Although economic theory has increased our understanding of some economic problems, it has rendered others, including the problem of capital accumulation, growth, and development, more difficult to understand. Focusing on capitalist economic systems, this book develops a theoretical approach to the study of aggregate capital dynamics. The theory is developed within the Keynesian framework of aggregate thinking and builds on the work of such Cambridge economists as Robinson, Kaldor, and Pasinetti. The approach helps to resolve some theoretical difficulties within the Keynesian framework for studying aggregate investment behavior. Dompere also provides a criticism of the neoclassical investment theory and the general neoclassical theoretical framework for studying aggregate capital accumulation, investment, and growth. Reexamining some questions on investment that earlier theorists have tried to answer, this study develops some of the basic ideas of Keynes, Robinson, Kaldor, and Pasinetti into a general theoretical system that allows an optimal aggregate capital and investment to be determined for a given information set.

The book offers a critical evaluation of Qatar's path from oil- and gas-based industries to a knowledge-based economy. This book gives basic information about the region and the country, including the geographic and demographic data, the culture, the politics and the economy, the health care conditions and the education system. It introduces the concepts of knowledge society and knowledge-based development and adds factual details about Qatar by interpreting indicators of the development status. Subsequently, the research methods that underlie the study are described, which offers information on the eGovernment study analyzing the government-citizen relationship, higher education institutions and systems, its students and the students' way into the labor market. This book has an audience with economists, sociologists, political scientists, geographers, information scientists and other researchers on the knowledge society, but also all researchers and practitioners interested in the Arab Oil States and their future.

Post-Keynesian Growth Theory is the second volume of Marc Lavoie's Selected Essays, and is a collection of 18 articles published between 1995 and 2020, on themes touching growth and distribution. The book contains an extended foreword by Eckhard Hein, and an introduction by Lavoie that recalls how he became attracted to post-Keynesian growth theory more than 45 years ago, and explains how and why this book came about. The collection includes a number of papers showing Lavoie's evolving approach to neo-Kaleckian models of growth and distribution, incorporating hysteresis, overhead labour, monetary issues, price inflation, as well as various sources of autonomous non-capacity creating expenditures. It shows how all of these interact with alternative Marxian or Sraffian approaches as well. A section of the book is also devoted to two-sector models, in particular the issue of the traverse from one equilibrium to another, extending the Kaleckian model but also providing insights into the works of Hicks and Pasinetti. Both professors and graduate students will benefit from the decades of experience and wisdom amassed and presented in Post-Keynesian Growth Theory.

For Marxists, imperialism is the highest stage of capitalism. Critical analysis of imperialism has been a feature of Marxist throughout the twentieth century. The conceptualising and theorising of imperialism by Marxists has evolved over time in response to developments in the global capitalist economy and in international politics. Murray Noonan here provides the first complete analysis of Marxist theories of imperialism in over two decades. Presenting three phases of imperialist theories, he analyses and compares 'Classical', 'Neo' and 'Globalisation-era' Marxist theories of imperialism. The book moves chronologically, tracking the origins of imperialism theorised by J.A. Hobson at the beginning of the twentieth century up to the present day. He critically identifies and engages with a new 'Globalisation-era' phase of Marxist imperialism theory. Through a detailed scholarly analysis of the history and evolution of these theories, Noonan offers vital new perspectives on imperialist theory and its relevance and application in the twenty-first century.

This important new study presents a systematic and definitive critique of the work of Ronald Dworkin, America's leading public philosopher. Focusing on Dworkin's brilliant and highly influential theory of liberal equality, the study reveals the hazards and limitations of basing the central ideals of liberalism on the logic of the market.

Building on his companion volume on closed economic systems, Dompere develops a theory of aggregate investment, optimal capital, and output dynamics for open economic systems under neo-Keynesian conditions with special reference to growth policy. By constructing and tracing the path of equilibrium aggregate investment, the study isolates and analyzes the internal and external factors that influence the adjusting of investment to aggregate finance and profit. It examines the role international trade and finance play in alleviating domestic technological and savings constraints on capital creation and growth. The theory's conclusions are used to analyze the rate of accumulation and finance needed to support a rate of output growth selected as part of an internal aggregate decision process. The analysis is extended to aggregrate development capital-output planning. The study goes on to discuss conceptual and aggregational problems of measures of economic openness implied in the data requirements across national economies. Here a unique set of theoretical measures of economic openness, different from the traditional, is developed. The book, further, presents a critique and appraisal of the essential capital elements implied by endogenous growth theory.

