We all know the hard fact: neither wealth nor income is ever uniform for us all. Justified or not, they are unevenly distributed; few are rich and many are poor! Investigations for more than hundred years and the recent availability of the income distribution data in the internet (made available by the finance ministries of various countries; from the tax return data of the income tax departments) have revealed some remarkable features. Irrespective of many differences in culture, history, language and, to some extent, the economic policies followed in different countries, the income distribution is seen to fol low a particular universal pattern. So does the wealth distribution. Barring an initial rise in population with income (or wealth; for the destitutes), the population decreases either exponentially or in a log-normal way for the ma jority of 'middle income' group, and it eventually decreases following a power law (Pareto law, following Vilfredo Pareto's observation in 1896) for the rich est 5-10 % of the population! This seems to be an universal feature - valid for most of the countries and civilizations; may be in ancient Egypt as well! Econophysicists tried to view this as a natural law for a statistical ma- body-dynamical market system, analogous to gases, liquids or solids: classical or quantum.

After a century and a half of efforts at constructing arrangements and rules for international monetary interaction, present-day national authorities do not seem to have come much closer to achieving the aim of enduring exchange rate stability combined with a good macroeconomic performance. A distinguished group of economists and economic historians offers new insights into the working of the most important of such experiences, including nineteenth century bimetallism, the 'classical' gold standard, Bretton Woods and the European Monetary System.

Vietnam, along with China, stands out as a rare success story among transition economies. This authoritative study of the reform process since 1989 pays particular attention to the way the macroeconomics framework can contribute to an environment that encourages human development and helps to reduce poverty. Thus there are chapters on macroeconomics reforms, international trade policies, the role of the state, rural development, education and health, environmental issues and poverty and gender inequality. Although areas of weakness are indicated, emphasis is placed on the success Vietnam has experienced compared to other transition economies. The lessons of both the successes and failures of the reform process for policymakers elsewhere are outlined.

This is the most comprehensive textbook available on the money demand function and its role in modern macroeconomics. The book takes a microeconomic- and aggregation-theoretic approach to the topic and presents empirical evidence using state-of-the-art econometric methodology, while recognizing the existence of unsolved problems and the need for further developments. The new edition is fully revised and includes new chapters.

This research investigates the impact of three equal cost alternative labor market policies on the economic well-being of low-income families and society in general at the turn of the 21st century. The principal focus is on how changes in the minimum wage, Earned Income Tax Credit (EITC), and payroll taxes influence the well-being of low-income American families. The methods we employ also reveal how much of the benefits from raising the minimum wage, increasing the EITC, and reducing payroll taxes of workers in low-income families accrue to families in the middle and upper ranges of the income distribution. Thus, we consider the entire distribution, but focus primary attention on families and persons at or near the bottom of the income distribution.

The research reported in this book has three distinguishing features. First, it examines and compares changes in the minimum wage, the EITC, and payroll taxes using a common analytical framework. There is considerable discussion of the impacts of raising the minimum wage and increasing EITC payments. The research reported here places these two policies in an "equivalent social cost" framework and analyzes the distributional consequences of each policy. In addition, we use the same equivalent cost paradigm to investigate an alternative policy that rebates a portion of the payroll taxes paid by workers in low-income families. A second distinguishing feature of the research is that it incorporates important insights from the poverty and income distribution literature into the analysis of labor market policies and family well-being. This literature suggests that any evaluation of success or failure of poverty fighting policies thatincrease the minimum wage, expand the EITC, or reduce payroll taxes requires that the poor population be properly identified and poverty measured using distribution sensitive measures of poverty and not simple headcounts of the poor. Further, it is important to check for the sensitivity of any conclusions about the policy choices to alternative poverty lines. A third distinguishing feature of the research is that we use important developments in the applied welfare economics of income distribution to address the key question: which policy alternative is best?

This book brings together important essays by Richard F. Kahn, Keynes's pupil and literary executor and one of the most influential economists in the Cambridge tradition. The essays address issues, including imperfect competition, pricing mechanisms, inflation, unemployment, and the regulation of international trade and finance, that are highly relevant and topical They are addressed from a Keynesian perspective, with the interface between economic theory and policy explored. With the inclusion of a new introduction, the essays are placed in their own context and offer the key to understand their relevance for the present. Richard F. Kahn: Collected Economic Essays is a fitting companion to the 1972 collection of essays, edited by Kahn himself. It will be of interest to scholars and students as a key to an outstanding economist and a great figure in the Keynesian tradition.

