Macroeconomics Books

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

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

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

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

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

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

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

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

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

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

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

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Book SynopsisMontiels book is indispensable for anyone wishing to deepen their understanding of International Macroeconomics. It presents a much more realistic picture than what is provided by other textbooks.Table of ContentsPreface ix Part 1 Foundations 1 1 An Overview of the Book 3 1.1 What is International Macroeconomics? 4 1.2 The International Macroeconomics Toolkit 9 1.3 The Contents of this Book 10 1.4 Summary 15 2 Open-economy Macroeconomic Accounting 17 2.1 The Balance of Payments Accounts 18 2.2 Sub-accounts in the Balance of Payments 22 2.3 Basic BOP Facts for the United States 29 2.4 The NIPA in an Open Economy: Aggregate Identities 31 2.5 Sectoral Identities 37 2.6 Summary 41 3 Macroeconomic Influences on the Foreign Exchange Market 46 3.1 Exchange Rate Concepts 47 3.2 Supply and Demand for Foreign Exchange 50 3.3 Relative Prices of Domestic and Foreign Goods: The Real Exchange Rate 52 3.4 Relative Returns on Domestic and Foreign Assets: Interest Parity Conditions 63 3.5 Central Bank Intervention in the Foreign Exchange Market: Exchange Rate Regimes 70 3.6 Summary 77 Appendix 3.1 Properties of Logarithms 80 4 The Macroeconomic Framework 82 4.1 Production Structure and Economic Agents 84 4.2 Equilibrium in the Market for Financial Assets 85 4.3 Equilibrium in the Market for Domestic Goods 91 4.4 Equations and Unknowns: Imposing Additional Structure 100 4.5 Summary 108 Appendix 4.1 The Marshall–Lerner Condition 109 Appendix 4.2 The Framework in Log-Linear Form 110 Part 2 Fixed Exchange Rates 113 5 The Classical Gold Standard 115 5.1 Evolution of the International Gold Standard 116 5.2 Central Bank Behavior under the Gold Standard 120 5.3 Summary 127 6 Gold Standard Macroeconomics 129 6.1 Short-Run Macroeconomics under the Gold Standard 130 6.2 Short-Run Comparative Statics 139 6.3 The Long-run Model 145 6.4 The Gold Standard as an International Monetary System 148 6.5 Summary 155 Appendix 6.1 The Gold Standard with Zero Capital Mobility 157 7 The Bretton Woods System 159 7.1 Evolution of the Bretton Woods System 160 7.2 Modeling Soft Pegs with Imperfect Capital Mobility 164 7.3 The Bond Market Equilibrium (BB) Curve 167 7.4 Properties of the BB Curve 169 7.5 Summary 174 8 Macroeconomics under ‘‘Soft’’ Pegs and Imperfect Capital Mobility 177 8.1 Solving the Model 178 8.2 Comparative Statics 180 8.3 Bretton Woods as an International Monetary System 187 8.4 Summary 199 Appendix 8.1 Alternative Monetary Policy Regimes 202 9 Fixed Exchange Rates in a Financially Integrated World: Currency Crises and ‘‘Hard’’ Pegs 208 9.1 Soft Pegs with High Capital Mobility 209 9.2 Currency Crises 216 9.3 Financial Integration and Crises 219 9.4 Modern Versions of Hard Pegs 225 9.5 Soft Versus Hard Pegs: Some Policy Issues 228 9.6 Summary 233 Appendix 9.1 The Monetary Approach to the Balance of Payments (MABP) 236 Part 3 Floating Exchange Rates 239 10 Floating Exchange Rates I: Transitory Shocks 241 10.1 Analytical Framework 242 10.2 Solving the Floating Exchange Rate Model 245 10.3 Comparative Statics 252 10.4 Summary 265 Appendix 10.1 The Asset Market Approach to the Exchange Rate 268 Appendix 10.2 Algebraic Solution of the Log-linear Model 269 Appendix 10.3 Interest Rate Targeting under Floating Exchange Rates 270 11 Floating Exchange Rates II: Intermediate and Permanent Shocks 272 11.1 Anticipated Future Shocks 273 11.2 Multi-period Shocks 279 11.3 Permanent Shocks 284 11.4 Comparing Permanent and Transitory Shocks 291 11.5 Summary 296 12 Floating Exchange Rates III: Exchange Rate Dynamics 299 12.1 Asymmetric Adjustment in Goods and Asset Markets 300 12.2 The Dornbusch Overshooting Model 301 12.3 Comparative Statics 306 12.4 Generalizing the Model 310 12.5 Summary 315 Appendix 12.1 Proof that 317 13 Long-run Equilibrium under Floating Exchange Rates 319 13.1 A Long-run Model 320 13.2 Solving the Long-run Model 325 13.3 Comparative Statics 327 13.4 Comparing the Short-run and Long-run Responses to Permanent Shocks 331 13.5 The Role of Long-run Inflation 333 13.6 Summary 338 Appendix 13.1 The Long-run Floating Rate Model in Log-linear Form 340 Appendix 13.2 Fixed Exchange Rates in the Long Run 342 14 Floating Exchange Rates with Short-run Price Flexibility 346 14.1 A ‘‘Flexprice’’ Model 347 14.2 Real Exchange Rate Dynamics 348 14.3 The Monetary Approach to the Exchange Rate 353 14.4 Currency Crises Revisited 358 14.5 Gradual Price Adjustment 364 14.6 Summary 369 15 Choosing an Exchange Rate Regime 372 15.1 Optimality Criterion I: Minimizing the Costs of Making International Transactions 373 15.2 Optimality Criterion II: Long-run Inflation Stabilization 377 15.3 Optimality Criterion III: Short-run Macroeconomic Stability 382 15.4 Weighing Optimality Criteria 389 15.5 Summary 391 Part 4 International Monetary Cooperation 395 16 The International Financial Architecture 397 16.1 The International Monetary System after Bretton Woods 399 16.2 The International Debt Crisis 400 16.3 Changes in the International Macroeconomic Environment in the 1990s 404 16.4 Proposals for Reforming the International Financial Architecture 409 16.5 Summary 414 17 G-8 Policy Coordination 416 17.1 Why Coordinate? Theory 417 17.2 Comparative Statics 426 17.3 Post-Bretton Woods International Policy Coordination among the G-8 Countries 430 17.4 The US Current Account Deficit in the 2000s 435 17.5 Summary 438 18 Monetary Unification 441 18.1 Economic Integration in Western Europe 442 18.2 European Monetary Integration 446 18.3 Monetary Union in West Africa 453 18.4 The Eastern Caribbean Currency Union 457 18.5 Summary 460 Part 5 The New International Macroeconomics 465 19 Intertemporal Issues in International Macroeconomics 467 19.1 A Simple One-Good Model 468 19.2 A Two-Good Model 476 19.3 Introducing the Government 480 19.4 Summary 485 Index 487

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Book SynopsisExplaining the complexities of modern economics in a clear, accessible style, The Inequality Trap is the must-read rejoinder to the idea that fighting inequality should be our top policy priority.Trade Review'Accessible and extraordinarily well written, this volume is full of fascinating insights.' -- R.S. Rycroft Choice Magazine vol 53:07:2016 "Anyone looking to play devil's advocate with [Thomas] Piketty-purchasing friends would be well served by this book." -- James Ryerson The New York Times Sunday Book Review, December 20, 2015Table of ContentsPreface: The Inequality Trap Acknowledgements 1. History: The Sequel 2. The Deserving Rich 3. Ginis Rising 4. Who are the One Per Cent? 5. Is Good Inequality Bad, Too? 6. Poverty 7. Opportunity 8. Anti-Occupy References

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Book SynopsisWe now enjoy the highest living standard in history yet spend more of our income on pointless luxury. Instead, we should tax more in order to invest much more in societal needs, which will in turn reinvigorate the economy and reduce economic inequality and environmental degradation.Trade Review"an accessible and clearly written book for anyone with an interest in economics who is wondering “where next” for government economic policy." Nat O’Connor, Ulster University"In our world of “necessary luxuries”, incorrect investment incentives, disparate and worsening income distribution, this cogent, important, skeptical, provocative analysis proposes what must change in the US, Japan, Germany, and elsewhere." Hugh Patrick, Center on Japanese Economy and Business, Columbia Business School"A timely and urgent read given that western economies are at a political and environmental tipping point." Ann Pettifor, Policy Research in Macroeconomics"A bold and heterodox diagnosis of capitalism's illness, and a bracing prescription: It's time for government to invest in basic needs, rather than encouraging us to make and buy growing mounds of junk. We will be talking about this book for years." Walter Hatch, Oak Institute for Human Rights, Colby College"A compelling argument for a fairer, smarter form of capitalism which prioritises spending on public goods like health, infrastructure, education, and the environment. At a time of sharpening political end economic divides, this book is a must read." Miranda Schreurs, Bavarian School of Public Policy, Technical University of Munich"This book is right on time: the leading post-WWII economies are losing economic momentum and facing threats to their democratic institutions. Kozo Yamamura demands a prompt systemic change of the capitalist system in order to revitalize growth and secure democracy." Guenter Heiduk, World Economy Research Institute, Warsaw School of EconomicsTable of ContentsA new perspective on capitalism's "sickness"; Inspiration in the Kaufhaus des Westens; Unreal tax rates; Printing money; Inequality and discontent; Buckling bridges and crumbling mountains; The United States: stagnation and gridlock; Japan: bubbles, "lost years" and Abenomics; Unified Germany: a divided nation; Four European economies; Reform to the rescue; Adapting capitalism and changing politics; Conclusion.

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Book SynopsisSouth Sudan is the third most vulnerable country to climate change in the world, and one of the most politically fragile. Rising from the Depths illustrates how South Sudan can leverage its water resources to prepare for climate change and advance national peace and development.

