Macroeconomics Books

Book SynopsisDavid Card and Alan B. Krueger have already made national news with their pathbreaking research on the minimum wage. Here they present a powerful new challenge to the conventional view that higher minimum wages reduce jobs for low-wage workers. In a work that has important implications for public policy as well as for the direction of economic reseTrade Review"Our understanding of wage determination has been transformed by an intellectual revolution... Until the Card-Krueger study, most economists, myself included, assumed that raising the minimum wage would have a clear negative effect on employment. But they found, if anything, a positive effect. Their result has since been confirmed using data from many episodes. There's just no evidence that raising the minimum wage costs jobs, at least when the starting point is as low as it is in modern America."--Paul Krugman, New York Times "Card and Krueger didn't just question the conventional wisdom; they attacked it in a novel and powerful way. Instead of concocting a mathematical model and 'testing' it with advanced statistical techniques, which is what most economists call research, they decided to test the theory in the real world... The work of Card and Krueger was worth a hundred theoretical models in The American Economic Review."--John Cassidy, The New Yorker "The Card-Krueger work is essentially correct: the minimum wage at levels observed in the United States has had little or no effect on employment. At the minimum, the book has changed the burden of proof in debates over the minimum, from those who stressed the potential distributional benefits of the minimum to those who stress the potential employment losses."--Richard B. Freeman, Journal of Economic Perspectives "A very substantial book... A highly persuasive collection of evidence... An exemplary book."--J.W. Anderson, The Washington Post "David Card and Alan Krueger have written a book that represents a phenomenal amount of careful and honest research and that will be a classic in the minimum wage literature and also in the broader field of empirical labor economics... A model of how to do good believable research, this book will be influential for a long time."--Paul Osterman, Industrial and Labor Relations Review "Clearly, this book should be read by any economist who wants to stay abreast of substantive, high level debates within the profession... The book already has assumed an important position within the field of labor economics, and significant research in years to come is likely to revolve around its principle thesis."--K. A. Couch, Journal of Economics "... the nastiest, most unspeakable perversion of our service-based economy [is] the declining value of the minimum wage... The downward pressure on wages is making this a country where working literally doesn't pay... David Card and Alan Krueger show through meticulously assembled data that increasing minimum pay in the fast-food industry has no discernable effect on the number of jobs, on consumer prices, or even on employee benefits like free meals... Labor markets, like so many other phenomena in the real world, are far from perfect and do not behave according to the theories of defunct economists."--Joe Conason, The New York Observer "Myth and Measurement ... traverses its ground in great detail, studying every bump and dip in the landscape... But that's just about what the issue requires. Card and Krueger's conclusion runs so against the grain of mainstream economic thinking, not to mention the present political consensus, that overkill seems quite appropriate. That conclusion, reached through a number of separate studies, is this: The minimum wage not only doesn't kill jobs, it may even stimulate employment... Myth and Measurement should be a very important book. It essentially settles the policy debate on the minimum wage, and the economics profession should spend a good bit of time engaging in profound reflection and in testing some of the field's first principles."--Voice Literary Supplement "Card and Krueger have written a powerful book underpinned by hard facts... They explode myths and indict the prescriptions of conventional economic thinkers. Few will read this book from cover to cover, but many will quote its conclusions in the months to come."--New Statesman and Society "Myth and Measurement may well be the most important labor economics monograph of the 1990s."--Ronald G. Ehrenberg, Industrial and Labor Relations Review "This book offers the most careful and wide-ranging analysis of the empirical evidence on minimum wages in the United States that any social scientist could ask for."--Richard B. Freeman, Industrial and Labor Relations Review "Although this book raises very sharp questions about the practice of labor economics, the book itself is terrific. CK's creative careful, and above-the-board empirical work is a model of how to do good believable research and this book will be influential for a long time."--Paul Osterman, Industrial and Labor Relations ReviewTable of ContentsPreface to the Twentieth-Anniversary Edition ix Preface xxvii Chapter 1 Introduction and Overview 1 Chapter 2 Employer Responses to the Minimum Wage: Evidence from the Fast-Food Industry 20 Chapter 3 Statewide Evidence on the Effect of the 1988 California Minimum Wage 78 Chapter 4 The Effect of the Federal Minimum Wage on Low-Wage Workers: Evidence from Cross-State Comparisons 113 Chapter 5 Additional Employment Outcomes 152 Chapter 6 Evaluation of Time-Series Evidence 178 Chapter 7 Evaluation of Cross-Section and Panel-Data Evidence 208 Chapter 8 International Evidence 240 Chapter 9 How the Minimum Wage Affects the Distribution of Wages, the Distribution of Family Earnings, and Poverty 276 Chapter 10 How Much Do Employers and Shareholders Lose? 313 Chapter 11 Is There an Explanation? Alternative Models of the Labor Market and the Minimum Wage 355 Chapter 12 Conclusions and Implications 387 References 401 Index 415

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Book SynopsisTrade ReviewOne of Financial Times Best Books in Economics of the Year Selected for A Financial Times Summer Books selection One of Financial Times (FT.com) Best Books in Economics 2015, chosen by Martin Wolf A Financial Times Summer Books 2015 selection "This timely and excellent primer on income inequality both within and among nations deserves to be read by both occupiers and occupants of Wall Street."--Publishers Weekly "Globalization has unleashed powerful forces: some wonderful, some worrying. This book can take you beyond the cliches to an understanding of what is going on and what can be done about it."--Sir Paul Collier, Prospect "Readers wanting a map of the terrain should read Bourguignon... Inequality is an important and complex subject. On the biggest issue of all--global inequality--the recent news has been good. The story on inequality within countries is less appealing, however. [The Globalization of Inequality] tells this complex story well."--Martin Wolf, Financial Times "This book is written in calm prose, but its message is urgent: continue as we are and poverty will grow on our doorsteps."--Danny Dorling, Times Higher Education "Recommended for readers seeking a brief, less technical introduction to economic inequality within and among nations."--Library Journal "Bourguignon carefully wends his way among the definitions of inequality and its multiple, sometimes conflicting measures... This book is written for the layman but is nonetheless intellectually rigorous. It sets out the causes of and some remedies for a problem that urgently needs to be solved if we are to avoid what the book's title warns against, the globalization of inequality."--Brenda Jubin, Seeking Alpha "[Bourguignon's] compact book takes readers through most of the suspected causes and possible cures for what he and many believe is a destructive phenomenon... Now that this French academic's thoughts will be reaching an English-language audience, his translators may have little time to rest. Inequality is nearly everywhere. Certainly the world's politicians will continue to need such bedtime reading."--Tim Ferguson, Forbes.com "Move over, Thomas Piketty. Anyone who has been put off by the French economist's overblown and overly long book on inequality now has a succinct alternative, The Globalization of Inequality. In a mere 189 pages, Francois Bourguignon provides a measured introduction to what is right and what is wrong about current trends in the dispersion of incomes."--Edward Hadas, Reuters BreakingViews "Bourguignon sets out the figures in careful detail, distinguishing between increases in inequality within countries and changes between countries."--Diane Coyle, Enlightened Economist "Bourguignon ... presents a thoughtful and judicious analysis of economic inequality... The book is highly accessible yet also sophisticated, drawing on a large and growing technical and empirical literature on inequality."--Foreign Affairs "Bourguignon has written a succinct, useful guide to the current state of world inequality. With words and data, he draws the useful distinction between within-country inequality and between-country inequality ... in contrast to the authors of most studies of economic problems, who do a solid job laying out the patterns of concern and considering their causes but only hand wave toward solutions, Bourguignon spends significant space considering policy approaches to reducing both forms of inequality."--Choice "The sooner we listen to Bourguignon, Piketty, Atkinson et al, the better."-- Mark Goldring, Resurgence & Ecologist "A concise and nontechnical masterpiece of exceptional analytical and policy clarity. [Bourguignon's] professional expertise and policy involvement shine through in every chapter. Although the book is written for concerned global citizens, professional economists and other social scientists can learn much from reading it."--Gary Fields, ILR ReviewTable of ContentsForeword to the English Edition vii Introduction: Globalization and Inequality 1 Chapter 1 Global Inequality 9 Appendix to Chapter 1 Detailed Evidence on the Recent Changes in Global Inequality 41 Chapter 2 Are Countries Becoming More Unequal? 47 Chapter 3 Globalization and the Forces behind the Rise in Inequality 74 Chapter 4 Toward a Fair Globalization: Prospects and Principles 117 Chapter 5 Which Policies for a Fairer Globalization? 146 Conclusion Globalizing Equality? 184 Index 191

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Book SynopsisIllustrates how information choice is used to answer questions in monetary economics, portfolio choice theory, business cycle theory, international finance, asset pricing, and other areas. This book covers work on topics such as rational inattention, information markets, and strategic games with heterogeneous information.Trade Review"The book is well structured and well written. . . . Veldkamp does an excellent job combining different streams of the literature of information choice. This book helped me a lot to give a structure to my partial knowledge on imperfect information."---Christian Merkl, Journal of Economics

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Book SynopsisWhat is the relevance of Marx's Capital to contemporary political struggles?Trade Review'The ideal introduction to Marx for a new generation of activists, and a fresh reading for Marxist scholars. Like 'Reading Capital Politically', it demonstrates that Marx’s work speaks directly to the struggles of our time' -- Silvia Federici'Shows that Marxism can be joined with feminist and workerist thought to achieve a broader and more exacting understanding of how class struggle still shapes our world's history' -- George Caffentzis, founder of Midnight Notes Collective'Stands out from [other interpretations of 'Capital'], foregrounding the resistance of waged and unwaged people alike. Brings Marx to life and shows the continuing relevance of his work' -- Brett Caraway, Professor of Media Economics and Law, University of Toronto'This essential interpretation shows how all kinds of contemporary activists can apply Marx's analysis to pull us back from an otherwise catastrophic future. A highly charged tool for revolution' -- Anitra Nelson, author of 'Small is Necessary: Shared Living on a Shared Planet' (Pluto, 2018) 'There are many books about Marx and Capital, but Harry Cleaver's achieves a unique synthesis of energy and organisation. This is a singular work by a great Marxist scholar.' -- Nick Dyer-Witheford, author of 'Cyber-Proletariat: Global Labour in the Digital Vortex''Masterfully illuminates the particulars of Marx's great work. He brings alive to readers what might otherwise appear as dry, abstract concepts, and shows how people's lives are in thrall to these ideas.' -- David Sherman, author of 'Sartre and Adorno: The Dialectics of Subjectivity'Table of ContentsAcknowledgments Sources and Citations 1. Introduction 2. Capital: A Critique of Political Economy 3. Part Eight: So-called Primitive Accumulation - Chapters 26–33 4. Part One: Commodities and Money - Chapters 1–3 5. Part Two: The Transformation of Money into Capital - Chapters 4–6 6. Part Three: The Production of Absolute Surplus-Value - Chapters 7–11 7. Part Four: The Production of Relative Surplus-Value - Chapters 12–15 8. Part Five: The Production of Absolute and Relative Surplus-Value - Chapters 16–18 9. Part Six: Wages - Chapters 19–22 10. Part Seven: The Process of Accumulation of Capital - Chapters 23–25 11. Conclusion Index

