One of the most prominent economic philosophers of the 19th century, on a par with-but espousing quite different thinking than-Karl Marx and Adam Smith explores, in the three-volume National System of Political Economy, a reasoned doctrine of national and pan-national management of trade, a global collaboration between government and business. Volume 1 examines the pronounced influence of freedom prudently balanced with regulation in the economic histories of the nations of Europe and North America. A close reading of this 1841 classic is an absolute necessity for anyone who hopes to understand world economic history of the last 150 years. German economist and journalist FRIEDRICH LIST (1789-1846) served as professor of administration and politics at the University of T bingen, but was later jailed and later exiled to America for his political views. His is also the author of Outlines of American Political Economy (1827).

This book, now in its third edition, explores how human populations grow, based on their creative abilities. To reconsider the theory of economic growth from a physicist's perspective, the book analyses the concepts of value and utility and their relationship to thermodynamic concepts. This approach allows the author to include characteristics of technology in descriptions of development and to formulate a phenomenological (macroeconomic, no-price fluctuations are discussed) theory of production as a set of evolutionary equations in one-sector and multi-sector approximations. The theory is proved to be useful for describing both national economies and global production in ancient times. This monograph presents the topics in a compact and consistent manner and can be used by students with a background in physics and other natural sciences who wish to specialize in economics. It explains how the growth of production is connected with advances in technology, consumption of labour and energy and makes it possible to analyse past and present social production systems and to build scripts of future progress. The book is of interest to energy specialists engaged in planning and analyzing the production and consumption of energy carriers, and to economists wanting to know how energy and technology affect economic growth. This third edition has been substantially revised and three brand new chapters have been added. Chapter 8 illustrates the robustness of the theory with the aid of statistical historical data from the Russian economy, while Chapter 12 is devoted to a reconstruction of the global production activity in ancient times. Chapter 13 discusses the principles of the organization of social production.

How can we be happier, healthier and more satisfied in life? This edited collection examines various dimensions of wellbeing among older people, including its measurement; social, environmental and economic determinants; and how research can be translated into policy to improve quality of life for older people. With an increasingly ageing population across countries and an increasing population of older adults, there is growing interest in improving older people's ability to live healthily and happily. With a focus on retirement and aged care, this book is important reading for those interested in Welfare Economics, Health Economics and Development.

This collection of original essays makes a unique contribution to both the radical and institutionalist economics literature by explicitly identifying and promoting the radical dimension of institutional economics. According to the authors (Young Turks in the institutionalist school), radical institutionalism studies show how resources and wants are created through social processes and advance the struggle for a better world through an ongoing dialogue about economic rights. This collection contains a number of new and important contributions from young institutionalists, including the first serious treatment of the origins and contributions of the Texas School of institutionalism. It also contains thorough discussions of the research agenda for institutional economics and an extensive dialogue between institutionalism and Marxism. The book opens with an explanation of the central concepts of radical institutionalism, a history of the seminal Texas School of Economics, and a discussion of the methodology of radical institutionalism. Other contributors critique institutionalism as a radical system of inquiry, extend institutionalism beyond its original American foundation, discuss the contemporary critical literature, and outline the usefulness of a continued dialogue between radical institutionalism and Marxism. This provocative collection will interest scholars of contemporary economic theory. It could also be used as a supplementary reader in courses on the history of economic thought and political economy.

This book focuses on the gradual reform of Chinese society since China's opening up to the world, and gives a unified explanation of the process based on bargaining theory. It studies institutional changes as a non-violent bargaining process in which different parties constantly make adjustments to social contracts by following the tradition of classical economics initiated by Adam Smith. The book has two major conclusions: First, bargaining-driven institutional reform ensures both efficiency and equality. Second, bargaining-driven institutional reform involves the principles of, and is an essential approach to democracy. The book's interpretation of the economic phenomena and the reform mechanism in China not only reflects China's 30-year reform experience, but also pays due homage to the academic heritage in the related areas. Yet, as a departure from traditional theories of the Chinese reform, this book lays out a unified and legitimate theoretical framework in order to clarify the international misinterpretations of China's social change and institutional reform.

