Economics Books

Book SynopsisThis updated and substantially revised 2nd edition, like its predecessor, integrates a discussion of the latest theoretical developments with a comprehensive review of empirical work. With a more cohesive writing style, reduced size, additional invaluable information, and new problems to solve, Advanced Industrial Economics, Second Edition is a key text in industrial economics.Trade Review"This is an outstanding textbook. It covers practically anything one would ever want to include in a lecture course in Advanced IO, and it does so with the perfect blending of rigorous theory and advanced empirical analysis." Gianni De Fraja, University of York, and CEPR "Stephen Martin's book is a marvellous effort. No other text provides such a comprehensive and updated overview of the literature of modern industrial economics. I wholeheartedly recommend it for graduate courses in the subject or as a reference for any professional economist.... The feature that most distinguishes Advanced Industrial Economics from competitors is the extended treatment of the literature on empirical tests of market structure and performance. This was long overdue, and Martin has to be commended for introducing new generations of students to empirical work int his field. As a teaching tool, there is much to admire in the book as well: many of the issues are given a histroical perspective so that students can better appreciate the direction in which both the theory and the empirical work has progressed. Martin also provides a wealth of material on the book's website, including an extended discussion of the theory of contestable markets as well as a solutions manual." Times Higher Education Supplement, October 2002Table of ContentsPreface. 1. Introduction:. The Scope of the Field. Theory Versus Empiricism. Barriers to Entry and the Structure–Conduct–Performance. A Decade of High Theory. An Outline of the Book. 2. Foundations of Oligopoly Theory I:. Introduction. Cournot in his Own Words. The Classical Oligopoly Theory Formulation. Best-Response Functions. Existence. Stability. Comparative Statistics: The Number of Firms. Limiting Behavior. Conclusion. 3. Foundations of Oligopoly Theory II:. Introduction. Cournot Duopoly as a Static Game. Static versus Dynamic? (Nash versus Cournot?). Conjectural Variations. The Coefficient of Cooperation. Representative Consumer Models of Product Differentiation. Cournot with Product Differentiation. Bertrand with Product Differentiation. Prices versus Quantities. Supply Function Oligopoly. Two-stage Capacity-constrained Competition. Conclusion. Problems. 4. Foundations of Oligopoloy Theory III:. Hotelling. Beyond Hotelling. Vertical Product Differentiation. The Relation between Models of Horizontal and Vertical Differentiation. Conclusion. Problems. 5. Early Empirical Studies of Structure–Conduct–Performance Relationships:. Introduction. Bain and the Critics. Early Econometric Work. Summary. 6. Debates over Interpretation and Specification:. Introduction. Market Power versus Efficiency. Measurement Issues in the Diagnosis of Market Power. Identification. Firm Effects versus Industry Effects. Conclusion. Problems. 7. Empirical Studies of Market Performance:. Introduction. Conjectures. Time Series. Avoiding Cost Data I: NEIO. Avoiding Cost Data II: The Solow Residual. Validity Checks. Event Studies. Price Versus Rate of Return. The Persistence of Profits. Not the Last Word. 8. Strategic Behavior: Investment in Entry Deterrence:. Introduction. Excess Capacity. Switching Costs. Raising Rivals' Costs. Predatory Pricing. Limit Pricing. Advertising and Limit Pricing. Animal Farm. Conclusion. Problems. 9. Advertising:. The Dorfman–Steiner Condition and Generalizations. Advertising as a Signal of Quality. Welfare Consequences of Advertising. The Duration of Advertising Effects. The Advertising Response to Entry. Conclusion. Problems. 10. Collusion and Noncooperative Collusion:. Introduction. Noncooperative Collusion in a Static Model. Noncooperative Collusion in Repeated Games. Price Wars. Conscious Parallelism. Facilitating Practices. Empirical Studies of Collusion. Conclusion. Problems. 11. Market Structure, Entry, and Exit:. Introduction. The Measurement of Seller Concentration. Entry Conditions and Market Structure. Product Differentiation as a Barrier to Entry. Financial Markets. Empirical Studies of Market Structure. Entry. Exit. Empirical Studies of Entry and Exit. Conclusion. Problems. 12. Firm Structure, Mergers, and Joint Ventures:. Introduction. Why are There Firms?. Corporate Governance. Business Groups. X-inefficiency. Horizontal Mergers. Vertical Mergers and Vertical Foreclosure. Diversification and Conglomerate Mergers. The Market for Corporate Control. Joint Ventures and Equity Interests. Conclusion. Problems. 13. Vertical Restraints:. Introduction. Incentives to Impose Vertical Restraints. Empirical Evidence. Conclusion. 14. Research and Development:. Introduction. Stylized Facts. Deterministic Innovation. Stochastic Innovation. Absorptive Capacity. Patents. Empirical Studies of R & D. Final Remarks. Problems. References. Index of Names. Index of Subjects.

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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

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Book SynopsisMoore's classic Creating Public Value offered advice to managers about how to create public value, but left unresolved the question how one could recognize when public value had been created. Here, he closes the gap by helping public managers name, observe, and count the value they produce and sustain or increase public value into the future.Trade ReviewThe idea that public managers should operate more like business managers gained momentum in the 1980s, and it continues today. Many reformers and politicians insist that managers should identify the 'customers' for public services and measure agency performance. Moore's new book examines the difficulties in applying this approach to public services, particularly with respect to performance measurement. He argues that private sector methods do not measure the 'public value' created by a wide range of state and local agencies...His case studies demonstrate that it is possible for public managers to incorporate helpful elements of private sector performance measurement, but that it is essential to recognize the special nature of the public value created by public service agencies. -- M. E. Ethridge * Choice *

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Book SynopsisTrade ReviewOffers a timely account of how the 1% holds on to their wealth…[It] ought to keep wealth managers awake at night…Harrington’s book ought to make professionals involved in wealth management aware that they are operating in an ‘ethical gray area’ and engage in the national discourse on inequality that has been gathering momentum since Thomas Piketty’s Capital in the Twenty-First Century. -- Aifric Campbell * Wall Street Journal *Harrington advises governments seeking to address inequality to focus not only on the rich but also on the professionals who help them game the system. -- Richard Cooper * Foreign Affairs *[A] valuable new book… What makes Harrington’s book unusual is that she chose instead to investigate the wealth management industry itself. There were no short cuts to doing so. Harrington went undercover as a trainee wealth manager for two years, living and breathing the profession. The result is an insight unlike any other into how wealth management works… One of the many merits of Brooke Harrington’s study, therefore, is how it shows that the wealth management industry is a far larger and more integral component of the modern financial system than a focus on the celebrity-saturated case of the Panama Papers might suggest. -- Felix Martin * New Statesman *[Harrington’s] account of the social, cultural, and financial intricacies of this profession—about two-thirds of the book—is no small feat…Harrington helps dispel two of the most pernicious myths underlying America’s overly tolerant attitude toward the extremely rich: first, that they deserve to be so, and second, that the rest of us might one day be extremely rich too. -- Sam Adler-Bell * Commonweal *Capital without Borders offers an in-depth look into the wealth management profession… This is an important work for our increasingly unequal world. Instead of uncritically blaming the wealthy and the super-rich or national and state governments, it is high time to focus our attention on the brokers, intermediaries and agents who constitute the ‘middleman economy’ of global inequality. -- Sin Yee Koh * LSE Review of Books *Brooke Harrington’s overhaul of the One Percent, Capital without Borders, couldn’t arrive at a better time… Capital without Borders is an unparalleled exploration of an especially darkened corner of world finance… Harrington’s commentary is a magnifying glass held towards those who are gaining opportunities at the expense of those losing them… Capital without Borders gives a clear picture as to how the world’s wealthiest people live in a parallel reality to the rest of the world: one out of reach of laws and regulation on a global scale… Capital without Borders is a vital text for the modern age and a must-read for anyone looking towards a more egalitarian economic future. -- Matthew Fay * PopMatters *Brooke Harrington’s study of wealth management is one of those rare books where you just have to stand back in awe and wonder at the author’s achievement. In this intensely readable study, she offers a first-ever scholarly insight into a profession that was almost unknown a little over two decades ago… Harrington offers profound insights into the world of the professional people who dedicate their lives to meeting the perceived needs of the world’s ultra-wealthy. And, as she makes clear, the most apparently compelling of those needs is to avoid the rule of law… Don’t doubt the importance of this book’s messages: this is a significant and valuable case study at the current frontier of political economy. -- Richard J. Murphy * Times Higher Education *Fascinating. -- Diane Coyle * Chronicle of Higher Education *[Harrington] lifts the veil of the wealth management profession…A useful volume for tax policymakers and tax inspectors, the book is also timely: the leak of documents from Panama-based law firm and corporate service provider Mossack Fonseca—known as the Panama papers—led the G20 to improve transparency and exchange of information to stop tax evasion and avoidance by offshore financial centers. -- Kiyoshi Nakayama * Finance & Development *An edifying snapshot of a brave new world of capitalist impunity. -- Chris Lehmann * In These Times *Brook Harrington has written a book that few sociologists could manage. She has gained access to the world of the super-rich…It is an ethnography of elites and elites at a level that have rarely been studied through participant observation and interview. The access achieved by Harrington is quite exceptional. -- Scott Grills * Symbolic Interaction *Capital without Borders: Wealth Managers and the One Percent is an innovative approach to addressing a problem that is even more pressing than income inequality—wealth inequality…The book is rich in fascinating detail, from the historical roots of wealth management to a description of a state system that might be called the ‘parasitic twin’ of the Westphalian model. Capital without Borders is a book that everyone who cares about fairness, the rule of law, and equal opportunity should read. Even if, or perhaps especially if, you’re in the ‘one percent.’ -- Brenda Jubin * ValueWalk *In this remarkable work, Harrington relays in-depth interviews with wealth managers for the ultra-rich, building on her previous publications on financial markets and fraud…This work adds unique insights into the extraordinary trust between wealth managers and their rich clients, as well as other nuggets of insight. -- M. Larudee * Choice *Beautifully written, this book opens a window into the fascinating world of wealth managers for the world’s super-rich. I know of no other book even remotely like it. -- John L. Campbell, Dartmouth CollegeBrooke Harrington shines a light into the shadowy and little-understood subject of wealth management. Using in-depth interviews and participant observations, she reviews the tools of the trade of financial advisors and shows the implications for economic inequality, political power, and societal organization. This is an important book on a pivotal profession for those concerned about how the top one percent make and keep their money. -- Darrell West, The Brookings Institution

