This book offers an overview of state-of-the-art econometric techniques, with a special emphasis on financial econometrics. There is a major need for such techniques, since the traditional way of designing mathematical models - based on researchers' insights - can no longer keep pace with the ever-increasing data flow. To catch up, many application areas have begun relying on data science, i.e., on techniques for extracting models from data, such as data mining, machine learning, and innovative statistics. In terms of capitalizing on data science, many application areas are way ahead of economics. To close this gap, the book provides examples of how data science techniques can be used in economics. Corresponding techniques range from almost traditional statistics to promising novel ideas such as quantum econometrics. Given its scope, the book will appeal to students and researchers interested in state-of-the-art developments, and to practitioners interested in using data science techniques.

Adam Smith and the Philosophy of Law and Economics is a unique book. Malloy and Evensky bring together a team of international and interdisciplinary scholars to address the work of Adam Smith as it relates to law and economics. In addition to their own contributions, the book includes works by Dr. John W. Cairns of the University of Edinburgh, Dr. J. Ralph Lindgren of Lehigh University, Professor Kenneth A.B. Mackinnon of the University of Waikato, and the Honorable Richard A. Posner of the United States Circuit Court of Appeals. Together these authors bring expertise from the areas of law, philosophy, history, economics, and law and economics to a new study of Adam Smith and his work. Part One of the book presents new and important observations on Smith's views on community, ethics, the court system, criminal law, and delictual or tort law liability. In this part of the book Smith's work is also examined from the perspective of his use as persuasive authority in the works of modern legal economists. In Part Two the 'living Smith' is explored by way of a debate between two major contributors in the field of law and economics. The debate and its analysis create a unique and contemporary opportunity to study Smith as a foundational source in the midst of a current academic and social policy dispute. The understanding of Adam Smith that emerges from this book is new and complex. It will challenge the one-dimensional portrayals of Smith as a promoter of self-interest and it will correct many of the misinterpretations of Smith that are currently fashionable in the worlds of law and economics and the philosophy of law.

An updated revisting of the themes of Robin Marris' classic The Economic Theory of Managerial Capitalism (1964). This was widely recognised as pathbreaking as it was the first attempt by a professional economist to make a formal theory of the behaviour and growth of a large-scale 'managerial' corporation based on a realistic assessment of the sociological and institutional environment. The model determined the long-run growth rates of individual firms on the basis of the financial and market environment on the one hand and the needs, interest and aspirations of both managers and shareholders on the other. Managers in particular were shown to trade desire for growth against fear of takeover. These then novel important features of modern capitalism - mergers, takeovers and executive bonuses and the relationship between the growth of firms and the growth of the economy - have become increasingly topical. The book contains the original introduction along with reworked and updated coverage of the theoretical model, along with completely new chapters both of micro-theory and Marris' substantive response to the debate which the original book created.

'Bainbridge and Henderson have given us one of the most important books on one of the most important contemporary legal issues, the liability of individual and corporate shareholders for corporate debts. There is no issue in corporate law more subject to uncertainty and no issue more likely to be litigated. No single book has ever attempted, much less carried off, the complete historical, international, economic and legal theoretical exegesis of limited liability, which these two authors do with range, depth, confidence and even a bit of panache. This monograph, of crucial interest both to scholars and practitioners, will become an instant classic and an immediate authority.' Stephen B. Presser, Northwestern University and the author of Piercing the Corporate Veil The modern corporation has become central to our society. The key feature of the corporation that makes it such an attractive form of human collaboration is its limited liability. This book explores how allowing those who form the corporation to limit their downside risk and personal liability to only the amount they invest allows for more risks to be taken at a lower cost. This comprehensive economic analysis of the policy debate surrounding the laws governing limited liability examines limited it not only in an American context, but internationally, as the authors consider issues of limited liability in Britain, Europe and Asia. Stephen Bainbridge and M. Todd Henderson begin with an exploration of the history and theory of limited liability, delve into an extended analysis of corporate veil piercing and related doctrines, and conclude with thoughts on possible future reforms. Limited liability in unincorporated entities, reverse veil piercing and enterprise liability are also addressed. This comprehensive book will be of great interest to students and scholars of corporate law. The book will also be an invaluable resource for judges and practitioners.

