Understanding the New Global Economy: A European Perspective argues that globalisation is facing economic and political headwinds. A new global economic geography is emerging, cross-border relationships are changing, and global governance structures must come to terms with a new multipolar world. This book clarifies the fundamental questions and trade-offs in this new global economy, and gives readers the tools to understand contemporary debates. It presents a range of possible policy options, without being prescriptive. Following a modular structure, each chapter takes a similar approach but can also be read as a stand-alone piece. State-of-the-art academic research and historical experiences are weaved throughout the book, and readers are pointed towards relevant sources of information . This text is an accessible guide to the contemporary world economy, suited to students of international economics, political economy, globalisation, and European studies. It will also be valuable reading for researchers, professionals, and general readers interested in economics, politics, and civil society.

The book describes the evolution of economic theory, considering historical, political and scientific perspectives. It discusses economic concepts and the formation of economics as a discipline since the feudal system, passing through the formation of the State, until the present. The main economic concepts are presented, including microeconomics, macroeconomics, econometrics, privatization, taxes, tariffs, the concept of currencies, stock markets, international transactions, and economic policies. The book contains a complete glossary of economic terms to help the reader.

Institutional economics is a sociocultural discipline and policy science which draws on the idea that economies are best understood through an appreciation of history, real-world institutions, and socioeconomic interrelations. This book brings together leading institutionalists to examine the tradition's most essential perspectives and methods. The contributors to the book draw on a broad range of institutional thought from the classic work of Thorstein Veblen, John R. Commons, and Karl Polanyi, to the newer viewpoints of post-Keynesian institutionalism, feminist institutionalism, and environmental institutionalism. Methods range from frameworks used to analyze public policy and institutional change, to modes of analysis including myth busting, historically grounded narratives, and computer-based simulations. Each chapter surveys the origins, development, key features, applications, and frontiers of a particular viewpoint, framework, or mode of analysis. Due consideration is given to both strengths and weaknesses; and woven into the chapters is attention to core institutionalist concepts, including technology, institutions, culture, and complexity. The book provides economists with promising starting points for new research, students with contributions refreshingly in touch with the real world, and policymakers and social scientists with compelling reasons for engaging further with the institutionalist tradition.

This book examines the largely-neglected shift in Max Weber's work from political economy to economic sociology. Considering the importance of his recognition-made during his research on the Protestant Ethic-of the reciprocal influences that exist between economics and society and the role of this realization in prompting him to rethink the study of political economy, the author sheds fresh light on his emerging belief that the study of the relationship between economic factors and social issues required a new discipline. A study that charts an important development in the thought of one of the founding figures of sociology, this volume will appeal to scholars of social theory with interests in the history of the field and the legacy of Max Weber.

Institutional economics is a sociocultural discipline and policy science which draws on the idea that economies are best understood through an appreciation of history, real-world institutions, and socioeconomic interrelations. This book brings together leading institutionalists to examine the tradition's most essential perspectives and methods. The contributors to the book draw on a broad range of institutional thought from the classic work of Thorstein Veblen, John R. Commons, and Karl Polanyi, to the newer viewpoints of post-Keynesian institutionalism, feminist institutionalism, and environmental institutionalism. Methods range from frameworks used to analyze public policy and institutional change, to modes of analysis including myth busting, historically grounded narratives, and computer-based simulations. Each chapter surveys the origins, development, key features, applications, and frontiers of a particular viewpoint, framework, or mode of analysis. Due consideration is given to both strengths and weaknesses; and woven into the chapters is attention to core institutionalist concepts, including technology, institutions, culture, and complexity. The book provides economists with promising starting points for new research, students with contributions refreshingly in touch with the real world, and policymakers and social scientists with compelling reasons for engaging further with the institutionalist tradition.

Philosophy of Economics: A Heterodox Introduction provides an introduction to the philosophy of economics through the prism of heterodoxy. Heterodox economics covers a range of approaches and schools of thought but what they have as a common denominator is the conviction that economic phenomena cannot be understood, and thus must not be studied, in isolation from their relevant context. Conversely, the current form of neoclassical economics emerged from the conviction that there is something like economic rationality sui generis which can be treated independently from all other aspects of our world, social or natural. Heterodox approaches challenge this conviction, from a variety of angles: the economic actor is not isolated, but lives in society which shapes him; market goods are only one kind of goods among others, constituting a larger set with ambiguous and shifting inner frontiers; production of goods takes place within nature, is subjected to physical laws and induces in most cases ecologically problematic fluxes of matter (e.g. waste); finally, the whole economic process in general is not in equilibrium, but shows secular trends through which it is connected to the historical world. This book demonstrates the vitality of these heterodox challenges from a philosophical point of view because not only do they formulate new hypotheses within economics, but they challenge economic theory on a much more fundamental level: how is the economy situated in the world, and which are the right methods for its investigation? This book is an ideal introduction for anyone seeking alternative or critical perspectives on the philosophy of economics and economic theory.

