Search results for ""edward elgar publishing ltd""

This volume is an authoritative collection of 25 key papers in the development of continuous time finance. Its five sections cover the continuous time model, dynamic portfolio selection, equilibrium models, derivative pricing and, finally, term structure and other applications. It includes seminal contributions in areas such as: the Martingale approach to no-arbitrage pricing; dynamic models of consumption and portfolio selection; the inter-temporal and consumption based asset pricing models; contingent claims pricing; the term structure of interest rates and the use of changes in numeraire in options pricing.This book will be an essential source of reference for students and researchers in finance and, indeed, anyone needing access to the key papers in this important field.

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This highly original contribution examines one of the most controversial concepts in the history of economics - the true meaning of the Law of Markets. This has been a contentious issue since the publication of Keynes's General Theory, but has also divided economists since it first emerged almost two centuries ago in the writings of James Mill. This book discusses the change in the understanding of the nature of the business cycle wrought by the General Theory whose major innovation in overturning Say's Law was to introduce demand deficiency into mainstream economic thought.The volume provides a robust and innovative exposition of the crucial point of division between classical and Keynesian economics, demonstrating that the role of demand deficiency was the fundamental issue at stake. Steven Kates first discusses Keynes's interpretation of Say's Law before documenting its development within classical theory. He then charts the development of post-General Theory interpretations of Say's Law, challenging Keynes's definition which was captured in the phrase 'supply creates its own demand'. The author also attempts to unravel the vast literature on the progress made by Keynes between his Treatise on Money published in 1930 and the General Theory, published six years later. He suggests that the crucial point in the origins of the General Theory was Keynes's discovery of Malthus's writings on Say's Law at the very depths of the Great Depression in 1932.This provocative book will be required reading for scholars and students interested in the history of economic thought, the history of macroeconomics and the Keynesian revolution.

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This important book provides a state of the art of the study of policy instruments, combining insights taken from European and American experiences, to present a detailed exposition of the nature and use of policy instruments.The book first analyses the background of the instrumental approach and outlines its development in the field of public adminstration. It also includes an exposition of four alternative schools of thought about policy instruments, namely, the instrumentalist, proceduralist, contingentist and constitutivist schools. The criteria for choosing instruments are discussed as is the effectiveness of regulatory, financial and communicative instruments. This volume also addresses the recent efforts by governments to restrict intervention in the market. The final section provides a reassessment of the instruments literature and looks at the questions that will continue to face this perspective on public policy.This book will be of great use to academics and students of public policy and political science as well as policymakers.

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This two volume collection of pioneering material includes landmarks and significant contributions to the subjects of global environmental issues. The editors have prepared a new introduction for this authoritative collection.This collection enables the reader, whether an economist or environmentalist, to have access to material published in a wide range of journals, many of which are relatively unavailable. It will be of considerable value to researchers and teachers in all of the disciplines, including: theoretical ecology; resource and environmental economics; industrial ecology and environmental science.

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This outstanding new collection surveys the relationship between the environment and development, and highlights some of the tensions that are implicit in the notion of sustainable development.Environmental Economics and Development is organized into six sections: general aspects; resource utilization and management; valuation and accounting of environmental change; environmental policy instruments; adjustment, trade and the environment; and distributional issues. These areas include general features of environment-development interfaces, operational valuation and accounting methods and economic approaches to environmental policy instruments in developing countries and in the international context.

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The quantity of fossil fuels left on the planet is limited, and their use is subject to further restrictions due to constraints on CO2 emissions. This crisis has brought to the forefront of the political agenda the need for a conversion to a sustainable society. In this compelling book, a backcasting approach based on energy flows is used to evaluate the physical constraints on sustainable development.The starting point for the backcasting approach is the definition of a desired situation at a determined point in the future. This leads to the development of scenarios that connect our present status with the desired future point. This detailed, quantitative approach gives insights into the challenges that lie ahead in order to realise our goal. This book clearly displays large sets of expectations concerning the development of future population size and wealth, technological improvements and resource quantities. These are used to discuss the overall possibility for a transition to a sustainable society and highlight the dilemma between equity and environmental quality. A selection of other energy-scenario studies using different approaches are also discussed and contrasted with the backcasting model. The book concludes with some reflections on the institutional and socio-psychological aspects of a transition to sustainability and recommends a goal-oriented policy to implement this change.This book will prove essential reading for those with an interest in ecological economics, energy and environmental policymakers and research planners.