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Book SynopsisIn this analysis of Vladimir Putin's Russia, Chris Miller examines its economic policy and the tools Russia's elite have used to achieve its goals. Miller argues that despite Russia's corruption, cronyism, and overdependence on oil as an economic driver, Putin's economic strategy has been surprisingly successful.Trade ReviewWith a thumbs-up on his metrics and sympathies, Miller's effort represents a solid contribution to literature and readers' understanding.- Choice;""Miller challenges the popular notion that Russian President Vladimir Putin's entire talent lies in using corruption to sustain a kleptocratic authoritarian regime. . . . [A] short and admirably clear book.""- Robert Legvold, Foreign Affairs;""Clear explanations and sophisticated nuance can be seen throughout the book. Each chapter provides a compelling description and explanation of the key events in the Putin era and regularly dispels common simplifications or stereotypes about Putin's policies.""- H-Net Reviews;""An essential book for anyone interested in Russia and foreign policy.""- National Interest;""A timely update on Russia's economic policy and its challenges. . . . Detailed empirical descriptions, clear and nuanced explanations of complicated processes as well as historical contextualization make the book accessible for a broad audience of scholars and non-scholars alike.""- Journal of Soviet and Post-Soviet Politics and Society;""An engrossing read . . . easily readable and digestible. . . . It is rare to wish that a book were longer. Essential reading for anyone seeking not only an understanding, but an underlying logic to what can often seem like the black box of policy making in the Kremlin.""- Slavic Review;""Miller's Putinomics presents a well-structured review of the Russian Federation's political economy under Putin's rule.""- Post Soviet Review;""Chris Miller has written a more nuanced study of the contemporary Russian economy than one might expect in the present intellectual climate.""- The Herald;""Understanding the internal dynamics of contemporary Russia is more important than ever. Putinomics is a valuable contribution to that task.""- Financial Times;""Putinomics provides a careful, comprehensive, and analytic assessment of the economic policies that have sustained Vladimir Putin in power in Russia over the last two decades. Professor Miller argues persuasively that some of Putin's fiscal and monetary policies have fostered economic stability and growth, while other politically-motivated policies have stifled investment and long-term development. Explaining these complicated dynamics between politics and economics in Putin's Russia is the great strength of this must-read book.""- Michael McFaul, Stanford University

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Book SynopsisOver the last few decades, economists and psychologists have quietly documented the many ways in which a person's IQ matters. But, research suggests that a nation's IQ matters so much more. As Garett Jones argues in Hive Mind, modest differences in national IQ can explain most cross-country inequalities. Whereas IQ scores do a moderately good job of predicting individual wages, information processing power, and brain size, a country's average score is a much stronger bellwether of its overall prosperity. Drawing on an expansive array of research from psychology, economics, management, and political science, Jones argues that intelligence and cognitive skill are significantly more important on a national level than on an individual one because they have "positive spillovers." On average, people who do better on standardized tests are more patient, more cooperative, and have better memories. As a result, these qualities—and others necessary to take on the complexity of a modern economy—become more prevalent in a society as national test scores rise. What's more, when we are surrounded by slightly more patient, informed, and cooperative neighbors we take on these qualities a bit more ourselves. In other words, the worker bees in every nation create a "hive mind" with a power all its own. Once the hive is established, each individual has only a tiny impact on his or her own life. Jones makes the case that, through better nutrition and schooling, we can raise IQ, thereby fostering higher savings rates, more productive teams, and more effective bureaucracies. After demonstrating how test scores that matter little for individuals can mean a world of difference for nations, the book leaves readers with policy-oriented conclusions and hopeful speculation: Whether we lift up the bottom through changing the nature of work, institutional improvements, or freer immigration, it is possible that this period of massive global inequality will be a short season by the standards of human history if we raise our global IQ.Trade Review"Whereas individuals' IQs are less strongly related to their performance, the relationship between national averages of IQ and performance indicators such as gross domestic product is robust. But, the beneficial indicators are not limited to economic statistics; they include better public health, higher levels of education and skills, patience, prudence and a willingness to save for the futureJones concludes his book with the challenge to discover underlying factors that enhance a wide range of cognitive skills. RECOMMENDED."—E.L. Whalen, CHOICE"As someone who is routinely baffled by the prolixity of economics texts, I found it hugely refreshing to read Jones's clear, engaging prose . . . [Hive Mind] is enormously more accessible and enjoyable than previous books on national IQ differences."—Stuart J. Ritchie, Intelligence"Garett Jones' Hive Mind is the very best introduction to a simple truth: The smarts of the people around you are way more important than you think. Much of our world is shaped by this fact, which no one has talked about—until now."—Tyler Cowen, Professor of Economics, George Mason University"For over 100 years, we've neglected the importance of national differences in our cognitive progress; this book is a welcome antidote and an eye opener."—James R. Flynn, University of Otago"Those of us who live in the world's richest countries like to believe that it is our own intellect and ingenuity that accounts for our success. But what if our own intelligence matters less than the average skill of the country in which we live? Hive Mind offers a bracing account of why some countries are so rich while others are so poor, and how we might foster more cooperative and, ultimately, more prosperous societies."—Reihan Salam, Executive Editor, National Review"On balance this is a notable text—perhaps 2016's most important economics book, both for the development specialist and the general reader."—Fred Thompson, Governance"[Hive Mind] skillfully combines research insights from many fields and disciplines....Jones's book represents the best in social science writing. It tackles an important, overlooked and underappreciated topic surrounding a clearly defined puzzle. It supports a logically sound argument with a variety of quality empirical research spanning several disciplines and decades."—Zachary Gochenour, The Review of Austrian EconomicsTable of ContentsContents and AbstractsIntroduction: The Paradox of IQ chapter abstractIQ differences across people within a country predict only modest differences in wages, but average differences in IQ-type scores across countries predict massive differences in productivity across country. This is the paradox to be explained, and the explanation propels the book forward. 1Just a Test Score? chapter abstractThe chapter offers a rapid overview of modern IQ research, drawing heavily on recent textbooks published by Oxford and Cambridge University presses. The most important fact about IQ is that skills predict skills: as a practical matter, all mental abilities that a typical person thinks about as parts of "intelligence" are at least weakly positively correlated. So people with higher math scores tend to have higher verbal scores and are usually faster at solving wooden block puzzles. IQ also predicts wages and worker skill, as labor economists and human resource professors routinely find. But social intelligence, while a subject of popular discussion, is a weaker predictor of typical job outcomes than IQ. 2A da Vinci Effect for Nations chapter abstractCan national average IQ scores really be compared across countries the way that math and science tests routinely are? Is test bias too much of a problem to make the scores useful? Psychologists have debated the value of national average IQ estimates, but the result of the debate is a surprising consensus: outwardly fair tests appear to document lower average scores in the world's poorest regions, though scholars debate the precise magnitude. And while test bias can't be entirely ruled out, the fact that nations with lower average IQ scores also tend to perform poorly on math, science, and reading tests is additional evidence that broad-based mental skills currently differ across countries. East Asia's high average scores are also discussed. 3James Flynn and the Quest to Raise Global IQ chapter abstractIQ scores have risen over the course of the past century in the rich countries, a finding known as the Flynn Effect, after the philosopher who documented the regularity. This is the key inarguable piece of evidence that IQ is influenced by the environment. But the Flynn Effect raises questions: Are there practical policies that can raise IQ, or are the channels for raising IQ still a mystery? Is the Flynn effect a real rise in broad mental abilities, or is it just a rise in narrow test-taking ability? The chapter surveys the empirical evidence, which ultimately is quite ambiguous. If IQ matters more for nations than for individuals, then more research into the Flynn Effect is needed. 4Will the Intelligent Inherit the Earth? chapter abstractPsychologists and economists have both found that higher IQ predicts more patience. Economic theory predicts that nations with more patient citizens will tend to have higher savings rates, and if capital can freely move across borders, ultimately the most patient nations will own all of the world's assets, with the less patient nations holding only debts to be repaid. The chapter looks at cross-country evidence testing these claims. 5Smarter Groups Are More Cooperative chapter abstractPsychological, management, and economics research provide strong empirical evidence that in experimental settings, smarter groups are more cooperative. The prisoner's dilemma, the trust game, public goods games, and more fluid negotiation games all provide evidence. 6Patience and Cooperation as Ingredients for Good Politics chapter abstractThe Nobel-winning Coase Theorem concept provides a link between the experimental results of the previous chapter and the world of politics. Politics is a world of negotiation. If smarter groups are more cooperative, better at finding win-win outcomes, then we can expect nations with higher test scores to, on average, have political systems that encourage people to grow the economic pie rather than fight for the biggest share. The Nobel-winning theory of "time inconsistency" shows how patience can help politicians commit to good long-run policies even when they are tempted in the short run as well. And cross-country evidence shows that even if we know a nation's level of income and a variety of other factors, a nation's average test scores predict better, less corrupt institutions. 7Informed Voters and the Question of Epistocracy chapter abstractToxicology researchers have found that better-educated people are more likely to agree with toxicologists that when it comes to toxic chemicals "the danger is in the dose." Bryan Caplan has found that better-educated citizens tend to think like economists, favoring modestly more-market-oriented policies. And Caplan's work with Miller finds that IQ itself helps predict pro-market attitudes. Together with some limited evidence that higher IQ individuals are more socially liberal, this suggests that nations with higher-IQ citizens may be more likely to be socially liberal and more laissez-faire in their economic views. The philosophical debate over "epistocracy"—rule by the informed—is also discussed. 8The O-Ring Theory of Teams chapter abstractMany production processes are fragile, such that one small error along the way can destroy the product's value. Computer chip production is an obvious example, while corporate megamergers are a less obvious example. Michael Kremer's O-Ring Theory shows how in such settings, high-skilled workers will tend to wind up sorted into highly productive firms while less-skilled workers will sort together into much less productive firms. Kremer's theory shows how small skill differences can cause big differences in productivity. Empirical evidence that productive workers help to make their peers more productive is also surveyed, a reminder that small individual productivity differences can have bigger overall effects by example to others. The psychology and management literature on team IQ and team productivity is also surveyed. 9The Endless Quest for Substitutes and the Economic Benefits of Immigration chapter abstractDrawing on the author's own economic model, the chapter begins by showing how to reconcile the O-ring prediction that small differences in group skill should cause massive changes in wages within a country with the real-world fact that small differences in group skill only predict small differences in wages within a country. From there, the literature on the large economic benefits and small, perhaps negligible economic costs of lower-skilled immigration are surveyed. The chapter closes by noting the tension between this chapter's claim that lower-skilled immigration has small economic costs and the evidence of the previous chapters that higher-scoring citizens are likely to improve government quality. 10Poem and Conclusion chapter abstractThe chapter begins with a poem summarizing the book's argument. It then briefly discusses the modestly suggestive evidence that the highest-scoring 5 percent of a nation's citizens might have a disproportionate influence on the nation's economic and institutional outcomes; this is clearly an area in which further research would have high returns. And it closes with a call to search for a global Flynn Cycle, in which better nutrition and schooling raises IQ, which raises productivity, which in turn raises health and schooling quality. With our current knowledge, a Flynn Cycle may be possible, it may be impossible, but it's important to find out which is the truth.