Economists have long sought to develop quantitative models of economic behaviour, which blend economic theory with data evidence. Econometric modelling of economic time series has strived to achieve this by seeking to discover sustainable and interpretable relationships. This important two-volume collection focuses on a central method used in selecting such models, namely simplification of an initially general model that adequately characterizes the empirical evidence within the investigators' theoretical framework. The volumes feature a wealth of evidence that has accrued over the last five years displaying its excellent abilities for model selection, based on Monte Carlo studies of automatic algorithms. These also throw light on several major methodological issues, and prompt many new ideas, which are discussed. The collection will be valuable to all empirical economists and econometricians.

In this third decade of the 21st century, deep problems plague our world. Many people lack adequate nutrition, health care, and education, because-while there is enough wealth for everyone to meet these basic needs-most of it is tightly controlled by precious few. Global warming causes droughts, floods, rising sea levels, and soon the forced migrations of millions of people. In this book, philosopher Graham Priest explains why we find ourselves in this situation, defines the nature of the problems we face, and explains how we might solve and move beyond our current state. The first part of this book draws on Buddhist philosophy, Marx's analysis of capitalism, and their complementary role in explaining our present crisis and the events that led us here. In the second part of the book, Priest turns to the much harder question of how one might go about creating a more rational and humane world. Here, he draws again on Buddhist and Marxist ideas as well as some key aspects of anarchist thought. His discussion of the need for bottom-up control of production, power, ideology, and an emerging awareness of our interdependence is a must-read for anyone who cares about the future of the planet and our latent capacity to care for each other. Key Features Explains the necessary elements of Marxist, Buddhist, and anarchist thought-no background knowledge of political theory or Buddhism is necessary Shows how Buddhist and Marxist notions of persons are complementary Convincingly shows capitalism's role in creating current socio-economic problems Provides an analysis of the corrosiveness of top-down power structures and why they should be eliminated in a post-capitalist state Discusses capitalism's role in war, environmental degradation, and race and gender-based oppression

Individualism has been one of the driving forces in the rise of modern capitalism, and methodological individualism has been dominant in social science for many years. In this paradigm the economy is seen as a machine to routinize production and improve efficiency, and the discipline of economics has come to focus on control and automation. Recent innovations in natural and social sciences, however, indicate a shift in thinking away from individualism and towards interconnectedness. The End of Individualism and the Economy: Emerging Paradigms of Connection and Community traces the origins of "the individual" in history, philosophy, economics, and social science. Drawing from linguistic philosophy, there is increasing attention to language as a social substrate for all institutions, including money and the market. One irony is that the "individual" is a key term, related to distinct institutions and associated expertise; that is, "the individual" is social. The book explores the influence of individualism in the subversion of class consciousness, the view of impersonality as a virtue, and the rise of financialization. The founding assumption of economics, the rational autonomous individual with exogenous tastes, undercuts social solidarity and blocks awareness of interconnections and interdependencies. The text looks forward and embraces the new paradigms and alternative forms of governance, economics, and science which can be developed based on collectives and communities, with new values, frameworks, and world views. This work is suitable for academics, students, scholars, and researchers with an interest in economic and social collectives and methodological individualism, as well as those studying the connections between economics and other disciplines in the social and natural sciences.

The Nature and Method of Economic Sciences: Evidence, Causality, and Ends argues that economic phenomena can be examined from five analytical levels: a statistical descriptive approach, a causal explanatory approach, a teleological explicative approach, a normative approach and, finally, the level of application. The above viewpoints are undertaken by different but related economic sciences, including statistics and economic history, positive economics, normative economics, and the 'art of political economy'. Typically, positive economics has analysed economic phenomena using the second approach, causally explaining and often trying to predict the future evolution of the economy. It has not been concerned with the ends selected by the individual or society, taking them as given. However, various new economic currents have emerged during the last 40 years, and some of these do assign a fundamental role to ends within economics. This book argues that the field of positive economics should adapt to deal with the issues that arise from this. The text attempts to discern the nature of economic phenomena, introducing the different approaches and corresponding economic sciences. It goes on to analyse the epistemological characteristics of these in the subsequent chapters, as well as their disciplinary interrelations. This book is a valuable resource for students and scholars of the social sciences, philosophy, and the philosophy of economics. It will also be of interest to those researching political economy and the development of economic thought.