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The Transformation of Latin America analyses contemporary economic policy in the region and offers a concise overview of the problems and prospects for future economic development. The contributors examine the current status of policy reform in key areas - stabilization, trade and capital markets.The book is divided into three parts. The first part considers competing approaches to stabilization policy and discusses institutional and policy reform of central banks as well as the causes and consequences of Mexico's 1994 balance of payments crisis. The second part deals with regional integration and the world economy, assessing issues such as the impact of the Uruguay Round of GATT on the future international specialization of Latin American countries and the economic potential of sub-regional integration initiatives, in particular of Mercosur. Foreign investment and capital markets are addressed in the final part of the volume. Here the authors present an account of the recent trends in the region's emerging financial markets and short-run capital inflows and take a closer look at the origins, patterns and destinations of long-term capital inflows.The Transformation of Latin America will be welcomed by academics and postgraduate students interested in development economics, international economics and policy studies. Government officials, policymakers and officials of non-governmental organizations, bankers and corporate executives will also find this book to be a valuable resource.

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This ambitious book scrutinizes the role of institutions in economic change, with special reference to Southeast Asia. It suggests that the nature of institutional arrangements such as households, community groups, firms, bureaucracies and formal governance systems can significantly affect human activity and economic success.The book begins by outlining the key elements of the theory of institutional economics. It then addresses institutions associated with particular markets and economic functions using case studies such as new agricultural technologies, the Indonesian labour force, the market for manufactured goods in Malaysia, Chinese entrepreneurs and policy makers in Thailand. The role of institutions is then discussed within the broader context of national and international change. Included are examinations of institutions which have evolved in Indonesia, those concerned with the transformation from central planning to the free market in Vietnam and institutions connected with governance and economic improvement in the Philippines. The discussion is brought up-to-date by an analysis of the role of global economic institutions in the recent Asian crises, looking at ways in which their performance might be enhanced.

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The major industrialized countries are undergoing a significant demographic transition associated with low fertility rates combined with reduced mortality rates. A major consequence of the current transition is that populations are expected to age substantially over the next forty years. This innovative book studies the effects of population ageing with the associated factor of immigration, on social expenditure and public finance.The authors begin by providing an introduction to some of the main issues concerning population ageing and migration. This is followed by a discussion of the demographic and economic aspects of the transition towards an older population which is taking place in the major industrialized countries. Within this framework the impacts of ageing on government budgets and the labour market are analysed. The book then turns to a discussion of some of the economic, social and demographic issues related to immigration. Particular emphasis is placed on the Australian economy, which provides an interesting case study in view of its high immigration levels, particularly over the last fifty years. The authors project population structure and social expenditure patterns under a variety of assumptions concerning the number and composition of immigrants. The quantitative techniques developed to produce these projections can be applied without modification to any other country. Population Ageing, Migration and Social Expenditure will be of use to academics and students with an interest in public finance, public policy and population studies.

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Improving urban air quality has become a policy priority for the European Union, national governments and city authorities as more evidence comes to light of the harmful health effects of road traffic pollution. This book clearly illustrates how to work towards effective policies for improved urban air quality.The authors argue that designing and implementing successful policies is not just a matter of deciding on the most appropriate technological solutions. A process of institution building has to take place which works towards consensus among a variety of potentially divergent interests; from the police and highway authorities to business interests and citizens. Making use of policy network theory, this volume presents studies of attempts to build such coalitions, and the factors that have often frustrated them, in countries such as Canada, France, Italy and Switzerland. This book provides a major contribution to the theoretical and empirical understanding of the policies needed to combat road traffic pollution.The Politics of Improving Urban Air Quality will prove invaluable to scholars of environmental studies and public policy.

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The increasing demands which society places on the natural environment have led us to seek new ways of estimating the monetary costs of environmental degradation so that they can be compared with the benefits of development. This book provides a comprehensive and readable examination of the major techniques used in cost-benefit analysis and project appraisal to value environmental goods and services.Written by two leading practitioners in environmental valuation, the book includes detailed examinations of the theory and practice of a wide range of valuation techniques including contingent valuation, hedonic pricing, choice experiments and travel cost methods. Complementing the theory are case studies on various policy areas such as water quality, recreation, landscape and biodiversity drawn from Europe, the United States and Asia. The book concludes with an informative and provocative review of important contemporary issues as well as suggesting areas of future research in the practice of environmental valuation.Economic Valuation of the Environment will be essential reading for environmental and ecological economists and those practising resource management as well as for planners and policymakers.

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This volume contains 21 selected essays by Professor Sir Hans Singer written over the last two decades. The volume addresses:- development economics in historical perspective and considers where it stands today the early pioneers of 'development' thinking including Smith and Keynes growth, industrialization and trade current questions of the terms of trade debate and import substitution North-South and South-South linkages foreign aid The author gives grateful thanks to Matthew Morris and Hans Ulrich Esslinger for their contributions to this book.