Kula contends that conventional time-dependent theories in welfare economics are based on the unwarranted assumption that people live forever, an assumption that underpins the criteria for many decision-making activities and one that leads public sector policy makers to discriminate against future generations. It is seen in its most extreme in decision making on such long-term projects as nuclear power facilities, whose effects will be visited upon many future generations. How did this assumption gain currency and influence? Kula says, this oddity has been imposed by mathematical economists who now dominate the scene. Kula aggressively challenges these theories, which he alleges are untrue and unjust, provides an alternative method for discounting, and shows how its application can yield dramatically positive results. His book is thus a unique, important contribution to the theory and practice of decision making in public endeavors, intended not only for academics but equally for their practitioner colleagues in all parts of the world.

Kula corrects the conventional theory by assuming societal models in which individuals are mortal and generations overlap. From this emerges a new discounting theory which leads to outcomes that are dramatically different from the old ones. The new criterion is called modified discounting, and can be readily applied to real-life projects. In Part I, Kula lays out his theory and constructs the new decision-making method, in which public policy makers accept the proposition that all generations ought to be treated equitably. Then, in Part II, he provides five case studies to illustrate his theory, each devoted to major public activities such as nuclear waste disposal, forestry, agriculture, and urban transport, and based on experiences in the United States, the United Kingdom, and Ireland.

The measurement of household welfare is one of the most compelling yet demanding areas in economics. To place the analysis of inequality and poverty within an economic framework where individuals are making decisions about current and lifetime incomes and expenditures is a difficult task, made all the more challenging by the complexity of the decision-making process in which households are involved and the variety of constraints they face. This 1994 book examines the conceptual and practical difficulties of making inferences from observed behaviour. It addresses the problems of making comparisons across a range of very different households and discusses how data for such comparisons should be collected. The contributions, from experts from Europe, North America and Australia, have the unifying theme that there is a strong relationship between theoretical concepts from microeconomics and the appropriate use of micro data in evaluating household welfare.

This book explores Austrian capital theory and Austrian business theory from the perspective of modern economics. Sustainable change within the production structure is examined in relation to time preference, the Boehm-Bawerkian theory of capital and interest, and the Hayek Triangle. In turn, the impact of monetary shocks and boom-bust cycles is detailed, with a particular focus on the Ricardo Effect, dynamics of money supply, and the natural rate of interest. This book aims to present a new framework for Austrian economics that will make these ideas applicable to both mainstream economic models and modern economists. It will be relevant to students and researchers interested in the history of economic thought and the political economy.

This study, for the first time, uses modern political economic theory (public choice theory, public goods theory, and game theory) to create a theoretical framework for comparative political analysis. This framework, which includes the nonindustrial world, treats both violence and democratic processes as normal methods of political competition. Deductive in nature, the theory redefines political variables according to their economic counterparts. Chaffee applies microeconomic theory to generate hypotheses and conclusions, using examples from Latin America to illustrate the efficacy of the framework.

"The Economics of Violence in Latin America" will interest political scientists, economists, and policy-makers, especially those concerned with democratic theory and practice in the nonindustrialized world.

This contributed volume combines approaches of the current inequality debate with aspects of finance based on profound macroeconomic model analyses. Research on inequality has had a long tradition in economics. With the financial crisis from 2007, not only output decreased tremendously, but also inequality has risen since then. The book presents selected contributions of a workshop held at Bielefeld University in 2016 and features additional papers written by experts in the field. A mixture of established researchers and young scholars presents both theoretical and empirical frameworks to analyze the subject.

Sustainable development is necessary to counteract and mitigate the impact of socially harmful forces in a globalized world. However, sustainable development and its organizations must ensure the effective management of their funds and beneficial financial frameworks in order to best realize their sustainable goals. There is a need for studies that seek to understand how to connect sustainable development and the financial world in order to maximize the economic and environmental wellbeing of the world. Social, Economic, and Environmental Impacts Between Sustainable Financial Systems and Financial Markets is a pivotal reference source that examines the funding and monetary utilization of environmental and socially-responsible entities. Featuring research on topics such as green taxes, intergenerational equity, and shadow economy, this book is ideally designed for government officials, policymakers, economists, financial managers, sustainability developers, and academicians seeking current research on the relationship between new sustainable financial phenomena and negative global externalities.