This book sheds new light on the relationship between economy and the environment by approaching the issue from evolutionary and institutional economics. Building a framework of theory and empirical analysis, it provides an in-depth perspective on how economic growth and environmental policy interact and historically evolve. Orthodox environmental economics usually understands environmental issues under the rules of market economy, while environmental sciences subordinate economy to physical constraints of the environment. Instead of these hierarchical visions, this book recognizes economy and the environment as co-evolving systems. The theoretical framework is elaborated based on the regulation and post-Keynesian theories combined. An idea of three-dimensional factors-capital, labor, and the environment-leads to conceptual and mathematical models, which will be applicable to wider analyses. Using this framework, Japanese history is analyzed as a typical example of environmental policy development. Historical transformations of environmental policies and growth regimes are explained using indices and econometric analysis. Experiences of strict regulations with positive economic impacts are also identified. These works lead to some interesting implications, which include mechanisms, the possibility, and conditions of "green growth''. This book proposes a new approach by bridging the gap between evolutionary-institutional economics and environmental economics, which should be stimulating to them both and possibly open the door for a new research avenue.

Building on the success of the first edition, Game Theory and Public Policy, Second Edition provides a critical, selective review of key concepts in game theory with a view to their applications in public policy. The author further suggests modifications for some of the models (chiefly in cooperative game theory) to improve their applicability to economics and public policy. Roger McCain makes use of the analytical tools of game theory for the pragmatic purpose of identifying problems and exploring potential solutions, providing a toolkit for the analysis of public policy allowing for a clearer understanding of the public policy enterprise itself. His critical review of major topics from both cooperative and non-cooperative game theory includes less-known ideas and constructive proposals for new approaches. This revised edition features a new second half that focuses on biform games, combining cooperative and non-cooperative decisions in a simple and natural way to provide a working model of externalities that can be applied to issues such as monopoly policy and labor market policies. Drawing on comparatively well understood models in cooperative game theory and the author's own research on mathematical models of biform games, this unique approach and treatment of game theory, updated and expanded to stay on the cutting edge, will be a useful resource for students and scholars of economics and public policy, as well as for policymakers themselves.

While standard accounts of the 1930s debates surrounding economic thought pit John Maynard Keynes against Friedrich von Hayek in a clash of ideology, this reflexive dichotomy is in many respects superficial. It is the argument of this book that both Keynes and Hayek developed their respective theories of the business cycle within the tradition of Swedish economist Knut Wicksell, and that this shared genealogy manifested itself in significant theoretical affinities between the two supposed antagonists. The salient features of Wicksell's work, namely the importance of money, the role of uncertainty, coordination failures, and the element of time in capital accumulation, all motivated the Keynesian and Hayekian theories of economic fluctuations. They also contributed to a fundamental convergence between the two economists during the 1930s. This shared, 'Wicksellian' vision of economic problems points to a very different research agenda from that of the Walrasian-style, general equilibrium analysis that has dominated postwar macroeconomics. This book will appeal to economists interested in historical perspective of their discipline, as well as historians of economic thought. The author not only deconstructs some of the historical misconceptions of the Keynes versus Hayek debate, but also suggests how the insights uncovered can inform and instruct modern theory. While much of the analysis is technical, it does not assume previous knowledge of 1930s economic theory, and should be accessible to economists, political scientists, and historians with general economics training, as well as to graduate students in these fields.

This book - the first of two volumes- looks at episodes in American economic history from a public choice perspective. Each chapter discusses citizens, special interests, and government officials responding to economic incentives in both markets and politics. In doing so, the book provides fresh insights into important periods of American history, from the Acadian expulsion in 1755 to the allocation of government grants during the New Deal. This volume features the work of prominent economic historians such as Dora Costa, John Wallis, and Jeremy Atack; well-known public choice scholars such as Jac Heckelman; and younger scholars such as Vincent Geloso and Philip Magness. This book will be useful for researchers and students interested in economics, history, political science, economic history, public choice, and political economy.

The research and review papers presented in this volume provide an overview of the main issues, findings, and open questions in cutting-edge research on the fields of modeling, optimization and dynamics and their applications to biology, economics, energy, finance, industry, physics and psychology. Given the scientific relevance of the innovative applications and emerging issues they address, the contributions to this volume, written by some of the world's leading experts in mathematics, economics and other applied sciences, will be seminal to future research developments and will spark future works and collaborations. The majority of the papers presented in this volume were written by participants of the 4th International Conference on Dynamics, Games and Science: Decision Models in a Complex Economy (DGS IV), held at the National Distance Education University (UNED) in Madrid, Spain in June 2016 and of the 8th Berkeley Bioeconomy Conference: The Future of Biofuels, held at the UC Berkeley Alumni House in April 2015.