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This important two volume work includes a comprehensive introduction to the literature by the editors and contains the major articles on economic justice written during the last 50 years.Volume I focuses on the political and philosophical foundations on the economic justice. Volume II places special emphasis on the issues surrounding the implementation and practice of justice in modern economic systems.This authoritative collection will be an essential reference source for students, instructors and researches concerned with the study of economic justice.

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In response to the idea that alternative theories, ideologies and institutions of public economics are unsatisfactory, this important and path-breaking book deals with the principles of economics using a more realistic 'tempered public choice approach'. Opening with an introduction on the development of the economic theory of public finance, Francesco Forte develops a discourse based on a theoretical framework of welfare economics. Here, the assumption of 'homo oeconomicus' is replaced by that of an average man with imperfect rationality and imperfect ethical constraints, and social welfare functions are replaced by equilibrium solutions in 'games' played by contracting parties at constitutional and post-constitutional stages. The positive and normative theory of public goods becomes much more complex, and merit wants are evaluated from an individualistic perspective. Theories of public expenditure, public revenues and the interrelation between various levels of government are also analysed. The public choice approach combined with theoretical welfare economics and institutions will prove a stimulating and engaging read for those with a special interest in public sector economics, public choice and Austrian economics.

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This innovative book offers an original and radical tax policy proposal which can be used to promote growth and stability without affecting income equality.Immediately following the publication of Keynes's General Theory, Kalecki recognized that the theory of tax had to be re-thought, as aggregate income could no longer be thought of as fixed with respect to tax-induced changes in aggregate demand. To this day, orthodox tax policy analysis continues to ignore aggregate demand effects. The authors consider this orthodox approach to be deficient, and show how tax policies can promote growth without having a negative impact on equity. They incorporate Kalecki's theory of tax incidence into an analysis of income determination, income distribution, investment, business cycles, and growth. In addition, they examine the incidence of the corporate profits tax and the macroeconomic and regional incidence, and effects of local taxation.A Dynamic Theory of Taxation will be a welcome addition to the literature and will be of interest to tax policy analysts and government policy advisors, as well as scholars working in the fields of public finance, post Keynesian and Kaleckian economics.

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The current economic transition in Central and Eastern Europe is leading to the emergence of significant fragmentation within regions and between countries. The competitive struggle for scarce resources and global markets during the transition to capitalism in Eastern and Central Europe has caused countries to move away from a process of regional convergence which existed under state socialism to regional divergence. This book focuses on regional economic change in Eastern and Central Europe using Slovakia as a case study. It explains the relationship between industrial change and regional development, and discusses fragmentation within the context of the legacy of the state socialist industrialization model. The book interweaves up-to-date empirical analysis with theoretical debates and uses regional case studies to highlight key issues.Reconstructing the Regional Economy examines both the limits and scope of regional capitalist development, documenting the nature and causes of uneven development in Slovakia. It addresses industrial and restructuring strategies, arguing that current progress must be understood within the context of the past, and that the present complex mix of old and new economic and institutional structures contribute significantly to economic fragmentation and divergence. The author criticises shock therapy, and argues that the transition to a market economy cannot simply be achieved through filling the supposed vacuum left by the collapse of central planning. This original and important book will be welcomed by academics and students interested in the economics of transition and by policymakers in Western and Eastern European countries.

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The Evolution of the Single European Market provides a detailed empirical and theoretical analysis of the impact of the Single European Market - one of the most significant developments in the world economy in the late twentieth century.A distinguished group of contributors examines how the Single Market has developed in practice and the impact it has had on industry regions and groups in society. They chart the likely future course of further integration in the light of public choice theory, subsidiarity and the current experience within the Single Market. The differences between the member states are analysed in detail as are the reasons why it has been so difficult to obtain agreement. They examine, from an evolutionary approach, issues such as competition law, the Single European Act, the unofficial means of implementation and enforcement, 'competition among rules', and the social dimension and external impact of the Single Market. The contributors include lawyers, economists, political scientists, sociologists and regional scientists, whose contribution stems from the work of over one hundred researchers across Europe in a linked programme of projects.This forward looking book will be required reading for researchers and students with an interest in economic and political integration as well as politicians and businesses involved in cross-border trade and investment. It will also be of interest to academics in the areas of economics, politics, law, social policy and geography.

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The pioneering work of Judge Richard Posner has brought to light the broad relevance of economics to virtually all areas of law. During the last three decades, Judge Posner has provided seminal contributions to the development of an overarching economic theory of law, with applications including traditional legal subjects, such as torts and contracts, as well as non-standard topics, such as his study of primitive law and ancient customs. This selection of Posner's essays reveals the importance of economic efficiency as a driving force in the formation of private law. The rigorous and insightful introduction by Francisco Parisi discusses Posner's unparalleled influence on the evolution of law and economics and the understanding of the economic foundations of private law.In particular he discusses: anthropology and the emergence of law tort law contract law family law the economics of privacy. The Economics of Private Law will be essential reading for economists, lawyers and judges alike.

