As societies progress, old generations of social agents die and are replaced by new ones. This book explores what happens in this transition as the old guard instructs the new arrivals about the wisdom of their ways. Do new entrants listen and follow the advice of their elders or dismiss it? Is intergenerational advice welfare improving or can it be destructive? Does such advice enhance the stability of social conventions or disrupt it? Using the concept of an Intergenerational Game and the tools of game theory and experimental economics, this study delves into the process of social leaning created by intergenerational advice passed from generation to generation. This book presents a unique theoretical and empirical study of the dynamics of social conventions not offered elsewhere.

As societies progress, old generations of social agents die and are replaced by new ones. This book explores what happens in this transition as the old guard instructs the new arrivals about the wisdom of their ways. Do new entrants listen and follow the advice of their elders or dismiss it? Is intergenerational advice welfare improving or can it be destructive? Does such advice enhance the stability of social conventions or disrupt it? Using the concept of an Intergenerational Game and the tools of game theory and experimental economics, this study delves into the process of social leaning created by intergenerational advice passed from generation to generation. This book presents a unique theoretical and empirical study of the dynamics of social conventions not offered elsewhere.

Microeconomic Theory is a modern treatment of the neoclassical paradigm which is essential for understanding microeconomics. The author has carefully applied this theory in a non--mathematical and intuitive way. The special features include: aeo emphasis on the nature of the neoclassical paradigm aeo introduction to game theory aeo minimal mathematical content aeo intuitive exercises and examples aeo written in a concise format This book is one of the more simple yet focused texts available for Microeconomic theory. It is geared for first year graduate students of economics.

The rural landscape of the Third World is generally seen as one worked by the impoverished. Chris Dixon shows that this is an increasingly inaccurate picture. Wealth does exist, with the landed often maintaining lifestyles comparable to their richest urban neighbours. And while land remains the basis of real wealth, the rural workforce is diversifying its activities away from agriculture becoming involved in a range of manufacturing, processing, trading and service industries. Yet still rural poverty persists, and the book illustrates just how difficult it is to assess the success of development initiatives adopted to eliminate it. This book, first published in 1990, provides a general introduction to the approaches, policies, and problems associated with Third World rural development. Rural Development in the Third World is relevant to students of geography, the environment and developmental issues.

The election of the Clinton administration in the United States and the debate in the European Community about the consequences of the industrial policy clause in the Maastricht treaty have put industrial policy back on the academic and political agenda again. This volume brings together the key articles on industrial policy, ranging from general theoretical perspectives and overviews of the literature to studies of the experience of particular countries, including Japan and the newly industrialising countries of East Asia. Four articles are concerned with the industrial programmes of the European Community. This is a comprehensive and authoritative compilation of work on a theme of interest to economists and political scientists.

This book is a timely exploration of an unprecedented, cataclysmic pandemic episode. It examines certain critical aspects of socio-scientific theory across a variety of diverse themes, and through an epistemic lens. The book investigates the general theory of pandemic episodes and their adverse long-term effects on human and environmental wellbeing. It includes an in-depth study of COVID-19 but also looks to the future to contemplate potential pandemics to come. The existing approach to the study of pandemics is critically examined in terms of the prevalent isolated and thus mutated way of viewing human and mechanical relations in the name of specialization and modernity. The book presents a novel model of science-economy-society moral inclusiveness that forms a distinctive theoretical approach to the issue of normalizing all forms of pandemic challenges. It is methodologically different from existing economic theory, including the critical study of microeconomic foundations of macroeconomics. Human and environmental existence along with its multidisciplinary outlook of unity of knowledge between modernity, traditionalism, and socio-cultural values is emphasized in the treatment and cure of pandemic episodes. The book is a unique reference work, offering fresh wisdom within the moral methodological worldview.

Capitalizing on the extensive experience of the author in estimating shadow prices, Shadow Prices for Project Appraisal forges a bridge between theory and practice, explaining what shadow (or accounting) prices are, how they are used, and how they can be estimated. Starting from the basic principles of applied welfare economics, Elio Londero's book provides a step by step derivation of those formulas more frequently utilized in estimating shadow prices. The preparation and use of input-output techniques are examined in detail, and different estimation approaches and updating procedures are presented. Finally, a detailed case study of shadow prices for Colombia illustrates their practical application. This book will be essential reading for students and teachers interested in cost-benefit analysis, and in shadow prices as a specialized field of applied welfare economics. In addition, the book will be an invaluable source for applied economists and practitioners interested in calculating shadow prices.

Keynesian economics claimed to have overcome the problem of economic depressions. However, as Mattick argues that crises are inherent within capitalism and that neither the market nor Keynesianism can stop "the steady deterioration of the economy". Written in 1974, Economic Crisis and Crisis Theory is one of Mattick's most valuable contributions to the Marxist critique of political economy and radical theory in general.