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Book SynopsisAlmost 15 years ago, in The World is Flat, Thomas Friedman popularized the latest wave of globalization as a world of giant corporate supply chains that tripled world trade between 1990 and 2010. Major corporations such as Apple, Dell, and GE offshored manufacturing to low-cost economies; China became the world's factory, mass-producing and exporting computers and gadgets to Western shoppers. This paradigm of globalization has dominated global trade policy-making and guided hundreds of billions of dollars in business investments and development spending for almost three decades. But we are now on the cusp of a new era. Revolutionizing World Trade argues that technologies such as ecommerce, 3D printing, 5G, the Cloud, blockchain, and artificial intelligence are revolutionizing the economics of trade and global production, empowering businesses of all sizes to make, move, and market products and services worldwide and with greater ease than ever before. The twin forces of digitization and trade are changing the patterns, players, politics, and possibilities of world trade, and can reinvigorate global productivity growth. However, new policy challenges and old regulatory frameworks are stifling the promise of this most dynamic, prosperous, and inclusive wave of globalization yet. This book uses new empirical evidence and policy experiences to examine the clash between emerging possibilities in world trade and outdated policies and institutions, offering several policy recommendations for navigating these obstacles to catalyze growth and development around the world.Trade Review"Trade has historically been expensive, slow, and opaque. Today's disruptive technologies not only offer new solutions to old problems, but create wholly new global markets for products and services. Kati Suominen draws from her deep experience in the world of goods trade to clearly set out the parameters of this new global trading ecosystem, offering excellent insight and advice for goods producers seeking to get involved in frontier technologies like blockchain and AI."—Dr. Alisa DiCaprio, Head of Trade and Supply Chain, R3"Suominen brilliantly explores the impact of new technologies on the patterns, players, and possibilities of world trade, and their unparalleled potential to reignite productivity, raise incomes, and empower people. She then masterfully lays down a bold and innovative blueprint to help policymakers act on this potential. In an increasingly darkening global trade policy scenario, this is a book by a modern-day Renaissance woman on the renaissance of globalization!"—Anabel González, Nonresident Senior Fellow, Peterson Institute for International Economics, former Costa Rica Trade Minister, Senior Director of the World Bank Trade & Competitiveness, and former WTO Agriculture Director"An important new book, highlighting the trading opportunities that come with new technologies. It analyzes the challenges that need to be overcome, including cross-border procedures, and makes the key point that beyond digitizing trade, we also need to digitize customs, borders, and ports."—Jan Hoffmann, Chief, Trade Logistics Branch, Division on Technology and Logistics, UNCTAD"Professor Kati Suominen 'gets it.' Globalization, technology, and mass affluence have changed the rules for international expansion. In Revolutionizing World Trade, Suominen walks us through how these changes have upended the traditional trading world, driven by ecommerce and the Internet. Every international business should get this book. Then they can 'get it' as well."—Frank Lavin, Chairman, Export Now, former Undersecretary for International Trade, U.S. Department of Commerce"Revolutionizing World Trade provides an in-depth look at forces changing trade and global business and makes important recommendations for bold policy ideas which would enable outsized economic growth across global markets. A must-read for anyone driven to solve these big problems."—Brenda Santoro, Head of Global Trade, Silicon Valley Bank"Kati has a wealth of experience in international trade from both a private sector practitioner perspective as well as a public sector policy perspective. Her work has taken her to the forefront of the evolving trade landscape. This book elucidates this evolution and is a great contribution to the debate about the future of trade and our ability to shape its course for the betterment of the global community."—Steven Beck, Head of Trade and Supply Chain Finance, Asian Development Bank"Kati Suominen introduces this book as a roadmap for the far-sighted entrepreneur; however, it is much more than that. In Revolutionizing World Trade, she explores the opportunities and challenges facing businesses, policy makers, regulators, and society in general, before finally setting out her manifesto for using e-commerce as a key enabler for inclusive trade. Whatever your role or interest in e-commerce and trade, this book will help you better understand how e-commerce is shaping our world today and the benefits that it can bring tomorrow."—Steven Pope, Vice President Customs & Regulatory Affairs, DHL Express Europe"In a time of taking two steps back, Revolutionizing World Trade makes a bold leap into the future and the verdict is there is nothing to fear! Suominen provides a thorough review of what's to come for the global economy and while not shying from the real challenges facing consumers, governments and businesses, generates a sense of promise and optimism sorely missing from today's discourse on global affairs."—Susan F. Stone, Senior Trade Advisor, OECD"Suominen examines the opportunities that new technologies will open up in world trade, ushering in what she calls 'globalization 4.0' within a decade. This future is already apparent, in an incipient form."—Richard N. Cooper, Foreign Affairs"This [is a] lively, well-written book....Suominen is well versed in these issues, is at home as a policy wonk, and has all the right credentials (and she adds a welcome sense of humor and irreverence)....Highly recommended."—I. Walter, CHOICETable of Contents1. Introduction 2. World Economy Goes to Heaven 3. Killer App for World Trade 4. When Six Billion People Go to the Mall 5. Driverless Delivery, Door to Door 6. Finding $1.7 Trillion 7. The Big Query 8. Offline 9. Stuck in Customs 10. Splinternet 11. Credit Crunch 12. Techlash and Trade Wars 13. Better Trade By More People

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Book SynopsisIn the wake of the 2008 financial crisis, central banks created trillions of dollars of new money, and poured it into financial markets. ‘Quantitative Easing’ (QE) was supposed to prevent deflation and restore economic growth. But the money didn’t go to ordinary people: it went to the rich, who didn’t need it. It went to big corporations and banks – the same banks whose reckless lending caused the crash. This led to a decade of stagnation, not recovery. QE failed. In this book, Frances Coppola makes the case for a ‘people’s QE’, in which the money goes directly to ordinary people and small businesses. She argues that it is the fairest and most effective way of restoring crisis-hit economies and helping to solve the long-term challenges of ageing populations, automation and climate change.Trade Review‘Irresponsible bank lending caused the crisis of 2008, and increased inequality dramatically. Bernanke's Quantitative Easing rewarded banks, and increased inequality further. I agree with Coppola that the next QE should be for the people. Read this book to learn how it would work.’Steve Keen, author of Debunking Economics ‘Frances Coppola is a world expert on commercial and central banking. Her defence of “People’s QE” is a must-read for all those engaged in the debate. No one else could approach this subject more authoritatively.’Ann Pettifor, Director of Policy Research in Macroeconomics (PRIME)Table of ContentsIntroduction Section 1 The Great Experiment Section 2 Understanding Money Section 3 QE for the People: A Better Way Section 4 Some (Weak) Objections to QE for the People Section 5 Lessons for the Next Depression Notes

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Book SynopsisIn the wake of the 2008 financial crisis, central banks created trillions of dollars of new money, and poured it into financial markets. ‘Quantitative Easing’ (QE) was supposed to prevent deflation and restore economic growth. But the money didn’t go to ordinary people: it went to the rich, who didn’t need it. It went to big corporations and banks – the same banks whose reckless lending caused the crash. This led to a decade of stagnation, not recovery. QE failed. In this book, Frances Coppola makes the case for a ‘people’s QE’, in which the money goes directly to ordinary people and small businesses. She argues that it is the fairest and most effective way of restoring crisis-hit economies and helping to solve the long-term challenges of ageing populations, automation and climate change.Trade Review‘Irresponsible bank lending caused the crisis of 2008, and increased inequality dramatically. Bernanke's Quantitative Easing rewarded banks, and increased inequality further. I agree with Coppola that the next QE should be for the people. Read this book to learn how it would work.’Steve Keen, author of Debunking Economics ‘Frances Coppola is a world expert on commercial and central banking. Her defence of “People’s QE” is a must-read for all those engaged in the debate. No one else could approach this subject more authoritatively.’Ann Pettifor, Director of Policy Research in Macroeconomics (PRIME)Table of ContentsIntroduction Section 1 The Great Experiment Section 2 Understanding Money Section 3 QE for the People: A Better Way Section 4 Some (Weak) Objections to QE for the People Section 5 Lessons for the Next Depression Notes

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Book SynopsisThe Economics of Being Poor is mainly devoted to the economics of acquiring skills and knowlede, to investment in the quality of the population and to the increasing economic importance of human capital - the quality of the work-force embodied in the health, education and skills, including the entrepreneurial skills of the workers themselves. The volume is divided into three parts: Most People are Poor, Invsting in Skills and Knowledge, and Effects of Human Capital. The Economics of Being Poor represents a remarkable testament to perhaps the most elegant stylist in post-war economics.Table of ContentsPart 1 Most people are poor: Nobel lecture - the economics of being poor; the economics of poverty in low income countries; investing in poor people; reflections on poverty within agriculture; our welfare state and the welfare of farm people; economic puzzles pertaining to proverty. Part 2 Investing in skills and knowledge: investment in human capital; capital formation by education; rates of return on education; resources for higher education; reckoning education as human capital; equity and efficiency in college instruction; are university scholars and scientists free agents?; Adam Smith and human capital. Part 3 Effects of human capital: institutions and the rising economic value of man; the increasing economic value of human time; woman's new economic demands; children - an economic perspective; high value of human time population equilibrium; investment in entrepreneurial ability; a long view of increases in the value of human time.

