Multinationality, or the degree of internationalization, has favorable financial results and implications. Highly valued by the market as a hidden asset, multinationality is related to earnings management, systematic risk, capital structure, and growth opportunities as measured by the investment opportunity set. Riahi-Belkaoui examines the performance results of a multinational strategy and concludes that multinationality can be quantified and does play a significant role in keeping a firm healthy and growing. His book is a far-reaching examination of the data and a persuasive argument for why firms should make multinationality a critical part of their overall business strategy.

Riahi-Belkaoui presents research results supporting multinationality. He confirms that the market reacts more favorably the larger (smaller) cash flows are (accruals), and he shows that the preference of cash flows over accruals will increase under conditions of high multinationality and high reputation. He argues that the level of multinationality affects net income and net worth and thereby, political costs and risk. Analyzing the association between multinationality and systematic risk as measured by the market model beta, he finds that systematic risk is positively related to the level of multinationality after controlling for corporate reputation and other factors. He examines the role of multinationality and profitability as determinants of the investment opportunity set and considers whether a firM's investment opportunity is associated with corporate financing. Finally, he investigates whether disclosure policy, level of economic risk, and the nature of the alignment of financial and tax accounting explain differences in financial analysts' forecast error internationally. The book concludes with a model of the determinants of the investment opportunity set of multinational firms.

This book addresses central issues in evolutionary and Schumpeterian accounts of industrial competition, learning, and innovation. It contains a collection of twelve papers which are oriented toward exploring methodological issues in evolutionary and related scholarship. Reflecting the diversity of work in evolutionary scholarship, a range of methodologies are employed in the papers, including simulation, experiments, and econometric analysis. Some of the papers use well established models to takle new questions and problems. Others introduce entirely new approaches, which the authors indicate are still in a state of infancy and await further development. The collection attempts to raise even more interest in evolutionary economics, to provide some suggestions for future research directions, and to initiate a lively discussion of the issues raised.

This study combines lessons drawn from events and experiences of developing countries and examines them in relation to Jan Kregel's ideas on economics and development. The contributors provide in-depth analysis on: financial stability and crises, monetary systems, banking, global governance, employment, inflation and political economy

Originally written to mark the 100th anniversary of Bukharin's birth and the 50th anniversary of his murder, this work examines the core theses of Nikolai Bukharin, one of the foremost theorists in Bolshevik circles who was murdered in Moscow during the Stalin purges. His output across political and economics disciplines was revisited after his rehabilitation under Gorbachev. His work as a key theoretician in the New Economic Policy of the 1920s has a continuing relevance becoming influential in the development of Chinese market-socialism.

Many believe that equality of opportunity will be achieved when the prospects of children no longer depend upon the wealth and education of their parents. The institution through which the link between child and parental prospects may be weakened is public education. Many also believe that democracy is the political institution that will bring about justice. This study, first published in 2006, asks whether democracy, modeled as competition between political parties that represent different interests in the polity, will result in educational funding policies that will, at least eventually, produce citizens who have equal capacities (human capital), thus breaking the link between family background and child prospects. In other words, will democracy engender, through the educational finance policies it produces, a state of equal opportunity in the long run?

The decade of the 1990s has opened on a note of major change, with events in the Soviet Union, Eastern Europe, and South Africa moving at an astonishing pace, both on the political and economic fronts. These changes have brought into focus vital issues of political economy, a subject that this collection of essays carefully examines. Written for readers with or without a background in economics, the essays provide a perspective on economic systems, the underlying issues involved in creating an economic constitution, and the choices a society makes in designing an economy. Economists from Australia, Canada, France, the Netherlands, and the United States offer a stimulating variety of ideological and methodological perspectives. The collection begins with an introduction that reviews basic concepts of economic systems, including goals, the role of government, and efficiency and equity. The three essays that comprise Part I discuss basic issues in economic systems, and address the question of efficiency and equity in a free market from various ideological perspectives. Part II provides three proposals for reforming economic systems, including discussions of planning in a decentralized society and a highly interventionist economic and social system. The work concludes with three essays that draw historical and international comparisons between economic systems, and contrast the economic policies and performances of several Western countries and Japan. Although the contributors are professional economists, and include a Nobel Prize winner and the former president of the American Economic Association, their essays are written in a nontechnical language that will allow readers without an economic background to follow their arguments. This unique collection of essays will be a valuable supplement to courses in current economic problems, comparative economic systems, and development economics, as well as a useful resource for both public and academic libraries.

James Tobin, 1981 Nobel laureate in economics, was the outstanding monetary economist among American Keynesian economists. This book, the first written about James Tobin, examines his leading role as a Keynesian macroeconomist and monetary economist, and considers the continuing relevance of his ideas.

