Any economics that does not deal forthrightly with economic inequality is no longer suitable for the twenty-first century. Similarly, any economics which does not provide a coherent way to integrate environmental sustainability into economic analysis will fail to command allegiance in the century ahead. This book demonstrates how the Sraffian framework provides important advantages in both areas. Divided into three chapters, Income Distribution and Environmental Sustainability provides a rigorous exposition of Sraffian theory emphasizing what it means for the economy to be productive, extends Sraffian theory to address environmental sustainability, and adds a normative theory of income distribution to Sraffa's positive theory. In Chapter 1, a rigorous version of the basic Sraffa model is presented which focuses on what it means for the economy to be capable of producing a physical surplus, explains the origin of profits, and shows how to measure changes in overall labor productivity resulting from any technical change. In Chapter 2, the basic model is extended to incorporate primary inputs from the natural environment, rigorously measure changes in environmental throughput efficiency, and establish sufficient conditions for environmental sustainability. In Chapter 3, an explicit "normative" theory of economic justice is elaborated which is a natural extension of Sraffa's "positive" theory of income determination and consistent with modern egalitarian literature on distributive justice. This book is of interest to academics and students who study political economy, economic theory, and philosophy, as well as those interested in the work of Piero Sraffa.

Originally published in 1984 Theories of Welfare looks at theories of social administration developed in different social science disciplines. The book ranges widely and gives concise coverage to the historical and intellectual background in which the theory emerged, the implicit or explicit value assumptions, and account of the most important theoretical concepts and the major criticisms of them, an indication of the relevance to social administration and a guide to further reading.

What does the movie Lion tell us about why some societies grow rich and others remain poor? What can the global box office juggernaut, Jurassic World tell us about entrepreneurs and the ethics of business? Can the movie Passengers give us insight into human motivation and decision making? This book surveys more than 40 movies to answer these questions and much more. Movies do more than entertain. They project important insights, often unintentional, into the way the world works and the values society cares about. Indeed, their stories are often grounded in the real-world experiences of everyday people. As part of this, movies also provide a window into understanding and evaluating economic behavior. Economics is, after all, the study of how scarce resources like labor, capital, and technology are used to improve (or reduce) our welfare. It also helps us to more fully understand the consequences in our lives that result from those choices and decisions. Through exploring a wide range of films from Passengers to Victoria and Abdul, this book delves into economic concepts such as opportunity costs, profit maximization, greed, business ethics, monopoly, economic growth, and entrepreneurship. Contemporary Film and Economics is a must read for anyone interested in how movies project and interpret economic ideas, craft popular narratives for how economies operate, and explore motivations for economic behavior. Economists will find it useful in starting discussions on key concepts, while filmmakers will find the discussions of economic concepts a provocative way of thinking about how to craft engaging stories that are grounded in practical experience.

This book examines cost-of-capital models and their application in the context of managerial finance. This includes the use of hurdle rates in capital allocation decisions, as well as target returns in performance management. Besides a review of classical finance models such as the Capital Asset Pricing Model (CAPM), other contemporary models and techniques to determine the cost-of-capital of business units and private companies are discussed. Based on a mixed methods approach, current cost-of-capital practices and their determinants are empirically analyzed among German companies.

Economics has often been described as "the dismal science," with TV and movies reinforcing this description. However, economics is a powerful tool that can be used to understand how the world works, helping to answer confusing puzzles and solve the world's problems. Surprisingly, Broadway musicals are an excellent way to show this. Musicals tell engaging stories through song and many are rich with economic concepts. This book analyzes 161 songs from 90 musicals to explore what they can teach us about supply and demand, monetary policy and numerous other core economic concepts. While some songs have an obvious connection to economics, other connections may seem less apparent. When you hear "Let it Go" from Frozen, does your mind think about a firm's production decisions? After reading this book, it will. Whether showing how Hamilton can illustrate concepts of central banking, or how "Stars" from Les Miserables provides a perfect example of inelastic demand, the author presents complicated topics in an understandable and entertaining way. Featuring classic songs from some of the most popular shows ever produced, along with some hidden gems, Broadway and Economics will be of interest to anybody studying an introductory economics course as well as theatre aficionados.