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Book SynopsisState and Society in Post--War Japan integrates the previous work of disciplinary specialists into a coherent account of how Japanese society has changed since the war.Trade Review"... a book which can be safely recommended to colleagues and students who want or need to know more about contemporary Japan." (Times Higher Education Supplement) "[a] comprehensive study" (International Review of Administrative Sciences) "an outstanding contribution. ...[this book] corrects many popular misconceptions about Japan ... a useful book because of the broad arguments that it develops." (British Journal of Industrial Relations) "A substantial example of critical empirical sociology. It should become a standard text in the sociology of Japan and of industrial society." (Reviewing Sociology)Table of ContentsAbbreviations. Acknowledgements. 1. Conflict or Consensus: Competing Images of Japan. 2. An Economic Structure of Interdependent Rivals. 3. A Flexible Labour Market. 4. A Planned Market Economy. 5. The Japanese Polity. 6. Social Divisions in Japan. 7. Continuity and Change in the Japanese Social Process. Bibliography. Index.

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Book SynopsisThe pursuit of wealth has captivated people's attention for centuries. Yet, as a topic of social research, the way in which wealth is accumulated and unequally distributed has largely been neglected, remaining hidden beneath data on income inequality. Wealth aims to address this blind spot in the academic discourse. In accessible prose, Yuval Elmelech explains how personal wealth differs fundamentally from other conventional measures of socioeconomic status and why it has become increasingly important to our understanding of social mobility and stratification. Crucially, Elmelech presents a dynamic sociological framework of wealth attainment that illuminates the effects of cumulative advantages and disadvantages over the course of an individual's life, and across generations. He describes how these advantages and disadvantages are in turn shaped by a complex interplay of multiple markets, changing demographic landscapes, and persistent inter-group wealth disparities. Blending theTrade Review"Elmelech provides an engaging and comprehensive examination of one of today's most pressing social problems. A must-read for anyone interested in wealth ownership and inequality and the policies that attempt to address asset poverty."—Lisa A. Keister, Sanford School of Public Policy, Duke University "Elmelech moves considerations of wealth from a purely economic context to encompass sociological insights about institutional, demographic, and intergenerational factors that influence household accumulations and inequality. Theoretically profound and empirically comprehensive. A fitting companion to Piketty's seminal volume, Capital."—Seymour Spilerman, Co-Director, Center for the Study of Wealth and Inequality, Columbia UniversityTable of Contents1 Introduction: Why Wealth Matters 2 The Tenets of Wealth 3 The Evolution of Wealth 4 Individuals, Families, and Generations 5 Wealth Polarization and the Demography of Wealth Inequality 6 Conclusions

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Book SynopsisThe pursuit of wealth has captivated people's attention for centuries. Yet, as a topic of social research, the way in which wealth is accumulated and unequally distributed has largely been neglected, remaining hidden beneath data on income inequality. Wealth aims to address this blind spot in the academic discourse. In accessible prose, Yuval Elmelech explains how personal wealth differs fundamentally from other conventional measures of socioeconomic status and why it has become increasingly important to our understanding of social mobility and stratification. Crucially, Elmelech presents a dynamic sociological framework of wealth attainment that illuminates the effects of cumulative advantages and disadvantages over the course of an individual's life, and across generations. He describes how these advantages and disadvantages are in turn shaped by a complex interplay of multiple markets, changing demographic landscapes, and persistent inter-group wealth disparities. Blending theoretical approaches with empirical evidence and macro-level contexts with micro-level processes, this book is an astute guide for thinking about wealth as a key determinant of social and economic wellbeing and for interrogating the role of wealth accumulation in social inequality.Trade Review"Elmelech provides an engaging and comprehensive examination of one of today's most pressing social problems. A must-read for anyone interested in wealth ownership and inequality and the policies that attempt to address asset poverty."—Lisa A. Keister, Sanford School of Public Policy, Duke University "Elmelech moves considerations of wealth from a purely economic context to encompass sociological insights about institutional, demographic, and intergenerational factors that influence household accumulations and inequality. Theoretically profound and empirically comprehensive. A fitting companion to Piketty's seminal volume, Capital."—Seymour Spilerman, Co-Director, Center for the Study of Wealth and Inequality, Columbia UniversityTable of Contents1 Introduction: Why Wealth Matters 2 The Tenets of Wealth 3 The Evolution of Wealth 4 Individuals, Families, and Generations 5 Wealth Polarization and the Demography of Wealth Inequality 6 Conclusions

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Book SynopsisFor half a century, the United States has garnered substantial political and economic benefits as a result of the dollar''s de facto role as a global currency. In recent years, however, the dollar''s preponderant position in world markets has come under challenge. The dollar has been more volatile than ever against foreign currencies, and various nations have switched to non-dollar instruments in their transactions. China and the Arab Gulf states continue to hold massive amounts of U.S. government obligations, in effect subsidizing U.S. current account deficits, and those holdings are a point of potential vulnerability for American policy.What is the future of the U.S. dollar as an international currency? Will predictions of its demise end up just as inaccurate as those that have accompanied major international financial crises since the early 1970s? Analysts disagree, often profoundly, in their answers to these questions. In The Future of the Dollar, leading scholars Trade ReviewThis book offers great value in presenting different approaches and views on the future of the dollar. And reading through a rather heterogeneous collection of contributions one cannot but agree with editors Helleiner and Kirshner that the field of dollar studies is so ridden with disagreements that it would be virtually impossible to conclude with a coherent, let alone common, view. -- Paola Subacchi * International Affairs *

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Book SynopsisFor half a century, the United States has garnered substantial political and economic benefits as a result of the dollar''s de facto role as a global currency. In recent years, however, the dollar''s preponderant position in world markets has come under challenge. The dollar has been more volatile than ever against foreign currencies, and various nations have switched to non-dollar instruments in their transactions. China and the Arab Gulf states continue to hold massive amounts of U.S. government obligations, in effect subsidizing U.S. current account deficits, and those holdings are a point of potential vulnerability for American policy.What is the future of the U.S. dollar as an international currency? Will predictions of its demise end up just as inaccurate as those that have accompanied major international financial crises since the early 1970s? Analysts disagree, often profoundly, in their answers to these questions. In The Future of the Dollar, leading scholars Trade ReviewThis book offers great value in presenting different approaches and views on the future of the dollar. And reading through a rather heterogeneous collection of contributions one cannot but agree with editors Helleiner and Kirshner that the field of dollar studies is so ridden with disagreements that it would be virtually impossible to conclude with a coherent, let alone common, view. -- Paola Subacchi * International Affairs *

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Book SynopsisReviews techniques and tools that can be used to evaluate the poverty and distributional impact of economic policy choices. This title describes the most robust techniques and tools, from the simplest to the most complex, and aims to identify best practices. It also addresses an evaluation technique and its applications.

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Book SynopsisThe Left's Dirty Job compares the experiences of recent socialist governments in France and Spain, examining how the governments of Francois Mitterrand (1981-1995) and Felipe Gonzalez (1982-1996) provide a key test of whether a leftist approach to industrial restructuring is possible.

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Book SynopsisOver the last two decades, increasing concerns about health risks related to diets have had significant impacts on food consumption patterns in the United States and Europe. This timely book presents the results of several comparative studies of the impacts of health information on food consumption behaviour amongst various socio-economic groups, and across many different countries. It also provides economic analysis of food demand estimations, and implications for future global food systems.Table of Contents1: Introduction, Wen S Chern and Kyrre Rickertsen Part I: Emerging Health and Nutrition Issues on Food Demand 2: Health, Nutrition, and Demand for Food: An American Perspective, 3: Health, Nutrition, and Demand for Food: A European Perspective, Part II: US Experiences 4: Double Impact: Educational Attainment and the Macronutrient Intake of US Adults, 5: Assessing the Importance of Health Information on Dietary Intakes in the US, 6: A Sample Selection Model with Endogenous Health Knowledge: Egg Consumption in the United States, Part III: European Experiences 7: Health Information and Food Demand in Eastern and Western Germany, 8: Health Information and Food Demand in France, 9: The Impact of Nutrient Intake on Food Demand in Spain, 10: Health Information and Unstable Effects from Autocorrelation, Part IV: Health Information and Producer, Market, and Government Responses 11: Relative Impacts of Health Information and Advertising on Commodity Markets: US Meats, 12: The Impact of Dietary Cholesterol Concerns on Consumer Demand for Eggs in the United States, 13: Employing an Environmental Taxation Mechanism to Reduce Fat Intake, 14: How Do Markets Respond to Food Scares? Part V: Concluding Remarks 15: Assessment of Findings and Future Research,

