Persistent Disparity provides a comprehensive examination of the magnitude and scope of racial economic disparity in the United States. The authors directly assess the extent of black economic progress in the US since World War II and address the controversy of whether the racial income gap is closing or widening as America approaches the 21st century. Darity and Myers explicitly make the connection between what the theory of racial inequality espouses and corresponding policy recommendations for remedying such disparity such as affirmative action and reparations. The authors challenge the cultural-genetic explanation and advance a new theoretical explanation that incorporates a more expansive characterization of the nature and role of discrimination. They also conclude that conventional anti-discrimination efforts are unlikely to be sufficient to close the gap. This book will be essential reading for anyone interested in US social and economic history, political economy, African-American studies, and public policy.

This proceedings volume presents new methods and applications in applied economics with special interest in advanced cross-section data estimation methodology. Featuring select contributions from the 2019 International Conference on Applied Economics (ICOAE 2019) held in Milan, Italy, this book explores areas such as applied macroeconomics, applied microeconomics, applied financial economics, applied international economics, applied agricultural economics, applied marketing and applied managerial economics. International Conference on Applied Economics (ICOAE) is an annual conference that started in 2008, designed to bring together economists from different fields of applied economic research, in order to share methods and ideas. Applied economics is a rapidly growing field of economics that combines economic theory with econometrics, to analyze economic problems of the real world, usually with economic policy interest. In addition, there is growing interest in the field of applied economics for cross-section data estimation methods, tests and techniques. This volume makes a contribution in the field of applied economic research by presenting the most current research. Featuring country specific studies, this book is of interest to academics, students, researchers, practitioners, and policy makers in applied economics, econometrics and economic policy.

Understanding the Ground Rules for the Global Economy
In this revised and updated edition of "A Concise Guide to Macroeconomics," David A. Moss draws on his years of teaching at Harvard Business School to explain important macro concepts using clear and engaging language.
This guidebook covers the essentials of macroeconomics and examines, in a simple and intuitive way, the core ideas of output, money, and expectations. Early chapters leave you with an understanding of everything from fiscal policy and central banking to business cycles and international trade. Later chapters provide a brief monetary history of the United States as well as the basics of macroeconomic accounting. You'll learn why countries trade, why exchange rates move, and what makes an economy grow.
Moss's detailed examples will arm you with a clear picture of how the economy works and how key variables impact business and will equip you to anticipate and respond to major macroeconomic events, such as a sudden depreciation of the real exchange rate or a steep hike in the federal funds rate.
Read this book from start to finish for a complete overview of macroeconomics, or use it as a reference when you're confronted with specific challenges, like the need to make sense of monetary policy or to read a balance of payments statement. Either way, you'll come away with a broad understanding of the subject and its key pieces, and you'll be empowered to make smarter business decisions.

Any enquiry into the nature, performance, role, demerits, growth, efficiency, or other aspects of financial services such as banking and insurance activities, requires rigorous estimates of their economic output, i.e., the economic contributions made by these firms, as well as by the industries as a whole. Accordingly, this book condenses several theoretical, methodological, empirical, and philosophical issues in conceptualizing, measuring, and empirically operationalizing the economic output of the banking and insurance industries. The analytical focus is on both Global and Emerging Markets perspectives. The book synthesizes applied and conceptual evidence to locate the chosen theme's analytical patterns, consensus, and disagreements. The selected subject matter is studied within the firm-level and aggregate settings, bringing literature of varied scopes together. Contributions from various international academics, practitioners, and policymakers further enrich the narrative. The book concludes with data-driven case studies that analyze the extent to which the critical performance parameters of the banking and insurance industries in the BRIICS economies - including estimation of aggregate industry-level partial factor productivities, total factor productivity, technical efficiency, and returns to scale - vary concerning alternate measures of their output. The present work also provides a brief note on the inputs measurement dimension, following which there is a discussion on the limitations, future scope, and conclusions. This work will be valuable for researchers and policymakers undertaking performance analyses related to banking and insurance activities. It shall provide them with the examination of a plethora of analytical options and related issues on the theory and praxis of output measurement, all finely organized into one single volume.

The rapid integration of global governments, businesses and capital has faced a dramatic and often hostile backlash in recent years. As populist agendas worldwide gain momentum, Deglobalization 2.0 explores the key drivers of reactionary movements. From the 'Make America Great Again' movement in the US, to Continental European populism, Peter van Bergeijk explains the critical catalysts of anti-globalization sentiment. Through a historical lens, this book draws out similarities and differences between contemporary developments and the economic crises of the 1930s, offering a unique understanding of the political and economic drivers of deglobalization. Focusing on wealth inequality, social uncertainty and international competition for economic supremacy, van Bergeijk examines and offers answers for the lacunae in the globalization debate. Provocative, insightful and accessible, this book confronts the deglobalization issue as a matter of real urgency and is thus vital reading for policy makers and managers working in international affairs and economic relations. It also offers guidance for academics in international economics and relations moving into the uncharted territory of deglobalization processes.

