Search results for ""edward elgar publishing ltd""

This influential volume, which has been revised and updated for the twenty-first century, includes both new material and more detailed expositions of existing arguments.Although so-called 'real' theories of business cycles and growth are prevalent in contemporary mainstream economics, Controversies in Monetary Economics suggests that those economists who have instinctively focused on monetary factors in explaining macroeconomic behaviour are more genuinely 'realistic'. The author combines an explanation of past and present monetary controversy with practical proposals for the conduct of monetary policy in the contemporary global economy. Several alternative approaches are discussed, ranging from the traditional quantity theory to post Keynesian theories of endogenous money.This insightful book will be of interest to all those concerned with monetary economics and macroeconomics, including academic researchers, graduate and senior undergraduate students - particularly those looking for an alternative to current economic orthodoxy - and historians of economic thought. Practitioners in central banks, international financial institutions, the financial markets and finance ministries will also find this work invaluable.

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Few social scientific concepts have gathered so much attention and so many followers in such a short period of time as the concept of social capital. The purpose of this authoritative volume is to review the foundations for this fast growing field.The selected articles embed the concept in core theoretical work in economics, political science, sociology, development theory, and philosophy. Topics include: contemporary conceptual and philosophical foundations; forms of social capital; and the relation of social capital to both development and democracy.This collection will provide an insightful reference source to students and researchers alike.

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This book deals with the complex social process of managing an innovative organization. Jon Sundbo presents an original sociology-based theory of innovation in firms which combines developments in markets and other environments with internal organizational processes. The fundamental concept of this theory is understanding innovation processes in the context of strategy. The author regards strategy as both an interpretation of environmental developments and an instrument for managing the innovation process. The book takes an evolutionary perspective and combines an 'out-in' approach (the market situation determines innovations) with an 'in-out' approach (internal organizational processes and entrepreneurship determine innovations). In both cases the implementation of strategy is closely studied and its role as a social process within the firm is emphasised. Significantly, the author combines economic and sociological factors and presents a series of models of the innovation process which are based on empirical studies. The book concludes with a model of macro-innovation factors.Presenting an original theory of innovation within a strategic paradigm, this book will be required reading for all students and academics of economics and business, as well as management consultants and those interested in industrial organization.

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In this book, the authors outline how policymakers in advanced countries have moved away from exclusive reliance on the public sector in social service delivery, towards a more multi-faceted approach that seeks to combine the strengths of public agencies, private firms and voluntary organizations. This development raises interesting and complex questions concerning the comparative advantages of these respective groups in the delivery of goods and services. The Political Economy of the Voluntary Sector adopts a comparative institutions approach to assess the strengths and weaknesses of the government, market and voluntary sectors as alternative instruments for implementing social and economic policies. The authors examine existing market failure, government failure and supply-side models of non-profit organizations before proposing a new leadership theory of the voluntary sector. They then explore the interface between the voluntary sector and the development of social capital. The book culminates in an investigation of appropriate public policy approaches towards the voluntary sector. This book will be warmly welcomed by academics, students, and researchers working on alternative methods of public policy program delivery, primarily from the disciplines of economics, political science and public administration. Practitioners drawn from the public and voluntary sectors, as well as public policymakers in governments from around the world, will also find this accessible book of great interest.

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Sustainable development is a concept that is receiving increasing attention from world decision makers. This timely volume contains a selection of both the seminal papers and a cross-section of current thinking. It will be invaluable to researchers, students and practitioners interested in this important topic.Part I presents early articles linking the macroeconomy with the environment. Part II contains general surveys of the relationship between economic growth and environmental degradation. Included in Part III are papers with mathematical models seeking to incorporate environmental variables into macroeconomic frameworks. Part IV focuses on the linkages between international trade and the environment. The final section examines progress on the greening of the system of national accounts - an important prerequisite for environmental-macroeconomic policy making.

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In the year 2000, European Union governments announced a long-term strategic commitment to transform the European economy into the most competitive, dynamic, knowledge-based economy in the world. Technology is an integral part of the new economy and of the EU's strategy for economic development. This book deals with the development of infrastructure in the mobile communications, transport, space and radio sectors. It sets out to explain the conditions under which the EU, and in particular the European Commission, makes policy choices to support large-scale technology infrastructures, and why EU political intervention in seemingly similar infrastructure projects varies. Answering this question will provide insights into the political economy underpinning the ambitions to transform the European economy into the most competitive in the world.This study of EU political intervention in support of advanced technology will be a fascinating read for advanced students and academic researchers of international political economy, international affairs and political science. Competition for Technological Leadership will also appeal to journalists, policymakers and analysts with a special interest in EU high technology policy.

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Constitutional political economy applies an economic approach to the analysis of constitutional choice. Initially, research clearly leaned towards legitimizing the state and its actions. However, the transitions taking place in Central and Eastern Europe have made apparent the necessity to improve our knowledge of the working properties of alternative constitutional rules, thus stressing the importance of positive analysis. The authors analyse both the opportunities and dangers of importing constitutions from around the world into this area.The papers assembled in this volume deal with the question of what individual transition processes have taught us in terms of constitution-building. The book contains analyses of post 1989 constitutional developments in the countries of Central and Eastern Europe from the perspectives of varied disciplines; including academics, politicians and the judiciary.Constitutions, Markets and Law will be welcomed by scholars of transition studies and political economists as well as practitioners of, and academics with an interest in, constitutional law.