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Book SynopsisIntertemporal Macroeconomics is the first text to offer a unified and systematic exposition of the key issues, both traditional and new, in dynamic macroeconomics. Based on neoclassical growth theory, the book is designed for graduate and advanced undergraduate students in macroeconomics and finance.Trade Review"A marvelous introduction to the methods and substance... to the language, as he puts it, of modern macroeconomics. It is literate, rigorous, up-to-date, and on theoretical issues, comprehensive." Robert E. Lucas Jr, John Dewey Service Professor, The University of ChicagoTable of ContentsPart I: Discrete Dynamical Systems:. Introduction to Part One. Scalar Linear Equations. Stockmarket Bubble. Linear Systems. Exchange-Rate Dynamics. Nonlinear Systems. The Structure of Growth Models. Periodic Equilibria and Bifurcations. Endogenous Fluctuations. Technical Appendices. Footnotes. Bibliography. Questions for Study. Part II: Intertemporal Allocation:. Introduction to Part Two. Overlapping Generations. Intertemporal Optimality. Neoclassical Growth Theory. Economic Development. Advanced Topics. Summing Up. Technical Appendix. Footnotes. Bibliography. Questions for Study. Part III: National Debt and Fiscal Policy:. Introduction to Part Three. Balanced Policies. Deficits in Exchange Economies. Deficits in Growing Economies. Advanced Topics. Summing Up. Footnotes. Bibliography. Questions for Study. Part IV: Money and Asset Prices:. Introduction to Part Four. Fundamentals and Bubbles in Asset Prices. The Quantity of Money. Inflationary Finance. Rational Expectations. Market Psychology. Advanced Topics. Summing Up. Footnotes. Bibliography. Questions for Study.

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Book SynopsisWritten by one of the leading authorities in market microstructure research, this book provides a comprehensive guide to the theoretical work in this important area of finance.Table of ContentsForeword. 1. Markets and Market-Making. 2. Inventory Models. 3. Information-Based Models. 4. Strategic Trader Models I: Informed Traders. 5. Strategic Trader Models II: Uninformed Traders. 6. Information and the Price Process. 7. Market Viability and Stability. 8. Liquidity and the Relationships between Markets. 9. Issues in Market Performance.

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Book SynopsisA study of budgeting and financial administration in developing countries, which probes reasons for failure and solutions for improvement. The contributors are all involved in relating prescription to practice, and theory to reality in this area. Their essays all seek to provide practical advice to administrators caught up in the ever-changing, unpredictable contemporary environment.Table of ContentsPart 1 Budgeting and development: from here to there and beyond - concepts and applications of public budgeting in developing countries, Naomi Caiden and Steven Chan. Part 2 Issues of fiscal policy: fiscal stress and structural adjustment, Jack Diamond; fiscal aspects of external debt, Martha de Melo. Part 3 Planning budgets: public expenditure planning and forecasting, William Alan; financial reform in Kenya - implementing a public investment programme in line ministries, Stephen Peterson; the role of project data banks in public investment programming, Katrina Sharkey. Part 4 Public expenditure management: budget management and budgeting - the Singapore approach, Doh Joon Chien; the recurrent cost crisis in development bureaucracies, Stephen Peterson; reforming public budgeting in Zimbabwe, Jonathon Moyo. Part 5 Privatization: privatization of public enterprise in Asia - current patterns and emerging issues, James Leighland; privatization in Latvia - market, political, financial and social factors, David O. Porter and Gundar J. King. Part 6 Accounting and auditing: government accounting in developing countries, Peter Dean; auditing in Africa - some unmet needs, Richard E. Zody.

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Book SynopsisBecause globalization opens international borders throughout the world, the study of international economics has become increasingly relevant. International Economics begins with a discussion of globalization and addresses economic development, trade and comparative advantage, trade barriers, exchange rates, the balance of payments, and major international organizations today such as the UN, IMF, and the World Bank. This brand-new resource concludes with a discussion of different economic systems.

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Book SynopsisEvery leader is also a follower. Both good leaders and good followers exhibit many of the same characteristics. Both think for themselves, both are active in the leadership process, and both exhibit positive energy. Traditionally, leadership classes and leadership development programs devote little time and attention to developing effective follower skills because most organizational leaders erroneously assume that employees know how to follow. This book takes a look at both current leadership and followership theories and describes how to apply them in an organizational setting. The book also provides an overview of what it means to be a good follower and provides a roadmap of how to develop followership skills that can easily be translated to leadership skills as the need arises. Generally, there is a negative connotation of the term followership due to a lack of understanding of the topic of followership. This lack of understanding has frequently caused leaders to overlook followership as a necessary part of a successful organization. Increasing awareness of followership processes within the organizational context will lead to improved leadership and improved organizational performance. This book will aid in the development of those great followers who are great employees who in-turn will possess the skills necessary to become great leaders. This book is intended for a broad audience including both students and practitioners of Leadership.

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Book SynopsisIn recent years, there has been an increase in new forms of employment. Namely, thanks to the use of platforms in business and the emergence of the ""gig economy"", there are gradual changes in this domain. These include part-time, temporary, informal, and unpaid family work. This type of employment can be defined as any job, but only of short or uncertain duration.The experiences gained by the countries of the European Union, as well as the countries of the Western Balkans from the COVID-19 crisis, during which they used new technologies in work, should in the future make working systems even more adapted to the digital age.At last, whether working from home is the product of one's own choice or is the result of a pandemic or other environmental shock, the change in the way work is done is real and governments must understand the implications and take steps to position their economies accordingly.

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Book SynopsisIn recent years, there has been an increase in new forms of employment. Namely, thanks to the use of platforms in business and the emergence of the ""gig economy"", there are gradual changes in this domain. These include part-time, temporary, informal, and unpaid family work. This type of employment can be defined as any job, but only of short or uncertain duration.The experiences gained by the countries of the European Union, as well as the countries of the Western Balkans from the COVID-19 crisis, during which they used new technologies in work, should in the future make working systems even more adapted to the digital age.At last, whether working from home is the product of one's own choice or is the result of a pandemic or other environmental shock, the change in the way work is done is real and governments must understand the implications and take steps to position their economies accordingly.

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Book SynopsisThis invaluable volume brings together seminal articles with a significant behavioural content on various areas in macroeconomics. The topics covered include a historical perspective on psychology and economics, social norms and macroeconomics, the nature of unemployment, unemployment and inflation, consumption and saving, the causes of the global financial crisis, economic growth and happiness and income distribution and the underclass. The collection also covers a broad range of the theories and methods used in behavioural economics. The comprehensive volume, with an original introduction by the editor, will be an essential compendium for researchers and students interested in behavioural economics.Trade Review'I only wish that Ian McDonald's Behavioural Macroeconomics had been available when I was preparing A Guide to Behavioral Economics; it certainly would have provided me with material to fill in a number of gaps and cite several additional important concerns!' -- Hugh Schwartz, University of the Republic, UruguayTable of ContentsContents: Acknowledgements Introduction Ian M. McDonald PART I PSYCHOLOGY AND ECONOMICS – A HISTORICAL PERSPECTIVE 1. Luigino Bruni and Robert Sugden (2007), ‘The Road Not Taken: How Psychology was Removed from Economics, and How it Might be Brought Back’ PART II SOCIAL NORMS AND MACROECONOMICS 2. George A. Akerlof (2007), ‘The Missing Motivation in Macroeconomics’ PART III THE NATURE OF UNEMPLOYMENT 3. Andrew E. Clark and Andrew J. Oswald (1994), ‘Unhappiness and Unemployment’ 4. M. Daniele Paserman (2008), ‘Job Search and Hyperbolic Discounting: Structural Estimation and Policy Evaluation’ PART IV SOME IMPLICATIONS OF EQUITY FOR UNEMPLOYMENT AND INFLATION 5. George A. Akerlof and Janet L. Yellen (1990), ‘The Fair Wage-Effort Hypothesis and Unemployment’ 6. Truman F. Bewley (1995), ‘A Depressed Labor Market as Explained by Participants’ 7. Ernst Fehr and Armin Falk (1999), ‘Wage Rigidity in a Competitive Incomplete Contract Market’ 8. Ernst Fehr and Georg Kirchsteiger (1994), ‘Insider Power, Wage Discrimination and Fairness’ 9. Lawrence H. Summers (1988), ‘Relative Wages, Efficiency Wages and Keynesian Unemployment’ Part V SOME IMPLICATIONS OF LOSS AVERSION FOR UNEMPLOYMENT AND INFLATION 10. V. Bhaskar (1990), ‘Wage Relativities and the Natural Range of Unemployment’ 11. Hugh Sibly (2002), ‘Loss Averse Customers and Price Inflexibility’ 12. Ian M. McDonald and Hugh Sibly (2005), ‘The Diamond of Macroeconomic Equilibria and the Non-Inflationary Expansion’ 13. J.N. Nye, I.M. McDonald and H. Sibly (2001), ‘An Estimate of the Range of Equilibrium Rates of Unemployment for Australia’ 14. John C. Driscoll and Steinar Holden (2004), ‘Fairness and Inflation Persistence’ PART VI UNEMPLOYMENT AND INFLATION IN THE SOCIAL WELFARE FUNCTION 15. Rafael Di Tella, Robert J. MacCulloch and Andrew J. Oswald (2001), ‘Preferences Over Inflation and Unemployment: Evidence from Surveys of Happiness’ PART VII CONSUMPTION AND SAVING 16. Richard H. Thaler and Shlomo Bernatzi (2004), ‘Save More Tomorrow™: Using Behavioural Economics to Increase Employee Saving’ 17. David Bowman, Deborah Minehart and Matthew Rabin (1999), ‘Loss Aversion in a Consumption-savings Model’ 18. Isabelle Brocas and Juan D. Carrillo (2008), ‘The Brain as a Hierarchical Organization’ PART VIII THE GLOBAL FINANCIAL CRISIS 19. Ian M. McDonald (2009), ‘The Global Financial Crisis and Behavioural Economics’ PART IX ECONOMIC GROWTH AND HAPPINESS 20. David G. Blanchflower and Andrew J. Oswald (2004), ‘Well-being Over Time in Britain and the USA’ 21. Bruno S. Frey and Alois Stutzer (2002), ‘What Can Economists Learn from Happiness Research?’ 22. B. Curtis Eaton and Mukesh Eswaran (2009), ‘Well-being and Affluence in the Presence of a Veblen Good’ 23. Jonathan D. Cohen (2005), ‘The Vulcanisation of the Human Brain: A Neural Perspective on Interactions Between Cognition and Emotion’ PART X INCOME DISTRIBUTION AND THE UNDERCLASS 24. Robert J. Oxoby (2004), ‘Cognitive Dissonance, Status and Growth of the Underclass’