Issues related to central banks feature regularly in economic news coverage, and in times of economic or financial crisis, especially when a commercial bank is bailed out, they become the focus of the policy debate. But what role do central banks play in a modern economy? How do central banks wield influence over the financial system and the broad economy? Through which channels does monetary policy impact macroeconomic fundamentals such as inflation or unemployment? For example, how does a central bank alter the money supply? What are the benefits of central bank independence, and what are the up- and downsides of having a common currency? This book provides easily accessible answers to these and other questions associated with central banking.

This book offers a comparative analysis of credit cooperative systems across 23 European countries. Cooperative banking has an important place in the financial, economic and social life of most European countries, and while cooperative banks, credit mutuals, credit cooperatives and credit unions share the spirit of cooperation and mutuality, they often have very different features, history and development. The book examines the evolution and current model of each credit cooperative system, its importance for the national and local banking markets, as well as the impact of the financial crisis on cooperative banking, and also presents the sharp contrasts between these systems throughout the EU. It is of significant scientific and practical interest and enables policymakers, practitioners and academics at European and national levels to deepen their understanding of the evolution of the system and its governance.

Risk and Return for Regulated Industries provides a much-needed, comprehensive review of how cost of capital risk arises and can be measured, how the special risks regulated industries face affect fair return, and the challenges that regulated industries are likely to face in the future. Rather than following the trend of broad industry introductions or textbook style reviews of utility finance, it covers the topics of most interest to regulators, regulated companies, regulatory lawyers, and rate-of-return analysts in all countries. Accordingly, the book also includes case studies about various countries and discussions of the lessons international regulatory procedures can offer.

This comprehensive two-volume collection presents key papers on the relationship between international trade and trade policy on the one hand, and poverty and inequality on the other. These relationships highlight the connections between the WTO and income distribution. The analytical and policy context of the volumes is laid out by the editor's introduction and by the first two articles of the collection. The selected papers in the first volume cover macroeconomic links, price links, general equilibrium modeling and, in the second volume, factor markets. Prominent in the second volume are readings on the effects of trade on labour markets in developed and developing countries. Some articles develop the theory of trade and income distribution, but most are empirical and quantitative, stressing the need to test theory and measure key effects before one can make useful policy statements. This book will be invaluable for graduate students, policy makers and professional applied economists.

This book aims to showcase and advance recent debates over the extent to which undergraduate macroeconomics teaching models adequately reflect the latest developments in the field. It contains 16 essays on topics including the 3-equation New Consensus model, extensions and alternatives to this model, and endogenous money and finance.

Since the onset of the twelfth Five-Year Plan, China has been at the forefront as an innovative nation based on a carefully designed strategy. Despite this, it can be argued that the Chinese government requires a series of more effective and systematic fiscal and taxation policies. This book analyses the status quo and possible optimization of China's fiscal and taxation policies. By drawing comparisons with other countries, as well as a practical investigation into the lessons China has drawn from elsewhere, the author shows how a nation should make steadily growing and optimized financial investments in science and technology in order to foster the optimum environment for innovation. It is shown that institutional innovation should be a systematic project which involves top-level design and top-down leadership. This volume will be a useful reference for students, scholars, and policy makes who are interested in financial policy.

Rent, resources, and technologies are three crucial issues to the understanding of history and economics. The scarcity of resources, its interplay with technology, and the role of rent in explaining both economic growth and income distribution are investigated by adopting a multi-sectoral and non-proportional model, where scarce resources impose several scale constraints that may slow growth, but may contribute to further development of new technologies. In this dynamic framework the category of rent acquires new dimensions with far-reaching implications for both the system of prices and the distribution of income. The analytical and formal-theoretical perspective of this book could be used as a basis for future historical and quantitative studies.

The destruction or collapse of a social system is bound to be cataclysmic, and the collapse of the communist system which has played itself out at across twenty-eight countries is no exception. The political, social and economic relations which governed these societies are all being simultaneously changed in a fundamental way. In such a context the presence of macroeconomic instability is hardly surprising. Yet, it is the job of economists to try to identify the specific causes of economic phenomena, even when they are caught up in the whirlwind of history. This book, by a participant in the events, examines the causes of very high inflation and large fall in statistically measured output in the post-Communist countries of Central and Eastern Europe and the former Soviet Union. It focuses on the fundamental nature of the shift from supply constrained economies (in which there is no unemployment) to ones which are constrained by demand; on the reconstruction of monetary and credit systems; and on the central role of macroeconomic stabilization and generalised liberalisation in creating the basis for private sector growth. Many of the chapters have grown out of policy debates in which the author participated.