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Book SynopsisPresenting the most important models and techniques for empirical research, this Handbook will appeal to students, researchers and academics working in empirical macroeconomics and econometrics.Table of ContentsContents: 1. Introduction Nigar Hashimzade and Michael A. Thornton 2. A Review of Econometric Concepts and Methods for Empirical Macroeconomics Kerry Patterson and Michael A. Thornton PART I: PROPERTIES OF MACROECONOMIC DATA 3. Trends, Cycles and Structural Breaks Terence C. Mills 4. Unit Roots, Non-linearities and Structural Breaks Niels Haldrup, Robinson Kruse, Timo Teräsvirta and Rasmus T. Varneskov 5. Filtering Macroeconomic Data D.S.G. Pollock PART II: MODELS FOR MACROECONOMIC DATA ANALYSIS 6. Vector Autoregressive Models Helmut Lütkepohl 7. Cointegration and Error Correction James Davidson 8. Estimation and Inference in Threshold Type Regime Switching Models Jesús Gonzalo and Jean-Yves Pitarakis 9. Testing Structural Stability in Macroeconometric Models Otilia Boldea and Alastair R. Hall 10. Dynamic Panel Data Models Badi H. Baltagi 11. Factor Models Jörg Breitung and In Choi 12. Conditional Heteroskedasticity in Macroeconomic Data: UK Inflation, Output Growth and their Uncertainties Menelaos Karanasos and Ning Zeng 13. Temporal Aggregation in Macroeconomics Michael A. Thornton and Marcus J. Chambers PART III: ESTIMATION AND EVALUATION FRAMEWORKS IN MACROECONOMICS 14. Generalized Method of Moments Alastair R. Hall 15. Maximum Likelihood Estimation of Time Series Models: The Kalman Filter and Beyond Tommaso Proietti and Alessandra Luati 16. Bayesian Methods Luc Bauwens and Dimitris Korobilis 17. Forecasting in Macroeconomics Raffaella Giacomini and Barbara Rossi PART IV: APPLICATIONS I: DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM MODELS 18. The Science and Art of DSGE Modelling: I – Construction and Bayesian Estimation Cristiano Cantore, Vasco J. Gabriel, Paul Levine, Joseph Pearlman and Bo Yang 19. The Science and Art of DSGE Modelling: II – Model Comparisons, Model Validation, Policy Analysis and General Discussion Cristiano Cantore, Vasco J. Gabriel, Paul Levine, Joseph Pearlman and Bo Yang 20. Generalized Method of Moments Estimation of DSGE Models Francisco J. Ruge-Murcia 21. Bayesian Estimation of DSGE Models Pablo A. Guerrón-Quintana and James M. Nason PART V: APPLICATIONS II: VECTOR AUTOREGRESSIVE MODELS 22. Structural Vector Autoregressions Lutz Kilian 23. Vector Autoregressive Models for Macroeconomic Policy Analysis Soyoung Kim PART VI: APPLICATIONS III: CALIBRATION AND SIMULATIONS 24. Calibration and Simulation of DSGE Models Paul Gomme and Damba Lkhagvasuren 25. Simulation and Estimation of Macroeconomic Models in Dynare João Madeira Index

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Book SynopsisThis well-documented book will prove to be the essential guide for researchers and graduate students in macroeconomics and political economy. It will also prove inspiring to a wider audience interested in modern Keynesian macroeconomics.Trade Review’For more than a decade, most macroeconomists convinced themselves they were witnessing a "Great Moderation". Many Keynesians saw instead the accumulation of a fragility and potential instability that have become dramatically manifest since 2007. The premise of this book is that the financial crisis and Great Recession necessitate a revival of Keynesian macroeconomics, emphasizing the central roles of effective demand, money and finance in modern capitalism. Comprising essays on all aspects of macroeconomic theory and policy, the book will prove invaluable for scholars and graduate students seeking to acquaint themselves with the frontiers of modern Keynesian macroeconomics.’ -- Mark Setterfield, Trinity College’The essays in this book are of the highest quality and give a substantial account of a strand of current heterodox thought.’ -- Victoria Chick, Wirtschaft und GesellschaftTable of ContentsContents: Introduction Eckhard Hein and Engelbert Stockhammer 1. History and Methods of Post-Keynesian Economics Marc Lavoie 2. Money, Credit and Central Banks in Post-Keynesian Economics Marc Lavoie 3. Growth and Income Distribution: A Post-Keynesian Perspective Amitava Krishna Dutt 4. Keynesian Economics and the New Consensus in Macroeconomics Philip Arestis 5. A Post-Keynesian Macroeconomic Model of Inflation, Distribution and Employment Eckhard Hein and Engelbert Stockhammer 6. The Macroeconomics of Unemployment Engelbert Stockhammer 7. Institutions, Aggregate Demand and Cross-Country Employment Performance: Alternative Theoretical Perspectives and the Evidence David R. Howell 8. European Economic and Monetary Union Policies from a Keynesian Perspective Philip Arestis 9. Open Economy Models of Distribution and Growth Robert A. Blecker 10. Globalisation, Macroeconomic Performance and Distribution Özlem Onaran 11. International Monetary and Financial Architecture Hansjörg Herr 12. ‘Financialisation’, Distribution and Growth Eckhard Hein 13. Keynesian Approaches to Financial Crisis Gary A. Dymski Index

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Book SynopsisThis critical and thought-provoking book explores the causes and consequences of Europe’s failed political and economic institutions. Most strikingly, the interplay between Europe’s political and economic realms is exposed as the boondoggle it is, with increasingly bureaucratic institutions plaguing the continent and endangering future potential.Trade Review'An important and timely contribution. David Howden has brought together an excellent collection of essays which go beyond the theoretical discussion of Austrian business cycle theory, exploring instead its empirical relevance to one of the most serious financial crises in modern European history.'- Mark Pennington, Queen Mary, University of London, UK 'This is an important and refreshing book which provides an approach of current problems quite different from what is (too often) written. In my opinion it is the only correct analysis of the economic crisis and of European problems. In spite of the diversity both of contributors and topics, a common and rigorous intellectual foundation gives unity and strength to this book. It offers the clues for the best understanding of present and future economic problems.'- Pascal Salin, Emeritus Professor of Economics, University Paris-Dauphine, France 'The current European recession is being offered as an excuse for a wider, more expansive centralized Europe. Failure to recognize the true causes of the recession - failed institutions that have plagued Europe for years, and will continue to do so if permitted to continue - will prolong the current malaise, and hold Europe back from its new future. Let us hope that the current volume does much to bring this new Europe to us.' --- From the foreword by Jesus Huerta de SotoTable of ContentsContents: Foreword Jesús Huerta de Soto 1. Institutional Illusion and Financial Entrepreneurship in the European Debt Scheme Gabriel A. Giménez-Roche 2. A Stock-taking of the Impact of the Crisis Jörg Guido Hülsmann 3. The Irish Economic ‘Miracle’: Celtic Tiger or Bengal Kitten? Anthony J. Evans 4. Europe’s Unemployment Crisis: Some Hidden Relief? David Howden 5. Europe’s Crisis of Accounting Maria Alvarado, Laura Muro and Kirk Lee Tennant 6. Solvency II and the European Sovereign Debt Crisis: The Case of Misplaced Prudence Antonio Zanella 7. The Eurosystem: Costs and Tragedies Philipp Bagus 8. Fiscal Stimulus, Financial Ruin Fernando Ulrich 9. From German Rules to European Discretion: Policy’s Slippery Slope Malte Tobias Kähler 10. The Euro as a Hindrance to Recovery? A Comparative Analysis of the Czech Republic and Slovakia Jiří Schwarz and Josef Šima 11. Compounding Agricultural Poverty: How the EU’s Common Agricultural Policy is Strangling European Recovery Brian Ó Caithnia Index

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Book SynopsisThis timely book rethinks economic theory and policy by addressing the problem of economic instability and the need to secure broadly shared prosperity.Trade ReviewIn the 1930s, economic theory and policy underwent dramatic change; such a shift occurs rarely and only in times of great calamity. We are in a similar period today, and this book enlightens economic policy and contributes to change that is ongoing in the mainstream of economic thinking. Economists and policymakers alike will benefit from this book. --Ronnie J. Phillips, Colorado State University, USFor those who take the work of Hyman Minsky seriously, this collection of essays provides a most welcome and refreshing examination of modern economic reality. It also demonstrates just how fruitful a conjoining of Post Keynesian and Institutionalist theory can be. Whalen has chosen his authors wisely, and, taken as a whole, their contributions provide an illuminating inquiry into what Minsky called ''money-manager capitalism''. The authors continue in the Minsky tradition, complementing his theoretical work and driving it forward. I highly recommend this book to not only economists who consider themselves Post Keynesian or Institutionalist, but to all who are looking for a way out of the theoretical impasse posed by conventional economics. --John Henry, University of Missouri-Kansas CityFinancial Instability and Economic Security after the Great Recession explores the close relationship between Institutional and Post Keynesian economics, thereby contributing greatly to our understanding of the recent - indeed, still ongoing - crisis in the U.S. economy and global financial markets. Together these two schools of thought provide coherent diagnoses and prescriptions that are wholly lacking in orthodox neoclassical theory. We are reminded that institutions matter, unregulated financial markets are not self-correcting, economies stall at equilibriums far below potential, and activist government is the only path to rebuilding a stable and balanced economy. This book will help greatly in the important task of rethinking economics and pointing us in the direction of reform and recovery. --Timothy A. Canova, Chapman University School of LawTable of ContentsContents: Preface Introduction: Instability, Prosperity and Economics After the Great Recession Charles J. Whalen PART I: FOUNDATIONS 1. Subverting Say’s Law: Harlan McCracken and the Commons-Keynes Connection Steven Kates 2. Towards a Synthesis of Institutional and Post Keynesian Economics W. Robert Brazelton and Charles J. Whalen 3. Futurity: Cornerstone of Post-Keynesian Institutionalism Glen Atkinson and Charles J. Whalen PART II: THE AMERICAN ECONOMY 4. Understanding and Preventing Financial Instability: Post-Keynesian Institutionalism and Government as Employer of Last Resort Fadhel Kaboub 5. Towards a More Rapid Recovery: Incorporating Subsidiarity into Macroeconomic Policy David A. Zalewski and Charles J. Whalen 6. Financial Stability, Regulatory Buffers and Economic Growth After the Great Recession: Some Regulatory Implications Éric Tymoigne PART III: THE GLOBAL ECONOMY 7. Regulating for Stability: Bank Capitalization and the Emergence of an International Lender of Last Resort Jan Toporowski 8. Evolution Without Fundamental Change: The Washington Consensus on Economic Development and its Significance for Post-Keynesian Institutionalism John Marangos and Charles J. Whalen 9. Money-manager Capitalism, Capital Flows and Development in Emerging Market Economies: A Post-Keynesian Institutionalist Analysis Yan Liang PART IV: CONCLUSION 10. The Future of Post-Keynesian Institutionalism Charles J. Whalen Index

