Macroeconomics Books

Book SynopsisThis highly original contribution examines one of the most controversial concepts in the history of economics - the true meaning of the Law of Markets. This has been a contentious issue since the publication of Keynes's General Theory, but has also divided economists since it first emerged almost two centuries ago in the writings of James Mill. This book discusses the change in the understanding of the nature of the business cycle wrought by the General Theory whose major innovation in overturning Say's Law was to introduce demand deficiency into mainstream economic thought.The volume provides a robust and innovative exposition of the crucial point of division between classical and Keynesian economics, demonstrating that the role of demand deficiency was the fundamental issue at stake. Steven Kates first discusses Keynes's interpretation of Say's Law before documenting its development within classical theory. He then charts the development of post-General Theory interpretations of Say's Law, challenging Keynes's definition which was captured in the phrase 'supply creates its own demand'. The author also attempts to unravel the vast literature on the progress made by Keynes between his Treatise on Money published in 1930 and the General Theory, published six years later. He suggests that the crucial point in the origins of the General Theory was Keynes's discovery of Malthus's writings on Say's Law at the very depths of the Great Depression in 1932.This provocative book will be required reading for scholars and students interested in the history of economic thought, the history of macroeconomics and the Keynesian revolution.Trade Review'Say's Law and the Keynesian Revolution is a book par excellence. I have never encountered a text that explains the business cycle so cogently and provides a thorough repudiation of Keynesian economics to boot. It is a great contribution to economic literature.'Table of ContentsContents: Introduction 1. Say’s Law in the Structure of the General Theory 2. J.-B. Say, James Mill and Robert Torrens 3. David Ricardo 4. John Stuart Mill 5. Say’s Law in English Classical Theory 6. Say’s Law in the Classical Theory of the Business Cycle 7. Keynes’s Discovery of Say’s Law 8. Influences Deepening Keynes’s Understanding of Say’s Law 9. The Early Post-General Theory Evolution of Say’s Law 10. Modern Interpretations of Say’s Law 11. Critics of the Modern Interpretation 12. Conclusion Appendix Bibliography Index

Read more less

Book SynopsisChina's rapid economic growth has attracted much international attention in recent years, partly due to the potential purchasing power of the largest population in the world. This timely book examines general patterns of Chinese household demand for a variety of consumer goods such as food, durables, housing and health care and investigates the impact of economic and social factors on household consumption. China's Consumer Revolution focuses on comparisons between different consumer groups, such as rural versus urban and rich versus poor. Special attention is given to the impact of the newly affluent consumers, the so-called 'new rich'. This book also compares China with other countries in terms of household demand for consumer goods and sheds light on the prospects for international trade in this area. Drawing upon newly released household surveys, this book is the first of its kind and it will be of interest to both academic researchers and business advisors.Trade Review'The structure of the book is clear and straightforward. . . business people, economists and other social scientists may find this book a useful source of data related to China's changing economic situation.'Table of ContentsContents: Preface 1. Introduction 2. Emerging Patterns of Wealth and Expenditure 3. Food Consumption in Urban Households 4. Food Consumption in Rural Households 5. Grain Consumption and the Effects of Urbanisation 6. Alcohol Consumption and its Implications for the Grain Sector 7. Demand and Prospects of Consumer Durables 8. Health–care Demand and Reforms 9. Housing Demand and Reforms 10. Conclusions Bibliography Index

Read more less

Book SynopsisFull Employment and Growth presents James Tobin's unique modern Keynesian slant on the major monetary, fiscal and international policy issues of the 1990s.More than twenty recent essays collected together in this volume address the major contemporary issues of macroeconomic policy, especially in America. Usually dissenting from the orthodoxies of the day, both liberal and conservative, Professor Tobin offers a common sense, unhysterical view of public deficits and debt, speaks for pragmatic monetary policies, argues against protectionism and favours slowing down the speculative movement of funds between currencies. The author also presents his own suggestions for reform of social security and health care.Again and again, Professor Tobin warns against blind faith that the markets will always produce optimal results. All those interested in the application of economic analysis and argument to the salient policy issues of our time will find these essays eminently readable and will appreciate the clear ways in which the power of economic analysis is explained and used.Trade Review'The essays are permeated with that upsurge of optimism and spirit. Long may Jim Tobin continue to instruct and inspire us.' -- G.C. Harcourt, The Manchester School'The style is lucid and very readable and all mathematical formalization is left out. An impressive and important book, it is highly recommended to all.'– Tareen Hussain, The Economic JournalTable of ContentsContents: Acknowledgements Part I: Macroeconomic Policy Part II: Monetary Policy Part III: Fiscal Policy Part IV: International Economic Relations Part V: Social Policy Index

Read more less

Book SynopsisThe Economics of Budget Deficits provides a comprehensive overview of the scholarly literature exploring the causes and consequences of deficit spending and the public debt. Incorporating classical, Keynesian and public choice analyses of debt-financed public expenditures, the two volumes contain major theoretical and empirical contributions to the debate. They cover such critical fiscal policy issues as the history and measurement of budget deficits, the question of who bears the burden of the public debt, the use of deficits to solve problems of dynamic policy inconsistency and the relative effectiveness of fiscal rules and constitutional constraints as mechanisms for achieving budget balance. The editors provide an authoritative introduction to the two volumes and separate overviews of each of the seven parts. The Economics of Budget Deficits is an indispensable reference for all scholars and students interested in fiscal policy and for all policymakers.Trade Review'. . . a valuable resource for anyone interested in public finance issues. The editors have pulled together the most important and influential articles in the field. From Adam Smith to the present, the two-volume set is a comprehensive guide to the budget deficit debate.' -- Daniel J. Mitchell, Public ChoiceTable of ContentsContents: Volume I Acknowledgements Introduction Charles K. Rowley, William F. Shughart II and Robert D. Tollison PART I THE HISTORY AND MEASUREMENT OF BUDGET DEFICITS Part I Overview Charles K. Rowley, William F. Shughart II and Robert D Tollison 1. Gary M. Anderson (1986), ‘The US Federal Deficit and National Debt: A Political and Economic History’ 2. Alberto Alesina (2000), ‘The Political Economy of the Budget Surplus in the United States’ 3. Mario I. Blejer and Adrienne Cheasty (1991), ‘The Measurement of Fiscal Deficits: Analytical and Methodological Issues’ 4. Laurence J. Kotlikoff and Bernd Raffelhüschen (1999), ‘Generational Accounting Around the Globe’ 5. Jody W. Lipford (2001), ‘How Transparent is the U.S. Budget?’ PART II CLASSICAL PUBLIC DEBT THEORY Part II Overview Charles K. Rowley, William F. Shughart II and Robert D. Tollison 6. Adam Smith (1776/1976), ‘Of Publick Debts’ 7. T.R. Malthus (1803/1992), ‘Of Poor-laws, continued’ 8. David Ricardo (1817/1951), ‘Taxes on Other Commodities than Raw Produce’ 9. John Stuart Mill (1848/1965), ‘Of a National Debt’ PART III KEYNESIAN PUBLIC DEBT THEORY Part III Overview Charles K. Rowley, William F. Shughart II and Robert D Tollison 10. John Maynard Keynes (1936/1973), ‘The Marginal Propensity to Consume and the Multiplier’ 11. Abba P. Lerner (1943), ‘Functional Finance and the Federal Debt’ 12. Abba P. Lerner (1948), ‘The Burden of the National Debt’ 13. Paul A. Samuelson (1948), ‘Fiscal Policy and Full Employment without Inflation’ 14. Paul A. Samuelson (1970), ‘Fiscal Policy and Full Employment without Inflation’ PART IV THE BURDEN OF DEBT REEXAMINED Part IV Overview Charles K. Rowley, William F. Shughart II and Robert D. Tollison 15. J.E. Meade (1958), ‘Is the National Debt a Burden?’ 16. J.E. Meade (1959), ‘Is the National Debt a Burden? A Correction’ 17. James M. Buchanan (1958), ‘Concerning Future Generations’, Chapter Four, and ‘A Suggested Conceptual Revaluation of the National Debt’ 18. Richard A. Musgrave (1959), ‘Classical Theory of Public Debt’ 19. Abba P. Lerner (1961), ‘The Burden of Debt’ 20. Franco Modigliani (1961), ‘Long-Run Implications of Alternative Fiscal Policies and the Burden of the National Debt’ 21. James M. Buchanan (1964), ‘Public Debt, Cost Theory, and the Fiscal Illusion’ 22. James Tobin (1965), ‘The Burden of the Public Debt: A Review Article’ 23. James M. Buchanan (1966), ‘The Icons of Public Debt’ 24. James Tobin (1966), ‘Reply’ Name Index Volume II Acknowledgements An introduction by the editors to both volumes appears in Volume I PART I RICARDIAN EQUIVALENCE IN THE DOCK Part I Overview Charles K. Rowley, William F. Shughart and Robert D. Tollison 1. Robert J. Barro (1974), ‘Are Government Bonds Net Wealth?’ 2. Martin Feldstein (1976), ‘Perceived Wealth in Bonds and Social Security: A Comment’ 3. James M. Buchanan (1976), ‘Barro on the Ricardian Equivalence Theorem’ 4. Robert J. Barro (1976), ‘Reply to Feldstein and Buchanan’ 5. Gerald P. O’Driscoll, Jr. (1977), ‘The Ricardian Nonequivalence Theorem’ 6. Robert J. Barro (1979), ‘On the Determination of the Public Debt’ 7. Geoffrey Brennan and James M. Buchanan (1980), ‘The Logic of the Ricardian Equivalence Theorem’ 8. Paul Evans (1993), ‘Consumers are not Ricardian: Evidence from Nineteen Countries’ 9. T.D. Stanley (1998), ‘New Wine in Old Bottles: A Meta-Analysis of Ricardian Equivalence’ PART II PUBLIC CHOICE AND PUBLIC DEBT: THEORY AND EVIDENCE Part II Overview Charles K. Rowley, William F. Shughart and Robert D. Tollison 10. Edgar K. Browning (1975), ‘Why the Social Insurance Budget is too Large in a Democracy’ 11. Torsten Persson and Lars E.O. Svensson (1989), ‘Why a Stubborn Conservative Would Run a Deficit: Policy with Time-Inconsistent Preferences’ 12. Amihai Glazer (1989), ‘Politics and the Choice of Durability’ 13. Alberto Alesina and Guido Tabellini (1990), ‘A Positive Theory of Fiscal Deficits and Government Debt’ 14. Guido Tabellini and Alberto Alesina (1990), ‘Voting on the Budget Deficit’ 15. Timothy Besley and Anne Case (1995), ‘Does Electoral Accountability Affect Economic Policy Choices? Evidence from Gubernatorial Term Limits’ 16. W. Mark Crain and Robert D. Tollison (1993), ‘Time Inconsistency and Fiscal Policy: Empirical Analysis of U.S. States, 1969–89’ 17. W. Mark Crain and Lisa K. Oakley (1995), ‘The Politics of Infrastructure’ PART III DEFICIT FINANCE IN CONSTITUTIONAL PERSPECTIVE Part III Overview Charles K. Rowley, William F. Shughart and Robert D. Tollison 18. James M. Buchanan (1985), ‘The Moral Dimension of Debt Financing’ 19. Robert D. Tollison and Richard E. Wagner (1986), ‘Balanced Budgets and Beyond’ 20. Milton Friedman (1978), ‘The Limitations of Tax Limitation’ 21. Alvin Rabushka (1982/1987), ‘A Compelling Case for a Constitutional Amendment to Balance the Budget and Limit Taxes’ 22. Henry Hazlitt (1983/1987), ‘A Proposal for Two Constitutional Amendments’ 23. Aaron Wildavsky (1985), ‘Equality, Spending Limits, and the Growth of Government’ 24. W. Mark Crain and James C. Miller III (1990), ‘Budget Process and Spending Growth’ 25. Jürgen von Hagen (1991), ‘A Note on the Empirical Effectiveness of Formal Fiscal Constraints’ 26. James M. Poterba (1994), ‘State Responses to Fiscal Crises: The Effects of Budgetary Institutions and Politics’ 27. W. Mark Crain and Timothy J. Muris (1995), ‘Legislative Organization of Fiscal Policy’ 28. Edward M. Gramlich (1995), ‘The Politics and Economics of Budget Deficit Control: Policy Questions and Research Questions’ 29. James M. Buchanan (1997), ‘The Balanced Budget Amendment: Clarifying the Arguments’ 30. James M. Poterba (1997), ‘Do Budget Rules Work?’ 31. Robert D. Reischauer (1997), ‘Comment’ 32. David Romer (1997), ‘Comment’ 33. W. Mark Crain and Nicole Verrier Crain (1998), ‘Fiscal Consequences of Budget Baselines’ 34. Charles K. Rowley (2000), ‘Budget Deficits and the Size of Government in the UK and US: A Public Choice Perspective on the Thatcher and Reagan Years’ Name Index