Based on an investigation of economic and resource allocation factors and their close relation to economic power, this book puts forward the power paradigm, a new economic research paradigm revealing the relationship among power, institutions, and resource allocation mechanisms, helping to establish a valid connection between macroeconomics and microeconomics and shedding light on real-world economic issues. Drawing on classical, neoclassical, and institutional economics and how these schools of thought have impacted on economic development in China over the past century, the book sheds light on distribution processes and argues that enterprise contracts, market pricing, policies, laws and regulations can all be classified as interest distribution mechanisms informed by a variety of power games. The power paradigm suggests that to achieve full utility and an optimal allocation of resources to foster social welfare, power reciprocity needs to be shared among different economic agents at the same hierarchy level while making sure that power and responsibility are equivalent for each economic agent. The book will appeal to research students and academics interested in heterodox economics, pluralist approaches, institutional economics, and game theory.

This book argues that the theory of sustainable development lost some of its rigor because of two main reasons. The first manifests itself as an inflation of concepts that hampers the correct understanding of sustainability's essence. The second one consists of a departure from the traditional scientific sources of the classicists and, in part, neoclassicists. Exploiting relevant areas of their works, the authors outline the theoretical framework necessary to promote a healthy version of sustainability. Of utmost interest prove to be areas such as: the formation process of natural prices and natural rate of interest; placing growth before employment and placing production before distribution, consumption, and social justice. The main idea of the book consists of a call for breaking away from the impure forms of the theory of sustainable development and its reconstruction through the reconciliation with the laws of healthy growth as they are highlighted in the works of the founders. The authors make the case for an approach to sustainable development that is holistic, macroeconomic, and institutionalist, where social, ecological, and economic components are reconciled. This work presents a fresh perspective in the context of current works on sustainability, serving as an accessible research resource and public policy decision guide.

The pursuit of wealth has captivated people's attention for centuries. Yet, as a topic of social research, the way in which wealth is accumulated and unequally distributed has largely been neglected, remaining hidden beneath data on income inequality. Wealth aims to address this blind spot in the academic discourse. In accessible prose, Yuval Elmelech explains how personal wealth differs fundamentally from other conventional measures of socioeconomic status and why it has become increasingly important to our understanding of social mobility and stratification. Crucially, Elmelech presents a dynamic sociological framework of wealth attainment that illuminates the effects of cumulative advantages and disadvantages over the course of an individual's life, and across generations. He describes how these advantages and disadvantages are in turn shaped by a complex interplay of multiple markets, changing demographic landscapes, and persistent inter-group wealth disparities. Blending theoretical approaches with empirical evidence and macro-level contexts with micro-level processes, this book is an astute guide for thinking about wealth as a key determinant of social and economic wellbeing and for interrogating the role of wealth accumulation in social inequality.

Demonstrating that there are (superior) alternatives to the modern macroeconomic mainstream and its DSGE (dynamic stochastic general equilibrium) models, this book presents the cutting edge in macroeconomic modelling, economic policy, and methodology from the perspective of heterodox economic thinking. The first part of the book explores methodological issues, advocating for a stronger ethical consideration in macroeconomics and for the adoption of a strategy of pluralism to ensure that macroeconomic theory is capable of adapting to real-world issues. The second part highlights recent trends in empirical Stock-Flow Consistent models by collecting a group of the most well-developed empirical models of five different economies: the Danish, the Dutch, the French, the Italian, and the Argentinian models. In all five cases, the models are used to discuss various policy aspects of the individual economies. Finally, the book explores issues of macroeconomic policy which are largely neglected by mainstream economists including financial (in)stability and macro imbalances. The book emphasizes the need for investigating sectoral balances, which are crucial elements for investigating imbalances from the heterodox perspective. This book will be of significant interest to students and scholars of macroeconomics, economic modelling, economic methodology and heterodox economics more broadly.

This book presents selected papers from the 32nd Eurasia Business and Economics Society (EBES) Conference - Istanbul. Due to the COVID-19 restrictions, the conference presentation mode has been switched to "online/virtual presentation only". The theoretical and empirical papers gathered here cover diverse areas of business, economics and finance in various geographic regions, including not only topics from HR, management, finance, marketing but also contributions on public economics, political economy and regional studies.

This book explores the universal and highly topical issues of ageing and retirement. It places a particular focus on the macroeconomic aspects of the ageing and retirement of college and university teachers, through a case study of teachers and professors in France and India. While the ageing of the population and the financing of the pension system are notoriously pressing issues in Western nations such as France, it has previously not been acknowledged that these issues are also critical to the development trajectory of emerging countries such as India. The book also highlights the importance of pensions for welfare, well-being and stability in all categories of workers, including workers in the informal sector and private companies devoid of pension schemes, where jobs are largely irregular and temporary in nature. It will be of great interest to researchers in the fields of comparative education, sociology and economics.