The construction industry is a microcosm of the economy as a whole, and as such the economics of the sector contains many of the aspects of the economy in general, albeit with fascinating and unique features. What are the implications of economic theory for the future of UK construction? How does the industry ensure innovation, quality and efficiency? What priorities might best serve the construction industry, those working in it and their customers? In seeking answers to these and other questions, the UK government has commissioned a number of reports on the construction industry including the Latham and Egan reports and more recently Construction 2025. These have invariably proposed time and cost targets for the construction industry. In this new book, Stephen Gruneberg stands in stark contrast to those reports and presents the relevant theoretical aspects of construction economics to account for the behaviour of construction firms and suggest a strategy for future growth and sustainability. He discusses the theory and data relating to the output of firms in relation to the type of firm, the market and how these firms behave as a result. The purpose of this book is to advocate the measures needed to create the kind of industry that must be fostered to ensure the quality of its output, sustainability and the fair terms and conditions of employment for its workforce. Gruneberg's new book is essential reading for anyone wishing to understand the economic forces that determine industry outcomes and who has a stake in the success of the UK construction sector.

China has experienced tremendous developmental success since its reform and opening-up policy in 1978. What has contributed to China's high-speed economic growth? What lessons can be learned from China's successful case? What might be the challenges that China would face on its path to becoming a high-income country? These are some critical questions this book addresses. Based on the facts and economic logic, this book briefly narrates the history of China's successful development in the past 40 years and explains why China's reform and opening-up has boosted the high-speed growth of its economy. Recognizing the change in the stage of economic development, the author reveals the emerging challenges facing China when transitioning from a middle-income country to a high-income country. He proposes that the country should transition from the demographic dividend to reform dividend to sustain the long-term development. With its scholarly analysis and plain language, this book would not only attract scholars and students in economics and China studies but also readers interested in the development of the Chinese economy.

Philosophy of Economics: A Heterodox Introduction provides an introduction to the philosophy of economics through the prism of heterodoxy. Heterodox economics covers a range of approaches and schools of thought but what they have as a common denominator is the conviction that economic phenomena cannot be understood, and thus must not be studied, in isolation from their relevant context. Conversely, the current form of neoclassical economics emerged from the conviction that there is something like economic rationality sui generis which can be treated independently from all other aspects of our world, social or natural. Heterodox approaches challenge this conviction, from a variety of angles: the economic actor is not isolated, but lives in society which shapes him; market goods are only one kind of goods among others, constituting a larger set with ambiguous and shifting inner frontiers; production of goods takes place within nature, is subjected to physical laws and induces in most cases ecologically problematic fluxes of matter (e.g. waste); finally, the whole economic process in general is not in equilibrium, but shows secular trends through which it is connected to the historical world. This book demonstrates the vitality of these heterodox challenges from a philosophical point of view because not only do they formulate new hypotheses within economics, but they challenge economic theory on a much more fundamental level: how is the economy situated in the world, and which are the right methods for its investigation? This book is an ideal introduction for anyone seeking alternative or critical perspectives on the philosophy of economics and economic theory.

1. This title uses the balance sheet approach and macro-financial linkage analysis to conduct a comprehensive analysis of the trends within China's macroeconomy in 2020. 2. This is one of the first works to examine macroeconomy of China under the backdrop of the COVID-19 pandemic. 3. This title is one of the latest works of Zhang Xiaojing, who is is the recipient of many prestigious awards such as Sun Yefang Financial Innovation Prize for 2015, and Sun Yefang Economics Prize for 2005 and 2007.

F. A. Hayek and the Epistemology of Politics is an exploration of an important problem that has largely been ignored heretofore: the problem of policymaker ignorance and the consequences of limited political knowledge. Scott Scheall explores the significance of the fact that the possibilities for effective political action are constrained by policymakers' epistemic limitations. The book offers an explanation for why policymaking often fails and why constituents, whatever their political affiliations, are so often disappointed with political leaders. In this philosophical examination of his work, Hayek's ideas are not merely discussed, analyzed, and contextualized, but extended; the book both draws and defends previously unrecognized implications from the Hayekian canon. The book will be of interest to scholars of the works of F. A. Hayek and his intellectual adversaries, to policymakers, and to those of all political, philosophical, and social-scientific persuasions.