Read more less

Book SynopsisThis important book is concerned with the evaluation of changes in income distribution and the analysis of tax and transfer systems.The book begins with an introduction to the measurement of inequality and poverty, stressing the role of value judgements. The following six chapters deal with cross- sectional comparisons, including the analysis of a labour market model of income distribution, the choice of transfer system, marginal indirect tax reform, and the distributional effects of inflation. The next seven chapters are concerned with dynamic aspects of income distribution. These examine the complex relationship between cross-sectional and lifetime distributions, relative income mobility, and the effects of income mobility on temporary and permanent poverty.The Dynamics of Inequality and Poverty will be essential reading for students and scholars of public sector economics, welfare economics and social economics, along with those directly concerned with policy formulation.Trade Review'. . . this book is likely to be of most interest to specialists in income distribution and tax-transfer systems. Since many of the original articles are not easily accessible, it is convenient to have them brought together.' -- S.P. Jenkins, Journal of EconomicsTable of ContentsContents: Part I: Introduction 1. Introduction and Outline 2. Measuring Inequality and Poverty Part II: Cross-sectional Comparisons 3. Cross-sectional comparisons 4. A Model of Income Distribution 5. Comparing Transfer Systems 6. Poverty with Threshold Consumption 7. Indirect Tax Reform 8. The Distributional Effects of Inflation Part III: Income Dynamics 9. Income Dynamics 10. Mobility and Inequality 11. Income Dynamics over the Life Cycle 12. Evaluating Income Tax Changes 13. Income Taxation and the Time Period 14. Mobility and Social Welfare 15. Poverty over Two Periods Index

Read more less

Book SynopsisThis important book investigates the causes of the decline in public capital spending which has occurred in most OECD countries over the past 25 years, and estimates the macroeconomic consequences of this decline.Governments can improve the future living conditions of their citizens in various ways including stimulating private investment, increasing spending on education and health programmes, preserving the environment and adding to the stock of public capital. In Public Capital Spending in OECD Countries the author focuses on government investment in physical capital within a macroeconomic context. He examines the consequences of the decline in public investment on physical assets such as infrastructure and the environment. The past few years have witnessed a growing awareness that especially the stock of public capital has been neglected by many OECD governments. Such a reduction in public investment may lead to a decline in economic growth, and therefore it is vital that the fall in government spending is rigorously examined.Key features include:- a detailed and comprehensive review of existing literature. original empirical investigations using alternative techniques and different datasets. possible explanations for the trends in public capital spending. estimates of the effect of public capital spending on economic growth. Trade Review'Sturm manages to communicate his findings in a way that makes the book readable even to those not familiar with the field of econometrics.' -- Tijdschrift voor Economische en Sociale Geografie'For the past decade public capital has been the great imponderable of economic growth studies. Most developed countries have seen a simultaneous slowing of public capital investment and overall productivity growth. Are the two related? Which causes what, to what degree? This book contains a series of very sophisticated tests to try to unravel the mysteries, in The Netherlands and throughout the OECD.' -- Edward Gramlich, University of Michigan, US'This book applies the tools of modern econometrics to the analysis of the causes and consequences of the slowdown of public investment in the OECD nations. The work is careful and convincing. The comprehensive literature review by itself makes this a valuable volume for anyone who is interested in infrastructure spending.' -- Harvey S. Rosen, Princeton University, US'This book will rapidly establish itself as the main reference point on public capital spending. It combines excellent argumentation with first class technical analysis.' -- Peter Jackson, University of Leicester, UKTable of ContentsContents: 1. Introduction Part I: Development 2. Public Capital Spending in the Netherlands 3. Public Capital Spending in the OECD Part II: Impact 4. Modelling Public Capital Spending and Growth 5. Productivity Effects of Public Capital 6. Sectoral Cost Elasticities of Public Infrastructure 7. Output Effects of Infrastructure Investment 8. Conclusions Index

Read more less

Book SynopsisA feature of the new consumer societies which has emerged in more recent years has been the growing economic and social importance of conspicuous consumption. Status-directed consumer demand, stimulated and promoted by the supply of products and services marketed as symbols of social identity and style, now represents a significant part of overall economic and commercial activity. Once regarded as a form of consumer behaviour associated only with the rich and privileged, conspicuous consumption is today a worldwide phenomenon, easily observed at all social and economic levels and a major determinant of the nature and direction of consumer demand. The origins of modern-day conspicuous consumption can be traced to the seventeenth and eighteenth centuries, to a time when the first consumer societies were being established. As these new markets emerged, so economics struggled to come to terms with a form of socially-inspired consumer behaviour with which it felt instinctively uneasy. Roger Mason traces the development of economic theory and thought since 1700 in its attempts to accommodate a new economics of conspicuous consumption. This enlightening book will be of much interest to scholars, researchers and students of consumer behaviour in economic theory, and will also be welcomed by those in the disciplines of sociology, psychology and business studies.Trade Review'Among the merits of Mason's book is that it offers a well-documented portray of the debate between Marshall and Pigou on the opportunity to explicitly include the analysis of conspicuous consumption into the realm of economics . . . Professor Mason's book offers an instructive description of the early contributions to the economics of conspicuous consumption and a useful guide to recent bibliographic sources.' -- G. Corneo, Journal of Economics'Mason provides an admirable history of conspicuous consumption, tracing its more recent expansion to all socioeconomic levels.' -- R.T. Averitt, Choice'The interdependence of individual consumption choices is one of those subterranean themes that run through the history of economics - never quite in the mainstream, but never wholly forgotten. Common observation reminds us that fashion matters, as does the desire to flaunt wealth or to conceal it, but this is an awkward fact that does not fit well into a framework which takes individual preferences as a given starting point. Roger Mason's history of the idea of conspicuous consumption from 1700 to the present is a valuable addition to our understanding of this important theme.' -- Anthony Brewer, University of Bristol, UKTable of ContentsContents: Introduction 1. The New Consumer Society 2. John Rae and ‘The Passion of Vanity’ 3. A Confusion of Ideas 4. The Neoclassical View 5. Thorstein Veblen and the Gilded Age 6. The Resistance to Change 7. Demand Reconsidered: External Effects and the Relative Income Hypothesis 8. Consumer Theory and the Economics of Affluence 9. Status, Identity and Style: Towards a NewTheory of Consumption 10. Perspective Index

Read more less

Book SynopsisIn this ground-breaking book, leading commentators on the Japanese economy analyse both the immediate and deep-seated causes that make a sustained economic recovery in Japan problematic. They debate the deep-rooted structural causes of Japan's decline and assess Japan's faltering financial system before prescribing policies to abate the continuing crisis.Starting with Japan's unanticipated economic collapse in the 1990s, the volume's contributors try to fathom the way forward for a seemingly catatonic economy. The first section deals with the entrenched structural causes of Japan's economic decline and demonstrates why sustained recovery is likely to be difficult. The second section tackles a more immediate difficulty impeding economic recovery - Japan's nearly bankrupt financial system - and discusses how regulators and politicians both helped to cause and can possibly combat this problem. All contributors agree that measures must be taken to ensure the synchronization of political, institutional and cultural structures to guarantee Japan's successful recovery. They are unable to agree on which measures will be effective and feasible. This highly insightful and accessible volume will be of interest to scholars of Japanese studies, financial economics and international economics as well as anyone with an interest in the current Japanese crisis.Trade Review'. . . interesting, informative, and worthwhile reading. This reviewer recommends the book for anyone interested in understanding what happened to Japan in the 1990s.' -- Thomas F. Cargill, Journal of Economic Literature'. . . the publication of Why Did Japan Stumble? . . . is very welcome. In a single location, the reader can sample a wide variety of conflicting explanations, some of them by very influential Japanese thinkers. . . . Those interested in the state of debate among top rank participants would do well to include this book on their reading list.' -- Richard Katz, Journal of Japanese StudiesTable of ContentsContents: 1. The Catatonic Economy Part I: Future Directions 2. Why do I Expect Japan to Collapse? 3. Declining Population, the Size of the Government and the Burden of Public Debt: Some Economic Policy Issues in Japan 4. Japan’s Business Culture and Society Part II: Current Problems 5. Why has the Japanese Economy been Stumbling for so Long? 6. Empirical Determinants of Banking Crises: Japan’s Experience in International Perspective 7. Crisis? What Crisis? The Policy Response to Japan’s Banking Crisis Index

Read more less

Book SynopsisThe rise and relative decline of the Japanese economy has been an important feature of the world economy over the last decade. In this innovative book, distinguished experts re-evaluate commonly held perceptions in the West and in Japan about the strength of the economy. They shed new light on Japan's current economic situation and prescribe policies to restructure the domestic economy in order to achieve growth objectives.Japanese Economic Policy Reconsidered provides a critical evaluation of the key issues facing the Japanese economy, and the political and economic environments that continue to hold back Japan's future growth. The contributors advocate far-reaching structural reform in order to allow market forces to dictate industry policy. They then turn to the changing role of foreign trade and evaluate the Clinton Administration's attempt to define a new approach to US-Japan trade relations. Special attention is given to an empirical analysis of the problem of overseas production. They also examine the peculiar characteristics of Japanese foreign direct investment inflows, and advocate the removal of disincentives to foreign investment, in order to encourage trade and economic growth. The authors then discuss the role of the financial sector, particularly in relation to Germany and the United States, and discover parallels in monetary policy in all three countries. They recommend regulatory reform of the financial sector in Japan to adapt to the future financial environment.This volume will be accessible to both scholars and practitioners looking for a deeper insight into modern Japan. It will also be of great use to students of macroeconomics, Asian studies, business economics and international economics.Trade Review'This attractively titled volume, Japanese Economic Policy Reconsidered, analyses the Japanese economy and associated economic policy issues not by responding to old arguments dealing with Japan's 'Economic Miracle', but by taking a pragmatic view of the current complexities that define the industrial and financial organization of Japan. The internationally known scholars tackle the problems associated with the need for reform in a mature economy. They conclude that Japan requires significant reforms in monetary, regulatory and even foreign policy. The striking insights are made easily accessible thanks to the editor's insightful introduction. Anyone interested in the economic problems currently facing Japan will find much in this volume to be of lasting interest.' -- Mitsuaki Okabe, Keio University, JapanTable of ContentsContents: 1. The End of Economic Miracles (C. Freedman) Part I: Main Issues facing Japan’s Economy 2. The Japanese Economy at Historical Crossroads 3. Structural Reforms Proposed in the Japanese Government’s Mid-term Economic Plan 4. Theoretical Approaches to the Japan–American Security Alliance Part II: Foreign Trade and Investment 5. Japan and the 1994 Economic Report of the President 6. Foreign Direct Investment in Japan 7. Japanese Foreign Direct Investment Part III: The Financial Sector 8. Monetary Policy in Japan, Germany and the United States 9. Prudential Policy in Japan 10. Asset Prices and Consumption Index