This book explores the politics behind "de-liberalization", defined as policy reforms that constrain markets and their underlying mechanisms. By offering a comparative study on the governmental reform strategies and policy choices of Austria, Germany and Switzerland, it demonstrates that de-liberalization processes are a common reform option for governments. Utilizing a novel dataset on liberalization covering policy reform trajectories in 38 industrialized countries between 1973 and 2013, it shows that governments often draw on strategies of de-liberalization in the fields of social, welfare and labor market policy, where they can be used as compensation for the electorate in the context of liberalizing reforms. As such, the book makes an important contribution to the field of political economy by capturing the turning of the tide in scholarly and policy attention, away from liberalization and towards a re-embedding and re-regulation of economic activity.

Although economic growth is amongst the oldest of debates in Economics, there has been little advancement in growth theory since the classic works of Solow. As such, clear-cut answers to the context-specific determinants of growth, especially for developing countries, are rare. Bridging the Gap Between Growth Theory and Policy in Asia: An Extension of the Solow Growth Model adds to the works of Solow by showing how his original model can be extended and used for policy, discussing issues in growth econometrics, including the theoretical underpinnings of growth models, and some of the important challenges in empirical studies on economic growth. This simpler manual will be highly useful for applied economists, policy makers, and graduate students.

The financialization of the economy has brought a number of interrelated problems which have contributed to growing income and wealth inequality. Askari and Mirakhor assert that it is time to make a bold change by putting our financial house in order and on a better path, advocating for a fundamental reform of the financial system.

This book presents the complete and pioneering works of the great Spanish economist, German Bernacer (1883-1965), to an English audience for the first time. Bernacer, the first director of the Research Service of the Bank of Spain (1930-55), inspired Keynes' theory but was also a major critic and opponent of it. A macro economist by trade, Bernacer's major theory related to recurring crises, which he believed were inherent in the existence of speculative markets such as property, works of art, long term currency markets, commercial trading, materials, and energy. Bernacer believed that these speculative markets generate unearned income and hoarding,they abound in financial capital and, when such capital is captured, it then lacks in production industries where real value is created, draining their financing. The author shows how history has repeated itself in this manner in 1929, 2007, 2008, 2014 and 2016. The author derives his content from Bernacer's Spanish publications and his private correspondence with his contemporary economists, providing an historical and thematic insight into his thinking. It is well-timed to contribute to current worldwide debates on monetary,financial and budgetary policies needed to implement an economic order that can restore economic stability, providing readers with rare and important insights into the deep roots of crises. The book will be of interest to all readers interested in the history of economic thought, history of financial crises, Keynesian approaches to economics and criticism to Keynesian approaches.

The original contributions in this Handbook provide an introduction to the application of Austrian economics to law. The book begins with chapters on the methodology of law and economics before moving on to chapters which discuss key concepts in Austrian economics such as; dynamic competitive processes, spontaneous order, subjective value, entrepreneurship, and the limited nature of individual knowledge - as they relate to topics in evolutionary law and basic law. This book presents contributions from both economists and legal scholars on topics ranging from methodology of analysis and the evolution of contemporary legal practice, to the teachings of basic law. Taken as a whole, this Handbook provides a strong overview of contemporary research in the Austrian school of law and economics. It is an approach that reflects both the examination of how alternative legal arrangements impact economic performance, and how to use the tools of basic economic reasoning to study the operation of legal rules. Scholars working in the fields of law, jurisprudence, economics, and public policy will find this an important resource on the cutting edge of Austrian political economy in application to law and economics. Contributors include: B.L. Benson, P.J. Boettke, D.J. Boudreaux, H.N. Butler, E.R. Claeys, C.J. Coyne, M. DeBow, M.T. Henderson, S. Horwitz, P.G. Klein, M. Krause, T.A. Lambert, P.T. Leeson, J. Parker, G.J. Postema, S. Rajagopalan, D. Skarbek, E.P. Stringham, R.E. Wagner, T.J. Zywicki

Standard equilibrium economic models focus on interdependencies. In Out of Equilibrium, Amendola and Gaffard develop a theory also dealing with interdependencies, but based on disequilibria, which take the form of feedback mechanisms over time. The way in which these disequilibria interact sequentially determines the evolution path of an economy. As a result, different processes may be associated with any kind of original shock. Whereas in equilibrium models these processes are determined by the 'fundamentals' of the economy, here the outcome is heavily influenced by the processes themselves, the sequential decisions taken, and policies followed. The model proposed in this book is a heuristic tool that makes it possible to explore these `disequilibria'. By using it, economic phenomena and policy recommendations appear entirely different, and in most cases the interpretations made are diametrically opposite to those advocated by the dominant equilibrium theory, thus giving a new perspective on the recent past of the Western economies.

