining and informative GDP: A Brief but Affectionate History, a bodge, an ongoing argument."--John Lanchester, London Review of Books "[A] little charmer of a book... GDP: A Brief but Affectionate History is just what the title promises... Cowperthwaite himself would nod in agreement over Ms. Coyle's informed discussion of what the GDP misses and how it misfires... Ms. Coyle--a graceful and witty writer, by the way--recounts familiar problems and adds some new ones... [E]xcellent."--James Grant, Wall Street Journal "Anyone who wants to know how GDP and the SNA have come to play such important roles in economic policy-making will gain from reading Coyle's book. As will anyone who wants to gain more understanding of the concept's strengths and weaknesses."--Nicholas Oulton, Science "Diane Coyle's new book, GDP: A Brief But Affectionate History, is a timely contribution to discussions of modern economic performance."--Arnold Kling, American "[E]xcellent."--Adam Creighton, The Australian "Diane Coyle's book is as good a simple guide as we are likely to see."--Samuel Brittan, Financial Times "Coyle does good work explicating a topic that few understand, even if it affects each of us daily. A pleasure for facts-and-numbers geeks, though accessibly written and full of meaningful real-world examples."--Kirkus Reviews "[S]mart and lucid... [S]hort but masterful."--Todd G. Buchholz, Finance & Development "[G]reat (and well-timed) new book."--Uri Friedman, The Atlantic "In a charming and accessible new book, Diane Coyle untangles the history, assumptions, challenges and shortcomings of this popular rhetorical device, which has become so central to policy debates around the world... Coyle's book is a good primer for the average citizen as well as the seasoned economist."--Adam Gurri, Umlaut "[I]t is interesting and important, particularly when it comes to the emphasis now given to GDP, and the inadequacies of this now time-honoured measurement of how our economies are doing... With clarity and precision, she explains its strengths and weaknesses."--Peter Day, BBC News Business "Diane Coyle has bravely attempted in a recent book to make the subject once more accessible, and even interesting."--John Kay, Financial Times "[T]his is as engaging a book about GDP as you could ever hope to read. It falls into that genre of books that are 'biographies of things'--be they histories of longitude, the number zero or the potato--and is both enlightening and entertaining."--Andrew Sawers, FS Focus "GDP: A Brief But Affectionate History is a fascinating 140-page book that I cannot recommend highly enough. This is simply the best book on GDP that I've ever seen."--John Mauldin "As a potted history of approaches to quantifying national output from the 18th century onward, GDP: A Brief but Affectionate History deserves high marks. It is particularly edifying to learn about the military motivation behind the initial attempts."--Martin S. Fridson, Financial Analysts Journal "The strongest part of the book charts the development of national accounting from the 17th century through to the creation of GDP itself and its literal and metaphorical rises and falls in the 20th and 21st centuries... This is lively and surprisingly readable stuff."--Eilis Lawlor, LSE Review of Books "Coyle has written an engaging, introductory to mid-level book on the GDP that makes sense of a statistic that hardly anyone actually understands... It does not require any training in economics, but it covers many topics that even professional economists would find beneficial, including an argument that GDP is an increasingly inappropriate measure for the 21st century."--Choice "[A] little charmer of a book."--Wall Street Journal (A Best Non-Fiction Book of 2014) "GDP is a thought-provoking account of how the gross domestic product statistic came to be so important... The book is a useful and timely contribution."--Louise Rawlings, Economic RecordTable of ContentsNote on the Paperback Edition vii Introduction 1 ONE From the Eighteenth Century to the 1930s: War and Depression 7 TWO 1945 to 1975: The Golden Age 43 THREE The Legacy of the 1970s: A Crisis of Capitalism 61 FOUR 1995 to 2005: The New Paradigm 79 FIVE Our Times: The Great Crash 95 SIX The Future: Twenty-first-Century GDP 123 Acknowledgments 147 Notes 149 Index 161

Read more less

Book SynopsisWritten in a crisp and approachable style, Games and Information uses simple modeling techniques and straightforward explanations to provide students with an understanding of game theory and information economics. * Written for introductory courses seeking a little rigor.Trade ReviewPraise for the 3rd edition "Rasmusen’s Games and Information provides wonderful coverage of the basics of game theory and information economics. His consistent style of presenting the theoretical structures lucidly unifies his test’s wide and well-chosen range of applications. I wish that all my students could take a course based on this book, and envy them the opportunity." Maxwell B. Stinchcombe, University of Texas at Austin "This is a terrific book bringing together two strands in the recent literature on economic theory, namely game theory and the economics of asymmetric information. The style is brisk, the arguments are rigorous and it seems to be pitched at exactly the right level." Partha Dasgupta, University of CambridgeTable of ContentsList of Figures. List of Tables. List of Games. Preface. Contents and Purpose. Changes in the Second Edition (1994). Changes in the Third Edition (2001). Changes in the Fourth Edition (2006). Using the Book. The Level of Mathematics. Other Books. Contact Information. Acknowledgements. Introduction. History. Game Theory’s Method. Exemplifying Theory. This Book’s Style. Notes. PART 1: GAME THEORY. 1. The Rules of the Game. Definitions. Dominated and Dominant Strategies: The Prisoner’s Dilemma. Iterated Dominance: The Battle of the Bismarck Sea. Nash Equilibrium: Boxed Pigs, The Battle of the Sexes and Ranked Coordination. Focal Points. Notes. Problems. Classroom Game. 2. Information. The Strategic and Extensive Forms of a Game. Information Sets. Perfect, Certain, Symmetric, and Complete Information. The Harsanyi Transformation and Bayesian Games. Example: The Png Settlement Game. Notes. Problems. Classroom Game. 3. Mixed and Continuous Strategies. Mixed Strategies: The Welfare Game. The Payoff-equating Method and Games of Timing. Mixed Strategies with General Parameters and N Players: The Civic Duty Game. Randomizing is not Always Mixing: The Auditing Game. Continuous Strategies: The Cournot Game. Continuous Strategies: The Bertrand Game, Strategic Complements, and Strategic. Substitutes. Existence of Equilibrium. Notes. Problems. Classroom Game. 4. Dynamic Games with Symmetric Information. Subgame Perfectness. An Example of Perfectness: Entry Deterrence I. Credible Threats, Sunk Costs, and the Open-Set Problem in the Game of Nuisance Suits. Recoordination to Pareto-dominant Equilibria in Subgames: Pareto Perfection. Notes. Problems. Classroom Game. 5. Reputation and Repeated Games with Symmetric Information. Finitely Repeated Games and the Chainstore Paradox. Infinitely Repeated Games, Minimax Punishments, and the Folk Theorem. Reputation: The One-sided Prisoner’s Dilemma. Product Quality in an Infinitely Repeated Game. Markov Equilibria and Overlapping Generations: Customer Switching Costs. Evolutionary Equilibrium: The Hawk-Dove Game. Notes. Problems. Classroom Game. 6. Dynamic Games with Incomplete Information. Perfect Bayesian Equilibrium: Entry Deterrence II and III. Refining Perfect Bayesian Equilibrium in the Entry Deterrence and PhD Admissions Games. The Importance of Common Knowledge: Entry Deterrence IV and V. Incomplete Information in the Repeated Prisoner’s Dilemma: The Gang of Four Model. The Axelrod Tournament. Credit and the Age of the Firm: The Diamond Model. Notes. Problems. Classroom Game. PART 2: ASYMMETRIC INFORMATION. 7. Moral Hazard: Hidden Actions. Categories of Asymmetric Information Models. A Principal-agent Model: The Production Game. The Incentive Compatibility and Participation Constraints. Optimal Contracts: The Broadway Game. Notes. Problems. Classroom Game. 8. Further Topics in Moral Hazard. Efficiency Wages. Tournaments. Institutions and Agency Problems. Renegotiation: The Repossession Game. State-space Diagrams: Insurance Games I and II. Joint Production by Many Agents: The Holmstrom Teams Model. The Multitask Agency Problem. Notes. Problems. Classroom Game. 9. Adverse Selection. Introduction: Production Game VI. Adverse Selection under Certainty: Lemons I and II. Heterogeneous Tastes: Lemons III and IV. Adverse Selection under Uncertainty: Insurance Game III. Market Microstructure. A Variety of Applications. Adverse Selection and Moral Hazard Combined: Production Game VII. Notes. Problems. Classroom Game. 10. Mechanism Design and Postcontractual Hidden Knowledge. Mechanisms, Unravelling, Cross Checking, and the Revelation Principle. Myerson Mechanism Design. An Example of Postcontractual Hidden Knowledge: The Salesman Game. The Groves Mechanism. Price Discrimination. Rate-of-return Regulation and Government Procurement. Notes. Problems. Classroom Game. 11. Signalling. The Informed Player Moves First: Signalling. Variants on the Signalling Model of Education. General Comments on Signalling in Education. The Informed Player Moves Second: Screening. Two Signals: The Game of Underpricing New Stock Issues. Signal Jamming and Limit Pricing. Countersignalling. Notes. Problems. Classroom Game. PART 3: APPLICATIONS. 12. Bargaining. The Basic Bargaining Problem: Splitting a Pie. The Nash Bargaining Solution. Alternating Offers over Finite Time. Alternating Offers over Infinite Time. Incomplete Information. Setting Up a Way to Bargain: The Myerson–Satterthwaite Mechanism. Notes. Problems. Classroom Game. 13. Auctions. Values Private and Common, Continuous and Discrete. Optimal Strategies under Different Rules in Private-value Auctions. Revenue Equivalence, Risk Aversion, and Uncertainty. Reserve Prices and the Marginal Revenue Approach. Common-value Auctions and the Winner’s Curse. Asymmetric Equilibria, Affiliation, and Linkage: The Wallet Game. Notes. Problems. Classroom Game. 14. Pricing. Quantities as Strategies: Cournot Equilibrium Revisited. Capacity Constraints: The Edgeworth Paradox. Location Models. Comparative Statics and Supermodular Games. Vertical Differentiation. Durable Monopoly. Notes. Problems. Classroom Game. Mathematical Appendix. Notation. The Greek Alphabet. Glossary. Formulas and Functions. Probability Distributions. Supermodularity. Fixed Point Theorems. Genericity. Discounting. Risk. References and Name Index. Subject Index

