Based on case-study research in four low income sub-Saharan African countries (Uganda, Kenya, Tanzania and Malawi) this book brings together the micro-level realities of gaining a living in rural areas with the macro-level that seek to secure rapid poverty reduction in line with the United Nations Millennium Development Goal of halving global poverty by the year 2015.
The starting point is the livelihoods approach to poverty reduction that providesa powerful framework within which micro-level experiences of poverty and vulnerability can be connected to the policy contexts that either block or facilitate people's own efforts to escape from poverty. Initial chapters provide evidence concerning the multiple and diverse character of rural livelihoods. The book then goues on to examine the institutional context of livelihoods, including decentralisation, taxation, markets, land tenure and agricultural research. The natural resource dimensions of agriculture, livestock, fisheries, small-scale irrigation and community-based natural resource management policies are then analysed. The concluding chapters consider micro-macro linkages, including linking micro-level poverty traps to Poverty Reduction Strategy Papers; incorporating rural poverty measurement in such strategies; and tracing macro-micro links.
This book exposes the gap that occurs between the rhetoric of poverty reduction strategies in capital cities and the practice of public sector delivery in rural areas. It will be essential reading for advanced students and researchers in the fields of rural development, rural livelihoods, poverty reduction strategies and Sub-Saharan Africa development as well as advisors andpractitioners in international organizations.

The book is motivated by the disruptions introduced by the financial crisis and the many attempts that have followed to propose new ideas and remedies. Assembling contributions by authors from a variety of backgrounds, this collection illustrates the potentials resulting from the marriage of financial economics, complexity theory and an out-of-equilibrium view of the economic world. Challenging the traditional hypotheses that lie behind financial market functioning, new evidence is provided about the hidden factors fuelling bubbles, the impact of agents' heterogeneity, the importance of endogeneity in the information transmission mechanism, the dynamics of herding, the sources of volatility, the portfolio optimization techniques, the financial innovation and the trend identification in a nonlinear time-series framework. Presenting the advances made in financial market analysis, and putting emphasis on nonlinear dynamics, this book suggests interdisciplinary methodologies for the study of well-known stylised facts and financial abnormalities. This book was originally published as a special issue of The European Journal of Finance.

First published in 1999, this influential volume explores Macroeconomic Adjustment with a particular focus on India. Its inspiration originated from the introduction of stabilisation and structural adjustment policies in India in 1991. Mallick examines the application of this policy package by the International Monetary Fund and the World Bank to Developing Economies. First looking at the initial conditions and generators of imbalances, the appropriate policy framework for India's initial conditions and structural characteristics is considered. While the effectiveness of the IMF had been strongly criticised, Mallick explains how it could be used more effectively. He argues that the programs applied are often contradictory and, using India as an example, examines the effects of policy reform on its trade sector, the repercussions on the direct economy and the costs associated with such policies in restoring stability and future economic growth, with particular support for the Vector Autoregression (VAR) framework. Mallick forwards a new structural model for policy purposes, evaluated for overall performance and optimal control.

Does economic theory, and its many practical applications, rest on concrete foundations? Given the influence and prestige afforded to orthodox economic policy advice, apparently the answer is a resounding "yes."
Economists Frank Ackerman and Alejandro Nadal present a fundamental challenge to this received wisdom, demonstrating that neither the abstractions of general equilibrium nor their real-world consequences, stand up to logical scrutiny. Themes critically analyzed in this book include:
* Economics' assumptions about consumer behavior
* Individual choices and the role of money
* The Application of economic theory to current debates in globalization, trade and development.
"The Flawed Foundations of General Equilibrium Theory "shows that there are fatal flaws in the standard theoretical model of a market economy. As such it will be an enlightening read for economists throughout the world of all persuasions.

Perhaps more than any other European country, Spain has undergone a remarkable transformation in the post-war period. To the surprise of many, it has succeeded in making the leap from a predominantly agricultural and politically repressed country, to a modern European democracy with a diversified economy containing important manufacturing and service sectors. Yet, despite the fact that at the beginning of the twenty-first century Spain is the world's eighth largest economy, old stereotypes that see the Iberian nation as an inflexible, unchanging society, persist. As such, scholars will welcome this new study which challenges the picaresque and outdated notions of Spanish economic development, replacing them with a picture of rapid and profound modernization. Building upon the recent work of historians and economists, the authors provide a thoughtful and compelling overview of the subject that clearly elucidates both the positive and negative aspects of modern Spanish development. Thus, as well as charting the undoubted successes achieved, persistent problems - most notably high unemployment - are also explored. Written in a straightforward and engaging manner, this book engages with research from a wide variety of disciplines, and will be of interest to anyone with a specific interest in modern Spain, or a wider interest in economic development within the framework of the European Union.

