A pioneering contribution to economic literature, this volume presents a theoretical and empirical study of the relationship between entrepreneurship and the process of long-term regional change. Based on an exhaustive review of classical works in historical, managerial, and spatial economics, Suarez-Villa identifies five major innovative entrepreneurial roles and their historical antecedents. He then explores the macro effects of these roles by analyzing data for a 94-year period, demonstrating the relationship between the emergence of each role and the occurence of major changes in the sectoral and regional economies.

Following an introductory chapter that addresses economic change as an ongoing process, Suarez-Villa defines the various entrepreneurial roles in two theoretical chapters that examine the historical causes for their emergence and show how each can be viewed as an innovative agent of change. The empirical analysis of the succeeding chapters provides important new insights into the sectoral transformations of the U.S. regional economies promoted by the changing historical roles of entrepreneurship and the organizations through which it acts. Using U.S. national and regional data over the period 1889-1983 for agriculture, manufacturing, and distributive activities and services, as well as changes in regional, urban, and rural populations, the author identifies changes in regional productivity and employment for various sectors and the place of entrepreneurial activity in these changes. Concluding that entrepreneurship is an important but usually neglected component of regional economic change, Suarez-Villa draws conclusions from a long-term perspective, addressing such issues as entrepreneurial effectiveness, sectoral restructuring, and spatial impacts. Three appendixes, detailed notes, and a bibliography include important additional information for the student and researcher.

In terms of economics, the twenty-first century promises to be one of experiments and mixed economies that display features of both a private enterprise market and an intrusive government sector. To fully understand this coming trend, William Hixson presents this study of the U.S. economy since World War I and its experiments with mixed economics. Hixson describes how the largely laissez-faire economy prior to 1929 was so structured to make a crisis of illiquidity and overindebtedness inevitable, and how the mixed economy that has prevailed since World War II is structured to result in a similar crisis. His work challenges the generally accepted views of both U.S. and Marxist economists.

Following a brief introduction that outlines Hixson's approach and theoretical framework, the book begins with a seven-chapter study of the basic operating principles and procedures of a laissez faire economy. The next three chapters examine the Great Crash of 1929 and how it was a predictable outcome of the U.S. economy's operation in a laissez-faire mode. A set of four chapters then analyze the emergence of the government sector as an increasingly significant factor, and the evolution and institutionalization of mixed economy. The last set of chapters considers the past four decades of a mixed economy and why it lacks long-term viability, while the concluding two chapters suggest changes in operating principles and financial practices to make the mixed economy a viable one. This work will be a valuable resource for professionals involved in all types of financial and investing fields, as well as for students and scholars of economics and national economies.

This volume comprises papers presented at the 8th international conference "The Economies of the Balkan and Eastern European Countries in the Changing World" (EBEEC) held in Split, Croatia in 2016. The papers cover a wide range of current issues relevant for the whole of Eastern Europe, such as European integration, economic growth, labour markets, education and tourism. Written by experienced researchers in the field of economic challenges for Eastern Europe, the papers not only analyse recent problems, but also offer policies to resolve them. Furthermore, they offer insights into the theoretical and empirical foundations of the economic processes described. The proceedings of the conference appeals to all those interested in the further economic development of the Balkan and Eastern European countries.

The effects of globalization strategies of multinational enterprises (MNEs) on national and local development are explored and analyzed here and implications of these effects for policy makers are highlighted. Containing contributions from international business scholars, the text addresses this previously little explored but critically important issue for the future of the world economy.

From Nobel Prize-winning economist and New York Times bestselling author Robert Shiller, a groundbreaking account of how stories help drive economic events-and why financial panics can spread like epidemic viruses Stories people tell-about financial confidence or panic, housing booms, or Bitcoin-can go viral and powerfully affect economies, but such narratives have traditionally been ignored in economics and finance because they seem anecdotal and unscientific. In this groundbreaking book, Robert Shiller explains why we ignore these stories at our peril-and how we can begin to take them seriously. Using a rich array of examples and data, Shiller argues that studying popular stories that influence individual and collective economic behavior-what he calls "narrative economics"-may vastly improve our ability to predict, prepare for, and lessen the damage of financial crises and other major economic events. The result is nothing less than a new way to think about the economy, economic change, and economics. In a new preface, Shiller reflects on some of the challenges facing narrative economics, discusses the connection between disease epidemics and economic epidemics, and suggests why epidemiology may hold lessons for fighting economic contagions.

