Students in economics are ever more distressed by the disconnect between mainstream economics and the real world. This book shows how post-Keynesian economics constitutes a coherent heterodox alternative, based on realistic assumptions and the integration of the financial and real sides of the economy, with an emphasis on the many paradoxes that arise in a truly macroeconomic analysis. The book is a considerably revised and updated version of the widely used and frequently cited 2014 edition. It provides a comprehensive account of post-Keynesian theory and policy. Topics covered include its methodological foundations, consumer theory and choice under fundamental uncertainty, firms and pricing, money and credit, effective demand and employment, growth theory, open-economy issues, inflation theory. It also links with ecological economics. Scholars of economics, particularly post-Keynesian and heterodox economists, will find this comprehensive look at the field a necessary addition to their libraries, while students and instructors will find it a perfect text for any class on post-Keynesian economics.

This book of selected essays presents constructive analyses of vital economic problems confronting the United States since the 1970s, giving special attention to challenges facing working families. The analyses, produced by Charles Whalen over three decades, address the causes and consequences of macroeconomic instability, job offshoring, community economic dislocation, financialization, and income inequality. They also explore the various dimensions of worker insecurity and underscore the dynamics of an ever-changing economy. The result is a compelling case for reforming capitalism by addressing workers' interests as an integral part of the common good, and for reconstructing economics in the direction of post-Keynesian institutionalism. Whalen's reformist approach builds not only on the institutional economics of John R. Commons, but also on the post-Keynesianism of Hyman Minsky, who stressed that society should be democratic and humane. To that end, the book gives attention to policy-making processes as well as policy details. Scholars and students of economics and labor studies will appreciate the incisive analyses and real-world focus. Historians and economic sociologists will be interested in the book's attention to the evolution of US capitalism; and policy analysts and concerned citizens will welcome its emphasis on economic reform and optimistic vision for our economic future.

Elgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences and law, expertly written by the world's leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. Leading researcher John F. Tomer presents an invigorating and concise introduction to behavioral economics that offers essential behavioral theories, perspectives, trends and developments within this ever-evolving discipline. This book covers the key areas of behavioral economics, including Herbert Simon's bounded rationality, Daniel Kahneman and Amos Tversky's psychological economics, behavioral finance, nudging and public policy, behavioral macroeconomics, law and behavioral economics, neuroeconomics and empirical methods of behavioral economics. John F. Tomer also explores how and why behavioral economics emerged and differs from neoclassical economics. This book will be particularly useful for advanced undergraduate students, graduate students, policy makers, and other professionals who participate in economic-related matters.

Exploring magic as a creative necessity in contemporary business, this book clarifies the differences between magic as an organizational resource and magic as fakery, pretence and manipulation. Using this lens, it highlights insights into the relationship between anthropology and business, and organizational studies. The Magic of Organization looks at our economy and its dependence on magic, as success depends on innovation and creativity to produce the unexpected and amazing; but perhaps also the bogus and deceitful. Exposing the unpredictability of magic, the book reveals clear links between magic and uncontrollable and non-linear ways of organizing. Chapters discuss the double-edged sword of magic: while organizations, economies and finance depend on magical thought and actions for inspiration and surprise, they also fear them; what if the magic is real? With its clarity on how the turn-to-ontology in anthropology is significant for organizational studies, this book will be an illuminating read for students of creativity and innovation.

Do institutions matter in economic theory? Or is the economic analysis of institutions a distraction from the most important action? Indeed, does Vernon Smith's notion of the "institution-free core" of formal economic theory encompass that most important action? Would that render an "economics of organization" almost devoid of economic content? The author takes up an approach that is more agnostic, inter-disciplinary and even a little irreverent. What can theory do and not do? Theory can stimulate questions about how parties manage competing demands for commitment and flexibility in their relationships but what blind spots persist? The book opens with an informal tour of the economics of system design out of which an economics of adaptation ultimately emerged. It then offers explorations, via the application of the economics of adaptation in both law and economics' relating to how parties manage relationships within the firm, within the context of long-term contracts and, most vividly, within the context of antitrust conspiracy. Advanced undergraduates, graduate students and teaching faculty in economics, public policy, management and law will find the book relevant, as it maps out connections between literatures that are not often made explicit. For historians of economic thought the book lays out a much richer understanding of what the economics of organization is (and is not), and situates it next to design economics.