Read more less

Book SynopsisRobert Eisner has made a seminal contribution to the development of macroeconomic analysis in the latter half of the twentieth century. This carefully edited selection of his essays traces the development of economic thought in the wake of the Keynesian revolution and offers a critique of the neoclassical contribution to economic analysis and major macroeconomic policy issues.Professor Eisner is fundamentally concerned with the determinants of employment and growth in a market economy. In this book, he provides a rigorous analysis of the permanent income hypothesis, the multiplier, interest rates, the liquidity trap, consumption and saving, depreciation, unemployment and growth models. He goes on to examine fiscal and monetary policy and the measurement and effects of budget deficits over the post-war period, challenging the view that budget deficits should necessarily be avoided. Professor Eisner also offers new measures of saving, investment and national income and product, which provide new insights into the economic factors affecting current welfare and future growth. Finally, he discusses the importance of full employment and criticises the idea that there is a natural rate of unemployment.Table of ContentsContents: Acknowledgements Introduction Part I: The Keynesian Revolution – Consumption, Interest Rates and Growth Part II: Fiscal and Monetary Policy and Budget Deficits Part III: Budget Deficits and Saving Part IV: Natural Rate of Unemployment and NAIRU Appendix

Read more less

Book SynopsisThis carefully edited selection of Robert Eisner's essays ties together his authoritative contributions to economic analysis and macroeconomic policy issues, particularly business, investment and tax policy. He offers a trenchant analysis of the fundamental issues of employment, investment and economic welfare in an advanced market economy, offering a challenge to the conventional wisdom on macroeconomic theory and policy.Professor Eisner first examines the determinants of business investment and criticizes neoclassical theories on investment. He goes on to assess the role of tax incentives in investment and finds that tax policy is a flawed way of attempting to encourage investment. He also analyses national income accounting and offers some alternative measurements for calculating national product. Professor Eisner then examines the implications of war for the economy and explores the macroeconomic consequences of disarmament including its possible effects on unemployment. Lastly, he addresses the conflict between economic policy and principle; particularly concerning the environment, insurance and the theory of choice, academic freedom and the elderly.Table of ContentsContents: Acknowledgements Introduction Part I: Business Investment Part II: TISA and National Income Accounting Part III: Taxes and Tax Incentives Part IV: War, Conscription and Disarmament Part V: Economic Policy and Principle Appendix

Read more less

Book SynopsisNew growth theory attempts to explain the process of long run economic growth through endogenous forces such as human capital, knowledge spillover and information technology. This book offers an up-to-date critical review of the most important economic issues in new growth theory and discusses its empirical evidence, optimality and usefulness in national policy making. Professor Sengupta critically analyzes the dynamic and disequilibrium models as applied to recent international growth and discusses their policy implications for structural adjustment, technological innovation and international spillover of knowledge. He empirically illustrates the various phases of growth in technology-intensive sectors such as flexible manufacturing and the semi-conductor and telecommunications industries, presenting new insights into the effects of the learning process on growth and the different phases of the innovation process. He also provides a detailed new approach to learning by doing. He then critically reviews the foreign exchange market in relation to international development. Lastly, he applies time-series econometric methods to R&D investment in human capital in a global framework.New Growth Theory will be invaluable to graduate students and scholars of macroeconomics and researchers in growth theories and economic development.Trade Review'Sengupta's monograph New Growth Theory is both an excellent critical review of applied work developed in new growth theory and a challenge for modern theorists to test models of nonlinear and evolutionary dynamics, with special emphasis on learning phenomena and adaptive behaviour, which play a key role in stochastic growth.' -- Elettra Agliardi, The Economic JournalTable of ContentsContents: Preface 1. Theory and Empiricism in Economic Growth 2. New Growth Theory: Empirical Perspectives 3. Stochastic Aspects of Learning by Doing 4. Recent Growth Episodes in NICs 5. Growth Stabilization and Exchange Rate Instability 6. Growth and Development Policy 7. Evolutionary Dynamics in Economic Growth 8. Infrastructure and Economic Growth References Index

Read more less

Book SynopsisDo taxes improve the environment at a reasonable cost? This book focuses on the environmental effects and effectiveness of market-based policy instruments, especially taxes, at improving the environment.In order to calculate their efficiency, the authors compare taxes levied in different ways and at different stages in the product life-cycle with other market-based instruments such as charges, subsidies, tradeable emission permits and deposit-refund systems. They also compare the effectiveness of environmental taxes with other regulatory instruments and schemes including liability and insurance schemes and green labelling. Several chapters focus on the transaction and information costs associated with the implementation of market based policy instruments. The contributors use case study examples to support their findings on the most effective method to improve the environment.Trade Review'The Market and the Environment is a very good book. Thomas Sterner has done an excellent job of assembling a set of high quality papers that complement each other very well.' -- Robert E. Wright, Environmental ConservationTable of ContentsContents: Preface 1. Introduction 2. Disclosure Strategies for Pollution Control 3. Theoretical Considerations Regarding the Effectiveness of Policy Instruments 4. Locally Rational Affection and the Choice of Environmental Policy Instruments 5. Impacts of Environmental Policy on International Trade and Capital Movement 6. Effects of Uncertainty over Environmental Taxes on Emission-reducing Capital in an Oligopoly 7. Regulating Road Transport Externalities 8. Variations on the Wrong Themes? 9. Environmental Taxes seem to be Effective Instruments for the Environment 10. Energy and Environmental Taxes in the European Community and in OECD Countries 11. Energy and Environmental Taxation in Sweden 12. The Distributional Effects of Carbon Regulation 13. Market-Based Instruments for Environmental Policy in Developing Countries 14. Environmental Taxation in Kenya 15. Economic Instruments for Environmental Management in Tanzania 16. The Role of Enforcement and Economic Instruments in Inducing Environmental Investment in a Transition Economy 17. Design and Performance of Economic Instruments for Waste Management and Air Emission Control in Hungary 18. Do Pollution Charges Reduce Emissions in Lithuania? 19. Issues in Designing an Effective Solid Waste Policy 20. Waste Management and Recycling 21. The Effectiveness of the UK Landfill Tax - Early Indications 22. Environmental and Economic Implications of Market-Based Instruments in Portugal Index

Read more less

Book SynopsisIn The Methodology of Macroeconomic Thought, Sheila Dow attempts to bridge the gap between methodology and macroeconomic theory through the study of four different schools of thought in economics - the Neo-Austrian, mainstream, post Keynesian and Marxian traditions - and by seeking to understand their methodological foundations in their own terms. In this substantially-revised new edition of her classic work, Macroeconomic Thought: A Methodological Approach, Dr Dow argues for methodological awareness among practising economists as a basis for constructive debate and reasoned argument. The methodological content has been substantially increased to include material on recent developments in the field. After analysing the historical and methodological development of each of the schools, the author covers the micro-foundations of their macroeconomics and their approaches to key concepts including equilibrium, expectations, money and macroeconomic policy. The author seeks to identify the sources of differences between schools of thought as well as potential and actual commonalities before examining their differences at a conceptual level. Unlike other accounts, mainstream economics is treated here as one school of thought on a par with Neo-Austrian economics, PostKeynesian economics and Marxian economics.The Methodology of Macroeconomic Thought will be welcomed by readers for its description and analysis of these schools in their own terms, as well as for the wider perspective it offers on methodology.Trade Review'This book provides an excellent springboard for reflection on issues of theory construction. . . Dow provides a complete snapshot of the current state of macroeconomics.'Table of ContentsContents: 1. Introduction 2. Modes of Thought in Economics 3 . Methodological Issues in Economics 4. The Historical and Methodological Development of Schools of Thought in Macroeconomics 5. The Micro-foundations of Macroeconomics 6. Equilibrium 7. Expectations 8. Money 9. Methodology and Macroeconomic Policy 10. Conclusion Bibliography Indexes