This Palgrave Pivot demonstrates that the inherited vocabularies of economics and other social sciences contain socially constructed words and theories that bias our very understanding of history and markets, bridging the empirical and moral dimensions of economics in general and inequality in particular. Wealth, GDP, hierarchies, and inequality are socially constructed words infused with moral overtones that academic philosophers and policy analysts have used to raise questions about "fairness" and "justice." This short intellectual and epistemological history explores and elaborates a limited number of key inequality-related terms, concepts, and mental images invented by centuries of economists and others. The author challenges us to question the assumptions made concerning presumably value-free concepts such as inequality, wealth, hierarchies, and the policy goals a nation can be pursuing.

Language policies are increasingly acknowledged as being a necessary component of many decisions taken in the areas of the labor market, education, minority languages, mobility, and social inclusion of migrants. They can affect the democratic control of political organizations, and they can either entrench or reduce inequalities. These are the central topics of this book. Economists, philosophers, political scientists, and sociolinguists discuss - from an interdisciplinary perspective - the distributive socio-economic effects of language policies, their impact on justice and inequality at the national or international level, as well as the connection between language choices and an inclusive access to public services. The range of social and economic issues raised by linguistic diversity in contemporary societies is large, and this requires new approaches to tackle them. This book provides new input to design better, more efficient, and fair language policies in order to manage linguistic diversity in different areas. Topics covered include: theoretical models of linguistic justice and linguistic disadvantage; the assessment of the socio-economic consequences of language policies; the evaluation of the costs, benefits, and degree of inclusion of language planning measures; the politics of migrants' linguistic integration; as well as multilingualism and economic activities. These topics are discussed in different contexts, including the areas inhabited by linguistic minorities, cities receiving migrants, and supranational organizations.

Economists are being asked to provide explanations and prescriptive policy for addressing the questions of chronic poverty and underdevelopment in the world. Answers are needed not only for the questions of how and why these problems arise, but also whether the problems can be prevented and how the problems can be approached. This book is an exposition to the student, the researcher, and the practitioner in the field of economic development giving an approach from the basic rudiments to the advanced level and bridging the gap between the neoclassical models of growth and development and the modern structuralist approaches to the study and analyses of economic development.

Many economic problems are also ethical problems: should we value economic equality? how much should we care about preserving the environment? how should medical resources be divided between saving life and enhancing life? This book examines some of the practical issues that lie between economics and ethics, and shows how utility theory can contribute to ethics. John Broome's work has, unusually, combined sophisticated economic and philosophical expertise, and Ethics Out of Economics brings together some of his most important essays, augmented with an updated introduction. The first group of essays deals with the relation between preference and value, the second with various questions about the formal structure of good, and the concluding section with the value of life. This work is of interest and importance for both economists and philosophers, and shows powerfully how economic methods can contribute to moral philosophy.

This unique book adopts a problem approach to study the Internet economy, which consists in assessing its contradiction to classic economy, analyzing it, and describing how the Internet economy is developing in modern Russia. The authors study its sense and basic principles, identify the factors that influence its functioning and development, analyze the crisis of the Internet economy, and conduct a comparative analysis of the Internet economy and classic economy. The book is primarily intended for postgraduates, educators and researchers who study the foundations of the modern macro-economy. Based on the conclusions and results presented here, they will be able to create their own scientific studies. Further, problem analysis of the Internet economy and classic economy makes it possible to identify the peculiarities and prospects of development, and to form recommendations for the highly effective management of modern economic systems.

This challenging science-based book reviews today's global situation as well as our long evolution to humanness. It uncovers a crisis in policy and behavior impending since 1990--one stemming from earlier, but long-outmoded assumptions that now threaten future development in common. Feasible reforms, global and national, are outlined.

Ranging widely through time, space, and subject-matter, and moving from earth and life history to economics and new vistas in brain science, Dilloway marshals analysis, ideas, and proposals to lay bare a climactic crisis that, since 1990 in particular, has been systematically concealed from view by the fresh force of a current conventional wisdom.

Successive chapters review our global situation in its major demographic, environmental, economic, and human rights aspects. Our entire time perspective is then examined to throw new light on powerful human capacities and the way they are now being contradicted by assumptions--seemingly rational two centuries ago--that have become outmoded, yet still decisive, in the century now ending. Dilloway next looks at recent economic history to see how this now-obsolete philosophy has come to prevail and how massively it opposes the cooperative social basis of our entire human potential. After reviewing a many-sided United Nations push based on environmental conservation, development, and human rights, Dilloway arrives at feasible, yet far-reaching proposals for stronger international government and matching basic reforms at the level of the advanced nation-state.

The Economics of Alfred Marshall brings together a number of leading international scholars for a timely reappraisal of Marshall's contribution to the development of economics. The aims of the contributors are firstly to revisit the work of Alfred Marshall and to investigate the unity of his projects, which contemporary authors often tend to underestimate; and secondly to show how Marshall's approach is not only a subject for historians of economic thought, but may also provide a message that is relevant for the progress of economics.

