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Books > Business & Economics > Economics > Economic theory & philosophy
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
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