This book analyses the relationship between stakeholder engagement practices and organizational sustainability across sectors and disciplines. It illuminates the relationships between the inputs and processes, vital for all kinds of organizations to engage stakeholders. Then, it describes the mutually-valued outcomes that can produce broader organizational impacts and sustainability. Each chapter is structured around a logic model that provides an analytical framework to engage the reader in strategic analysis and offer practical applications for adaptation and implementation in any organization. The book encourages the reader to systematically consider the descriptive, instrumental, and normative aspects of stakeholder theory as a precursor to designing stakeholder engagement practices.

Models for Dynamic Microeconomics provides the advanced student with key methodological tools for the dynamic analysis of a core selection of macroeconomic phenomena, including consumption and investment choices, employment and unemployment outcomes, and economic growth.
The technical treatment of these tools will enable the student to handle current journal literature, while not assuming any particular familiarity with advanced analytical tools or mathematical notions. As these tools are introduced, they are related to particular applications to illustrate their use.
Chapters are linked by various formal and substantive threads. Discrete-time optimization under uncertainty, introduced in Chapter 1, is motivated and discussed by applications to consumption theory, with particular attention to empirical implementation. Chapter 2 focuses on continuous-time optimization techniques, and discusses the relevant insights in the context of partial-equilibrium investment models. Chapter 3 revisits many of the previous chapters' formal derivations with applications to dynamic labour demand, in comparison to optimal investment models, and characterizes labor market equilibrium when not only individual firms' labor demand, but also individual labor supply by workers, is subject to adjustment costs. Chapter 4 proposes broader applications of methods introduced in the previous chapters and studies continuous-time equilibrium dynamics of representative agent economies, featuring both consumption and investment choices, with applications to long-run growth frameworks of analysis. Chapter 5 illustrates the role of decentralized trading in determining aggregate equilibria, and characterizes aggregate labor market dynamics in the presence of frictional unemployment. Chapters 4 and 5 pay particular attention to strategic interactions and externalities: even when each agent correctly solves his or her individual dynamic problem, modern microfounded macroeconomic models recognize that macroeconomic equilibrium need not have unambiguously desirable properties.
By bridging the gap between undergraduate economics and modern microfounded macroeconomic research, this book will be of interest to graduate students in economics, and as a technical reference for economic researchers.

Economic and social development is and will be the main task in the long run in China, and development is the basis and key to solve the problems faced. Although people have been criticising its limitations for reasons of one sort or another, no better alternative index has ever been put forward. GDP is still commonly used all over the world, not only as a fundamental and comprehensive indicator for economic analysis, but also as an important basis for many rules and evaluations. It is impossible to abolish GDP, but it is now the time to bid farewell to its worship.By saying goodbye to China's GDP worship, the role of GDP may be downplayed and restored to its original position. In modern China, in order to adhere to the essential guideline that development is the absolute principle, it is necessary to steadfastly undertake scientific development, pay more attention to the people, place more emphasis on comprehensive, concerted and sustainable development, give priority to the overall consideration of various aspects of development, and make more efforts to protect and improve people's livelihood and promote social equality and justice.In light of the spirit of scientific outlook on development, it is imperative to establish new concepts, an evaluation system and an assessment mechanism on economic and social development, especially to accelerate the transformation of the mode of economic development. It will be a profound change covering the entire process and various aspects of economic and social development. It is a requirement of the times, and also a choice to be made at such a new and historical starting point.Based on the outstanding research findings of many visionaries and the initial practices in some local areas in recent years, this book proposes to switch the focus to multi-dimensional and comprehensive indicators from GDP alone and establish a new economic and social evaluation system, that is, abandon the GDP-centred evaluation system or GDP worship and adopt a comprehensive evaluation system for economic and social development embodying the scientific outlook on development - the comprehensive development index (CDI).