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Book SynopsisBranko Milanovic presents a bold account of the dynamics that drive inequality on a global scale. Using vast data sets, he explains the forces that make inequality rise and fall within and among nations over time. He reveals who has been helped by globalization, who has been hurt, andwhat policies might tilt the balance toward economic justice.Trade ReviewThe data [Milanovic] provides offer a clearer picture of great economic puzzles, and his bold theorizing chips away at tired economic orthodoxies. * The Economist *In this fascinating book, Milanovic is able to articulate the study of inequality between and within countries in the clearest possible way. A must-read. -- Thomas Piketty, Paris School of EconomicsThis outstanding book adds significantly to recent works by Thomas Piketty, Anthony Atkinson and François Bourguignon. Milanovic concludes that inequality is rising within most countries, although global inequality, albeit huge, has been falling. Unfortunately, he sees no end to the current upswing in inequality in the high-income countries. That creates disturbing political dangers. -- Martin Wolf * Financial Times *[Milanovic] makes a case that the rapid growth of poorer countries since 1988 has brought the first decline in inequality since the Industrial Revolution…The very rich or the very corrupt may still hide their wealth in tax havens. Politicians in developed countries may decry rising inequality. But global trends and new data tell an alternative story about the progress already made to lift the poor. * Christian Science Monitor *Branko Milanović’s much underestimated Global Inequality: A New Approach for the Age of Globalization, now being published in many languages, tells us more than any other recent book about the state of the world we live in and, at a time when hope is so urgently needed, offers us thought-provoking insights into the world we could become. -- Gordon Brown * The Guardian *Continuing with his extraordinarily important work on the empirics of global inequality, Branko Milanovic in this book expands on that work to lay the basis for a more theoretical understanding of the evolution of inequality. It is seen to be the product of two forces: Kuznets cycles of rising and decreasing within-nation inequalities, and convergence of mean incomes among countries. The relative strength of these two forces has profound political implications: Shall we live in the world of class cleavages, or of huge international income gaps? Is the world to be ruled by the global top 1 percent, or by a large global middle class? -- Joseph Stiglitz, Columbia University[Milanovic] believes that growing inequality within countries will not threaten capitalism as a system for allocating economic resources but will pose a serious threat to liberal democracy. As middle classes everywhere get squeezed, the United States will become even more plutocratic, and nativistic populism will become more mainstream in Europe—a process that is already under way, aided in no small part by the influx of migrants, a feature of globalization that is likely to only intensify. -- Richard N. Cooper * Foreign Affairs *[Milanovic] brings an enormous scope of knowledge of recent and past income trends…The data assembled in the book are incredibly useful and will be eye-opening to most readers…There is an enormous amount of valuable material in a short book and he does raise a number of important basic moral questions that deserve careful thought. The book is well worth reading. -- Dean Baker * Huffington Post *Branko Milanovic has written an outstanding book. Global Inequality: A New Approach for the Age of Globalization is informative, wide-ranging, scholarly, imaginative, and commendably brief. As you would expect from one of the world’s leading experts on this topic, Milanovic has added significantly to important recent works by Thomas Piketty, Anthony Atkinson, and François Bourguignon…Ever-rising inequality looks a highly unlikely combination with any genuine democracy. It is to the credit of Milanovic’s book that it brings out these dangers so clearly, along with the important global successes of the past few decades. -- Martin Wolf * Financial Times *Milanovic offers us not just a plethora of facts about income inequality that will surely make his readers think twice. More importantly, he shows us the power of bringing the facts into focus by putting a new lens over these pressing issues—a global perspective…If you do read it, your focus will be sharper, you will be able to see further, perhaps even globally, and your image of a whole host of public policy challenges will be clearer and much more nuanced. -- Miles Corak * American Prospect *Branko Milanovic’s new book is a welcome companion to Thomas Piketty’s Capital in the Twenty-First Century. -- Vicky Pryce * Prospect *[A] seminal book. -- Edward Luce * Financial Times *Global Inequality goes well beyond the narrative of rising inequality captured by French economist Thomas Piketty’s surprise 2014 best-seller, Capital in the Twenty-First Century. In his highly readable account, Milanovic puts that development into the context of the centuries-long ebbs and flows of inequality driven by economic changes, such as the Industrial Revolution, as well epidemics, mass migrations, revolutions, wars and other political upheavals. -- Matt Phillips * Quartz *[Milanovic] brings fresh insights to one of today’s most talked-about issues, clearing up confusion on the way. -- Craig Calhoun * New Statesman *In Global Inequality, Branko Milanovic continues his lifelong investigation into the past, present, and future of inequality, within and between nations and in the world as a whole. Full of new and provocative ideas—including Kuznets waves and citizenship rents—the book will cement Milanovic’s reputation as one of the most thoughtful and enterprising of inequality scholars. -- Angus Deaton, Princeton UniversityThis is a most unusual and stimulating book. It covers a remarkably broad sweep in time, and deals with issues that are central to the future evolution of humanity across the globe. -- Brian Nolan, University of OxfordThis is an important book on an issue which has surprisingly been overlooked in the increasing debate on inequality: global inequality. A must-read. -- Ann Harrison, University of PennsylvaniaMilanovic is one of the first scholars of contemporary income inequality who globalized its study, not just comparing the landscape of income distribution country by country, but integrating all our viewpoints into a global panorama. This book, his latest research and thinking on inequality, gives fresh ideas and insights in global historical perspective, on the profoundly important economic changes in all our lives. This is a book that truly deserves to be read, talked about, and proudly displayed on everyone’s bookshelf. -- Danny Quah, London School of Economics and Political ScienceHard-hitting…Global Inequality reveals that the main losers of the past three decades of globalization have been the western middle classes. No wonder then that politics is turning so populist and pear-shaped in so many countries. In fact, Milanovic quite persuasively puts inequality worldwide at the heart of a wide range of ills, as threatening our economies and threatening our long-cherished democracies too…Whether you agree with his politics or not, the statistical support for Milanovic’s story is as compelling as that garnered by Piketty last year. He is persuasive that political concern about rising inequality is more than a passing fad, and that we need to think about narrowing the gaps, inside countries in particular, if we are going to avoid very ugly social and political developments worldwide. -- David Dodwell * South China Morning Post *Global Inequality: A New Approach for the Age of Globalization is a brilliant and thought-provoking essay stuffed with enough graphs to satisfy the numerati, anecdotes for the general reader and political insights for the policy wonks. Read it. -- Duncan Green * LSE Review of Books *Drawing on two centuries’ worth of household survey data, the book provides an important empirical picture of inequality patterns within and among nations…Milanovic’s marshaling and analysis of the data are an achievement in themselves. But I also appreciated his imaginative vision and probing sensibility, especially in the fascinating final chapter, in which he poses 10 big questions, offers predictions and proposals, and outlines a future filled with both possibility and peril. -- Jeff Kehoe * Harvard Business Review *If there is one book you want to read to understand the tumultuous events of 2016, it has to be Branko Milanovic’s Global Inequality: A New Approach for the Age of Globalization. Using clear prose and armed with tons of data, Milanovic presents a fascinating tale of the rise and wane of global inequality to identify very precisely the winners and losers of globalization within and across countries. In doing so, he revisits some of the hoary assumptions about inequality in economics, and raises disturbing questions about the stability of democratic capitalism. -- Pramit Bhattacharya * Mint *Excellent…can help us better understand inequalities both between and within countries. -- Erik Berglöf * Project Syndicate *From assessing inequality in the Byzantine Empire to musing over where people fall on the global distribution of income, Branko Milanovic has made a name for himself as an innovative thinker in this field. Even before Thomas Piketty made it cool, he was using Jane Austen vignettes to explore historical patterns of inequality. Milanovic’s new book does not disappoint. -- Anthony Annett * Finance and Development *Milanovic provides an illuminating analysis. * Kirkus Reviews *

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Book SynopsisThis revised edition unifies and brings the science of asset pricing up to date for advanced students and professionals.Trade ReviewCo-Winner of the 2001 Paul A. Samuelson award "This is a brilliant and useful book, well-deserving of the TIAA-CREF Samuelson Award... The clever intuition and informal writing style make it a joy to read. Like a star athlete does with the sport, Cochrane makes it look easier than it really is."--Journal of Economic Literature