Read more less

Book SynopsisThe concept of equilibrium is of enormous significance in economics and is central to economic analysis. Volume I provides historical perspectives on the origins, development and criticisms of the idea of economic equilibrium and explains the meaning of modern equilibrium theory and the methods and techniques that are used. Volume II presents the classic literature on perfectly competitive equilibrium and the important models that explore equilibrium in imperfectly competitive markets. Volume III reveals the variety of recent developments and applications of the equilibrium concept, including stationary, temporary, underemployment, growth, rational expectations, Bayesian, and cooperative and non-cooperative game theoretic equilibrium.This important and comprehensive reference collection is essential reading for all microeconomic and macroeconomic theorists and students.Table of ContentsContents: Volume I: Acknowledgements • Introduction Part I: Historical Perspectives 1. Kenneth J. Arrow and F.H. Hahn (1971), ‘Historical Introduction’ 2. M.L. Myers (1976), ‘Adam Smith’s Concept of Equilibrium’ 3. Peter Flaschel and Willi Semmler (1987), ‘Classical and Neoclassical Competitive Adjustment Processes’ 4. D.J. Harris (1991), ‘Equilibrium and Stability in Classical Theory’ 5. Jean Magnan de Bornier (1992), ‘The “Cournot-Bertrand Debate”: A Historical Perspective’ Part II: Criticisms of the Equilibrium Concept 6. Fritz Machlup (1991), ‘Equilibrium and Disequilibrium: Misplaced Concreteness and Disguised Politics’ 7. Nicholas Kaldor (1972), ‘The Irrelevance of Equilibrium Economics’ 8. Joan Robinson (1974), ‘History Versus Equilibrium’ 9. Nicholas Kaldor (1975), ‘What Is Wrong With Economic Theory’ 10. Nicholas Kaldor (1979), ‘Equilibrium Theory and Growth Theory’ 11. Jack Wiseman (1989), ‘General Equilibrium or Market Process: An Evaluation’ 12. Meyer Burstein (1991), ‘History versus Equilibrium: Joan Robinson and Time in Economics’ 13. Krishna Bharadwaj (1991), ‘History versus Equilibrium’ 14. Charles C. Fischer (1993), ‘On The “Stickiness” Of The Economic Equilibrium Paradigm: Causes of Its Durability’ 15. Mark Blaug (1997), ‘Competition as an End-State and Competition as a Process’ Part III: Meaning and Concepts of Modern Economic Equilibrium Theory 16. Gerard Debreu (1962), ‘New Concepts and Techniques for Equilibrium Analysis’ 17. John S. Chipman (1965), ‘The Nature and Meaning of Equilibrium in Economic Theory’ 18. F.H. Hahn (1973), excerpt from On the Notion of Equilibrium in Economics 19. Kenneth J. Arrow (1974), ‘General Economic Equilibrium: Purpose, Analytic Techniques, Collective Choice’ 20. Alan Coddington (1975), ‘The Rationale of General Equilibrium Theory’ 21. Stephen Smale (1976), ‘Dynamics in General Equilibrium Theory’ 22. John F. Henry (1983-84), ‘On Equilibrium’ 23. Frank Hahn (1984), ‘Introduction’ 24. M.H.I. Dore (1984-85), ‘On the Concept of Equilibrium’ 25. Thomas Frank Kompas (1985), ‘Traditional Notions of Equilibrium Reconsidered’ 26. Jacques Henry (1987), ‘Equilibrium as a Process’ 27. Martin J. Beckmann (1990), ‘The Meaning of General Equilibrium’ 28. Giovanni Caravale (1994), ‘Updating an Old Question: Prices and Quantities’ 29. Paul Milgrom and John Roberts (1994), ‘Comparing Equilibria’ 30. Christian Bidard and Guido Erreygers (1998), ‘The Number and Type of Long-term Equilibria’ Name Index Volume II: Part I: Perfectly Competitive Equilibrium in Virtual Models A Existence 1. E. Roy Weintraub (1983), ‘On the Existence of a Competitive Equilibrium: 1930-54’ 2. John H. Boyd III and Lionel W. McKenzie (1993), ‘The Existence of Competitive Equilibrium over an Infinite Horizon with Production and General Consumption Sets’ 3. Paulo Klinger Monteiro (1994), ‘Inada’s Condition Implies Equilibrium Existence Is Rare’ 4. Kam-Chau Wong (1997), ‘Excess Demand Functions, Equilibrium Prices, and Existence of Equilibrium’ 5. Donald A. Walker (1997), ‘New Perspectives on the Existence of Equilibrium’ B Uniqueness 6. Gerard Debreu (1970), ‘Economies With a Finite Set of Equilibria’ 7. Yves Balasko (1975), ‘Some Results on Uniqueness and on Stability of Equilibrium in General Equilibrium Theory’ 8. Timothy J. Kehoe (1985), ‘Multiplicity of Equilibria and Comparative Statics’ 9. Anjan Mukherji (1997), ‘On the Uniqueness of Competitive Equilibrium’ C Stability 10. Kenneth J. Arrow and Leonid Hurwicz (1960), ‘Competitive Stability Under Weak Gross Substitutability: The “Euclidean Distance” Approach’ 11. Kenneth J. Arrow and Leonid Hurwicz (1962), ‘Competitive Stability Under Weak Gross Substitutability: Nonlinear Price Adjustment and Adaptive Expectations’ 12. Takashi Negishi (1962), ‘The Stability of a Competitive Economy: A Survey Article’ 13. M.G. Allingham (1974), ‘Equilibrium and Stability’ 14. Michael J.P. Magill (1979), ‘The Stability of Equilibrium’ 15. H. Jerome Keisler (1996), ‘Getting to a Competitive Equilibrium’ 16. Yves Balasko (1994), ‘The Expectational Stability of Walrasian Equilibria’ 17. Donald A. Walker (1997), ‘New Perspectives on the Stability and Uniqueness of Equilibrium’ Part II: Non-Virtual Purely Competitive Models 18. Frank H. Hahn and Takashi Negishi (1962), ‘A Theorem on Non-Tâtonnement Stability’ 19. Franklin M. Fisher (1976), ‘A Non-Tâtonnement Model with Production and Consumption’ 20. Franklin M. Fisher (1983), ‘The Development of the Stability Literature’ 21. Francesca Busetto (1995), ‘Why the Non-Tâtonnement Line of Research Died Out’ Part III: Models with Various Forms of Market Imperfection 22. Jacques H. Drèze (1991), ‘On Supply-Constrained Equilibria’ 23. Jean-Pascal Bénassy (1993), ‘Nonclearing Markets: Microeconomic Concepts and Macroeconomic Applications’ 24. Russell Cooper (1994), ‘Equilibrium Selection in Imperfectly Competitive Economies with Multiple Equilibria’ 25. Jean Mercenier (1995), ‘Nonuniqueness of Solutions in Applied General Equilibrium Models with Scale Economies and Imperfect Competition’ 26. P. Jean-Jacques Herings (1996), ‘Equilibrium Existence Results for Economies with Price Rigidities’ 27. Claude d’Aspremont, Rodolphe Dos Santos Ferreira and Louis-André Gérard-Varet (1997), ‘General Equilibrium Concepts under Imperfect Competition: A Cournotian Approach’ Supplementary Reading List Name Index Volume III: Part I: Stationary 1. Truman F. Bewley (1981), ‘Stationary Equilibrium’ 2. D. Duffie, J. Geanakoplos, A. Mas-Colell and A. McLennan (1994), ‘Stationary Markov Equilibria’ 3. Piero Gottardi (1996), ‘Stationary Monetary Equilibria in Overlapping Generations Models with Incomplete Markets’ 4. Robert Becker and Itzhak Zilcha (1997), ‘Stationary Ramsey Equilibria under Uncertainty’ Part II: Temporary 5. Jean-Michel Grandmont (1991), ‘Temporary Equilibrium: Money, Expectations and Dynamics’ 6. Lionello F. Punzo (1991), ‘Comment’ Part III: Underemployment 7. Paola Potestio (1986), ‘Equilibrium and Employment in “The General Theory”’ Part IV: Growth 8. V.M. Polterovich (1977), ‘Models of Equilibrium Economic Growth’ Part V: Rational Expectations 9. George W. Evans and Seppo Honkapohja (1994), ‘Learning, Convergence, and Stability with Multiple Rational Expectations Equilibria’ Part VI: Bayesian 10. Jean-Jacques Laffont (1991), ‘Perfect Bayesian Equilibrium’ Part VII: Game Theoretic Equilibrium A Introduction to Equilbrium in Game Theory and to Nash Equilibrium 11. John F. Nash, Jr. (1950), ‘The Bargaining Problem’ 12. Elon Kohlberg (1990), ‘Refinement of Nash Equilibrium: The Main Ideas’ 13. Adam Brandenburger (1992), ‘Knowledge and Equilibrium in Games’ 14. Dave Furth (1993), ‘Game Equilibrium Modelling’ 15. Robert J. Leonard (1994), ‘Reading Cournot, Reading Nash: The Creation and Stabilisation of the Nash Equilibrium’ 16. Hans Jørgen Jacobsen (1996), ‘On the Foundations of Nash Equilibrium’ B The Core 17. Karl Vind (1995), ‘Perfect Competition or the Core’ 18. Lester G. Telser (1996), ‘Competition and the Core’ C Cooperative Games 19. John Nash (1953), ‘Two-Person Cooperative Games’ 20. Debraj Ray and Rajiv Vohra (1997), ‘Equilibrium Binding Agreements’ D Noncooperative Games 21. Donald Wittman (1993), ‘Nash Equilibrium vs Maximin: A Comparative Game Statics Analysis’ 22. Vijay Krishna and Roberto Serrano (1995), ‘Perfect Equilibria of a Model of N-Person Noncooperative Bargaining’ 23. Ferenc Szidarovszky and Koji Okuguchi (1997), ‘On the Existence and Uniqueness of Pure Nash Equilibrium in Rent-Seeking Games’ E Evolutionary Games 24. George J. Mailath (1998), ‘Do People Play Nash Equilibrium? Lessons From Evolutionary Game Theory’ F Other 25. Gerard Debreu (1954), ‘Valuation Equilibrium and Pareto Optimum’ 26. Frank Hahn (1978), ‘On Non-Walrasian Equilibria’ 27. James Bullard (1994), ‘Learning Equilibria’ 28. Yves Balasko, David Cass and Karl Shell (1995), ‘Market Participation and Sunspot Equilibria’ Supplementary Reading List Name Index

Read more less

Book SynopsisThis seminal work offers a carefully edited collection of Ryuzo Sato's pioneering contributions to the analysis of the theories of production, preference, stability and dynamic symmetry in economics.The author examines production functions and preference functions containing both goods and money and studies the stability of general equilibrium systems and economic conservation laws. The book also includes Professor Sato's groundbreaking work on the application of Lie group theory to the estimation of technical progress.This important book will be welcomed by scholars interested in technical change and progress.Table of ContentsContents: Introduction Part I: Production and Preferences Part II: Stability Part III: Dynamic Invariance

Read more less

Book SynopsisThis important book presents a new original study of the German and UK financial markets. It addresses the relationship between corporate governance, ownership and financial performance in German and UK firms floated during the 1980s.Marc Goergen uses detailed company micro-data to examine the ownership and performance of each firm from the time of its flotation to six years later. He finds that the evolution of ownership depends on certain corporate characteristics and that differences in financial performance cannot be explained simply by differences in the concentration of ownership. The book sheds new light on the important issue of whether corporate ownership influences or is influenced by financial performance.The main findings of the book have important implications for public policy and the current public debate on corporate governance and the globalisation of financial markets. They are important for established financial markets and the transitional economies of Eastern and Central Europe as well as for international scholars interested in issues of corporate governance and the performance of firms.Trade Review'. . . the overall contribution of the volume is considerable. It deserves to be read by anyone interested in comparative aspects of the corporate governance debate.' -- Steve Thompson, The Economic Journal'Using two sharply contrasting markets, Marc Goergen draws valuable lessons about the dynamics of company ownership and financial performance. This deeply researched book is an important contribution to the growing debate about the role of financial markets as Europe moves towards the single currency.' -- David Lascelles, Centre for the Study of Financial Innovation'An excellent study of both ownership and new issue markets in Germany. A text that will inform both scholars and students interested in how European capital markets work.' -- Julian Franks, London Business School, UKTable of ContentsContents: Preface 1. Introduction 2. Theory and Empirical Research 3. The German and UK Capital Markets 4. The Evolution of Ownership and Control in German IPO’s 5. British and German IPO’s – A Comparison 6. Explaining the Evolution of Ownership 7. Do German Firms have a Better Performance? 8. Conclusion and Policy Implications Bibliography Index

Read more less

Book SynopsisIn this book, Nancy and Richard Ruggles demonstrate their unique grasp of the measurement and analysis of macro and micro data and elucidate ways of integrating the two data sets.Their analysis of macrodata is used to examine the economic growth of the United States from the 1920s to the present day. They focus particularly on recession and recovery between 1929 and 1974 and the measurement of short-run economic growth. They also examine the measurement of saving, investment and capital formation in the United States. On a microeconomic level, they analyse economic intelligence in World War II, offer a study of fertility in the United States in the pre-war era and analyse longitudinal establishment data. Finally they integrating the two approaches to provide a method of providing a more complete picture of social and economic performance.Trade Review'Richard Ruggles, often assisted by Nancy Ruggles, has been a major contributor to national income accounting and to the empirical study of microeconomics and macroeconomics using that and other data. He has focused on the quantitative analysis of actual economic systems in a discipline increasingly preoccupied with abstract pure conceptual models. Like the work of Simon Kuznets and others, Ruggles's analyses encompass an unusually wide range of variables.' -- Warren J. Samuels, Michigan State University, US'The essays collected in this volume represent pioneering work by Nancy and Richard Ruggles on both the integration of micro and macro accounting data and the development of microdata . . . [They] have wide-ranging implications for modern theories of savings and investment.' -- From the foreword by Edward N. WolffTable of ContentsContents: Preface Part I: Macroanalysis 1. Recession and Recovery in the United States, 1929–74, and Sectoral Saving and Investment Accounts 2. Economic Growth in the Short Run 3. Theoretical Concepts and Empirical Measurement of Saving and Investment 4. Household and Enterprise Saving and Capital Formation in the United States, 1947–91 5. Accounting for Saving and Capital Formation in the United States, 1947–91 Part II: Microanalysis 6. An Empirical Approach to Economic Intelligence in World War II 7. A Study of Differential Fertility Based on Census Data 8. A Strategy for Merging and Matching Microdata Sets 9. Merging Microdata 10. The Analysis of Longitudinal Establishment Data Part III: The Integration of Macro- and Microdata 11. Methodological Developments 12. Macroaccounts and Microdata Sets 13. The Relation of Methodology to the Technology of Economic Research 14. The Role of Microdata in the National Economic Accounts 15. Social Indicators and a Framework for Social and Economic Accounts 16. The Measurement of Economic and Social Performance 17. The Development of Integrated Data Bases for Social, Economic and Demographic Statistics 18. The Integration of Macro- and Microdata for the Household Sector Bibliography Index

Read more less

Book SynopsisThis volume reflects the pioneering contribution of Nancy and Richard Ruggles to the development of national accounts. It provides a comprehensive overview of the evolution of national accounting systems over the last 50 years.The book is divided into three parts: the evolution of national accounting, the United States national accounts and the United Nations system of national accounts. The authors look at the treatment of pensions, insurance, and value added in national accounting, and the relationship between national income accounting and economic policy. They then look at the conceptual basis and evolution of national accounting systems in the United States between 1947 and 1977 and the integrated economic accounts between 1947 and 1980. Finally, the book includes a review of the major issues in the United Nations system of national accounts, both in terms of measurement and in their applicability to economies in transition and developing countries.Trade Review'Richard Ruggles, often assisted by Nancy Ruggles, has been a major contributor to national income accounting and to the empirical study of microeconomics and macroeconomics using that and other data. He has focused on the quantitative analysis of actual economic systems in a discipline increasingly preoccupied with abstract pure conceptual models. Like the work of Simon Kuznets and others, Ruggles's analyses encompass an unusually wide range of variables.' -- Warren J. Samuels, Michigan State University, US'They are clearly a classic team that has contributed enormously to national income account analysis over the years. The recent concern about measuring prices and productivity and about the correct indexing for Social Security has brought renewed attention to their work. Every serious economics library should have the volumes.' -- Martin Feldstein, National Bureau of Economic Research, US'The papers speak for themselves and demonstrate the magnitude of the contribution which Nancy and Richard Ruggles have made to the subject of economic accounting in the last half century. In contrast to many introverted and overly technical manuals and articles on national accounts, their papers are invariably clear, stimulating and readable.' -- From the foreword by Peter HillTable of ContentsContents: Part I: Evolution and Concepts of National Accounting 1. National Income Accounting and its Relation to Economic Policy 2. Concepts of Real Capital Stock and Services 3. The Evolution and Present State of National Economic Accounting 4. The Role of the National Accounts in the Statistical System 5. The Treatment of Pensions and Insurance in National Accounts 6. National Income Accounting Concepts and Measurement: Economic Theory and Practice 7. The Value Added of National Accounting Part II: United States National Accounts 8. The Evolution of National Accounts and the National Data Base 9. The United States National Income Accounts, 1947–77: Their Conceptual Basis and Evolution 10. Integrated Economic Accounts for the United States, 1947–80 11. Integrated Economic Accounts: Reply Part III: United Nations System of Accounts 12. The System of National Accounts: Review of Major Issues 13. Financial Accounts and Balance Sheets: Issues for the Revision of the SNA 14. A Note on the Revision of the United Nations System of National Accounts 15. Statistical Measurements for Economic Systems in Transition: Strategy for Implementing the UN System of National Accounts (SNA) 16. Issues Relating to the UN System of National Accounts and Developing Countries 17.The United Nations System of National Accounts (SNA) and the Integration of Macro- and Microdata Bibliography Index