Macroeconomic Theory and Policy is the second collection of Richard G. Lipsey's essays and contains material that has previously remained unpublished or has not been widely available. The book considers the macroeconomic issues of unemployment, inflation and policies to combat inflation, the Keynesian macroeconomy and supply side economics.The book begins with a new autobiographical introduction to the intellectual development, personal achievements and the fields of interest of Richard G. Lipsey and is then divided into five parts. Part one considers the Phillips Curve, wage rates and profits. The second part discusses the various theories of the causes of inflation and explores issues such as the depreciation of money, monetarism and cost-push versus demand-pull inflation. Part three looks at anti-inflation policies, focusing on incomes policies, credit and monetary policy and wage-price controls among other issues. Keynesian macroeconomics is evaluated in the fourth section, as well as inflation and the national income model. The final part considers supply-side economics. Macroeconomic Theory and Policy is an essential reference companion to the work of Richard G. Lipsey, one of the most important economists of our generation.

There are many studies confirming the relationship between financial systems and economic development, but there are few which examine the degree to which financial systems a) impact the quality of information, b) influence sound corporate governance, c) ensure effective mechanisms of risk management, d) mobilize savings and f) facilitate trade. In the context of sustainability, there should also be a line of inquiry into how a particular financial system influences the assurance and implementation of sustainable development principles and goals. This book delivers a methodological approach to designing and assessing sustainable financial systems. It provides an original contribution by prioritizing ESG factors in the decision-making process of financial institutions and identifying their impact on sustainable financial systems. The author argues that to achieve financial stability, it is necessary to have in place mechanisms designed to prevent financial problems from becoming systemic and/or threatening the stability of the financial and economic system, while maintaining (or not undermining) the economy's ability to sustain growth and perform its other functions. The book primarily takes a simulation and experimental approach. It is the first book to take such a comprehensive look at sustainable financial systems as opposed to sustainable finance in general. It will appeal to academics, students and researchers in the fields of economics, finance and banking, business, management and political and social sciences.

Flow-of-funds accounts are a component of the national accounts system reporting the financial transactions and balance sheets of the economy, classified by sectors and financial instruments. The biggest financial crisis in a lifetime has shown how important it is to have a deep knowledge of the financial balance sheets of the main sectors of the economy and the financial flows that take place between them. This type of information is essential for a proper understanding of the transmission of monetary and financial shocks through the economy, thereby complementing traditional monetary analysis centred on bank balance sheets.
This publication takes a flow-of-funds perspective of the financial crisis. The book highlights the ongoing efforts in the central bank and academic community to gain a deeper understanding of the implications of the financial crisis for monetary analysis and to develop empirical tools to extract regularities from the rich flow-of-funds dataset. The authors cover in this respect the full range of financial assets held by different sectors of the economy, including the balance sheet of financial intermediaries, bank leverage issues and their implications for the supply of credit to the economy, as well as the portfolio choices, savings behaviour and debt financing of households and non-financial corporations. Over time, this should enable monetary policy-makers to apply the new insights and instruments for a richer analysis of credit cycles and the transmission of monetary policy via flow-of-funds variables.

The book presents theoretical and empirical research on the integrated assessment of cartels' effects on national economies. The empirical analysis is based on three cases in Lithuania, a country chosen because it corresponds to the features of a small economy with a developing culture of competition. An integrated assessment of a cartel's impact by measuring the net economic effect created by its operations on the market is extremely important at the scale of national economies. If a cartel's true impact is not identified and evaluated, it is impossible to make important strategic decisions, for the whole economy instead of individual affected parties and to establish an optimum baseline for mitigating the harm done to the economy. Thus, an integrated cartel impact assessment can help to more proactively combat cartel agreements on the market and improve the economic welfare of the respective country.

This book tries to build a broad view on industrial processes of large economies and their integration in the world. It provides insight into the industrialization progresses of the quartet of USA, China, Germany and Japan, all attaining individual industrialization success by distinct trade, fiscal and industrial policy path, the underlying principles of which can be traced back to respective nation's roots in civilization. The combination of their industrial output led to the integrated formation of international industrial distribution. While being highly productive, the current distributed pattern yields benefits that are unevenly dispersed among different regions, industries and societal groups within each participating nation and among engaging economies. To address the uneven benefits distribution at both domestic and international levels, large industrial economies took a plethora of policy actions that will impact industrial ecosystem and portfolio results. The book aims to help readers to build better investment strategies and robust risk management practice under the context of uncertainty and successfully navigate through choppy waters in the years ahead.