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Does Financial Deregulation Work? studies the process of financial deregulation in the United States. It exposes the basic flaws in the deregulationist approach and advances a new framework for effective financial regulation. Bruce Coggins provides a detailed and comprehensive critique of the reasoning behind deregulation, including marginal analysis and Friedman's monetarism. He challenges this thinking and proposes an alternative set of assumptions drawn from the historical and institutional approach to industrial organization and post Keynesian monetary theory. The author concludes that stability in financial systems is dependent upon a regulatory regime which focuses on limiting competition and encouraging productive over speculative investment.This book will prove invaluable to financial economists and analysts interested in the controversy over bank deregulation. It will also be of interest to those using post Keynesian, institutionalist and industrial organization approaches to economic analysis as well as to students and professors of law and regulation and those interested in problems of financial instability.

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Global Environmental Change and Agriculture offers a comprehensive perspective on the causes, consequences and possible policy solutions for climatic change as we move into the twenty-first century. It assesses the impact of potential future global climate change on agriculture and the need to sustain agricultural growth for economic development.The book begins by examining the role of international research institutions in overcoming environmental constraints on sustainable agricultural growth and economic development. The authors then discuss how agricultural research systems may be restructured to respond to global environmental problems such as climate change and loss of genetic diversity. The discussion then extends to consider environmental accounting and indexing, to illustrate how environmental quality can be included formally in measures of national income, social welfare and sustainability. The third part of the book focuses on the effects of and policy responses to climate change. Chapters examine the effect of climate change on production, trade, land use patterns and livelihoods. They consider impacts on the distribution of income between developed and developing countries and between different social classes within the developing world, where agriculture remains a major economic activity. Authors take on an economy-wide perspective to draw lessons for agricultural, trade, land use and tax policy.This book will be of special interest to agricultural, development and environmental economists as well as policy analysts in government and at international agencies confronting practical problems of environmental and economic assessment.

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This innovative book shows how new Keynesian economics has reacted to the challenges of new classical economics. It argues that new Keynesian economists have responded positively to the challenge and strengthened the analytical power of their models.The first part of the book offers a critical reconstruction of the two crucial strains developed in new Keynesian economics. Firstly, the analysis of nominal and real rigidities based on imperfect competition in markets and secondly the analysis of capital market imperfections based on information asymetries. The authors argue that the constraints and market failures of new Keynesian models need to be specified. In the second part they focus on the financial constraint of credit rationing, the market failure of unemployment equilibria and the links between financial constraints and the workings of the labour market in economic cycles. The analysis of this does not provide a solution to all the analytical problems of the new Keynesian framework, but assesses the strengths and weaknesses of new Keynesian economics. The authors suggest that new Keynesian economics has opened a promising path of research which could make a pathbreaking contribution to macroeconomic theory.

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Economists have often been accused of failing to take full account of culture and social norms in their explanations of human behaviour. Cultural factors are playing an increasingly important role in economic theorizing and are achieving greater recognition as determinants of economic performance. As such these volumes will be a landmark and will provide easy access to the most important articles in this expanding field. The first volume focuses on modelling the social and cultural aspects of an individual's behaviour. In the second volume this theme develops to consider cooperation in the economic system and the role of culture in supporting this system. The articles in these volumes explore a diverse range of issues including: the differences in achievements between ethnic groups the differences between firms from different countries the links between religion, community, ethnicity and economic performance. the influences of leadership, peer pressure, entrepreneurship, envy, status-seeking and self esteem.

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Money and Macroeconomics is a significant collection of David Laidler's most important papers on the so-called 'monetarist counter-revolution'. This volume contains both published and unpublished examples of his influential contribution, detailing empirical work on the demand for money, the economics of inflation, the foundations of the 'buffer stock' approach to monetary theory, the monetarist critique of new classical economics and issues of economic policy.David Laidler has also prepared a personal memoir to accompany his volume which gives a revealing account of his academic career and influences, and places each essay in its original intellectual context. Money and Macroeconomics presents in one volume David Laidler's most important contributions to monetary economics. It will be invaluable to monetary and financial economists as well as policy makers and historians of economic thought.