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Book Synopsis'In the midst of the double crisis of the economy and of economic theory, we need innovative ideas. These ideas have to be soundly based on analytical foundations as well as on an appreciation of the limits of political economy. Flaschel and Luchtenberg have written a book which will be read deeply and for a long time.' - From the foreword by Meghnad Desai The current crises in the financialization of capitalism, and their repercussions on the financial viability of entire countries, severely question the achievements of mainstream economics and its disregard of Keynes's theory of effective demand and finance. In view of this, Peter Flaschel and Sigrid Luchtenberg consider roads to a type of capitalism that could eventually be considered as 'social' in nature. The authors underpin their study with theory, empirical evidence, and policy from a positive as well as a normative perspective. As points of departure for their concept of social capitalism, the theoretical framework provides a synthesis of the work of Marx, Keynes, and Schumpeter on ruthless capitalism, regulated capitalism, and competitive socialism. This challenging book will prove a thought-provoking and much needed alternative for academics and students of economics, heterodox economics and the history of economic thought, as well as for individuals interested in the understanding and reshaping of capitalism. Contents: Foreword by Meghnad Desai Preface General Introduction Part I: Failing Capitalism: Baseline Scenarios and Social Reforms 1. Capital Accumulation and the Marxian Reserve Army 2. Segmented Labour and an Employer of Last Resort 3. Full Employment Capitalism through an Employer of First Resort Part II: The Forces to Cope With: Effective Demand, Finance and Innovation 4. Demand-Driven Distributive Cycles 5. Banking, Financial Markets and the Narrow Banking Idea 6. Schumpeterian Innovations Waves from a Classical Perspective by Reiner Franke Part III: Systemic Crises, Policy Responses and the Road to Social Capitalism 7. Capital Accumulation, Environmental Decay and Rehabilitation 8. Rampant Fiscal Policy, IMF Intervention and Policy Reforms 9. Social Capitalism: A New Social Structure for Capital Accumulation References IndexTrade Review‘In the midst of the double crisis of the economy and of economic theory, we need innovative ideas. These ideas have to be soundly based on analytical foundations as well as on an appreciation of the limits of political economy. Flaschel and Luchtenberg have written a book which will be read deeply and for a long time.’ -- From the foreword by Meghnad DesaiTable of ContentsContents: Foreword by Meghnad Desai Preface General Introduction Part I: Failing Capitalism: Baseline Scenarios and Social Reforms 1. Capital Accumulation and the Marxian Reserve Army 2. Segmented Labour and an Employer of Last Resort 3. Full Employment Capitalism through an Employer of First Resort Part II: The Forces to Cope With: Effective Demand, Finance and Innovation 4. Demand-Driven Distributive Cycles 5. Banking, Financial Markets and the Narrow Banking Idea 6. Schumpeterian Innovations Waves from a Classical Perspective by Reiner Franke Part III: Systemic Crises, Policy Responses and the Road to Social Capitalism 7. Capital Accumulation, Environmental Decay and Rehabilitation 8. Rampant Fiscal Policy, IMF Intervention and Policy Reforms 9. Social Capitalism: A New Social Structure for Capital Accumulation References Index

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Book SynopsisMost macroeconomists agree that we live in the age of microfoundations. The recent worldwide financial crisis may have emboldened critics of this microfoundational orthodoxy, but it remains the dominant view that macroeconomic models must go beyond supply and demand functions to the level of individual decision-making, taking into account the general dynamic environment where agents live. Microfoundations Reconsidered seeks to reassess how the relationship of micro and macroeconomics evolved over time. The highly regarded contributors to the book argue that the standard narrative of microfoundations is likely to be unreliable. They therefore re-examine the history of the relationship of microeconomics and macroeconomics, starting from their emergence as self-consciously distinct fields within economics in the early 1930s. They seek to go beyond the conventional history that is often told and written by practicing economists. From different perspectives they challenge the association of microfoundations with Robert Lucas and rational expectations and offer both a more complete and a deeper reading of the relationship between micro and macroeconomics. Microfoundations Reconsidered is a valuable addition to the macroeconomic research literature. It is ideally suited to students, scholars, researchers, and practitioners with an interest in macro and microeconomics and the history of economics. Contributors: M. De Vroey, P. Garcia Duarte, D.W. Hands, K.D. Hoover, R. Leonard, G.T. Lima, P.E. MirowskiTrade Review‘. . . this book is very well done. The coverage is in-depth and serious, coming from several different angles methodologically and historically. All the essays are thoughtful and well informed, the net result, indeed, to make clear the foundations of the microfoundations-to-macro approach and its various forms and complications. Deeply informative and mot worthy of serious attention and consideration in this well-edited and -written book.' -- J. Barkley Rosser, Jr., Journal of the History of Economic ThoughtTable of ContentsContents: Foreword John B. Davis Introduction: Privileging Micro Over Macro? A History of Conflicting Positions Pedro Garcia Duarte and Gilberto Tadeu Lima 1. Microfoundational Programs Kevin D. Hoover 2. From Foundational Critique to Fictitious Players: The Curious Odyssey of Oskar Morgenstern Robert Leonard 3. The Rise and Fall of Walrasian Microeconomics: The Keynesian Effect D. Wade Hands 4. The Cowles Commission as an Anti-Keynesian Stronghold 1943–54 Philip E. Mirowski 5. Microfoundations: A Decisive Dividing Line between Keynesian and New Classical Macroeconomics? Michel De Vroey 6. Not Going Away? Microfoundations in the Making of a New Consensus in Macroeconomics Pedro Garcia Duarte Index

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Book SynopsisThe first edition of this unique Handbook was praised for its substantial and invaluable summary discussions of work by anthropologists on economic processes and issues, on the relationship between economic and non-economic areas of life and on the conceptual orientations that are important among economic anthropologists. This thoroughly revised edition brings those discussions up to date, and includes an important new section exploring ways that leading anthropologists have approached the current economic crisis. Its scope and accessibility make it useful both to those who are interested in a particular topic and to those who want to see the breadth and fruitfulness of an anthropological study of economy.This comprehensive Handbook will strongly appeal to undergraduate and post-graduate students in anthropology, economists interested in social and cultural dimensions of economic life, and alternative approaches to economic life, political economists, political scientists and historians.Contributors: C. Alexander, K. Applbaum, M. Blim, M. Busse, J.G. Carrier, M.A. Chen, S. Coleman, R. Colloredo-Mansfeld, E.P. Durrenberger, J.S. Eades, T.H. Eriksen, S. Gudeman, J.I. Guyer, M. Harris, J. Harriss, K. Hart, E. Hirsch, R.C. Hunt, B.L. Isaac, D. Kalb, D. Lewis, P. Luetchford, B. Maurer, E. Mayer, S. Narotzky, H. Ortiz, S. Ortiz, J. Parry, T.C. Patterson, D. Robotham, T. Roopnaraine, M. aul, V. Siniscalchi, P.J. Stewart, M. Stivens, A. Strathern, O. Visser, Y. YanTrade ReviewThis excellent overview would serve as an excellent text for advanced undergraduate and graduate-level classroom use... Because of the clarity, conciseness, and accessibility of the writing, the chapters in this volume likely will be often cited and recommended to those who want the alternative and frequently culturally comparative perspective on economic topics that anthropology provides. Highly recommended. All academic levels/libraries. --K.F. Rambo, ChoiceAcclaim for the first edition:The volume is a remarkable contribution to economic anthropology and will no doubt be a fundamental tool for students, scholars, and experts in the sub-discipline. --Mao Mollona, Journal of the Royal Anthropological InstituteTable of ContentsContents: Preface Introduction James G. Carrier PART I: ORIENTATIONS 1. Karl Polanyi Barry L. Isaac 2. Anthropology, Political Economy and World-System Theory J.S. Eades 3. Political Economy Don Robotham 4. Decisions and Choices: The Rationality of Economic Actors Sutti Oritz 5. Provisioning Susana Narotzky 6. Community and Economy: Economy’s Base Stephen Gudeman PART II: ELEMENTS 7. Property Mark Busse 8. Labour E. Paul Durrenberger 9. Industrial Work Jonathan Parry 10. Money in Twentieth-century Anthropology Keith Hart 11. Finance 2.0 Bill Maurer 12. Distribution and Redistribution Thomas C. Patterson 13. Consumption Rudi Colloredo-Mansfeld PART III: CIRCULATION 14. Ceremonial Exchange: Debates and Comparisons Andrew Strathern and Pamela J. Stewart 15. Markets: Places, Principles and Integrations Kalman Applbaum 16. The Gift and Gift Economy Yunxiang Yan 17. One-way Economic Transfers Robert C. Hunt PART IV: INTEGRATIONS 18. Gender Maila Stivens 19. Environment and Economy Eric Hirsch 20. Culture and Economy Michael Blim 21. Economy and Religion Simon Coleman 22. Economies of Ethnicity Thomas Hylland Eriksen PART V: ISSUES 23. Economic Anthropology and Ethics Peter Luetchford 24. Households and their Markets in the Andes Enrique Mayer 25. Peasants Mark Harris 26. Economic Valuations and Environmental Policy Catherine Alexander 27. Anthropology and Development: The Uneasy Relationship David Lewis 28. The Informal Economy in Comparative Perspective Martha Alter Chen PART VI: REGIONS 29. South America Terry Roopnaraine 30. Africa South of the Sahara Mahir Şaul 31. South Asia John Harriss 32. East Asia J.S. Eades 33. Towards an Economic Anthropology of Europe Valeria Siniscalchi PART VII: THE CRISIS 34. Oligarchy and State Capture: Soviet-style Mechanisms in Contemporary Finance Capitalism Don Kalb and Oane Visser 35. Anthropology – of the Financial Crisis Horacio Ortiz 36. Economic Crisis, 2008: What Happened, What Can be Learned About How and Why, What Could Happen Next Michael Blim 37. Terms of Debate versus Words in Circulation: Some Rhetorics of the Crisis Jane I. Guyer 38. The Financial Crisis and the History of Money Keith Hart Index