A Modern Guide to the Economics of Crime discusses the evolution of a field, whose growing relevance among scholars and policymakers is partly related to the persistence of crime and violence around the world and partly to the remarkable progress made in recent years in the economic analysis of individual and organised crime. Such progress is related to the so-called "credibility revolution" as well as to the cross-fertilization of economics and other social sciences such as criminology, sociology and political science. With contributions from some of the leading scholars in the economics of crime, the volume highlights a variety of topics, conceptual frameworks and empirical approaches, thus providing a comprehensive overview of the most recent developments of the field. Emphasising the importance of designing crime-reducing policies that are guided by rigorous empirical analyses, the contributions leverage the availability of novel and administrative micro-data, the use of research designs that unveil causal relationships, and the interdisciplinarity of approaches and theoretical frameworks. The Modern Guide moves through four parts: first investigating the role of the police and their effectiveness, then moving on to look at the distinct socio-economic factors that may induce individuals to commit crimes, followed by issues related to crime in specific groups including migrants, women and racial minorities, and finally turning from individual to organized crime. This Modern Guide will be an invigorating read for economics and criminology students and scholars looking at the relationship between the two fields. Policy makers will also benefit from the application of interdisciplinary theory to empirical research in the chapters.

Elgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world'AEos leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. New institutional economics (NIE) is a powerful tool for understanding real world phenomena. This Advanced Introduction explores NIE'AEos answers to fundamental questions about the organization, growth and development of economies, such as why are some countries rich and others poor? Why are activities organized as firms or markets or through alternative organizational solutions? When are shared resources overexploited? Key Features: Elucidates the essence of NIE'AEos main branches, focusing on the governance of transactions and organizations (identified with Oliver Williamson), the fundamental institutional environment (Douglass North), and the role of communal institutions and collective action (Elinor Ostrom) Explores how NIE has transformed perspectives on collective action, state and legal institutions, public policy and regulation, and economic growth Extensive references to allow interested readers to dive deeper into specific topics Authored by scholars associated early on with leading figures in NIE and the development of NIE'AEos research agenda. This Advanced Introduction is an ideal read for advanced students of economics, political science, management, law and sociology interested in learning about new institutional economics. Policy makers, especially those responsible for business and utility regulation and development policy and assistance, will also benefit from this concise yet detailed book.

This accessible guide to the rapidly growing and interdisciplinary field of modern economic sociology offers critical insights into its fundamental concepts and developments. International in scope, contributions from leading economic sociologists and sociologically-minded economists explore the intersections and implications for theory and empirical research in both disciplines. A Modern Guide to Economic Sociology positions contemporary studies in relation to earlier developments, highlighting the importance of understanding how stages of economic sociology have corresponded and converged with institutional, social, political and behavioural economics over time. Chapters offer a broad range of perspectives of topical and pressing themes including: wealth inequality, unsustainable development, ethical consumption, society and work, institutions and the economy, and society and entrepreneurship. Covering both empirical and theoretical aspects of the field, this book will benefit economic sociologists as well as economic sociology students. It will also be an important read for both economics and sociology students looking to better understand the interactions between the two fields and how they depend upon and advance one another.

Answering the strong call for theory application and development in purchasing and supply management (PSM) and supply chain literature, this Handbook is an essential reference that provides extensive guidance on which theories to apply, how to apply them, and when to build theory. Introductory chapters present the background of theory in PSM, providing a mapping of major types of theory to deliver guidance on appropriate theory application and when a new theory or mid-range theory development is required. Featuring more than 25 theories with relevance across management research, each chapter presents an excellent overview for beginning the exploration of a certain theory. The authors discuss assumptions about different theories such as agency theory, transaction cost, and game theory, and explore levels of analysis, unit of analysis, variables and relationships, as well as key research findings. In addition, chapters include lists of selected seminal literature for further reading. The Handbook will be a key reference for scholars in management and marketing fields, particularly empirical researchers in operations and management sciences.

Marx's Theories of Surplus Value is the fourth volume of his monumental Das Kapital (Capital). Divided into three parts, this lengthy work reviews classic economic analyses of labour and value (Smith, Ricardo, Malthus, and others), focusing on the concept of "surplus value" - the difference between the full value of a worker's labour and the wages received for this labour. This is a key concept for Marx since in his view the capitalist maintains power through controlling surplus value.