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This book cleverly integrates the research on welfare measurement and social accounting in imperfect market economies. In their previously acclaimed volume, Welfare Measurement, Sustainability and Green National Accounting, the authors focused on the external effects associated with environmental damage and analysed their role in the context of social accounting. This book adopts a much broader perspective by analysing a wide spectrum of resource allocation problems of real-world market economies.The authors' aim is to derive exact welfare measures in imperfect market economies and compare them with their counterparts in a first-best equilibrium. Using numerical analysis, they also attempt to make the leap from theory to practical application by measuring the empirical importance of market imperfections. Such analysis provides the tools for examining whether 'real life' approximations of the welfare contribution of external effects, such as information collected by using the willingness-to-pay method, actually capture true and accurate values. Finally, the authors address the theory of cost-benefit analysis, in terms of environmental and other public policies, in dynamic general equilibrium models.This book is an impressive investigation of the theory of social accounting, with particular emphasis on valuation problems facing imperfectly competitive markets. It will make challenging but highly rewarding reading for academics and researchers interested in environmental economics, welfare measurement, social accounting and green accounting.

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The Kyoto Protocol introduced international flexible mechanisms into climate policy and since then, the design and most effective use of flexible instruments have become key areas for climate policy research. Instruments for Climate Policy focuses on economic and political aspects related to the recent proposals and the debate on limits in flexibility, and discusses EU and US perspectives on climate policy instruments and strategies. This is followed by chapters on economic efficiency and the use of flexible instruments as well as contributions to the debate on 'when flexibility', on the arguments behind the EU ceilings proposal and on voluntary approaches to climate policy. One of the main conclusions reached with respect to proposals for limiting flexibility is the need to evaluate simultaneously their economic, ecological and international political consequences. The authors include both important policymakers and leading academics in the area.Academics, researchers, policymakers, NGOs, and journalists interested in environmental economics will all find this an illuminating volume, as will political scientists.

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Land quality and land degradation affect agricultural productivity and food security, but quantifying these relationships has been difficult. Data are extremely limited and outcomes are sensitive to the choices that farmers make. The contributors to this book - including soil scientists, geographers, and economists - analyse data on soils, climate, land cover, agricultural inputs and outputs, and a variety of socio-economic factors to provide new insights into three key issues: the extent to which differences in land quality generate differences in agricultural productivity across countries how farmers' responses to differences or changes in land quality are influenced by economic, environmental, and institutional factors, and whether land degradation over time threatens productivity growth and food security at local, regional, and global levels. This book can be thoroughly recommended to policymakers, public and private sector researchers, university faculty and graduate students, and non-profit organizations for use in research, education, and decision-making.

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The International Library of Leadership brings together in one place the most significant writings on leadership, the process by which groups, organizations, and societies seek to satisfy their needs and achieve their objectives. Volume 1 focuses on classic discussions of perennial leadership issues including the moral purpose of leadership, the nature of legitimate authority, and the role of followers. Volume 2 turns to investigations of leadership in the modern era and makes available the seminal social scientific works that inaugurated the modern theories of leadership. Volume 3 builds upon the analyses of power, culture, and gender in the first two volumes to address current ethical, democratic, and international challenges of leadership. This three-volume collection is designed to offer a sophisticated and substantive understanding of what is perhaps the most important social phenomenon of our age.

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Paul Davidson investigates why the 1990s was a decade of financial crises that almost precipitated a global market crash. He explores the reasons why the global economy still struggles with the aftermath of these crises and discusses the possibility that volatile financial markets in the future will have real impacts on whole industries and national economic systems.The author highlights the central role that domestic and international financial markets play in determining the economic growth rate, unemployment rate and international payments position of capitalist economies. He explains why the primary function of financial markets is to create liquidity and demonstrates that a liquid market cannot be efficient, and an efficient market cannot be liquid. He also proves that preventing liquidity problems from developing in national and international financial markets is the key element in fostering prosperity. Statistical evidence and theoretical analysis are combined to demonstrate why orthodox prescriptions for 'liberalizing' labor, product, and capital markets are the wrong policies for promoting a civilized society in the 21st century.Professional economists, financial reporters, government policy makers, those working in international economic organizations such as the IMF, the World Bank and the WTO, and concerned citizens will all benefit greatly from reading this highly acclaimed book.

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Taxation and Economic Behaviour offers a number of broad introductory surveys in the areas of public economics and public finance. Divided clearly into two parts - measurement issues and taxation and economic behaviour - this innovative collection of articles consists of published refereed papers and several new and previously unpublished pieces.Initially, the book focuses on measurement issues, and includes chapters on income inequality, poverty, tax progressivity, income dynamics and welfare changes. It then goes on to explore the wider theme of taxation and economic behaviour, including material on taxation and labour supply, behavioural micro simulation modelling, and general equilibrium. Throughout the book, John Creedy makes use of numerical examples which help to illustrate the structure and use of the various models.Providing introductory material and syntheses of a wide range of topics, Taxation and Economic Behaviour will be welcomed by students, lecturers and researchers with an interest in public finance and public sector economics.