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Book SynopsisHousing markets are at the centre of the recent global financial turmoil. In this well-researched study, a multidisciplinary group of leading analysts explores the impact of the crisis within, and between, countries.Trade Review‘Housing Markets and the Global Financial Crisis: The Uneven Impact on Households brings together a diverse set of researchers from a solid mix of countries, culminating in an accessible, methodologically sound and engaging edited collection. Given this, and as a first-attempt at examining the GFC comparatively in terms of its impacts on households, this book is a much welcomed addition to the urban studies discourse broadly, and empirical work on the GFC specifically.’ -- Dylan Simone, Urban Studies‘Housing Markets and the Global Financial Crisis is worth reading for policymakers (in central banks, governments or municipalities) who are in charge of the introduction of regulatory or fiscal measures in the housing sector. I enjoyed reading this small and handy book and recommend that researchers and political decision makers involved in housing buy it, read it and finally recommend it to others as a means of achieving a more global insight.’ -- Karin Wagner, International Journal of Housing PolicyTable of ContentsContents: Preface 1. Households, Homeownership and Neoliberalism Ray Forrest 2. Effects of the Recent Credit Cycle on Homeownership Rates Across Households: What We Know and What We Expect Doug Duncan and Cesar Costantino 3. The Credit Crunch in the UK: Understanding the Impact on Housing Markets, Policies and Households Peter Williams 4. Housing in Iceland in the Aftermath of the Global Financial Crisis Jón Rúnar Sveinsson 5. Housing Wealth, Debt and Stress Before, During and After the Celtic Tiger Michelle Norris and Nessa Winston 6. Housing in the Netherlands Before and After the Global Financial Crisis Richard Ronald and Kees Dol 7. Housing Policy and the Economic Crisis – The Case of Hungary József Hegedüs 8. The Impacts of the Global Financial Crisis on Housing and Mortgage Markets in Australia: A View from the Vulnerable Mike Berry, Tony Dalton and Anitra Nelson 9. Rebuilding Housing Polices in Response to the Current Crisis. Is Homeownership the Solution? David Thorns 10. The Global Financial Crisis and its Impact on Households: The Case of Urban Vietnam Hoang Huu Phe 11. Housing Policy Issues in South Korea Since the Global Economic Crisis: Aspects of a Construction-Industry-Dependent Society Soo-hyun Kim 12. Towards a Post-Homeowner Society? Homeownership and Economic Insecurity in Japan Yosuke Hirayama 13. Business Nearly as Usual: The Global Financial Crisis and its Impacts on Households in Hong Kong Ngai-Ming Yip 14. The Impact of the Financial Crisis on China’s Housing Market Jianping Ye and Chao Sun 15. Concluding Discussion – Where to Now? Ray Forrest Appendix: Selected Key Indicators Index

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Book SynopsisJesper Jespersen presents a treatise on the importance of the choice of methodology within macroeconomics. Given that no scientifically based macroeconomic policy recommendation should be established without an evaluation of the methods employed, this book gives a clear exposition of how proper macroeconomic analysis should be undertaken.Trade Review'Methodological practice is at the heart of divisions between schools of macroeconomic thought. Jesper Jespersen's book explains why and precisely how, and gives the reader the insight to choose between rival approaches. His own inspiration comes from Critical Realism and Popper's Three World analysis, with Keynes as the main exponent of a realist approach. The starting point of realist theory is a view of how the world is, rather than axioms, and the test is whether the theory can make, as Jespersen puts it, the "round trip back to reality", to give practical guidance to policy. This is only the focal point of a rich and attractive canvas. How I wish this book had been available when I taught methodology! And how I wish economists from all schools of thought would read it!' -- Victoria Chick, University College London, UK'This welcome volume by Jesper Jespersen offers an up-to-date realist approach to macroeconomics, drawing on recent developments in methodology, notably critical realism, as well as earlier Popperian ideas. He shows how economics in the Post-Keynesian tradition, using this approach, can address the important macro policy issues, and sets out a seven-point agenda for future theory development. This book provides an important launching-off point for addressing macroeconomic questions without the need for the abstractions as narrowly rational representative agents. Rather Jespersen explores the interdependencies between the macro and micro levels in real economic processes under conditions of uncertain knowledge.' -- Sheila Dow, University of Stirling, UKTable of ContentsContents: Preface Introduction 1. Keynes-Inspired Macroeconomic Theory in a Methodological Perspective 2. Macroeconomic Methodology: From a Critical Realist Perspective 3. The Macroeconomic Landscape: An Example of an Ontological Reflection 4. About Uncertainty, Risk and Limited Knowledge 5. Uncertainty and ’the Economy as a Whole’ 6. Equilibrium and Path-dependence from a Perspective of Uncertainty 7. The Fallacy of Composition 8. Effective Demand: A Macroeconomic Causal Relationship 9. Methodological Perspectives for Realistic Macroeconomic Research: A Summary Bibliography Index

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Book SynopsisProfessor Becker has selected seminal papers covering topics including foundations of income inequality measurement, the social welfare view of inequality and directions for future research on economic inequality.Trade Review‘. . . Like Cowell's collection, this new volume is a treasure trove. It contains classics such as Lorenz's 1905 'Methods of Measuring the Concentration of Wealth' ( - strange how disconcerting it is to see the Lorenz curve, as originally drawn, on a graph with per cent of total wealth along the horizontal axis, and per cent of population along the vertical). It also contains more recent material, including Foster and Wolfson's 2010 article 'Polarization and the Decline of the Middle Class.’Table of ContentsContents: Acknowledgements Introduction Robert A. Becker PART I THE ECONOMICS OF INCOME INEQUALITY MEASUREMENT: AN OVERVIEW 1. James E. Foster (1985), ‘Inequality Measurement’ 2. Joseph Persky (1992), ‘Retrospectives: Pareto’s Law’ PART II THE FOUNDATIONS OF INCOME INEQUALITY MEASUREMENT A. The Lorenz Curve 3. M.O. Lorenz (1905), ‘Methods of Measuring the Concentration of Wealth’ 4. Daniel B. Levine and Neil M. Singer (1970), ‘The Mathematical Relation Between the Income Density Function and the Measurement of Inequality’ 5. Joseph I. Gastwirth (1971), ‘A General Definition of the Lorenz Curve’ 6. N.C. Kakwani (1977), ‘Applications of Lorenz Curves in Economic Analysis’ 7. Rolf Aaberge (2009), ‘Ranking Intersecting Lorenz Curves’ B. The Connection Between Income Inequality and Welfare Economics 8. S. Ch. Kolm ([1969] 2001), ‘The Optimal Production of Social Justice’ 9. Anthony B. Atkinson (1970), ‘On the Measurement of Inequality’ C. Mathematical Foundations of Inequality Theory: Majorization 10. G.H. Hardy, J.E Littlewood and G. Polya (1929), ‘Some Simple Inequalities Satisfied by Convex Functions’ 11. Miodrag Tomic (2010), ‘Gauss’ Theorem Concerning the Centre of Gravity and its Application’ PART III EXTENDING THE KOLM-ATKINSON APPROACH TO INEQUALITY MEASUREMENT 12. A.B. Atkinson (2008), ‘More on the Measurement of Inequality’ 13. Anthony F. Shorrocks and James E. Foster (1987), ‘Transfer Sensitive Inequality Measures’ 14. James Davies and Michael Hoy (1994), ‘The Normative Significance of Using Third-Degree Stochastic Dominance in Comparing Income Distributions’ 15. Dominique Thon and Stein W. Wallace (2004), ‘Dalton Transfers, Inequality and Altriusm’ 16. Ronny Aboudi, Dominique Thon and Stein W. Wallace (2010), ‘Inequality Comparisons when the Populations Differ in Size’ PART IV THE SOCIAL WELFARE VIEW OF INEQUALITY A. The Welfare Approach 17. Amartya Sen (1974), ‘Informational Bases of Alternative Welfare Approaches’ 18. Camilo Dagum (1990), ‘On the Relationship Between Income Inequality Measures and Social Welfare Functions’ 19. Karl Mosler and Pietro Miliere (1996), ‘Inequality Indices and the Starshaped Principle of Transfers’ B. Axiomatics and Inequality Measurement 20. Robert Dorfman (1979), ‘A Formula for the Gini Coefficient’ 21. Dominique Thon (1982), ‘An Axiomatization of the Gini Coefficient’ 22. James E. Foster (1983), ‘An Axiomatic Characterization of the Theil Measure of Income Inequality’ 23. Satya R. Chakravarty (2007), ‘A Deprivation-based Axiomatic Characterization of the Absolute Bonferroni Index of Inequality’ PART V DECOMPOSABLE MEASURES AND GENERALIZED INEQUALITY A. Decomposable Inequality Measures 24. Francis Bourguignon (1999), ‘Decomposable Income Inequality Measures’ 25. A.F. Shorrocks (1980), ‘The Class of Additively Decomposable Inequality Measures’ 26. Anthony F. Shorrocks (1984), ‘Inequality Decomposition by Population Subgroups’ 27. Esfandiar Maasoumi (1978), ‘The Measurement and Decomposition of Multi-Dimensional Inequality’ B. Generalized Gini Indices 28. John A. Weymark (1981), ‘Generalized Gini Inequality Indices’ 29. Shlomo Yitzhaki (1983), ‘On an Extension of the Gini Inequality Index’ C. Axiomatics and Generalized Inequality Measures 30. Frank A. Cowell and Kiyoshi Kuga (1981), ‘Inequality Measurement: An Axiomatic Approach’ 31. Frank A. Cowell and Kiyoshi Kuga (1981), ‘Additivity and the Entropy Concept: An Axiomatic Approach to Inequality Measurement’ D. Multi-Dimensional Inequality Measures 32. A.B. Atkinson and F. Bourguignon (1982), ‘The Comparison of Multi-Dimensioned Distributions of Economic Status’ 33. Kay-Yuen Tsui (1995), ‘Multidimensional Generalizations of the Relative and Absolute Inequality Indices: The Atkinson-Kolm-Sen Approach’ 34. Gleb Koshevoy (1998), ‘The Lorenz Zonotope and Multivariate Majorizations’ PART VI DIRECTIONS FOR FUTURE RESEARCH ON ECONOMIC INEQUALITY 35. Joan-Maria Esteban and Debraj Ray (1994), ‘On the Measurement of Polorization’ 36. James E. Foster and Michael C. Wolfson (2010), ‘Polarization and the Decline of the Middle Class: Canada and the U.S.’