Since Garrett Hardin published 'The Tragedy of the Commons' in 1968, critics have argued that population growth and capitalism contribute to overuse of natural resources and degradation of the global environment. They propose coercive, state-centric solutions. This book offers an alternative view. Employing insights from new institutional economics, the authors argue that property rights, competitive markets, polycentric political institutions, and social institutions such as trust, patience and individualism enable society to conserve natural resources and mitigate harms to the global environment. The authors support their argument by considering several types of commons: forests, fisheries, minerals, and the global environment. The central lesson of these empirical studies is that following a simple set of rules - definition and enforcement of property rights in response to local conditions, creating and maintaining democracy at the local level, and establishing markets to allocate resources - improves ecological and environmental sustainability. This book will appeal to scholars of natural resources, economics, political science and public policy as well as policymakers who are interested in environmental governance and the ways markets contribute to sustainability.

Casting a wide net in this, their second edition, Froyen and Guender provide coverage of the model-based literature on optimal monetary policy in the presence of uncertainty, with both open- and closed-economy frameworks considered. The authors have grounded New Keynesian research of the 1990s and 2000s in the literature of the 1970s, which viewed optimal policy as primarily a question of the optimal use of information, and studies in the 1980s that gave primacy to time inconsistency problems. The Global Financial Crisis of 2007-09 led to the recognition that financial markets and institutions required greater attention in policy modeling. Herein, the authors provide a thorough survey of the post-crisis literature that resulted from this recognition. Researchers in academia and at central banks, students and policy makers will value the wide scope of coverage provided in this examination, leading them to a better understanding of issues such as discretion versus commitment, target versus instrument rules, policy in closed versus open economies and the proper mandate for central banks, including the relationship between interest rate policy and macro-prudential instruments. Praise for the first edition: 'In this book the authors provide a comprehensive review of optimal monetary policy in the context of small, log-linear, macroeconomic models that are subject to stochastic shocks. . . I think the book provides a very good introduction to the literature on optimal monetary policy (in short-run models) for non-specialists and students. Some of the content of the book could be used in upper-year undergraduate courses in either macroeconomics or in a specialised monetary economics course. The models are clearly set-out and discussed and there is frequent use of diagrams. The authors spend a lot of time and effort to provide the economic intuition for the models that are presented.' - Glenn Otto, Economic Record 'Froyen and Guender have provided a thorough and careful analysis of optimal monetary policy over most of the range of theoretical models that have been used in modern macroeconomics. By providing a comprehensive and clear comparative framework they will help the student of monetary policy understand why there have been conflicting views of what policy makers should do.' - Central Banking 'In Optimal Monetary Policy Under Uncertainty, academicians and economists Richard T. Froyen and Alfred V. Guender have collaborated on presenting an informed and informative survey of optimal monetary policy literature arising during the 1970s and 1980s as a ground work for understanding current market and other economic influences on such germane issues as discretion versus commitment, target versus instrument rules, and the delegation of policy making authority within the private and public sectors. With meticulous attention to scholarship and objectivity. . . Optimal Monetary Policy Under Uncertainty is a thoughtful and thought-provoking body of work that is very strongly recommended for professional, academic, corporate and governmental economic reference collections and supplemental reading lists.' - Midwest Book Review

Economic activity is embedded in specific surroundings, and ultimately, these conditions determine productivity and efficiency. However, the use of space in the formal models has been troublesome, but in practical activity, the territory is a crucial determinant when the agents make economic decisions. The interaction between economic activity, territory, and space has become a definitive bedrock in theories throughout the history of thought, such as location theory, urban economics, and new economic geography. Considerations of Territorial Planning, Space, and Economic Activity in the Global Economy analyzes the interaction between territory, economic activity, and human development, sharing interesting histories and deploying an extensive set of methodologies, places, and points of view. Covering key topics such as territorial planning, urban economics, and natural resources, this premier reference source is ideal for economists, policymakers, government officials, industry professionals, researchers, academicians, practitioners, scholars, instructors, and students.