First published in 1973, this book presents a systematic treatment of the conceptual framework as well as the practical problems of measurement of inequality. Alternative approaches are evaluated in terms of their philosophical assumptions, economic content, and statistical requirements. In a new introduction, Amartya Sen, jointly with James Foster, critically surveys the literature that followed the publication of this book, and also evaluates the main analytical issues in the appraisal of economic inequality and poverty.

This book primarily focuses on the domain conditions under which a number of important classes of binary social decision rules give rise to rational social preferences. One implication of the Arrow and Gibbard theorems is that every non-oligarchic social decision rule that satisfies the condition of independence of irrelevant alternatives, a requirement crucial for the unambiguity of social choices, and the weak Pareto criterion fails to generate quasi-transitive social preferences for some configurations of individual preferences. The problem is exemplified by the famous voting paradox associated with the majority rule. Thus, in the context of rules that do not give rise to transitive (quasi-transitive) social preferences for every configuration of individual preferences, an important problem is that of formulating Inada-type necessary and sufficient conditions for transitivity (quasi-transitivity). This book formulates conditions for transitivity and quasi-transitivity for several classes of social decision rules, including majority rules, non-minority rules, Pareto-inclusive non-minority rules, and social decision rules that are simple games. It also analyzes in detail the conditions for transitivity and quasi-transitivity under the method of the majority decision, and derives the maximally sufficient conditions for transitivity under the class of neutral and monotonic binary social decision rules and one of its subclasses. The book also presents characterizations of some of the classes of rules for which domain conditions have been derived. The material covered is relevant to anyone interested in studying the structure of voting rules, particularly those interested in social choice theory. Providing the necessary social choice theoretic concepts, definitions, propositions and theorems, the book is essentially self-contained. The treatment throughout is rigorous, and unlike most of the literature on domain conditions, care is taken regarding the number of individuals in the 'necessity' proofs. As such it is an invaluable resource for students of economics and political science, with takeaways for everyone - from first-year postgraduates to more advanced doctoral students and scholars.

Given the political, financial, social, and economic conditions inherited from Communist rule, Romania's new government concluded that a shock therapy approach to reform would create unmanageable chaos and enduring instability. Though committed to economic liberalization, decisionmakers espoused a gradualist approach to economic reform. The government pursued its objectives by implementing policies it considered functionally operational. Although Romania experienced the macro dislocations and downturns that are common in transitional economies in the region, the country sustained shallower recessions, lower inflationary spirals, and shorter production losses than many reforming economies. This study analyzes how, against calculated probabilities and within a relatively short time period, Romania has stabilized and assembled all the basic ingredients for a successful transformation from a centralized system to a market-driven economy.

The lessons derivable from Romania's relatively successful experiment with systemic transformation could be beneficial to reform architects in all newly liberalized economies in Eastern Europe. The conclusions of this study reinforce the view that it is imperative to examine and foster the existing preconditions, including political, institutional, and financial components, before subjecting an economy to extensive and intensive shocks that could be judiciously mitigated or circumvented. Unlike other newly liberalized economies in Eastern Europe, where the once disgraced Communists have returned to power, sympathy for a centralized system has been steadily and swiftly declining in Romania. The primary factor in Romania's success, the author claims, is its circumspect approach to reform.

When we fail to achieve our goals, procrastination is often the culprit. But how exactly is procrastination to be understood? It has been described as imprudent, irrational, inconsistent, and even immoral, but there has been no sustained philosophical debate concerning the topic.
This edited volume starts in on the task of integrating the problem of procrastination into philosophical inquiry. The focus is on exploring procrastination in relation to agency, rationality, and ethics-topics that philosophy is well-suited to address. Theoretically and empirically informed analyses are developed and applied with the aim of shedding light on a vexing practical problem that generates a great deal of frustration, regret, and harm. Some of the key questions that are addressed include the following: How can we analyze procrastination in a way that does justice to both its voluntary and its self-defeating dimensions? What kind of practical failing is procrastination? Is it a form of weakness of will? Is it the product of fragmented agency? Is it a vice? Given the nature of procrastination, what are the most promising coping strategies?

The concept of an information economy is considered by some to be a new branch of economic theory, and by others as the next stage of development for an economy post-industrialization. Leading and developing economies are seeking to quickly develop a functional information economy in order to help overcome the consequences of the global financial crisis and ensure high global economic competitiveness. This book analyzes modern conceptual models of information economies, highlighting and examining their systemic contradictions and failings. It explores the disconnection between the readiness of the technical infrastructure for forming and developing the information economy, and an unprepared institutional and societal structure that is therefore unable to implement these processes and models. The editors present different approaches to solving these methodological and practical contradictions and lay out future models across different international contexts. They also provide recommendations for optimizing their theoretical model and improving its implementation in modern economic systems.

