Gross Domestic Product (GDP) and other statistics based on national income accounting are ubiquitous but rarely understood today. GDP has been criticized for many reasons, including not reflecting well-being, leaving out the costs of environmental pollution, and not counting unpaid work, but on purely economic terms it has been mostly accepted as an indicator of economic performance. In recent decades, however, GDP has diverged dramatically from economic trends such as employment and median income. This book argues that GDP is flawed even as a narrow economic indicator, and traces the problem to the way financial services are measured. The first part of the book is a political history of the practice of national accounting from its beginning in the mid-17th century to present day, and explores how such income estimates were constructed for political reasons. The Financialization of GDP presents the practice of estimating national income as a historically and political contingent craft - driven by power and not only theory - culminating in the rise of the financial sector and the concomitant inclusion of financial services in GDP in 1993.. The second part of the book focuses on the treatment of financial services in national accounting and develops an adjusted measure of output (Final Domestic Product or FDP) - which treats financial revenues as intermediate inputs (or costs) to the economy as a whole. The final part of the book explores the empirical and policy implications of treating finance as an overall cost to the economy. This volume shows that the Great Moderation of volatility was a statistical artefact; Okun's Law (relating changes in output and unemployment) never died, and even provides early signs for the Great Recession which analysts using standard GDP did not see. This book is of great interest to those who study political economy and macroeconomics.

Why has the economic growth performance of Sub-Saharan Africa been disappointing on balance over the past 50 years? More importantly, what can be done to reverse that trend and to sustain and improve upon the accelerated growth experienced in recent years? What are the possibilities and policies for Africa to reduce poverty and achieve sustained, rapid economic growth? What are the lessons of success in both Africa and elsewhere? Could some of the policies that proved so successful in East Asia help reverse the deindustrialization of Africa in the past three decades and be the basis of its structural transformation? These were the questions posed to a diverse group of experts on development convened by the Initiative for Policy Dialogue (IPD). This volume reflects the highlights of their deliberations. It broadens the policy debate, expands the policy options, and proposes alternative development strategies. This book captures the lively, and sometimes contentious, debate, and provides a note of optimism for the future. Though success is not assured, this volume argues that there is good reason to believe that policies based on lessons of successes, notably in East Asia, can be adapted successfully in African contexts.

This book provides a comparative picture of the restructuring experiences of five Asian economies: South Korea, Singapore, Indonesia, Thailand and India. In the case of Indonesia and Thailand, the focus is on short-run structural adjustment measures, and in the case of South Korea and Singapore, the emphasis is on longer term industrial, trade, labour and financial sector policies. The chapter on India views the country's economic development in the light of the above analysis. The political economy of the policy-making process is examined in each case.

'I want to begin by declaring that I regard scientific knowledge as the most important kind of knowledge we have', writes Sir Karl Popper in the opening essay of this book, which collects his meditations on the real improvements science has wrought in society, in politics and in the arts in the course of the twentieth century. His subjects range from the beginnings of scientific speculation in classical Greece to the destructive effects of twentieth century totalitarianism, from major figures of the Enlightenment such as Kant and Voltaire to the role of science and self-criticism in the arts. The essays offer striking new insights into the mind of one of the greatest twentieth century philosophers.

Following the British withdrawal in 1971, the Gulf Region entered a heady period of political restructuring, awash with oil money that helped fund national aspirations. Infrastructure investment became a central part of the region's nation-building initiatives and fueled strong competition. Without its neighbours' oil fields, infrastructure and territorial development became particularly vital to Dubai. This book provides a unique and detailed understanding of Dubai urbanism by demonstrating that cumulative programmatic intensification and scalar amplification of its large-scale infrastructural components guided its metropolitan growth and generated a territorial organization logic that outstripped the predictive capacity of traditional Western master planning. Dubai's rapid series of infrastructural projects culminated in the Jebel Ali Port, Industrial Area, and Free Zone, which marked a definitive "before and after" point. The book shows how Jebel Ali also became the template for subsequent developments, Dubai World Holdings Company's international aspirations, and the agencies that manage and regulate Dubai's large-scale infrastructural projects today. Dubai Amplified highlights the cycle of typological borrowing, prototypical replication, and scalar amplification, specifically in Dubai's infrastructure projects, to best describe its general territorial development. While infrastructure is traditionally understood as the elemental "hardware" that undergirds urban development, the book concludes by arguing that the definition should be expanded in this case as more of a set of objects, networks, and services that cities can selectively borrow, replicate, and amplify.