This volume provides an up-to-date account of how the process of economic transition in Eastern Europe is unfolding from the point of view of Eastern European economists assessing their native economies. The authors have personally experienced the frustrations of the previous Stalinist system of central planning and public ownership, as well as the difficulties and pitfalls of designing new systems based on markets and private ownership. The book focuses on the three countries of Eastern Europe leading the reform efforts--Czechoslovakia, Hungary, and Poland--and points out similarities and differences in their reform strategies.

Although the stories of economic change in Eastern Europe have dominated news headlines, the real challenges of designing and maintaining viable economies are just beginning. The analysis in this volume will be of interest to those in the academic and policy-making communities.

Gini's mean difference (GMD) was first introduced by Corrado Gini in 1912 as an alternative measure of variability. GMD and the parameters which are derived from it (such as the Gini coefficient or the concentration ratio) have been in use in the area of income distribution for almost a century. In practice, the use of GMD as a measure of variability is justified whenever the investigator is not ready to impose, without questioning, the convenient world of normality. This makes the GMD of critical importance in the complex research of statisticians, economists, econometricians, and policy makers. This book focuses on imitating analyses that are based on variance by replacing variance with the GMD and its variants. In this way, the text showcases how almost everything that can be done with the variance as a measure of variability, can be replicated by using Gini. Beyond this, there are marked benefits to utilizing Gini as opposed to other methods. One of the advantages of using Gini methodology is that it provides a unified system that enables the user to learn about various aspects of the underlying distribution. It also provides a systematic method and a unified terminology. Using Gini methodology can reduce the risk of imposing assumptions that are not supported by the data on the model. With these benefits in mind the text uses the covariance-based approach, though applications to other approaches are mentioned as well.

The main aim of this book is to develop and implement an innovative tool: exchange-entitlement mapping, or E-mapping for short. This tool enables us to look at the economic and social opportunities to develop human capabilities for different groups of individuals, depending on their group identity such as age, ethnicity or gender. In the context of this book, however, an entitlement approach is used to explain the channels through which macroeconomic shocks affect individual well-being, depending on the individual's identity and related social norms attached to this identity. In other words, by including capabilities into the existing E-mapping theory, this book shows how capabilities are socially shaped according to individual entitlements, and related entitlement failure, to a specific economic and social environment. In effect, the last part of the manuscript illustrates the E-mapping theory with the case study of the maquiladora identity in Mexico by combining an original survey of maquiladora households with an advanced time series analysis of the gender wage gap in the maquiladora industry in the post-NAFTA period.

Market Behaviour and Macroeconomic Modelling discusses several state-of-the-art developments in the modelling approach to market behaviour in macroeconomic modelling. Leading experts in this field, deal with the implications of market imperfections in commodity markets, capital markets and labour markets for macroeconomic modelling and stabilization policy. They demonstrate that incorporating market imperfections leads to very different policy recommendations than those derived from the standard perfect competition model.

Highlighting recent revolutionary changes, this volume deals with the transformation from central planning towards more efficient economic structures in Eastern and Central Europe and the (former) Soviet Union. Political democracy and the creation of market economies have now become realistic aims; but the process of reform is only just beginning and is likely to take many years. The papers and discussion in this book deal with systematic changes, deregulation, abolition of price controls and macroeconomic fiscal and monetary policies needed to stablize the economies and to implement appropriate structural changes.

This book on Classical micro- and macrodynamics includes revised versions of papers which were written between 1983 and 2000, some jointly with co-authors, and it supplements them with recent work on the issues which are raised and treated in them. It attempts to demonstrate to the reader that themes of Classical economics, in particular in the tradition of Smith, Ricardo and Marx, can be synthesized into a coherent whole, from the perspective of formal model building. This is accomplished by means of mathematical techniques which, on the one hand, provide a consistent accounting framework (labor values and prices of p- duction) as point of reference for Classical micro- and macro-dynamics and which, on the other hand, attempt to apply these accounting schemes - or suitable ext- sions of them - by showing their usefulness as tools of analysis of the implications of technological change (labor values) and as potential tools for understanding the dynamics of market prices and of income distribution around their centers of gravity (production prices and the wage-pro't curve).

