How did economic ''experts'' worldwide fail to predict the financial crisis of 2007-2008? Eminent economist Paul Davidson discusses how mainstream economic theory may not be applicable to the world of experience. Post Keynesian theory, on the other hand, is designed to be applicable to the real world, and this book shows how applying it to policy formulation could help practically resolve economic problems. Davidson goes on to show how many Post Keynesian economists warned of the crisis as early as 2002. Post Keynesian Theory and Policy challenges the axioms on which orthodox economic theory is based and argues against their applicability to a money-using, market-oriented economy. It explores the basis for Keynes's revolutionary general theory and seeks to dispel misconceptions often found in orthodox textbooks. This accessible and expertly constructed book explains why modern economies use money-denominated contracts to organize all market transactions for production and exchange and why the law of comparative advantage's argument for free trade is not applicable to mass production industries' exports and imports. This book is a valuable resource for professional economists as well as students and academics in economics, political Science, and history, who will appreciate its new perspective and analysis of global financial events.

Imad Moosa challenges convention with this comprehensive and compelling critique of the limitations and abuses of econometrics, condemning the common practices of misapplied statistical methods in both economics and finance. After reviewing the Keynesian, Austrian and mainstream criticisms of econometrics, it is demonstrated that by using standard econometric techniques, methods and models can be manipulated to produce any desired result. These hazardous analyses may then be relied upon to support flawed policy recommendations, ideological beliefs and private interests. Moosa proposes that the way forward should instead be to rely on clear thinking, intuition and common sense rather than continue with the reliance upon econometrics. The mathematization of economics has limited the accessibility and participation in economic discussion by making the area into a complex `science' when it should not be. Appealing to both academics and practitioners of economics and finance, this book serves to challenge the acceptance of econometrics as offering trustworthy analysis. Any individual interested in this sort of empirical work will find this book a captivating read on the limitations of econometrics.

Offering a thorough assessment of recent developments in the economic literature on happiness and quality of life, this major research handbook astutely considers both methods of estimation and policy application. Luigino Bruni and Pier Luigi Porta's refreshing, and constructively critical, approach emphasizes the subject's integral impact on latter-day capitalism.Expert contributors critically present in-depth research on a wide range of topics including: - the history of the idea of quality of life and the impact of globalization - links between happiness and health - comparisons between hedonic and eudaimonic well-being - the relational and emotional side of human life, including subjective indicators of well-being - genetic and environmental contributions to life satisfaction - the impact of culture, fine arts and new media. Accessible and far-reaching, the Handbook of Research Methods and Applications in Happiness and Quality of Life will prove an invaluable resource for students and scholars of welfare and economics as well as practicing psychologists and researchers. Contributors: M. Bianchi, L. Bruni, L. Crivelli, S. Della Bella, A. Delle Fave, E. Diener, E. Granata, M. Guerini, P. Krause, B. Lopez Noval, M. Lucchini, F. Maggino, H.A. Marujo, N. Matteucci, C. Miller, J. Morozink Boylan, L.M. Neto, G. Nuvolati, A. Pelloni, P.L. Porta, M. Rojas, C.D. Ryff, A. Sen, M.J. Sirgy, L. Stanca, L. Tay, R. Veenhoven, S. Vieira Lima

This book presents research on recent developments in collective decision-making. With contributions from leading scholars from a variety of disciplines, it provides an up-to-date overview of applications in social choice theory, welfare economics, and industrial organization. The contributions address, amongst others, topics such as measuring power, the manipulability of collective decisions, and experimental approaches. Applications range from analysis of the complicated institutional rules of the European Union to responsibility-based allocation of cartel damages or the design of webpage rankings. With its interdisciplinary focus, the book seeks to bridge the gap between different disciplinary approaches by pointing to open questions that can only be resolved through collaborative efforts.