This important and timely book examines how corporate governance has and should be developed in China to meet the challenges of enterprise and financial reform. It highlights key economic, social and political issues that China has to confront in order to transform the state owned industrial enterprises into a competitive and modern corporate sector. On Kit Tam critically appraises the main analytical frameworks and models of corporate governance in industrialized countries. He then assesses China's development in terms of current Western debates in relation to the role, function and evolution of corporate governance arrangements. He examines how the Chinese government has adopted a top-down approach combined with a market based Anglo-American model. The author also presents surveys of company directors, managers and supervisors reporting the current environment and analyses the choices available in the light of China's particular problems. He concludes with suggestions for a model of corporate governance in China. This book will be welcomed by economists and those interested in management studies, Chinese reform, international business, Asian studies, industrial organization and business strategy.

Marginal Cost in the New Economy outlines a bold new approach for resolving a wide variety of public policy debates. It proposes that a single standard -- marginal cost methodology -- be adopted to replace the haphazard arrays of methods and techniques currently employed to measure the costs and benefits of disputed policy issues. The book's objective is to substitute a single set of harmonious principles for the inconsistent, erratic, and often self-serving approaches to cost-benefit determination currently applied to numerous public issues. The author explains how this methodology would provide an effective starting point for evaluating issues ranging from the relatively simple, such as school vouchers, to the more complex, including prescription drug prices and anti-trust questions. The book also includes a review of the economic requirements of the New Economy as contrasted with traditional microeconomics, which makes it equally useful for courses in microeconomics, public policy, or price theory.

The objectives of this study, first published in 1982, are to elaborate a micro-economic model which adequately explains the interrelationships among economic forces determining the distribution of income in a peasant economy in the early stages of transition to industrialization. It also examines the development of the 'dual economy', an economy composed of a large peasant agricultural sector with its ancillary handicraft sector, both traditional in techniques and institutions, and a small but growing modern industrial sector.

Contents:
1. The Road to WTO Membership
2. Trade Liberalization, Competition and Employment
3. The Employment Impact of China's Accession
4. Agriculture
5. Industry
6. Services
7. China and the 'Flying-Geese' Theory
8. China's Possible Response to Global Competition

Marginal Cost in the New Economy outlines a bold new approach for resolving a wide variety of public policy debates. It proposes that a single standard - marginal cost methodology - be adopted to replace the haphazard arrays of methods and techniques currently employed to measure the costs and benefits of disputed policy issues. The book's objective is to substitute a single set of harmonious principles for the inconsistent, erratic, and often self-serving approaches to cost-benefit determination currently applied to numerous public issues. The author explains how this methodology would provide an effective starting point for evaluating issues ranging from the relatively simple, such as school vouchers, to the more complex, including prescription drug prices and anti-trust questions. The book also includes a review of the economic requirements of the New Economy as contrasted with traditional microeconomics.

Volumes 45a and 45b of Advances in Econometrics honor Joon Y. Park, Wisnewsky Professor of Human Studies and Professor of Economics at Indiana University. Professor Park has made numerous and substantive contributions to the field of econometrics since beginning his academic career in the mid-1980s and has held positions at Cornell University, University of Toronto, Seoul National University, Rice University, Texas A&M University, and Sungkyunkwan University. This first volume, Essays in Honor of Joon Y. Park: Econometric Theory, features contributions to econometric theory related to Professor Park’s analysis of time series and particularly related to the research of the first two or so decades of his career.

In this book, Emmers addresses the key question: to what extent may the balance of power play a part in such cooperative security arrangements and in the calculations of the participants of ASEAN and the ART? He investigates the role of the power balance in detailed examinations of the creation of the forum, ASEAN's response to the Indochina conflict and the South China sea dispute.