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Unemployment in Theory and Practice examines the effectiveness of current policies in the battle against unemployment. It uses a variety of country case studies to analyse the range of potential causes of and cures for unemployment and analyses the complex nature of labour markets. This volume surveys the policy options and prescribes a mix of both macro and microeconomic policies to combat unemployment effectively. The contributors address the issue of policy targeted groups, including self-employed and older workers, and offer a comprehensive survey of key empirical findings. Issues considered include the rising number of self-employed in Australia and the labour market prospects for the aged in Germany. Particular labour market policies are discussed including the role of training and concerted international action through social democratic and trade union collaboration. The nature of unemployment in countries characterized by economic and social transformation, such as Bulgaria and Poland, is also analysed in detail. The final section of the book is dedicated to wage policy and compensatory pay for the unemployed. It challenges the conventional neoclassical wisdom that wage constraints and limited trade union power will necessarily lead to labour market improvements and reduced unemployment. Evidence from Germany and South Africa is used to argue that collective action is a promising policy alternative. International in scope, the book will be essential reading for undergraduate and postgraduate students of economics, political economy, industrial relations and international economics. It will also appeal to professional economists, sociologists, political scientists, trade unionists and policy advisors.

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This is the first of three volumes, written by an internationally renowned group of experts, to celebrate the contribution of Bernard Corry and Maurice Peston to teaching and research.In this first volume, the distinguished contributors provide original material on the formulation of macroeconomic policy in advanced countries ranging from a study of central bank independence, the consequences of European monetary union and macroeconomic policy in transition economies.

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Environment and Technology in the Former USSR makes a major contribution to the literature, providing new perspectives on power engineering, power generation and associated environmental issues of atmospheric pollution in the former Soviet Union. It considers the consequences of acid rain emissions for neighbouring countries and the technological and commercial factors which influence these levels of pollution. The book begins by providing a contextual and technical background on the capacities, ages, scale of atmospheric pollution and fuel mix of the power generation industry in the former USSR. After establishing the industrial and technical facts using a wide range of Western and Russian literature and placing these in an international context, the author explores possible policy solutions for reducing acid rain emissions and improving power generation efficiency. The main policy prescription considered is the use of technology transfer from the West to the former Soviet Union. Using published data and case study research, the author evaluates the volume and rate of technology transfer, and the current stage of those engaged in, or potential recipients of, Western power engineering technologies. The analysis then extends to consider the political, economic and commercial factors affecting these levels of technological diffusion and future technological developments in the industry.This book will be of special interest to government officials, international agencies, academics and technical and commercial personnel with business interests in Russia.

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The role of the stock market in the recent global financial crisis has led many to question the way in which the modern international financial system operates. This highly topical book offers important insights into the stock market, contrasting the speculative explanation of stock market fluctuations with the conventional efficient markets hypothesis.After summarising economists' views on stock market behavior from the classical period to the present day, the authors focus on two particular explanations of stock price fluctuations. They examine in detail the mainstream neo-classical theory with its emphasis on the efficient markets hypothesis. They then compare this with the theories of Veblen, Galbraith and Keynes who consider markets as being inherently prone to speculation and crisis, in contrast to the neo-classical approach which largely ignores the instability of stock markets and particularly the crashes that have recently occurred. The authors go on to develop a speculative model to account for stock market fluctuations which provides a useful and realistic explanation of how stock price expectations are formed.This book will be welcomed by bankers, financial and monetary economists, historians of economic thought and all those interested in the causes of the recent market crashes.

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This is a thoroughly updated and revised edition of the first, and definitive, biographical dictionary of dissenting economists. It is an extensive and authoritative guide to economists both past and present, providing biographical, bibliographical and critical information on over 100 economists working in the non-neoclassical traditions broadly defined. It includes entries on, amongst others, radical economists, Marxists, post-Keynesians, behaviourists, Kaleckians and institutionalists. The book demonstrates the extent and richness of the radical heterodox tradition in economics.This second edition continues to mark a departure from what is usually found in a biographical dictionary for, in addition to providing standard biographical information, living economists have themselves been asked to state their principal contributions to economics, supplemented by a list of their leading books and articles. A Biographical Dictionary of Dissenting Economists, Second Edition will continue to be an essential reference source for instructors, researchers and students of economics, its development and history.

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This major reference book provides an authoritative analysis and survey of consumer research and economic psychology. It provides an international, in-depth overview of the present state of knowledge and theory which will be indispensable to students, researchers and practitioners.The Companion presents over 100 specially commissioned entries on important topics in consumer research and economic psychology from behaviourism and brand loyalty to trust and the psychology of tourism. Leading scholars in the fields provide stimulating insights into the area as well as summarising existing knowledge. Readers will find entries both on new topics that have rarely been considered in the framework of consumer research or economic psychology and on topics that have long been considered important in these disciplines.The book will ably meet the needs of undergraduate and graduate students in business administration, economics, marketing and psychology, as well as informing researchers and practitioners in those disciplines.