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Book SynopsisGives graduate student's tools to analyze growth and related macroeconomic problems, and also perspective needed to apply those tools to the big-picture questions of growth and divergence. In this title, the author introduces economic and mathematical foundations of modern growth theory and macroeconomics in a rigorous and easy to follow manner.Trade Review"It's hard not to be impressed by Acemoglu's mastery of the subject and for a handful of top graduate programs this is clearly the book for the next generation."--Tyler Cowen, Marginal Revolution "Beyond coursework, this is a book that should be compulsory reading for any PhD student in macroeconomics, even for those whose thesis does not specifically focus on growth. [S]elected materials from this book, and Part I in particular, could also be included in the reading list of an undergraduate course in advanced macroeconomics... This book will be an inseparable and precious companion ... for many years to come."--Fabrizio Carmignani, Economic RecordTable of ContentsPreface xv Part I: Introduction Chapter 1: Economic Growth and Economic Development: The Questions 3 1.1 Cross-Country Income Differences 3 1.2 Income and Welfare 7 1.3 Economic Growth and Income Differences 9 1.4 Origins of Today's Income Differences and World Economic Growth 11 1.5 Conditional Convergence 15 1.6 Correlates of Economic Growth 18 1.7 From Correlates to Fundamental Causes 19 1.8 The Agenda 21 1.9 References and Literature 23 Chapter 2: The Solow Growth Model 26 2.1 The Economic Environment of the Basic Solow Model 27 2.2 The Solow Model in Discrete Time 34 2.3 Transitional Dynamics in the Discrete-Time Solow Model 43 2.4 The Solow Model in Continuous Time 47 2.5 Transitional Dynamics in the Continuous-Time Solow Model 51 2.6 A First Look at Sustained Growth 55 2.7 Solow Model with Technological Progress 56 2.8 Comparative Dynamics 67 2.9 Taking Stock 68 2.10 References and Literature 69 2.11 Exercises 71 Chapter 3: The SolowModel and the Data 77 3.1 Growth Accounting 77 3.2 The Solow Model and Regression Analyses 80 3.3 The Solow Model with Human Capital 85 3.4 Solow Model and Cross-Country Income Differences: Regression Analyses 90 3.5 Calibrating Productivity Differences 96 3.6 Estimating Productivity Differences 100 3.7 Taking Stock 105 3.8 References and Literature 106 3.9 Exercises 107 Chapter 4: Fundamental Determinants of Differences in Economic Performance 109 4.1 Proximate versus Fundamental Causes 109 4.2 Economies of Scale, Population, Technology, and World Growth 112 4.3 The Four Fundamental Causes 114 4.4 The Effect of Institutions on Economic Growth 123 4.5 What Types of Institutions? 136 4.6 Disease and Development 137 4.7 Political Economy of Institutions: First Thoughts 140 4.8 Taking Stock 140 4.9 References and Literature 141 4.10 Exercises 143 Part II: Toward Neoclassical Growth Chapter 5: Foundations of Neoclassical Growth 147 5.1 Preliminaries 147 5.2 The Representative Household 149 5.3 Infinite Planning Horizon 156 5.4 The Representative Firm 158 5.5 Problem Formulation 160 5.6 Welfare Theorems 161 5.7 Proof of the Second Welfare Theorem (Theorem 5.7) * 168 5.8 Sequential Trading 171 5.9 Optimal Growth 174 5.10 Taking Stock 176 5.11 References and Literature 176 5.12 Exercises 178 Chapter 6: Infinite-Horizon Optimization and Dynamic Programming 182 6.1 Discrete-Time Infinite-Horizon Optimization 182 6.2 Stationary Dynamic Programming 185 6.3 Stationary Dynamic Programming Theorems 187 6.4 The Contraction Mapping Theorem and Applications * 190 6.5 Proofs of the Main Dynamic Programming Theorems * 194 6.6 Applications of Stationary Dynamic Programming 201 6.7 Nonstationary Infinite-Horizon Optimization 211 6.8 Optimal Growth in Discrete Time 215 6.9 Competitive Equilibrium Growth 219 6.10 Computation 221 6.11 Taking Stock 221 6.12 References and Literature 222 6.13 Exercises 223 Chapter 7: An Introduction to the Theory of Optimal Control 227 7.1 Variational Arguments 228 7.2 The Maximum Principle: A First Look 235 7.3 Infinite-Horizon Optimal Control 240 7.4 More on Transversality Conditions 250 7.5 Discounted Infinite-Horizon Optimal Control 253 7.6 Existence of Solutions, Concavity, and Differentiability * 259 7.7 A First Look at Optimal Growth in Continuous Time 268 7.8 The q-Theory of Investment and Saddle-Path Stability 269 7.9 Taking Stock 274 7.10 References and Literature 275 7.11 Exercises 278 Part III: Neoclassical Growth Chapter 8: The Neoclassical Growth Model 287 8.1 Preferences, Technology, and Demographics 287 8.2 Characterization of Equilibrium 293 8.3 Optimal Growth 298 8.4 Steady-State Equilibrium 300 8.5 Transitional Dynamics and Uniqueness of Equilibrium 302 8.6 Neoclassical Growth in Discrete Time 305 8.7 Technological Change and the Canonical Neoclassical Model 306 8.8 The Role of Policy 312 8.9 Comparative Dynamics 313 8.10 A Quantitative Evaluation 315 8.11 Extensions 317 8.12 Taking Stock 317 8.13 References and Literature 318 8.14 Exercises 319 Chapter 9: Growth with Overlapping Generations 327 9.1 Problems of Infinity 328 9.2 The Baseline Overlapping Generations Model 329 9.3 The Canonical Overlapping Generations Model 335 9.4 Overaccumulation and Pareto Optimality of Competitive Equilibrium in the Overlapping Generations Model 336 9.5 Role of Social Security in Capital Accumulation 339 9.6 Overlapping Generations with Impure Altruism 342 9.7 Overlapping Generations with Perpetual Youth 345 9.8 Overlapping Generations in Continuous Time 348 9.9 Taking Stock 353 9.10 References and Literature 354 9.11 Exercises 355 Chapter 10: Human Capital and Economic Growth 359 10.1 A Simple Separation Theorem 359 10.2 Schooling Investments and Returns to Education 361 10.3 The Ben-Porath Model 363 10.4 Neoclassical Growth with Physical and Human Capital 367 10.5 Capital-Skill Complementarity in an Overlapping Generations Model 371 10.6 Physical and Human Capital with Imperfect Labor Markets 374 10.7 Human Capital Externalities 379 10.8 The Nelson-Phelps Model of Human Capital 380 10.9 Taking Stock 382 10.10 References and Literature 384 10.11 Exercises 384 Chapter 11: First-Generation Models of Endogenous Growth 387 11.1 The AK Model Revisited 388 11.2 The AK Model with Physical and Human Capital 393 11.3 The Two-Sector AK Model 395 11.4 Growth with Externalities 398 11.5 Taking Stock 402 11.6 References and Literature 404 11.7 Exercises 404 Part IV: Endogenous Technological Change Chapter 12: Modeling Technological Change 411 12.1 Different Conceptions of Technology 411 12.2 Science and Profits 414 12.3 The Value of Innovation in Partial Equilibrium 416 12.4 The Dixit-Stiglitz Model and Aggregate Demand Externalities 422 12.5 Individual R&D Uncertainty and the Stock Market 428 12.6 Taking Stock 429 12.7 References and Literature 430 12.8 Exercises 431 Chapter 13: Expanding VarietyModels 433 13.1 The Lab-Equipment Model of Growth with Input Varieties 433 13.2 Growth with Knowledge Spillovers 444 13.3 Growth without Scale Effects 446 13.4 Growth with Expanding Product Varieties 448 13.5 Taking Stock 452 13.6 References and Literature 453 13.7 Exercises 453 Chapter 14: Models of Schumpeterian Growth 458 14.1 A Baseline Model of Schumpeterian Growth 459 14.2 A One-Sector Schumpeterian Growth Model 468 14.3 Innovation by Incumbents and Entrants 472 14.4 Step-by-Step Innovations * 479 14.5 Taking Stock 489 14.6 References and Literature 490 14.7 Exercises 491 Chapter 15: Directed Technological Change 497 15.1 Importance of Biased Technological Change 498 15.2 Basics and Definitions 500 15.3 Baseline Model of Directed Technological Change 503 15.4 Directed Technological Change with Knowledge Spillovers 514 15.5 Directed Technological Change without Scale Effects 518 15.6 Endogenous Labor-Augmenting Technological Change 519 15.7 Generalizations and Other Applications 522 15.8 An Alternative Approach to Labor-Augmenting Technological Change* 523 15.9 Taking Stock 526 15.10 References and Literature 527 15.11 Exercises 529 Part V: Stochastic Growth Chapter 16: Stochastic Dynamic Programming 537 16.1 Dynamic Programming with Expectations 537 16.2 Proofs of the Stochastic Dynamic Programming Theorems * 544 16.3 Stochastic Euler Equations 549 16.4 Generalization to Markov Processes * 552 16.5 Applications of Stochastic Dynamic Programming 554 16.6 Taking Stock 561 16.7 References and Literature 561 16.8 Exercises 562 Chapter 17: Stochastic Growth Models 566 17.1 The Brock-Mirman Model 567 17.2 Equilibrium Growth under Uncertainty 571 17.3 Application: Real Business Cycle Models 579 17.4 Growth with Incomplete Markets: The Bewley Model 583 17.5 The Overlapping Generations Model with Uncertainty 586 17.6 Risk, Diversification, and Growth 588 17.7 Taking Stock 603 17.8 References and Literature 604 17.9 Exercises 605 Part VI: Technology Diffusion, Trade, and Interdependences Chapter 18: Diffusion of Technology 611 18.1 Productivity Differences and Technology 611 18.2 A Benchmark Model of Technology Diffusion 613 18.3 Technology Diffusion and Endogenous Growth 619 18.4 Appropriate and Inappropriate Technologies and Productivity Differences 623 18.5 Contracting Institutions and Technology Adoption 630 18.6 Taking Stock 642 18.7 References and Literature 643 18.8 Exercises 644 Chapter 19: Trade and Growth 648 19.1 Growth and Financial Capital Flows 648 19.2 Why Does Capital Not Flow from Rich to Poor Countries? 653 19.3 Economic Growth in a Heckscher-Ohlin World 655 19.4 Trade, Specialization, and the World Income Distribution 663 19.5 Trade, Technology Diffusion, and the Product Cycle 674 19.6 Trade and Endogenous Technological Change 678 19.7 Learning-by-Doing, Trade, and Growth 680 19.8 Taking Stock 684 19.9 References and Literature 685 19.10 Exercises 687 Part VII: Economic Development and Economic Growth Chapter 20: Structural Change and Economic Growth 697 20.1 Nonbalanced Growth: The Demand Side 697 20.2 Nonbalanced Growth: The Supply Side 703 20.3 Agricultural Productivity and Industrialization 715 20.4 Taking Stock 719 20.5 References and Literature 720 20.6 Exercises 721 Chapter 21: Structural Transformations and Market Failures in Development 725 21.1 Financial Development 726 21.2 Fertility, Mortality, and the Demographic Transition 729 21.3 Migration, Urbanization, and the Dual Economy 736 21.4 Distance to the Frontier and Changes in the Organization of Production 744 21.5 Multiple Equilibria from Aggregate Demand Externalities and the Big Push 752 21.6 Inequality, Credit Market Imperfections, and Human Capital 758 21.7 Toward a Unified Theory of Development and Growth? 764 21.8 Taking Stock 768 21.9 References and Literature 769 21.10 Exercises 771 Part VIII: The Political Economy of Growth Chapter 22: Institutions, Political Economy, and Growth 781 22.1 The Impact of Institutions on Long-Run Development 781 22.2 Distributional Conflict and Economic Growth in a Simple Society 784 22.3 The Canonical Cobb-Douglas Model of Distributional Conflict 792 22.4 Distributional Conflict and Competition 793 22.5 Subgame Perfect versus Markov Perfect Equilibria 799 22.6 Inefficient Economic Institutions: A First Pass 802 22.7 Heterogeneous Preferences, Social Choice, and the Median Voter * 805 22.8 Distributional Conflict and Economic Growth: Heterogeneity and the Median Voter 814 22.9 The Provision of Public Goods: Weak versus Strong States 817 22.10 Taking Stock 822 22.11 References and Literature 823 22.12 Exercises 825 Chapter 23: Political Institutions and Economic Growth 831 23.1 Political Regimes and Economic Growth 832 23.2 Political Institutions and Growth-Enhancing Policies 834 23.3 Dynamic Trade-offs 837 23.4 Understanding Endogenous Political Change 850 23.5 Taking Stock 856 23.6 References and Literature 857 23.7 Exercises 858 Epilogue: Mechanics and Causes of Economic Growth 861 What Have We Learned? 861 A Possible Perspective on Growth and Stagnation over the Past 200 Years 864 Many Remaining Questions 872 Part IX: Mathematical Appendixes Appendix A: Odds and Ends in Real Analysis and Applications to Optimization 877 A.1 Distances and Metric Spaces 878 A.2 Mappings, Functions, Sequences, Nets, and Continuity 880 A.3 A Minimal Amount of Topology: Continuity and Compactness * 885 A.4 The Product Topology * 889 A.5 Absolute Continuity and Equicontinuity * 891 A.6 Correspondences and Berge's Maximum Theorem 894 A.7 Convexity, Concavity, Quasi-Concavity, and Fixed Points 898 A.8 Differentiation, Taylor Series, and the Mean Value Theorem 900 A.9 Functions of Several Variables and the Inverse and Implicit Function Theorems 904 A.10 Separation Theorems * 907 A.11 Constrained Optimization 910 A.12 Exercises 915 Appendix B: Review of Ordinary Differential Equations 917 B.1 Eigenvalues and Eigenvectors 917 B.2 Some Basic Results on Integrals 918 B.3 Linear Differential Equations 920 B.4 Solutions to Linear First-Order Differential Equations 921 B.5 Systems of Linear Differential Equations 924 B.6 Local Analysis and Stability of Nonlinear Differential Equations 926 B.7 Separable and Exact Differential Equations 927 B.8 Existence and Uniqueness of Solutions 929 B.9 Continuity and Differentiability of Solutions 930 B.10 Difference Equations 930 B.11 Exercises 932 Appendix C: Brief Review of Dynamic Games 934 C.1 Basic Definitions 934 C.2 Some Basic Results 937 C.3 Application: Repeated Games with Perfect Observability 941 C.4 Exercises 942 Appendix D: List of Theorems 944 Chapter 2 944 Chapter 5 944 Chapter 6 944 Chapter 7 945 Chapter 10 945 Chapter 16 945 Chapter 22 946 Appendix A 946 Appendix B 947 Appendix C 947 References 949 Name Index 971 Subject Index 977

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Book SynopsisThis revised second edition of Monetary Policy, Inflation, and the Business Cycle provides a rigorous graduate-level introduction to the New Keynesian framework and its applications to monetary policy. The New Keynesian framework is the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfTrade ReviewPraise for the previous edition: "A state-of-the-art treatment of the emerging New Keynesian synthesis by one of the leaders in the field, Gali's book is a must-read for the next generation of macroeconomists."--N. Gregory Mankiw, Harvard University Praise for the previous edition: "Authoritative. This book will be very useful to graduate students and to others seeking an introduction to modern work in this area."--Michael Woodford, Columbia University Praise for the previous edition: "This is a wonderfully elegant and accessible introduction to the contemporary New Keynesian paradigm, written by one of the leading experts in the field. This monograph presents what one should know in a clean, cogent, and concise manner. I fully expect it to become a standard reference for both students and researchers in the field."--Mark Gertler, New York University Praise for the previous edition: "Jordi Gali provides an authoritative overview of the research that revolutionized monetary economics during the past decade, by embedding sticky prices in a coherent dynamic general equilibrium framework--thus providing a novel and much clearer positive and normative analysis of monetary policy. The presentation is elegant and intuitive, yet rigorous. The book will be a standard reference for graduate students, researchers, and policymakers. It is also highly recommended as a textbook for money/macro courses. Numerous useful exercises are provided."--Robert Kollmann, European Center for Advanced Research in Economics and Statistics, Free University of Brussels Praise for the previous edition: "This book provides an excellent introduction and exegesis of the New Keynesian model that is the current state of the art in the analysis of monetary policy. It will find a large audience with research economists, graduate students, and staffers in central banks around the world."--Philip R. Lane, Trinity College Dublin Praise for the previous edition: "Systematic and concise. This is a fine book that is likely to become the key basic text for graduate courses on monetary policy."--Seppo Honkapohja, University of Cambridge Praise for the previous edition: "With this book, magician Gali has pulled another important rabbit out of his hat. The book will help to increase the popularity of the New Keynesian model with graduate students, tomorrow's policymakers, and today's policymakers alike. Therefore, it can be considered a real grassroots initiative."--Christian Merkl, Journal of EconomicsTable of ContentsPreface ix CHAPTER 1 Introduction 1 CHAPTER 2 A Classical Monetary Model 17 CHAPTER 3 The Basic New Keynesian Model 52 CHAPTER 4 Monetary Policy Design in the Basic New Keynesian Model 98 CHAPTER 5 Monetary Policy Tradeoffs: Discretion versus Commitment 126 CHAPTER 6 A Model with Sticky Wages and Prices 163 CHAPTER 7 Unemployment in the New Keynesian Model 199 CHAPTER 8 Monetary Policy in the Open Economy 223 CHAPTER 9 Lessons, Extensions, and New Directions 261 Index 271