Beyond Conventional Economics: Selected Works of E Ray Canterbery presents a collation of Canterbery's many contributions to economics. This volume marks the first time that his complete works have been presented, with the scope of the works ranging from microeconomics and macroeconomics to history of thought and methodology. If there is one theme that connects the contributions, it is Canterbery's long-abiding concern with the income and wealth distributions. They are front-and-center in his microeconomics, macroeconomics, history of thought, and even some of his theories of foreign exchange and speculation. Persona who appear in these pages include Abba Lerner, Harry Johnson, Hyman Minsky, Michal Kalecki, Pierro Sraffa, Kenneth Boulding, John Rawls, Robert Nozick, Alfred Eichner, Thorstein Veblen, John Kenneth Galbraith, Joan Robinson, Ayn Rand, Ronald Coase, Lester Thurow, Sven Arnt, and H Peter Gray. Canterbery's policy ideas still have relevance today, as some have been adopted worldwide. For example, in foreign exchange, his delayed peg has been utilitzed in countries that shy away from completely 'free' exchange rates. His criticism of monetary policy decision-making contributed to the idea of more frequent reporting on changes in the federal funds rate.

Due to the fundamental two-way interaction between the theoretical and the empirical aspects of monetary economics, together with the relationship of both to matters of public policy, any organization of material comprehensively spanning the subject is bound to be arbitrary. The 23 surveys commissioned for this Handbook have been arranged in a way that the editors feel reflects some of the most important logical divisions within the field and together they present a comprehensive account of the current state of the art. The Handbook is an indispensable reference work which should be part of every professional collection, and which makes ideal supplementary reading for graduate economics students on advanced courses.

For more information on the Handbooks in Economics series, please see our home page on http: //www.elsevier.nl/locate/hes

Due to the fundamental two-way interaction between the theoretical and the empirical aspects of monetary economics, together with the relationship of both to matters of public policy, any organization of material comprehensively spanning the subject is bound to be arbitrary. The 23 surveys commissioned for this Handbook have been arranged in a way that the editors feel reflects some of the most important logical divisions within the field and together they present a comprehensive account of the current state of the art. The Handbook is an indispensable reference work which should be part of every professional collection, and which makes ideal supplementary reading for graduate economics students on advanced courses.

For more information on the Handbooks in Economics series, please see our home page on http: //www.elsevier.nl/locate/hes

Poverty alleviation is a central aim of economic and social policy, and yet there is no consensus about what poverty means or how it is best measured. Often, the households below an income poverty line are counted as poor, but there may be no firm basis for concentrating on that particular income level. There may also be wide variations among the households below any income poverty line in terms of their actual living standards. This book explores what poverty means in developed countries, and shows that understanding and measuring it requires widening the focus beyond current income. By using broader measures of resources and information on living patterns and concrete indicators of deprivation, it shows how those who are effectively excluded from participation in society due to lack of resources can be more accurately identified, and the processes producing such exclusion better understood. The core issue of this book is how to define and measure poverty in relatively rich countries in a way which is valid, meaningful in the context, and valuable for policy-making. Extensive analysis of data from a specially designed survey of a large representative sample of Irish households is used to illustrate the arguments.

Contemporary studies on social structure and the world political economy tend to be concerned primarily with present conditions and what these promise--or threaten for the future of the planet. The authors of this volume have taken a less fashionable stance, looking instead to the recent past and the pivotal historical moments that have formed the world we live in. Consisting of fourteen essays contributed by an international group of specialists, Rethinking the Nineteenth Century examines the social formations of that period and integrates them into a modern theoretical framework. The broad issues of class and state formation, imperialism and nationalism, and ascent and decline in the world system are the central focus of the book.

This volume fills a gap in the literature by analyzing basic issues in development economics as they affect a particular type of Third World nation - small island economies. Using practical examples from the Caribbean Basin and the South Pacific, the authors examine in depth structural and employment issues, demographic and socioeconomic issues, and environmental and natural resource issues. Their aim throughout is to identify and assess the particular and unique development problems faced by small island economies so that effective policies can be derived that will more accurately reflect socioeconomic realities in these areas.

Following an introductory overview, the authors discuss the role of staple exports in the economic well being of small island economies as well as issues relating to manufacturing and service sector activities and the structural and employment impacts of tourism. In Part Two, they turn to an exploration of demographic and socioeconomic issues including the effects of urbanization on the development process, the implications of migration from and between small island nations, the brain drain problem, and the relationship between criminal activity and development. Part Three shifts the focus from people-oriented issues to concerns related to agriculture and resource utilization. Separate chapters address agriculture in the developmental mix, the use of fisheries, forest resources, minerals, and conservation issues. The final section looks at the international considerations raised by the study and outlines the policy implications of the authors' findings. Students of development economics, international trade, and finance will find this an invaluable contribution to the greater understanding of the specific development problems faced by small island economies.