This book presents startling evidence that state monopolies can produce better outcomes than the free market. It provides an empirical comparison of the property insurance market in five European countries: Britain, Spain, France, Switzerland, and Germany. The market and cost structures of insurers in each country are described, and particular features of each market and the outcomes for customers examined. The regulatory frameworks vary widely from country to country and so do the market outcomes, both in terms of premium level and in terms of available insurance cover. In view of the increase in major floods and other forms of natural damage (such as subsidence) over the last decades, the non-availability of insurance cover in many competitive insurance systems is likely to become a major political issue. This book shows that state monopoly is an adequate policy response. Competitive insurance systems are shown to provide incomplete cover at a substantially higher cost. In mixed systems, where the private sector can obtain reinsurance from the state (such a system is being tried in France) the state tends to end up paying most of the costs (it reinsures most of the bad risks) while the private insurance companies keep most of the premium income. The book will be of interest to academic economists interested in privatization, regulation, the theory of the firm, and insurance; Policy-makers concerned with regulation and privatization; Insurance companies, regulators, and analysts.

This volume offers a collection of studies on problem of organization's efficiency, criteria for evaluating the efficiency, tools and methods for measuring the efficiency. The articles included present an interdisciplinary look at efficiency, its essence and the principles of its measurement. The contributions also identify a broad spectrum of conditions for achieving efficiency in various types of organizations and systems (e.g. public institution, non-profit organizations), representing various industries. The book collects selected papers presented at the 7th International Conference "Efficiency as a Source of the Wealth of Nations", held in Wroclaw, Poland, in May 2017.

McGee takes the position that the only proper trade policy is one of total, immediate, and unilateral free trade, since such a policy is the only one that is consistent with individual rights. He also explodes the myth that trade deficits are bad and advocates the repeal of the antidumping laws, incorporating rights theory as well as utilitarian arguments.

This book is unique in that it (1) does not limit itself to utilitarian arguments, (2) explains why trade deficits are irrelevant, and (3) calls for immediate repeal of the antidumping laws. Part I discusses the philosophy of protectionism and reviews nearly two dozen arguments that projectionists have used to restrict trade. A whole chapter is devoted to exploding the myth that trade deficits are bad. Part II elaborates on the monetary and nonmonetary costs of protectionism. Part III addresses the philosophy and practice of antidumping policy in the United States, and shows why the policy is irrational, destructive and anti-consumer, and concludes that repeal rather than reform is called for. Part IV discusses other issues, such as the policy options for Europe, the effect of competition on prices and efficiency, the stages of economic development and their connection to trade policy, and the irrationality of the United States trade policy toward Eastern Europe.

Socio economic development is shaped by social pressures and behavioral interactions of individuals and groups through social capital and social markets. Global campaigns led by various groups are vehicles to bring about awareness and change outlooks for the betterment of society by focusing on the burning issues of a particular region, zone, or area. Global Campaigning Initiatives for Socio-Economic Development explores unified campaigns and how they can help to make the economy globally competitive and sustainable through their impact on innovation, production, generating revenue, and increasing employability and quality of life. This publication covers a wide array of topics including customer value, digital innovation, and social innovation. It is designed for policymakers, academicians, researchers, technology developers, and government officials.

This book presents original research articles addressing various aspects of economics, management and optimization. The topics discussed include economics, finance, marketing, resource allocation strategies, fuzzy logic, and network-based techniques for the analysis of economics, management and mathematical optimization. Combining the input of contributing professors and researchers from various Spanish, Italian and Latin American universities, the book will be of interest to students, researchers and practitioners, as well as members of the general public interested in the world of Economics and Management.

Mourdoukoutas argues that as globalization gains momentum and reengineering becomes universal, firms can no longer be sure of achieving sustainable competitive advantages through improved operating effectiveness alone. The new business strategy will focus on revenue growth and on the constructive destruction of conventional corporations, through collective entrepreneurship and its division in the product supply chain. To enhance revenues through the management of constructive destruction, companies must achieve organizational mutations and permutations, turning themselves from hierarchical managerial units into entrepreneurial networks. These entrepreneurial networks are communities that share a common fate: the risks and rewards associated with the discovery and exploitation of new businesses. Mourdoukoutas says that in some cases entrepreneurial networks can be extended outside the conventional borders of the corporation--vertically to suppliers, distributors, and customers, and horizontally to former competitors. In such networks the focus of business strategy should not be on the division of labor by task or process; rather, upon the divison of entrepreneurship and its diffusion among all of the firM's members. This is a challenging and thoughtful study and analysis for corporate management and their academic colleagues.