Drawing on behavioural, experimental and neoclassical economics, this volume brings together eminent academics and practitioners to provide working macroeconomic models and explore the social norms governing a post-crisis financial world.

This book provides quantitative evidence on the issues in fiscal and monetary policies in Mongolia and presents necessary policy recommendations for policymakers and academic circles. Mongolia belongs to a natural resource-based, transition economy and thus has faced the risk of the so-called resource curse-including the "Dutch Disease" and immaturity in market-based systems, particularly in financial markets. Consequently, reformations of resource allocation and policy governance in fiscal and monetary fields have been required. So far, however, there have been only a very limited number of quantitative studies in the Mongolian economy among the vast literature of Asian studies. This book applies scientific approaches to address fiscal and monetary issues, such as data-oriented and econometric methods (a structural vector auto-regression model, a spatial econometric model, and panel estimation with fixed effects, among others). In this manner, the book enriches empirical evidence in academic literature and also contributes to evidence-based policymaking. All the authors are young leaders of government officials in the Ministry of Finance, Financial Regulatory Commission, and National Statistics Office in Mongolia, who have been trained in academic research methodologies at Saitama University, Japan, on JICA-JDS scholarships. Thus, academic researchers and policymakers will be prominent members of the target audience for this work.

This book provides a comprehensive overview and some economic analysis of China's economic reform experiences, particularly those since the late 1980s. It covers many institutional details of key aspects of the Chinese economy, including fiscal and monetary management, financial sector development, state-enterprise reform, international trade, foreign investment, decentralization and regional development. It is argued that while China has achieved a spectacular growth record over the past twenty years, and its reform efforts have successfully laid the foundation of a market-based economic management system, the country continues to face major challenges in sustaining its growth performance.

Re-visiting Tikopia a decade after his first visit, Raymond Firth here examines what impact the forces of modernization had on Tikopia society with regard to economics, law, politics and social affairs. Suffering a famine whilst there, the author also examined the issues of responsibility for the famine; problems of distribution in ceremonial and ritual; institutional developments from the famine. Originally published in 1959.

The book is the first pioneering study to assess the impacts of the megaconferences on water policies, programmes and projects at global, regional and national levels. The results are bleak. The evaluation indicated that except for the UN Water Conference, held in Argentina in 1977, the impacts of the subsequent megaconferences have been at best marginal in terms of knowledge generation and synthesis, poverty alleviation, and/or environmental conservation.

This book focuses on the contribution of Information Technology (IT) and Information Technology Enabled Services (ITES) in shaping the current and future global economic scenario, with a special focus on Asia, and taking into account the three broad macroeconomic dimensions - growth, sustainability and governance mechanisms. The last two decades have witnessed a structural shift in the world economy due to the tremendous growth in gross domestic product share for the service sector; in fact, service has emerged as the dominant sector and the main driver of GDP growth. This is mainly attributable to the spectacular success of the IT sector in the new knowledge economy. Tradability, technology and transportability - the three T's - govern productivity growth in today's services. Growing Asian economies such as India, China and Vietnam, using their demographic advantages, have been reaping the benefits of this boom. The book's content focuses on recent debates and discussions concerning the issue of long-term sustainability and governance, especially in India, as these companies are facing continuous challenges in terms of international competition, salary inflation, health hazards, scarcity of talent, employee attrition, security concerns, global slowdown and many other technology-related issues. The book further highlights how the increased application of IT-based products and services is resulting in harsh inequalities concerning income distribution in many developing countries of Asia, mainly because of its labor shedding nature, and hence might be detrimental to sustainable development, if suitable policy measures are not implemented to counter these effects. The book provides a wealth of information for researchers, graduate students and political scientists alike, as well as thought-provoking insights for social scientists, policymakers and government officials. It also offers a valuable source of data for business and management professionals, and for members of Chambers of Commerce and Industry.