This volume brings together business, government and academic representatives from the United States, Pacific and Asian nations to address issues of regional economic cooperation in the Pacific Basin. The contributors focus particularly on cooperation in five areas: development, commodities, technology, human resources, and issues and directions. Their papers explore both the broad questions of cooperation in regional economic development and more practical concerns such as appropriate technology, political constraints, and foreign aid. Invaluable supplemental reading for courses in economic development and comparative economics, "Pacific Cooperation and Development" provides important new insights into the dynamics of economic development in an increasingly critical global market.

In the decades after World War II, inflation undermined the aspiration for full employment in Australia. This book tells the story of how the Australian state was shaped by the confrontation with monetary instability: a pre-history of neoliberalism.

Using quantitative research, this volume investigates the characteristics, problems and trends of the automobile society in China's mega cities and large cities. It also addresses topics related to cars and cities, traffic safety and cars' consumption. China has experienced more than 30 years of rapid economic development, and people's living conditions have greatly improved. One of the symbols of this is family-car ownership, which has increased year by year. China is rapidly becoming an automobile society like North America. But China has huge population and limited urban space, and most of the cities are deteriorating environmentally. Added to this are the low degree energy self-sufficiency and people's lack of awareness of traffic rules, all of which have brought various social problems, such as traffic congestion, lack of parking spaces, air pollution, energy shortage and frequent accidents. The volume presents a series of studies examining the characteristics and problems of China's automobile society development from the perspective of sustainable development. The reports in the volume are both academic and highly readable, making it an interesting resource for researchers and general readers alike. It offers insights into the trends and problems of private cars in China, as well as observations on China's social change through the unique medium of cars.

Measurement of intangible benefits is a major problem for governments, commercial organizations, academics, and professionals involved in such disciplines as accountancy and economics. But it doesn't have to be difficult.

"Measuring Intangible Value" brings clarity and understanding to this complex issue. Utilizing more than seven years of research into the concept of intangible value measurement, David I.W. Taylor attempts to bring two theories of intangible measurement together through the application of a redefined concept of value. These two theories include Michael Porter's value chain research and Thomas Saaty's structured decision-making method, analytical hierarchic process, and analytical network process.

This study also develops the use of Porter's value chain theory to develop a process by which value can be categorized and then measured, and also considers identification of intangible benefits through categorization. These categories are then formulated as to the least amount of groupings necessary to assist in the options appraisal of project outcomes through the quantification of structured decision-making.

"Measuring Intangible Value" brilliantly forges a relationship between academic theories to create a practical business model perfect for those in any type of organization

This edited volume, with contributions by area experts, offers discussions on a range of evolving topics in economics and social development. At center are important issues central to sustainable development, economic growth, technological change, the economics of climate change, commodity markets, long wave theory, non-linear dynamic models, and boom-bust cycles. This is an excellent reference for academic and professional economists interested in emerging areas of empirical macroeconomics and finance. For policy makers and curious readers alike, it is also an outstanding introduction to the economic thinking of those who seek a holistic and all-compassing approach in economic theory and policy. Looking into new data and methodology, this book offers fresh approaches in a post-crisis environment. Set in a profound understanding of the diverse currents within the many traditions of economic thought, this book pushes the established frontiers of economic thinking. It is dedicated to a leading scholar in the areas covered in this book, Willi Semmler.

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

This study quantifies the relationships between the economies of the Unites States and Japan on an industrially disaggregated basis. It links two large-scale econometric models of the U.S. and Japan in the framework of the world model system (Project LINK). These models are useful not only for forecasts and aggregate policy studies, but also for detailed investigation of industrial changes and trade policy on sectoral output employment, trade balance, and inflation in both countries. The interactions with other parts of the world are also taken into account. Applications to policy changes and exchange rate variations illustrate the potential of the model system and provide a powerful insight into the operation of two closely integrated economies. A pioneering effort to link quantitatively the relationships between the economies of the United States and Japan, this volume will be of interest to economists and policymakers here and abroad.

This monograph is devoted to the analysis of the dynamics of business cycles and stabilization policies. The analysis is conducted in models of the AS-AD type, focusing on involuntary unemployment and capital accumulation. Major conclusions are the following. (1) Sectoral imbalances, once emphasized by such business-cycle theorists as K. Marx, A. Spiethoff, and F.A. Hayek, are rectified in finite time by competitive investment allocation, leaving aggregate variables as the main variables of business cycle dynamics. (2) The chronology of events during a cycle is established, which resolves the so-called real wage puzzle. (3) Owing to the crowding-out effect on investment, fiscal stabilization policies can destabilize the business cycle dynamics if implemented too intensively. (4) If coordinated properly, monetary stabilization policies can remove the destabilizing tendency of fiscal stabilization policies.