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Book SynopsisIn the social sciences today, students are taught theory by reading and analyzing the works of Karl Marx, Max Weber, and other foundational figures of the discipline. What they rarely learn, however, is how to actually theorize. The Art of Social Theory is a practical guide to doing just that. In this one-of-a-kind user's manual for social theorisTrade Review"[C]oncise and readable... Writing in accessible language and using the canon of social theorists to illustrate points, Swedberg meets a need for practitioners and students alike."--ChoiceTable of ContentsIntroduction: Why Theorize and Can You Learn to Do It? 1 Part 1: How to Theorize Chapter 1. Starting Anew 13 Chapter 2. Social Observation 29 Chapter 3. Naming, Concept, and Typology 52 Chapter 4. Analogy, Metaphor, and Pattern 80 Chapter 5. Coming Up with an Explanation 98 Part 2: Preparing for Theorizing Chapter 6. Heuristics 127 Chapter 7. Practical Exercises 146 Chapter 8. The Role of Theory 169 Chapter 9. Imagination and Art 188 Chapter 10. Summary and More 210 Appendix: How to Theorize according to Charles S. Peirce 230 Acknowledgments 249 Notes 251 References 253 Index 279

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Book SynopsisEver since Adam Smith, the central teaching of economics has been that free markets provide us with material well-being, as if by an invisible hand. In Phishing for Phools, Nobel Prize-winning economists George Akerlof and Robert Shiller deliver a fundamental challenge to this insight, arguing that markets harm as well as help us. As long as thereTrade ReviewGeorge A. Akerlof, Co-Winner of the 2001 Nobel Prize in Economics Robert J. Shiller, Co-Winner of the 2013 Nobel Prize in Economics Winner of the 2016 Gold Medal in Economics, Axiom Business Book Awards One of Foreign Affairs' Best Economic, Social, and Environmental (Economics) Books of 2016 Selected for Bloomberg View's "The Writing that Shaped Economic Thinking in 2016" One of The Times Literary Supplement's Books of the Year 2016, chosen by Paul Collier Honorable Mention for the 2016 PROSE Award in Economics, Association of American Publishers One of The Independent's Best Economics Books 2015 One of LinkedIn's Best Business Books of 2015 One of BusinessInsider.com's Best Business Books of 2015 One of Legal Theory Bookworm's Books of the Year 2015 Longlisted for the Financial Times and McKinsey Business Book of the Year 2015 "[Akerlof and Shiller] want to go far beyond behavioral economics, at least in its current form. They offer a much more general, and quite damning, account of why free markets and competition cause serious problems... They are intellectual renegades... Akerlof and Shiller make a convincing argument that phishing occurs because of the operation of the invisible hand, not in spite of it... [This] extraordinary book tells us something true, and profoundly important, about the operation of the invisible hand."--Cass Sunstein, New York Review of Books "No question, Phishing for Phools is a radical book. It may also be a radically important one."--Fortune "Entertaining, readable and provocative."--John Lanchester, London Review of Books "I highly recommend this, even for those who might disagree with the authors' outlook. Their case studies are illuminating, and their insights on the way markets work are fascinating. When you consider the sorry state of the personal finances of the median working age family in the United States today, it's hard to disagree with their central thesis that our current system isn't working properly."--John Reeves, The Motley Fool, USA Today "A needed call for skeptical economics and financial mindfulness."--Nature "Using compelling examples of flawed decision making from advertising, health care and personal finances, the authors identify our rational weak spots and arm readers with the ability to resist manipulation."--Scientific American Mind "As you would expect, it's a very clearly written book with tons of examples. And it makes a simple and powerful point about the fragility of the normative, welfare economics conclusions economists tend to draw."--Diane Coyle, The Enlightened Economist "Akerlof and Shiller present convincing evidence of how tobacco, pharmaceutical, and liquor companies and politicians weasel a chapter of their own into our life stories, abusing the mutual storytelling--with all its signs and wonders--that is elemental to our humanity."--Peter Lewis, Barnes & Noble Review "With accessible language and everyday examples, Shiller and Akerlof are taking on the powerful belief that aside from a few blemishes (like widening income inequality) only fools advocate interfering with the free market."--Chris Farrell, Minneapolis Star Tribune "The book's central message is certainly thought-provoking."--The Economist "Phishing for Phools forswears technical language, making this book accessible not only to economists but to consumers and policymakers. It should make everyone rethink the unfettered free-market model."--Brenda Jubin, Investing.com "It's a very clearly written book with tons of examples. And it makes a simple and powerful point about the fragility of the normative, welfare economics conclusions economists tend to draw."--Enlightened Economist "Its critique of conventional economics is more powerful and comprehensive--and more paternalistic--than that of Animal Spirits."--Carlos Lozada, Washington Post "[Akerlof's and Shiller's] insight is a powerful one."--Economist.com's Buttonwood blog "Akerlof and Shiller show that unregulated free markets systematically make people worse off by providing the unscrupulous with opportunities to take advantage of the unwary."--Adam Bouyamourn, The National "[Phishing for Phools] serves the important purpose of holding up a mirror to economics, a subject that prides itself on (supposedly) being the most sophisticated of all the social sciences. Economics may look sophisticated on paper, but it is often completely out of touch when it comes to reality."--Victoria Bateman, Times Higher Education "The book offers powerful support for a skeptical view of free markets, but it's also a helpful guide for consumers to avoid getting ripped off in the course of making important purchases."--Chris Matthews, Fortune "An interesting and entertaining new book by George Akerlof and Robert Shiller looks at the role of trickery in market economies. Phishing for Phools explains that sellers are often out to deceive you, and shows that this isn't an occasional glitch in the market system so much as an intrinsic and pervasive trait... Phishing for Phools aims to help readers understand their psychological weaknesses, so that the phishermen can be phended off more ephectively."--Clive Crook, Bloomberg View "Where Akerlof and Shiller break new ground is the sweeping application of the idea of the 'phishing equilibrium' to finance... The style of Phishing for Phools will be familiar to fans of Shiller's work: light on jargon and pacy enough not to outstay its welcome. The authors tell some engaging tales."--Robin Harding, Financial Times "[A] surprisingly readable yet highly original book ... the evidence and explanations marshaled by Akerlof and Shiller are compelling and they have profound political implications ... an enlightening read by two expert economists. It should be required reading for policy makes and for consumers (which is to say, all of us... [An] important, sobering book."--Oliver Kamm, The Times "Narratives in this impressive book tell how to avoid being tricked by means of better enforcement and being told of pending scams... [O]ne of the few titles dealing with fraud in the marketplace."--Library Journal "The authors provide is a ... unifying theory for all kinds of trickery, an economic explanation for why deception is so rampant. It takes many of our scattered findings about humanity's blind spots--both psychological weakness and a lack of perfect information--and weaves them into a comprehensive framework that has the potential to be devastating for free market fundamentalists."--Victoria Finkle, Washington Monthly "Its central idea is an important one and merits more attention."--Emran Mian, Prospect "Phishing for Phools is packed with examples--including subprime mortgages, pharmaceuticals, political campaigns, gym memberships, credit cards, cars and cranberry juice labels--of the pervasiveness of deception and manipulation in our economy and the price it exacts on individuals and the society at large."--Glenn C. Altschuler, Tulsa World "This interesting book is written by economists mainly for economists, but it includes many entertaining stories about business behavior (and some disturbing ones), told in lively and accessible prose."--Foreign Affairs "The book is easy to read and relate; and more importantly will make you start thinking of the number of times you have been phished. The list would be endless!"--Madan Sabnavis, BusinessWorld "This unusual book offers a simple but challenging corrective to the assumptions made by most mainstream economists... Probably not every reader will agree with every interpretation or argument--but every reader will find something that enlightens and stimulates."--James Ledbetter, Yale Alumni Magazine "This book was enjoyable to read, and the expertise and knowledge of the authors are abundantly evident."--William Holcomb, PsycCRITIQUES "Bob and George urge us to slap Adam Smith's invisible hand when it steals from everybody's cookie jar. They ask us to ponder those situations, economic or political, that provide particularly tempting opportunities to phish for phools... Penetrating insights rendered in accessible prose."--Marlene Lang May, CommonwealTable of ContentsPREFACE vii INTRODUCTION Expect to Be Manipulated: Phishing Equilibrium 1 PART ONE Unpaid Bills and Financial Crash CHAPTER ONE Temptation Strews Our Path 15 CHAPTER TWO Reputation Mining and Financial Crisis 23 PART TWO Phishing in Many Contexts CHAPTER THREE Advertisers Discover How to Zoom In on Our Weak Spots 45 CHAPTER FOUR Rip-offs Regarding Cars, Houses, and Credit Cards 60 CHAPTER FIVE Phishing in Politics 72 CHAPTER SIX Phood, Pharma, and Phishing 84 CHAPTER SEVEN Innovation: The Good, the Bad, and the Ugly 96 CHAPTER EIGHT Tobacco and Alcohol 103 CHAPTER NINE Bankruptcy for Profit 117 CHAPTER TEN Michael Milken Phishes with Junk Bonds as Bait 124 CHAPTER ELEVEN The Resistance and Its Heroes 136 PART THREE Conclusion and Afterword CONCLUSION: EXAMPLES AND GENERAL LESSONS New Story in America and Its Consequences 149 AFTERWORD The Significance of Phishing Equilibrium 163 ACKNOWLEDGMENTS 175 NOTES 181 BIBLIOGRAPHY 233 INDEX 257

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Book SynopsisTrade Review"No American writer has done more to comfort the afflicted and afflict the comfortable than John Kenneth Galbraith."--USA Today "With characteristic wit and clarity [Galbraith] suggests that while good money may indeed be driven out by the bad, it is political suicide to assume that the suckers left holding the bad will take it lying down... [T]here is no more current, more judicious, or more entertaining a perspective."--Kirkus "Lively."--Library Journal

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Book SynopsisTrade Review"One of the Financial Times' Best Books of 2019: Economics""One of the Financial Times' Readers' Best Books of 2019""One of Business Insider's Richard Feloni's best books of 2019 on how we can rethink today's capitalism and improve the economy""A Project Syndicate Best Read in 2019""The result is nothing less than a crisis theory of law. Law as it currently functions is, for Pistor, constitutive of the order that creates and perpetuates inequality, opacity, dysfunction, and crisis, and ultimately puts at risk the legitimacy of the rule of law as such."---Adam Tooze, New York Review of Books"Almost anybody who reads this book will benefit; a must-read for corporate lawyers, investment bankers, capital providers."---Rahul Saikia, Financial Times"Those of us concerned with inequality should be focusing a great deal of attention on the basics of valuation, which means looking hard at the way law makes money."---Roy Kreitner, LPEblog"The wealth drawn from both the digital darkness and the dark pools of Wall Street exists only by virtue of the law’s encasement. . . . [Pistor's] metaphors allow us to see how, by ceding democratic control of law, we’ve 'depoliticized critical questions of self-governance,' preserving mobility for some and blocking it for others."---Quinn Slobodian, Boston Review"So much discussion around wealth and inequality involves gawking at statistics people don’t understand. Katharina Pistor offers a fascinating argument as to why inequality is increasing, and does so without having to construct class identities, as Marxists feel compelled to do, or to make heroic assumptions about the rationality of human beings, as rational choice theorists would have it."---David Murphy, Open Letters Review"Through extensive case studies, Pistor demonstrates that no one deliberately set out to construct the ‘empire of law.’ Rather, it is the result of a decentralized, unplanned process in which individual private lawyers helped individual clients protect their assets through the use of pre-existing legal constructs."---Nouriel Roubini, Project Syndicate"The Code of Capital is a welcome interdisciplinary contribution which attaches fresh dimensions to debates on the political economy of wealth and inequality. . . .it is a valuable resource for anyone seeking to grapple with the formidable nature of global capital."---Juvaria Jafri, LSE US Centre"Pistor has exploded the belief of most people that financial instruments traded across the world are creatures of law of sovereign states and are secure . . . . [The Code of Capital is] a truly remarkable book bringing out clearly one of the major causes of periodic financial crisis."---Madras Sivaraman, International Journal of Environment Studies"In possibly one of the most important non-fiction books of the decade, Pistor shines a clear and sharp light on how legal codes – increasingly determined in private law offices in New York and London – shape the contours of economic activity, ownership, and control under contemporary global capitalism"---Jayati Ghosh, Project Syndicate"A thought-provoking read." * Business & Management *