Two trends will have more influence than anything else on the world's future political and economic situation: the development of artificial intelligence and the emergence of China as a competitor to the United States on the international stage. This book is about the emerging innovation economy. It uses systems theory and evolutionary economics as a theoretical point of departure and explains why the focal point of the geopolitical stage is moving away from the alliance between the United States and Europe, and towards an alliance between China, the 14 Regional Comprehensive Economic Partnership countries, the countries along the new silk road, and Europe. The book argues that the globalization strategy of neoliberalism laid the foundation for the Chinese economic engine. Whereas the old globalization was driven by cost differences generally, and wage costs specifically, the new globalization is driven by divergence in competence in general, and technological competence in particular, and China's primary goal is to develop artificial intelligence and intelligent robots. Further, the book posits that the interactions between the climate crisis and the new technology will change production, distribution and the creation of profits, both in China and more widely in the global innovation economy. The book develops a structure to describe, analyze and explain the Chinese innovation economy and contributes to the discussion regarding technological developments in China. The book is written for readers who are oriented towards the new globalization that is emerging in the innovation economy and the factors driving China's economic growth.

Artificial intelligence will not necessarily create a super-intelligent "human robot"; however, it is very probable that intelligent robots and intelligent informats will bring about a form of super-globalization, in which money and goods are prioritized over people and democracy and where the widespread use of casual labour - that is, short-term contracts - will become the most common form of employment relationship. It is also very likely that artificial intelligence will bring about what is known as singularity. This term is used to describe a situation where intelligent robots, from a rational and logical perspective, are smarter than humans, i.e. the development of AI. This book explores the impact that these intelligent robots and intelligent informats will have on social and societal development. The author tackles the question of singularity from three distinct standpoints: technological singularity - the intelligence of machines compared to that of humans - which he argues will bring about a qualitatively new labour market; economic singularity - the consequences for work relationships, value creation and employment - which he asserts will promote full automation, result in precarious contracts with low salaries, and, in some countries, possibly lead to the introduction of a universal basic income; and social singularity - the consequences of technological and economic singularity for democratic processes, bureaucratic procedures for exercising authority and control, and the direction in which society will develop, in addition to the emergence of new social institutions - which Johannessen says will promote a transition from representative democracy to genuine democracy. The book will appeal to academics, researchers and students of economic sociology and political economy, as well as those focusing upon the emerging innovation economy. It will also find an audience among professionals and policymakers keen to understand the impact the Fourth Industrial Revolution will have on organizations, individuals and society at large.

This volume brings together the most innovative and important work on implicit contract theory, a key area of research which has developed over the past 20 years. Implicit contract theory is concerned with the workings of the macro-labour market over business cycles and focuses on a series of key questions including, how economists can explain unemployment levels and employment fluctuations during recessions in terms of rational economic behaviour, and, why wages do not fall to clear the market.

Criminologists have known for decades that income inequality is the best predictor of the local homicide rate, but why this is so has eluded them. There is a simple, compelling answer: most homicides are the denouements of competitive interactions between men. Relatively speaking, where desired goods are distributed inequitably and competition for those goods is severe, dangerous tactics of competition are appealing and a high homicide rate is just one of many unfortunate consequences. Killing the Competition is about this relationship between economic inequality and lethal interpersonal violence. Suggesting that economic inequality is a cause of social problems and violence elicits fierce opposition from inequality's beneficiaries. Three main arguments have been presented by those who would acquit inequality of the charges against it: that "absolute" poverty is the real problem and inequality is just an incidental correlate; that "primitive" egalitarian societies have surprisingly high homicide rates, and that inequality and homicide rates do not change in synchrony and are therefore mutually irrelevant. With detailed but accessible data analyses and thorough reviews of relevant research, Martin Daly dispels all three arguments. Killing the Competition applies basic principles of behavioural biology to explain why killers are usually men, not women, and counters the view that attitudes and values prevailing in "cultures of violence" make change impossible.

Combining balance sheet analysis with historical institutional analysis, this book traces the evolution of social sector financial balance sheets in the US from 1960 to 2018. This innovative historical-institutional approach, ranging from the micro level of households to the macro level of the federal government, reveals that the displacement of households by banks has been a long-term process. This gradual compounding of financialization is at odds with widely accepted views about financialization, contemporary banking theory, financial intermediation theory, and post-Keynesian and endogenous money approaches. The book returns to time-tested traditional principles of banking and taps unexpected affinities about market failures in transaction cost economics, financial intermediation theory, and core ideas in classic modern political and social economy about economic moralities and social reactions of self-defense against unfettered markets. This book provides an alternative explanation for the rise of finance and new ways to think about averting financialization and its devastating consequences. This book marks a significant contribution to the literature on financialization, social economics, banking, and the American political economy.