Read more less

Book SynopsisTable of Contents1. The Investment Setting. 2. Asset Allocation and Security Selection. 3. Organization and Functioning of Securities Markets. 4. Security Market Indexes and Index Funds. 5. Efficient Capital Markets, Behavioral Finance and Technical Analysis. 6. Introduction to Portfolio Management. 7. Asset Pricing Models. 8. Introduction to Financial Statement and Security Analysis. 9. Stock Market and Industry Analysis. 10. Company Analysis. 11. Equity Portfolio Management Strategies. 12. Bond Fundamentals and Valuation. 13. Bond Analysis and Portfolio Management Strategies. 14. Introduction to Derivative Markets and Securities. 15. Forward, Futures and Swap Contracts. 16. Option Contracts and Other Embedded Derivatives. 17. Active Portfolio Management, Alternative Assets and Industry Ethics. 18. Evaluation of Portfolio Performance.

Read more less

Book Synopsis

Read more less

Book SynopsisDaron Acemoglu is the Elizabeth and James Killian Professor of Economics in the Department of Economics at the Massachusetts Institute of Technology. He has received a BA in economics from the University of York, an MSc in mathematical economics and econometrics from the London School of Economics, and a PhD in economics from the London School of Economics. He is an elected fellow of the National Academy of Sciences, the American Academy of Arts and Sciences, the Econometric Society, the European Economic Association, and the Society of Labor Economists. He has received numerous awards and fellowships, including the inaugural T. W. Schultz Prize from the University of Chicago in 2004, the inaugural Sherwin Rosen Award for outstanding contribution to labor economics in 2004, the Distinguished Science Award from the Turkish Sciences Association in 2006, and the John von Neumann Award, Rajk College, Budapest, in 2007. On 14 October 2024, the Nobel Prize iTable of ContentsPART I: INTRODUCTION TO ECONOMICS1. The Principles and Practice of Economics2. Economic Science: Using Data and Models to Understand the World3. Optimization: Trying to Do the Best You Can4. Demand, Supply, and Equilibrium PART II: FOUNDATIONS OF MICROECONOMICS5. Consumers and Incentives6. Sellers and Incentives7. Perfect Competition and the Invisible Hand8. Trade9. Externalities and Public Goods10. The Government in the Economy: Taxation and Regulation11. Markets for Factors of Production PART III: MARKET STRUCTURE12. Monopoly13. Game Theory and Strategic Play14. Oligopoly and Monopolistic Competition PART IV: EXTENDING THE MICROECONOMIC TOOLBOX15. Trade-offs Involving Time and Risk16. The Economics of Information17. Auctions and Bargaining18. Social Economics PART V INTRODUCTION TO MACROECONOMICS19. The Wealth of Nations: Defining and Measuring MacroeconomicAggregates20. Aggregate Incomes PART VI LONG-RUN GROWTH AND DEVELOPMENT21. Economic Growth22. Why Isn't the Whole World Developed? PART VII EQUILIBRIUM IN THE MACROECONOMY23. Employment and Unemployment24. Credit Markets25. The Monetary System PART VIII SHORT-RUN FLUCTUATIONS AND MACROECONOMIC POLICY26. Short-Run Fluctuations27. Countercyclical Macroeconomic Policy PART IX MACROECONOMIC IN A GLOBAL ECONOMY28. Macroeconomics and International Trade29. Open Economy Macroeconomics

Read more less

Book SynopsisThe authors bring into the classroom the ideas that today's researchers and policy-makers use - including behavioral economics, game theory, and incomplete contracts. Modern microeconomics is applied to pressing issues that students care about - inequality, climate change, and innovation - and illustrated with empirical case studies.Trade ReviewI envy the students who will have the opportunity to take a microeconomics course based on this brilliant textbook. Not only will they find it fascinating. It will change their lives, in every way, for the better. * George Akerlof, Georgetown University, Nobel Laureate in Economics *In a thick wall of textbooks about rational agents trading in perfect markets, Bowles and Halliday open up a window through which students can see economists at work as they seek answers to market failures, behavioral biases and all the obstacles that must be overcome to build a society that is fair and efficient. This book can change how economics is understood by students who will go on to help us find the answers. * Oriana Bandiera, Sir Anthony Atkinson Professor of Economics, LSE, Winner of the Yrjö Jahnsson Award *This text will make for an exciting course - and one especially relevant to contemporary problems like inequality and climate change. Normally, students don't see recent economic ideas until they reach the end of the book. Here such ideas are introduced starting in the first chapter. * Eric Maskin, Harvard University, Nobel Laureate in Economics *Bowles' and Halliday's textbook unusually puts at its core the key concepts of social sciences: the interactions (competition, conflict, and coordination) among individuals, groups, and firms. You will come away from this riveting reading understanding how economists deploy theory to help design impactful public policies, and why economics is essential to making this world a better place. * Jean Tirole, Toulouse School of Economics, Nobel Laureate in Economics *Ambitious and exciting! The authors propose a completely new problem-centred approach to teaching microeconomics which gives space to discussion of issues often ignored by undergraduate microeconomics textbooks. * Dr Marco Pelliccia, Associate Professor in Economics, Heriot-Watt University *The key strength of the content is the refreshing, big-picture way in which the concepts are presented, as well as the care in carrying out the real-world examples used to illustrate the arguments. * Dr Daniele Tavani, Associate Professor, Colorado State University *Table of ContentsPART I: People, Economy, and Society 1: Society: coordination problems and economic institutions 2: People: preferences, beliefs, and constraints 3: Doing the best you can: constrained optimization 4: Property, power, and exchange: mutual gains and conflicts 5: Coordination failures and institutional responses PART II: Markets for Goods and Services 6: Production: technology and specialization 7: Demand: Willingness to pay and prices 8: Supply: firms' costs, output, and profit 9: Competition, rent-seeking, and market equilibration PART III: Markets with Incomplete Contracting 10: Information: contracts, norms, and power 11: Work, wages, and unemployment 12: Interest, credit, and wealth constraints PART IV: Economic Systems and Policy 13: A risky and unequal world 14: Perfect competition and the invisible hand 15: Capitalism: innovation and inequality 16: Public policy and mechanism design