This book is about China's economy transformation. Currently, China's macro-leverage ratio has been effectively controlled, the central market interest rate (one year fixed interest rate) has gone down, and liquidity is now relatively abundant. However, financial institutions are generally reluctant to lend, the local governments are unwilling to act, and the fact that liquidity released by the central bank cannot be effectively transmitted to the real economy is leading to a contraction of credit and higher financing costs for private enterprises. Meanwhile, the downturn in the internal economic cycle has been exacerbated by the external shocks caused by frictions in Sino-US trade, and this set of circumstances has contributed to the polarization of expectations regarding China's real economic prospects and policy trends, as seen, for example, in the questions and discussions about policy trends relevant to the private economy. Indeed, one might claim that the current confusion of expectations even exceeds that of 2008, when the international financial crisis breaks out. From a dialectical perspective, the more pessimistic expectation of economic trend, the easier it is to build consensus on reform, and the more remarkable actual effects of reform, which must be based on a comprehensive understanding of the phased characteristics of China's economic development. In this book, based on the experience working in central bank of China, the author argues that China's policy should focus on internal demand. In the coming period, China needs to persevere in the market orientation, step up reform and opening up, and create a favorable business environment. This book represents the following opinions: First, to reach a common understanding of the medium and high economic growth, and avoid the dream of high growth. Second, to stick to supply-side structural reform, accelerate economic transformation and structural adjustment, and further unleash the reform dividends and growth potential. The long-term and structural problems cannot be attributed to short-term and cyclical problems. Third, the challenges of external shocks could be also regarded as opportunities, which include but not limited to accelerate reform to improve property rights protection, state-owned capital management, corporate governance, income distribution, and social security. Fourth, whenever the trade friction happens, a multilateral framework is always helpful.

The European M:: metary System (EMS) is perhaps the only success story of the Common Market since the First Enlargement. Its success, particul arly where the comnercial use of the ECU is concerned, has taken rrost experts by surprise. So much so, that when the author tried to recommend to his students a suitable and substantial work of study and/or reference about the experience of the EMS and its possible future evolution --- no book could be found. Thus, the author set out to write the present work. The author's aim is not to give a historical account of the EHS. Rather, the intention is to place the experience in a major historical context wherein the System is seen an important transitional phase on the road to the implementation of a full economic and rronetary union (EMU) When examining the earlier plans for an EMU which saw the light of day between 1969 and 1970 (already so long ago ) clear reasons emerge why the original six founder Member States of the EEC should have found it logical to embark upon the road to an El'1U - "p=vided the political will to do so existed." Thus, they had become highly integrated and were conducting half their trade with each other. Then, there was the desire to integrate still further ---- eventually leading (perhaps) to a political union."

We are now witness to the waning years of the 1900s. Soon, we shall embark upon a bold journey into the uncharted territory of the twenty-first of various persuasions have speculated as to what the century. Futurists oncoming decades might bestow upon us. Not surprising, most predictions are closely tied to advances in technology, especially in astrophysiCS, biochemistry, electronics, and genetics. But what about the economic system? Whatever happens, forces have undoubtedly already been set in motion which will mold (or remold) the structure and character of American capitalism. American capitalism has been, is, and will undoubtedly continue to be a system in transition. Technology perennially changes, albeit at a faster or slower pace sometimes than others, and society's institutions continually adjust to these technological changes. Such adjustments alter the character of our politico-economic system when statutes are enacted, court decisions rendered, administrative agency rules promulgated, and cultural mores realigned to supplant old ones. Other adaptations are brought about when small-group collective action is successful in causing a special status of privilege to be conferred on some members of society, but restrictions to be levied on others.

This volume contains classic essays on economic policy written by one of its great exponents. The opening essay traces the author's evolving structures of thought about economics and the policy proposals that came from them over this period. Section 2 contains essays that set the background to the policy recommendations. In section 3 the role of investment incentives is analyzed. Section 4 is concerned with the influence of accounting conventions on private decision-making and government policy in both capitalist and planned economies. Section 5 contains a number of package deals, all designed to fit within the constraint of the philosophy of governments in power. The last section, general essays, ranges from a scheme for the payment of prisoners to the celebration of the views on policy of great economists, from Colin Clark, through Nicky Kaldor to John Cornwall.

Rich and informative case studies throughout bring this book to life for professionals and students alike. Written by one of the leading competitive experts in the world. Tackles a complex issues in a lively and engaging way.

This book provides a set of critical perspectives on the economic crises of 2000-1 focusing on both the origins and consequences of the crises. Attention is drawn to the role of domestic actors as well as key external actors such as the International Monetary Fund in precipitating the twin crises.
A major objective of the book is to assess the prospects for the future and the authors try to tackle the challenging of whether the twin crises constitute a radical turning point in the Turkish experiment with neo-liberal reforms question from a variety of different perspectives.