This Palgrave Pivot presents theoretical models that explain common historical sequences, such as wars of secession, the rise and fall of empires, and international war. The book uses a rational choice model to frame the incentives of specific groups coming together in a polity or leaving it. These incentives are then set in a theoretical framework to determine the outcome-unity or secession, peace or war-and are demonstrated through historical examples. The book provides two longer case studies looking directly at motives for and against secession: the first on the American Civil War from the point of view of the Confederacy, and the second on efforts by the UK government to stem the tide of Scottish independence. Another case study discusses peacekeeping as aimed at reducing the costs of secessionist wars. With its accessible use of economic theory and ability to bring to life real-world examples of conflict and secession, this book is ideal supplementary reading for courses in international relations, conflict studies, global economics and economic history.

By analyzing the status quo of the industrial economy, this book argues that the economic growth in China's industrial economy will continue to decline, with industries becoming segmented more rapidly, profitability slumping, and economic structures being adjusted further. It also provides policy recommendations to promote the healthy development of China's industrial economy. Using a wealth of data and figures, it assesses the state of China's industrial economy in 2015 and the prospects for 2016. The perspective of this book is, of course, a Chinese one, thus helping readers to grasp what and how Chinese people think about their country's industrial economy. As such, it not only represents a valuable resource for academic studies, but will also appeal to all readers with an interest in the aspects discussed.

Luigi Einaudi (1874-1961) was a leading liberal economist, economic historian and political figure. This book provides the English-speaking world with a first critical edition of Einaudi's - hitherto unpublished - rewriting of one of his most unique and thoughtful essays. The relevance of this essay is crucial from several perspectives: history and methodology of economic thought, role of economics and its relation to other disciplines and to social values, role of economists in the public sphere, while also encompassing the discourse on man and the economist as a "whole man". The critical edition of On Abstract and Historical Hypotheses and on Value Judgments in Economic Sciences includes a comprehensive introduction and afterword. An extensive reappraisal of this newly discovered essay will help to cast light on Einaudi's uniqueness and originality within and beyond the Italian tradition in public finance, thereby also illuminating his attempt to provide an epistemological account of his long lasting enquiry into the causes of good and bad polities. This book is of great interest to those who study economic theory and philosophy, as well as history of economic thought, public economics and legal and political philosophy.

There is a growing consensus in social sciences that there is a need for interdisciplinary research on the complexity of human behavior. At an age of crisis for both the economy and economic theory, economics is called upon to fruitfully cooperate with contiguous social disciplines. The term 'economics imperialism' refers to the expansion of economics to territories that lie outside the traditional domain of the discipline. Its critics argue that in starting with the assumption of maximizing behaviour, economics excludes the nuances of rival disciplines and has problems in interpreting real-world phenomena. This book focuses on a territory that persists to be largely intractable using the postulates of economics: that of primitive societies. In retracing the origins of economics imperialism back to the birth of the discipline, this volume argues that it offers a reductionist interpretation that is poor in interpretative power. By engaging with the neglected traditions of sociological and anthropological studies, the analysis offers suggestions for a more democratic cooperation between the social sciences. Economics as Social Science is of great interest to those who study history of economic thought, political economy and the history of economic anthropology, as well as history of social sciences and economic methodology.

"David Hardwick and Leslie Marsh have assembled a contentious collection of independent thinkers on liberalism's identity and prospects. Should liberalism be democratic, classical, ordo, legalistic, culture-based, market-based, or what? The international crew of authors-from Australia, Canada, China and the USA-draw upon the insights of key historic figures from Locke to Montesquieu to Burke to Dewey to Hayek to Rawls (and of course others, given liberalism's rich history), and they leave us with a set of liberalisms both in collision and in overlapping agreement. This book is stimulating reading for those engaged with next-generation liberal thought." -Stephen R. C. Hicks, Professor of Philosophy at Rockford University. This collection redresses the conceptual hubris and illiteracy that has come to obscure the central presuppositions of classical liberalism - that is, the wresting of epistemic independence from overwhelming concentrations of power, monopolies and capricious zealotries, whether they be statist, religious or corporate in character.