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The Rise and Fall of the Wealth of Nations is an interdisciplinary study concerning growth and cycles in economic development. It builds a bridge between rigorous economic theory and historical studies of long run economic evolution.This authoritative book explains long waves of economic activity and the rivalry of nations for leadership. It considers the concept that such waves of activity are characterized by a cyclical change of societies focusing alternately on capital accumulation and distribution. It also discusses the idea that a change in the economic leadership of a nation occurs after nations reach the height of their influence and turn away from accumulating capital in favour of distribution of income and wealth.This volume will be welcomed by academics, policymakers and students of economics and economic history.

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Full employment and growth in the international economy remain the greatest economic challenges as we approach the twenty-first century. This important book, edited by two leaders in the field, rigorously examines these real world problems from a post Keynesian perspective and provides practical policy solutions for achieving growth and reducing unemployment.The increasing interdependence of world trade and the integration of capital markets has led to the globalization of the international economy. This globalization demands new policy prescriptions for international growth and employment without inflation. In order to combat stagflation, a distinguished group of authors suggests policies for achieving growth and employment within the framework of an entrepreneurial market system. They identify and evaluate the factors determining the expansion of the global economy and assess the impact of financial markets, derivatives and international regulations on domestic and global economic performance.Improving the Global Economy will be of special interest to policymakers, macroeconomists and all those concerned with global growth and employment issues.

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Technology plays an increasing role in competitiveness in the global market. This authoritative new book consists of essays - theoretical as well as empirical - studying the relationships between technology, growth, international competitiveness and employment.The first part of the book shows that international competitiveness and market shares are mainly determined by R&D efforts and technological advantages. It goes on to provide some evidence for the importance of home market size for competitiveness and for the role of proximity and trade flows for stimulating dispersion of new knowledge. Issues discussed include the implications for growth of technical progress as a learning process and of the degree of openness of the economy. The book also addresses the role of multinationals as vehicles for technology diffusion and of monetary policy in a growth context, and the effects of technical progress on the demand for labour, skilled as well as unskilled.Technology and International Trade will be of interest to academics particularly those in the fields of international trade, economic growth, industrial organization and technology.

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The nature of Japanese firms has come under intense scrutiny because of their international success and their distinct structure, employee relations and working practices. This book sheds light on the reasons for promotion within firms, the distribution of power within companies, business management methods and the relationship between shareholders, executives and employees.The authors use empirical data from comprehensive surveys to support their research on the nature of Japanese business. They survey 1,816 white-collar employees in several large corporate enterprises, and 2,246 shareholder appointed board members in listed corporations. The authors' primary concern is to explain the prerequisites for promotion to middle management and executive positions. Many criteria are analysed, including the extent of desire for promotion, working style, lifestyle, the effect of university education including the name of the university, the level of education attained, the effect of university education including the name of the university and the degree subject, the economic incentive behind severe competition for promotion and the role of trade unions. The book also deals with issues of corporate governance and the role of the incentive system and examines the popularity of labour managed firms in Japan. This detailed work will be of great interest to economists, businessmen and students wanting to learn more about Japanese business.

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Environmental Policy and Technical Change assesses the impact of environmental policy on technical change in cleaner technology. It focuses in particular on the possibility of inducing radical change in technology - a topic that is likely to move to the centre of the policy debate as people discover that incremental changes are not enough to achieve environmental sustainability.This innovative book sheds new light on the relationship between clean technology and environmental policy. It adopts an approach which combines a balance of both theoretical models of innovation and diffusion with empirical case studies. Dr Kemp examines policies such as subsidies, tradeable quotas, pollution taxes and emission standards in how they affect technical choices. Suggestions are offered on how environmental policies may be (re)designed towards the efficient conservation of environmental qualities by encouraging innovation in environmental benign technology.This important book will be essential reading for both researchers and environmental economists concerned with environmental policy and technical innovation.

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This innovative new book provides an up-to-date and comprehensive analysis of contemporary economic, political and security relations between Western Europe and the Asia Pacific region. After discussing the historical legacies of colonialism and de-colonization, the book examines the successive economic challenges from first Japan, then the Asian Newly Industrializing Economies, and most recently Southeast Asia and China. It also analyses the slowly emerging and less well-known political and security aspects to the relationship. Regionalism in both Europe and the Asia pacific is discussed, as is the impact of the Asian financial crisis since mid-1997 on relations with Europe. The book concludes that the future Euro-Asian relationship will be influenced by moves towards greater European integration, the way in which Asia responds to the current financial crisis and by the development of the new region-to-region dialogue.This book will be essential reading for students and scholars of Asian studies and international economics and politics.