In this monograph the authors give a systematic approach to the probabilistic properties of the fixed point equation X=AX+B. A probabilistic study of the stochastic recurrence equation X_t=A_tX_{t-1}+B_t for real- and matrix-valued random variables A_t, where (A_t,B_t) constitute an iid sequence, is provided. The classical theory for these equations, including the existence and uniqueness of a stationary solution, the tail behavior with special emphasis on power law behavior, moments and support, is presented. The authors collect recent asymptotic results on extremes, point processes, partial sums (central limit theory with special emphasis on infinite variance stable limit theory), large deviations, in the univariate and multivariate cases, and they further touch on the related topics of smoothing transforms, regularly varying sequences and random iterative systems. The text gives an introduction to the Kesten-Goldie theory for stochastic recurrence equations of the type X_t=A_tX_{t-1}+B_t. It provides the classical results of Kesten, Goldie, Guivarc'h, and others, and gives an overview of recent results on the topic. It presents the state-of-the-art results in the field of affine stochastic recurrence equations and shows relations with non-affine recursions and multivariate regular variation.

This book integrates the fundamentals, methodology, and major application fields of noncooperative and cooperative games including conflict resolution. The topics addressed in the book are discrete and continuous games including games represented by finite trees; matrix and bimatrix games as well as oligopolies; cooperative solution concepts; games under uncertainty; dynamic games and conflict resolution. The methodology is illustrated by carefully chosen examples, applications and case studies which are selected from economics, social sciences, engineering, the military and homeland security. This book is highly recommended to readers who are interested in the in-depth and up-to-date integration of the theory and ever-expanding application areas of game theory.

This book presents the state-of-the-art in non-linear dynamics and sunspots. These two topics have been the core of an international conference on instability and public policies in a globalized world, organized at Aix-Marseille School of Economics and GREQAM in honor of Jean-Michel Grandmont. He has made significant contributions on general equilibrium theory, monetary theory, learning, aggregation, non-linear dynamics and sunspots. This book assembles contributions by Jean-Michel Grandmont's colleagues, students and friends that have been influenced by his works and that are at the frontier of research in this domain today.

We must quickly learn how to live well in the world as it is today, including the realm of work. We need to learn a new vocabulary of economics and markets that is more suitable to understand the present world and that is likely to offer us the tools to act, and perhaps improve it as well.

This book considers the current domestic and global political and economic landscape and will show that there are three different but related kinds of leverage that together have emerged as the dominant strategy in economics, politics and international relations. The economic crisis of 2008-09 was called by most economists a crisis of "over-leverage." Yet no one has argued that there has also been a leverage crisis or at least a "leverage challenge," in other aspects of life. The This book argues that there is a "leverage mean" in between the extremes of too little leverage and too much leverage that provides the basis for resolving the various crises and challenges. This book, which grows out of a Brookings Institution paper "The Age of Leverage," will analyze bargaining leverage, resource leverage and economic investment leverage and should draw the attention of students and teachers in political and economic philosophy.

What is economics fundamentally about? Some say 'money'. But that only applies, at a stretch, to macroeconomics. Others say 'incentivised choices'. Through a review of the history and methodology of economics, with special concentration on the past 60 years, the book shows why the second answer is more accurate. But this leads straight into another problem: psychologists study choices too. So how is economics different from psychology? The book explains this, by showing how economics is really about groups or populations of people. In clearly distinguishing economics from psychology, the book criticizes the current popular wave of behavioural economics, showing how many studies under that label confuse economics with psychology. But if economics is about structures of group response, then how is it different from sociology? The book shows how and why economics and sociology are currently converging, perhaps ultimately to form a single unified discipline fed by two distinct historical tributaries.

This study examines and explains the relationship between social health insurance (SHI) participation and out-of-pocket expenditures (OOP) as well as the mediating role the institutional arrangement of SHI plays in this relationship in China. Embracing a new institutionalist approach, it develops two analytical perspectives: determination, which identifies the mechanisms of social health insurance, and strategic interaction, which explores the interaction among social health insurance agencies, healthcare providers, patients, and institutions. It reveals the poor performance of social health insurance in decreasing out-of-pocket health expenditures caused by a trade-off between the reimbursement, behavior management, and purchasing mechanisms of social health insurance programs. Further, it finds that the inequitable allocation of healthcare resources and patients' concerns regarding the benefits offset the strategies used by social health insurance agencies to manage care-seeking behavior. It also discovers that the complex interactions between insurance agencies, doctors, patients and a larger disenabling institutional surrounding restricts the purchasing efficiency of social health insurance. This book is characterized by its unique synthesis of the role of the institutional arrangement of social health insurance in China, the interaction between the stakeholders in health sectors, and of the relationship between healthcare institutions, actors, and policy outcomes. Providing a comprehensive overview, it enables scholars and graduate students to understand the ongoing process of social health insurance reform as well as the dynamics of health cost inflation in China. It also benefits policymakers by recommending a single-payer model based on an evidence-based investigation.