Read more less

Book SynopsisRevealing bold new ways to structure markets for the good of everyone, this book shows how the emancipatory force of genuinely open, free, and competitive markets can reawaken the dormant 19th-century spirit of liberal reform and lead to greater equality, prosperity, and cooperation.Trade Review"Refreshing and welcome in its willingness to question received wisdom."—The Economist"This is free market thinking but not as we know it."—Diane Coyle, Prospect"A brilliant, provocative work."—Jason Furman, former chairman of President Obama's Council of Economic Advisers"A must-read."—Carol Massar, Bloomberg Radio

Read more less

Book SynopsisWinner of a 2009 Shingo Research and Professional Publication Prize. Notably flexible and brief, the A3 report has proven to be a key tool In Toyota’s successful move toward organizational efficiency, effectiveness, and improvement, especially within its engineering and R&D organizations. The power of the A3 report, however, derives not from the report itself, but rather from the development of the culture and mindset required for the implementation of the A3 system.In Understanding A3 Thinking, the authors first show that the A3 report is an effective tool when it is implemented in conjunction with a PDCA-based management philosophy. Toyota views A3 Reports as just one piece in their PDCA management approach. Second, the authors show that the process leading to the development and management of A3 reports is at least as important as the reports themselves, because of the deep learning and professional development that occurs in the process. And finally, the authors provide a number of examples as well as some very practical advice on how to write and review A3 reports.Table of ContentsA Basis for Managerial Effectiveness. 3A Thinking. The Problem-Solving 3A Report. The Proposal 3A Report. The Status 3A Report. Supporting Structures. Conclusion. Appendix A “Reducing Bill Drop Time” Problem-Solving 3A Report. Appendix B “Practical.

Read more less

Book SynopsisWinner of the Gold Axiom Business Book Award 2024 in the Philanthropy / Non Profit / Sustainability category.A Top 10 Best New Management Book for 2024 (Thinkers50)Tech For Good reveals how Fourth Industrial Revolution technologies will help solve the world's greatest challenges like climate change, biodiversity loss, inequality, and poverty. Tech For Good presents a unique perspective on how business can successfully apply advanced technologies in a purpose-driven manner while unlocking new markets and seizing business opportunities. Packed with 75 real-life business cases of companies from all over the world, this inspiring book unfolds a compelling narrative about how businesses commercially synergize technology and sustainability. The purpose of this book is to imagine the unprecedented possibilities advanced technologies offer business to drive sustainable growth. Tech for Good will be vital for realizing our Global Table of Contents1. Tech for Good 2. AI and Data 3. 3D Printing 4. Robotics 5. Advanced Materials 6. Extended Realities 7. Autonomous Vehicles and Drones 8. Blockchain 9. Space 10. Scaling Tech for Good

Read more less

Book SynopsisForthcoming from the MIT Press

Read more less

Book Synopsis

Read more less

Book Synopsis

Read more less

Book SynopsisThis textbook provides an overview of the core concepts, theories and methods in strategic communication, using examples from research and experiences from practice.Strategic Communication begins by explaining the fundamental concepts related to communication, organizations and strategy, and then explores the communication processes within leadership, reputation, crisis and change. The authors work to present a framework for the future, underpinned by the concept of Communicative Organizations. The content of this 2nd edition has been fully updated to incorporate the latest research and practice examples, including a new chapter on The Future of Strategic Communication'. The new edition also features enhanced pedagogical features to aid learning, such as key takeaways, and new international case studies and examples throughout.After reading the book the student or reader will be able to define and reflect upon strategic communication as an academic field and proTrade Review"This book provides a very good overview on the fundamentals of strategic communication. It is very common that Master’s students want to follow their studies on strategic communication but don’t know the basis and theories of the area. Falkheimer and Heide made an excellent job presenting the beginnings of this new science."—Ivone Ferreira, Assistant Professor at School of Social Sciences, Nova University of Lisbon, Portugal, and Researcher at ICNOVA Research UnitTable of ContentsPreface, Introduction, Part I. Fundamentals, Chapter 1. What is communication?, Chapter 2. What is strategy?, Chapter 3. What is strategic communication?, Part II. Communication Processes and Organizations, Chapter 4. Strategic communication in Society and Market Places, Chapter 5. Organizational identity and culture, Chapter 6. Change and crisis communication, Chapter 7. Mediatization, Part III. Future Developments, Chapter 8. The Future of Strategic Communication – Communication Value and the Communicative Organization

Read more less

Book Synopsis

Read more less

Book SynopsisTrade Review"One of Foreign Affairs' Picks for Best of Books 2018"

Read more less

Book SynopsisFrom the authors of the fascinating The Age of Cryptocurrency, comes the definitive work on the Internet's next big thing: the blockchain.Many of the legacy systems' once designed to make our lives easier and our economy more efficient are no longer up to the task; big banks have grown more entrenched, privacy exists only until the next hack, and credit card fraud has become a fact of life. However, there is a way past all this?a new kind of operating system with the potential to revolutionise our economy: the blockchain.In The Truth Machine, Michael J. Casey and Paul Vigna demystify the blockchain and explain why it can restore personal control over our data, assets, and identities; grant billions of excluded people access to the global economy; and shift the balance of power to revive society's faith in itself. They reveal the empowerment possible when self-interested middlemen give way to the transparency of the blockchain, while highlighting the job losses, assertion of special intTrade Review‘The authors ably explain highly technical information in layperson’s terms, and the text is neither too dense nor too basic. Readers may pick this one up for the Bitcoin connection and find themselves fascinated with the blockchain’s potential to change the world’s financial systems for the better.’ ―Booklist ‘With thoughtful and well researched analysis, The Truth Machine leads you through a history of cryptocurrencies and blockchains that reveals the path forward towards a decentralized economy, one in which opportunity and access are widely spread.’ ―Andreas M Antonopoulos, author of Mastering Bitcoin and The Internet of Money series ‘The Truth Machine is a brilliant, beautifully written guide to the blockchain revolution that is redefining “trust” for our increasingly globalized world.’ ―Hernando de Soto, President of the Institute for Liberty and Democracy, author of The Mystery of Capital ‘Casey and Vigna are among the blockchain and digital-currency sector's most important visionaries. They are shaping a new understanding of how we can gain greater personal control over our data, assets, identities and creations to forge a more inclusive, collaborative and innovative society.’ ―Imogen Heap, Grammy award-winning singer-songwriter and founder of Mycelia ‘Casey and Vigna have done it again! It turns out that digital currencies may only be the spark for the next major revolution in business and society. The implications of trust being the blockchain’s real killer app cannot be ignored by any serious investor.’ ―Josh Brown, CEO of Ritholtz Wealth Management, star of CNBC’s The Halftime Report ‘This unparalleled examination of the blockchain landscape will open people's eyes to how a decentralized information system can level the playing field for humanity.’ ―Mariana Dahan, founder and CEO, World Identity Network, first coordinator of The World Bank's Identification for Development (ID4D) Initiative