This book provides a systematic approach to analyzing macroeconomic developments, focusing on macroeconomic accounts, analysis, and the effects of selected policies on a nation's economy. The first part of the book describes the data, accounts, and analysis of the four main macroeconomic sectors - real, external, fiscal, and monetary - and discusses the accounting and economic relations among these sectors, using a flow of funds approach. Key indicators are presented for each sector and used to show how macroeconomic developments can be assessed and problems identified.The second part of the book discusses fiscal, monetary, and exchange rate policy and their economic implications. These policies, along with selected structural reforms, are compared along several dimensions and shown how they can be used, in various combinations or individually, to address a variety of macroeconomic difficulties.

This book examines the uneven economy in Asia, showing how the pace of economic transformation affects prosperity and the emerging middle class. Using the Lewis turning point and the long run cycle of the rise and fall of nations as a framework, it demonstrates how demographic trends, digitization rates and consumer preferences creates business opportunities in a disruptive and uncertain world. This includes moves toward promoting Eurasian integration, restructuring of state-owned enterprises, green economy, and the digital economies - ecommerce, fintech and sharing economy. Vanity capital, longevity and leisure economies are also discussed. The author explains what drives creative disruption, technical innovation and their effect on manufacturing, consumers, businesses, and sustainability. It is essential reading for students, academics, executives, and business persons wanting in-depth coverage of the economic landscape in Asia.

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 volume contains papers from the Society for the Study of Economic Inequality's third meeting held in Buenos Aries, Argentina, in July 2009. The first five papers focus on a number of Latin American countries, on the understudied topics of poverty and inequality in these areas. Specific issues covered by these papers include multidimensional poverty, equity effects of school drop-outs, and the role of transfer programs in reducing Latin American poverty. Additional papers provide research from further afield including China and France and cover topics such as: relative deprivation; taxation and inequality; mobility dominance; polarization; estimation of child costs; nutritional inequality; and, transportation inequalities. The volume includes work by such well-known authors as Jacques Silber, Jean-Yves Duclos, and Udo Ebert. This book is the 18th Volume in the notable Research on Economic Equality series which offers fresh theoretical and methodological insights into the key issues in the field of economic inequality, showcasing highly topical work from both senior researchers and emerging scholars.

How does globalization in goods and asset markets alter the nature of economic recessions and the choices facing macroeconomic policy makers? This volume presents empirical and theoretical contributions of economist Paul Bergin to this vital question. By a number of metrics, including trade volume and price convergence, national goods markets have become more globally integrated over time. The same is true for asset markets, which today function more as a single global marketplace. Rigorous theoretical models are developed to explore how international integration in these markets provides channels by which shocks driving recession in one country can be transmitted to other countries. These theoretical concepts can shed light on the Great Recession of the last decade, which has been referred to as the first truly global recession. Theory is also brought to bear to explore how these international spillovers and the resulting international co-movement in recessions can create incentives for policy makers to coordinate their monetary and fiscal policies with each other, as they deal with the challenge of managing their national economies.

Macroeconomics in Context lays out the principles of macroeconomics in a manner that is thorough, up to date, and relevant to students. Like its counterpart, Microeconomics in Context, the book is uniquely attuned to economic, social, and environmental realities. The “In Context” books offer engaging coverage of current topics including policy responses to recession and inflation, inequality, deficits and government debt, economic impacts of the COVID-19 pandemic, and the economics of environmental sustainability.

This fourth edition includes:

Improved and concise discussions of introductory topics, especially on key economic activities, macroeconomic goals, and economic models

Further emphasis on inequality, environmental sustainability, financialization, the changing nature of work, and international developments such as the role of transnational corporations and supply chain issues

Discussion of the impacts of the COVID-19 pandemic on macroeconomic factors like well-being, inequality, and labor markets

Presentation of policy issues in historical, environmental, institutional, social, political, and ethical contexts, including an updated discussion of fiscal policy in relation to the Biden administration’s infrastructure and social investment spending

Clear explanations of basic economic concepts alongside more in-depth analysis of macroeconomics models and economic activity

This book combines real-world relevance with a thorough grounding in multiple economic paradigms. It is the ideal textbook for modern introductory courses in macroeconomics.