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

This pioneering Handbook offers a state-of-the-art exploration of the social structure of accumulation theory, a leading theory of stages of capitalism, expertly summarising its development to date. It breaks new ground in several areas, including econometric evidence for the theory and developing institutional analyses of technology and the environment. Expert international contributors offer an in-depth treatment of the theory of social structures of accumulation, extending this analysis to areas of the world where the application of the theory has previously been underexplored such as Western and Eastern Europe, Latin America, and India. It offers a detailed discussion of global neoliberalism, and many of the important individual institutions constituting social structures of accumulation, including in the areas of criminal justice, urban policy, technology, and corporate management. Thought-provoking and insightful, the new ground covered in this Handbook will be a key resource for heterodox economists who are interested in social structures of accumulation, long waves, and stages of capitalism. The comprehensive background analysis on current issues will also be of interest to sociologists,political scientists, and historians.

The Finance Book will help you think and manage like a financial strategist.

Written specifically for non-finance professionals, it will give you all you need to know to manage your business more effectively and think more strategically.

It will help you to:

• Read and interpret financial statements with confidence
• Understand financial and business language
• Learn how to analyse financial performance
• Make better financial decisions
• Deepen your learning via interactive resources

Covering business finance, accounting fundamentals, budgeting, profitability and cash management, you'll find the tools you need in order to make the best financial decisions for your business.

This book addresses the problems of Latin America, through two of the most important features of the post-Bretton Woods economic order, large corporations and weak financial markets. In turn, it shows that their impact on economic growth and development is feeble and short-lived. This resulted in income concentration and an extremely unequal distribution of wealth in the region. As a result, large corporations and financial markets became central institutions in developing economies. In this context, Latin American countries globalized their economies, modifying their productive and financial structures and strengthening large corporation and non- financial structures. This economic order was a failure, as it was unable to achieve development in Latin America; large capital corporations either re-primarized their productive activity or developed an organization based on assembly manufacture, and, as such, financial markets remained underdeveloped because large corporations did not operate through domestic financial markets. In this book, the effects of these trends are analyzed in regional and country studies, while the impact of the 2008 Great Financial Crisis on Latin American economies are also considered. Researchers and students, especially those interested in a Post-Keynesian or heterodox view of the region, will find these studies illuminating.

This insightful Modern Guide offers a broad coverage of questions and controversies encountered by contemporary economists. A refreshing approach to philosophy of economics, chapters comprise a range of methodological and theoretical perspectives, from lab and field experiments to macroeconomics and applied policy work, written using a familiar, accessible language for economists. Highlighting key areas of methodological controversy, the Modern Guide looks at estimating utility functions in choice data, causal modelling, and ethics in randomised control trials. Chapters further explore topical issues, including: economists' attitudes to other disciplines; gender bias in economic research; methods of modelling social influence in economics; behavioural welfare economics; anti-poverty policy controversies; and inflexible reliance on DSGE models in macroeconomics. Furthermore, it explores the implications of the last financial crisis for macroeconomic confidence, and ways to adapt abstract theory to everyday policy advice. Avoiding philosophical jargon, and with the majority of chapters written by economists, this Modern Guide will challenge economists and scholars of philosophy of economics to engage with different approaches to the topic. This will also be a useful tool for policy makers administering nudges, development initiatives, macro-forecasting and monetary policy.

A practical guide, from the basic techniques, through to advanced applications, showing you what risk management is, and how you can develop a successful strategy for your company.

Mastering Risk Management provides a step-by-step guide from the basic to advanced elements of risk management. Following the 3-part framework, it covers:

1. What do we mean by risk management?
2. Risk management tools
3. What keeps management awake at night

Focusing on practical applications, it gives you the knowledge needed to understand what risk management is and puts in place a workable way of managing it.

The important yet contradictory role of innovation in society calls for a philosophy of innovation. Critically exploring innovation in relation to values, the economy and social change, Rafael Ziegler proposes a collaborative theory and practice of innovation that aims to liberate possibilities for our common futures. Following cues from the arts and drawing on the innovation literature across the social sciences, this book exposes pro-innovation bias and the gospel of disruptive change. Not only entrepreneurs but also civic networks and tinkerers are discussed as sources of innovation, and social change as a balancing act of innovation, exnovation and restoration. The discussion of capabilitarian, communitarian, liberal, republican and socialist ideas of justice and innovation leads Ziegler to a transformative proposal: 'enough innovation' based on enough for all and with respect for all. This is a thought-provoking read for scholars working on sustainability-transformation, democratic, responsible and social innovation, and philosophy of economics.