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Book SynopsisDefining 'social entrepreneurship' has in the past proved problematic, and debate continues concerning what it does and does not entail and encompass. This unique book frames the debates surrounding the phenomenon and argues that many of the difficulties relating to the study of social entrepreneurship are rooted in methodological issues. Highlighting these issues, the book sets out ideas and implications for researchers using alternative methodologies. Contributors expertly present practical guides for researchers, setting out appropriate strategies and methods that can be adopted to explore and understand social entrepreneurship. Chapters deal with research strategies such as storytelling, action research and the case study, as well as the methods appropriate for understanding discourse, large data sets, and networks. The book also explores some challenges for researchers, and will be of particular interest to early career researchers or researchers first approaching the field. Contributors: M. Bachmann, S. D'Alessandro, K. Kumar, A.F. McKenny, J. Ormiston, J. Ruskin, F. Salignac, R.G. Seymour, J.C. Short, C. Steyaert, M. Tasker, G. Tyge Payne, C. Webster, L. Westberg, H. WinzarTable of ContentsContents: Introduction Richard G. Seymour PART I: CURIOSITY 1. Understanding the Social in Social Entrepreneurship Richard G. Seymour 2. Researching Social Entrepreneurship Richard G. Seymour PART II: POSTURE 3. Listening to Narratives Chris Steyaert and Michel Bachmann 4. Participating in Research Mathew Tasker, Linda Westberg and Richard G. Seymour 5. Bounding Research Settings K. Kumar and Jarrod Ormiston PART III: GATHERING 6. Discourse Analysis Fanny Salignac 7. Social Network Analysis Cynthia Webster and Jennifer Ruskin 8. Surveys and Data Sets Steven D’Alessandro and Hume Winzar 9. Drawing and Verifying Conclusions Richard G. Seymour PART IV: VOICE 10. The Challenge for Researchers Aaron F. McKenny, Jeremy C. Short and G. Tyge Payne Index

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Book SynopsisThough scientists and environmentalists have long expressed concern over the rapid deterioration of the global environment, economists have largely failed to recognize the issue's relevance to their field. Salah El Serafy argues for an increased focus on the economic aspects of environmental degradation, calling for a fundamental shift in how economists measure and discuss national income.Through a combination of new material reflecting recent developments in the field and previously published essays that provide a history of green accounting, the author emphasizes the importance of considering natural resources as part of a nation's economic capital. Setting forth what has become known as the 'El Serafy Method', this fascinating and complex volume presents both the justification and the methodology for giving the environment a place in the global economic conversation.Students, professors, researchers and policymakers in the field of environmental and ecological economics will no doubt find much to appreciate in this thoughtful and comprehensive analysis of the intersection between economics and the environment.Trade Review'This is an important book. It not only serves as a valuable contribution to green accounting, it is a testament to Salah El Serafy's tireless efforts to reform the national income accounts in ways that would better reveal the sustainable product of nations and the value of development policies. No matter what differences the reader may have with some of the points made, there is no denying that the world would be a much improved place if the reforms suggested by El Serafy were implemented.' --Philip Lawn, Flinders University, Australia'This book is a fabulous summary of Salah El Serafy's seminal contributions to ''greening'' national income accounts. If only we had employed the famous "El Serafy method" of investing depletion of non-renewable resources into renewable alternatives, the world would be in a much stronger and more sustainable place today. Hopefully it is not too late to take up this and El Serafy's many other recommendations for improving national income accounting.' --Robert Costanza, Portland State UniversityTable of ContentsContents: Preface Part I: Introduction 1. Breaking the Ground 2. Green Accounting: History and Prospects 3. The Environment as Capital Part II: Concepts of Income and Capital 4. Income, Capital and Wealth 5. Rent and Royalty 6. Hicks’s Income and Hicksian Income 7. Income from Extracting Petroleum and Controversies over Keeping Capital Intact 8. Adjusting for Disinvestment: In the Wake of Brundtland Part III: The User Cost and its Detractors 9. Proper Calculation of Income from Depletable Natural Resources 10. Disagreements and Misunderstandings 11. Hartwick’s Contribution Part IV: Methodological Tools 12. Depletable Resources: Fixed Capital or Inventories? 13. Sustainability and Substitutability: Defending Weak Sustainability 14. Growth Rate after Adjustment 15. Pricing the Invaluable: Services of the World’s Ecosystems Part V: Policy Matters 16. Population and National Income 17. Green Accounting and Economic Policy 18. The ‘Resource Curse’: Institutions and Dutch Disease 19. Natural Resources in World Bank Country Economic Work and Indonesia’s Experience 20. Sovereign Funds Part VI: Conclusion 21. An Afterword Glossary Index

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Book SynopsisGlobal crises are very rare events. After the Great Depression and the Great Stagflation, new macroeconomic paradigms associated with a new policy regime emerged. This book addresses how some macroeconomic ideas have failed, and examines which theories researchers should preserve and develop. It questions how the field of economics - still reeling from the global financial crisis initiated in the summer of 2007 - will respond.The contributors, nine highly-renowned macroeconomists, highlight the virtues of eclectic macroeconomics over an authoritarian normative approach, and illustrate that macroeconomic reasoning can still be a useful tool for carrying out practical policy analysis. As for emerging research programmes, their wide-ranging chapters remind us that there are positive approaches to and reasons to believe in old-fashioned macroeconomics.This challenging and thought-provoking book will prove a stimulating read for researchers, academics and students of economics, as well as for professional economists.Contributors include: W. Carlin, J.-B. Chatelain, G. Corsetti, P. De Grauwe, G. Dosi, G. Fagiolo,R.J. Gordon, M. Napoletano, X. Ragot, A. Roventini, R.M. Solow, X. Timbeau, J.-P. Touffut, V. WielandTable of ContentsContents: Preface About the Series: Professor Robert M. Solow Introduction: Passing the Smell Test Robert M. Solow and Jean-Philippe Touffut 1. The Fireman and the Architect Xavier Timbeau 2. Model Comparison and Robustness: A Proposal for Policy Analysis after the Financial Crisis Volker Wieland 3. The ‘Hoc’ of International Macroeconomics after the Crisis Giancarlo Corsetti 4. Try Again, Macroeconomists Jean-Bernard Chatelain 5. Economic Policies with Endogenous Innovation and Keynesian Demand Management Giovanni Dosi, Giorgio Fagiolo, Mauro Napoletano and Andrea Roventini 6. Booms and Busts: New Keynesian and Behavioural Explanations Paul De Grauwe 7. The Economics of the Laboratory Mouse: Where Do We Go from Here? Xavier Ragot 8. Round Table Discussion: Where is Macro Going? Wendy Carlin, Robert J. Gordon and Robert M. Solow Index