Read more less

Book SynopsisNancy and Richard Ruggles's seminal work on prices has a contemporary relevance for modern-day theorists and practitioners. These carefully selected essays provide a core analysis of pricing systems and the behavior and measurement of prices.Initially, the authors examine pricing systems and the role of prices in the theories of value and income distribution. They examine the theory of marginal cost pricing and the welfare basis of the marginal cost pricing principle before focusing on the problems of measuring price changes over time and space. They also examine the reliability of domestic price statistics and price indices and offer an evaluation of the wholesale price index. They expand this analysis to examine the behavior of prices, costs, wage rates and earnings in the United States economy, placing particular emphasis on inflation between 1950 and 1973 and on price stability and economic growth.This book will be invaluable to academics, statisticians and policymakers with an interest in micreoconomics and pricing.Trade Review'Richard Ruggles, often assisted by Nancy Ruggles, has been a major contributor to national income accounting and to the empirical study of microeconomics and macroeconomics using that and other data. He has focused on the quantitative analysis of actual economic systems in a discipline increasingly preoccupied with abstract pure conceptual models. Like the work of Simon Kuznets and others, Ruggles's analyses encompass an unusually wide range of variables.' -- Warren J. Samuels, Michigan State University, US'[Nancy and Richard Ruggles] were able to state and explain theoretical propositions and debates clearly and accurately, and they skilfully and tellingly brought empirical data to bear. These essays were written between 1940 and 1990 but almost all of them are very relevant to issues of great importance in 2000.' -- From the foreword by James Tobin'They are clearly a classic team that has contributed enormously to national income account analysis over the years. The recent concern about measuring prices and productivity and about the correct indexing for Social Security has brought renewed attention to their work. Every serious economics library should have the volumes.' -- Martin Feldstein, National Bureau of Economic Research, USTable of ContentsContents: Preface Part I: Price Theory 1. The Welfare Basis of the Marginal Cost Pricing Principle 2. Recent Developments in the Theory of Marginal Cost Pricing 3. Discriminatory and Competitive Pricing 4. The Value of Value Theory Part II: Price Measurement 5. The Wholesale Price Index 6. Measuring the Cost of Quality 7. Domestic Price Statistics 8. Redundancy in Price Indexes for International Comparisons 9. Price Indexes and International Price Comparisons 10. The Wholesale Price Index Part III: Price Behavior 11. The Relative Movements of Real and Money Wage Rates 12. The Nature of Price Flexibility and the Determinants of Relative Price Changes in the Economy 13. Price Stability and Economic Growth in the United States 14. Chronic Inflation in the United States, 1950–73 15. The Anatomy of Earnings Behavior 16. The Measurement of the Supply and the Use of Labor Bibliography Index

Read more less

Book SynopsisThis book traces the evolution of the highly integrated global financial system from 1750 to the present. It examines the corporate form of business organization in the eighteenth century that saw an explosion of growth in the nineteenth, which facilitated the international movement of capital. The author also deals with the parallel growth of financial markets and explains how the need to finance public debts paved the way for stock markets as well as outlining the role of private merchant bankers, who originated as international bankers with family-run offices across Europe. He charts the development of banks into public corporations and follows the evolution of modern paper money, explaining the emergence of institutions such as the International Monetary Fund and the World Bank. While tracing the development of foreign-exchange markets and the history of trading blocs, the book also examines how economic powers such as Britain and France used access to capital to wield power in less-developed parts of the world. Finally, an history of financial crises is presented, revealing how economic shocks reverberate from one country to another today through the global financial network.Trade Review'This is an enjoyable, easy-to-read book and Allen effortlessly weaves a pattern from the multiple strands that have made the global economy an excellent general economic history and makes fascinating reading.' - The Irish Times

Read more less

Book SynopsisMarshall Goldsmith wrote in his book, What Got You Here, Won’t Get You There, that people rely on their past experience to address new challenges. The limitation with this approach is that these new challenges often arise from different contexts and may not be susceptible to traditional approaches.In the coming era of artificial intelligence (AI), expanded use of robots, and increased trans-national commerce, humanity will face monumental challenges that will differ from those we have faced in the past, including how to avoid mass unemployment due to rapid growth of automation. In order to survive and thrive in this new era, we will have to think and act differently, so that new ideas can solve not only the problems of the present but also of the near and distant future.Economic Renaissance in the Age of Artificial Intelligence explores a wide range of new approaches to the economic, social, legal, scientific, technological, financial, architectural, environmental, and humanistic challenges that humanity will face due to increased automation. The new methods and approaches outlined by the various experts in this book will help inform and inspire humanity to create a more balanced world in which science, economics, and the environment can thrive for years to come.

Read more less

Book SynopsisThis book provides an understanding of the aggregate economy based on the decision calculus of the individual economic “agent” – consumer, worker, and investor. The exposition is micro-oriented through Chapter 8 but then delves into macro considerations of market failure resulting from a misinterpretation of price signals by workers or employers (Chapters 9-12). The book concludes (Chapters 13-14) with a review of recent economic history and of how that history can be explained by the theory laid out in the book. NEW TO THIS EDITION: A consideration of “modern monetary theory.” Reduction in the space given to “suppressed inflation.”

Read more less

Book SynopsisThis book explores the present conflictual relationship between the economy, the environment, and society. The current mainstream economic model is analysed from the perspective of the founding economists to review its suitability to tackle issues of sustainable development. The problems of redistribution and social justice are debated at length; alongside those concerning the giant state, degrowth, and a vision of sustainability that is founded on the idea of a self-regulating free market economy. Business cycle sustainability, anti-crisis therapy, technological unemployment, the natural rate of interest, and the Bruntland matrix are also examined.This book aims to present a holistic approach to sustainable development where social, ecological, and economic components are balanced. It will be relevant to students and researchers interested in this topic.Table of ContentsChapter 1. First Steps In Perverting Sustainability.- Chapter 2. In Search Of A Lost Lesson.- Chapter 3. How To Conceive The Brundtland Agenda In The Context Of The Nominal Economy’s Imperialism.- Chapter 4. Social Pressure.- Chapter 5. Degrowth - A Logical Inadequacy?.- Chapter 6. Nature – The Highlight Of The Theory Of Sustainability.- Chapter 7. General Conclusions.

Read more less

Book Synopsis This book provides a coherent Blockchain framework for the business community, governments, and universities structured around microeconomics, macroeconomics, finance, and political economy and identifies how business organizations, financial markets and governmental policies are changed by digitalization, specifically Blockchain. This framework, what they authors call “disintermediation economics,” affects everything by providing a paradigm that transforms the way we organize markets and value chains, financial services, central banking, budgetary policies, innovation ecosystems, government services, and civil society. Bringing together leading and experienced policy makers, corporate practitioners, and academics from top universities, this book offers a road map of best practices that can be immediately useful to firms, policy makers as well as academics by balancing theory with practice. Table of ContentsCh. 1: What is Disintermediation Economics: An introduction (Psarrakis).- Part A: Disintermediation in Microeconomics.- Ch. 2: Distributed Ledger Economics: Organizations, Incentives and Strategy (Psarrakis).- Ch. 3: Economics of Smart Contracts: Efficiency and legal challenges (Dobrauz-Saldapenna and Schrackmann).- Ch. 4: Corporate Strategies for Blockchain-based Solutions (Verheggen).- Ch. 5: Distributed Data Economics (Shrier).-Part B: Disintermediation in Macroeconomics and Finance.- Ch. 6: Blockchain for Growth: Applying distributed ledger technologies to the UN Sustainable goals (Thomason).- Ch. 7: The New Money: The utility of Cryptocurrencies and the need for a New Monetary Policy (Lee and Teo).- Ch. 8: Privately Issued Digital Currencies (Disparte).- Ch. 9: Crypto-assets, Distributed Ledger Technologies and Disintermediation in Finance: Overcoming impediments to scaling: A view from the EU (Noble).- Ch. 10: Crypto-assets and Disintermediation in Finance: A view from Asia (Johnstone).- Part C: Disintermediation in Political Economy and Regulation.- Ch. 11: The Political Economy of the Blockchain (Zilgalvis).- Ch. 12: Regulating Blockchain in the EU: Building a global competitive advantage (Kaili).- Ch. 13: Advancing Digital Transformation in the Public Sector with Blockchain: A view from the European Union (Baldacci and Frade).- Ch. 14: Disposable Identities? Why digital identity matters to blockchain disintermediation and for society (Anania, Le Gars, and van Kranenburg).

Read more less

Book SynopsisThis book presents the evolution of the international monetary system from the gold standard to the monetary system in force today. It adopts a political economy approach, emphasizing the economic and political conditions under which an international monetary system can come into existence and be maintained over time. This approach highlights how the gradual transition in the international context from commodity money to fiat money has been led by the need for greater elasticity of money supply and smooth adjustments. This transition, however, raises the issue of how to guarantee, over time, the value of a money devoid of intrinsic value. By presenting a historical evolution, the book explains how the existence of an international monetary system based on money without intrinsic value can only occur when a particular balance of power exists at the international level that allows for the production of trust in a fiat money. The book is a must-read for scholars, researchers, and students in the fields of economic history and international monetary economics, interested in better understanding the evolution of the international monetary system.Table of ContentsIntroduction - The Main Features of the International Money's Evolution.- Money and the International Monetary System: Origins and Evolution.- The Classic Gold Standard.- The Gold-Exchange Standard, its Collapse, and the Interwar Lack of an International Money.- The Bretton Woods System.- The Dollar Standard.- Critical Issues in the Current International Monetary System and Future Prospects.- Conclusions.

Read more less

Book SynopsisThis textbook helps students truly understand how to apply the principles behind corporate finance in a real world context from both a firm and investor perspective. In its second edition, this text focuses on traditional theory applied to a holistic and realistic business case study, written as a novel set in current times so that all readers can relate. As such, this textbook offers readers both a quantitative and qualitative perspective on topics such as capital budgeting, time value of money, corporate risk, and capital structure. The sections are laid out to mirror the financial decision process, making it easier for readers to grasp the idea of the corporate financial life cycle. New topics such as socially responsible investing and private capital markets are also incorporated into this edition. Finally, PowerPoint slides, answer keys and data sets are available online for instructors. Table of ContentsChapter 1: In the Beginning.- Chapter 2: Financial Statement Analysis: What’s Right, What’s Wrong, and Why.- Chapter 3: Cash Flow: Easy Come, Easy Go.- Chapter 4: The Right Frame of Time.- Chapter 5: Capital Structure: Borrow it.- Chapter 6: Capital Structure: Sell it Off.- Chapter 7: The Rocky Marriage of Risk and Return.- Chapter 8: This is So WACC.- Chapter 9: Capital Budgeting Decisions: The End of the Roads Meets the Beginning of Another.- Appendix.- Index.