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This book presents critical surveys of literature from behavioural and evolutionary economics, management, marketing and business history and offers new empirical evidence involving both case studies and behavioural research. Particular attention is given to transaction cost and resource-based perspectives on business organization. The book concludes by discussing the emerging 'growth of knowledge' and 'management without trade-offs' approaches to the firm.Taken together, the inter-related chapters in this book make a significant contribution by promoting and assisting research and teaching on how managers cope with competitive pressures in the present climate of rapid technological change, shifting patterns of corporate alliances, continual restructuring and re-ranking of relative competitive strengths, and rising environmental expectations.Management, Marketing and the Competitive Process will be particularly useful for courses on business strategy, managerial and industrial economics, and marketing.

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This important volume collects together eighteen major essays written by Ryuzo Sato over the last thirty years in the area of growth theory and technical change. After an autobiographical introduction describing Professor Sato's intellectual and personal development, the book presents his early pioneering work on growth models and the relevance of fiscal policy and time in these models. Later essays focus on the application of optimal control theory to growth theory, his work on endogenous growth, endogenous technical change and the development of 'Sato-Beckmann neutrality'.This landmark book will be welcomed by researchers, teachers and students interested in technical change and progress.

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Oliver Williamson is one of the most important industrial economists of our time. He has made a major contribution to economic scholarship and remains at the forefront of research into transaction costs and the theory of the firm. In this volume he has provided a very careful selection of what he considers to be the most important articles and papers in industrial organization. Featuring 23 articles, dating from 1937 to 1987, this collection includes papers by Kenneth J. Arrow, Ronald H. Coase, Franco Modigliani, Michael Rothschild, Herbert A. Simon, George J. Stigler and Joseph Stiglitz.The first part presents classic articles which supplied the foundations upon which the field of industrial economics was built. The second and third parts present papers on the new economics of organization and a revitalized theory of strategic behaviour and competition. Professor Williamson submits that a new science of organisation is taking shape to which industrial economics has been both a principle contributor and beneficiary. Now available in paperback, this important volume will be indispensable to all teachers, researchers and students concerned with modern industrial economics and the theory of the firm.

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One of the basic issues of accounting is to augment, or extend the conventional net national product measure so as to obtain a better indicator of welfare. This book extends the usual analysis of social accounting by including technological change, externalities and uncertainty.This important new book analyses welfare measurement, sustainability and 'green accounting' within general equilibrium models. A large part of the book is devoted to welfare measurement in the presence of technological change and external effects which complicate 'green accounting' to a considerable extent. In addition to environmental externalities, the authors also discuss external effects arising from investments in human capital and their implications for welfare measurement. Other areas examined are welfare measurement under uncertainty and examples of cost-benefit analyses of environmental and other policies.The book will be required reading for graduate students and professional economists interested in macroeconomics, environmental and resource economics.

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The Political History of Eastern Europe in the 20th Century presents a fresh, up-to-date introduction to the struggle between democracy and dictatorship in Eastern Europe since 1900.The book is broken down into three different parts focusing on those time periods when experiments with democracy threatened to change the established order: the inter-war period, the democratic or semi- democratic interlude in the wake of the Second World War until 1949 and the current experience with the new democracies. In discussing the struggle between democracy and dictatorship, the authors argue that the experience of Eastern Europe reveals the challenges which threaten democracy and the conditions necessary for the survival of democratic government.The book will be essential reading for students of Eastern Europe, comparative politics, and European history.

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This volume presents a collection of the most important published articles in the field, including influential papers by key economists on terms of primary products, commodity price instability, stabilization programmes, trade shocks, futures markets and sectoral studies.The Economics of Commodity Markets will be an essential reference guide for students and researchers specializing in international trade and development.

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This authoritative Handbook provides a thorough account and analysis of the important issues relating to the globalization of the international economy. The increasing interdependence of the world's economies has caused a breakdown in national economic boundaries and a freer access to goods, services and labour. This comprehensive book, written by experts in the field, addresses major issues associated with this international economic integration. This reference work considers: global growth including inequality, saving, foreign direct investment, external debt and multinational corporations regionalization and globalization of trade such as the role of international institutions, external economies of scale and trading blocs transition to market economies in Central and Eastern Europe, the former Soviet Union and East Asia internationalization and integration of markets including the financial, capital, labour and agricultural markets global environmental and resource problems including transboundary pollution, the implication of North-South trade for natural resource depletion and environmental degradation, and the impact of energy markets on global growth, pollution and economic stability.

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Contingent Valuation and Endangered Species provides a comprehensive and rigorous examination of the contingent valuation method as applied to the profound social problem of biodiversity conservation.The contingent valuation method allows the explicit identification and valuation of the non-use values of species in a way which has not been possible before. This new book offers a rigorous state-of-the-art evaluation of the theoretical and statistical issues central to the contingent valuation method as well as a hands-on account of the design, implementation and analysis of contingent valuation surveys of the benefits of species conservation. Contingent Valuation and Endangered Species includes a comprehensive account of efforts at endangered species protection in Australia and New Zealand as well as current developments in the United States.This comprehensive appraisal of the problems and economics of biodiversity conservation will be welcomed by researchers and practitioners as an explicit hands-on application of the contingent valuation method.