Money is a social convention, but with what social consequences? In this innovative study, Rodney Bruce Hall argues that those who govern the parameters of money's creation, its destruction, and its valuation are responsible for the governance of international finance. The volume is an analysis of central banking as global governance, employing the institutional philosophy of John Searle as a theoretical basis for exploring the consequences of money as a social institution, and the social relations of credit and debt. While previous studies in this field have made forays into the political economy of monetary institutions, this book breaks new ground by offering a constructivist social analysis that identifies the mechanisms of governance as social rather than material processes. The volume will therefore be of great interest to a wide range of scholars and students, particularly those with an interest in international relations, international finance and international political economy.

Two important new developments have occurred that have significant impact on the evolution of econometrics, namely, the end of the Cold War and the emergence of the information revolution in nearly all economies of the world.

The information revolution has had significant effect on data flows, making them much more timely, accessible, and descriptive of more parts of the economy. At the same time, it has changed the industrial structure of many economies, giving rise to increasing importance of the tertiary sectors (e.g. services). The new generation of hardware and software enables econometricians to handle larger and more complex problems, especially those that are data intensive and computer intrusive.

These major events require reconsideration and redrafting of some of the materials of the original edition.

The present volume retains the original structure of "Lectures on Microeconomic Theory" and takes up principles of constructing dynamic macroeconometric models and their use in economic analyses and forecasting, while introducing many updates, revisions and extensions. The description of the econometric methodology has been limited to specific applications of time series analysis, and the title has been changed to "Principles of Macroeconometric Modeling."

The first four chapters discuss the principles of specifying equations of structural macromodels, covering both developed marked economies, transition economies and world-wide models. The remaining chapters cover some major issues in the use of macromodels. The point of departure is model simulation, especially of the prevailing non-linear models, which is followed by model validation. The analysis of model dynamics covers economic fluctuations and the relevant implications of non-stationarity. The use of macromodels in policy analysis is presented next; it includes multiplier analysis and scenario simulations. The monograph ends up with forecasting being a special case of simulation analysis.

This is an especially impressive study, one really without equal in terms of its coverage and sophistication. . . . While the analysis is predominately neoclassical, it is sensibly and sensitively done, and there is much to be learned from these pages on the immense difficulties involved in designing and implementing appropriate small-state economic policy. The tug of economic reality facing small economies in an open-world economy make the push coming from internal interests a real balancing act, as Worrell appreciates. There are other points one might have liked Worrell to have touched upon, but this work is really in a class by itself; there is no other general economic study of the region that is even remotely comparable. "Choice"

Dr. Worrell has been Director of Economic Research at the Central Bank of Barbados for over ten years. During this time he has observed firsthand the economic fluctuations in the Caribbean, advised the Barbados Government on policy, and written about the issues. "Small Island EconomieS" offers the author's reflections on the English-speaking Caribbean's economic performance during the last fifteen years. This insightful volume will be of use to specialists of developing and comparative economies and third world scholars, as well as those concerned with present-day international relationships.

The second of two works resulting from the author's extensive study of energy and the world economy, this book examines the international macroeconomic aspects of energy adjustment. Specifically, the author analyzes the ways in which economies adjust to external shocks, particularly the oil price shock and other energy market changes of the 1970s and early 1980s. He seeks to put the recessions experienced by industrial countries during the last decade in historical and analytical perspective, arguing that with the increasing openness of the world economy, the effects of the domestic policies of the industrial economies are increasingly relevant to the economic prospects of developing countries. He argues further that the apparent problems of the global economy during the post-1973 era--stagnant growth, inflation, the international debt crisis, and rising protectionism--are in part the result of a deterioration in the economic performance of industrial countries.

The author begins by examining the effects of energy supply disturbances on the world economy. Subsequent chapters explore such issues as challenges to economic stabilization policy; the impact of external shocks on the economies of less developed countries, especially with regard to inflation and balance of payments problems; the relationship between world payment imbalances and recycling problems; and the link between energy markets and the international debt crisis. Finally, the author provides a theoretical framework for the international adjustment to energy shocks, focusing on flexible exchange-rate policy responses to exogenous shocks in the 1970s and the contribution of exchange rate misalignment to the international debt crisis of the 1980s.