Economics Nobel laureates are the pioneers of the science of economics. They are the most brilliant products of the discipline and have made enormous original contributions to the field of economics, and oftentimes history, political science, business, and other subjects. Their works, struggles, successes and failures are fascinating, and readers are given a glimpse into each laureate's life, where and when they were born and raised, what schools they attended, and who influenced their intellectual development. Most importantly, each laureate's often complex corpus of work is described as succinctly as possible without losing the work's original flavor: what it contributed to the field, and how it was received by peers, and how it affected the world. A list of selected further readings concludes each entry, directing the reader to the primary and secondary works essential to understanding the works of these towering figures.

Arranged chronologically by year of award, all 44 entries cogently explain the laureate's life's work in language even non-economists can follow. Economists interested in the intellectual history of their discipline, and professors and students of business will find Wahid's book a very useful resource when seeking out the basic outlines of the thoughts of the scholars who have shaped the fields of economic inquiry, practice, and research. Also, any student in the social sciences thumbing through this book will instantly recognize many currents of thought that have influenced the way scholars in their discipline approach their craft.

Financial economics is a fascinating topic where ideas from economics, mathematics and, most recently, psychology are combined to understand financial markets. This book gives a concise introduction into this field and includes for the first time recent results from behavioral finance that help to understand many puzzles in traditional finance. The book is tailor made for master and PhD students and includes tests and exercises that enable the students to keep track of their progress. Parts of the book can also be used on a bachelor level. Researchers will find it particularly useful as a source for recent results in behavioral finance and decision theory.

Build a Better Vision Statement summarizes scientific research, along with advice from thirty entrepreneurs and CEOs of well-known and award winning companies, on how to write, communicate, and implement an effective vision statement. This book contains dozens of company vision statements along with stories from entrepreneurs and CEOs describing how and why they created their vision statements. Several decades of studies have demonstrated the profound impact that a vision statement can have on a company's performance and growth, but only if the vision statement reflects certain characteristics. Build a Better Vision Statement presents proven principles for writing a motivational vision statement and offers guidance to company leaders about when and how to write a vision statement. Build a Better Vision Statement is a must-have for any business leader or entrepreneur looking for a low-cost, high-impact, proven approach for growing their business.

In the aftermath of the stock market crash, Irving Fisher pointed to the electrification of the U.S. industry as one of the underlying causes of the stock market boom. Earlier, in 1927, Brookings Institution economists had lamented the scant attention energy had received from economists. Today, some 60 years later, power remains the forgotten factor input. In this book, the author incorporates energy into the corpus of economic analysis. Unlike previous attempts, which were mostly theoretical, this work generates testable predictions. The result is a model of production based on the two universal factor inputs--broadly defined energy and broadly defined organization.

Once the model of production is developed, the book then tests an empirical model with data from U.S., German, and Japanese manufacturing. The results are used to reexamine the role of energy in productivity slowdown. When the empirically and theoretically correct model of production is used, the Solow residual disappears: growth in manufacturing value added is fully accounted for by growth in energy, capital, and labor.

This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.

This book integrates the economics of aging and insight based on political economy and explores generational conflict in the context of governmental spending. This problem is general, as the Covid-19 pandemic has highlighted: lockdowns protect the elderly, but hurt the young. Policies to address global warming impose taxes on the elderly, but would bring benefits largely in the future. This book addresses intergenerational problems by placing its focus on budget allocation, taxation, and regulation. By using Japanese and US data, the authors conduct statistical analysis of whether regions with aging populations may adopt policies that generate benefits during a short period of time instead of policies that could benefit current young generations for an extended period of time. If the policy preferences of voters depend on their age, and if policy adoption by a government reflects public opinion, the change in demographic composition in a region may affect governmental policies. In an aged society, the elderly are pivotal voters. Budgets may be reallocated from policies favored by younger generations, such as education, to policies the elderly prefer, such as welfare programs. This generates an intergenerational externality problem: voters with short life expectancy do not take into consideration long-term benefits. Moreover, the current tax bases may be replaced by other tax bases that do not harm the elderly. The results reported in the book largely support these hypotheses. Evidence also shows that the gender and racial composition and institutional factors, including the extent of fiscal decentralization, are important in anticipating effects of population aging in other countries.