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The 1990s have witnessed a vast growth of research on the topics of trust and learning. This can be explained by the profound technological and organizational changes that have made both inter-and intra-firm trust indispensable for sustaining the forms of learning that underlie successful competitive performance.Trust and Economic Learning brings together innovative research by an internationally recognized group of scholars from Europe and the United States. The distinction between trust and a variety of related concepts, including reputation, implicit contracts and confidence is examined. The links between learning and trust are then explored using a number of original empirical contributions and theoretical approaches including an adaptation of game theory, Marengo's computational model of organizational learning and the 'step by step' rule developed by Lazaric and Lorenz. In addition, Bayesian learning models are compared with evolutionary approaches based on tools of artificial intelligence to evaluate the preconditions for establishing trust. This unique volume will be a highly useful companion to traditional graduate-level texts in industrial organization. It constitutes a valuable source of knowledge for practitioners and policymakers alike. It will also be of interest to scholars interested in evolutionary and institutional economics, technology and innovation and international business.

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Financing Decentralized Expenditures presents new original research papers on the structure of intergovernmental fiscal relations in virtually all types of countries and the design and implementation of transfer mechanisms between different levels of government.In developing, transition, and industrial countries alike, the process of decentralization of government expenditures has proceeded apace to provide better accountability and quality of services to consumers. At the same time, tax administration constraints dictate the central collection and assignment of the major sources of revenues - particularly income taxes and VAT. This generates an imbalance in favour of the central government. The manner in which this imbalance in redistributed affects the degree and nature of decentralization generating considerable debate in countries as diverse as Italy and Denmark, those in North America, as well as countries in transition, such as China and Russia.The book includes a balance of overview pieces that explore the general issues supplemented by a large number of studies of intergovernmental transfer systems in specific countries. It offers a unique source of reference by providing a wealth of information of grant systems around the world.

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In The Foreign Aid Business, Kunibert Raffer and Hans Singer offer an incisive analysis of aid and development finance, examine the key issues and new trends in aid as well as proposing a series of fundamental improvements.Distinguishing clearly between ‘aid’ and ‘help’ in development finance, the authors discuss aid in the context of other North-South flows, such as trade or debt service, and describe its role and evolution during the Cold War. They address in detail issues such as food aid, the European Union’s Lome co-operation, Japan’s emergence as the largest donor and its specific aid philosophy, the often neglected question of South-South aid and the role of non-governmental organizations. The new trends analyzed in this book include political conditionality, the UNDP’s proposal to reorient aid towards human development and the question of aid diversion to the former communist countries. The Foreign Aid Business concludes by proposing a series of innovative reforms for development aid and finance. The authors advocate major improvements which include combining emergency and development aid, the financial accountability of donors, international insolvency to stop aid bailing-out creditors and the emulation of the Marshall pla’s successful self-monitoring by recipients. Combining a sophisticated analysis of current issues and trends with innovative new ideas for raising the effectiveness of development aid and finance, this substantial new book will be welcomed by academic scholars, policymakers and practitioners as a major contribution to our understanding of the foreign aid business.

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This book focuses not only on economic and political transformation since the demise of communism in Eastern and Central Europe, but also on the relationships between economic organization, social patterns and institutional change. The changes in political structure and policies of economic reform have in turn resulted in changes in social institutions and patterns of social relations. The authors look at social relations under the old regimes to understand the current social transformation. They consider economic restructuring both in the context of social change and in terms of its consequences for society, using case studies from the Czech Republic, Hungary and Poland. The impact of economic changes on new forms of institutional arrangements, social patterns and organization are also discussed taking into account privatization, employment, social welfare, property and industrial relations. This new book will be welcomed by economists, political scientists and sociologists working in the area of transition.

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This major new book provides an accessible and innovative introduction to general equilibrium analysis and associated welfare economics. In this distinct and refreshing treatment, John Creedy develops a simple two sector model using only diagrams and simple mathematics to ensure that this treatment will be accessible to students.The analysis of exchange and the gains from trade in the context of price taking behaviour are the subject of the first part of the book. Special attention is given to general equilibrium supply and demand curves and, in contrast with partial equilibrium treatments, the possibility of multiple equilibria. Trading at disequilibrium prices, the influence of the numbers of traders and bargaining solutions are then discussed before production is added to the analysis and the two sector model constructed. General Equilibrium and Welfare will be welcomed for its accessible introduction to General Equilibrium analysis and for the strong emphasis it places on exchange, which is closely in line with the work of early neoclassical writers such as Jevons, Walras, Edgeworth and Wicksell.

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