The book’s companion website is available at: http://www.bu.edu/eci/macro

Table of Contents

Part I The Context for Economic Analysis 0. Macroeconomics and Well-Being 1. Economic Activity in Context 2. Foundations of Economic Analysis 3. Supply and Demand PART II Macroeconomic Basics 4. Macroeconomic Measurement: The Current Approach 5. Macroeconomic Measurement: Environmental and Social Dimensions 6. The Structure of the United States Economy 7. Employment, Unemployment, and Wages PART III Macroeconomic Theory and Policy 8. Aggregate Demand and Economic Fluctuations 9. Fiscal Policy 10. Money, Banking, and Finance 11. The Federal Reserve and Monetary Policy 12. Aggregate Supply, Aggregate Demand, and Inflation: Putting It All Together 13. The Global Economy and Policy PART IV: Macroeconomic Issues and Applications 14. Inequality: Economic and Social Perspectives 15. Deficits and Debt 16. How Economies Grow and Develop 17. Growth and Sustainability in the Twenty-First Century

In recent years, Israel has deeply and quickly transformed itself from a self-perceived social-democratic regime into a privatized and liberalized "Start-Up Nation" and a highly divided society. This transition to neoliberalism has been coupled with the adoption of a hawkish and isolationist foreign policy. How can such a deep change be explained? How can a state presumably founded on the basis of socialist ideas, turn within a few decades into a country characterized by a level of inequality comparable to that of the United States? By presenting a comprehensive and detailed analysis of the evolution of the Israeli economy from the 1930s to the 1990s, The Israeli Path to Neoliberalism seeks to explain the Israeli path to neoliberalism. It debunks the 'from-socialism-to-liberalization' narrative, arguing that the evolution of Israeli capitalism cannot be described or explained as a simple transplantation of imported economic models from advanced liberal democracies. Rather, it asserts that the Israeli variant of capitalism is the product of the encounter between imported Western institutional models and policy ideas, on the one hand, and domestic economic, social and security policy problems on the other. This mechanism of change enables us to understand the factors that gave rise to Israel's unique combination of liberalization and strong national sentiments. Providing an in-depth analysis of Israel's transformation to neoliberalism, the book is a valuable resource for those studying the economic history of Israel, or the political economy of late-developing countries.

How should Europe cope with the negative and still unfolding economic consequences of the current economic crisis? And why does Europe seem to be more conservative than the USA in dealing with the crisis? Since the outbreak of the current international economic crisis in 2008, the USA and many of the European countries have been tormented by high levels of unemployment and low levels of inflation, interest rates close to zero and fiscal policies of austerity. As such, the modern economic mainstream has been challenged by these empirical facts. Today, several years after the outbreak of the international economic crisis, supply side effects do not seem to be increasing employment as the modern mainstream claimed they would. Aggregate demand has to play a more important role in macroeconomic analysis than hitherto. That is, there is a need for alternative explanations of how a modern macro economy is expected to function and how the macroeconomic outcome could be manipulated by the right economic policy proposals. As expressed by the contents of the present book, a Post Keynesian understanding proposes such an alternative theoretically, methodologically and in terms of policy measures. This book will present new materials and approaches, especially new evidence and new views on the potential problems of public debt, the European Union and the present crisis, Central Banking, hysteresis in an agent based framework, the foundations of macroeconomics and the problems of uncertainty.

This book examines the interrelationship between the external debt problem and the consolidation of democracy in Latin America in the 1990s. It considers the interplay of actors, including creditor governments, international financial institutions, debtor countries, commercial banks, and multinational corporations, and environment in the new decade, focusing on whether or not Latin America's political regimes can strengthen and democratize their respective economies while continuing to guarantee the country's democratic politics.

The foreign debt problem casts an especially long shadow on the Latin American democracies. While important in its own right, understanding the Latin American experience is also essential in light of changes in Eastern Europe. Despite many obvious cultural differences and historical experiences, there are many parellels between the two regions--democratization at a time of economic crisis and of heavy external debt. This important new book underscores the lessons of the Latin American experience, making it essential reading for anyone concerned with the global economy.