We are often faced with choices that involve the weighing of people's lives against each other, or the weighing of lives against other good things. These are choices both for individuals and for societies. A person who is terminally ill may have to choose between palliative care and more aggressive treatment, which will give her a longer life but at some cost in suffering. We have to choose between the convenience to ourselves of road and air travel, and the lives of the future people who will be killed by the global warming we cause, through violent weather, tropical disease, and heat waves. We also make choices that affect how many lives there will be in the future: as individuals we choose how many children to have, and societies choose tax policies that influence people's choices about having children. These are all problems of weighing lives. How should we weigh lives? Weighing Lives develops a theoretical basis for answering this practical question. It extends the work and methods of Broome's earlier book Weighing Goods to cover the questions of life and death. Difficult problems come up in the process. In particular, Weighing Lives tackles the well-recognized, awkward problems of the ethics of population. It carefully examines the common intuition that adding people to the population is ethically neutral - neither a good nor a bad thing - but eventually concludes this intuition cannot be fitted into a coherent theory of value. In the course of its argument, Weighing Lives examines many of the issues of contemporary moral theory: the nature of consequentialism and teleology; the transitivity, continuity, and vagueness of betterness; the quantitative conception of wellbeing; the notion of a life worth living; the badness of death; and others. This is a work of philosophy, but one of its distinctive features is that it adopts some of the precise methods of economic theory (without introducing complex mathematics). Not only philosophers, but also economists and political theorists concerned with the practical question of valuing life, should find the book's conclusions highly significant to their work.

First published in 1997, this volume addressed the growing preoccupation of scientists at the time had in environmental phenomena, such as global warming, ozone layer depletion, acid rains, fresh water and ocean pollution, desertification, deforestation and the loss of bio-diversity. The crucial and pressing nature of these issues spawned says the author a new wave of research in environmental economics. The volume provides broad surveys of the developments in the economics of the environment and reports on the developing set of environmental problems, analytical tools and economic policies. The importance of the developing approach was that environmental problems are no longer isolated from all other economic dimensions. Throughout the volume they are analysed in an open, generally non-competitive economy with transnational or global externalities. The first part deals with the relationship between the environment, economic growth and technological innovation. The second part analyses the optimal design of environmental taxation, while the third part considers the international dimension of environmental policy.

This book discusses critical policy issues that need to be addressed if India wishes to achieve the SDG 1 based elusive goal of ending poverty in the country. In its nine chapters, it takes the readers through trends and estimates of poverty in India, explains changes in the way it has been measured over time and the factors that lead to persistence of poverty, draws attention to the fact that hunger is both a cause and an effect of poverty and has gender and age dimensions too. The book revisits strategies that were successful in addressing poverty emanating from situations of conflict, presents a discussion on migration as a critical coping mechanism among poor, analyses the links between ill health and poverty as well as education and poverty to draw attention to the policy imperatives that need attention. India's report card on poverty remains dismal even though there is recognition of the importance of reducing or eliminating or ending it at both national and global levels. Despite rapid economic growth and improvement on a range of development indicators, an unacceptably high proportion of India's population continues to suffer poverty in multiple dimensions. SDG 1 or "ending poverty in all its forms everywhere" cannot be achieved unless policies and poverty alleviation programmes understand and address chronic poverty and its dynamics. This requires that we estimate and understand the extent of poverty, the factors that lead to people getting stuck in it and the ways this can be addressed. It also requires understanding the dynamic nature of poverty or the fact that many of those who are poor are able to move out of poverty as well as the fact that many others who are not poor become impoverished. These are the issues that are comprehensively examined and addressed in this book. In addition to students, teachers and researchers in the areas of development, economic growth, equity and welfare, the book is also of great interest to policy makers, planners and non-government agencies who are concerned with understanding and addressing poverty-related issues in the developing countries.

This book questions whether it is possible for globalization to be reversed and constructs a model for anticipating this potential development in future years. The first part focuses on the preliminary problems of globalization, constructing a model (or index) of its various phases of evolution. It then goes on to consider four problems which represent the principle worries of middles classes when considering globalization: terrorism, inequality, immigration and political representation. It depicts a scenario for the coming years in which globalization may slow down, or fall back altogether, taking care to describe the mechanism whereby either situation would happen.

Accounting may be viewed and analyzed as its own special sort of language says Riahi-Belkaoui, and accounting is the language of business. It represents phenomena in the business world as language represents phenomena in the larger world. To understand accounting as a language one must study such things as its readability and understandability, its impact on users behavior, its various linguistic repertories, and the impact that bilinguality has on accounting practices. Riahi-Belkaoui covers all this in a way that not only academics versed in linguistics will understand, but in a way that trained accountants will also find fascinating and useful, particularly in their international and multicultural activities.