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Globalization and the Small Open Economy investigates the specific role of small open countries in a globalizing economic system and assesses the unique pressures and opportunities afforded them by globalization.Traditionally, in contrast to large countries, small open economies (SOEs) have relied on international economic policy rather than domestic policy as a means to foster national economic development. Their firms also have a far greater reliance on host countries to gain competitive advantage than those of larger nations. This would suggest that globalization has potentially a far greater impact on SOEs than on large countries. The contributors to this volume concur with this view and seek to outline the challenges and opportunities faced by policymakers and managers of multinational enterprises from SOEs. They examine the role of government, environmental policy, inward and outward foreign direct investment and multinational management and conclude that, on balance, globalization provides more of an opportunity than a threat to economic growth in these countries.An innovative collection with fascinating new insights on the present and future role of small, open countries in the global economy, this will be an important new reference source for academics and students, public policy research institutes, international business scholars and trade economists.

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The editors have selected the most important papers on the subject of international capital markets for this authoritative collection. Volume I considers theories of international portfolio choice and asset pricing, and also looks at empirical evidence on international asset pricing models. Volume II covers international portfolio diversification, as well as interest and exchange rates. Volume III includes articles on theories of barriers to international investments; empirical evidence on impact barriers to international investments; international capital flows; and anomalies in international capital markets.These comprehensive volumes will be an invaluable source of reference for researchers and students alike.

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New technologies, global markets and increased competitive pressures mean that companies are having to reinvent themselves, reappraise their competitive strategies and rethink the ways in which they organize business activities. This timely book illustrates how changes in strategy can translate into organizational changes within the firm itself and can influence the relationship between the firm and their employees and collaborators. The authors provide a broad theoretical and empirical assessment of these complex changes, their effect on the nature of employment, and the consequences for both employers and employees. They develop a framework that encompasses the interaction between the strategic reactions of businesses to a changing environment and the restrictions imposed by social institutions. A key theme of the book is that we are now living in an age of transition where concepts such as job security, which have played a crucial role in society, are no longer valid. Indeed, the importance of the research presented in the book is underlined by the social and political implications such changes will undoubtedly bring. Significantly, the authors view the subject matter from an interdisciplinary perspective applying tools from the fields of organizational behavior, sociology and psychology.Social economists, employment analysts, business managers, and scholars of strategic management and organizational studies will value this integrated assessment of the challenges and changes facing modern firms.

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Regions are increasingly recognised as a key aspect of economic change in Europe, not merely as geographic spaces but also as social systems. Their history, culture, institutions and patterns of leadership mould the way in which they adapt to European and global competitive challenges. This book reviews the debate surrounding the construction of regions and presents eight case studies to illustrate how they are shaped and reshaped in a variety of different ways. The authors find that while some regions exhibit common patterns, there are significant variations, indicating that there is no definitive model of regional development.This book offers a systematic comparison of eight distinct regions and stateless nations, each with its own historical identity, but which is constantly being rebuilt in changing economic and political conditions. Avoiding economic or cultural determinism, the authors show how region-builders can shape their own responses to global challenges to produce models of development reflecting differing understandings and social compromises.Culture, Institutions and Economic Development will be warmly welcomed by academics within the fields of regional studies, European studies and political science.

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This book attempts to draw lessons from the experiences of developed as well as developing countries in carrying out telecommunications reform. Contributors come from academia, as well as from stakeholders in telecommunications policy in a dozen countries, mostly in the Asia-Pacific region.Globally, the telecommunications industry is undergoing major changes: technological advances in the form of a vast number of new digitised services, ownership shifts as state-owned carriers in many countries become fully or partly privatized, and a general transition from monopolistic to more competitive market environments. The economic and regulatory experiences derived from these changes are explored and analyzed using the USA, the UK, Australia and Singapore to represent developed and newly industrialized countries, and China, India, Indonesia, Malaysia, the Philippines, Sri Lanka, Thailand and Vietnam as examples of developing countries. The conclusions outlined in this timely volume hold important lessons for these as well as for other countries. This book will be of great interest to telecommunications policymakers, public and private stakeholders in the industry, along with those - especially academics and researchers - with an interest in the progress of telecommunications in developing countries.

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This book examines long-run technological change and the complex set of interrelated phenomena which can be grouped under the heading of 'innovative processes'. The authors refer to a broad notion of the technological system and propose an original methodology to ensure consistent empirical analysis.The book aims to explain, rather than merely identify, the effects of technological change. It does so by promoting the analysis of intersectoral innovation flows as a way to investigate the nature of technological change. At both the macro and sectoral level, institutional and structural elements are considered along with more standard technological and industrial variables. International comparisons are carried out on a systematic basis for a set of OECD countries, plus a focus on two important industrial sectors (motor vehicles and chemicals). The authors find that institutional arrangements (such as models of capitalism) turn out to play an important role in shaping both the internal and external relationships of macro technological systems. Moreover, the structure and performance of an industry is shaped by the broader techno-economic elements of the relevant sectoral technological system. The authors successfully integrate the theoretical and empirical analysis of technological systems with a specific investigation of intersectoral innovation flows. The book will be welcomed by students, scholars and researchers in the fields of innovation, evolutionary economics, industrial organisation and business studies.