Read more less

Book SynopsisFor several decades now, advanced economies across the globe have been undergoing a process of rapid transformation towards becoming knowledge economies. It is now widely recognized that intangible capital has been a crucial element in the growth performance of these economies and their firms. The term serves as a useful device for capturing those dimensions of capital that are not tangible in nature but are nevertheless fundamentally important for growth. It encompasses investments in education (human capital) and in informal (social capital) and formal (rule of law) institutions by the public sector and households, as well as investments by businesses aimed at enhancing their knowledge base, such as software, innovative property, and economic competencies.Intangible Capital and Growth is the first of two open-access volumes presenting a selection of the author's essays on Labor Productivity, Monetary Economics, and Political Economy. This first volume brings together eight of the author's essays, selected with the aim of providing an overview of his research to date on intangible capital and growth.Table of ContentsChapter 1: The Productivity Puzzle – A critical assessment and an outlook on the COVID-19 crisis.- Chapter 2: Revisiting intangible capital and labour productivity growth, 2000-2015: Accounting for the crisis and economic recovery in the EU.- Chapter 3: The Rule of Law and Labour Productivity Growth by Businesses: Evidence for the EU, 1998-2005.- Chapter 4: Organizational Trust, Organizational Fear and TFP Growth: A sectoral analysis for the EU.- Chapter 5: Intangible Capital and Labor Productivity Growth: Panel evidence for the EU from 1998-2005.- Chapter 6: Measuring Innovation – Intangible capital investment in the EU.- Chapter 7: Does too much trust hamper economic growth.- Chapter 8: Social Capital, Trust and Economic Growth.

Read more less

Book SynopsisThis book is an applications-oriented text designed for individuals who desire a hands-on approach to analyzing the effects of fiscal and monetary policies. Significantly updated for the fourth edition, the text provides an understanding of the global economy in the wake of the COVID crisis, discussing topics such as pandemic related supply and demand-side shocks, the role of Modern Monetary Theory (MMT) in financing COVID rescue plans, the effect of the US, India, Eurozone and China’s post-COVID economies on emerging and transitioning economies, and the resurgence of inflation. This edition includes deeper coverage on the issue of budget deficit sustainability and on trade wars, especially in a global context, and revisits the life cycles of speculative asset price (SAP) bubbles, especially in the housing markets and in SPACs. The fourth edition contains several brand-new cases and media articles that are carefully positioned to relate explicitly to theory, and to look ahead to and preempt global macro situations and polices in the years to come. MBA students and Executive MBA students who appreciate the importance of monetary and fiscal analysis will find this text to be right on target. Financial analysts and individual investors who need to strip away economic myths and jargon and systematically examine and understand the effects of macro policies on variables such as inflation, output, employment and interest rates, will also find the book extremely useful.Table of ContentsChapter 1. Introduction and Overview of the Fourth Edition.- Chapter 2. National Income Accounts.- Chapter 3. Budget Deficits, Trade Deficits and Global Capital Flows: The National Savings Identity.- Chapter 4. Aggregate Demand: Setting the Stage for Demand-Side Stabilization.- Chapter 5. Demand-Side Stabilization: Overheating, Hard Landing, and Everything in Between.- Chapter 6. Long-Term Interest Rates, the Yield Curve, and Hyperinflation.- Chapter 7. ISLM: The Engine Room.- Chapter 8. The Classical Model.- Chapter 9. The Keynesian Model.- Chapter 10. The Supply-Side Model and the New Economy.- Chapter 11. After Covid: MMT and other Major Global Macropolicy Issues.- Chapter 12. Central Banks and Monetary Policy.

Read more less

Book SynopsisThis textbook explains the notion of monetary union, highlighting the key concepts, procedures, and challenges involved. The book is organized in three parts. In the first part, the reader learns about monetary issues, like definitions and typology of monetary unions, rationale of monetary unions, monetary policy, monetary institutional matters. The second part is devoted to fiscal matters and the interplay between fiscal and monetary policies, such as deficits, transfers, public debt sustainability issues, fiscal policy, policy mix. The last part focuses on other distinct but related issues, necessary to complete the union: banking and fiscal unions, structural adjustments in a monetary union. It ends with a chapter on the fate of monetary unions: how they develop, mature and sometimes dissolve.The book addresses students at undergraduate and graduate level, interested in a better understanding of international macroeconomics and monetary unions, as well as policy-makers, practitioners and economists in central banks, ministries of economics, economic institutions and banks. Table of Contents​Monetary Issues: Monetary Unions: Between International Trade and National Sovereignty.- Why a Monetary Union?- Monetary Policy in a Monetary Union: Lessons from Simple Models.- Institutions and Monetary Policy.- Fiscal Issues: Government Deficits, Transfers and Debt.- Fiscal Policies in a Monetary Union.- The Policy Mix.- Toward an Ever Closer Union: Structural Adjustments and Reforms.- Fiscal Union.- Banking Union.- The Fate of a Monetary Union.- General Conclusion.

Read more less

Book SynopsisOne of the great challenges that many participants in foreign exchange (FX) markets face is sifting through the often overwhelming amount of information that is available. Media outlets stream updates on international politics, economics, and other factors that move FX prices twenty-four hours a day. It is difficult to work out what is and what is not important. This book helps its reader overcome these challenges by combining the insights gained from a market practitioner who has traded FX at Goldman Sachs, PIMCO, and Barclays Investment Bank, with textbook-level modern financial macroeconomic theory. The book covers macroeconomics relating to exchange rate determination. While you could obtain this information from a disparate set of sources―textbooks, academic literature, industry research notes, conversations with other market practitioners, and theories cited in media reports―this book brings all of these sources together to translate the information into concrete FX views that are firmly rooted in the macroeconomic theory of risk premiums, interest rates, and inflation, among other topics. The book promotes time consistent thought that avoids the daily temptation to jump from that day’s economic narrative to the next. Of particular interest to buy- and sell-side industry practitioners, finance and economics graduate students, academics, and others interested in FX markets, this book teaches its readers how to do this and improve their own trading and understanding of the FX markets.Table of ContentsChapter 1; Risk Premiums.- Chapter 2: FX Forwards and the Carry Trade.- Chapter 3; Exchange Rates, Interest Rates, Inflation and the Risk Premium.- Chapter 4; The Mundell Fleming Model of the Exchange Rate.- Chapter 5: Valuation Models (PPP, DEER, FEER)?.- Chapter 6: What Drives Inflation and How Do Central Banks Control It?.- Chapter 7: Analogous Frameworks for Equity Investments.

Read more less

Book SynopsisEBES conferences have been intellectual hub for academic discussion in economics, finance, and business fields and provide network opportunities for participants to make long lasting academic cooperation. This is the 21st issue of the Eurasian Studies in Business and Economics (EBES’s official proceeding series) which includes selected papers from the 34rd EBES Conference – Athens. Due to the COVID-19, the conference presentation mode has been switched to "online/virtual presentation only”. In the conference, 148 papers by 296 colleagues from 40 countries were presented. Both theoretical and empirical papers in this volume cover diverse areas of business, economics, and finance from many different regions. Therefore, it provides a great opportunity to colleagues, professionals, and students to catch up with the most recent studies in different fields and empirical findings on many countries and regions.Table of ContentsChapter 1. The Effect of HR Practices on the Fulfilment of a Psychological Contract in the Context of the Polish Organizational Culture.- Chapter 2. A Seat at the Table: Exploring 4.0 Leadership Attributes Using a Thematic Approach.- Chapter 3. Are Co-working Spaces Communitarian, and Open? Organizational Values from the Dynamic Perspective.- Chapter 4. Sources of Finance and In-house R&D: A Study of Electronic Firms in India.- Chapter 5. Empirical Evidence on How Smart Connected Products’ Capability Maturity Impacts Players’ Portfolio Strategy: A Case Study on Siemens.- Chapter 6. Transition Towards a Low-carbon Economy: The Contribution of Italian Listed Utilities.- Chapter 7. Business Ecosystem: More Than a New Name for Supply Chain?.- Chapter 8. What Affects the Strategy Type of the Biggest Russian Corporations?.- Chapter 9. Data Envelopment Analysis on Relative Efficiency Assessment and Improvement: Evidence from Chinese Bank Branches.- Chapter 10. Sustainability of the Hungarian Social Cooperatives.- Chapter 11. ICT as an Employee Engagement Driver: Evidence from Russian Firms.- Chapter 12. Analysis of the Textile Supply Chain from a Circularity Perspective, a Case Study.- Chapter 13. Government Relations Management - A Specific Form of Interaction Between Business and State in the Republic of Moldova.- Chapter 14. Digital Marketing Adoption Framework for Small Businesses in Egypt: A Grounded Theory Approach.- Chapter 15. Islamic Advertising Revisited: Implications of Islamic Principles in Advertising.- Chapter 16. Analysis of Nonfinancial Reporting and Integrated Reporting Application – the Case of State-owned Companies in Croatia, Slovenia and Serbia – Some Initial Evidence.- Chapter 17. Position and Strategy of Constituents in the IFRS 16 Project on Lease with Special Attention to Large Audit Firms’ Comment Letters.- Chapter 18. The Effect of Performance Accountability Reporting on Public Trust for NPOS in Qatar.- Chapter 19. The Economic Policy Uncertainty Spillovers of the United Kingdom on Its Top Trading Partners.- Chapter 20. A Contribution to General Equilibrium Theory.- Chapter 21. Soft Skills Acquisition for the Knowledge Economy: a Research Strategy for Policy Evolution in Technical and Vocational Education and Training (TVET) in Intermediate and Emergent Economies.- Chapter 22. Discovering an Entrepreneurial Intention Among Youngsters.- Chapter 23. Slovakia’s Year in the Covid-19 Pandemic.

Read more less

Book SynopsisEBES conferences have been intellectual hub for academic discussion in economics, finance, and business fields and provide network opportunities for participants to make long lasting academic cooperation. This is the 22nd volume of the Eurasian Studies in Business and Economics (EBES’s official proceeding series) which includes selected papers from the 35th EBES Conference – Rome 2021. Due to the COVID-19, the conference presentation mode has been switched to "online/virtual presentation only”. In the conference, 142 papers by 302 colleagues from 48 countries were presented. Both theoretical and empirical papers in this volume cover diverse areas of business, economics, and finance from many different regions. Therefore, it provides a great opportunity to colleagues, professionals, and students to catch up with the most recent studies in different fields and empirical findings on many countries and regions.Table of ContentsPart 1. Entrepreneurship.- Chapter 1. Why Immigrant Entrepreneurs are More Prone to Exit Than Non-immigrant Entrepreneurs?.- Chapter 2. Hawkers’ Attitude on Environmentally-friendly Food Packaging Practices in Night Market.- Part 2. Human Resources Management & Education.- Chapter 3. Innovation and Creativity Among Individuals in Work Environments: The Effect of Personality, Motivation, Psychological, and Task-oriented Factors.- Chapter 4. Skills Shortages in Post-transition Economies.- Chapter 5. How Hybrid Learning Can Enhance the Student Experience and Teaching Outcomes in the Wake of Covid-19: A Case Study of a Business School in the United Kingdom.- Part 3. Management.- Chapter 6. Knowledge Management in a Political Context: A Case Study About the Members of the German Bundestag.- Chapter 7. The Principlism Method Applied Utilitarianist in Mathematical Calculations for an Ethical Decision.- Part 4. Marketing.- Chapter 8. Neuromarketing: A Review Regarding Marketing Field.- Chapter 9. Innovative Financial Indicators: From Roi to Marketing Roi.- Part 5. Small and Medium-sized Enterprises (SMEs).- Chapter 10. Analysis of the Relationship Between Strategic Networking and Performance Among Croatian Service Sector SMEs.- Chapter 11. Assessing the Effects and Policy Interventions Amidst Covid-19 Crisis: Focus on Georgian SMEs.- Part 6. Finance.- Chapter 12. The Technological Impact in Finance: A Bibliometric Study of Fintech Research.- Chapter 13. The Factors Determining the Specific Nature of Formation of the Capital Structure: Evidence from Maritime Sector.- Chapter 14. Measuring Corporate Social Responsibility by Constructing an Index: An Empirical Evidence from Oman.- Chapter 15. On the Relationship Between Macroeconomic Factors and S&P BSE Auto Index: An ARDL Approach.- Part 7. Growth & Development.- Chapter 16. Economic Policies and Their Impacts on Growth.- Chapter 17. Three Decades on Renewable Climate Policy: A Bibliometric Analysis.- Chapter 18. The Potential Use of Blockchain Technology for Data Collection and Measurement of Trade in Services.- Part 8. Regional Studies.- Chapter 19. The Design of Fiscal Rules in the European Monetary Union.- Chapter 20. The Perspectives on Non-state Social Protection.