Building from the micro-foundations of economic behaviour to a full survey of macroeconomics, the book examines growth theory and equilibrium and disequilibrium approaches to provide a comprehensive survey of all the rival theoretical approaches that underlie central policy debates. A survey of pre-Keynesian theories of growth, fluctuations and the various short and long cycles and crises is followed by an exposition of Keynesian theory and its subsequent development and of the neo-classical revival. Topics covered include: * Non-clearing markets * Involuntary unemployment * Persistent inflation. As well as full coverage of the English-language literature, Macrodynamics covers important contributions from the new school of French macroeconomists, including Malinvaud, Benassy and Grandmont.

Contents:
1. Introduction: Researching Japanese Modernity 1.1 Work in Capitalist Modernity 1.2 Work Values 1.3 Institutions and Organizations of Employment 1.4 Japan, the Lifetime Employment System and the Japanese Salaryman 1.5 Research Methodology 1.6 Research Strategy 2. Japanese Capitalism and Modernity in Theoretical Perspective 2.1 A Theory for Modernity and the Individual 2.2 Tradition and the Self in Japanese Modernity: Tradition and the Japanese Relational Self 2.3 Modernisation in Europe and Japan 2.4 The Self and Modern Society in the West and in Japan 2.5 Contemprary Social Change, Globalization and Convergence 2.5 Conclusion 3. Lifetime Employment in Post-War Japan 3.1 The Origins and Establishment of the Japanese Lifetime Employment System: The Origins of the System, The Establishment of the Lifetime Employment System 3.2 The 1960s and 1970s Lifetime Employment System: The Principal Characteristics of the LIfetime Employment System, Systemic and Ideological Compatability, Flexibility and Adjustment 3.3 The LIfetime Employment System as a Transnational Institution 4. Re-Fabricating Lifetime Employment Relations 4.1 The Contemporary Structure of Lifetime Employment: Lifetime Employment, The Dependent Attributes of the Lifetime Employment System 4.2 Field Investigations 4.3 Change or Transformation, The Managerial Ideology of Lifetime Employment 4.4 Re-Fabricating the Japanese Salaryman 5. Working Under Changing Employment Relations 5.1 Needs, Desires and Values 5.2 Flow 5.3 Work Values in Japan: To Have One's Cake and Eat It?, Career Choice 5.4 Field Investigations: Career Start, Lifetime Employment at a Single Organization 5.5 Caught Between Two Modernities 6. Conclusion: Japanese Capitalism and Modernity in a Global Era 6.1 Review and Conclusions

John Maynard Keynes failed to correctly interpret classic economic concepts, and dismissed the classical explanations and conclusions as being irrelevant to the world in which we live. The trauma of the Great Depression and Keynes's changed definition of economic concepts, aided by Eugen Böhm-Bawerk, have made it difficult for modern economists to fully appreciate the classical insights. This book clarifies the classical explanations to resolve the continuing theoretical and policy disputes. Key chapters include:
*On the definition of money
*Keynes's misinterpretation of the classical theory of interest
*The classical theory of growth and Keynes's paradox of thrift
*The mythology of the Keynesian multiplier

The book provides theoretical and empirical evidence on how world trade evolves, how trade affects resource allocation, how trade competition affects productivity, how China shock affects world trade and how trade affects large and small countries. It is a useful reference which focuses on new approaches to international trade by looking into country-specific as well as firm-product level-specific cases. "The Open Access version of this book, available at http://www.taylorfrancis.com/books/10.4324/9781351061544, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license."

In globalising economies, particularly those going through a process of economic integration such as those economies within the EU, regions forge an increasing number of linkages with other locations within and across national borders. This is largely carried out by the technological efforts of Multinational Corporations (MNCs).
This book explores the regional dimension of Europe in terms of localised technological comparative advantages and the location of innovative activities by MNCs. Using an empirical analysis John Cantwell and Simona Iammarino cover such important themes as:
*MNC technological activities and economic wealth
*MNCs and the regional systems of innovation in Italy, UK, Germany and France
*the geographical hierarchy across European national borders.