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Book SynopsisThis comprehensive two-volume collection includes seminal and classic articles that are key in the development of economic analysis of the distribution of wealth. Volume I discusses measurement of the distribution of wealth and analyses the time trends in wealth concentration and the importance of the role of inheritance. Theoretical approaches, including both stochastic and behavioural models are also explored. Volume II continues with articles on the determinants of saving and bequests whilst analysing life cycle and permanent income studies, as well as the role of entrepreneurship and taxation. It also includes key contributions to the controversy over the relative importance of inherited vs. self-made wealth.Along with a new and original introduction by the editor, these volumes are an indispensable tool for scholars and practitioners alike.Trade Review‘This is a wonderful compendium of classic articles about the distribution of wealth from both empirical and theoretical perspectives. Scholars will want to have it on their bookshelf.’ -- Stephen P. Jenkins, London School of Economics and Political Science, UKTable of ContentsContents: Volume I Acknowledgements Introduction James B. Davies PART I MEASUREMENT AND TRENDS 1. C.D. Harbury and P.C. McMahon (1973), ‘Inheritance and the Characteristics of Top Wealth Leavers in Britain’ 2. A.F. Shorrocks (1975), ‘The Age-Wealth Relationship: A Cross-Section and Cohort Analysis’ 3. Paul L. Menchik (1980), ‘Primogeniture, Equal Sharing and the U.S. Distribution of Wealth’ 4. Laurence J. Kotlikoff and Lawrence H. Summers (1981), ‘The Role of Intergenerational Transfers in Aggregate Accumulation’ 5. Edward N. Wolff (1987), ‘The Effects of Pensions and Social Security on the Distribution of Wealth in the US’ 6. Franco Modigliani (1988), ‘The Role of Intergenerational Transfers and Life-Cycle Saving in the Accumulation of Wealth’ 7. Anthony B. Atkinson, James P.F. Gordon and Alan Harrison (1989), ‘Trends in the Shares of Top Wealth Holders in Britain, 1923–1981’ 8. Wojciech Kopczuk and Emmanuel Saez (2004), ‘Top Wealth Shares in the United States, 1916–2000: Evidence from Estate Tax Returns’ 9. Jesper Roine and Daniel Waldenström (2009), ‘Wealth Concentration over the Path of Development: Sweden, 1873–2006’ 10. Anthony B. Atkinson (2008), ‘Concentration Among the Rich’ 11. Edward N. Wolff and Ajit Zacharias (2009), ‘Household Wealth and the Measurement of Economic Well-Being in the United States’ 12. James B. Davies, Susanna Sandstöm, A.F. Shorrocks and Edward N. Wolff (2011), ‘The Level and Distribution of Global Household Wealth’ 13. Thomas Piketty (2011), ‘On the Long-Run Evolution of Inheritance: France 1820–2050’ PART II THEORETICAL APPROACHES 14. H.O.A. Wold and P. Whittle (1957), ‘A Model Explaining the Pareto Distribution of Wealth’ 15. J.E. Stiglitz (1969), ‘Distribution of Income and Wealth Among Individuals’ 16. Alan S. Blinder (1973), ‘A Model of Inherited Wealth’ 17. John Laitner (1979), ‘Household Bequest Behaviour and the National Distribution of Wealth’ 18. Gary S. Becker and Nigel Tomes (1979), ‘An Equilibrium Theory of the Distribution of Income and Intergenerational Mobility’ 19. Franco Modigliani (1986), ‘Life Cycle, Individual Thrift, and the Wealth of Nations’ 20. Anthony F. Shorrocks (1988), ‘Wealth Holdings and Entrepreneurial Activity’ 21. Cyrus Chu (1991), ‘Primogeniture’ 22. Neng Wang (2007), ‘An Equilibirum Model of Wealth Distribution’ 23. Jess Benhabib, Alberto Bisin and Shenghao Zhu (2011), ‘The Distribution of Wealth and Fiscal Policy in Economies with Finitely Lived Agents’ Volume II Acknowledgements An Introduction by the editor appears in volume I PART I SAVINGS AND BEQUESTS: EMPIRICAL ANALYSIS OF BEHAVIOUR 1. Nigel Tomes (1981), ‘The Family, Inheritance, and the Intergenerational Transmission of Inequality’ 2. B. Douglas Bernheim, Andrei Shleifer and Lawrence H. Summers (1985), ‘The Strategic Bequest Motive’ 3. Michael D. Hurd (1989), ‘Mortality Risks and Bequests’ 4. Douglas B. Bernheim (1991), ‘How Strong are Bequest Motives? Evidence Based on the Demand for Life Insurance and Annuities’ 5. Donald Cox and Mark R. Rank (1992), ‘Inter-Vivos Transfers and Intergenerational Exchange’ 6. William G. Gale and John Karl Scholz (1994) ‘Intergenerational Transfers and the Accumulation of Wealth’ 7. R. Glenn Hubbard, Jonathan Skinner and Stephen P. Zeldes (1995), ‘Precautionary Saving and Social Insurance’ 8. John Laitner and F. Thomas Juster (1996), ‘New Evidence on Altruism: A Study of TIAA-CREF Retirees’ 9. Wojciech Kopczuk and Joseph P. Lupton (2007), ‘To Leave or Not to Leave: The Distribution of Bequest Motives’ 10. Karen E. Dynan, Jonathan Skinner and Stephen P. Zeldes (2004), ‘Do the Rich Save More?’ 11. Audrey Light and Kathleen McGarry (2004), ‘Why Parents Play Favourites: Explanations for Unequal Bequests’ PART II SIMULATION 12. A.B. Atkinson (1971), ‘The Distribution of Wealth and the Individual Life Cycle’ 13. Frederic L. Pryor (1973), ‘Simulation of the Impact of Social and Economic Institutions on the Size Distribution of Income and Wealth 14. James B. Davies (1982), ‘The Relative Impact of Inheritance and Other Factors on Economic Inequality’ 15. Mark Huggett (1996), ‘Wealth Distribution in Life-cycle Economies’ 16. Vincenzo Quadrini (2000), ‘Entrepreneurship, Saving and Social Mobility’ 17. Jagadeesh Gokhale, Laurence J. Kotlikoff, James Sefton and Martin Weale (2001), ‘Simulating the Transmission of Wealth Inequality Via Bequests’ 18. Mariacristina De Nardi (2004), ‘Wealth Inequality and Intergenerational Links’ PART III TAXATION AND THE DISTRIBUTION OF WEALTH 19. Jack M. Mintz (1991), ‘The Role of Wealth Taxation in the Overall Tax System’ 20. Louis Kaplow (2001), ‘A Framework for Assessing Estate and Gift Taxation’ 21. Wojciech Kopczuk (2003), ‘The Trick is to Live: Is the Estate Tax Social Security for the Rich?’ 22. B. Douglas Bernheim, Robert J. Lemke and John Karl Scholz (2004), ‘Do Estate and Gift Taxes Affect the Timing of Private Transfers?’ 23. Marco Cagetti and Mariacristina De Nardi (2009), ‘Estate Taxation, Entrepreneurship and Wealth’ 24. Wojciech Kopczuk (2009), ‘Economics of Estate Taxation: Review of Theory and Evidence’

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Book SynopsisMost macroeconomists agree that we live in the age of microfoundations. The recent worldwide financial crisis may have emboldened critics of this microfoundational orthodoxy, but it remains the dominant view that macroeconomic models must go beyond supply and demand functions to the level of individual decision-making, taking into account the general dynamic environment where agents live. Microfoundations Reconsidered seeks to reassess how the relationship of micro and macroeconomics evolved over time. The highly regarded contributors to the book argue that the standard narrative of microfoundations is likely to be unreliable. They therefore re-examine the history of the relationship of microeconomics and macroeconomics, starting from their emergence as self-consciously distinct fields within economics in the early 1930s. They seek to go beyond the conventional history that is often told and written by practicing economists. From different perspectives they challenge the association of microfoundations with Robert Lucas and rational expectations and offer both a more complete and a deeper reading of the relationship between micro and macroeconomics. Microfoundations Reconsidered is a valuable addition to the macroeconomic research literature. It is ideally suited to students, scholars, researchers, and practitioners with an interest in macro and microeconomics and the history of economics. Contributors: M. De Vroey, P. Garcia Duarte, D.W. Hands, K.D. Hoover, R. Leonard, G.T. Lima, P.E. MirowskiTrade Review‘. . . this book is very well done. The coverage is in-depth and serious, coming from several different angles methodologically and historically. All the essays are thoughtful and well informed, the net result, indeed, to make clear the foundations of the microfoundations-to-macro approach and its various forms and complications. Deeply informative and mot worthy of serious attention and consideration in this well-edited and -written book.' -- J. Barkley Rosser, Jr., Journal of the History of Economic ThoughtTable of ContentsContents: Foreword John B. Davis Introduction: Privileging Micro Over Macro? A History of Conflicting Positions Pedro Garcia Duarte and Gilberto Tadeu Lima 1. Microfoundational Programs Kevin D. Hoover 2. From Foundational Critique to Fictitious Players: The Curious Odyssey of Oskar Morgenstern Robert Leonard 3. The Rise and Fall of Walrasian Microeconomics: The Keynesian Effect D. Wade Hands 4. The Cowles Commission as an Anti-Keynesian Stronghold 1943–54 Philip E. Mirowski 5. Microfoundations: A Decisive Dividing Line between Keynesian and New Classical Macroeconomics? Michel De Vroey 6. Not Going Away? Microfoundations in the Making of a New Consensus in Macroeconomics Pedro Garcia Duarte Index

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Book SynopsisThis important textbook offers a comprehensive look into the two main traditions in contemporary macroeconomics ? New Classical and Keynesian ? and examines the work of economists who have drawn on principles from both traditions to form a new, integrated approach known as New Neoclassical Synthesis. Importantly, this provides the theoretical foundation for much of current mainstream economics and the work done by central banks around the world. With a dual focus on research methods and policy applications, this book bridges the gap between intermediate macroeconomic and advanced graduate-level texts, making it an ideal resource for senior undergraduate and Masters students in applied economics programs. Key topics include:? a concise summary of intermediate macroeconomics, including the foundational ideas of both the New Classical and Keynesian traditions? the Lucas critique of standard methods for evaluating policy design? debt sustainability and austerity vs. stimulation debate? optimal inflation rates? tax reform and growth analysis? alternative monetary policies for pursuing price stability? theories of unemployment.Students and instructors will find additional useful resources on the book?s companion website, including practice questions for each chapter.Trade Review‘This is an excellent book, actually the book, for the beginning graduate student who wants to keep up with the often confusing journal literature and the twists and turns of the intellectual debate. Now into a fourth edition, the “Scarth Express”, as we used to say circa 1975, is still going strong. This was a reference to the speed at which the material was delivered, in class, on a blackboard. No such problems for the reader of this volume.’ -- John Smithin, York University, Canada‘Most introductions to modern macroeconomics are quite technical, teaching advanced research methods. Others are more general, focusing instead on historical perspective and the major differences between several approaches, and so avoiding detailed derivations. Scarth’s book accomplishes both of these objectives, while maintaining the reader's interest with a strong emphasis on applied policy questions.’ -- Richard Lipsey, Simon Fraser University, CanadaTable of ContentsContents: 1. Keynes and the Classics 2. The First Neoclassical Synthesis 3. Model-Consistent Expectations 4. The Micro-Foundations of Modern Macroeconomics 5. The Challenge of New Classical Macroeconomic 6. The New Neoclassical Synthesis 7. Stabilization Policy Controversies 8. Structural Unemployment 9. Unemployment and Low Incomes: Applying the Theory 10. Traditional Growth Theory 11. New Growth Theory 12. Growth Policy References Index