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Evolutionary Economic Thought explores the theoretical roots of the evolutionary approach, and in so doing, demonstrates how it fits squarely into the theoretical mainstream. Focusing on the institutions of evolutionary change and the processes - such as competition - that generate change, this book takes account of important European contributions to the discipline, hitherto overshadowed by the American paradigm. As such, the book serves to broaden the current discourse. Whilst evolutionary economics itself is a well-researched and widely documented field, this book will be credited with establishing a history of evolutionary economic thought.The contributors attempt to answer an important set of questions on how economies develop, using the theories of social economists such as Hobson, Marx, Menger, Schmoller, Sombart and Wagner. Historical, empirical, and theoretical perspectives on evolutionary economic change are also drawn upon. This highly original book will appeal to those with an interest in evolutionary economics, economic development and the history of economic thought.

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Whilst contemporary economies are innovative, they are also predominantly service economies in so much as services are the main source of wealth and employment. However, there is still considerable unwillingness to consider innovation in terms of services, a paradox rooted in an obsolete conception which regards manufacturing as the only engine of growth. In this book Faiz Gallouj propounds a theoretical framework which describes and evaluates the main approaches to analysing and understanding innovation in services. He provides interesting and extensive empirical material on the nature and sources of innovation in various services sectors and countries, and makes an original contribution both to theories of innovation in services and theories of innovation in general. Taking both an evolutionary and conventionalist stance, he demonstrates that services, and more importantly innovations in services, can be regarded as the new wealth of nations.This informative and original book will prove invaluable to academics and students interested in economics, innovation, structural change, sociology and management. It will also be welcomed by practitioners and managers in service organisations.

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Because it is technically flawed and morally bankrupt, the author argues, the economist's consequence-based, procedurally detached theory of the state has contributed to the growth of government. As part of the Kantian-Rawlsian contractarian project, this book seeks to return economics to its foundations in moral philosophy. Given the moral equivalence of persons, the greatest possible equal participation must be promoted, persons must be impartially treated and, because it is grounded in consequentialist social welfare theory (SWT), the economist's theory of the state must be rejected. Ad hoc deployment of SWT has facilitated discriminatory rent seeking and contributed to larger government. In contrast, this book argues that equal political participation and a constitutional impartiality constraint minimize rent seeking, respect individual perceptions of the 'public good' and underwrite the legitimacy of government. Economists, moral philosophers and political scientists will find this book a unique contribution to the literature.

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Research on the internationalisation process of firms shows that the development of experiential knowledge is a major factor in explaining firms' internationalisation. However, our knowledge of how this takes place is limited. The detailed mechanisms of learning, and the effects of the duration of the firm's international operations, have not been studied in depth. Using examples from Denmark, Finland, South Korea, New Zealand and Sweden, the contributors to this book examine these factors and test the basic assumptions of the internationalisation process of firms.In doing so, they explore how firms accumulate knowledge on foreign markets and analyse whether the number of countries in which firms operate influences the quantity and quality of knowledge accumulated. The effect is to expand our understanding of the use of knowledge and the international transfer of knowledge in the internationalisation process.Learning in the Internationalisation Process of Firms will be of great interest to scholars, researchers and practitioners of international business and management.

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The events in Seattle and other cities around the world demonstrate that globalisation and trade liberalisation are currently under severe pressure. There are also reasons to believe that these pressures are being translated into measures to increase the protection of domestic markets. This book addresses what are arguably the four most important origins of these pressures: macroeconomic conditions, labour policy, trade and the environment, and market imperfections.The authors first address the role of macroeconomic conditions and policies, and demonstrate how these can have a crucial role in explaining 'slippages' of trade policy. The second origin of instability is labour policy, in particular the pressures to introduce universal labour standards. The third economic origin the book considers is the relationship between trade and the environment and the attempts to link trade policies to environmental standards. The fourth origin of protectionist pressure comes from the presence of various market imperfections and the extent to which they affect competition. The authors conclude that multilateral agreements can be extremely helpful in creating the right environment for equitable trade policies, but warn that complete success can only be achieved once major hurdles are overcome in the highly controversial and politically sensitive areas of labour, environment and competition.Offering a unique perspective on the threat to globalisation, this book should be widely read by students, practitioners and policymakers in the spheres of international trade, transition and development studies, and competition, labour and environmental economics.

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This significant book investigates the political economy of environmental policy in Europe with a careful analysis of how EU directives are realised in the member states. The authors explore this issue through a comparative evaluation of the implementation of three pieces of EU environmental legislation in France, Germany, the Netherlands and the UK. Areas covered by the legislation include air emission standards for waste incinerators, the electricity supply industry, and the certification of environmental management systems. The results vary across cases even though overcompliance is observed in certain cases. The regularity arising from the different case studies is related to the determinants of the environmental outcomes that are observed. When environmental directives are implemented they are likely to interact with parallel policy processes and these interactions can exert a strong positive or negative influence on the success of the policy in question. The central policy problem is the fact that these interactions are very difficult to anticipate at the policy formulation stage. It leads the authors to propose that effective environmental policy should therefore be adaptable in order to cope with these unanticipated effects.This book covers a very important and topical issue by studying the genuine impact of environmental directives and increasing the readers' understanding of the way in which environmental federalism works in Europe. It will be welcomed by scholars of environmental law and political science, environmental economists, and environmental policymakers, advisors and consultants.

