'One of the most influential economists in the world' Wired Even before the Covid-19 pandemic in 2020, capitalism was stuck. It had no answers to a host of problems, including disease, inequality, the digital divide and, perhaps most blatantly, the environmental crisis. Taking her inspiration from the 'moonshot' programmes which successfully co-ordinated public and private sectors on a massive scale, Mariana Mazzucato calls for the same level of boldness and experimentation to be applied to the biggest problems of our time. We must, she argues, rethink the capacities and role of government within the economy and society, and above all recover a sense of public purpose. Mission Economy, whose ideas are already being adopted around the world, offers a way out of our impasse to a more optimistic future.

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.

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.

This book provides an analysis of the process and outcomes of the tax reform, with a focus on progressivity, redistribution, and inequality. Between 1977 and 1986, Spain underwent a comprehensive tax reform which shaped its fiscal system until today. It was made in connection with the transition to democracy and indeed was understood as a fundamental part of the political change. The book situates the reform both within Spanish history and international trends in tax systems and connects it to the expansion of the welfare state and regional decentralization in Spain. The analysis reveals that the tax system failed to attain progressivity, and significant levels of fraud had a noticeable impact on inequality. Because of this, fiscal redistribution remained limited. In the new political economy of the second globalization, late democratic and fiscal transitioners were unable to emulate the path of the welfare state forerunners.

This is the opus magnum of one of the world's most renowned experts on the history of economic thought, Bertram Schefold. It contains commentaries from the series Klassiker der Nationaloekonomie (Classics of Economics), which have been translated into English for the first time. Schefold's choices of authors for this series, which he has edited since 1991, and his comments on the various re-edited works, are proof of his highly original and thought-provoking interpretation of the history of economic thought. Together with a companion volume, Great Economic Thinkers from Antiquity to the Historical School: Translations from the series Klassiker der Nationaloekonomie, this book is a collection of English translations with introductions by Bertram Schefold. The emphasis of this volume is on the theoretical debates, from the theory of value to imperfect completion; from money to the institutional framework of society; and from the history of economic thought to pioneering works in mathematical economics. This volume is an important contribution to the history of economic thought, not only because it delivers original and fresh insights about well-known figures, such as Marx, Stackelberg, Sraffa, Samuelson, Tooke, Hilferding, Schmoller and Chayanov, but also because it deals with ideas and authors who have been forgotten or neglected in previous literature. This volume is of great interest to those who study the history of economic thought, economic theory and philosophy, as well as those who enjoyed the author's previous volume, Great Economic Thinkers from Antiquity to the Historical School.

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.

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.

The attention economy is a notion that explains the growing value of human attention in societies characterised by post-industrial modes of production. In a world in which information and knowledge become central to the valorisation process of capital, human attention becomes a scarce and hence increasingly valuable commodity. To what degree is the attention economy a specific form of capitalist production? How does the attention economy differ from the industrial mode of production in which Marx developed his critique of capitalism? How can Marx's theory be used today despite the historical differences that separate industrial from post-industrial capitalism? The Attention Economy argues that human attention is a new form of labour that can only be understood through a systematic reinterpretation of Marx. It argues that the attention economy belongs to a general shift in capitalism in which subjectivity itself becomes the territory of production and exploitation of value as well as the territory of the reproduction of capitalist power relations.

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.

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.

This book discusses poverty reduction and inclusive development in China. The relevant research reports included here combine unique perspectives and thorough analysis, and include both comparative and empirical analyses. Although China is the first country to have achieved the UN's Millennium Development Goals, it still faces enormous problems and challenges in terms of narrowing the income gap, reducing poverty and attaining sustainable development. This book not only provides valuable theoretical material to help readers understand inclusive development and poverty reduction in today's China, but also offers relevant government authorities a solid theoretical and practical basis for informed decision-making.

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.

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.

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.

'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.

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.

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.

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.

Providing an up-to-date account of Modern Monetary Theory (MMT) with contributions from the world's leading experts, each chapter offers new insights on the topic, building upon MMT's established body of work. This innovative book analyses key economic issues from a wide set of regions including the UK, Europe and the Global South, addressing previous concerns that MMT is too US-focused. Alongside ground-breaking research written by MMT's original developers and leading academics, the book also includes contributions from economic historians and public policy campaigners, highlighting how MMT contributes to challenging neoliberalism and the hegemony of mainstream macroeconomics. Offering an examination of the existing legal, institutional and policy framework which governs the UK Exchequer in particular, it examines how the central claims of MMT map onto the financial activities of the UK government. This will be key reading for undergraduate and postgraduate economics students, as well as more advanced scholars of the discipline, particularly for those looking into theories of finance, money and banking. It will also have a wider appeal across the social sciences, including politics and sociology students.

Recent applications of evolutionary game theory in the merging fields of the mathematical and social sciences are brilliantly portrayed in this book, which highlights social physics and shows how the approach can help to quantitatively model complex human-environmental-social systems. First, readers are introduced to the fundamentals of evolutionary game theory. The two-player, two-strategy game, or the 2 x 2 game, is presented as an archetype to help understand the difficulty of cooperating for survival against defection in common social contexts. Subsequently, the book explains the theoretical background of the multi-player, two-strategy game, which may be more widely applicable than the 2 x 2 game for social dilemmas. The latest applications of 2 x 2 games are also discussed to explore how integrated reciprocity mechanisms can solve social dilemmas. In turn, the book describes two practical areas in which evolutionary game theory has been applied. The first concerns traffic flow analysis. In conventional interpretations, traffic flow can be understood by means of fluid dynamics, in which the flow of vehicles is evaluated as a continuum body. Such a simple idea, however, does not work well in reality, particularly if a driver's decision-making process is considered. Various dilemmas involve complex structures that depend primarily on traffic density, a revelation that should help establish a practical solution for reducing traffic congestion. Second, the book provides keen insights into how powerful evolutionary game theory can be in the context of epidemiology. Both approaches, quasi-analytical and multi-agent simulation, can clarify how an infectious disease such as seasonal influenza spreads across a complex social network, which is significantly affected by the public attitude toward vaccination. A methodology is proposed for the optimum design of a public vaccination policy incorporating subsidies to efficiently increase vaccination coverage while minimizing the social cost.

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.

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.