By combining recent research (especially that of Piketty and his associates) with established ideas (particularly from Sir Arthur Lewis), Roger McCain proposes policies that, together, would aim to reverse the observed tendency towards the concentration of wealth in market economies, thus 'approach equality.' The shortcomings and dangers of rising wealth inequality are discussed, both from the point of view of increasing instability and of equalitarian values. Drawing on Marxist concepts of class, the book clarifies both the relation of wealth to income inequality and the causal link between wealth inequality and economic instability, exploring practical issues related to the proposed policies. The role of the 'middle class' and the causes of the failure of much of the population to save even for retirement are analyzed. The author goes on to examine the implications for programs of distribution according to need and the role of the corporation, and the possibility of a scheme of economic planning that would retain the known advantages of the market allocation of resources. With inequality still a rising issue for public policy, professionals and students studying policy economics will benefit from the analysis in this book and its tight focus on inequality of wealth, as will interested lay readers with a background in economics and an interest in inequality.

With the Chinese government planning a comprehensive and detailed reform of regulatory law, the European experience is likely to contribute significantly. This timely book analyses comparative Chinese and EU regulatory reform from a Law and Economics perspective. With eminent international contributors, Regulatory Reform in China and the EU sets out a reform agenda by addressing financial markets, social and administrative regulation, and environmental protection. The first part of the book discusses the banking sector reform and the stock market regulation concerning institutional investors, insider trading and private enforcement. A second part discusses contract law and considers how EU state aid policy could also influence reform on (local) government in other jurisdictions. Thirdly, environmental pollution and the need for stricter regulation are considered, with a focus on the possibilities of investment in new technology, such as offshore carbon capture and storage, economic growth and the nexus between WTO law and climate change. The fourth and final part of the book provides an essay by Jonathan Klick on the empirical analysis of regulation, with a particular focus on field experiments in China. Academics and postgraduate students of both Economics and Law with a particular interest in regulation will find this book valuable and compelling. Policy-makers and practitioners will also benefit from the insights revealed by the collaboration of lawyers and economists. Contributors include: R. Chen, Y. Chen, J. Dai, M.G. Faure, S. Feng, B. Gui, H. Jiye, J. Klick, W. Li, R.A. Partain, N. Philipsen, X. Tao, S. Weishaar, G. Xu, W. Xu, T. Zhou, Q. Zhou

Modern economies never come to rest. From institutions to activities of production, trade, and consumption, everything is locked in processes of perpetual transformation - and so are our daily lives. Why and how do such transformations occur? What can economic theory tell us about these changes and where they might lead? Ulrich Witt's book discusses why evolutionary concepts are necessary to answer such questions. While economic evolution is in many respects unique, it nonetheless needs to be seen within the broader context of natural evolution. By exploring this complex relationship Rethinking Economic Evolution demonstrated the significance of an evolutionary economic theory.

Chinese multinationals have grown in size and increased their global presence dramatically over the last decade. They have emerged as formidable competitors for western incumbents. These firms have instigated profound changes, such as displaced trade and investment flows, new business models, and the emergence of a new geography of global innovation. In a single volume, The Era of Chinese Multinationals captures the forces driving the disruptive growth of Chinese multinational corporations. Following a presentation of the surge of Chinese companies, the book turns to corporate characteristics of those firms and how they compare with western multinationals in terms of revenues, profits, branding, and business strategy. The book uses data and case studies to depict the relevant issues with the goal of providing insights to global executives on collaborating and competing with Chinese companies.

This essential research review carefully analyses some of the most influential papers focusing on the relationship between economic and political institutions and economic development. Economic institutions shape economic incentives, such the incentives to become educated, to save and invest, to innovate and to adopt new technologies. Although economic institutions are critical for determining whether a country is poor or prosperous, it is politics and political institutions that determine which economic institutions are present in a country. This review explores these critical relationships and the causes of economic growth, whilst bringing forth the legal, colonial and financial factors, which contribute to economic discrepancies across countries. The text will be a valuable tool for economic researchers and scholars interested in this important subject.