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This book makes significant advances in analysing the relationship between technology and society. It highlights both the policy implications of this relationship and new possibilities for intervention by government, policymakers, managers and the public.Shaping Technology, Guiding Policy examines and utilises a variety of recently emerging concepts which highlight the scope for local discretion and choice in the way that technologies are designed and used as well as the broader structures and systems that may serve to restrict choice. By applying these concepts to an analysis of case studies of various social and technical settings, the book explores their utility for understanding the ways in which contemporary technologies are developed and applied and how they are made to influence society.Academics and researchers from a wide variety of perspectives will find this new book fascinating reading, including scholars from science and technology studies, technology policy and the management of technology. Technology policymakers and practitioners would also find the book of interest.

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Growth Theory in Historical Perspective is a collection of thirteen carefully selected essays by Theo van de Klundert which demonstrate the development of growth theory over the past forty years. The sequence of chapters reveals the shifts in focus which have occurred since the first formal growth models of the 1940s and 1950s. He illustrates how the Keynesian paradigm was replaced by neo-classical models, which in turn have been superseded by theories of endogenous technical progress, the focus of growth theory in the 1990s.The author explains how the theory of economic growth is strongly shaped by ideas developed in the past. To this extent the book provides a comprehensive overview of the fundamentals of growth theory and develops important modern themes such as firm-specific research and development and the relationship between growth and international trade. Moreover, several of the chapters explore themes which, in the author's view, have been unfairly neglected in recent writings on the theory of growth. These include the role of demand factors, vintage models and issues of distribution, which he believes can still contribute to the current thinking on growth theory.By balancing insights from old and new theories of economic growth, this comprehensive book should prove fascinating reading for students, researchers and scholars of growth theory.

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Despite years of liberalization, African manufacturing is conspicuously unable to compete in the global market. Its exports are minuscule, its response to competition is weak, technical efficiency is low and there are few signs of technological dynamism. Part of the problem, the authors argue, lies in the institutions designed to help firms import, use and improve technology. This unique study draws on extensive fieldwork assessing technology systems in Ghana, Kenya, Tanzania, Uganda and Zimbabwe in the context of their export competitiveness. Its emphasis is on the role of technology systems in building industrial competitiveness and in this it finds deficiencies in the systems in all these countries, though there are also significant differences between them. Comparisons are made with more successful economies, particularly those of East Asia, and policy implications are drawn for the strengthening of technology support systems. Central to the book is its combination of academic analysis with a strong policy focus - policy implications are drawn for each case-study country.Failing to Compete will be of interest to all academics and scholars of development economics, international competitiveness and technology studies.

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During the past few decades the economies of East and South East Asia have grown at a significant rate, resulting in a large proportion of the world's population being relieved from poverty in a relatively short space of time. This unprecedented phenomena underlines the importance of understanding the driving forces behind the growth 'miracle' of East Asia.Yanrui Wu addresses some of the most critical macroeconomic issues associated with East Asian growth. Principally focusing on the most rapidly emerging economies in the region, the author covers a broad base of topics. Several determinants of growth are examined and in each case an analytical framework is applied to empirical data. Specific themes include: economic openness and growth stock market development intra-industry trade growth engines in Singapore productivity growth in Taiwan the Asian financial crisis. Employing both cross-country analyses and case studies of individual economies, this important new book substantially contributes to the many debates surrounding economic growth in East Asia. The author's concise yet absorbing style will appeal to economic researchers, lecturers and students of economics, as well as business economists and market analysts.

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The environmental imperative exerts strong pressure on polluting industries in the industrialised countries. Environmentally-friendly technologies are available but often at prohibitive costs. Using evidence from the copper industry, this book addresses the question of how polluting industries in developing and transition economies have responded to this challenge. Technological Change and the Environmental Imperative considers the extent of the success of polluting industries in becoming cost-efficient whilst acquiring less polluting technologies, in the face of fierce competition. The authors also discuss what has been the impact of privatisation on this process and what lessons have been learnt. Against this backdrop, and drawing on case material from Chile, China, Peru and Russia, the book goes on to assess the latest technological breakthroughs, and their possible future impact on cost efficiency and the environment.International organisations, policymakers and industry analysts concerned with environmental issues will find this book of great fascination as will academics and researchers in the fields of development studies, transition economies and environmental studies.

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Recent political developments on the Korean peninsula suggest both the possibility and desirability for the neighboring powers to establish a new framework for regional peace. The US and North Korea have managed to reach an agreement to reduce mutually hostile threats on a reciprocal basis, and to normalize diplomatic relations by removing economic sanctions. They have thus created conditions potentially favorable for the expansion of trade and the inflow of economic assistance and foreign direct investment to North Korea.A crucial question, however, is will North Korea choose to transform its internal system and adopt an open-door policy in an effort to revive its stagnant economy? The distinguished contributors to this volume address the central issue of the development potential of the North Korean economy and the potential compatibility of economic reform with the maintenance of internal political stability. They examine what will be needed in the way of reform for North Korea to build its social infrastructure and manage its industrial transition to become part of the global market economy. Lessons are drawn from the experiences of China's economic reform since 1979 and German reunification and some sharp insights are provided into the economic forces that will play a major role in shaping the future course of North Korea.This timely book will be of great interest to policymakers, scholars, and students of Asian and transition economies.