Psychological theory and research have much to contribute to the knowledge and skill bases underlying effective policing. Much of the relevant information, however, is dispersed across a variety of different psychological and criminal justice/policing journals and seldom integrated for those applied psychologists interested in policing issues or for police policymakers/administrators and others working in the criminal justice area who are not familiar with the psychological literature. Designed to accommodate the needs of these different groups, this book addresses both operational policing issues and issues relevant to the improvement of organizational functioning by providing integrative reviews of psychological theory and research that deal with effective policing. It illustrates how the theory and research reviewed are relevant to specific policing practices. These include eyewitness testimony, conflict resolution, changing driver behavior, controlling criminal behavior, effective interviewing, and techniques of face reconstruction. The volume's readable style makes it accessible to a diverse audience including undergraduate and postgraduate students in forensic/organizational/applied psychology, criminal justice, and police science programs, and police administrators and policymakers. It will also interest psychologists whose primary focus includes policing and criminal justice issues. The book should draw attention to the often unrecognized and valuable contribution that mainstream psychology can make to the knowledge base underpinning a wide variety of policing practices.

This book provides a new methodological approach to money and macroeconomics. Realizing that the abstract equilibrium models lacked descriptions of fundamental issues of a modern monetary economy, the focus of this book lies on the (stylized) balance sheets of the main actors. Money, after all, is born on the balance sheets of the central bank or commercial bank. While households and firms hold accounts at banks with deposits, banks hold an account at the central bank where deposits are called reserves. The book aims to explain how the two monetary circuits - central bank deposits and bank deposits - are intertwined. It is also shown how government spending injects money into the economy. Modern Monetary Theory and European Macroeconomics covers both the general case and then the Eurozone specifically. A very simple macroeconomic model follows which explains the major accounting identities of macroeconomics. Using this new methodology, the Eurozone crisis is examined from a fresh perspective. It turns out that not government debt but the stagnation of private sector debt was the major economic problem and that cuts in government spending worsened the economic situation. The concluding chapters discuss what a solution to the current problems of the Eurozone must look like, with scenarios that examine a future with and without a euro. This book provides a detailed balance sheet view of monetary and fiscal operations, with a focus on the Eurozone economy. Students, policy-makers and financial market actors will learn to assess the institutional processes that underpin a modern monetary economy, in times of boom and in times of bust.

This examination of the economic policies of Somalia since 1970 is empirical in nature, employing political and economic analysis, economic theory, and econometric techniques, and argues that the governmental economic policy, policy responses to crises, and exogenous shocks have been bad for the long-term economic growth of the country. Despite significant foreign financed public investment, economic growth has been weak and real per capita income has declined. The intensifying economic crises contributed to the rapid deterioration of the political situation that led to the collapse of the Somali state in 1991. Since 1991, chaos and more destruction has followed as warlords scrambled for power, resulting in the resource base of the economy being eroded further and the country being reduced to warring clans.

Whilst there is widespread agreement about the goals of economic policy, consensus about how best to achieve them can be harder to achieve. No issues are more contentious than employment and income distribution. In recent years full employment and a just distribution of incomes have been downgraded as policy objectives, as greater priority has been given to price stability and balance of payments objectives. This emphasis has been supported by a mainstream economic theory which has an unswerving belief in the ability of market forces to achieve a satisfactory regulation of employment and income distribution Other economists have remained more sceptical, and none more so than Kurt Rothschild. This new volume collects together his twenty two most important essays in the area, many of which are appearing in English for the first time. Throughout pure theory is linked to relevant practical investigations.

This text provides a new approach to the subject, including a comprehensive survey of novel theoretical approaches, methods, and models used in macroeconomics and macroeconometrics. The book gives extensive insight into economic policy, incorporates a strong international perspective, and offers a broad historical perspective.

China's economy continues to grow at a great rate, with important consequences for China's society and environment, as well as for the wider world economy. Reforms are being undertaken in many areas within China, both to encourage continued economic growth and also to mitigate the adverse effects of growth on society and the environment. This book, based on extensive original research by a wide range of leading experts, examines many key issues connected to China's economic growth and its impact. Subjects covered amongst many others include: growth and inequality; labour market reforms; technological innovations and their impact; employment, unemployment and training; and the search for economic development that is ecologically sustainable.

German unification is proving much more difficult than was originally envisaged. The integration of two national economies with different economic orders, different sectoral structures and divergent levels of development seems set to take a long time. This timely examination of the major issues involved emphasises the impact of unification on different sectors of the economy and their likely consequences.