Drawing on a range of data from across disciplines, this book explores a series of fundamental questions surrounding the nature, working and effects of democracy, considering the reasons for the emergence and spread of democratic government, the conditions under which it endures or collapses - and the role of wealth in this process - and the peaceful nature of dealings between democracies. With emphasis on the 'ordinary' voter, the author employs rational choice theory to examine the motivations of voters and their levels of political knowledge and rationality, as well as the special interests, incentives and corruption of politicians. A theoretically informed and empirically illustrated study of the birth and downfall of democracies, the extent of voters' political knowledge and ignorance, the logic of political behaviour in both open and closed regimes, and the international effects of democratic rule, Rational Choice and Democratic Government: A Sociological Approach will appeal to scholars with interests in political sociology, political psychology, economics and political science.

Drawing on a range of data from across disciplines, this book explores a series of fundamental questions surrounding the nature, working and effects of democracy, considering the reasons for the emergence and spread of democratic government, the conditions under which it endures or collapses - and the role of wealth in this process - and the peaceful nature of dealings between democracies. With emphasis on the 'ordinary' voter, the author employs rational choice theory to examine the motivations of voters and their levels of political knowledge and rationality, as well as the special interests, incentives and corruption of politicians. A theoretically informed and empirically illustrated study of the birth and downfall of democracies, the extent of voters' political knowledge and ignorance, the logic of political behaviour in both open and closed regimes, and the international effects of democratic rule, Rational Choice and Democratic Government: A Sociological Approach will appeal to scholars with interests in political sociology, political psychology, economics and political science.

Developments in Freudian psychoanalysis, particularly the work of Kohut and Winnicott, have led to a convergence with the Jungian position. In Individuation and Narcissism Mario Jacoby attempted to overcome the doctrinal differences between the different schools of depth psychology, while taking into account the characteristic approaches of each. Through a close examination of the actual experience of self, the process of individuation, narcissism and narcissistic personality disorder, Jacoby deftly demonstrated the benefits of a cross-fertilization of ideas and techniques for the professional analyst. This Classic Edition includes a new foreword by Kathrin Asper.

Macroeconomics has always played host to contesting schools of thought, but recent events have exacerbated those differences. To fully understand the subject, students need to be aware of these controversies. Rethinking Macroeconomics: A History of Economic Thought Perspective introduces students to the key schools of thought, equipping them with the knowledge needed for a true understanding of today's economy. The text guides the reader through multiple approaches to macroeconomic analysis before presenting the data for several critical economic episodes, all in order to explore which analytical method provides the best explanation for each event. It covers key background information on topics such as the basics of supply and demand, macroeconomic data, international trade and the balance of payments, the creation of the money supply, and the global financial crisis. This anticipated second edition contains new chapters on Modern Monetary Theory, the Japanese economy, the European Union, and the COVID-19 crisis, bringing the story up to date and broadening the international coverage. Offering the context that is missing from existing introductory textbooks, this work encourages students to think critically about received economic wisdom. This is the ideal complement to any introductory macroeconomics textbook and is ideally suited for undergraduate students who have completed a principles of economics course. The book is fully supported with additional online resources, which include lecture slides and an instructor manual.

Macroeconomics has always played host to contesting schools of thought, but recent events have exacerbated those differences. To fully understand the subject, students need to be aware of these controversies. Rethinking Macroeconomics: A History of Economic Thought Perspective introduces students to the key schools of thought, equipping them with the knowledge needed for a true understanding of today's economy. The text guides the reader through multiple approaches to macroeconomic analysis before presenting the data for several critical economic episodes, all in order to explore which analytical method provides the best explanation for each event. It covers key background information on topics such as the basics of supply and demand, macroeconomic data, international trade and the balance of payments, the creation of the money supply, and the global financial crisis. This anticipated second edition contains new chapters on Modern Monetary Theory, the Japanese economy, the European Union, and the COVID-19 crisis, bringing the story up to date and broadening the international coverage. Offering the context that is missing from existing introductory textbooks, this work encourages students to think critically about received economic wisdom. This is the ideal complement to any introductory macroeconomics textbook and is ideally suited for undergraduate students who have completed a principles of economics course. The book is fully supported with additional online resources, which include lecture slides and an instructor manual.