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Book SynopsisThis collection examines the Ukrainian economy during the late 20th century—a period of epochal change. The papers are divided into five sections: Framework; Resources; Performance; Welfare; and External Relations, and will be of interest both to specialists and to students and others interested in Ukraine today.Trade ReviewFocusing on Ukrainian economic performance, the book is revolutionary in that it discusses various macroeconomic indicators on the basis of newly available statistics… The contributions contained in the volume suggest that the performance of the Ukrainian economy, in terms of the most important indicators, has been second-rate compared to the other former Soviet republics. -- Rahul N. Moodgal * Economic Journal *

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Book SynopsisTrade ReviewAcclaim for the first edition:‘When Emiliano asked me to endorse Anti-Blanchard Macroeconomics, I was a bit taken aback. You can guess why. But I agree with him that we should always question our assumptions, confront them with the facts, and be open to change if the facts dictate it. Questions such as whether we can expect the economy to return to health by itself, whether recessions have permanent adverse effects, whether the interest rate channel of monetary policy works, are essential ones. For the time being, I stand by the conclusions of my textbook, but I am happy and indeed eager to see them challenged.’ -- Olivier J. BlanchardTable of ContentsContents: Presentation to the first edition Mauro Gallegati Preface to the first edition Robert Skidelsky 1. Introduction 2, Blanchard’s AS–AD model 3. The alternative model 4. Blanchard’s “new approach”: the IS–LM–PC model 5. The competing approaches: theory and policy Appendix 1 Labour flexibility and unemployment Appendix 2 Contractionary fiscal policy and fiscal multipliers Appendix 3 On the pandemic trade-off between health and production Index

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Book SynopsisTrade Review‘Mengerian Economics is an intriguing book that revives, reiterates, extends and broadens Carl Menger’s groundbreaking approach to economics. The chapters expand our understanding of Menger’s work by tracing its origins in philosophy and stimulate new scholarship by showing how his legacy can further illuminate contemporary issues.’ -- Per Bylund, Oklahoma State University, USTable of ContentsContents: Foreword: Menger belongs in a museum x Mateusz Machaj 1 Carl Menger and his philosophical influences 1 Krzysztof Turowski 2 Menger’s untersuchungen and the methodological development of the Austrian School 21 Norbert Slenzok 3 Carl Menger – an unwitting revolutionary? 42 Witold Kwaśnicki† 4 Institutional spontaneity and social cooperation 78 Jakub Bożydar Wiśniewski 5 Debt and the origin of money 87 Przemysław Rapka 6 Bitcoin from Menger’s perspective 106 Łukasz Jasiński 7 Carl Menger’s contribution to capital theory 118 Eduard Braun 8 Technical changes in economic development: selected issues in the context of Austrian economics 141 Robert Ciborowski 9 Perfect competition and an imperfect world: considerations on the gender wage gap in the light of Carl Menger’s theory 155 Alicja Sielska 10 Anticommons: a very brief introduction with selected applications 168 Karol Bolko Zdybel Index 182

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Book SynopsisTrade Review‘This book usefully collects together recent papers by John Creedy about measurement of income inequality and income mobility, with the added bonus of providing novel applications to data for New Zealand. Creedy, an expert in the field, provides many instructive insights.’ -- Stephen P. Jenkins, London School of Economics and Political Science, UK, President, Society for the Study of Economic Inequality, 2021-23‘John Creedy’s distinguished career has been exemplified by careful empirical analysis and creative exploration of many thorny issues in public finance, specifically relating to economic inequality. This new book is no exception, it dives into deep questions of appropriately measuring inequality and doesn’t shy away from getting into dynamic versus static issues. I recommend it highly to anyone who wants to understand how topflight researchers in the field look at these issues.’ -- Daniel Slottje, Professor Emeritus, Southern Methodist University, USTable of Contents1. Introduction 2. Alternative Distributions and Metrics 3. Interpreting Inequality Measures 4. Inequality-Preserving Changes 5. Decomposing Inequality Changes 6. Inequality Over a Long Period 7 Regression Models of Mobility 8. Illustrating Differential Growth 9. Summary Measures of Equalising Mobility 10. Mobility as Positional Change 11. Poverty Persistence Bibliography Index

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Book SynopsisThis timely book provides 15 chapters of cutting edge academic work related to Post-Keynesian economics for the future: This includes stock-flow consistent modelling and analyses of the key challenges associated with the economic policies of sustainability.Trade Review‘This book is unique in the sense that it reflects the nascent broadening and transformation of Post Keynesian economics into questions about the contemporary consequences of economic activity and economic policy for the economy as a whole. More now than ever do the insights offered by Keynes as he portended the end of laissez-faire and the possibilities for our grandchildren come to the forefront in this collection of chapters by Jespersen, et al. The traditional divide between micro- and macroeconomics becomes blurred in favor of the distributional and environmental consequences of economic activity in the 21st century; as it should.’ -- Roy Rotheim, Skidmore College, US‘Society urgently needs effective macroeconomic theory and policy addressed to environmental sustainability and social justice, given the limitations of the mainstream macroeconomic approach. This welcome book edited by Jespersen, Olesen and Byrialsen addresses this need. It brings together an innovative and important collection of realist Post-Keynesian research which sets out an alternative approach at the levels of methodology, theory and policy.’ -- Sheila Dow, University of Stirling, UK‘‘This fascinating book by authorities in the field demonstrates the power of Post-Keynesian economic theory to shed light on some very important questions of macroeconomic policy and methodology. The 15 chapters deal convincingly with the Post-Keynesian approach to global warming, to monetary and fiscal policy, and to demand management more generally. Strongly recommended.’ -- John King, La Trobe University, AustraliaTable of ContentsContents: Preface and acknowledgements ix 1 Progressive post-Keynesian economics for the future: an introduction 1 Jesper Jespersen, Finn Olesen and Mikael Randrup Byrialsen PART I SUSTAINABLE DEVELOPMENT AND SFC MODELLING 2 Modelling transition-related shocks in the green economy 9 Andrew Jackson 3 Economic impacts of climate change: an empirical stock-flow consistent model for Viet Nam 25 Etienne Espagne and Thi Thu Ha Nguyen 4 The tensions of the “green transition” for South American economies 49 Sebastian Valdecantos 5 Conventional and unconventional economic policies in an econometric SFC model of the French economy 62 Jacques Mazier and Luis Reyes-Ortiz 6 A quarterly empirical model for the Danish economy: a stock-flow consistent approach 85 Mikael Randrup Byrialsen, Hamid Raza and Sebastian Valdecantos PART II ECONOMIC THEORY AND POLICY IMPLICATION 7 Demand-led growth and macroeconomic policy regimes in the Eurozone: implications for post-pandemic economic policies 108 Eckhard Hein 8 Phillips curves, behavioral economics and post-Keynesian macroeconomics 124 Peter Skott 9 How not to do monetary policy 140 Louis-Philippe Rochon 10 Inflation, monetary policy and the hierarchy of consumer goods 152 Thibault Laurentjoye PART III METHODOLOGY AND THEORY 11 On Keynes’s uncertainty: a tragic rational dilemma 170 Anna Maria Carabelli 12 The Principle of Effective Demand – reconsidered: ‘Anything we can actually do, we can afford’ 185 Jesper Jespersen 13 Lucas, modern macroeconomics and the post Keynesians 198 Finn Olesen 14 The General Theory as a macroeconomics of power 210 Geoff Tily 15 Economics for the future: inspiration from the writings of Karl Polanyi 228 Mogens Ove Madsen Index 242

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Book SynopsisThis timely book offers an engaging contemporary analysis of research into the gender pay gap while also providing important nuanced observations. It illustrates the variant methodologies that have been employed by researchers who have attempted to elucidate this challenging topic.Trade Review‘Sielska’s book should be required reading for all who ignorantly use the term “gender wage gap” and rant about alleged discrimination. This is the definitive work on the subject.’ -- Philipp Bagus, Rey Juan Carlos University, SpainTable of ContentsContents: Acknowledgements 1. Economic theories of discrimination 2. The gender wage gap under the microscope: methods of measurement 3. The explained part of the gender wage gap 4. The unexplained part of the gender wage gap. Conclusion to Explaining the Gender Wage Gap Bibliography Index

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Book SynopsisThis timely Handbook explores the ways in which countries can achieve economic growth without environmental harm. It brings together case studies from around the world to examine how governments, industries and communities can reduce pollution and use resources more wisely.

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Book SynopsisTrade Review‘Charles Whalen and his contributors have distilled the core strengths of Post Keynesian, Evolutionary, and Institutionalist economics into a state-of-the-art review of Post-Keynesian Institutionalism. This book makes the strongest case for placing that tradition in the contemporary arsenal of scholars of economics and political economy.’ -- Anastasia Nesvetailova, United Nations Conference on Trade and Development, Switzerland‘In A Modern Guide to Post-Keynesian Institutional Economics, Charles Whalen assembles the valuable insights of a generation of Institutional economists whose research, in sharp contrast to Neoclassical orthodoxy, reveals how the real-world economic system actually evolves, operates, and performs.’ -- William Lazonick, University of Massachusetts, Lowell, US‘This Modern Guide offers a smart collection of essays on the intersection of economic growth, wealth and debt inequality, and financial stability, with plenty of attention to Hyman Minsky’s warning that institutions matter. Well-edited with great tables and graphics.’ -- Teresa Ghilarducci, The New School for Social Research, US‘Minsky always insisted that his theory was an elaboration of the evolution of the “financial structure,” while most only consider his idea of financial instability. This book is especially welcome as an elaboration of the idea of the evolving financial structure and how its institutions not only support economic expansion, but also produce financial instability.’ -- Jan Kregel, Levy Economics Institute of Bard College, USTable of ContentsContents: PART I INTRODUCTION 1 Introduction to the history, contours, and frontiers of Post-Keynesian Institutional economics 2 Charles J. Whalen PART II MONEY MANAGER CAPITALISM 2 The transition from managerial to money manager capitalism: the role of risk and its distribution 36 David A. Zalewski 3 Financialization and employment: a Post-Keynesian Institutionalist understanding of the transnational corporation under money manager capitalism 59 Avraham I. Baranes 4 Money manager capitalism and the coronavirus pandemic 89 Yan Liang and Charles J. Whalen 5 Wealth inequality, household debt, and macroeconomic instability 121 Christian E. Weller and Emek Karakilic 6 Labor-market institutions matter: inequality, wage policy, and worker well-being 144 Oren M. Levin-Waldman PART III CONCEPTS AND METHODS 7 Social capital and public policy: the role of civil society in transforming the state 173 Asimina Christoforou 8 Constructing an economically democratic society in the former Soviet Union: Post-Keynesian Institutionalist insights in historical perspective 194 Anna Klimina 9 A Post-Keynesian Institutionalist perspective from Latin America: the monetary circuit across stages of development 216 Alicia Girón 10 What do economists really mean? Post-Keynesian Institutionalists as economic translators 230 Timothy A. Wunder 11 Stock-flow consistent macroeconomic modeling and Post-Keynesian Institutionalism 253 Marc Lavoie PART IV THEORIES AND SYNTHESES 12 The market for labor in Post-Keynesian Institutionalism: a theoretical framework 274 Eduardo Fernández-Huerga 13 The cyclical evolution of financial regulation: a theoretical explanation 299 Samba Diop 14 From Public Choice to Minskyan collective action: the case for macro rationality-based financial regulation 322 Faruk Ülgen 15 Women’s work and its conceptualization in Post-Keynesian Institutionalism 339 Anna Zachorowska-Mazurkiewicz 16 Toward real sustainability: incorporating insight from Ecological economics into Post-Keynesian Institutionalism 359 Charles J. Whalen Index