Read more less

Book SynopsisThe ideal review for your microeconomics courseMore than 40 million students have trusted Schaumâs Outlines for their expert knowledge and helpful solved problems. Written by renowned experts in their respective fields, Schaumâs Outlines cover everything from math to science, nursing to language. The main feature for all these books is the solved problems. Step-by-step, authors walk readers through coming up with solutions to exercises in their topic of choice. 896 solved problems Outline format supplies a concise guide to the standard college course in microeconomics Clear, concise explanations of all Microeconomics concepts Complements and supplements the major microeconomics textbooks Appropriate for the following courses: Principles of Microeconomics, Intermediate Microeconomics, Introduction to Economics, Microeconomic Theory Table of Contents1. Introduction2. Demand, Supply, and Equilibrium: An Overview3. The Measurement of Elasticities4. Consumer Demand Theory5. Advanced Topics in Consumer Demand Theory6. Theory of Production7. Costs of Production8. Price and Output under Perfect Competition9. Price Output under Pure Monopoly10. Price and Output under Monopolistic Competition and Oligopoly11. Recent and Advanced Topics in Market Structure12. Game Theory and Oligopolistic Behavior13. Input Pricing and Employment14. General Equilibrium and Welfare Economics15. The Economics of Information

Read more less

Book Synopsis

Read more less

Book SynopsisFeatures five sections designed to serve as both classroom-friendly introductions to each of the major subareas in neuroeconomics, and as advanced synopses of all that has been accomplished over the years in this rapidly expanding academic discipline.Trade Review"This fully revised, second edition comes five years after the first and reflects the tremendous growth in the field of neurobiology of decision making…The text, uniformly well written and accessible, does not shy away from controversies in the research. This is an excellent text for either a graduate course or a very advanced undergraduate course on the subject." Summing Up: Recommended. --CHOICE Reviews Online, June 2014 "This book describes neuroeconomics, a combination of neuroscience and behavioral economics, with the goal of understanding how economic policies influence motivation on a neuropsychological level and, ultimately, behavior…This is an excellent book…It should be in the libraries of students and professionals interested in neuroeconomics."Rating: 4 Stars --Doody.com, April 4, 2014 Reviews for the First Edition: "Neuroeconomics is a timely collection of papers by leading researchers from both sides of the border between economics and neuroscience…The book should be of interest to anyone who has ever wondered about the mechanics of how decisions are made in the brain, and what it means about human nature." --VINCE CRAWFORD, DISTINGUISHED PROFESSOR OF ECONOMICS, UNIVERSITY OF CALIFORNIA, SAN DIEGO, USA "Economists pride themselves on rigorous parsimony. By taking the neural correlates of behavior into account, potentially explanatory variables explode. This book shows when digging deeper nonetheless pays for economics, and how to do it well." --CHRISTOPH ENGEL, EXECUTIVE DIRECTOR, MAX PLANCK INSTITUTE FOR RESEARCH ON COLLECTIVE GOODS, BONN, GERMANY "For those onlookers who can’t quite accept that neuroscience may provide insight into how we decide what course of action to follow, the contributors to this comprehensive volume offer some very compelling, and very serious experimental and theoretical insights. Highly recommended, and enormously provocative." --FLOYD BLOOM, PROFESSOR EMERITUS, DEPARTMENT OF NEUROPHARMACOLOGY, THE SCRIPPS RESEARCH INSTITUTE, LA JOLLA, USATable of ContentsForeword Introduction Section 1: The Fundamental Tools of Neuroeconomics 1. Basic Methods from Neoclassical Economics 2. Experimental Economics and Experimental Game Theory 3. Computational Models of Decision-Making from Psychology and Behavioral Economics 4. Estimation and Testing of Computational Models 5. Computational Neuroscience 6. Experimental Methods in Cognitive Neuroscience 7. The Economics of Non-Human Primates Section 2: Risk, Time, Social and Emotional Preferences 8. Computation of value in simple choices 9. Valuation for Risky and Uncertain Choices 10. Valuation, Intertemporal Choice and Self Control 11. Neuroeconomics of Social Preferences 12. The Study of Emotion in Decision Making 13. Valuation and Common Neural Currencies 14. The pharmacology of economic and social decision-making Section 3: Learning and Valuation 15. Value Learning through Reinforcement: The Basics of Dopamine and RL 16. Advanced Issues in Reinforcement Learning 17. The Basal Ganglia, Reinforcement Learning and The Encoding of Value 18. From Experienced Utility to Decision Utility Section 4: The Neural Mechanisms for Choice 19. Neural Mechanisms for Perceptual Decision-Making 20. Value-based Decision-Making 21. Multiple Systems for Valuation and Choice 22. Integrating Benefits and Costs in Decision-Making 23. Dynamic Neuronal Models of Choice 24. Reference Dependent Values and Normalization Section 5: Brain Circuitry of Social Valuation and Social Choice 25. The Brain Circuity for Strategic Interactions 26. The Brain Circuity for social decision-making in non-human primates 27. Understanding Others: Brain Mechanisms of Theory of Mind and Empathy Epilogue: Summary, Conclusions, and Prognostications Appendix: Using Prospect Theory

Read more less

Book SynopsisPresents a practical, instructive approach to successfully implementing the freemium model into your software products by building analytics into product design from the earliest stages of development. This book provides guidelines for using data and analytics through all stages of development to optimize your implementation of the freemium model.Trade Review"Seufert’s book provides extensive guidance on analyzing the data generated by a freemium product to boost retention and drive revenue. By collecting and deploying analytics on large amounts of data generated by users of the product, through all stages of development and usage, the author explains how you can optimize your implementation of the freemium model." --Data and Technology Today, 2014Table of Contents1. What is the Freemium Model? 2. Analytics as the Heart of Freemium 3. Quantitative Methods for Product Management 4. Freemium Metrics 5. Lifetime Customer Value 6. Monetization and Downstream Marketing 7. Virality 8. Optimized User Acquisition