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Book SynopsisTrade Review"An Economist Book of the Year""A Behavioral Scientist's Notable Book""A Wall Street Journal Favorite Political Book of the Year""A FiveBooks Best Nonfiction Books of the Year""Winner of the Richard A. Lester Book Award, Industrial Relations Section Industrial Relations Section""Career and Family is a radical book. It is also brilliantly researched and argued."---Lily Meyer, New Republic"[Career and Family] looks at how women have struggled to balance work and home over the decades. Among its many takeaways is the notion that female participation in the workplace changes the very nature of work."---Rana Foroohar, Financial Times"Goldin weaves together complicated data sets that no one else thought to look at. . . . [She] brings such data to life."---Joan C. Williams, Times Literary Supplement"There are many reasons to read [Career and Family]. The main one being that [it is] excellent. . . . Goldin is a natural teacher, which comes across on the page. The book is also, in some ways, deeply personal."---Emily Oster, ParentData"Provocative and compelling." * The Economist *"[Career and Family] traces the history of work and family for college-educated women, and diagnoses what still troubles their careers today." * The Economist *"In this deeply researched, engagingly written, and surprisingly personal book, Goldin summarizes the history and current state of gender disparities in employment and pay, both in general and specifically for college-educated women."---Barry Eichengreen, Foreign Affairs"This is no ordinary book. . . . Goldin has written a chatty, readable sequel to [Betty] Friedan’s [The Feminine Mystique], destined itself to become a paperback best-seller—all the more persuasive because it is rooted in the work of hundreds of other labor economists and economic historians over the years."---David Warsh, Economic Principals"Combining diligent research with acute observations, accessible case studies, and practical solutions, this is a refreshing take on a pernicious social problem." * Publishers Weekly *"A must-read for those who care about gender gaps. . . . Goldin does a compelling job of running through the historical data, providing the surrounding cultural context, and explaining how technological and legal changes affected women over the years. . . . In Career and Family, Goldin expertly lays out the history of college-grad women’s advances in the work force, and she carefully dissects where the remaining gender gap originates."---Robert VerBruggen, Institute for Family Studies"This book is a must-read."---Melissa Davies, Society of Professional Economists"Goldin’s research carries important implications for addressing gender equality within the economics profession."---Leonora Risse, The Conversation, Australia & New Zealand"Why do women still tend to earn less than men? There is nobody better placed to answer that question than economic historian Claudia Goldin, the winner of the 2023 Nobel memorial prize in economics. Her answer tells us how to fight unfairness, but also how to create saner and more productive working lives for everybody." * Financial Times *

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Book SynopsisTrade Review"One of the Financial Times' Best Books of 2019: Economics""One of the Financial Times' Readers' Best Books of 2019""One of Business Insider's Richard Feloni's best books of 2019 on how we can rethink today's capitalism and improve the economy""A Project Syndicate Best Read in 2019"

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Book SynopsisTrade Review"Eeckhout documents an astonishing rise of market power across all sorts of industries since 1980. We're not just talking about the usual suspects here; Amazon, Google, Facebook, and so on. We're talking about everything from the makers of cat food to the sellers of caskets."---Greg Rosalsky, NPR Planet Money"A serious and significant effort to explain rising market power and its implications to decades of stagnant wages to a wider audience."---Simcha Barkai, ProMarket"A very good read. . . . Hooray for an economist who can write so engagingly."---Diane Coyle, Enlightened Economist"A sharply argued thesis that one effect of all-powerful corporations is the suppression of wages for working people across the board. . . . A provocative case, and one that those who feel undervalued in the present economy will surely appreciate." * Kirkus Reviews *"The book convincingly argues for some role of market power in workers’ woes. . . . At a time when antitrust frameworks are being reconsidered on both sides of the Atlantic, Eeckhout’s book is a powerful reminder that this rethink must go big."---Romain Duval, Finance and Development"The Profit Paradox is an easy read . . . and the tour d’horizon of issues is impressive."---Jane Fuller, Financial World"As economist Jan Eeckhout lays out in his new book The Profit Paradox, rapid technological change since the 1980s has improved business efficiency and dramatically increased corporate profitability. But it has also led to an increase in market power that is detrimental for people in work." * Financial Times *"The work combines an in-depth economic vision with examples from everyday life." * Eurakalert *"The book is important for several reasons. First. . . . this book takes a global view. Second, it pushes back against quite a widespread misconception that monopoly is largely an American problem and that Europeans in particular are protected by strong competition authorities. Third, it is one of those relatively rare books that combines an easy read with deep and rich scholarship from an expert in the field."---Nicholas Shaxson, The Counterbalance"[The Profit Paradox] successfully carries out the Herculean task of bridging the frontier of academic knowledge with the general public. . . .Not only does [Eeckhout] present novel results in economics in a friendly way without departing from academic rigour, but he also provides an agenda for policies to be implemented. Written in an engaging voice and full of concrete examples from everyday life, this book will certainly find a place in the bookshelves of economists, policymakers, and even the general public."---Joaquín Paseyro Mayol and Edoardo Peruzzi, Economics and Philosophy

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Book SynopsisTrade Review"An Economist Book of the Year""A Behavioral Scientist's Notable Book""A Wall Street Journal Favorite Political Book of the Year""A FiveBooks Best Nonfiction Books of the Year""Winner of the Richard A. Lester Book Award, Industrial Relations Section Industrial Relations Section""Career and Family is a radical book. It is also brilliantly researched and argued."---Lily Meyer, New Republic"[Career and Family] looks at how women have struggled to balance work and home over the decades. Among its many takeaways is the notion that female participation in the workplace changes the very nature of work."---Rana Foroohar, Financial Times"Goldin weaves together complicated data sets that no one else thought to look at. . . . [She] brings such data to life."---Joan C. Williams, Times Literary Supplement"There are many reasons to read [Career and Family]. The main one being that [it is] excellent. . . . Goldin is a natural teacher, which comes across on the page. The book is also, in some ways, deeply personal."---Emily Oster, ParentData"Provocative and compelling." * The Economist *"[Career and Family] traces the history of work and family for college-educated women, and diagnoses what still troubles their careers today." * The Economist *"In this deeply researched, engagingly written, and surprisingly personal book, Goldin summarizes the history and current state of gender disparities in employment and pay, both in general and specifically for college-educated women."---Barry Eichengreen, Foreign Affairs"This is no ordinary book. . . . Goldin has written a chatty, readable sequel to [Betty] Friedan’s [The Feminine Mystique], destined itself to become a paperback best-seller—all the more persuasive because it is rooted in the work of hundreds of other labor economists and economic historians over the years."---David Warsh, Economic Principals"Combining diligent research with acute observations, accessible case studies, and practical solutions, this is a refreshing take on a pernicious social problem." * Publishers Weekly *"A must-read for those who care about gender gaps. . . . Goldin does a compelling job of running through the historical data, providing the surrounding cultural context, and explaining how technological and legal changes affected women over the years. . . . In Career and Family, Goldin expertly lays out the history of college-grad women’s advances in the work force, and she carefully dissects where the remaining gender gap originates."---Robert VerBruggen, Institute for Family Studies"This book is a must-read."---Melissa Davies, Society of Professional Economists"Goldin’s research carries important implications for addressing gender equality within the economics profession."---Leonora Risse, The Conversation, Australia & New Zealand"Why do women still tend to earn less than men? There is nobody better placed to answer that question than economic historian Claudia Goldin, the winner of the 2023 Nobel memorial prize in economics. Her answer tells us how to fight unfairness, but also how to create saner and more productive working lives for everybody." * Financial Times *"An Economist Book of the Year""A Behavioral Scientist's Notable Book""A Wall Street Journal Favorite Political Book of the Year""A FiveBooks Best Nonfiction Books of the Year""Winner of the Richard A. Lester Book Award, Industrial Relations Section Industrial Relations Section""Career and Family is a radical book. It is also brilliantly researched and argued."---Lily Meyer, New Republic"[Career and Family] looks at how women have struggled to balance work and home over the decades. Among its many takeaways is the notion that female participation in the workplace changes the very nature of work."---Rana Foroohar, Financial Times"Goldin weaves together complicated data sets that no one else thought to look at. . . . [She] brings such data to life."---Joan C. Williams, Times Literary Supplement"There are many reasons to read [Career and Family]. The main one being that [it is] excellent. . . . Goldin is a natural teacher, which comes across on the page. The book is also, in some ways, deeply personal."---Emily Oster, ParentData"Provocative and compelling." * The Economist *"[Career and Family] traces the history of work and family for college-educated women, and diagnoses what still troubles their careers today." * The Economist *"In this deeply researched, engagingly written, and surprisingly personal book, Goldin summarizes the history and current state of gender disparities in employment and pay, both in general and specifically for college-educated women."---Barry Eichengreen, Foreign Affairs"This is no ordinary book. . . . Goldin has written a chatty, readable sequel to [Betty] Friedan’s [The Feminine Mystique], destined itself to become a paperback best-seller—all the more persuasive because it is rooted in the work of hundreds of other labor economists and economic historians over the years."---David Warsh, Economic Principals"Combining diligent research with acute observations, accessible case studies, and practical solutions, this is a refreshing take on a pernicious social problem." * Publishers Weekly *"A must-read for those who care about gender gaps. . . . Goldin does a compelling job of running through the historical data, providing the surrounding cultural context, and explaining how technological and legal changes affected women over the years. . . . In Career and Family, Goldin expertly lays out the history of college-grad women’s advances in the work force, and she carefully dissects where the remaining gender gap originates."---Robert VerBruggen, Institute for Family Studies"This book is a must-read."---Melissa Davies, Society of Professional Economists"Goldin’s research carries important implications for addressing gender equality within the economics profession."---Leonora Risse, The Conversation, Australia & New Zealand"Why do women still tend to earn less than men? There is nobody better placed to answer that question than economic historian Claudia Goldin, the winner of the 2023 Nobel memorial prize in economics. Her answer tells us how to fight unfairness, but also how to create saner and more productive working lives for everybody." * Financial Times *

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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

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Book SynopsisScore your highest in econometrics? Easy. Econometrics can prove challenging for many students unfamiliar with the terms and concepts discussed in a typical econometrics course. Econometrics For Dummies eliminates that confusion with easy-to-understand explanations of important topics in the study of economics.Table of ContentsIntroduction 1 Part I: Getting Started with Econometrics 5 Chapter 1: Econometrics: The Economist’s Approach to Statistical Analysis 7 Chapter 2: Getting the Hang of Probability 21 Chapter 3: Making Inferences and Testing Hypotheses 39 Part II: Building the Classical Linear Regression Model 59 Chapter 4: Understanding the Objectives of Regression Analysis 61 Chapter 5: Going Beyond Ordinary with the Ordinary Least Squares Technique 75 Chapter 6: Assumptions of OLS Estimation and the Gauss-Markov Theorem 93 Chapter 7: The Normality Assumption and Inference with OLS 111 Part III: Working with the Classical Regression Model 135 Chapter 8: Functional Form, Specification, and Structural Stability 137 Chapter 9: Regression with Dummy Explanatory Variables 153 Part IV: Violations of Classical Regression Model Assumptions 173 Chapter 10: Multicollinearity 175 Chapter 11: Heteroskedasticity 191 Chapter 12: Autocorrelation 209 Part V: Discrete and Restricted Dependent Variables in Econometrics 229 Chapter 13: Qualitative Dependent Variables 231 Chapter 14: Limited Dependent Variable Models 253 Part VI: Extending the Basic Econometric Model 265 Chapter 15: Static and Dynamic Models 267 Chapter 16: Diving into Pooled Cross-Section Analysis 281 Chapter 17: Panel Econometrics 291 Part VII: The Part of Tens 305 Chapter 18: Ten Components of a Good Econometrics Research Project 307 Chapter 19: Ten Common Mistakes in Applied Econometrics 315 Appendix: Statistical Tables 321 Index 327