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Book SynopsisGet a new perspective from the other half' of macroeconomics The failure of the vast majority of economists in government, academia and the private sector to predict either the post-2008 Great Recession or the degree of its severity has raised serious credibility issues for the profession. The repeated failures of central banks and other policymakers in all advanced countries to meet their inflation or growth targets in spite of astronomical monetary easing, have left the public rightfully suspicious of the establishment and its economists. The Other Half of Macroeconomics and the Fate of Globalization elucidates what was missing in economics all along and what changes are needed to make the profession relevant to the economic challenges of today. Once the other half of macroeconomics is understood both as a post-bubble phenomenon and as a phase of post-industrial economies, it should be possible for policy makers to devise appropriate measures to overcome difficulties advanced counTable of ContentsPreface ix About the Author xiii Chapter 1 Introduction to the Other Half of Macroeconomics 1 Chapter 2 Balance Sheet Problems Create Shortage of Borrowers 17 Chapter 3 Dearth of Investment Opportunities Can Deter Borrowers 53 Chapter 4 Macroeconomic Policy During the Three Stages of Economic Development 83 Chapter 5 Challenges of Remaining an Advanced Country 107 Chapter 6 Helicopter Money and the QE Trap 127 Chapter 7 Europe Repeating Mistakes of 1930s 169 Chapter 8 Banking Problems in the Other Half of Macroeconomics 195 Chapter 9 The Trump Phenomenon and the Conflict Between Free Capital Flows and Free Trade 225 Chapter 10 Rethinking Economics 257 References & Bibliography 281 Afterword 287 Index 289

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Book Synopsis1. Inside Out 2. Hidden Trains 3. Alarm Bells 4. Fresh Start 5. The Chasm 6. Last Chance 7. Struggling 8. Tightrope 9. Aftermath ReflectionsTrade Review'Andrew Duguid has written a well-balanced, but at the same time racy and highly readable history of Lloyd's near-death experience and how the market was saved. Duguid is objective, but has used his inside experience well. On The Brink is a very valuable addition to the historical record of the City of London.' - Sir Howard Davies, Former Chairman, FSA 'This is a book of first-rate importance. It shows how a small number of remarkable men rescued the Lloyd's insurance market from catastrophe- without recourse to a government bail-out.' - Peter Oborne, Chief Political Commentator, Daily Telegraph 'Andrew Duguid's gripping account of the crisis at Lloyd's is a story of complacency, greed, regulatory failure and overly complex financial instruments. Crises are frequent; most of them are wasted. On The Brink offers a compelling story, based on wide-ranging research, of how Lloyd's showed resilience in dealing with disaster. It is essential reading for anyone interested in the turbulent history of the City of London.' - Martin Daunton, Professor of Economic History, University of Cambridge 'Understanding what went wrong at Lloyd's was an invaluable lesson for me in what would subsequently go wrong in the global financial system. Andrew Duguid's book makes that experience available to everyone.' - John Kay, Visiting Professor, London School of Economics 'This remarkable and brilliantly researched book chronicles how greed and shortsightedness brought Lloyd's of London to the brink of collapse in the 1990s, but how in its darkest hour it found new leaders. This small group overcame what many at the time thought were impossible odds to put in place the programme of structural and cultural reform which laid the foundations for the modern day globally important market. But the real value of the work lies in what Lloyd's tells us about today's banking crisis and in particular how the banking industry has so far failed where Lloyd's triumphed in finding new leaders capable of delivering the change in culture which is essential if the industry is to regain public trust.' - Anthony Hilton, Financial Editor, Evening StandardTable of Contents1. Inside Out 2. Hidden Trains 3. Alarm Bells 4. Fresh Start 5. The Chasm 6. Last Chance 7. Struggling 8. Tightrope 9. Aftermath Reflections

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Book SynopsisSince the financial crisis, there have been numerous reports, articles and books highlighting the gloomy future ahead. Making Sense of Markets makes the case that received wisdom is still far too pessimistic, and that the future may be brighter than feared. A plain-speaking guide to keeping an open mind (and how to profit from it).Trade Review'There has never been a time in history when it wouldn't have been easy to find excuses not to invest. At last, an honest antidote, grounded on solid economic thinking, to combat our costly human tendency to pervasive pessimism when it comes to investing. This book punctures the too-easy consensus that the glass is half empty and provides a guide to how investors should really think about the world.' Greg B Davies, PhD: Head of Behavioural-Quantitative Finance, Barclays Wealth and Investment Management "A refreshingly clear, practical and provocative guide to investing that should appeal to individual savers and finance professionals alike. Gardiner combines a deep understanding of macroeconomic and finance theory (and its limits) with a wealth of investment experience. His conclusion: be humble, keep it simple, be optimistic!" Joachim Fels, Global Economic Advisor, PIMCO "Too many financial journalists and practitioners try to make the investment process more exciting than it should be and more esoteric than it needs to be. Kevin Gardiner, a credentialed, experienced practitioner and engaging writer, eschews over-dramatization and self-aggrandizement to offer a common sense approach to investing. Take his advice." Aaron Gurwitz PhD, Former Chief Investment Officer at Barclays Wealth and Investment Management, and Adjunct Instructor in Economics, New York University 'A book full of common sense and wisdom which punctures several myths about economic performance, financial markets and the links between the two, Making Sense of Markets is a refreshing and insightful counter to the view that economic outcomes for decades to come will be weaker than in the past' Professor David Miles, The Monetary Policy Committee, The Bank of EnglandTable of ContentsIntroduction: What We Talk About When We Talk About Markets PART I: THE GLASS IS HALF-FULL 1: Why Is Everybody So Gloomy? The Conventional Account Of What's Gone Wrong2: An Alternative Account – A Richness Of Embarrassments Money Didn't Make The World Go Round3: Five Big Things To Worry Less About – Or Why It Still Pays To Invest In The West 3.I: Debt – There Is Life After It 3.II: Demography – The Timebomb Defused 3.III. Decadence – The West Can Compete 3.IV: Depletion – The Sustainability Challenge 3.V: Danger – Geopolitical Tensions In Context 4: Sources Of Perspective – And A Tiger's Tale Taking A Wider View Raising The Signal-To-Noise Ratio Avoid Clichés Like The Plague Anchoring Downwards: Why Gloom Gets A Grip PART II: WHAT TO DO ABOUT IT5: Know The Game, Know Yourself Be Satisficed: What Investment Is Not About, And The Importance Of Showing Up Know Your Pundits; The Only Theme Worth Investing In A Personal Investment Policy6: Back To Basics: What You Need To Own – It's About Time Here For The Duration: The Key Investment Characteristics The Usual Suspects: The Main Asset Classes And The 'Must Haves' 7: Putting It All Together – Weighting In Vain? Reasonable Expectations And Fair Values Weighting In Vain 8: Conclusion – Postmodern Portfolio Theory

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Book SynopsisThe Report on the State of the European Union examines the progress of European integration and focuses on economic aspects of the process. Thissecond volume in the series explores the four crises of contemporary Europe, those of growth, trust, inequalities and unity.Table of ContentsIntroduction: Europe Beyond the Treaty PART 1: ECONOMIC PERSPECTIVES A Fugitive Boom? PART 2: NORMS AND INSTITUTIONS Social Norms and Macroeconomic Policies Growth Policies in Europe: A Problem of Collective Action? Macroeconomic Policies in the EUCT PART 3: COHESION AND ENLARGEMENTS European Integration and the Dynamic of Inequalities Understanding the Eastern Enlargement Fiscal Policies in the CEEC After May 1st 2004 Turkey and the EU: A Very Long Engagement PART 4: TOWARD A POLITICAL EUROPE? Were the Elections of June 2004 Truly 'European'?

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Book Synopsis* A collection of survey articles, shedding light on crucial questions in the field of monetary, financial and macroeconomic policy. * Applies rigorous economic theory and empirical analysis to important practical policy issues. * Considers the role of the financial sector in economic development.Table of Contents1. Monetary, Financial and Macroeconomic Adjustment Policies – An Overview: Stuart Sayer. 2. Financial Liberalisation and Economic Development – An Assessment: Paul Auerbach and Jalal Uddin Siddiki. 3. Financial Markets, Development and Economic Growth: Tales of Informational Asymmetries: Salvator Capasso. 4. An Exegesis on Currency and Banking Crises: Janice Boucher Breuer. 5. The Changing Nature of Currency Crises: Sweta C. Saxena. 6. Macroeconomic Adjustment and the Poor: Analystical Issues and Cross-Country Evidence: Pierre-Richard Agenor. 7. The Asymmetric Effects of Monetary Policy: Anna Florio. 8. Monetary Policy and the Zero Bound to Interest Rates: A Review: Tony Yates. Index.