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In this path-breaking book, Richard Zerbe introduces a new way to think about the concept of economic efficiency that is both consistent with its historical derivation and more useful than concepts currently used. He establishes an expanded version of Kaldor-Hicks efficiency as an axiomatic system that performs the following tasks: the new approach obviates certain technical and ethical criticisms that have been made of economic efficiency; it answers critics of efficiency; it allows an expanded range for efficiency analysis; it establishes the conditions under which economists can reasonably say that some state of the world is inefficient. He then applies the new analysis to a number of hard and fascinating cases, including the economics of duelling, cannibalism and rape. He develops a new theory of common law efficiency and indicates the circumstances under which the common law will be inefficient.The book will be of great interest to scholars, students, and practitioners interested in the concept of economic efficiency and how it should be applied to law and economics.

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Privatization has dominated industrial restructuring programs since the 1980s and continues to do so. This authoritative and accessible Handbook considers all aspects of this key issue, including: the theory of privatization; privatization in transition, developed and developing economies; as well the economic regulation of privatized industries.The studies in this volume, introduced by international experts in the field present evidence of the scope and effects of privatization, and consequently provide the basis for improving both policy formulation and implementation. However, they also emphasize that privatization is not an end in itself. It is argued that for privatization to be worthwhile and for lasting economic efficiency gains to be achieved, supporting reforms must accompany most privatization programs, particularly in the arenas of corporate governance and capital markets, product market competition, and state regulatory processes. Furthermore, several contributions demonstrate that the degree to which ownership and market liberalization can be usefully separated, and whether privatization without either competition or effective regulation is worthwhile, remain controversial issues.Furnishing the reader with a comprehensive and lively discussion of privatization in theory and practice, this Handbook will be the essential source of information for researchers in the field, and for a wide-ranging audience including public policy makers and specialists, development experts and agencies, international banks, public policy and regulation economists, and management consultants.

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In the 1970s, the Keynesian orthodoxy in macroeconomics began to break down. In direct contrast to Keynesian recommendations of discretionary policy, models advocating laissez-faire came to the forefront of economic theory. Laissez-faire no longer stood as an exceptional policy endorsed for rare occurrences of market clearing; rather it became the policy standard. This book provides the definitive account of this watershed and traces the evolution of laissez-faire using the cases of its proponents, Frank Knight, Henry Simons, Friedrich von Hayek, Milton Friedman, James Buchanan and Robert Lucas. By elucidating the pre-analytical framework of their writings, Sherryl Kasper accounts for the ideological influence of these pioneers on theoretical work, and illustrates that they played a primary role in founding the theoretical and philosophical use of rules as the basis of macroeconomic policy. A case study of the way in which interwar pluralism transcended to postwar neoclassicism is also featured.The volume concludes that economists ultimately favoured new classical economics due to the theoretical developments it incorporated, although at the same time, since Lucas uncritically adapted some of the ideas and tools of Friedman, an avenue for ideological influence remained.Tracing the evolution of American macroeconomic theory from the 1930s to the 1980s, this book will appeal to those with an interest in macroeconomics and in the history of scholars associated with the Chicago School of economics.

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One of the major effects of the continual process of European integration is the growing importance of transnational institutions and the accompanying legal harmonization. Such institutional changes have led to a seemingly irreversible transformation in public decision making, whereby power at the national level is displaced to the European and regional levels. This essential book provides a law and economics analysis of the challenges arising from these shifts in authority.The process of harmonization is investigated from a normative point of view, in order to examine whether a uniform legal framework should be promoted. On the positive side, the goal is to assess the efficiency of this process and its impact on public policies. The authors then turn to applied issues and propose an agenda for future research. The book comprehensively covers both private and public law, as well as applied and theoretical issues. The authors analyse the legal debate from a new political economy perspective, offering diverse and sometimes contrasting views.The Economics of Harmonizing European Law highlights the debate between competition and harmonization which will be sure to shape the future of Europe. It should be read by students and scholars of law and economics, and European policymakers. It will also provide a valuable reference in the field of law harmonization for law practitioners.

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The Economics of Biotechnology is a highly accessible book dealing with some of the most crucial issues to arise in this area. Special attention is paid to consumer, ethical and environmental concerns as well as questions relating to trade policy, intellectual property, who will receive the benefits, international development and the role of international institutions such as the WTO.The authors examine concerns arising from the application of biotechnology in the agri-food industrial complex, and many of the issues discussed also have implications for the medical and pharmaceutical aspects of biotechnology.Fundamental questions regarding the application of standard economic analysis to biotechnology are resolved using traditional neo-classical analyses as well as less mainstream methods. Through exploring a number of approaches, original and unexpected conclusions are reached.This coherent and relevant treatment of the myriad facets of biotechnology will be welcomed by academics, scholars, and economists with a specific interest in international economics or technology, international policymakers, and economic commentators.