Read more less

Book SynopsisThe University of Chicago has been and continues to be one of the most important global centres for economics. With six chapters on themes in Chicago economics and 33 chapters on the lives and work of Chicago economists, this volume shows how economics became established at the University, how it produced some of the world’s best-known economists, including Frank Knight, Milton Friedman and Robert Lucas, and how it remains a global force for the very best in teaching and research in economics. With original contributions from a stellar cast, this volume provides economists – especially those interested in macroeconomics and the history of economic thought – with an in-depth analysis of Chicago economics.Table of ContentsPart I: Themes in Chicago Economics.- 1: The Department of Economics at the University of Chicago, 1947–1982.- 2: Economic History in Departments of Economics: The Case of the University of Chicago, 1892 to the Present.- 3: International Economics at Chicago.- 4: Chicago Political Economy, and Its Virginia Cousin.- 5: The Cowles Commission at the University of Chicago, 1939–1955.- 6: Information at Chicago.- Part II: Some Chicago Economists.- 7: James Laurence Laughlin (1850-1933).- 8: Thorstein Veblen (1857-1929).-9: Frank H. Knight (1885-1972).- 10: Lloyd W. Mints (1888-1989).- 11: Paul H. Douglas (1892-1976).- 12: Jacob Viner (1892-1970).- 13: Henry Schultz (1893-1938).-14: Margaret Gilpin Reid (1896-1991).- 15: Henry Calvert Simons (1899-1946).- 16: Aaron Director (1901-2004).- 17: Theodore W. Schultz (1902-1998).- 18: Mary Jean Bowman (1908-2002). 19: George J. Stigler (1911-1991).- 20: Milton Friedman (1912-2006).- 21: Lloyd A. Metzler (1913-1980).- 22: Berthold F. Hoselitz (1913-1995).- 23: H. Gregg Lewis (1914-1992).- 24: D. Gale Johnson (1916-2003).- 25: Albert E. Rees (1921-1992).- 26: Merton H. Miller (1923-2000).- 27: Harry G. Johnson (1923-1977).- 28: Arnold C. Harberger (1924-).- 29: George S. Tolley (1925-2021).- 30: Robert W. Fogel (1926-2013).- 31: Arnold Zellner (1927-2010).- 32: Gary S. Becker (1930-2014).- 33: Robert E. Lucas, Jr. (1937-).- 34: Sherwin Rosen (1938-2001).- 35: Richard A. Posner (1939-). 36: Eugene F. Fama (1939-).- 37: James J. Heckman (1944-).- 38: Richard Thaler (1945-). 39: Lars Peter Hansen (1952-).

Read more less

Book SynopsisThis Open Access Brief presents the KAPSARC Global Energy Macroeconometric Model (KGEMM). KGEMM is a policy analysis tool for examining the impacts of domestic policy measures and global economic and energy shocks on the Kingdom of Saudi Arabia. The model has eight blocks (real sector, fiscal, monetary, external sector, price, labor and wages, energy, population, and age cohorts) that interact with each other to represent the Kingdom’s macroeconomy and energy linkages. It captures New Keynesian demand-side features anchored to medium-run equilibrium and long-run aggregate supply. It applies a cointegration and equilibrium correction modeling (ECM) methodology to time series data to estimate the model’s behavioral equations in the framework of Autometrics, a general-to-specific econometric modeling strategy. Hence, the model combines ‘theory-driven’ approach with ‘data-driven’ approach. The Brief begins with an introduction to the theoretical framework of the model and the KGEMM methodology and then walks the reader through the structure of the model and its behavioral equations. The book closes with simulations showing the application of the model. Providing a detailed introduction to a cutting-edge, robust predictive model, this Brief will be of great use to researchers and policymakers interested in macroeconomics, energy economics, econometrics, and more specifically, the economy of Saudi Arabia.Table of Contents1. Executive Summary.- 2. Literature Review.- 3. Theoretical Framework and Stylized Facts.- 4. KGEMM Methodology.- 5. Database.- 6. A Brief History and Structure of KGEMM.- 7. KGEMM Behavioral Equations and Identities.- 8. KGEMM Simulations.

Read more less

Book SynopsisThis book examines the economic policies that will underpin the evolution of growth in industrialised economies in coming decades. The change in focus of policymakers away from short-term regulation and policies towards problems of structural change is discussed in relation to the Taylor rule and Fisher relationship. Both empirical observations and quantitative analyses are utilised to explore diverse but interrelating topics, including interest rates dynamics, macroeconomic equilibrium, economic vulnerability, poverty and inequality, environmental sustainability, and monetary and fiscal policies.This book aims to propose policies that can produce economic growth without compromising social stability and environmental balances. It will be of interest to researchers and policymakers working within economic development and policy. Table of Contents1. IntroductionPart I Growth, macroeconomic imbalances and sustainable development2. Is there any evidence of a deterioration of production capacities in the advanced economies?3. Hysteresis, inflation and secular stagnation4. New thinking of sustainable development and growthPart II Financial, monetary and fiscal policies5. Interest rates, financial markets and macroeconomics6. New challenges for monetary policy7. Fiscal policy issues8. Beyond mainstream macroeconomic9. Conclusion

Read more less

Book SynopsisDevelopment needs to meet the UN SDG have primarily been financed through private sector financing, conventional public sector funding and philanthropic commitment. These sources are not sufficient in scale and speed to meet the pressing finance needs. The world community is too busy repairing, stabilizing, and refunding the system to maintain the stability of the existing system. The introduction of a parallel electronic currency specifically designed to finance global commons, and a human-centred economy would provide the necessary resources to achieve the UN SDGs while stabilizing the existing monetary system.This book analyses how the development of cryptocurrencies based on blockchain distributed ledger technologies has prompted leading central banks around the world to study the potential application of this approach to directly inject purchasing power without dependence on the banking system. Furthermore, the book illustrates how this approach can be utilized to finance the huge multi-trillion dollar annual investment requirements for achieving the Sustainable Development Goals (SDG).With a Foreword from the President of the Club of Rome.“This book is where fiction turns into fact.” - World Bestselling Author of ‚The Minister of the Future‘ Stan Robinson“…challenging, innovative and interdisciplinary… to address the world’s problems.” - Founder and Father of the Quantitative Easing (QE), Prof. Dr. Richard Werner, Oxford University, GB“The real tragedy of the commons, as this book shows, is that we have allowed the most valuable social resources, our money and legal systems, to be employed for private gain instead of mobilizing them for social goals, not the least to ensure the survival of the human species on this planet.” - Best-selling author of ‚The code of capital’ Katharina Pistor, Edwin B. Parker Professor of Comparative Law and Director, Center on Global Legal Transformation Columbia Law School, USATable of ContentsChapter 1. Introduction.- Chapter 2. Two forms of the unknown.- Chapter 3. The economics of external shocks.- Chapter 4. The traditional way to do it.- Chapter 5. The real tragedy of the commons.- Chapter 6. Upgrading the system.- Chapter 7. The great leverage.- Chapter 8. Three overarching topics.- Chapter 9. Best practices and case studies.- Chapter 10. Conclusion.

Read more less

Book SynopsisOn November 24, 2020, in the midst of a global pandemic, the Dow Jones Index surpassed 30,000 points for the first time ever. This historic moment exposed the incredible disconnect between financial markets and society.The stock market’s one hundred percent rebound was triggered by a massive injection of capital by the US Federal Reserve and by fiscal stimulus measures that reached $16 trillion globally in only a year. It was the taxpayer who came to the aid of the shareholders. This imbalance between low- and high-income individuals has become unbearable and calls into question the mechanisms that allow such an abuse of financial power to exist. This abuse has allowed populism to flourish, in a world where humanism should prevail. This book invites the reader to understand how such a financial drift of capitalism was even possible and proposes reforms to correct the system. Written by the former Group Executive Vice President for International & Research at the New York Stock Exchange, this volume provides concrete solutions for democratizing financial markets and reintroducing the morals and ethics that these markets and its leaders are so sorely lacking. Ugeux argues that the purpose of such reforms is to reduce the inequalities which are plaguing our democracies. Citizens are losing hope that equity exists in the system and it has become clear, as fundamental liberties like right voting rights are being threatened – that the problem lies much deeper. Ugeux insists that a change of perspective and a redefinition of societal goals is essential: social and solidarity capitalism is possible only if our leaders listen to the expectations of their citizens. While it is supported by research and facts, this book includes elements of opinion essays with an educational objective. It aims to educate readers who want to better understand these complex issues, without having to be specialists.Table of ContentsIntroduction: Wall Street’s denial.- The disconnect with the real economy

Read more less

Book SynopsisThis book continues the ongoing debate about the need for alternative, interdisciplinary and heterodox approaches to teaching economics at university. It deals with challenges currently faced by economists, pursues an interdisciplinary approach to enhance collaboration with academics from disciplines other than economics, and analyses several questions and issues related to the 2007-08 financial crisis and the current Covid-19 emergency. The Covid pandemic has shown the flaws of the current neoliberal model and the inability of mainstream economic theory to address the problems created by the pandemic. The book engages with an academic audience interested in incorporating a wider range of economic approaches in their research and teaching, and with undergraduate and postgraduate economics students who are trying to understand the limitations of their current economics syllabi. The novelty of the book is the active involvement of undergraduate and postgraduate students who contribute to this volume with three chapters. The book will be of interest to a wide range of researchers, students and teachers interested in interdisciplinary and heterodox economics.Table of Contents1. Introduction: the financial crisis, the Covid pandemic and the future of economics. By Abdullah Yusuf, Carlo Morelli and Omar Feraboli, University of Dundee.- 2. COVID-19 and the Future of Higher Education. By Abdullah Yusuf, University of Dundee, Mehdi Chowdhury, Bournemouth University, and Ian Roache, University of Dundee.- 3. Assessing the education needs of the Rohingya refugees and the impacts of COVID-19. By Roberta Dumitriu, University of Dundee.- 4. COVID-19 and economic development in sub-Saharan Africa: has the pandemic taught us anything we didn't already know?. By Kevin Deane, Julia Chukwuma and Lorena Lombardozzi, Open University.- 5. Covid 19: A comparison of equality-promoting policy-responses related to education across Europe. By Daniela Tavasci and Luigi Ventimiglia, Queen Mary University of London.- 6. What is opportunity cost?. By Martin Jones, University of Dundee.- 7. Labour Rights, Full Employment, and a Dynamic Market Economy. By Morris Altman, University of Dundee.- 8. An Analysis on the State of Economics Education in Scottish Universities. By Louis Bryson, University of Dundee.- 9. Experiences and Reflections on being taught undergraduate economics. By Emma Madill, Stoyanka Stoimenova, Louis Bryson, University of Dundee.- 10. Post-Crash Economics: What are the implications of the 2007 crisis for the teaching of economics?. By Omar Feraboli, University of Dundee.