Tom Palley has made a significant contribution to understanding the meaning and significance of neoliberalism. This chronicle collects some of his best work to explain how global adoption of neoliberal policies over the past thirty years has increased income inequality and created tendencies to stagnation. The book explores the impact of neoliberal policies on the US, Europe, and global economy. It shows how the 2008 financial crisis and Great Recession were predictable outcomes of the neoliberal policy experiment, as is the emergence of global "race to the bottom" competition. It also explains how Europe's economic fragility is connected to the neoliberal design of the euro. Neoliberalism creates a particular variety of capitalism. It is a political choice. That means society is tacitly engaged in a "war of ideas", the outcome of which will determine our future political economic trajectory. Students, scholars, and readers in economics and political science will find this rich collection illuminating in their efforts to better understand the policy matrix that currently dominates the political landscape.

The second edition of this important textbook introduces students to the fundamental ideas of heterodox economics. It is written in a clear way by top heterodox scholars. This introductory book offers not only a critique of the dominant approach to economics, but also presents a positive and constructive alternative. Students interested in an explanation of the real world will find the heterodox approach not only satisfying, but ultimately better able to explain a money-using economy prone to periods of instability and crises. Key features of this textbook include: A non-conventional understanding of economic analysis on a number of relevant topics A new analysis of the state of macroeconomics Deep and convincing criticism of orthodox thinking Discussion of the crucial importance of money, banking and finance today New discussions of the theories of consumption and investment Analysis of the roots of the 2008 global financial crisis A presentation of the features of sustainable development. Students of economics at all levels can use this textbook to deepen their understanding of the heterodox approach, the fundamental roots of the 2008 global financial crisis and the need to rethink economics afresh.

Donald W. Katzner explores concepts, their properties, and the implications of those properties that underlie many of the current approaches to the economics of firm organization. The book examines these matters in important new ways and in ways that have not been fully considered in the existing literature. Topics covered include authority structures, the social interaction (including supervision) among employees required to fulfill the responsibilities of their jobs, participatory decision making to the extent that it occurs, the impact of time, and certain kinds of complexity and efficiency, all of which are fundamental to analyses of the internal organization of the economic firm. The author provides a clear and extensive presentation of the basic ideas, and examines how they relate to the firm's operation and profitability. He also develops and employs measures of the dimensions of pyramidal authority structures and analyzes the relationship between them. This book should be of interest to graduate students and scholars interested in the economic fundamentals of firm organization. It is relevant for an introductory graduate course in organization theory in economics departments and business schools. It will also appeal to scholars in such fields as sociology and psychology who work in organization theory from the perspective of their own disciplines.

Over the last 25 years, nearly two billion people across the globe have risen out of poverty and income levels have risen worldwide. Yet in the US, the top 1% earn twice the amount of income as the poorest 50% of the population. In the midst of rising prosperity, economic dissatisfaction--driven by the persistent fear felt by many that they are ''falling behind''--is higher than at any point since the 1930s. In Understanding Economic Inequality, the author brings an economist's perspective informed by new, groundbreaking research on inequality from philosophy, sociology, psychology, and political science and presents it in a form that it is accessible to those who want to understand our world, our society, our politics, our paychecks, and our neighbors' paychecks better. As any history of the 21st century would be incomplete without understanding ''the 99% versus the 1%'', the insights provided by the author will prove valuable to any reader. This book also provides the foundation for undergraduate courses on wealth and income inequality, and an essential reading for introductory economics, labor economics, public policy, law, or sociology courses.

In this fascinating book, Imad A. Moosa challenges existing preconceptions surrounding normative economics, arguing that what some economists see as undisputed facts of life may be myths caused by dogmatic thinking. With this in mind, Moosa argues that the alleged puzzles found in the economics and finance literature are not puzzles at all, because they can be explained intuitively, without the need for complex models or the extravaganza of econometrics. Plausible explanations are suggested for puzzles in various areas of economics and finance, such as the home bias puzzle, the PPP puzzle and the presidential puzzle. The author explains why some common beliefs are, in fact, myths, including those of the power of the market, inefficiency of the public sector and the use of low-interest policy to combat the depression caused by the Covid-19 outbreak. Controversies in Economics and Finance is a thought-provoking and stimulating read that exposes common flaws in economic analysis. It will be of great benefit to academics, graduate students and policy-makers looking to understand the limits of economic analysis.