Riahi-Belkaoui examines what he considers to be the four major aspects of his topic. First, he explores how accounting messages are based on levels of readability and understanding. Second he shows how accounting includes both lexical and grammatical characteristics, and how these shape the perceptions and thoughts of users. He then illustrates the ways in which different linguistic repertories are used by different professional groups, and shows how this leads to communication problems and from there to a schism between academics and practitioners. Finally he argues that bilingualism in accounting has clear advantage. It provides greater mental and cognitive flexibility, increased metalinguistic ability, and also makes it possible to formulate concepts better and to deal with divergent thinking.

This cutting edge collection examines Japan's population issue, exploring how declining demographic trends are affecting Japan's social structure, specifically in the context of Greater Tokyo, life infrastructure, public finance and the economy. Considering the failures of past Japanese policies from the perspective of population, national land, and politics, it argues that the inability of past administrations to develop a long-term and comprehensive policy has exacerbated the population crisis. This text identifies key negative chain reactions that have stemmed from this policy failure, notably the effect of population decline on future economic growth and public finances and the impact of shrinking municipalities on social and community infrastructure to support quality of life. It also highlights how population decline can precipitate inter-generational conflict, and impact on the strength of the state and more widely on Japan's international status. Japan is on the forefront of the population problem, which is expected to affect many of the world's advanced industrial economies in the 21st century. Based on the study of policy failures, this book makes recommendations for effective population policy - covering both 'mitigation' measures to encourage a recovery in the depopulation process as well as 'adaptation' measures to maintain and improve living standards - and provides key insights into dealing with the debilitating effects of population decline.

The purpose of this book is to explore new developments in the field of economic sociology. It contains cutting-edge theoretical discussions by some of the world's leading economic sociologists, with chapters on topics such as the economic convention, relational sociology, economic identity, economy and law, economic networks and institutions. The book is distinctive in a number of ways. First, it focuses on theoretical contributions, by pulling together and extending what the contributors believe to be the most important theoretical innovations within their own particular areas of the field. Second, there are contributions by leading economic sociologists from both the US and Europe, which gives the book both wider scope and appeal, while also creating the opportunity for some interesting dialogue between distinct theoretical traditions. The book will be of interest to researchers, Ph.D. students, and advanced students on both side of the Atlantic, and indispensible in advanced economic sociology courses.

This book uses Figueroa's unified theory of capitalism to explain how economic growth has led to a new epoch, the Anthropocene, and it presents a new set of economic principles that are needed in this new age. The policies presented in the book are derived from an empirically corroborated scientific theory. Therefore, this book is unique in its discussion of public policy as the result of scientific knowledge, rather than based on ideology or private interests. In the new epoch we have entered, man is now the main factor in the fate of the Earth, and in social terms, the Anthropocene age also implies a period of high and persistent income inequality in the capitalist system, with the consequence of social disorder. Figueroa considers these conditions and addresses fundamental problems of our time, such as the ideal organization of production and distribution, and the functionality of a zero-growth society. Standard economics would approach these problems under the assumption that we still live in the Holocene age, but in this book, Figueroa both explains and develops new economic principles for this new context.

'While market activity and political activity are often analyzed independently of each other, Wagner demonstrates their interdependence. His novel analysis shows that politics has a level of complexity well beyond the way it is typically depicted in the social sciences, and shows that political activity has more in common with market activity than is commonly recognized. The book offers a wide range of insights and pushes readers to take a more nuanced view of politics.' - Randall G. Holcombe, Florida State University, US Economists typically treat government as something outside the business realm, a sort of 'Lord of the Manor'. Richard Wagner argues that this is the wrong approach and can ultimately be destructive to capitalism and to society. Modern governments are a peculiar form of business enterprise. They face the same problems as regular businesses, such as ascertaining demand and organizing production, and act within the system in a way that can lead to a parasitical relationship with the market. Largely rooted in political economy, this book develops new theoretical ideas and formulations to explain why democracy is a difficult form of government to maintain. The author explores how and why limited governments can morph into a system of destructive politics, and looks at ways to escape this process. This dynamic book will be useful for public choice scholars, economists, political scientists, and lawyers who are interested in political economy in its various guises.