Read more less

Book SynopsisThe paradox of poverty amidst plenty has plagued the United States throughout the 21st century - why should the wealthiest country in the world also have the highest rates of poverty among the industrialized nations? Based on his decades-long research and scholarship, one of the nation''s leading authorities provides the answer. In The Poverty Paradox, Mark Robert Rank develops his unique perspective for understanding this puzzle. The approach is what he has defined over the years as structural vulnerability. Central to this new way of thinking is the distinction between those who lose out at the economic game versus why the game produces losers in the first place. Americans experiencing poverty tend to have certain characteristics placing them at a greater risk of impoverishment. Yet poverty results not from these factors, but rather from a lack of sufficient opportunities in society. In particular, the shortage of decent paying jobs and a strong safety net are paramount. Based upon this understanding, Rank goes on to detail a variety of strategies and programs to effectively alleviate poverty in the future. Implementing these policies has the added benefit of reinforcing several of the nation''s most important values and principles. The Poverty Paradox represents a game changing examination of poverty and inequality. It provides the essential blueprint for finally combatting this economic injustice in the years ahead.Trade ReviewMark Robert Rank's ambitious book, The Poverty Paradox, is said to be "a game changing examination of poverty and inequality. It provides the essential blueprint for finally combatting this economic injustice in the years ahead". * Craig R. Roach, New York Journal of Books *Mark Rank, one of America's great poverty scholars, has done it again. In crystal clear prose, The Poverty Paradox walks readers through what we know about poverty in the United States, forwards a framework to understand why it persists, and offers evidence-strategies for how we can confront it. It will offer fresh insights to new students, long-time experts, and policymakers alike. * H. Luke Shaefer, Hermann and Amalie Kohn Professor of Social Justice and Social Policy at the Ford School of Public Policy, University of Michigan *After reading Rank, Christians might decide that their vested interests should be in structures that alleviate wealth as much as those that alleviate poverty. * Adam Vander Tuig, The Christian Century *Recommended. Undergraduates through faculty; professionals; general readers. * Choice *Table of ContentsPart I: Overview Chapter 1: Introduction Chapter 2: Defining, Measuring, and Counting Chapter 3: The Traditional Perspective Part II: The Structural Vulnerability Framework Chapter 4: Economic Vulnerability and the Role of Human Capital Chapter 5: Cumulative Inequality Chapter 6: Two Levels of Understanding Part III: The Broader Context Chapter 7: Building the Foundation Chapter 8: Policy Implications Chapter 9: Looking Back, Looking Ahead Notes

Read more less

Book SynopsisMultilayer networks has become a central topic in Network Science. The book presents a comprehensive account of this emerging field. Multilayer networks are formed by several networks and include social networks, financial markets, multi-modal transportation systems, infrastructures, molecular networks, and the brain.Table of ContentsPart I: Single and multilayer networks 1: Complex systems as multilayer networks Part II: Single networks 2: The structure of single networks 3: The dynamics on single networks Part III: Multilayer networks 4: Multilayer networks in nature, society and infrastructures 5: The mathematical definition 6: Basic structural properties 7: Structural correlations of multiplex networks 8: Communities 9: Centrality measures 10: Multilayer network models 11: Interdependent multilayer networks 12: Classical percolation, generalized percolation and cascades 13: Epidemic spreading 14: Diffusion 15: Synchronization, non-linear dynamics and control 16: Opinion dynamics and game theory Appendix A: The Barabasi Albert model: the master equation Appendix B: Entropy and null models of single networks Appendix C: Growing multiplex networks: the master equation Appendix D: Percolation of interdependent networks Appendix E: Directed percolation of interdependent networks Appendix F: Immunization strategies on multiplex networks Appendix G: Spectrum of the Supra-Laplacian Part I: Single and multilayer networks 1: Complex systems as multilayer networks Part II: Single networks 2: The structure of single networks 3: The dynamics on single networks Part III: Multilayer networks 4: Multilayer networks in nature, society and infrastuctures 5: The mathematical definition 6: Basic structural properties 7: Structural correlations of multiplex networks 8: Communities 9: Centrality measures 10: Multilayer network models 11: Interdependent multilayer networks 12: Classical percolation, generalized percolation and cascades 13: Epidemic spreading 14: Diffusion 15: Synchronization, non-linear dynamics and control 16: Opinion dynamics and game theory Appendix A: The Barabasi Albert model: the master equation Appendix B: Entropy and null models of single networks Appendix C: Growing multiplex networks: the master equation Appendix D: Percolation of interdependent networks Appendix E: Directed percolation of interdependent networks Appendix F: Immunization strategies on multiplex networks Appendix G: Spectrum of the Supra-Laplacian

Read more less

Book SynopsisTrade Reviewa rich and absorbing narrative * John Plender, Financial Times *A thorough and comprehensive history of public debt * Paschal Donohoe, Irish Times *Discussions of sovereign debt are always the same, yet always different. Why debt finance? How much can we borrow? Should creditors worry? The authors take us on a fascinating 2500-year tour of sovereign debt through the ages, the discussions, the successes and the failures. The bottom line: Well-used, debt finance has been and is precious. The latest example: The use of debt during the Covid crisis. A must read for anybody interested in current debt debates. * Olivier Blanchard, Professor of Economics Emeritus, MIT, and Senior Fellow, Peterson Institute for International Economics *An exceptionally comprehensive and readable history of public debt from ancient Greece to modern Greece and from Argentina to Australia to Asia to America. This book is rich with detail, studded with lessons learned, forgotten and learned again, and packed with analytical perspective that reflects decades of scholarship. It is a timely reminder to governments, lenders, investors and ordinary citizens that if you don't know where you've been, you probably don't know where you are going. * David Wessel, Director, Hutchins Center on Fiscal and Monetary Policy, Brookings Institution *Repeatedly since the 1980s, Americans have been told to worry about the size of the federal debt. And yet the debt has continued to grow absolutely and as a share of gross domestic product, with few of the predicted adverse consequences. Building expertly on large and complex literatures in history, economics and political science, In Defense of Public Debt offers a balanced account of the positive and negative aspects of public debt, showing the vitally important role government borrowing can play in a time of crisis, but also the very real problems that can arise when debts grow too large. At a time when too many policymakers subscribe to naive ideas about public finance, this is a book that cries out for a readership beyond the academy. * Niall Ferguson, Milbank Family Senior Fellow, Hoover Institution, Stanford *For a typical citizen, protection in war-time or in a pandemic reveals their government to be a problem-solver rather than 'the problem.' Yet the legacy of such episodes in the accumulated national debt is widely misunderstood, opening the way to too rapid a turn to austerity. In Defense of Public Debt provides enlightenment and reassurance by inviting the reader to follow how public debt—warts and all—has helped create the modern world. * Wendy Carlin, Professor of Economics, University College London *In Defense of Public Debt could not be timelier. It is an engaging and informative account of the use and misuse of government borrowing, from early times to the Covid pandemic. The unquestionable expertise of the authors, and their non-partisan reading of the evidence from our past, will serve to guide the intelligent reader as they wrestle with one of the most important issues of our time: Are we borrowing too much? * Raghuram Rajan, Professor of Finance, University of Chicago *How much debt should a country accumulate during a crisis? And afterwards? To know what works and what doesn't requires verdicts on past performances. The authors deliver the verdicts, applying sound principles in a definitive global history of public debt. * Peter H. Lindert, Distinguished Professor of Economics (Emeritus), University of California - Davis *With so much nonsense about the public debt in the air, it is refreshing to discover a work of such intelligence, balance, and erudition. Read In Defense of Public Debt for fun and profit. Then send an excerpt or two to your favorite politicians. * Alan S. Blinder, Gordon S. Rentschler Memorial Professor of Economics and Public Affairs, Princeton University *In this fascinating and comprehensive history, the authors provide a much-needed antidote to the simplistic accounts that so often dominate debates about government debt. From its earliest origins to today, public borrowing has sometimes led to spectacular failures, but it has also allowed societies to achieve objectives that would have been impossible in its absence. As we ask where we stand with public debt today, there is no better book to remind us of the lessons of history. * David Stasavage, Julius Silver Professor of Politics, New York University *In Defense of Public Debt, by Eichengreen, El-Ganainy, Esteves and Mitchener, could not have been better timed...As a work of economic history, it provides a comprehensive, clear and readable tour through the ages of sovereign debt that will be of interest to economists, historians, political scientists, philosophers, as well as to practitioners and the general public interested in current debates on debt sustainability. * Anahí Wiedenbrüg, Economics and Philosophy *Table of ContentsAcknowledgments Chapter 1. Introduction Chapter 2. Debt in Service of the State Chapter 3. States and the Limits of Borrowing Chapter 4. Democratization and Globalization Chapter 5. Caveat Emptor Chapter 6. Managing Problem Debts Chapter 7. Successful Consolidation Chapter 8. Warfare to Welfare Chapter 9. Cycles of Debt Chapter 10. Oil and Water Chapter 11. Missed Opportunities Chapter 12. Debt to the Rescue Chapter 13. COVID-19 Chapter 14. Conclusion References