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Competitiveness becomes a growing concern for developing countries as they liberalise their economies and open up to global trade, investment and technology flows. They fear that liberalisation by itself may not, in the presence of market and institutional deficiencies, lead to the optimal allocation of resources. In particular, it may lead to the realisation of static rather than dynamic comparative advantages - a threat to sustained growth in a world of rapid technical change. This book draws together recent contributions by Sanjaya Lall - a leading authority on international investment, technology and industrial policy - on competitiveness and its major determinants. It draws upon his wide experience of competitiveness analysis in Asian and African countries and his recent work on technology and skills. It contains his most important published material as well as previously unpublished articles, and will be of interest to students, researchers and policy analysts interested in industrial development, technology and human resources.

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European economic and monetary union continues to be the subject of intense controversy, and the launch of a single currency in January 1999 served to concentrate this debate around one issue: is the euro in the interests of Europe? This pertinent book attempts to address this contentious question.The authors offer a sustained argument that the single currency as currently implemented does not promise to deliver prolonged growth. They contend that the economic impact of the euro, and its accompanying institutions, is likely to be destabilising and deflationary; that the political impact is profoundly undemocratic and that the social consequences are likely to be deleterious. They do not reject the concept of a single currency but are highly critical of policy arrangements such as the Stability and Growth Pact which govern the euro. The authors propose alternative policy and institutional arrangements within which the euro should be embedded. They demonstrate that these would have the benefits of a single currency whilst avoiding many of the potential costs identified by detractors. EMU will continue to cause huge changes in the social and economic sphere of Europe. This book does not attempt to polarise the debate by simply advocating for or against the euro, but instead puts the situation into context, identifies potential problems and proposes possible remedies. It will be required reading for economists, political scientists, politicians and policymakers.

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This enlightening book provides the first systematic introduction to, and exploration of, the emerging system of industrial relations in China, and draws on the authors' extensive research and direct involvement in the developments taking place. The authors argue that there are both unifying and fragmenting elements to the ongoing development of industrial relations, but overall it is one in which the state continues to maintain a major, and direct, influence. Divisions between workers and managers may be escalating with increased open conflicts, but this book reveals that the picture is far more complex and contradictory than to assume that the solution is convergence with western style industrial relations systems. They conclude that industrial relations institutions and processes still act within a political context and with the guiding hand of the Chinese Communist party.Industrial Relations in China draws on up-to-date material and will ensure the book's appeal to industrial relations and Chinese scholars. It will also appeal to a wider audience of Asian labour and development studies scholars.

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Knowledge and innovation are key factors contributing to growth and prosperity in the new service economy. This book presents original, empirical and theoretical contributions to address the economic dimensions of knowledge and the organisation of knowledge intensive activity through specialised services. Specific analyses include: macro statistics to highlight the contribution of services to economic activity firm level survey data to identify and consider client relations case studies of four innovation-oriented business services. Further chapters deal with the specific functions connected with knowledge, the new discipline of 'knowledge management', intellectual property rights, and the role of knowledge in national and international economic systems.Offering an overview of a highly important and pervasive set of phenomena, this book outlines and illustrates the intellectual agenda associated with the rise of a global services economy. It will appeal to industrial and business economists, researchers, students, policymakers and business analysts.

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In this challenging book, Orietta Marsili examines the relationship between industrial dynamics and technological change. By combining formal evolutionary modelling with empirical evidence, she illustrates how the characteristics of innovative processes in different technological regimes influence market structure and dynamics.The book is divided into three sections; part one provides the analytical background, part two identifies the characteristics of technological regimes and part three develops a formal evolutionary model which links technological regimes to the dynamics of industrial competition and accounts for empirical regularities identified earlier in the book. Significantly, the author introduces a new taxonomy of technical regimes, which groups sets of production activities together - an important and valuable step away from traditional industrial classifications.The author concludes by stressing the usefulness of industrial regimes, proposing directions for future research and outlining the elements which must be considered if the relationship between industrial dynamics and technological change is to be fully understood.This innovative book will be welcomed by those in the fields of industrial economics, evolutionary economics, the economics of innovation and technological change and public policymakers.

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Economists are concerned by a wide range of environmental impacts from pollutants, as they affect human welfare and not just human health. This insightful book demonstrates how economic analysis can contribute to decision making in environmental policy and discusses the theoretical limitations of economic valuation.Through detailed case studies including land contamination and ecosystem damage, the expert contributors illustrate the range of methods economists currently employ to address and manage the impacts of pollutants, such as multiple criteria analysis, hedonic pricing and contingent valuation. They explore applications of the cost-benefit approach to the environment but also raise questions as to its continued role compared to alternative methods. By presenting the ongoing work of economists involved with environmental management the authors hope that understanding of typical economic practice can be enhanced and perhaps complemented by natural scientists working in the fields of ecotoxicology, epidemiology and ecology. The book also discusses how the sometimes difficult interaction between natural science and economic analysis can be managed.By adopting an international perspective and providing a critical overview of contemporary economic research into environmental pollution, this book will become essential reading for environmental economists, scientists and policymakers.

