The definitive guide to the history of economic thought, fully revised twenty years after first publication Roger Backhouse's definitive guide takes the story of economic thinking from the ancient world to the present day, with a brand-new chapter on the twenty-first century and updates throughout to reflect the latest scholarship. Covering topics including globalisation, inequality, financial crises and the environment, Backhouse brings his breadth of expertise and a contemporary lens to this original and insightful exploration of economics, revealing how we got to where we are today.

In the wake of the financial crisis and the Great Recession, economics seems anything but a science. In this sharp, masterfully argued book, Dani Rodrik, a leading critic from within, takes a close look at economics to examine when it falls short and when it works, to give a surprisingly upbeat account of the discipline. Drawing on the history of the field and his deep experience as a practitioner, Rodrik argues that economics can be a powerful tool that improves the world-but only when economists abandon universal theories and focus on getting the context right. Economics Rules argues that the discipline's much-derided mathematical models are its true strength. Models are the tools that make economics a science. Too often, however, economists mistake a model for the model that applies everywhere and at all times. In six chapters that trace his discipline from Adam Smith to present-day work on globalization, Rodrik shows how diverse situations call for different models. Each model tells a partial story about how the world works. These stories offer wide-ranging, and sometimes contradictory, lessons-just as children's fables offer diverse morals. Whether the question concerns the rise of global inequality, the consequences of free trade, or the value of deficit spending, Rodrik explains how using the right models can deliver valuable new insights about social reality and public policy. Beyond the science, economics requires the craft to apply suitable models to the context. The 2008 collapse of Lehman Brothers challenged many economists' deepest assumptions about free markets. Rodrik reveals that economists' model toolkit is much richer than these free-market models. With pragmatic model selection, economists can develop successful antipoverty programs in Mexico, growth strategies in Africa, and intelligent remedies for domestic inequality. At once a forceful critique and defense of the discipline, Economics Rules charts a path toward a more humble but more effective science.

Bridging theory and practice, this book offers insights into how Europe has experienced the evolution of modern electricity markets from the end of the 1990s to the present day. It explores defining moments in the process, including the four waves of European legislative packages, landmark court cases, and the impact of climate strikes and marches. Leonardo Meeus explains the sequence of electricity markets in Europe from wholesale to balancing markets, forward transmission markets, capacity mechanisms, redispatching and flexibility markets. Chapters explore current issues including the new paradigm that places the citizen at the centre of the energy transition. Concluding that most of the market integration process in Europe so far has required horizontal coordination between transmission system operators in different countries, the book looks ahead to the importance of vertical coordination between the transmission and distribution. An invaluable book for energy policymakers and practitioners working in Europe, the solutions offered for contemporary issues will also be helpful for those working in international or multi-region electricity markets more widely. Academics involved in the world of electricity regulation will also find this an invigorating read.

This unique and insightful work examines the importance of 'quality of life' for the city which has become a key component of urban competitiveness over the past 30 years. It argues that having a high or low 'quality of life' will have important consequences for the vitality and status of any city. Throughout the book, emphasis is placed upon the skilled, highly mobile and generally younger labour force who choose the city in which they want to work and live based on the 'quality of life' elements offered to them. Consequently, there is mounting pressure on today's cities and the firms in their economies to create environments that are attractive to the new-age of the workforce and the key resource in the economy. The book's eight substantive chapters explore this issue by each examining a distinct element that comprises 'quality of life', including the approach of economists to quality of life, links to urban competitiveness, the economy, urban amenities and attributes. Providing an original perspective on contemporary cities and their economies, The City and Quality of Life will be essential reading for city and company leaders who implement policy and wish to further understand the attributes of 'quality of life' for their citizens. It will also be useful for researchers, university professors and students in disciplines such as economics and finance, geography and urban studies.

The epic successor to one of the most important books of the century: at once a retelling of global history, a scathing critique of contemporary politics, and a bold proposal for a new and fairer economic system.

Thomas Piketty’s bestselling Capital in the Twenty-First Century galvanized global debate about inequality. In this audacious follow-up, Piketty challenges us to revolutionize how we think about politics, ideology, and history. He exposes the ideas that have sustained inequality for the past millennium, reveals why the shallow politics of right and left are failing us today, and outlines the structure of a fairer economic system.

Our economy, Piketty observes, is not a natural fact. Markets, profits, and capital are all historical constructs that depend on choices. Piketty explores the material and ideological interactions of conflicting social groups that have given us slavery, serfdom, colonialism, communism, and hypercapitalism, shaping the lives of billions. He concludes that the great driver of human progress over the centuries has been the struggle for equality and education and not, as often argued, the assertion of property rights or the pursuit of stability. The new era of extreme inequality that has derailed that progress since the 1980s, he shows, is partly a reaction against communism, but it is also the fruit of ignorance, intellectual specialization, and our drift toward the dead-end politics of identity.