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Book SynopsisInternational Economics, 13th Edition provides students with a comprehensive, up-to-date review of the field's essential principles and theory. This comprehensive textbook explains the concepts necessary to understand, evaluate, and address the economic problems and issues the nations of the world are currently facing, and are likely to face in the future. Balancing depth and accessibility, the text helps students identify the real-world relevance of the material through extensive practical applications and examples. The new, thoroughly-updated and expanded edition provides students with a solid knowledgebase in international trade theory and policy, balance of payments, foreign exchange markets and exchange rates, open-economy macroeconomics, and the international monetary system. The text uniquely employs the same graphical and numerical model in chapters that cover the same basic concept, allowing students to recognize the relationship among the different topics witTable of Contents1 Introduction 1 1.1 The Globalization of the World Economy 1 1.2 International Trade and the Nation’s Standard of Living 4 1.3 The International Flow of Goods, Services, Labor, and Capital 8 1.4 International Economic Theories and Policies 12 1.5 Current International Economic Problems and Challenges 14 1.6 Organization and Methodology of the Text 16 Summary 18 Key Terms 19 Questions For Review 19 Problems 19 Appendix 20 A1.1 Basic International Trade Data 20 A1.2 Sources of Additional International Data and Information 24 OC Selected Bibliography OC INTERNet Part 1 International Trade Theory 2 The Law of Comparative Advantage 29 2.1 Introduction 29 2.2 The Mercantilists’ Views on Trade 30 2.3 Trade Based on Absolute Advantage: Adam Smith 32 2.4 Trade Based on Comparative Advantage: David Ricardo 33 2.5 Comparative Advantage and Opportunity Costs 38 2.6 The Basis for and the Gains from Trade under Constant Costs 42 2.7 Empirical Tests of the Ricardian Model 44 Summary 47 Key Terms 48 Questions for Review 48 Problems 49 Appendix 50 A2.1 Comparative Advantage with More Than Two Commodities 50 A2.2 Comparative Advantage with More Than Two Nations 52 OC Selected Bibliography OC INTERNet 3 The Standard Theory of International Trade 53 3.1 Introduction 53 3.2 The Production Frontier with Increasing Costs 53 3.3 Community Indifference Curves 56 3.4 Equilibrium in Isolation 57 3.5 The Basis for and the Gains from Trade with Increasing Costs 60 3.6 Trade Based on Differences in Tastes 67 Summary 68 Key Terms 69 Questions for Review 69 Problems 69 Appendix 70 A3.1 Production Functions, Isoquants, Isocosts, and Equilibrium 71 A3.2 Production Theory with Two Nations, Two Commodities, and Two Factors 72 A3.3 Derivation of the Edgeworth Box Diagram and Production Frontiers 73 A3.4 Some Important Conclusions 76 OC Selected Bibliography OC INTERNet 4 Demand and Supply, Offer Curves, and the Terms of Trade 77 4.1 Introduction 77 4.2 The Equilibrium-Relative Commodity Price with Trade—Partial Equilibrium Analysis 77 4.3 Offer Curves 80 4.4 The Equilibrium-Relative Commodity Price with Trade—General Equilibrium Analysis 83 4.5 Relationship Between General and Partial Equilibrium Analyses 84 4.6 The Terms of Trade 86 Summary 88 Key Terms 89 Questions for Review 89 Problems 89 Appendix 90 A4.1 Derivation of a Trade Indifference Curve for Nation 1 90 A4.2 Derivation of Nation 1’s Trade Indifference Map 92 A4.3 Formal Derivation of Nation 1’s Offer Curve 92 A4.4 Outline of the Formal Derivation of Nation 2’s Offer Curve 94 A4.5 General Equilibrium of Production, Consumption, and Trade 96 A4.6 Multiple and Unstable Equilibria 96 OC Selected Bibliography OC INTERNet 5 Factor Endowments and the Heckscher–Ohlin Theory 99 5.1 Introduction 99 5.2 Assumptions of the Theory 100 5.3 Factor Intensity, Factor Abundance, and the Shape of the Production Frontier 101 5.4 Factor Endowments and the Heckscher–Ohlin Theory 107 5.5 Factor–Price Equalization and Income Distribution 112 5.6 Empirical Tests of the Heckscher–Ohlin Model 119 Summary 125 Key Terms 126 Questions for Review 127 Problems 127 Appendix 128 A5.1 The Edgeworth Box Diagram for Nation 1 and Nation 2 129 A5.2 Relative Factor–Price Equalization 130 A5.3 Absolute Factor–Price Equalization 132 A5.4 Effect of Trade on the Short-Run Distribution of Income: The Specific-Factors Model 132 A5.5 Illustration of Factor–Intensity Reversal 134 A5.6 The Elasticity of Substitution and Factor–Intensity Reversal 136 A5.7 Empirical Tests of Factor–Intensity Reversal 137 OC Selected Bibliography OC INTERNet 6 Economies of Scale, Imperfect Competition, and International Trade 138 6.1 Introduction 138 6.2 The Heckscher–Ohlin Model and New Trade Theories 138 6.3 Economies of Scale and International Trade 140 6.4 Imperfect Competition and International Trade 143 6.5 Trade Based on Dynamic Technological Differences 152 6.6 Costs of Transportation, Environmental Standards, and International Trade 156 Summary 160 Key Terms 161 Questions for Review 161 Problems 162 Appendix 162 A6.1 External Economies and the Pattern of Trade 162 A6.2 Dynamic External Economies and Specialization 164 OC Selected Bibliography OC INTERNet 7 Economic Growth and International Trade 166 7.1 Introduction 166 7.2 Growth of Factors of Production 167 7.3 Technical Progress 169 7.4 Growth and Trade: The Small-Country Case 172 7.5 Growth and Trade: The Large-Country Case 177 7.6 Growth, Change in Tastes, and Trade in Both Nations 182 Summary 184 Key Terms 185 Questions for Review 185 Problems 186 Appendix 187 A7.1 Formal Proof of the Rybczynski Theorem 187 A7.2 Growth with Factor Immobility 189 A7.3 Graphical Analysis of Hicksian Technical Progress 190 OC Selected Bibliography OC INTERNet Part 2 International Trade Policy 8 Trade Restrictions: Tariffs 195 8.1 Introduction 195 8.2 Partial Equilibrium Analysis of a Tariff 197 8.3 The Theory of Tariff Structure 203 8.4 General Equilibrium Analysis of a Tariff in a Small Country 207 8.5 General Equilibrium Analysis of a Tariff in a Large Country 210 8.6 The Optimum Tariff 212 Summary 213 Key Terms 214 Questions for Review 214 Problems 215 Appendix 216 A8.1 Partial Equilibrium Effects of a Tariff in a Large Nation 216 A8.2 Derivation of the Formula for the Rate of Effective Protection 218 A8.3 The Stolper–Samuelson Theorem Graphically 219 A8.4 Exception to the Stolper–Samuelson Theorem—The Metzler Paradox 221 A8.5 Short-Run Effect of a Tariff on Factors’ Income 222 A8.6 Measurement of the Optimum Tariff 224 OC Selected Bibliography OC INTERNet 9 Nontariff Trade Barriers and the New Protectionism 226 9.1 Introduction 226 9.2 Import Quotas 226 9.3 Other Nontariff Barriers and the New Protectionism 229 9.4 The Political Economy of Protectionism 238 9.5 Strategic Trade and Industrial Policies 242 9.6 History of U.S. Commercial Policy 246 9.7 The Uruguay Round, the Failed Doha Round, and the Outstanding Trade Problems 250 Summary 255 Key Terms 256 Questions for Review 257 Problems 257 Appendix 258 A9.1 Centralized Cartels 258 A9.2 International Price Discrimination 259 A9.3 Tariffs, Subsidies, and Domestic Goals 260 OC Selected Bibliography OC INTERNet 10 Economic Integration: Customs Unions and Free Trade Areas 262 10.1 Introduction 262 10.2 Trade-Creating Customs Union 263 10.3 Trade-Diverting Customs Unions 264 10.4 The Theory of the Second Best and Other Static Welfare Effects of Customs Unions 266 10.5 Dynamic Benefits from Customs Unions 268 10.6 History of Attempts at Economic Integration 269 Summary 280 Key Terms 281 Questions for Review 281 Problems 281 Appendix 282 A10.1 General Equilibrium Analysis of the Static Effects of a Trade-Diverting Customs Union 282 A10.2 Regional Trade Agreements and Other Groups Around the World in June 2018 284 OC Selected Bibliography OC INTERNet 11 International Trade and Economic Development 289 11.1 Introduction 289 11.2 The Importance of Trade to Development 290 11.3 The Terms of Trade and Economic Development 295 11.4 Export Instability and Economic Development 300 11.5 Import Substitution versus Export Orientation 303 11.6 Current Problems Facing Developing Countries 307 Summary 313 Key Terms 313 Questions for Review 314 Problems 314 Appendix 315 A11.1 Income Inequalities by Traditional and Purchasing-Power Parity (PPP) Measures 315 A11.2 The World by Income 316 OC Selected Bibliography OC INTERNet 12 International Resource Movements and Multinational Corporations 319 12.1 Introduction 319 12.2 Some Data on International Capital Flows 320 12.3 Motives for International Capital Flows 323 12.4 Welfare Effects of International Capital Flows 326 12.5 Multinational Corporations 329 12.6 Motives for and Welfare Effects of International Labor Migration 334 Summary 338 Key Terms 339 Questions for Review 339 Problems 339 Appendix 340 A12.1 The Transfer Problem 340 A12.2 International Trade, Financial and Aid Flows, and Migration 341 OC Selected Bibliography OC INTERNet Part 3 The Balance of Payments, Foreign Exchange Markets, and Exchange Rates 13 Balance of Payments 347 13.1 Introduction 347 13.2 Balance of Payments Accounting 348 13.3 The International Transactions of the United States 350 13.4 Accounting Balances and the U.S. Balance of Payments 353 13.5 The Postwar Balance of Payments of the United States 353 13.6 The Importance of the Current Account 356 13.7 The International Investment Position of the United States 357 Summary 360 Key Terms 361 Questions for Review 361 Problems 362 Appendix 362 A13.1 The IMF Method of Reporting International Transactions 362 OC Selected Bibliography OC INTERNet 14 Foreign Exchange Markets and Exchange Rates 366 14.1 Introduction 366 14.2 Functions of the Foreign Exchange Markets 366 14.3 Foreign Exchange Rates 370 14.4 Spot and Forward Rates, Currency Swaps, Futures, and Options 376 14.5 Foreign Exchange Risks, Hedging, and Speculation 379 14.6 Interest Arbitrage and the Efficiency of Foreign Exchange Markets 385 14.7 Eurocurrency or Offshore Financial Markets 392 Summary 396 Key Terms 397 Questions for Review 398 Problems 398 Appendix 399 A14.1 Derivation of the Formula for the Covered Interest Arbitrage Margin 399 OC Selected Bibliography OC INTERNet 15 Exchange Rate Determination 401 15.1 Introduction 401 15.2 Purchasing-Power Parity Theory 402 15.3 Monetary Approach to the Balance of Payments and Exchange Rates 407 15.4 Portfolio Balance Model and Exchange Rates 416 15.5 Exchange Rate Dynamics 421 15.6 Empirical Tests of the Monetary and Portfolio Balance Models and Exchange Rate Forecasting 425 Summary 428 Key Terms 429 Questions for Review 429 Problems 429 Appendix 431 A15.1 Formal Monetary Approach Model 431 A15.2 Formal Portfolio Balance Model and Exchange Rates 433 OC Selected Bibliography OC INTERNet Part 4 Open-Economy Macroeconomics and the International Monetary System 16 The Price Adjustment Mechanism with Flexible and Fixed Exchange Rates 437 16.1 Introduction 437 16.2 Adjustment with Flexible Exchange Rates 438 16.3 Effect of Exchange Rate Changes on Domestic Prices and the Terms of Trade 441 16.4 Stability of Foreign Exchange Markets 443 16.5 Elasticities in the Real World 445 16.6 Adjustment under the Gold Standard 454 Summary 456 Key Terms 457 Questions for Review 457 Problems 458 Appendix 458 A16.1 The Effect of Exchange Rate Changes on Domestic Prices 458 A16.2 Derivation of the Marshall–Lerner Condition 460 A16.3 Derivation of the Gold Points and Gold Flows Under the Gold Standard 462 OC Selected Bibliography OC INTERNet 17 The Income Adjustment Mechanism and Synthesis of Automatic Adjustments 464 17.1 Introduction 464 17.2 Income Determination in a Closed Economy 465 17.3 Income Determination in a Small Open Economy 468 17.4 Foreign Repercussions 476 17.5 Absorption Approach 479 17.6 Monetary Adjustments and Synthesis of the Automatic Adjustments 481 Summary 484 Key Terms 485 Questions for Review 485 Problems 486 Appendix 487 A17.1 Derivation of Foreign Trade Multipliers with Foreign Repercussions 487 A17.2 The Transfer Problem Once Again 489 OC Selected Bibliography OC INTERNet 18 Open-Economy Macroeconomics: Adjustment Policies 491 18.1 Introduction 491 18.2 Internal and External Balance with Expenditure-Changing and Expenditure-Switching Policies 494 18.3 Equilibrium in the Goods Market, in the Money Market, and in the Balance of Payments 496 18.4 Fiscal and Monetary Policies for Internal and External Balance with Fixed Exchange Rates 498 18.5 The IS–LM–BP Model with Flexible Exchange Rates 506 18.6 Policy Mix and Price Changes 510 18.7 Direct Controls 516 Summary 519 Key Terms 520 Questions for Review 520 Problems 521 Appendix 522 A18.1 Derivation of the IS Curve 522 A18.2 Derivation of the LM Curve 524 A18.3 Derivation of the BP Curve 525 A18.4 Mathematical Summary 527 OC Selected Bibliography OC INTERNet 19 Prices and Output in an Open Economy: Aggregate Demand and Aggregate Supply 528 19.1 Introduction 528 19.2 Aggregate Demand, Aggregate Supply, and Equilibrium in a Closed Economy 528 19.3 Aggregate Demand in an Open Economy Under Fixed and Flexible Exchange Rates 534 19.4 Effect of Economic Shocks and Macroeconomic Policies on Aggregate Demand in Open Economies with Flexible Prices 536 19.5 Effect of Fiscal and Monetary Policies in Open Economies with Flexible Prices 539 19.6 Macroeconomic Policies to Stimulate Growth and Adjust to Supply Shocks 544 Summary 549 Key Terms 550 Questions for Review 550 Problems 551 OC Selected Bibliography OC INTERNet 20 Flexible Versus Fixed Exchange Rates, the European Monetary System, and Macroeconomic Policy Coordination 552 20.1 Introduction 552 20.2 The Case for Flexible Exchange Rates 553 20.3 The Case for Fixed Exchange Rates 555 20.4 Optimum Currency Areas, the European Monetary System, and the European Monetary Union 562 20.5 Currency Boards Arrangements and Dollarization 571 20.6 Exchange Rate Bands, Adjustable Pegs, Crawling Pegs, and Managed Floating 573 20.7 International Macroeconomic Policy Coordination 578 Summary 580 Key Terms 581 Questions for Review 581 Problems 581 Appendix 582 A20.1 Exchange Rate Arrangements 582 OC Selected Bibliography OC INTERNet 21 The International Monetary System: Past, Present, and Future 586 21.1 Introduction 586 21.2 The Gold Standard and the Interwar Experience 587 21.3 The Bretton Woods System 590 21.4 Operation and Evolution of the Bretton Woods System 592 21.5 U.S. Balance-of-Payments Deficits and Collapse of the Bretton Woods System 596 21.6 The International Monetary System: Present and Future 599 Summary 615 Key Terms 616 Questions for Review 617 Problems 617 Appendix 618 A21.1 International Reserves: 1950–2018 618 OC Selected Bibliography OC INTERNet Glossary of Key Terms G-1 Name Index I-1 Subject Index I-5