Read more less

Book SynopsisRevised and updated for the second edition, this textbook allows students to work through classic texts in economics and finance, using the original data and replicating their results. In this book, the author rejects the theorem-proof approach as much as possible, and emphasizes the practical application of econometrics. They show with examples how to calculate and interpret the numerical results.This book begins with students estimating simple univariate models, in a step by step fashion, using the popular Stata software system. Students then test for stationarity, while replicating the actual results from hugely influential papers such as those by Granger & Newbold, and Nelson & Plosser. Readers will learn about structural breaks by replicating papers by Perron, and Zivot & Andrews. They then turn to models of conditional volatility, replicating papers by Bollerslev. Students estimate multi-equation models such as vector autoregressions and vector error-correction mechanisms, replicating the results in influential papers by Sims and Granger. Finally, students estimate static and dynamic panel data models, replicating papers by Thompson, and Arellano & Bond.The book contains many worked-out examples, and many data-driven exercises. While intended primarily for graduate students and advanced undergraduates, practitioners will also find the book useful.“How to best start learning time series econometrics? Learning by doing. This is the ethos of this book. What makes this book useful is that it provides numerous worked out examples along with basic concepts. It is a fresh, no-nonsense, practical approach that students will love when they start learning time series econometrics. I recommend this book strongly as a study guide for students who look for hands-on learning experience."--Professor Sokbae "Simon" Lee, Columbia University, Co-Editor of Econometric Theory and Associate Editor of Econometrics Journal. Table of Contents​Introduction.- ARMA(p,q) Processes.- Model Selection in ARMA(p,q) processes.- Stationarity and Invertibility.- Non-stationarity and ARIMA(p,d,q) processes.- Seasonal ARMA(p,q) processe.- Unit root tests.- Structural Breaks.- ARCH, GARCH and Time-varying Variance.- Vector Autoregressions I: Basics.- Vector Autoregressions II: Extensions.- Cointegration and VECMs.- Static Panel Data Models.- Dynamic Panel Data Models.- Conclusion.

Read more less

Book SynopsisChapter 1. introduction.- Chapter 2. The German Hyperinflation of 1923.- Chapter 3. Macroeconomic Developments from the End of theof the 1960s to the early 1980s.- Chapter 4. The Inflation Wave from the Late 1960s onward.- Chapter 5. Comparison of developments in the various countries.- Chapter 6. The economic situation in the four countries after the price level shock 2021.-Chapter 7. Conclusions and Recommendations.- Chapter 8. Theoretical Explanations of Price Level Changes.

Read more less

Book SynopsisIn The Limits of Choice, Sahra Wagenknecht examines household saving decisions and basic needs in Germany and the United States, based on official data from both countries from the 1950s to present day. Arguing against the hypothesis that assumes consumers optimize their consumption intertemporally based exclusively on their permanent or lifetime income, Wagenknecht proposes a rule of thumb according to which consumers will save if their current income exceeds basic expenditure, while they will demand credit when income can no longer meet basic needs.

Read more less

Book SynopsisIn diesem Buch beschreibt ein Profi-Analyst in verständlicher Sprache die wichtigsten Aspekte der Kapitalmarktindizes und der Indexanlagen mit dem Schwerpunkt auf dem Aktienbereich. Nachdem einführend in Kapitel 1 und 2 die Indexwelt des Wirtschaftsalltags sowie des Kapitalmarktes vorgestellt wird, geht es im Kapital 3 und 4 konkret auf die Aktienindizes und die Indexanlagen zu. Im Kapitel 5 werden die Missbräuche mit Indizes im Anlagealltag die Euphorie unseres Lesers vielleicht etwas bremsen, diese Nachteile müssen fairerweise dennoch genannt werden. Schließlich kann der Fortgeschrittene im Kapitel 6 Einzelheiten über die technische Seite der Indizes erfahren.Table of ContentsIndizes im Wirtschafts- und Sozialleben sowie am Kapitalmarkt.- Anwendung von Aktienindizes.- Anlage in Indexprodukten.- Fehlinterpretationen von Indizes im Anlagealltag.- Konstruktion von Indizes.​

Read more less

Book SynopsisDieses Buch beschreibt zum ersten Mal in deutscher Sprache umfassend die verschiedenen digitalen Währungen, das faszinierende Potenzial elektronischen Geldes sowie einer möglichen neuen Wirtschaftsordnung: Geld ist im Bitcoin-System ein programmierbarer Wert, geschützt durch Kryptotechnologien. Experten aus der Finanzbranche arbeiten heute gemeinsam mit Juristen, Wirtschaftsfachleuten und Softwareentwicklern intensiv an neuen kryptographischen Finanzprodukten. Die Erwartungen sind groß: es geht um die Hoffnung auf signifikante Effizienzgewinne und Anwendungsszenarien auf volkswirtschaftlicher und betriebswirtschaftlicher Ebene. Mit den neuen Finanzprodukten und -Dienstleistungen sollen Einzelpersonen, Organisationen und sogar Maschinen Transaktionen flexibler, effizienter und produktiver ausführen. Die Autorin gibt dem Leser einen umfassenden Wegweiser in die komplexe Gegenwart und mögliche Zukunft des Cybergeldes mit seinen Vor- und Nachteilen, Informationen über die praktischen Nutzungsmöglichkeiten, die rechtlichen Implikationen und den Schutz vor seinen Gefahren.Trade Review“… Das Buch ist einfach zu lesen. ... die Autorin kombiniert fachliche Expertise mit einer doch gut verständlichen Ausdrucksweise. ... Für alle Leser, die sich für VWL interessieren oder Kryptowährungen in den weltwirtschaftlichen Kontext einordnen möchten, ist es ein absolut tolles Buch.” (blockchain-infos.de, Juni 2018)“… Die knapp 200 Seiten beinhalten nämlich alles, was sich zu dem Thema derzeit sinnvoll in Buchform zusammentragen lässt. … Gut geeignet sowohl für Einsteiger als auch für Fortgeschrittene ...” (Friedemann Brenneis, in: The Coinspondent, coinspondent.de, 13. Mai 2017)Table of ContentsKryptoökonomie.- Was sind Kryptotransaktionssysteme?.- Aktuelle Daten zur Bitcoinökosphäre.- Funktionsweise des Bitcoin-Netzwerks.- Bedeutung als elektronisches Zahlungssystem.- Vergleich zum herkömmlichen Finanzsystem.- Innovationsbedarf der Finanzsysteme.- Bitcoin als Zahlungsmittel.- Limitationen des Bitcoin-Systems.- Lösungsansätze für die Limitationen des Bitcoin-Systems.- Rechtliche Einordnung.- Die Gratis-Bitcoin-Ökosphäre.- Monetarismus, Geldmenge und Politik.- Bitcoin 2.0.- Bitcoin und die Finanzindustrie.- Sonstige mögliche Anwendungsbereiche für Blockchains.- Ethereum.- Ausblick.

Read more less

Book SynopsisCrowdsourcing steht für das Mitmachphänomen im Web 2.0. Die sogenannte Schwarmökonomie bildet sich immer dominanter in der digitalen Gesellschaft heraus. Dabei verschwindet die Grenze zwischen Produzent und Konsument – der User wird zum „Prosumenten“. Parallel entwickelt sich das Crowdfunding: viele kleine Beträge summieren sich dank webbasierter Zahlungssysteme für die Realisierung von Projekten. Als Sammelstellen agieren Online-Finanzierungsplattformen. Damit wird die Idee der sozialen Netzwerke um die ökonomische Dimension erweitert. Die Auswirkungen auf bestehende Rechts-, Steuer- und Sozialsysteme wurden jedoch bisher in der Euphorie über die neuen Möglichkeiten wenig bis gar nicht berücksichtigt. Das betrifft auch Dienstleister wie beispielsweise Paypal und Bitcoins. Das Buch informiert über die Chancen und Entwicklungen dieser neuen Finanzierungssysteme und beschäftigt sich kritisch mit ihrer Einbettung in die aktuellen realwirtschaftlichen Rahmenbedingungen.Table of ContentsDer Wandel zur Mitmachgesellschaft.- Nutzung der Schwarmintelligenz.- Spezifika neuer Geschäftsmodelle im Web 2.0.- Arten des Crowdfunding und hybride Modelle.- Rechtliche Lage der Crowdfunding-Plattformen.- Crowdfunding und Steuern.- Schwachstellen des Crowdfundings.- Crowdfunding in der EU und den USA.- Ausblick.

Read more less

Book SynopsisDie Globalisierung der Unternehmenstätigkeiten und die damit einhergehende Entwicklung und Verbreitung international anerkannter Rechnungslegungsgrundsätze führt zu einer erhöhten Beeinflussung nationaler Rechnungslegungsnormen. Als internationales Referenzsystem der externen Rechnungslegung haben sich insbesondere die International Financial Reporting Standards (IFRS) herausgebildet. So sind alle kapitalmarktorientierten Konzerne verpflichtet, IFRS anzuwenden. In Deutschland wurden viele der aktualisierten handelsrechtlichen Regelungen für Konzernabschlüsse des Bilanzrechtsmodernisierungsgesetzes (BilMoG) den IFRS entnommen. Dies gilt vor allem für die Konsolidierungstechnik und die Unterteilung der einzubeziehenden Unternehmen. Thomas Kümpel und René Pollmann stellen die Grundzüge des IFRS-Konzernabschlusses dar. Dabei stehen vor allem die Abgrenzung des Konsolidierungskreises sowie detaillierte Beschreibungen zur Konsolidierung inklusive Übungsaufgaben im Fokus. Die Autoren behandeln sowohl theoretische Aspekte als auch praktische Handhabungen und geben zahlreiche Hinweise und Tipps. Damit geben sie dem Leser ein Lern- und Nachschlagewerk an die Hand, das sowohl Studenten als auch Praktikern die Grundzüge auf dem Gebiet der internationalen Konzernrechnungslegung veranschaulicht und näherbringt.Table of Contents​Wesentliche Standards zur Konzernrechnungslegung.- Abgrenzung des Vollkonsolidierungskreises.- Vorbereitende Maßnahmen zur Konsolidierung.- Unternehmenszusammenschlüsse und Kapitalkonsolidierung (IFRS 3).- Weitere Konsolidierungsmaßnahmen.- Behandlung von Gemeinschaftsunternehmen und assoziierten Unternehmen.- Abschließende Übungsaufgaben.

Read more less

Book SynopsisInzwischen ist der Anteil des Hochfrequenzhandels auf mehr als 80 Prozent der gesamten Börsenumsätze gestiegen. Eine nicht mehr aufzuhaltende Entwicklung, die alle Marktteilnehmer, seien es private Investoren oder professionelle Trader, betrifft. Die Diskussion des Themas Hochfrequenzhandel ist hochaktuell und allgegenwärtig. Oft genannte Charakterisierungen der Hochfrequenzhändler reichen von unfair über illegal bis hin zu genial. Es wird deutlich, dass dieses Phänomen auf unterschiedlichste Art beschrieben werden kann. Eines ist sicher – der Hochfrequenzhandel ist unvermeidbar und hat die Anlegerwelt völlig und nachhaltig verändert, nichts ist mehr so wie zuvor. Gefragt sind nun klare Entscheidungsalternativen und Verhaltensregeln. Das Buch gibt darauf alle notwendigen Antworten.Table of ContentsGrundlagen.- Aktuelle Situation.- Implementierung.- Strategien.

Read more less

Book SynopsisUm ihre angestrebten, betragsmäßig häufig erheblichen Investitionsziele realisieren zu können, greifen Fußballunternehmen immer häufiger auf Fan- oder Mittelstandsanleihen zurück. Meist führt die emotionale Bindung eines Fans zu seinem Verein dazu, dass die aus der Anleihe erwarteten Renditeziele nicht das Ergebnis rationaler Überlegungen sind, sondern dass vielmehr die Anschaffung solcher Anleihen auf den intrinsischen Motiven der Anhänger basiert und einer Anleihe eine ähnliche Wertschätzung zuteil wird wie etwa Merchandising-Produkten. Die aus Fan-Motiven geleitete Anlageentscheidung hat damit unmittelbar Einfluss auf die zukünftige Vermögenssituation des Gläubigers. Der Autor gibt einen Überblick über die in Deutschland begebenen Fußballanleihen und beschreibt unter anderem die Hintergründe, die technische Abwicklung und die Vermarktung von Fußballanleihen. Für die zweite Auflage wurde das Essential aktualisiert.Table of ContentsFinanzierung von Fußballunternehmen.- Stellung von Fußballanleihen im Finanzierungsmix von Fußballunternehmen.- Klassische Fananleihen.- Fußball-Mittelstandsanleihen.

Read more less