'The global financial crisis of 2007-2008 was a wake-up call to all who study and practice in the field of law and economics: traditional approaches are simply inadequate for understanding the co-evolution of the economic and legal systems, and that inadequacy can result in missed opportunities to warn of impending social harm. Atkinson and Paschall demonstrate the value of an alternative approach - law and economics from an evolutionary perspective - that builds on the work of John R. Commons, a leading figure in the field nearly a century ago. In the process, they offer an eye-opening historical account of the role of the state in the economy and provide a vital starting point for future policy discussions.' - Charles J. Whalen, author of Financial Instability and Economic Security after the Great Recession'An indispensable history of business law and regulation, alongside a powerful theory of law and the courts. Glen Atkinson and Stephen P. Paschall give us an evolutionary casebook for the twenty-first century, deeply rooted in the ideas of Veblen, Commons, and other masters of the tradition.' - James K. Galbraith, The University of Texas at Austin 'The language of court documents is notably difficult to understand for people with no legal training. The present volume, a product of fruitful collaboration between a university professor and a lawyer, offers valuable assistance in translating US Supreme Court decisions made in the span of the nineteenth and twentieth centuries with respect to economic disputes into the language spoken by evolutionary and institutional economists. As the authors persuasively show, law and economics co-evolve. A much-needed follow-up to and development of John Commons's Legal Foundations of Capitalism! - Anton Oleinik, Memorial University of Newfoundland and Labrador, Canada and the Central Economics and Mathematics Institute, Russia Law and economics are interdependent. Using a historical case analysis approach, this book demonstrates how the legal process relates to and is affected by economic circumstances. Glen Atkinson and Stephen P. Paschall examine this co-evolution in the context of the economic development that occurred in the nineteenth and early twentieth centuries as well as the impact of the law on that development. Specifically, the authors explore the development of a national market, the transformation of the corporation, and the conflict between state and federal control over businesses. Their focus on dynamic, integrated systems presents an alternative to mainstream law and economics. The authors apply John R. Commons's approach to three main law and economics issues: the changing relationship between corporations and the State, the application of the Commerce Clause and the Fourteenth Amendment of the U.S. Constitution to state and federal regulation of business, and the relationship of antitrust law to industrialization. They provide a valuable linking of law with changing economic circumstances, such as antitrust policy changes and the development of the corporate form. This analytical approach to the practice of law and economics will be of interest to researchers, students, and faculty in law and economics, economic history, constitutional law, economic regulation, public policy, and the sociology of law. Business students and researchers will also find value in this book's presentation of court decisions and exploration of economic development.

The richest one percent of the entire population of the world now owns more than half of the global wealth. Global wealth is unequally distributed, gross domestic product (GDP) and consumption are a declining trend, and poverty is an increasing trend. Each participant's gain or loss of utility is exactly balanced by the losses or gains of the utility of the other participants, which certainly drives an unhealthy and unhappy globe. As such, global economic thinking must be redefined in order to encourage inclusive development and better problem solving. Redefining Global Economic Thinking for the Welfare of Society is a comprehensive reference source that examines the prevailing economic theories and thinking, determines the deficiency of some of the existing economic thinking, and sets up guidelines and transformation of existing economic thinking. Covering topics that include economic development, circular economy, and population health, this serves as an excellent resource for economists, sociologists, government officials, policymakers, practitioners, faculties of universities and colleges, students, researchers, and academicians.

A fundamental process for a company to achieve stable growth levels over time in a highly competitive economy is the ability to improve, adapt, and overcome a variety of challenges, whether they be internally or externally based. Therefore, being capable of understanding how any operational changes or improvements impact consumers must likewise be taken into consideration. Entrepreneurial Innovation for Securing Long-Term Growth in a Short-Term Economy is a collection of innovative research on the methods and applications of corporate decision making on the overall success of a company in the long term. While highlighting topics including organizational values, trust management, and social entrepreneurship, this book is ideally designed for entrepreneurs, executives, business consultants, researchers, industry professionals, and students who want to improve their understanding of the strategic role of entrepreneurial innovation at different levels defined by globalized markets inserted into the information and knowledge society.

In this challenging book, the authors demonstrate that economists tend to misunderstand capital. Frank Knight was an exception, as he argued that because all resources are more or less durable and have uncertain future uses they can consequently be classed as capital. Thus, capital rather than labor is the real source of creativity, innovation, and accumulation. But capital is also a phenomenon in time and in space. Offering a new and path-breaking theory, they show how durable capital with large spatial domains - infrastructural capital such as institutions, public knowledge, and networks - can help explain the long-term development of cities and nations. This is a crucial book for spatial and institutional economists and anyone working outside the neoclassical mainstream. Academics and students of economic history, urban and regional planning, and economic sociology will also find it an illuminating and accessible exploration of time, space and capital