Read more less

Book SynopsisWhat is business for? Day one of a business course will tell you: it is to maximise shareholder profit. This single idea pervades all our thinking and teaching about business around the world but it is fundamentally wrong, Colin Mayer argues. It has had disastrous and damaging consequences for our economies, environment, politics, and societies. In this urgent call for reform, Prosperity challenges the fundamentals of business thinking. It sets out a comprehensive new agenda for establishing the corporation as a unique and powerful force for promoting economic and social wellbeing in its fullest sense - for customers and communities, today and in the future.First Professor and former Dean of the Säid Business School in Oxford, Mayer is a leading figure in the global discussion about the purpose and role of the corporation. In Prosperity, he presents a radical and carefully considered prescription for corporations, their ownership, governance, finance, and regulation. Drawing together insights from business, law, economics, science, philosophy, and history, he shows how the corporation can realize its full potential to contribute to economic and social wellbeing of the many, not just the few.Prosperity tells us not only how to create and run successful businesses but also how policy can get us there and fix our broken system.Trade ReviewReview from previous edition "Mayer of the Saïd Business School at Oxford is one of the world's foremost critics of the idea that the aim of companies is to maximise shareholder value. This, he argues cogently, represents a betrayal of one of humanity's most extraordinary inventions." * Martin Wolf, Books of the Year 2018, The Financial Times *The book is far more than a manifesto for change ... Mayer's book performs a great service. * Richard Bronk, the Society of Professional Economists, Reading Room (open access) *"A powerful reply to the steadily increasing criticism of free market business... So far, the defenders of capitalism have failed to find a convincing voice or to offer any significant ways to improve how business is perceived. Now Colin Mayer provides answers and a coherent manifesto for change." * Peter Chadwick, IEDP Book Reviews *"A wonderful manifesto for change and essential reading for any who remain to be convinced that business can - and should - be a force for a societal good. One of the most insightful and comprehensive accounts yet of how - and why - the corporation needs to change if it is to meet the needs and expectations of a new era. Thoughtful and well-argued, Mayer has done the cause of enlightened capitalism great service." * Paul Polman, CEO, Unilever *Table of ContentsPart I: Principles 1: Purpose 2: Values Part II: Provenance 3: Evolution 4: Ownership Part III: Practice 5: Governance 6: Performance Part IV: Policy 7: Law 8: Regulation Part V: Partnership 9: Finance 10: Investment

Read more less

Book SynopsisMicroeconomics - individuals'' choices of where to live and work, how much to save, what to buy, and firms'' decisions about location, hiring, firing, and investment - involves issues that concern us on a daily basis. But when people think about economics, they tend to place importance on the bigger picture - macroeconomics - including issues such as unemployment, inflation, and the competitiveness of nations. In this Very Short Introduction, Avinash Dixit argues that the microeconomy has a large impact on the economic world, arguably as much as the issues of macroeconomics. Dixit steers a clear path through the huge number of issues related to microeconomics, explaining what happens when things go well, as well as showing how they fail, why that happens, and what can be done about it. Using real-life examples from around the world, using the minimum of mathematics and including simple graphs, he provides insights into economics from psychology and sociology to explain economic behavioTrade ReviewOne of The Financial Times Best Books of 2014Dixit demonstrates in this accessible book that economists do at least know a great deal more than nothing about microeconomics * Lorien Kite, Book of the Year 2014, Financial Times *[A]ccessible and straight-talking * Rutland Mercury *Table of ContentsFURTHER READING

Read more less

Book SynopsisFirst published in the 1930s and 1940s, the essays collated in this volume discuss topics from moral philosophy and the methods of the social sciences to economic theory, as different aspects of the same central issue: free markets versus socialist planned economies.Table of ContentsI: Individualism: True and False II: Economics and Knowledge III: The Facts of the Social Sciences IV: The Use of Knowledge in Society V: The Meaning of Competition VI: "Free" Enterprise and Competitive Order VII: Socialist Calculation I: The Nature and History of the Problem VIII: Socialist Calculation II: The State of the Debate (1935) IX: Socialist Calculation III: The Competitive "Solution" X: A Commodity Reserve Currency XI: The Ricardo Effect XII: The Economic Conditions of Interstate Federalism