Originally published in June of 1850, this book which is now more than one-hundred fifty years old is still one of the most popular books published. The author, Frederic Bastiat was a statesman and French economost. At the time of this writing, French was quickly becoming a socialist state. This work by Mr. Bastiat studies, explains and critiques each socialist policy which he witnessed in his role in the French legislative assembly. This text is a valid read today as these socialistic beliefs are still used in the modern French government and the United States of America. This text should be a required reading for those who study political science, civics, government and law or those who are employed in government.

Economics, Dominique reminds us, is a social science, with prescriptions that are statistical in character but inherently polemical. In contrast to the laws of the natural sciences, economic statements, meaningful as well as meaningless, can be transformed into a vehicle for the promotion of false consciousness, as when the polemical prescriptions of social sciences are used to promote unavowed interests. The axiomatization of economics in the early 1950s, though well-intended, has produced two negative consequences: the equation of science and mathematical formalism by some, and a total lack of concern for experimentation on the part of others. These translate into excessive abstraction, empirical irrelevance, and a total lack of social purpose.

Dominique argues that excessive abstraction is causing economics to gradually lose its social usefulness. This state of affairs has, in turn, led the general public to accept at face value the prescriptions of an untested orthodoxy, such as unfettered globalization, as genuinely scientific. In the era of unfettered globalization, the top 20 percent of the world's income earners have become richer while the bottom 80 percent have become impoverished and environmental degradation has gone unabated. Dominique argues that, according to the scientific theory of economics, the top quintile must pay the costs and the bottom four quintiles ought not bear alone the brunt of globalization. To reverse this outcome, the bottom 80 percent must become pro-active in economic policy formulation. A challenge to contemporary development and economic policy that will be of interest to economists, public policy makers, the international business community, and social activists.

This book presents a set of original and innovative contributions on state, institutions and democracy in the field of political economy. Modern political economy has implied the interaction between politics and economics to understand political, electoral and public issues in different nations, and in this volume a group of leading political economists and political scientists from Europe, America and Asia provides theoretical advances, modelling and case studies on main topics in political economy. The analysis of the role and performance of politics and democracy in diverse nations implies the study of the organization of the state, lobbying, political participation, public policies, electoral politics, public administration and the provision of public services. This book provides advances in the research frontier of these topics and combines historical evidence, institutional analysis, mathematical models and empirical analysis in an interdisciplinary approach. Political and social scientists, economists and those interested in the performance of states, democracy and elections can find new research results in this volume.

China's new leader Xi Jinping has announced that the China Dream of great rejuvenation of the Chinese nation is now closer than ever. This book discusses the meaning and progress of Chinese national rejuvenation from multiple perspectives. It discusses critically China's progress towards becoming a strong, prosperous and well-governed country.

The issues discussed in this book are the building blocks needed for an interdisciplinary theoretical framework that will allow for value creation and reporting by the most important assets organizations have, its human capital.

This book discusses the relationship between pluralist economics and the case study method of teaching, advocating the complimentary use of both to advance economics education. Using a multi-paradigmatic philosophical frame of analysis, the book discusses the philosophical, methodological, and practical aspects of the case study method while drawing comparisons with those of the more commonly used lecture method. The book also discusses pluralist economics through the exposition of the philosophical foundations of the extant economics schools of thought, which is the focal point of the attention and admiration of pluralist economics. More specifically, the book discusses the major extant schools of thought in economics - Neo-Classical Economics, New Institutional Economics, Behavioral Economics, Austrian Economics, Post-Keynesian Economics, Institutional Economics, Radical Economics, and Marxist Economics-and emphasizes that these schools of thought in economics are equally scientific and informative, that they look at economic phenomena from their certain paradigmatic viewpoint, and that, together, they provide a more balanced understanding of the economic phenomenon under consideration. Emphasizing paradigmatic diversity as the cornerstone of both the case method and pluralist economics, the book draws the two together and makes an effective case for their combined use. A rigorous, multi-faceted analysis of the philosophy, methodology, and practice of economics education, this book is important for academicians and students interested in heterodox economics, philosophy, and education.