This book examines the business models, performance, and decision-making approaches employed by financial institutions in Central and Southeast Europe. The respective contributions cover a wide range of industries, including banking, pharmaceuticals, and airline business services, and present both theoretical and empirical studies that highlight economy-wide risks and opportunities for European companies. The book is divided into four parts, the first of which provides a critical assessment of the competitiveness and performance of European companies, while the second examines decision-making approaches at financial institutions; the third and fourth parts address the macroeconomic risks and opportunities for business development in Europe. Intended for scholars, political decision-makers, and practitioners, the book offers new perspectives on Central and Southeast European financial and business research.

Why should we be interested in macroeconomic survey expectations? This important book offers an in-depth treatment of this question from a point of view not covered in existing works on time-series econometrics and forecasting. Clements presents the nature of survey data, addresses some of the difficulties posed by the way in which survey expectations are elicited and considers the evaluation of point predictions and probability distributions. He outlines how, from a behavioural perspective, surveys offer insight into how economic agents form their expectations.

This work provides a unified and simple treatment of dynamic economics using dynamic optimization as the main theme, and the method of Lagrange multipliers to solve dynamic economic problems. The author presents the optimization framework for dynamic economics in order that readers can understand the approach and use it as they see fit. Instead of using dynamic programming, the author chooses instead to use the method of Lagrange multipliers in the analysis of dynamic optimization because it is easier and more efficient than dynamic programming, and allows readers to understand the substance of dynamic economics better. The author treats a number of topics in economics, including economic growth, macroeconomics, microeconomics, finance and dynamic games. The book also teaches by examples, using concepts to solve simple problems; it then moves to general propositions.

During a distinguished career, Basil Moore has made numerous important contributions to macroeconomics and monetary economics, and is renowned as the progenitor of the 'horizontalist' analysis of endogenous money. More recently, he has embraced complexity theory as part of an ongoing effort to understand macroeconomics as an evolving, path-dependent process. This book celebrates and explores Basil Moore's interests in and contributions to monetary and macroeconomic theory. Complexity, Endogenous Money and Macroeconomic Theory features original essays by internationally acclaimed and expert authors. It comprises a selection of papers on five distinct but interrelated themes: economic concepts, tools and methodology; complexity, uncertainty and path dependence; the macroeconomics of endogenous money; the macroeconomics of exogenous interest rates; and unemployment, inflation and the determination of aggregate income. These papers combine to provide a comprehensive methodological and theoretical discussion of the macroeconomics of a monetary-production economy. The book will be of interest to professionals and research students in the fields of macroeconomics and monetary economics - especially those with an interest in the Post Keynesian approach to analyzing these fields, including the wide audience that has been reached by the contributions of Basil Moore himself.

This book collects my scholarly research on the behavior of foreign exchange rates conducted over the past twenty-five years. The collection includes papers that study the behavior of exchange rates from the traditional macroeconomic and newer microstructure perspectives. The former perspective considers the linkages between the macro economy and currency prices in an effort to understand the behavior of exchange rates over quarters, years and decades. By contrast, the microstructure perspective considers how the details of currency trading affect how macroeconomic information becomes embedded in currency prices, a process which drives exchange-rates over intraday horizons. The book also contains papers with a hybrid perspective that consider the details of currency trading and macroeconomic linkages in an effort to understand exchange-rate dynamics across all horizons.

This book is an introduction to the history of - and current measurement practice of - inflation for the United Kingdom. The authors describe the historical development of inflation measures in a global context, and do so without using formal mathematical language and related jargon that relates only to a few specialist scholars. Although inflation is a widely used and quoted statistic, and despite the important role inflation plays in real people's lives - through pension uprating, train tickets, interest rates and the work of economists - few people understand how it is created. O'Neill, Ralph and Smith mix historical data with a description of practices inside the UK statistical system and abroad, which will aid understanding of how this important economic statistic is produced, and the important and controversial choices that statisticians have made over time.