Economic Literacy: Basic Economics with An Attitude, explains the logic, language, and worldview of economic theory while maintaining the engaging and accessible style that has made earlier editions so successful. While covering the fundamentals of the discipline, the author also includes a wide range of new material focusing on the structure, causes and results of the "Great Recession". From microeconomics and macroeconomics to the composition of international and domestic economies, Economic Literacy also makes the key distinction between economics as an academic discipline and the economy as a practical reality. By analyzing this crucial difference, the book encourages students to think critically about the distinctive viewpoint proposed by academic economics and its influence on politics and culture. Using this approach, readers will be enabled to understand both current affairs and professional economics literature, making this book uniquely beneficial for students both practically and theoretically. Never grim, often witty, and frequently insightful into our turbulent financial times, Economic Literacy's fourth edition is a must for students of economics everywhere.

Since 1945 preventing runaway wage inflation has been regarded as a key policy in managing an economy in a successful way. The exact nature of pay control has varied from country to country and from time to time. This book, originally published in 1987, examines pay control policies in major Western economies. It surveys developments from 1945 and explores the aims of pay policies and discusses the problems of implementation, comparing the different kinds of policies. By comparing the performance of these different approaches the book assesses the merits and pitfalls of the different approaches.

The essays in this book, originally published in 1984, examine many problems within the structure of industry including wage policies, financial incentives and other economic policies. The book discusses the problems from two standpoints: that of the economist who is concerned with labour as a resource and the psychologist concerned with the behavioural activity of the labour force. This inter-disciplinary approach ensures the relevance of the essays to social scientists, managers and policy-makers.

This book, originally published in 1981, is a major reassessment of the strengths and weaknesses of incomes policies. A distinguished group of economists comprehensively review the rationale and history of the field, giving special attention to the role fo the public sector, the question of low pay and the differing approaches to incomes policies which have been adopted in Europe and North America.

This book is an edited collection by leading insurance historians, examining the historical role of reinsurance (the insurance of insurers) in the insurance markets of eight countries: USA, Netherlands, Sweden, France, Spain, Italy, Mexico and Japan. All the contributors are experts in their field and have widely published in insurance history, providing the reader with new insights into the insurance and economic history of these countries. In particular, this is the first book to explore the reinsurance markets in the USA, Netherlands, France, Italy and Mexico. This book will be of interest to economic and business historians, as well as insurance practitioners with an interest in the history of their industry.

Now available in paperback, the Routledge Handbook of South Asian Economics addresses the recent economic transformation in South Asia. Leading experts in the field look at the major economic achievements and challenges for the region and examine why economic development across the South Asia region has diverged so significantly since the early 1990s. Providing a cutting-edge review of the economies of South Asia, the Handbook analyzes key growth areas as well as key structural weaknesses and policy challenges facing these economies. Furthermore, it anticipates trends and suggests corrective measures for the South Asian economic region. Sections focus on issues of human development, such as inequality, poverty and quality of schooling, and monetary and fiscal issues, particularly in light of the ongoing global financial crisis. Further sections discuss issues relating to employment and infrastructure, and on the experience of the region with international trade and financial flows, and environmental challenges. Written by renowned and respected experts on South Asian economics, this Handbook is an invaluable reference work for students and academics as well as policy makers interested in South Asian Studies, Economics and Development Studies.

This book offers a fresh perspective on the early history of macroeconomics, by examining the macro-dynamic models developed from the late 1920s to the late 1940s, and their treatment of economic instability. It first explores the differences and similarities between the early mathematical business cycle models developed by Ragnar Frisch, Michal Kalecki, Jan Tinbergen and others, which were presented at meetings of the Econometric Society and discussed in private correspondence. By doing so, it demonstrates the diversity of models representing economic phenomena and especially economic crises and instability. Jan Tinbergen emerged as one of the most original and pivotal economists of this period, before becoming a leader of the macro-econometric movement, a role for which he is better known. His emphasis on economic policy was later mirrored in the United States in Paul Samuelson's early work on business cycles analysis, which, drawing on Alvin Hansen, aimed at interpreting the 1937-1938 recession. The authors then show that the subsequent shift in Samuelson's approach, from the study of business cycle trajectories to the comparison of equilibrium points, provided a response to the econometricians' critique of early Keynesian models. In the early 1940s, Samuelson was able to link together the tools that had been developed by the econometricians and the economic content that was at the heart of the so-called Keynesian revolution. The problem then shifted from business cycle trajectories to the disequilibrium between economic aggregates, and the issues raised by the global stability of full employment equilibrium. This was addressed by Oskar Lange, who presented an analysis of market coordination failures, and Lawrence Klein, Samuelson's first PhD student, who pursued empirical work in this direction. The book highlights the various visions and approaches that were embedded in these macro-dynamic models, and that their originality is of interest to today's model builders as well as to students and anyone interested in how new economic ideas come to be developed.