Once we understand this, we can begin to envision a more balanced approach to economics and politics. Piketty argues for a new “participatory” socialism, a system founded on an ideology of equality, social property, education, and the sharing of knowledge and power. Capital and Ideology is destined to be one of the indispensable books of our time, a work that will not only help us understand the world, but that will change it.

This accessible and comprehensive textbook explores the role of advertising in the marketplace. It investigates how firms' advertising strategies are informative, persuasive or add value to the product advertised. The book explains in detail empirical methodologies used to identify the impact of advertising on consumer demand and on market structure, and reviews some recent empirical findings. It concludes with an in-depth exploration of digital advertising and auctions along with a framework for current antitrust investigations into two-sided platforms (Google, Facebook) that are funded by advertising revenues. How advertising works in the marketplace, and whether it works well, is a complex question to address because there are three sets of players involved-the firms that advertise their products, the potential consumers who view the ads and the platform or medium that intermediates between them. Understanding how these three sets of players interact is the key to understanding the role of advertising in a market economy. The book begins by looking at the rise of advertising in market economies, a phenomenon not accounted for in standard textbook microeconomic models and carefully explains why. This is followed by an examination, both theoretical and empirical, of how firms strategically use advertising to reach consumers and expand the demand for their products. There are also chapters focused on the challenges of deceptive advertising and regulation. The final chapters investigate how two-sided platforms, such as Google and Facebook, are sustained by advertising revenues, and include a review of auction theory and the structure of advertising auction exchanges. These chapters also provide a detailed analysis of public policy issues, including media bias and antitrust concerns. While designed for use by students in any course that covers the economics of advertising, this book is also an excellent resource for any reader interested in a deeper understanding of this important topic.

A unique and comprehensive source of information, this book is the only international publication providing economists, planners, policymakers and business people with worldwide statistics on current performance and trends in the manufacturing sector. The Yearbook is designed to facilitate international comparisons relating to manufacturing activity and industrial development and performance. It provides data which can be used to analyse patterns of growth and related long term trends, structural change and industrial performance in individual industries. Statistics on employment patterns, wages, consumption and gross output and other key indicators are also presented.

Illuminating and timely, this book explores several theoretical and empirical issues related to the potential for increasing capacities for innovation, knowledge and entrepreneurship. It highlights the current academic and political consensus that calls for policy interventions targeted towards more balanced, inclusive and regionally cohesive growth. Bringing together a wide range of cutting-edge case studies and research on regional potentials, the book explores the need for a focus on the regional inequality aspects of innovating, knowledge and entrepreneurship. Chapters analyse previously underexplored determinants of regional economic growth and development often overlooked in standard growth studies. They offer a deeper understanding of the drivers and implications of sub-national disparities in entrepreneurship and innovation in both developed and developing countries. Scholars and researchers of innovation, entrepreneurship, regional economics and spatial planning will appreciate the blend of empirical and theoretical viewpoints in the book. It will also be a useful tool for policymakers, planners and consultants involved in economic development and regional policies on different scales.

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 book is about innovation ecosystems, Clusters of Innovation (COI) and the Global Networks of Clusters of Innovation (GNCOI) they naturally form. What is innovation and why is it important to us? Innovation is nothing less than the ability for constructive response and adaptation to change. The cause and catalyst for that change is frequently identified as technology and its unceasing pressure to improve on existing solutions and address unmet needs. The last decade has painfully demonstrated that exogenous environmental shocks are also sources of change that call for innovative responses, ranging from the obvious challenges such as global warming and Covid-19 to the more subtle social and political perturbations of our time. Entrepreneurs, in collaboration with venture investors and major corporations can create a flywheel of constructive engagement, a cluster of Innovation, that helps build the resiliency of our communities to adsorb and rebound from these shocks. The process is enhanced when actively supported by government, universities, and other elements of the ecosystem. This book provides the tools for understanding this value creation process and the means to enhance it, in both emerging and mature innovation ecosystems. This book provides a framework for understanding innovation in mature and emerging innovation ecosystems to a wide swath of professionals and academics, from senior executives of major corporations, government leaders, public policy makers, and consultants, to academics, researchers, and educators.