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Book SynopsisTable of ContentsPreface xiii About the Author xvii Chapter 1 Introduction to the Other Half of Macroeconomics 1 Chapter 2 Balance Sheet Problems Create a Shortage of Borrowers 27 Chapter 3 Introduction to the Concept of Pursued Economy 77 Chapter 4 Macroeconomic Policy during the Three Stages of Economic Development 113 Chapter 5 Economic Growth and Challenges of Remaining an Advanced Country 165 Chapter 6 Monetary Policy during the Pandemic and the Quantitative Easing (QE) Trap 227 Chapter 7 Europe Is Repeating Mistakes of the 1930s 289 Chapter 8 Money and Banking in the Other Half of Macroeconomics 327 Chapter 9 Backlash against Globalization and Conflict between Free Trade and Free Capital Flows 371 Chapter 10 Rethinking Economics 429 References and Bibliography 469 Afterword 479 Index 481

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Book SynopsisJay Bhattacharya is a Professor at Stanford University, School of Medicine, USA.Timothy Hyde is a doctoral student at Yale University, USA.Peter Tu is a doctoral student at Harvard University, USA.

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Book SynopsisThe first book of its kind: a fascinating and entertaining examination of hedge funds todayShortlisted for the Financial Times/Goldman Sachs Business Book of the Year Award''An enormously satisfying book: a gripping chronicle of the cutting edge of the financial markets and a fascinating perspective on what was going on in these shadowy institutions as the crash hit'' ObserverWealthy, powerful, and potentially dangerous, hedge-find managers have emerged as the stars of twenty-first century capitalism. Based on unprecedented access to the industry, More Money Than God provides the first authoritative history of hedge funds. This is the inside story of their origins in the 1960s and 1970s, their explosive battles with central banks in the 1980s and 1990s, and finally their role in the financial crisis of 2007-9.Hedge funds reward risk takers, so they tend to attract larger-than-life personalities. Jim Simons began life as a code-breaker anTrade Review‘The best account ever published of the economics, politics and adrenalin of these amazing firms. It shows why hedge funds dominate the world of finance and why the politicians who rail against them end up making them more powerful' * Anatole Kaletsky *‘A warts-and-all history of hedge funds...a splendid account of the ups and downs of an industry in which few of the twenty-something hedge-fund wannabes know their history. They, and meddling politicians, should read this book before they are condemned to repeat it' * Financial Times *An enormously satisfying book: a gripping chronicle of the cutting edge of the financial markets and a fascinating perspective on what was going on in these shadowy institutions as the crash hit * Observer *‘A superbly researched history of hedge-fund heroes stretching back to the 1950s, it is a fascinating tale of the contrarian and cerebral misfits who created successful, flexible businesses in an otherwise conventional financial world' * Economist *

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Book SynopsisFrom first economic principles to the financial crisis, this book takes you through the financial crisis of 2007 and 2008 and its resulting global problems and explores economics right from its foundations to the present day.

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Book SynopsisTable of Contents1Introduction Part One - Foundations of Work and Organizational Psychology 2Individual differences at work 3Attitudes and behaviour in organizations 4Motivation at work Part Two - Professional Practice of Work and Organizational Psychology 5Recruitment and selection 6Learning, training and development 7Performance management 8Careers and career management 9Safety, stress and health at work Part Three - Organizations 10Organizations: Strategy and structure 11Leadership in organizations 12Teams and teamwork 13Organizational culture, climate and change 14The psychology of work and organizations

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Book SynopsisNow firmly established as one of the leading economics principles texts in the UK and Europe, the sixth edition of Economics has been fully updated. Much revered for its friendly and accessible approach, emphasis on active learning and unrivalled support resources, this edition features a brand-new chapter on sustainability economics as well as exciting coverage on modern monetary theory, digitization, Industry 4.0 and the costs and benefits of globalization. This title is available with MindTap, a flexible online learning solution that provides students with all the tools they need to succeed including an interactive eReader, engaging multimedia, practice questions, assessment materials, revision aids, and analytics to help you track their progress.Table of ContentsPart I. Introduction to Economics 1. What is Economics? 2. Thinking Like an Economist Part II. The Theory of Competitive Markets 3. The Market Forces of Supply and Demand 4. Background to Demand: Consumer Choices 5. Background to Supply: The Costs of Production of Firms 6. Background to Supply: Firms in Competitive Markets 7. Consumers, Producers and The Efficiency of Markets Part III. Interventions in Markets 8. Supply, Demand and Government Policies 9. Public Goods, Common Resources and Merit Goods 10. Market Failure and Externalities Part IV. Firm Behaviour and Market Structures 11. Market Structures I: Monopoly 12. Market Structures II: Monopolistic Competition 13. Market Structures III: Oligopoly 14. Market Structures IV: Contestable Markets Part V. Factor Markets 15. The Economics of Factor Markets Part VI. Inequality 16. Income Inequality and Poverty Part VII. Trade 17. Interdependence and the Gains From Trade Part VIII. Heterodox Economics 18. Information and Behavioural Economics 19. Heterodox Theories in Economics Part IX. The Data of Macroeconomics 20. Measuring a Nation���s Wellbeing and the Price Level Part X. The Real Economy in the Long Run 21. Production and Growth 22. Unemployment and the Labour Market Part XI. Long-Run Macroeconomics 23. Saving, Investment and the Financial System 24. The Monetary System 25. Open-Economy Macroeconomics Part XII. Short-Run Economic Fluctuations 26. Business Cycles 27. Keynesian Economics and IS���LM Analysis 28. Aggregate Demand and Aggregate Supply 29. The Influence of Monetary and Fiscal Policy on Aggregate Demand 30. The Short-Run Trade-Off Between Inflation and Unemployment 31. Supply-Side Policies Part XIII. International Macroeconomics 32. Economic Shocks 33. The European Union 34. Sustainability Economics

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Book SynopsisTable of ContentsPART I. THE ECONOMIC AND BUSINESS ENVIRONMENT 1. What is business economics? 2. Economics and business decision making 3. The business environment PART II. MICROECONOMICS: THE MARKET SYSTEM 4. Supply and demand: How markets work 5. Elasticity and its applications 6. Taxes and subsidies PART III. MICROECONOMICS: THE LIMITATIONS OF MARKETS 7. Market failure 8. The consumer and consumer behaviour PART IV. MICROECONOMICS: THE ECONOMICS OF FIRMS IN MARKETS 9. Costs and revenues in production 10. Business goals and behaviour 11. Business organization 12. Market structures: Perfect competition 13. Market structures: Monopoly 14. Market structures: Imperfect or monopolistic competition 15. Market structures: Oligopoly 16. Corporate strategy and pricing policy 17. Supply chains PART V. MICROECONOMICS: FACTOR MARKETS 18. Labour markets 19. Financial markets PART VI. INTRODUCTION TO MACROECONOMICS 20. The macroeconomic environment 21. Aggregate demand and aggregate supply as a model to describe the economy 22. Government economic policy and the effect on business: Fiscal, monetary and supply side policy PART VII. GLOBAL BUSINESS AND ECONOMICS 23. Business and trade 24. Global influences on business behaviour 25. Business and Europe 26. Sustainability

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Book SynopsisA Guide to the Project Management Body of Knowledge (PMBOK®) Guide is the go-to resource for project management practitioners. Over the past few years, the project management profession has significantly evolved due to emerging technology, new approaches and rapid market changes. Reflecting this evolution, The Standard for Project Management enumerates 12 principles of project management and the PMBOK® Guide – Seventh Edition is structured around eight project performance domains. Both the standard and the guide reflect the wide range of development approaches that lead to value delivery. This edition is designed to address practitioners’ current and future needs and to help them be more proactive, innovative and nimble in enabling desired project outcomes. This edition of the PMBOK® Guide: Reflects the full range of development approaches (predictive, adaptive, hybrid, etc.) Provides an entire section devoted to tailoring the development approach and processes Includes an expanded list of models, methods, and artifacts Focuses on not just delivering project outputs but also enabling outcomes; and Integrates with PMIstandards+ for information and standards application content based on project type, development approach, and industry sector.