Read more less

Book Synopsis

Read more less

Book SynopsisAn illuminating history of the Fed from its founding through the tumult of 2020. In The Federal Reserve: A New History, Robert L. Hetzel draws on more than forty years of experience as an economist in the central bank to trace the influences of the Fed on the American economy. Comparing periods in which the Fed stabilized the economy to those when it did the opposite, Hetzel tells the story of a century-long pursuit of monetary rules capable of providing for economic stability. Recast through this lens and enriched with archival materials, Hetzel's sweeping history offers a new understanding of the bank's watershed moments since 1913. This includes critical accounts of the Great Depression, the Great Inflation, and the Great Recessionincluding how these disastrous events could have been avoided. A critical volume for a critical moment in financial history, The Federal Reserveis an expert, sweeping account that promises to recast our understanding of the central bank in its secTrade Review"Robert Hetzel presents a historical narrative of how the Federal Reserve has responded to the state of the economy, exploring the evolution of monetary policy over time in terms of the consistency in its response to the economy’s behavior. The Federal Reserve [examines] the lead-up to and fallout from the Great Recession, the 2008 financial crisis, and the European debt crisis, [analyzes] Fed credit and monetary policy during the COVID-19 pandemic, [and considers] how to make the monetary standard explicit and determine the optimal monetary standard." * Journal of Economic Literature *"An ambitious history...[Hetzel's] book is a very important contribution to the literature on the history of U.S. monetary policy." * EH.Net *"Hetzel's book skillfully traces out the Fed's uneven history. He carefully identifies and explains the reasons for the Fed's major failures and successes and he covers the most recent episodes—the financial crisis, Great Recession, and the COVID-19 crisis—in great detail. Hetzel's own intellectual framework provides valuable nuances, resulting in a unified view of Fed policy, before and after 1980, with reference to a single model." -- Peter Ireland, Boston College"This book does for monetary policy what Doug Irwin's Clashing over Commerce did for trade policy. It is original in its historical coverage and in its ideas, and it offers a novel critique of classics in the field. Unlike many other monetary history books, this is written by a real insider, who has been active in monetary policy for decades. His points will be of interest to historians as well as economists. Through Hetzel's broad historical sweep, one can see both good monetary policy and bad monetary policy, and thereby learn from history." -- John B. Taylor, Stanford University"Robert Hetzel’s book provides a very informative and detailed history of the monetary policy conducted by the Fed. Readers interested in Fed history will enjoy reading the book and learn a great deal from it. Hetzel takes a sympathetic but also critical look at the Fed’s actions since its inception. The book testifies to the challenges and difficulties faced by central banks in charting an appropriate policy course." -- Georg Rich, retired director and chief economist of the Swiss National BankTable of ContentsList of Figures and Tables Chapter 1. In Search of the Monetary Standard Chapter 2. The Organization of the Book Chapter 3. What Causes the Monetary Disorder That Produces Real Disorder? Appendix: Tables of the Monetary Contraction Marker by Recession Chapter 4. The Creation of the Fed 4.1. Populist Opposition to a Central Bank 4.2. Reform of the National Banking System and the National Monetary Commission 4.3. The Real Bills Foundation of the Early Fed 4.4. A Gold Standard Mentality in a Regime of Fiat Money Creation 4.5. Concluding Comment Chapter 5. Why the Fed Failed in the Depression: The 1920s Antecedents 5.1. The Real Bills Ethos of the 1920s 5.2. Stopping Speculation without the Discipline of Real Bills and the International Gold Standard 5.3. The Controversy over Stabilizing the Price Level 5.4. Regulating the Flow of Credit: The “Tenth Annual Report” 5.5. Controversy over the Monetary Standard: The Eastern Establishment versus the Populists 5.6. Concluding Comment Chapter 6. A Fiat Money Standard: Free Reserves Operating Procedures and Gold 6.1. Changing the Monetary Standard with No Understanding of the Consequences 6.2. The Fed’s Primitive Free Reserves Procedures 6.3. Reserves Adjustment and the Call Loan Market 6.4. The Pragmatic Development of the New Procedures 6.5. Gold Convertibility and Free Gold: Frozen into a Gold Standard Mentality 6.6. The Fed’s Incomprehension of the Consequences of Its Operating Procedures 6.7. Concluding Comment Chapter 7. A Narrative Account of the 1920s 7.1. (Mis)Understanding a Paper Money Standard 7.2. Benjamin Strong 7.3. Adolph Miller—the Nemesis of Benjamin Strong 7.4. The 1920–21 Recession 7.5. Free Gold 7.6. Monetary Policy in Recession: 1923–24 and 1926–27 7.7. 1927 7.8. Eliminating Credit Diversion into Securities Speculation 7.9. Were the 1920s the “High Tide” of Federal Reserve Monetary Policy? 7.10. Concluding Comment Chapter 8. Attacking Speculative Mania 8.1. Liquidating Speculative Credit by Liquidating Total Credit 8.2. New York: Raise the Discount Rate and Banks Will Cut Back on Speculative Loans 8.3. The Board: Use “Direct Pressure” to Make Banks Cut Back on Speculative Loans 8.4. Marching toward the Great Depression 8.5. A Graphical Overview of the Transmission of Contractionary Monetary Policy 8.6. Identifying the Cause of the Depression as Contractionary Monetary Policy 8.7. Concluding Comment Chapter 9. The Great Contraction: 1929–33 9.1. An Overview of the Great Contraction 9.2. The Great Contraction and Unrelievedly Contractionary Monetary Policy 9.3. 1930: Why Did the Fed Back Off before Recovery Began? 9.4. Guarding against a Revival of Speculation by Keeping Banks in the Discount Window 9.5. 1931: Contractionary Monetary Policy Becomes Even More Contractionary 9.6. The Gold Standard Transmitted Contractionary US Monetary Policy 9.7. 1932: Open Market Purchases and What Might Have Been 9.8. 1932: Why Did the Fed Back Off? 9.9. Early 1933: The Collapse of the Banking System 9.10. What Made the Great Contraction So Deep and So Long? 9.11. Why Did Learning Prove Impossible? 9.12. Concluding Comment Chapter 10. The Roosevelt Era 10.1. Another Monetary Experiment 10.2. Ending Gold Convertibility in 1933: Setting Off and Killing the Boom 10.3. Return to a Gold Peg 10.4. Governor Marriner Eccles 10.5. The 1936–37 Recession 10.6. Keeping the Real Bills Faith 10.7. Concluding Comment Chapter 11. The Guiding Role of Governor Harrison and the NY Fed 11.1. Was Policy “Inept” Because Leadership Shifted Away from New York? 11.2. The Origin of the “New York View” 11.3. Assessing the Friedman-Schwartz View That Power Shifted from New York to the Board 11.4. 1930 11.5. 1931 11.6. 1932 11.7. The Political Economy of Open Market Purchases in 1932 11.8. 1933 11.9. The 1936–37 Increases in Required Reserves 11.10. Concluding Comment Chapter 12. Contemporary Critics in the Depression 12.1. H. Parker Willis 12.2. John Henry Williams 12.3. Charles O. Hardy 12.4. Joseph A. Schumpeter 12.5. Gottfried Haberler 12.6. Carl Snyder 12.7. Harold Reed 12.8. Lionel D. Edie 12.9. John R. Commons 12.10. Gustav Cassel 12.11. Ralph Hawtrey 12.12. T. Alan Goldsborough 12.13. Irving Fisher 12.14. Lauchlin Currie Chapter 13. From World War II to the 1953 Recession 13.1. The Post-Accord Grand Experiment 13.2. From the End of the War to the Accord 13.3. Explaining Recession with Prewar Inflationary Expectations 13.4. From Real Bills to Lean-against-the-Wind: The Crisis Leading to the Accord 13.5. What Did the Fed Borrow from and What Did It Abandon of Its 1920s Monetary Policy? Chapter 14. LAW (Lean-against-the-Wind) and Long and Variable Lags 14.1. Lean-against-the-Wind (LAW) 14.2. LAW with Trade-Offs and Long and Variable Lags 14.3. LAW with Credibility or LAW with Trade-Offs? 14.4. LAW with Credibility and LAW with Trade-Offs as Semicontrolled Experiments 14.5. Concluding Comments Chapter 15. The Early Martin Fed 15.1. The End of Real Bills 15.2. Free Reserves as the Intermediate Target and Bills Only 15.3. Concluding Comment Chapter 16. From Price Stability to Inflation 16.1. Back-to-Back Recessions: 1957Q3 to 1958Q2 and 1960Q2 to 1961Q1 16.2. How Did the Early Martin Fed Lose Its Way in the Second Half of the 1960s? 16.3. Martin’s Ill-Fated Bargain Chapter 17. The Burns Fed 17.1. The Political and Intellectual Environment 17.2. Burns’s View of the Business Cycle and Economic Stabilization 17.3. Burns as FOMC Chairman 17.4. Inflation as a Cost-Push Phenomenon 17.5. “Macroeconometric Failure on a Grand Scale” 17.6. Concluding Comment Chapter 18. Stop-Go and the Collapse of a Stable Nominal Anchor 18.1 The Complicated Politics of an Incomes Policy and Stop-Go Monetary Policy 18.2. Lean-against-the-Wind with Trade-Offs or Stop-Go Monetary Policy: A Taxonomy 18.3. Burns’s Juggling Act 18.4. G. William Miller 18.5. The Cost of Allowing Inflation to Emerge in Economic Recovery 18.6. Concluding Comment Appendix: Real Rate of Interest Chapter 19. The Volcker Fed and the Birth of a New Monetary Standard 19.1. Restoring a Stable Nominal Anchor 19.2. Creating a New Monetary Standard: LAW with Credibility 19.3. The Louvre Accord 19.4. A Graphical Overview of Monetary Policy in the Great Moderation 19.5. A New Monetary Standard Chapter 20. The Greenspan FOMC 20.1. Restoring a Stable Nominal Anchor 20.2. A Rocky Start with Louvre and the 1987 Stock Market Crash 20.3. The 1990 Recession, the Jobless Recovery, an Inflation Scare, and Finally Credibility 20.4. The Asia Crisis and the 2000 Recession 20.5. Balancing Price Stability with Cost-Push Pressures 20.6. Fear of Deflation 20.7. Did Expansionary Monetary Policy Cause a Housing Bubble? Chapter 21. The Great Recession 21.1. An Overview: This Time Was Not Different from Past Recessions 21.2. A Chronology of the Great Recession 21.3. Fall 2008, the Lehman Bankruptcy, and the Flight of the Cash Investors 21.4. Monetary Policy Takes a Back Seat 21.5. Bernanke and the Credit Channel 21.6. Reviving Real Bills Theories of the Collapse of Speculative Excess 21.7. Contractionary Monetary Policy Chapter 22. The 2008 Financial Crisis 22.1. The Financial Safety Net and Moral Hazard 22.2. The Cash Investors Run the SIVs in Summer 2007 22.3. From Bear Stearns to Lehman Brothers 22.4. After Lehman 22.5. Putting Out the Fires in Fall 2008 22.6. Bank Bailouts 22.7. The Political Economy of Credit Policy 22.8. Credit Policy Crowded Out Monetary Policy 22.9. Crossing the Rubicon to Allocating Credit 22.10. The Great Financial Crisis and Erosion of Support for Free Markets Chapter 23. The Eurozone Crisis 23.1. A Narrative Account of the Great Recession in the Eurozone 23.2. The Interaction of Financial Crisis and Contractionary Monetary Policy 23.3. The Quantitative Impact of a Monetary Shock 23.4. Concluding Comment Chapter 24. Recovery from the Great Recession 24.1. Monetary Policy Was Initially Moderately Contractionary in the Recovery 24.2. A Slow Start to the Recovery and Preemptive Increases in the Funds Rate 24.3. Secular Stagnation, Fear of Global Recession, and Central Banks Out of Ammunition 24.4. Quantitative Easing 24.5. What Accounts for the Near Price Stability in the Recovery from the Great Recession? 24.6. Concluding Comment Appendix: The FOMC’s QE Programs Chapter 25. Covid-19 and the Fed’s Credit Policy 25.1. Chair Powell Defines the Narrative 25.2. What Destabilized Financial Markets in March 2020? 25.3. What Calmed Financial Markets in March 2020? 25.4. Credit Policy Does Not Draw Forth Real Resources 25.5. Supporting Financial Markets While Avoiding Credit Allocation 25.6. Can the Fed Maintain Its Independence? 25.7. Concluding Comment Appendix: Program Definitions Appendix: The Political Economy of Credit Policy Chapter 26. Covid-19 and the Fed’s Monetary Policy: Flexible-Average-Inflation Targeting 26.1. FOMC Commentary 26.2. An Evolving Phillips Curve Sidelines Inflation 26.3. The Return of the Phillips Curve 26.4. Monetary Policy Becomes Expansionary Chapter 27. How Can the Fed Control Inflation? 27.1. Is Monetizing Government Debt by the Fed Inflationary? 27.2. The Control of Money Creation and Inflation with IOR (Interest on Reserves) 27.3. Restoring Money as an Indicator 27.4. Concluding Comment Chapter 28. Making the Monetary Standard Explicit 28.1. Why the FOMC Communicates the Way It Does 28.2. Rules versus Discretion as Seen by a Fed Insider 28.3. A Case Study in FOMC Decision-Making: The August 2011 Meeting 28.4. Using the SEP to Move toward Rule-Based Policy 28.5. Using a Model to Explain the Monetary Standard 28.6. Rules, Independence, and Accountability Chapter 29. What Is the Optimal Monetary Standard? 29.1. From Monetarism to the “Basic” New Keynesian DSGE Model 29.2. The NK Model 29.3. LAW with Credibility and LAW with Trade-Offs (Cyclical Inertia) 29.4. The Optimal Rule 29.5. Money and the NK Model 29.6. Concluding Comment Chapter 30. Why Is Learning So Hard? Acknowledgments Bibliography Index