Crisis management has become one of the core challenges facing governments, but successful crisis response depends on effective public leadership. Building on insights from Pragmatist philosophy, this deeply nuanced book provides guidance and direction for public leaders tackling the most challenging tasks of the twenty-first century. This timely and insightful book demonstrates how Pragmatism enables leaders to strategically address the fog of uncertainty that characterizes crises. Illuminating the power of practical rationality in crisis situations, Christopher Ansell and Martin Bartenberger develop a model of Pragmatist political crisis management and contrast this with crisis decision making and meaning making guided by principle. Examining the interplay of practical rationality and principle during the US financial crisis of 2008, the authors develop empirical indicators to evaluate when and why crisis leaders may adopt Pragmatist or principle-guided strategies. Flawlessly blending theory with practice, Ansell and Bartenberger offer key insights to those active in the crisis management community. Crisis management and public administration scholars will benefit from the detailed overview of Pragmatism and its applications to concrete issues of governance, while practitioners will profit from the book's insight into crisis leadership and decision making.

This forward-thinking book examines the potential impacts of the Covid-19 pandemic on productivity. Productivity and the Pandemic features 21 chapters authored by 46 experts, examining different aspects of how the pandemic is likely to impact on the economy, society and governance in the medium- and long-term. Drawing on a range of empirical evidence, analytical arguments and new conceptual insights, the book challenges our thinking on many dimensions. With a keen focus on place, firms, production factors and institutions, the chapters highlight how the pre-existing challenges to productivity have been variously exacerbated and mitigated by the pandemic and points out ways forward for appropriate policy-thinking in response to the crisis. An important read for scholars and students interested in the impact of the pandemic, this book will also be an invigorating read for economists and policy-makers looking for more information on how the pandemic and resulting economic recession is affecting productivity.

Examining the fundamental thinking underpinning the foundation for economic studies of happiness, this book explores the theories of key economists and philosophers from the Greek philosophers to more modern schools of thought. Lall Ramrattan and Michael Szenberg explore the general measures of happiness, utility as a method, metrical measures of happiness, happiness in literature and the scope of happiness in this concise book. Fundamentals of Happiness builds on major moral and philosophical theories from the ancient, medieval and modern schools that form the foundation of utility analysis. The authors classify the economics of happiness based on psychological, individual, social and institutional views of happiness, revealing how historical schools of thought implicitly or explicitly deal with this. The book also focuses on the relationship between happiness and society and welfare, analysing the measurement of subjective well-being. This will be an invigorating read for economics students, in particular those studying the history of economic thought, looking to understand the basic principles underlying the economics of happiness.

Some students seem to find a course in economics to be difficult and removed from their daily lives. The goal of this glossary is to assist students to obtain a better understanding of economics terms and concepts. This will enable them to succeed and deepen their insight into formulating and making informed choices on many issues. In economics, students learn an approach to thinking that can be applied in campus life, in their careers and in everyday life. Economics terms and concepts used in the text are those that can be found in most introductory Economics textbooks. The text can be used in conjunction with any other text.

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 lucidly written book, thoroughly updated, provides both an assessment of the current state of development theory and an extensive survey of the impact of evolving policies and practices throughout the developing world. Rapley critically traces the evolution of development theory from its strong statist orientation in the early postwar period, through the neoclassical phase, to the present emerging consensus on people-centered development. New to the third edition is a chapter on "postdevelopment" thought, as well as increased attention to the challenges posed by weak states and by critical environmental issues. Using a wide range of examples, Rapley shows where and how various approaches to development have worked or failed continuing to confront the question of why development remains so far out of reach for so many poor countries.

Political leaders and institutions across the Global South are continually failing to respond to the needs of their citizens. This incisive book sets out to establish the pathways to and outcomes of accountability in a development context, as well as to investigate the ways in which people can seek redress and hold their public officials to account. Providing a timely complement to the current literature on accountability, the book features contributions from a diverse range of experienced and up-and-coming scholars and practitioners across the globe. Chapters explore questions of how improved accountability relations emerge, under what conditions they can be maintained, and what role civil-society actors, donors, and new ICT tools can and should play in developing countries. Integrating empirical case studies from Brazil, Egypt, India, Kenya, Uganda, and Zambia with a strong theoretical framework on accountability relations, the book delivers a comprehensive analysis of accountability initiatives across the Global South and ultimately reflects on how they contribute to reaching the UN Sustainable Development Goal (SDG) 16. This insightful book will be an essential resource for academics, policymakers, and practitioners worldwide who are engaged in enhancing public sector accountability and implementing SDG 16. It will also help to guide social movements and citizen-led action.