This book is a collection of academic lectures given on fintech, a topic that has been written about extensively but only from a business or technological point of view. In contrast to other publications on the subject, this book shows the reader how fintech should be understood in relation to economics, financial theory, policy, and law. It provides introductory explanations on fintech-related concepts and instruments such as blockchains, crypto assets, machine learning, high-frequency trading, and AI. The collected lectures also point to surrounding issues including start-ups, monetary policy, asset management, cyber and other security, and stability of financial systems. The authors include professors, a former central bank official, current officials at Japan's Financial Services Authority, a lawyer, the former dean of the Asian Development Bank Institute, and private sector professionals at the frontline of fintech. The book is most suitable for those both within and outside of academia who are beginning to learn about fintech and wish to successfully take part in the revolution that is certain to have wide-ranging effects on our economy and society.

This book offers a selection of intensely researched essays focused on the critical planning objectives and policy priorities that would enhance the promotion of inclusive growth in a developing country. It has taken Bangladesh as the case study. It argues for rethinking of traditional policies and provides arguments and ways to reorient these toward inclusive growth and better social inclusion. These involve a dedicated focus on employment and inclusion in the design of monetary and fiscal policies, trade and industrial policies, policies toward rural non-farm employment, social protection and safety net strategy and the nature of institutional and governance reforms which are imperative for ensuring inclusive growth. The studies included in the book were prepared before or at the onset of the ongoing COVID-19 pandemic and the unfolding economic crisis; yet they provide cursory observations on its likely impact, and underscore how the stated principles and policies of an inclusive growth strategy have become even more significant in the present situation. Bangladesh has been growing respectably during the past decade and a half and has arguably shown strong progress in several social indicators. However, inequality and vulnerability are rising alarmingly, and the economy is beset with high levels of corruption, as well as with various other governance deficits that can adversely affect future growth and social inclusion. The book provides a critical assessment of how far growth in Bangladesh has been inclusive, both over time, and in comparison to selected South and Southeast Asian countries. It constructs a specific 'inclusive growth index' with reference to what the study considers as the significant goals and pillars of inclusive growth. Bangladesh is not the only developing country that is faced with the arduous task of tackling unbalanced economic growth and of implementing the 2030 Agenda. Rising vulnerability, inequality, disappointing job growth and poor governance are also major challenges to inclusive growth for many countries in the Global South. Therefore, the appeal of this book extends well beyond the borders of Bangladesh and the South Asian region. Corresponding to SDG 8, the book is aimed at academia, researchers, policymakers, civil society leaders as well as other national and international development practitioners with an avid interest in issues concerning growth with equity, and in sync with the 2030 Agenda for Sustainable Development. In addition, the book is a valuable resource for interested students of disciplines related to economics and development policy.

Although political rhetoric and public perception continue to assume that the United States is the very definition of a free market economy, a different system entirely has in actuality come to prominence over the past half century. This Corporate Welfare Economy (CWE) has come about as government come increasingly under the influence of corporate interests and lobbyists, with supposedly equalising factors such as regulation skewed in order to suit the interests of the privileged while an overwhelming majority of US citizens have experienced a decline in their standard of living. James Angresano examines the characteristics of this mode of capitalism, both from the theoretical point of view but also with key reference to the different sectors of the economy - trade, manufacturing, industry and defense among them.

Although political rhetoric and public perception continue to assume that the United States is the very definition of a free market economy, a different system entirely has in actuality come to prominence over the past half century. This Corporate Welfare Economy (CWE) has come about as government come increasingly under the influence of corporate interests and lobbyists, with supposedly equalising factors such as regulation skewed in order to suit the interests of the privileged while an overwhelming majority of US citizens have experienced a decline in their standard of living. James Angresano examines the characteristics of this mode of capitalism, both from the theoretical point of view but also with key reference to the different sectors of the economy - trade, manufacturing, industry and defense among them.

Originally published in 1979, this reader presents an industrialist view of the labour market and economics as they stood at the time in the United States. The essays collated aim to answer macroeconomic questions on this topic as well as exploring issues related closely to employment and inflation. This title will be of interest to students of business and economics.

First Published in 2004. Routledge is an imprint of Taylor & Francis, an informa company.