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Understanding the economics and the wider impact of transport infrastructure presents a major challenge to economists. The scale of investment, indivisibilities, the setting of appropriate charges and the rate of economic growth are problems which require analyses and create controversy. Further contentious issues are the need to rely on public sector finance and certain ambiguities concerning impact on productivity.The editors have brought together in Transport Infrastructure a set of classic readings in the literature which show the development of analysis in this field.As the names in this volume show, some of the best economic thinkers of the twentieth century have addressed these multi-faceted problems.This authoritative new collection of previously published papers presents a selection of the developments in a field which is still attracting new ideas and challenging transport planners and governments in both the developed and developing world, and indicate something of the diversity of analysis needed and the problems which remain.

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Logistics is the management function responsible for the flow of materials through the supply chain. Freight transport typically accounts for a third of total logistics costs and is a major determinant of the quality of a distribution service.This comprehensive and integrated collection includes a wide range of previously published articles from logistics management, operations research and economics journals, as well as the mainstream transport literature. The volume is divided into 13 sections covering the full spectrum of research in the field, including the modelling of freight flows, just-in-time delivery, modal split, vehicle routing and utilisation, the environmental impact of freight transport operations, city logistics and telematics and the deregulation of freight markets.This authoritative volume will be an essential compendium for those teaching in and researching in the rapidly-expanding field of transport logistics and will be of interest to those involved in the management of logistics and formulation of public policy on freight transport.

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This important volume brings together an authoritative selection of the leading papers on the subject of maritime transport. With a new introductory essay by the editors, the collection provides a thorough examination of the topics associated with this area, including maritime economics, transport law and policy.Part I includes articles on carrier management and operations. Part II looks in detail at competition policy and pricing. Part III discusses finance, the fiscal treatment of shipping and flag of registry issues. Part IV covers the area of law and policy and Part V examines market and structures. Finally, Part VI focuses on ports.This collection will be an invaluable resource for major maritime academies and to students and researchers in the subject of maritime transport.

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This volume presents a scholarly insider's perspective on the Asian economic crisis, examining the social, economic and political consequences of the crisis in six influential Asian economies: Indonesia, Korea, Malaysia, the Philippines, Taiwan and Thailand. Each chapter contains an analysis of the events leading up to and during the crisis, the social impacts and an assessment of possible futures for these countries. The contributors expertise and use of up-to-date data ensures an integrated approach by which the process of economic change can be understood.The book reveals that professional workers in the urban financial sector, as well as manual labourers in the export sector, felt the most dramatic effects. Impacts on the latter group resulted in a significant rise in the population living below the poverty line. The book emphasises the previous absence of strong social security 'nets' and the need to strengthen macroeconomic policies and institutional, legal, regulatory and supervisory structures. Other topics covered include intractable government corruption and fiscal management.The Social Impact of the Asian Financial Crisis has a unique perspective that will ensure greater understanding of the causes and consequences of the crisis in six major economies and as such will appeal to academics, researchers and policymakers involved in Asian politics and development economics.

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This comprehensive and impressive volume presents the first book-length, multi-country investigation of reform of economic education in transition economies. Authors from the West and from transition economies describe the major changes in economics content and instruction that occurred in schools and universities throughout nations in Eastern and Central Europe and the former Soviet Union from 1989 to 2000. Nine of the chapters discuss specific countries - Belarus, Bulgaria, Georgia, Kyrgyzstan, Latvia, Poland, Romania, Russia, and Ukraine. Other chapters describe reforms in the undergraduate economics curriculum at Moscow State University, Kiev State University, and Belarus State University. One chapter reports the findings from a five-nation study of the effect of economics programs to retrain teachers on the economic understanding of secondary students. Another chapter explains the important role of economic education in creating support for public policy reforms in a nation. The results from multi-national surveys of public attitudes toward economic reforms and the market economy are analyzed in one chapter. The book concludes with an insightful explanation of the major 'change agents' responsible for the reform of academic economics and the teaching of economics in the transition economies.Anyone interested in economic education, transition economies, or educational reform in schools and universities will find this book a unique and fascinating reading.

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There has been a recent resurgence of interest in the work of Vilfredo Pareto, one of the founders of modern economics. This book reconstructs the genesis and significance of Pareto's theory of choice which is Pareto's greatest contribution to economic science and which was used by John Hicks, amongst others, to develop microeconomics. Hicks, Allen, Samuelson and others acknowledged Pareto as the father of the new ordinalist microeconomics but at the same time, portrayed him as confused and contradictory, caught between the old and new paradigms. Luigino Bruni argues that Pareto's revolution in choice theory is better understood in the context of his own philosophical framework. This framework is revealed by reconstructing his dialogues with economists (Pantaleoni) and philosophers (Vailati and Croce), and by exploring Pareto's economic theory in the light of his philosophy of science. In addition, Luigino Bruni argues that Pareto's contribution was different and more complex than Hicks's ordinalism and Samuelson's operationalism. From this analysis emerges an image of Pareto as a man whose ideas and work was only partially fulfilled.This original and sometimes unconventional book will be of great interest to economists, historians of economic thought and philosophers of the social sciences.

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