The twenty-first century has seen major challenges to freedom and democracy. Authoritarianism is on the rise and democracy is in retreat. Some promote individualism and markets as the solution to almost every problem. On the other side there are those who champion collectivism and full public ownership. Neither side is convincing. Unrestrained capitalism has exacerbated inequality. Socialism in practice has ended democracy. Effective defenders of liberty and human flourishing must find a different course. This book argues for a pragmatic, social democratic liberalism that avoids unrealistic extremes and tackles major problems such as inequality and climate change. This book is a topical and powerful statement of social democratic liberalism. It will be of interest to anyone concerned about modern politics, including those in universities and political parties

According to Jonathon Ray Spinney, our current economy is fatally flawed. American corporations are destroying community economies as well as State and Federal tax bases. Increasingly, large corporations are cutting back employee hours to part time. They are phasing out good paying jobs, hiring at lower wages, cutting benefits and health care which effectively destroys community economies. On the other end, corporations manipulate their tax liabilities and often pay little or nothing to State and Federal governments -- governments that are now struggling to deal with the increasing social/economic needs of people. People are being forced into social welfare and large corporations are contributing little or nothing into the social welfare system putting individuals, communities and governments into ever increasing debt. Now is the time to begin creating a bridge to new economic prosperity by: creating and sustaining a new economic/philosophic model based on the actual deeds and meaningful human actions of sharing and working towards a common humanitarian vision of peace and prosperity for all; eventually removing paper (valueless) money from community economies and replace it with a form of economic compensation that is rich with human purpose, social/economic equality and humanitarian advancement. The economic compensation or credit/reward that United Credit envisions would be far more valuable than money something that would never be affected by inflation, bank failures, or economic collapse. United Credit proposes a new economic philosophy and bridge ideas to creating a blanket security system that could provide for the needs of all people who are willing to enter a new humanitarian age of helping others.

2019 marked the 40th anniversary of the publication of Anthony P. Thirlwall's classic paper that laid out what became known as Thirlwall''s law. This article introduced and provided empirical evidence in favor of the proposition that the long-run rate of growth of an economy compatible with balance-of-payments equilibrium can be approximated by the simple rule of the ratio of the growth of exports to the income elasticity of demand for imports. Thirlwall's law provides a theoretical underpinning for several of the arguments traditionally espoused by the heterodox followers of Keynes. In addition, Thirlwall's law can also be viewed as a guide to policy-making. It has spurred a rich research agenda at both the theoretical and empirical levels. Theoretically the core model has been extended to include the different components of the current account of the balance of payments. Empirically, it has withstood the test of time and has been corroborated, with perhaps a few exceptions, for a variety of developed and developing countries under different historical contexts and different periods of time. This re-release of the special issue of the Review of Keynesian Economics brings together experts and researchers to present the latest developments and debates on Thirlwall's law. Students, economists and policy makers will find this volume enlightening.

This visionary book seeks to uncover the main barriers to achieving greater social justice in existing twenty-first century capitalism. Developing a comprehensive consequentialist theory of justice applied to today's global situation, Mike Berry adopts the thesis that, in order to move towards a more just world, the weaknesses of liberal democracy must be overcome through reconstructing robust, resilient social democracies. Arguing for the necessary interrelation of justice and democracy, the book presents a detailed analysis of the development of and threats to western democracy in the current phase of global capitalism. Chapters offer a progressive case for a reconstructed social democracy, rather than piecemeal reform of existing liberal democratic regimes. Berry examines how the oligarchic trajectory of capitalism must be stymied through radical institutional change and continual monitoring. The book concludes that this is a continuing political project, calling for new modes of mobilisation and the ecological emergence of new values and world views. Introducing the critical role of uncertainty and the relevance of real time to the question of progress defined as increasing justice, this book will be critical reading for scholars and students of political philosophy, political economy and public policy. It will also be beneficial for progressive policy makers and advisers questioning existing policy platforms and settings.

Focusing on the developing economic challenges confronting Korea and the US in response to the aging of their populations, this timely book examines how public policies are evolving in light of demographic changes, the impact of aging on governmental expenditures, and transitions in the labor force associated with aging. International contributors comparatively analyze government approaches to population aging, illustrating the similar challenges faced across nations. Chapters draw attention to those particular issues that public policy plans must surmount, including funding pressures on retirement plans and the effects of an aging labor force on economic growth and productivity. They offer evidence on the scale of these challenges in Korea and the US and empirically evaluate how governments, employers, and individuals may respond to these issues in the years to come. Addressing fiscal sustainability and key social security programs, including the implications of the 2015 Korean pension reform and the economic difficulties entailed by the future of Medicare, this book investigates the implications of managing and sustaining welfare for an aging population. This cutting-edge book will be ideal reading for economists focusing on public policy and welfare programs, benefiting from the comparative approach to fiscal accountability and sustainability. It will also appeal to practitioners and policymakers seeking insights into the consequences of an aging population and hoping to develop innovative methods and approaches to welfare.