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Book SynopsisModern Financial Macroeconomics takes a non-technical approach in examining the role that financial markets and institutions play in shaping outcomes in the modern macro economy. Reviews historical and contemporary macroeconomic theory Examines governmental influence on moderating (or exacerbating) economic fluctuations Discusses both empirical and theoretical links between financial systems and economic performance, as well as case studies detailing the role of finance in specific business cycle episodes Table of ContentsList of Figures. List of Tables. List of Case Studies. Preface. Introduction. Part I: An Introduction to Finance and Macroeconomics:. 1. The Basics of Financial Markets and Financial Institutions. 2. A Brief History of Financial Development. Part II: Macroeconomic Theory and the Role of Finance:. 3. Business Cycles and Early Macroeconomic Theories of Finance. 4. Keynesian, Monetarist, and Neoclassical Theories. 5. New Institutional Theories of Finance: Models of Risk and the Costs of Credit Intermediation. 6. New Institutional Theories of Finance: Models of Credit Rationing. Part III: Financial Volatility and Economic [In]Stability:. 7. The Role of Financial Systems in Monetary and Stabilization Policy. 8. Banking Crises and Asset Bubbles. Part IV: International Finance and Financial Crises:. 9. Capital Flight and the Causes of International Financial Crises. 10. International Financial Crises: Policies and Prevention. Part V: Conclusions:. 11. What We have Learned, What We Still Need to Learn about Financial Macroeconomics. Bibliography. Index

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Book SynopsisThis one-of-a-kind text examines the role that financial markets and institutions play in modern macroeconomics. Traditional economics downplays the function of financial systems in macroeconomic thought.Trade Review"This is a good book and one that would be suitable for undergraduate courses on this topic." (CHOICE)Table of ContentsList of Figures ix List of Tables x List of Case Studies xi Preface xiii Introduction 1 Part I An Introduction to Finance and Macroeconomics 11 1 The Basics of Financial Markets and Financial Institutions 13 Introduction 13 What is Financial Intermediation and Why is It Different from Other Economic Transactions? 14 What is Money? 16 The Importance of Financial Systems in Stimulating Long-Run Growth 17 The Empirical Evidence on Financial Development and Growth 21 The Four Primary Forms of Financial Intermediation 25 Conclusions 33 2 A Brief History of Financial Development 35 Introduction 35 A Brief History of Banking, Financial Markets, and Central Banking 36 Modern Central Banking 40 A Brief History of International Capital Flows 42 Globalization and Financial Development in the 1990s 44 Conclusions 55 Part II Macroeconomic Theory and The Role Of Finance 57 3 Business Cycles and Early Macroeconomic Theories of Finance 59 Introduction 59 Business Cycle Definitions 60 Financial Indicators of Business Cycles 64 The Sunspot Theory 66 Early Monetary Theories 67 The Classical Model 69 The Debt-Deflation Theory 72 Conclusions 74 4 Keynesian, Monetarist, and Neoclassical Theories 75 Introduction 75 Keynes’ General Theory 76 Keynesian Economics and the IS–LM Model 82 The Financial Instability Hypothesis 84 The Monetarist Model 86 Principles of the Monetarist model 86 Neoclassical Theories 91 Conclusions 100 5 New Institutional Theories of Finance: Models of Risk and the Costs of Credit Intermediation 102 Introduction 102 What is Meant by “New Institutional” Theories of Finance? 103 The Financial Accelerator Model and the Role of Credit in Business Cycles 106 The Financial Accelerator and Monetary Policy 111 The Empirical Evidence on the Financial Accelerator Model 112 Conclusions 120 6 New Institutional Theories of Finance: Models of Credit Rationing 123 Introduction 123 Two Models of Credit Rationing 125 Equity Rationing 129 Empirical Evidence on Models of Credit Rationing 131 Conclusions 137 Part III Financial Volatility and Economic [In]Stability 139 7 The Role of Financial Systems in Monetary and Stabilization Policy 141 Introduction 141 Why Does Money Matter? Traditional Theories of the Monetary Transmission Mechanism 142 Balance Sheet Channels and the Monetary Transmission Mechanism 145 Empirical Studies of the Balance Sheet Channels of Monetary Transmission 147 Is Monetary Policy Still Powerful? A Look at the Empirical Evidence 148 Old Debates over the Effectiveness of Stabilization Policy 152 New Debates over the Effectiveness of Stabilization Policy 154 Conclusions 161 8 Banking Crises and Asset Bubbles 163 Introduction 163 The Causes and Prevention of Banking Crises 165 Empirical Evidence on Banking Crises 169 The Causes and Prevention of Asset Bubbles 173 Empirical Evidence on Asset Bubbles 178 Conclusions 188 Part IV International Finance and Financial Crises 191 9 Capital Flight and the Causes of International Financial Crises 193 Introduction 193 The Causes of Capital Flight and Currency Crises 195 Contagion 198 Empirical Evidence on Capital Flows, Currency Crises, and Contagion 200 The Causes and Costs of Twin Crises 202 The Currency and Banking Crises in East Asia 205 Conclusions 213 10 International Financial Crises: Policies and Prevention 215 Introduction 215 The Benefits and Costs of Financial Liberalization 216 Guidelines for Domestic Financial Regulation 219 The Pros and Cons of Capital Controls 222 International Financial Regulation 224 The IMF, Its Policies, and Its Critics 225 Reforming the IMF 233 Conclusions 234 Part V Conclusions 237 11 What We have Learned, What We Still Need to Learn about Financial Macroeconomics 239 A Brief Review 239 What We Have Learned about Financial Macroeconomics 241 What We Do Not Know 247 Concluding Conclusions 254 Bibliography 255 Index 265