Read more less

Book SynopsisAn essential origin story of modern society's most influential economic doctrine. The Chicago School of economic thought has been subject to endless generalizationsand mischaracterizationsin contemporary debate. What is often portrayed as a monolithic obsession with markets is, in fact, a nuanced set of economic theories born from decades of research and debate. The Monetarists is a deeply researched history of the monetary policiesand personalitiesthat codified the Chicago School of monetary thought from the 1930s through the 1960s. These policies can be characterized broadly as monetarism: the belief that prices and interest rates can be kept stable by controlling the amount of money in circulation. As economist George S. Tavlas makes clear, these ideas were more than just the legacy of Milton Friedman; they were a tradition in theory brought forth by a crucible of minds and debates throughout campus. Through unprecedented mining of archival material, The Monetarists offers the fiTrade Review"[The Monetarists] should be of keenest interest to historians of economic thought and to monetary historians, for whom the careful detail, thorough citations of primary sources, and attention to the work of even the less commonly celebrated Chicagoans, will be most appreciated." * Journal of Economic Literature *"You may wonder whether reading a book about a 50-year ­old academic dispute is worth it. Well, the book amply repays the effort. . . .Tavlas's book is interesting and illuminating throughout and warmly recommended." * Financial World *“George Tavlas provides a fascinating, fresh, and highly policy-relevant look at the monetary tradition at the University of Chicago over three crucial decades. He uses facts and draws on unpublished sources to challenge well-known economic interpretations, focus on key monetary policy proposals, show that monetarism is dynamic, and demonstrate how Milton Friedman did not invent monetarism, but rather developed it out of a beautiful Chicago tradition.” -- John B. Taylor | Stanford University"This book presents a fascinating and well-documented discussion of the origins and development of the economics of monetarism and its roots in Chicago economics. Tavlas dissects the tangled history of monetarist ideas and their origins as solutions to policy problems predating even the Great Depression. A rich account of the development of central ideas and the role of many economists in forming monetarist thought, this is an important study of a body of ideas that shaped, and continue to shape, the field of economics." -- James Heckman | recipient of the 2000 Nobel Memorial Prize in Economics | University of Chicago“In this pathbreaking book, George Tavlas lays out the history of the Chicago monetary tradition from the classical economists to Frank Knight, Jacob Viner, Paul Douglas, Henry Simons and Lloyd Mints to Milton Friedman. This book sets the record straight on all the debates that have raged on the subject. It will set the standard for research on the key deep origins of modern monetary policy.” -- Michael Bordo | Rutgers University“Tavlas provides a fascinating intellectual history of the monetarist tradition at the University of Chicago. It successfully debunks some prior simplistic characterizations and instead offers a deep probe with nuances and complexities along with some common threads of thought. Within this backdrop, Milton Friedman’s contributions to monetary economics are seen to have both emerged from and modified the perspectives of his intellectual predecessors." -- Lars Peter Hansen | recipient of the 2013 Nobel Memorial Prize in Economics | University of Chicago“Determined scholar George Tavlas unearths the secrets of how the Chicago School molded Milton Friedman’s thinking, bringing free markets and monetarism to prominence in world affairs. His story is a must-read for understanding history.” -- William L. Silber | New York UniversityTable of ContentsPrefaceAcknowledgmentsChapter 1. The Light in the Secret ShrineChapter 2. The GroupChapter 3. ControversiesChapter 4. The “Chicago Plan”: Doctrinal AspectsChapter 5. Into the Academic WildernessChapter 6. The ResistanceChapter 7. The CounterattackChapter 8. The MonetaristsChapter 9. Summary and ConclusionsNotesReferencesIndex

Read more less

Book Synopsis

Read more less