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Book SynopsisThis important textbook offers a comprehensive look into the two main traditions in contemporary macroeconomics ? New Classical and Keynesian ? and examines the work of economists who have drawn on principles from both traditions to form a new, integrated approach known as New Neoclassical Synthesis. Importantly, this provides the theoretical foundation for much of current mainstream economics and the work done by central banks around the world. With a dual focus on research methods and policy applications, this book bridges the gap between intermediate macroeconomic and advanced graduate-level texts, making it an ideal resource for senior undergraduate and Masters students in applied economics programs. Key topics include:? a concise summary of intermediate macroeconomics, including the foundational ideas of both the New Classical and Keynesian traditions? the Lucas critique of standard methods for evaluating policy design? debt sustainability and austerity vs. stimulation debate? optimal inflation rates? tax reform and growth analysis? alternative monetary policies for pursuing price stability? theories of unemployment.Students and instructors will find additional useful resources on the book?s companion website, including practice questions for each chapter.Trade Review‘This is an excellent book, actually the book, for the beginning graduate student who wants to keep up with the often confusing journal literature and the twists and turns of the intellectual debate. Now into a fourth edition, the “Scarth Express”, as we used to say circa 1975, is still going strong. This was a reference to the speed at which the material was delivered, in class, on a blackboard. No such problems for the reader of this volume.’ -- John Smithin, York University, Canada‘Most introductions to modern macroeconomics are quite technical, teaching advanced research methods. Others are more general, focusing instead on historical perspective and the major differences between several approaches, and so avoiding detailed derivations. Scarth’s book accomplishes both of these objectives, while maintaining the reader's interest with a strong emphasis on applied policy questions.’ -- Richard Lipsey, Simon Fraser University, CanadaTable of ContentsContents: 1. Keynes and the Classics 2. The First Neoclassical Synthesis 3. Model-Consistent Expectations 4. The Micro-Foundations of Modern Macroeconomics 5. The Challenge of New Classical Macroeconomic 6. The New Neoclassical Synthesis 7. Stabilization Policy Controversies 8. Structural Unemployment 9. Unemployment and Low Incomes: Applying the Theory 10. Traditional Growth Theory 11. New Growth Theory 12. Growth Policy References Index

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Book SynopsisThis is a wonderful book to read that analyzes an idiosyncratic and polymath economist that hardly left his audiences or his readers indifferent. Those who knew Mark Blaug will recognize the man, the intellectual, the economist, and the historian of ideas in the chapters included in the volume. Those that never had the privilege to meet him will have the opportunity to understand why he became such a significant figure in economics over much of the second half of the twentieth century.'- Pedro Teixeira, University of Porto, Portugal'Mark Blaug was a nonpareil - a fine economist, an extraordinary scholar, an indefatigable editor, a generous colleague, a fierce debater. His passing was a sad loss for economics and for the history of economics. This volume, a kind of Mark Blaug in Retrospect, is a fitting memorial that, at once, captures his many parts and the wide range and depth of his thought.'- Kevin D. Hoover, Duke University, US and Editor of the History of Political Economy 'Mark Blaug was a short man with a great soul: he was a thinking person's economist with an uncanny ability to capture the big picture(s) in a few precise words. His zest for living expressed itself, in part, in his love of argument and the lifelong intellectual (and sometimes personal) mentoring of his interlocutors. The chapters in this volume, written by many of his former students and intellectual peers, lovingly and critically recall the man s life and his ideas. Jointly they introduce his wide-ranging views and interests to new generations of readers. They have the capacity to startle those of us who think we know.'- Eric Schliesser, Ghent University, Belgium'Mark Blaug had an exceptional knowledge of the history of economics and a critical interest in the assumptions and judgements (often implicit) that underlie the work of economists past and present. The contributors to this volume illustrate the influence of Mark and his ideas, demonstrating their continuing relevance to all who recognise the powerful influence on the substantive content of economics of the methods by which it is developed and appraised.'- Brian Loasby, Stirling University, UKThis book celebrates the immense contributions of Mark Blaug to every aspect of economics, a discipline in which his influence and relevance still resonate today, particularly in the field of the economics of education.This collection of eminent contributions discusses the ideas and works of Mark Blaug, who has made important and often pioneering contributions to economic history, economic methodology, the economics of education, development economics, cultural economics, economic theory and the history of economic thought. Besides these assessments of Blaug's influence and impact in these fields, this volume also contains a selection of personal portraits which depict him as a colleague, a friend and an opponent. Blaug was also a voracious reader and prolific writer, which is clearly evidenced by the comprehensive bibliography.A thought-provoking and stimulating collection of essays and dedications to Mark Blaug, this book will appeal to anyone interested in the history, culture and philosophy of economics.Contributors: R.E. Backhouse, M. Boumans, B. Caldwell, J.B. Davis, E. Dekker, V. Ginsburgh, C. Handke, D.W. Hands, G.M. Hodgson, M. Klaes, D. Laidler, R.G. Lipsey, H. Maas, J. Maloney, T. Mayer, A. Peacock, A. Salanti, R. Towse, J. VromenTrade ReviewBlaug was a fierce combatant and relished intellectual disputes. Since he would have found no rhetorical praise in the various contributions of this book, but a frank discussion of his hits and misses, we venture to say that he would have enjoyed the content of this book and not simply its title. We liked it and surely many readers will too.'--Neri Salvadori and Rodolfo Signorino, Journal of the History of Economic Thought'This is a wonderful book to read that analyzes an idiosyncratic and polymath economist that hardly left his audiences or his readers indifferent. Those who knew Mark Blaug will recognize the man, the intellectual, the economist, and the historian of ideas in the chapters included in the volume. Those that never had the privilege to meet him will have the opportunity to understand why he became such a significant figure in economics over much of the second half of the twentieth century.'--Pedro Teixeira, University of Porto, Portugal'Mark Blaug was a nonpareil - a fine economist, an extraordinary scholar, an indefatigable editor, a generous colleague, a fierce debater. His passing was a sad loss for economics and for the history of economics. This volume, a kind of Mark Blaug in Retrospect, is a fitting memorial that, at once, captures his many parts and the wide range and depth of his thought.'--Kevin D. Hoover, Duke University, US and Editor of the History of Political Economy'Mark Blaug was a short man with a great soul: he was a thinking person's economist with an uncanny ability to capture the big picture(s) in a few precise words. His zest for living expressed itself, in part, in his love of argument and the lifelong intellectual (and sometimes personal) mentoring of his interlocutors. The chapters in this volume, written by many of his former students and intellectual peers, lovingly and critically recall the man's life and his ideas. Jointly they introduce his wide-ranging views and interests to new generations of readers. They have the capacity to startle those of us who think we know.'--Eric Schliesser, Ghent University, Belgium'Mark Blaug had an exceptional knowledge of the history of economics and a critical interest in the assumptions and judgements (often implicit) that underlie the work of economists past and present. The contributors to this volume illustrate the influence of Mark and his ideas, demonstrating their continuing relevance to all who recognise the powerful influence on the substantive content of economics of the methods by which it is developed and appraised.'--Brian Loasby, Stirling University, UK'Mark Blaug is responsible more than anyone else for the rise of the history and philosophy of economics as independent, mature fields of research. During his lifetime, he influenced directly three generations of scholars and many more will continue to benefit from his legacy in the future. Some of the best historians and methodologists of economics pay homage to Blaug with essays that have been especially prepared for this occasion. Blaug would have been delighted and so will the readers of this volume.'--Francesco Guala, University of Milan, Italy'This is a wonderful collection honouring the memory of Mark Blaug, an intellectual "giant" among economists. It includes a series of personal appreciations, which give an engaging sense of the man and pay tribute to the diversity and extent of his contributions. Many chapters focus on two of the areas in which he exercised strong leadership - methodology and history of thought - taking forward debate on issues with which he had engaged. Mark Blaug's important influence on cultural economics is also addressed.'--Sheila Dow, Stirling University, UKTable of ContentsContents: Foreword Alan Peacock 1. Introduction Marcel Boumans and Matthias Klaes PART I: PERSONAL APPRECIATIONS 2. Memorial Address John Maloney 3. Producing Pearls of Wisdom: A Memoir of Mark Blaug’s Work Ruth Towse 4. Remembering Mark Blaug Bruce Caldwell 5. Remembering Mark Blaug Thomas Mayer PART II: MARK BLAUG’S IDEAS IN RETROSPECT 6. Some Contentious Issues in Theory and Policy in Memory of Mark Blaug Richard G. Lipsey 7. Mark Blaug on the Quantity Theory: A Skirmish on the Border between Science and Ideology in the History of Economic Thought David Laidler 8. Dr Blaug’s Diagnosis: Is Economics Sick? Geoffrey M. Hodgson 9. Competition as an Evolutionary Process: Mark Blaug and Evolutionary Economics Jack Vromen 10. A 2x2=4 Hobby Horse: Mark Blaug on Rational and Historical Reconstructions Harro Maas 11. Understanding Mark Blaug’s Attitude Towards Sraffian Economics Roger E. Backhouse 12. Mark Blaug on the Historiography of Economics John B. Davis 13. An Unrepentant Lakatosian Marcel Boumans 14. Between the Scylla of Whig History and the Charybdis of Methodological Vacuum Andrea Salanti 15. Mark Blaug and the Economics of the Arts Victor Ginsburgh 16. From Austria to Australia: Mark Blaug and Cultural Economics Christian Handke and Erwin Dekker 17. GP08 is the New F53: Gul and Pesendorfer’s Methodological Essay from the Viewpoint of Blaug’s Popperian Methodology D. Wade Hands Bibliography of Mark Blaug’s Publications Index

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