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Book SynopsisPoverty and Income Distribution 2E Written by a leading scholar in the field, this textbook provides a thorough introduction to the topic of income distribution and poverty, with additional emphasis on the issues of inequality and discrimination. This book features an empirical focus, and includes sections on basic statistics, as well as optional econometric studies and more advanced mathematical handling of inequality measurement. Utilizing data from various countries around the globe, including the US and Europe, this textbook is international in its scope and provides a comparative element that will aid students in their studies. Up-to-date and comprehensive in its coverage, this new edition supplies a self-contained course on income distribution and poverty.Trade Review"I regularly teach a course on inequality, most recently using the developing manuscript of Ed Wolff's revised text. This work comprehensively (and fascinatingly) covers the central topics of poverty and of income and wealth distribution. I plan to use it for years to come." Frank Thompson, University of Michigan-Ann Arbor "The text is clearly written, with a comprehensive and up-to-date coverage and summarization of a very wide range of literature." Lars Osberg, Dalhousie University “I would certainly use this text in my income distribution course. It is much more comprehensive and useful than anything else on the market, and provides the foundation for an engaging and interesting course.” Michael Sattinger, SUNY Albany “Students will benefit from this text’s broad coverage of empirical evidence on the distribution of income and wealth, its clear description of the technical measures of inequality, and its easily accessible language.” Dean Lillard, Cornell University "The quality of this text is outstanding, both as a textbook and as a reference for professional economists." Keith Bender, University of Wisconsin-Milwaukee "Wolff’s expertise in the study of wealth and inequality is evident in his meticulous provision of interesting and informative footnotes and the comprehensive nature of the coverage. The textbook has enough introductory material for the typical sophomore in college. At the same time, Wolff provides a substantial dose of more advanced material to satisfy and challenge upper-level students with superior background or capability in economics." Wendy Rayack, Wesleyan UniversityTable of ContentsPreface xivChapter 1 Introduction: Issues and Scope of Book 1 1.1 Recent trends in living standards 1 1.1.1 Income and earnings stagnate while poverty remains unchanged 1 1.1.2 Inequality rises sharply 4 1.1.3 Middle-class debt explodes 5 1.1.4 What has happened to tax rates? 6 1.1.5 Rising profits is the key 7 1.1.6 Yet schooling has continued to rise 8 1.1.7 Some conclusions 11 1.2 Causes of rising inequality 12 1.2.1 Skill-biased technology change 12 1.2.2 The shift to services 13 1.2.3 Declining unionization 13 1.2.4 Globalization 13 1.2.5 Downsizing and outsourcing 13 1.2.6 Public policy changes 14 1.3 General description of the textbook 14 Notes 17 Part I Inequality, Poverty, and Mobility: Measurement and Trends 19 Chapter 2 Income, Earnings, and the Standard of Living 21 2.1 Introduction 21 2.2 The composition of personal income in the United States 22 2.3 The standard of living 24 2.3.1 Real versus nominal 25 2.3.2 Trends in living standards in the United States 26 2.4 Factor shares 29 2.4.1 Historical studies on factor shares* 31 2.5 International comparisons of living standards 32 2.5.1 Per capita income 32 2.5.2 The Human Development Index 33 2.6 Household production and well-being 35 2.6.1 Defining household work 37 2.6.2 The market cost approach 37 2.6.3 The opportunity cost approach 38 2.6.4 Empirical work on household production 38 2.7 Summary 39 2.8 References, bibliography, and data sources 40 2.9 Discussion questions and problem set 42 Appendix 2.1 An introduction to the National Income and Product Accounts* 44 A2.1.1 The relation to the national accounts 46 A2.1.2 The sources of personal income 47 A2.1.3 The derivation of factor shares 48 A2.1.4 Miscellaneous issues in national accounting 49 A2.1.4.1 Treatment of international trade 49 A2.1.4.2 National income at factor costs 51 A2.1.4.3 The treatment of capital gains 51 Notes 52 Chapter 3 Income Inequality: Its Measurement, Historical Trends, and International Comparisons 55 3.1 Introduction 55 3.2 A review of basic statistics 55 3.2.1 Mean, variance, and standard deviation 56 3.2.2 Distributions 56 3.2.3 Percentile ranking 59 3.3 Inequality measures 60 3.3.1 Concentration measures 61 3.3.2 Coefficient of variation 61 3.3.3 The Lorenz curve 63 3.3.4 Gini coefficient 64 3.3.5 Log variance of income* 66 3.3.6 The Theil entropy index* 67 3.3.7 Atkinson’s measure* 69 3.3.8 Lorenz dominance* 70 3.4 Time trends in income inequality in the United States 70 3.5 International comparisons of inequality 74 3.5.1 Inequality comparisons among high-income countries 74 3.5.2 The Kuznets curve 80 3.5.3 The world distribution of income* 84 3.6 Summary 85 3.7 References and bibliography 86 3.8 Discussion questions and problem set 90 Notes 91 Chapter 4 Poverty: Definitions and Historical Trends 93 4.1 Introduction 93 4.2 The measurement of poverty 93 4.2.1 The official U.S. poverty standard 94 4.2.2 Absolute versus relative poverty thresholds 95 4.2.3 Subjective poverty lines 96 4.2.4 Other concepts of poverty 99 4.3 Measurement of poverty incidence 99 4.3.1 The poverty rate and the poverty gap ratio 99 4.3.2 Composite measures of poverty* 100 4.4 Poverty trends in the United States 101 4.4.1 Composition of the poor 103 4.5 Other dimensions of poverty 107 4.5.1 Poverty spells and the permanence of poverty 107 4.5.2 The underclass 108 4.5.3 International comparisons of poverty rates 109 4.6 Other issues in the measurement of poverty 112 4.6.1 Equivalence scales 113 4.6.2 Choice of a price index 114 4.6.3 The treatment of taxes 115 4.6.4 The treatment of noncash government benefits 116 4.6.5 The role of household wealth 119 4.6.6 Consumption-based measures of poverty 120 4.6.7 The accounting period 121 4.6.8 Other issues 122 4.7 Summary 123 4.8 References and bibliography 125 4.9 Discussion questions and problem set 130 Notes 132 Chapter 5 Household Wealth 134 5.1 Introduction 134 5.2 What is household wealth? 135 5.2.1 Wealth and well-being 135 5.2.2 Marketable wealth 136 5.2.3 Other definitions of household wealth 140 5.3 Historical time-series data on household wealth and its composition 141 5.3.1 Trends in average wealth 142 5.3.2 Changes in wealth composition 143 5.3.3 Homeownership rates 146 5.4 Wealth inequality in the United States 147 5.4.1 Methods used to estimate wealth inequality 148 5.4.2 Long-term trends in household wealth inequality in the United States 150 5.4.3 Changes in wealth inequality, 1962–2004 154 5.4.4 The Forbes 400 166 5.5 International comparisons of household wealth distribution 167 5.5.1 Comparisons of long-term time trends 167 5.5.2 Comparisons of recent trends 168 5.6 Summary 171 5.7 References and bibliography 172 5.8 Discussion questions and problem set 176 Notes 177 Chapter 6 Economic Mobility 180 6.1 Introduction 180 6.2 Mobility measures 180 6.2.1 Measuring intergenerational mobility 180 6.2.2 The Shorrocks measure and other measures of lifetime mobility 181 6.3 Mobility over the time 184 6.3.1 Income mobility 184 6.3.2 Earnings mobility 188 6.3.3 Other dimensions of mobility 189 6.4 Intergenerational mobility 189 6.4.1 Results for the United States 190 6.4.2 Mechanisms of transmission 194 6.4.3 International comparisons 195 6.5 Wealth mobility 197 6.6 Summary 198 6.7 References and bibliography 200 Notes 204 Part II Explanations of Inequality and Poverty 205 Chapter 7 The Labor Force, Employment, and Unemployment 207 7.1 Introduction 207 7.2 Basic concepts of the labor force, employment, and unemployment 208 7.2.1 Employment 208 7.2.2 Unemployment 209 7.2.3 The labor force 209 7.2.4 Estimating employment statistics 209 7.3 Labor force participation rates 210 7.3.1 LFPR by gender, race, and age 211 7.3.2 Two-earner households 216 7.3.3 Educational attainment of the labor force 217 7.4 The industrial and occupational composition of employment 219 7.5 Measures of unemployment and historical trends 221 7.6 The incidence of unemployment 226 7.6.1 Jobless rates by demographic characteristic 226 7.6.2 Unemployment by industry, occupation, and region 229 7.7 Types of unemployment 232 7.7.1 Frictional unemployment 232 7.7.2 Seasonal unemployment 233 7.7.3 Structural unemployment 234 7.7.4 Deficient demand (Keynesian) unemployment 235 7.7.5 The debate over the causes of unemployment 236 7.8 Summary 238 7.9 References and bibliography 240 7.10 Discussion questions 243 Notes 243 Chapter 8 The Role of Education and Skills 246 8.1 Introduction 246 8.2 The human capital model 247 8.2.1 The rate of return to human capital 248 8.2.2 On-the-job training 251 8.2.3 Additional implications of the human capital model 254 8.3 Earnings, schooling, and experience 258 8.3.1 Rates of return to schooling 260 8.3.2 Lifetime earnings 267 8.4 The schooling–earnings function* 269 8.4.1 The extended earnings function* 272 8.5 Ability and earnings 273 8.5.1 Estimates of the ability effect* 275 8.5.2 The nature vs. nurture controversy 276 8.6 Productivity and earnings 279 8.6.1 Experience, productivity, and earnings 279 8.6.2 Other interpretations of the relation between schooling and earnings 281 8.7 Earnings inequality and human capital* 286 8.8 Summary and concluding remarks 288 8.9 References and bibliography 291 8.10 Discussion questions and problem set 296 Notes 297 Chapter 9 Unions, Dual Labor Markets, and Structural Models of Earnings 301 9.1 Introduction 301 9.2 The role of labor unions 303 9.2.1 A brief history of trade unionism in the United States 303 9.2.2 Trends in union membership 305 9.2.3 The economic role of labor unions 310 9.2.4 The effect of unions on wages: The evidence 315 9.3 Segmented labor markets 319 9.3.1 Internal labor markets 319 9.3.2 The dual labor market model 322 9.3.3 An evaluation of labor market segmentation 325 9.4 Industrial composition and earnings inequality* 326 9.4.1 State and regional differences in inequality 326 9.4.2 Regional differences in income levels 328 9.4.3 Industrial composition and rising earnings inequality of the 1980s 329 9.5 Industry wage differentials* 331 9.5.1 Explanations of inter-industry wage differences 331 9.5.2 Recent trends and efficiency wage theory 336 9.6 Occupational wage differentials 339 9.6.1 Historical studies 339 9.6.2 Trends in the United States in the twentieth century 340 9.6.3 Rising skewness at the top 342 9.7 Summary and concluding remarks 343 9.8 References and bibliography 346 9.9 Discussion questions 352 Notes 353 Chapter 10 The Role of Savings and Intergenerational Transfers in Explaining Wealth Inequality 355 10.1 Introduction 355 10.2 The basic lifecycle model 356 10.2.1 Age–wealth profiles 357 10.2.2 Longitudinal analyses* 359 10.2.3 Simulation and regression analysis* 361 10.3 Extensions of the lifecycle model 363 10.3.1 The role of uncertainty about death and lifetime annuities 364 10.3.2 The role of pension and social security wealth 364 10.3.3 The bequest motive 366 10.3.4 Precautionary savings and liquidity constraints 371 10.4 Intergenerational equity 372 10.4.1 Social security annuity and transfer wealth 372 10.4.2 Private intergenerational transfers 375 10.4.3 Generational accounting 376 10.5 Summary and overall assessment 377 10.6 References and bibliography 379 10.7 Discussion questions 385 Notes 385 Chapter 11 Sources of Rising Earnings Inequality* 386 11.1 Introduction 386 11.2 Skill-biased technological change 387 11.3 The IT “revolution” 389 11.4 Growing international trade and immigration 390 11.5 The shift to services 393 11.6 Institutional factors 394 11.7 Outsourcing and downsizing 395 11.8 Changes in the distribution of schooling and ability 395 11.9 Time trends in key explanatory variables 396 11.10 Econometric results 405 11.11 Summary and concluding remarks 408 11.12 References and bibliography 410 Appendix 11.1 Data sources and methods 416 Notes 417 Part III Discrimination 419 Chapter 12 Discrimination: Meaning, Measurement, and Theory 421 12.1 Introduction 421 12.2 The meaning of discrimination 423 12.2.1 The Blinder–Oaxaca decomposition* 424 12.2.2 Pre-labor market discrimination 425 12.3 Theories of discrimination: an overview 429 12.4 Taste for discrimination 430 12.5 Statistical discrimination 434 12.6 The racial stigma model 436 12.7 The Marxian model 437 12.8 Overcrowding model of occupational segregation 438 12.9 Summary 440 12.10 References and bibliography 441 Notes 443 Chapter 13 Racial Discrimination: Progress and Reversal for Black Americans 445 13.1 Introduction 445 13.2 Trends and status report on racial inequality 446 13.2.1 The earnings gap: have African American workers made gains on whites? 446 13.2.2 Labor force participation and unemployment 449 13.2.3 Family income, poverty, and wealth 453 13.2.4 Hispanics 457 13.3 Migration from the South 460 13.4 Progress in educational attainment 461 13.4.1 The role of educational gains on the earnings gap* 463 13.4.2 Quality of schooling* 464 13.4.3 Returns to schooling for blacks and whites 465 13.4.4 Hispanic Americans 468 13.5 Changes in family structure among black Americans 469 13.6 Public policy and discrimination 471 13.6.1 Public policy programs 472 13.6.2 The effectiveness of the anti-discrimination programs 474 13.7 Summary and conclusion 478 13.8 References and bibliography 480 13.9 Discussion questions and problem set 485 Notes 486 Chapter 14 The Gender–Wage Gap and Occupational Segregation 488 14.1 Introduction 488 14.2 The wage gap and labor force participation trends 488 14.2.1 Time trends 490 14.2.2 Labor force participation patterns 491 14.2.3 Explanations of the rising LFPR of women* 492 14.3 Explanations of the wage gap 494 14.3.1 Human capital differences 494 14.3.2 Occupational segregation 503 14.4 The role of public policy 509 14.4.1 The effectiveness of the anti-discrimination programs 509 14.4.2 Comparable worth 511 14.5 Other issues* 513 14.5.1 Effects of wives’ earnings on family income inequality 513 14.5.2 The feminization of poverty 514 14.5.3 International comparisons 516 14.6 Summary 517 14.7 References and bibliography 518 14.8 Discussion questions and problem set 525 Notes 525 Part IV The Role of Public Policy on Poverty and Inequality 527 Chapter 15 Public Policy and Poverty Alleviation 529 15.1 Introduction 529 15.2 A brief history of income maintenance programs 529 15.2.1 Early developments 530 15.2.2 The New Deal 530 15.2.3 Post-war developments 532 15.2.4 Housing assistance 533 15.2.5 Public expenditures on major federal programs 534 15.3 Unemployment insurance (UI) 536 15.3.1 A brief description of the UI system 536 15.3.2 Time trends in UI benefits 538 15.3.3 Incentive effects of the UI system 540 15.4 The social security system 541 15.4.1 Determination of the social security benefit 542 15.4.2 Incentive effects on labor supply 546 15.5 The welfare system 546 15.5.1 The workings of AFDC and TANF 547 15.5.2 Incentive effects of the welfare system 550 15.6 Work programs 554 15.6.1 Effectiveness of the work programs 555 15.7 The minimum wage 556 15.8 Conclusion and overall assessment of government programs 559 15.8.1 Effects on poverty 560 15.8.2 Proposals for reform 562 15.9 References and bibliography 564 15.10 Discussion questions and problem set 570 Notes 571 Chapter 16 The Redistributional Effects of Public Policy 574 16.1 Introduction 574 16.2 Equality as a social goal 574 16.2.1 Arguments in favor of promoting equality 574 16.2.2 Arguments against promoting equality 577 16.3 The structure of tax systems 579 16.3.1 Proportional, progressive, and regressive tax structures 579 16.3.2 Inequality measures and the tax system 583 16.3.3 Vertical versus horizontal equity 586 16.4 Distributional consequences of the U.S. tax system 587 16.4.1 Tax schedules for the personal income tax 587 16.4.2 Effective tax rates for the personal income tax 591 16.4.3 The payroll tax 593 16.4.4 Other federal taxes 594 16.4.5 State and local government taxes 595 16.4.6 The overall tax bite? 596 16.4.7 International comparisons of taxation 598 16.4.8 The overall effective tax rate structure in the United States 600 16.5 The negative income tax and the EITC 608 16.6 The distributional effects of government expenditures 611 16.7 Summary and conclusion 616 16.8 References and bibliography 619 16.9 Discussion questions and problem set 622 Notes 623 Index 627

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