Contents:
Preface to the second edition, Preface to the fist edition Part I: The Basic Macroeconomic Framework 1. Macroeconomic problems of developing countries 2. National accounts and the macroeconomy 3. The basic IS-LM-AS model in the closed economy 4. The process of money creation and the demand for money 5. Macroeconomic policy in an open economy 6. Current account and asset demand approaches to balance of payments Part 2: Macroeconomic Models of Developing Countries 7. IMF type macro models for developing countries 8. A structuralist macros model for developing countries 9. Dualistic models of output and inflation in developing countries 10. Growth, theory and developing country macroeconomics Part 3: Policy Dilemmas faced by Developing Countries 11. An evaluation of the IMF programs in developing countries 12. Macroeconomic dimensions of fiscal policy in developing countries 13. The inflation rate and seignorage 14. The problem of indebtedness of HIPC countries 15. The exchange rate issues in developing countries Part 4: Issues in Developing Country Macroeconomics 16. Financial market liberalization and economic growth in developing countries 17. The international financial architecture and developing countries 18. A final word, Bibliography, Name index, Subject Index

This book explores the causes, costs and benefits of inflation. It argues that while the cause of inflation is essentially monetary, the costs and benefits of inflation lie in inflation's distortion of the economy's responses to real shocks. The book begins by securing the Quantity Theory of Money from certain critiques. The theory is defended from the 'fiscal theory of the price level' by a refinement of the theory of money demand, and from post Keynesianism by the construction of a theory of the supply of inside money. To cope with the endogeneity of outside money, a simple and tractable neo-Wicksellian theory of inflation is advanced, which is shown to exhibit a striking homology with the Quantity Theory. The author then traces the costliness of inflation, not to any disturbance of the money market, but to the damage inflation does to the bond market's function of sharing out disturbances to consumption caused by technological shocks. The same damage, however, imparts an egalitarian dynamic to the accumulation of wealth, which will not occur without risky inflation. The Causes, Costs and Compensations of Inflation will be of great interest to policy makers, central bankers, researchers, and both post-graduate and undergraduate students in macroeconomics, money and banking.

This important volume brings together 22 major essays written by A.P. Thirlwall over the last 30 years in the field of macroeconomics, and in particular on multiplier analysis, unemployment, inflation, growth and the balance of payments.These outstanding essays make pioneering contributions, such as the input-output formulation of the foreign trade multiplier; the derivation and use of the dynamic Harrod foreign trade multiplier; the measurements of types of unemployment; the estimation of regional Phillips curves, and the formalization of Kaldor's model of regional growth rate differences. Many of the essays are written from a Keynesian perspective, and the recent revival of interest in Keynesian economics means that the essays are as relevant today as when they were written, especially those on the nature of unemployment, the causes of inflation, and the link between the balance of payments and economic growth. Macroeconomic Issues from a Keynesian Perspective will be of interest not only to professional economists but also to policymakers in developed and developing countries for the insights it provides into the functioning of the macroeconomy.

In recent years certain leading figures in the world of economics have called the usefulness of general equilibrium theory into question. This superb new book brings together leading economic theorists with important contributions to the ongoing debate.
General equilibrium theorists including Michio Morishima, Michael Magill and Martine Quinzii debate strengths, weaknesses and possible futures with leading thinkers such as Herb Gintis, Pierangelo Garegnani and Duncan Foley, who seek to explain the rejection of general equilibrium. Uniquely, none of the contributors portray general equilibrium theory as the perfect guide to market economies actual behaviour, but rather illustrate that there is insufficient acquaintance with existing alternatives and that general equilibrium theory is often used as an ideal 'benchmark'.


eBook available with sample pages: 0203217616

A look at all the key topics in intermediate-level macroeconomic theory with carefully chosen linear versions of the standard models of both the closed and the open economy. It requires no mathematical proficiency beyond high school level algebra, and has been thoroughly tested in the classroom.

Macroeconomic policies matter for sustainable long-term growth. With global fluctuations, deviation from a stable growth path can be minimized by countercyclical macro policies, if properly implemented. This book examines Thailand's 55 years of experience in macroeconomic management and provides valuable lessons for other emerging economies at various stages of development on what could have been done to avoid economic instability. It also examines how short-term complications can develop into perennial problems obstructing the process of economic development. The book provides an alternative approach to the study of economic growth through the inclusion of both economic history and institutional context, appealing to academics and economists who focus on economic growth, economic development, international macroeconomics, public policy study, business cycles, and the open-market economy.