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Book SynopsisImagine what you could do with the time you spend writing emails every day. Complexity is killing companies' ability to innovate and adapt, and simplicity is fast becoming the competitive advantage of our time. Why Simple Wins helps leaders and their teams move beyond the feelings of frustration and futility that come with so much unproductive work in today's corporate world to create a corporate culture where valuable, essential, meaningful work is the norm. By learning how to eliminate redundancies, communicate with clarity, and make simplification a habit, individuals and companies can begin to recognize which activities are time-sucks and which create lasting value. Lisa Bodell's simplification method has several unique principles: Simplification is a skill that's available to us all, yet very few leaders use it. Simplification is the right thing to do--for our customers, for our company, and for each other. Operating with simplification as our core business model will make it easier to be respectful of each other's time. Simplification drives culture, and culture in turn drives employee engagement, customer relations, and overall productivity. This book is inspired by Bodell's passion for eliminating barriers to innovation and productivity. In it, she explains why change and innovation are so hard to achieve--and it's not what you might expect. The reality is this: we spend our days drowning in mundane tasks like meetings, emails, and reports. These are often self-created complexities that prevent us from getting to the meaningful work that truly matters. Using simple stories and techniques, Why Simple Wins shows that by using simplicity as an operating principle, we can eliminate the busy work that puts a chokehold on us every day, and instead spend time on the work that we value.Trade Review"Why Simple Wins makes a compelling case against the scourge of complexity. Lisa Bodell shows that simplification can be the competitive advantage of our time, helping us to be more innovative, more adaptable, and better positioned to thrive and truly have an impact." - Arianna Huffington, Author of Thrive and The Sleep Revolution"There are two ways to achieve simplicity: ignorance and elegance. Lisa Bodell empowers us to move toward the elegant, delivering practical tools for reducing time wasted on low-value tasks so we can free up energy for innovative thinking." - Adam Grant, Wharton professor and New York Times bestselling author of Originals and Give and Take"Americans work among the longest hours of any advanced economy. We’re time starved, busy, burned out and disengaged at work. But far from throwing up her hands in despair, Lisa Bodell uses compelling real world stories, eye-popping statistics and practical hands-on tools to show how work itself has become too complex, and how simplifying can help reclaim what’s gotten lost: time for work that matters. Why simple Wins is a must-read for 21st century workplaces." -Brigid Schulte, award-winning journalist and author of the New York Times bestselling Overwhelmed: Work, Love & Play When No One Has the Time and director of the Better Life Lab at New America"Complexity is at the center of the world’s most significant challenges. Lisa Bodell shines a bright light on the single most significant leadership priority of this era. We need to simplify everything!" - Bill McDermott, Chief Executive Officer, SAP "Through Why Simple Wins, Lisa Bodell demonstrates that simplification is more than another buzzword. It must become our new way of working." - Frank Brown, Managing Director and COO, General Atlantic, and Former Dean of INSEAD "Lisa Bodell unearths the root of complexity: the fears, need for control, and risk aversion of human beings. She also shows us the path toward simplicity, where removing layers of process and bureaucracy becomes an ethical imperative." -Joel Klein, Chief Policy & Strategy Officer, Oscar Insurance; former Chancellor, New York City Public Schools"For anyone who feels buried in unanswered emails, unproductive meetings, and endless to-do lists, Bodell's book is a must-read. She explains why complexity often gets the best of our companies and lives--and she provides practical methods and tools that can yield much-needed simplicity."-Warren Berger, Bestselling author of A More Beautiful Question"Once again, Bodell hits the bullseye; this time with Why Simple Wins. She presents a compelling case that complexity is killing organizations--backed up with stone-cold data—and then delivers practical and effective tools to enable leaders to make simplification a habit. True to her message, Bodell conveys it all through the use of storytelling.-Camille Mirshokrai, Managing Director Leadership Development and Succession Planning - Accenture"The most successful people I know are not the most busy: they're the ones who can cut through the clutter and focus their energies on what really matters. Knowing why and how to do that is essential for all us. In Why Simple Wins Lisa Bodell shines a bright light on how too often we create and collude in the frustrating, time wasting systems we rail against. In doing so, she makes a compelling - and simple - case for making simplification a habit, and she gives us the practical tools to do just that. If you think you don't have time to read this book, you may need to more than you know." -Sir Ken Robinson, educator and New York Times Best Selling Author, The Element: How Finding Your Passion Changes Everything "Lisa Bodell has created the definitive guide for halting complexity-and owning up to our individual roles in creating it. This book empowers us to stop valuing more, more, more and instead focus our efforts on what matters for success."-Seth Godin, authorTable of ContentsIntroduction. Chapter 1: Creating the Monster. Chapter 2: The “What” and “Why” of Complexity. Chapter 3: Gauging Your Complexity Problem. Chapter 4: Work That Matters. Chapter 5: The Simplicity Mindset. Chapter 6: The Simplicity Toolkit. Chapter 7: Become the Chief Simplification Officer. Chapter 8: Getting Simplification Right.

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Book SynopsisA National Book Award-winning satire about the unchecked power of American capitalism, written more than three decades before the 2008 financial crisis.At the center ofJ Ris J R Vansant, a very average sixth grader from Long Island with torn sneakers, a runny nose, and a juvenile fascination with junk-mail get-rich-quick offers. Responding to one, he sees a small return; soon, he is running a paper empire out of a phone booth in the school hallway. Everyone from the school staff to the municipal government to the squabbling heirs of a player-piano company to the titans of Wall Street and the politicians in Washington will be caught up in the endlessly ballooning bubble of the J R Family of Companies.First published in 1975 and winner of the National Book Award in 1976,J Ris an appallingly funny and all-too-prophetic depiction of America?s romance with finance. It is also a book about suburban development and urban decay, divorce proceedings and disputed wills, the crumbling facade of Western civilization and the impossible demands of love and art, with characters ranging from the earnest young composer Edward Bast to the berserk publicist Davidoff. Told almost entirely through dialogue, William Gaddis?s novel is both a literary tour de force and an unsurpassed reckoning with the way we live now.

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Book SynopsisAuthor of national bestseller Life After Google and generation-defining Wealth and Poverty, venture capitalist, futurist, and pioneering thinker extraordinaire George Gilder pinpoints how the clash of creativity with power at the heart of economic systems leads to global cognitive dissonance and argues that the creation of the novel taps capitalism's infinite promise and is humanity's only path of escape from stagnation and tyranny. Gilder once more rocks the archetypes of modern information theory and economics with a paradigm-shifting salvo of sheer brilliance.The capitalist era is over—get ready for life after capitalism.For more than two hundred years, capitalism spread wealth around the globe, bringing unprecedented prosperity and progress, liberating human potential. But something has gone terribly wrong in the world economy. Creativity and faith in the future—capitalism’s crucial ingredients—seem to have run out. The elites think they can maintain a nation’s wealth by printing money and investing it in favored industries. Their trust in bureaucratic experts, their cautionary paranoia, and their delusional belief that they can “control” everything from the spread of a virus to the weather, are sucking the life out of the economy. Ordinary people, their freedoms restricted, their prospects dim, are losing their faith in their institutions. Such misguided corporatism and pride, confusion and despair, are the result of a deep misunderstanding of capitalism itself. The bestselling futurist and venture capitalist George Gilder explains why economics is not an incentive system to be manipulated but an information system to be freed. Material resources are essentially as plentiful as the atoms of the universe. What drives economic growth in a free market is our limitless human ingenuity and creativity. Prophetic, inspiring, and paradigm-shifting, Life after Capitalism is a once-in- a-generation classic.

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Book SynopsisA New York Times bestseller In a remarkable career, Edward O. Thorp rose up from nothing to become a professor at MIT, invented card counting and the world’s first wearable computer, beat the casinos of Las Vegas at blackjack and roulette, then became a bestselling author and a hedge fund heavyweight, ushering in a revolution on Wall Street. Now he shares his incredible life story for the first time, revealing how he made his fortune and giving advice to the next generation of investors. An intellectual thrill ride, replete with practical wisdom, A Man for All Markets is a scarcely imaginable tale of ludicrous success.Trade Review‘Thorp secured prizes, scholarships a professorship and assassination attempt by the mob…[A] rattling read.’ * Business Life (British Airways magazine) *‘A lively read.’ * MoneyWeek *‘An amazing book by a true icon; Thorp launched revolutions in Vegas and on Wall Street by turning math into magic, and here he weaves his own life lessons into a page turner as hot as a deck full of aces. Loved it!’ -- Ben Mezrich, New York Times bestselling author of Bringing Down The House and The Accidental Billionaires‘An extraordinary autobiography which reads like a novel and contains insights into what has gone wrong with the financial system along the way.’ -- John Kay, author of Other People’s Money‘In A Man for All Markets, [Thorp] delightfully recounts his progress (if that is the word) from college teacher to gambler to hedge-fund manager. Along the way we learn important lessons about the functioning of markets and the logic of investment. ’ * Wall Street Journal *‘Ed Thorp takes us on an incredible journey as we learn how to beat blackjack, roulette, and then Wall Street, stop off to have dinner with a young Buffett, unmask Madoff before anyone else, and so much more. More important, it’s all fun, fascinating and filled with lessons we can all use to be more successful in business and life. Learn and enjoy, I did!’ -- Joel Greenblatt, author of the New York Times bestseller The Little Book that Beats the Market‘In A Man for All Markets, [Thorp] delightfully recounts his progress (if that is the word) from college teacher to gambler to hedge-fund manager. Along the way we learn important lessons about the functioning of markets and the logic of investment.’ * Wall Street Journal *‘The gripping story of how one man’s genius and dedication has solved so many problems in diverse fields…There is nothing more important than knowing how to think clearly. Read this book and learn from a master.’ -- Paul Wilmott, founder, Wilmott Magazine‘Whether you are an aspiring professional player, a casual gambler, or an occasional visitor to Las Vegas, you can feel the impact of Professor Ed Thorp’s intellect on that desert city. In 1962, Thorp published the classic book Beat the Dealer. The text was based on Thorp’s original research that stemmed from his curiosity about the game of 21, and was billed as a “how to book” for the lay person to beat the casinos at blackjack. And simply stated it changed everything…The book chronicles Thorp’s heroic-like arc from his humble beginnings growing up in a family that struggled to get by – first in the cold winters of Chicago and later in the sun soaked cities of southern California, where he excelled in a variety of high school science courses and ultimately earned a scholarship for his exceptional talents in physics – on through his professional career as a gaming guru, and ultimately to his amazing success in a stock market-centered career, where he would take his knowledge and understanding of games of chance and apply it to the biggest casino in the world, Wall Street…A Man for All Markets chronicles Thorp’s personal journey in navigating the unexpected and sometimes dangerous obstacles that come along with challenging the status quo of a wealthy corporate adversary.’ -- Nicholas G. Colon, Professional Advantage Gambler and Managing Director of Alea Consulting Group, a casino gaming consulting firm‘Illuminating for the mathematically inclined, and cautionary for would-be gamblers and day traders.’ * Library Journal *‘The kind of thing any would-be investor, to say nothing of casino cowboy, ought to read. Thorp’s in-the-trenches account of gaming the system(s) is a pleasure – and instructive, too.’ * Kirkus *

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Book SynopsisWhy would a smart New York investment banker pay twelve million dollars for the decaying, stuffed carcass of a shark? By what alchemy does Jackson Pollock’ s drip painting No.5 1948 sell for $140 million? The first book to look at the economics of the modern art world, and the marketing strategies that power the market to produce such astronomical prices, this surprising and revelatory book explores the money, lust, and self-aggrandizement of the art world in an attempt to determine what makes a particular work valuable while others are ignored. Drawing on interviews with past and present executives of auction houses and art dealerships, artists, and the buyers who move the market, Thompson launches the reader on a journey of discovery through the peculiar world of modern art to reveal the source of Charles Saatchi’s Midas touch, and how far a gallery like White Cube has contributed to Damien Hirst becoming one of the highest-earning artists in the world.Trade Review'If you read no other book about art in your life, read the one that's gripped me like a thriller for the past two days.’ – Richard Morisson‘This enthralling, revelation-rich trip through the “money game” of the art market brings an economist’s eye – and a dry, sceptical wit- to its absurdities.’‘Don Thompson is an entertaining sceptic when it comes to contemporary art…a much-needed attempt to get to grips with the mysteries of the art market…Thompson’s knowledge of markets and law is a convincing and informative read.’'If you read no other book about art in your life, read the one that's gripped me like a thriller for the past two days.’ – Richard Morisson ‘ This enthralling, revelation-rich trip through the “ money game” of the art market brings an economist’ s eye – and a dry, sceptical wit- to its absurdities.’ 'Intriguing and readable' ‘ Don Thompson is an entertaining sceptic when it comes to contemporary art… a much-needed attempt to get to grips with the mysteries of the art market… Thompson’ s knowledge of markets and law is a convincing and informative read.’

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