Recent developments in behavioural economics have deeply influenced the way governments design public policies. They give citizens access to online simulators to cope with tax and benefits systems and increasingly rely on nudges to guide individual decisions. The recent surge of interest in Behavioural Public Finance is grounded on the conviction that a better understanding of individual behaviours could improve predictions of tax revenue and help design better-suited incentives to save for retirement, search for a new job, go to school or seek medical attention. Through a presentation of the most recent developments in Behavioural Public Finance, this Element discusses the way Behavioural Economics has improved our understanding of fiscal policies.

How can we effectively aggregate disparate pieces of information that are spread among many different individuals? In other words, how does one best access the 'wisdom of the crowd'? Prediction markets, which are essentially speculative markets created for the purpose of aggregating information and making predictions, offer the answer to this question. The effective use of these markets has the potential not only to help forecast future events on a national and international level, but also to assist companies in providing, for example, improved estimates of the potential market size for a new product idea or the launch date of new products and services. The markets have already been used to forecast uncertain outcomes ranging from influenza outbreaks to the spread of other infectious diseases, to the demand for hospital services, to the box office success of movies, climate change, vote shares and election outcomes, to the probability of meeting project deadlines. The insights gained also have many potentially valuable applications for public policy more generally. These markets offer substantial promise as a tool of information aggregation as well as forecasting, whether alone or as a supplement to other mechanisms like surveys, group deliberations, and expert opinion. Moreover, they can be applied at a macroeconomic and microeconomic level to yield information that is valuable for government and commercial policy-makers and which can be used for a number of social purposes. This volume of original readings, contributed by many of the leading experts in the field, marks a significant addition to the base of knowledge about this fascinating subject area. The book should appeal to all those with an interest in economics, forecasting or public policy, and in particular those with an interest in the study of money, investment and risk.

This stimulating research review analyses how the theory of the firm evolved from several core concepts and building blocks that underpin this important area of economics. It discusses a variety of perspectives from leading scholars in the field, including the basic elements of: risk and uncertainty; information and knowledge; bounded rationality and decision making; motives and incentives; resources and capabilities; and transactions. The review goes on to examine how the various elements are integrated into the modern Theory of the Firm with the notion of organization coming increasingly to the fore. It focuses on norms; rules and routines; the entrepreneur; governance; hierarchies; co-operation, teams and networks; innovation and appropriability. This comprehensive review will be an invaluable reference tool for all researchers and students with an interest in the modern theory of the firm, highlighting how it needs to evolve further to address the important management and policy issues of our time.

This book investigates from the perspective of the major economic dictionaries the notions of economic crisis and cycles. It gives an extensive summary of a number of significant entries on this subject, with an introductory essay to each entry placing them (and the dictionary to which they belong) in their context, giving some details on the author of the dictionary entry, and assessing the entry s (and its author s) contribution. The broad picture (including the history of these encyclopedic tools) is examined in the introductory essays.

Extra resources may be accessed at the author's personal website:

http: //www.danielebesomi.ch/dictionaries/crises_in_dictionaries/index.html

"

The aim of the book is to highlight the law and economics issues confronting civil law countries. The following questions are addressed in this volume: to what extent have the existing codes in civil law countries been designed to incorporate economic considerations? Can the modifications made to codified rules over time be explained by a will to react to new economic constraints? Which economic problems are at the root of the revision of codes? And, given that the code is not the only source of law in civil law countries, the volume also explores the relationship between law and economics in the context of both the legislature and the courts.

This book is about the relationship between firm dynamics, innovation and globalization, the processes that are essential for long term economic growth and welfare creation. This volume deals with these three issues in three sections titled respectively: entrepreneurship, new firm formation and growth; productivity-innovation-growthnexus; globalization, multinational firms and producers' dynamics. The book presents new studies written by distinguished researchers in the field, who use state-of-the-art methodologies and extensive sources of firm- and plant-level longitudinal data to analyze and understand these major economic issues facing modern economies. In the first section, the book proposes two comprehensive introductory surveys which explore in detail the underpinnings of entrepreneurship, new firm formation and growth in advanced and developing countries. The second fundamental issue, productivity-innovation and firm dynamics, is approached by examining key drivers of selection mechanisms such as size, scale elasticity, innovative efforts, financial fragility of the firms, barriers to entry and exit, capital and financial market distortions, institutional inefficiencies and other market imperfections which affect the ability of firms to expand or enter. The third section examines differences, linkages and intertwined evolution of foreign and domestic firms in their dynamics of survival and growth in different institutional contexts and periods. Each chapter includes a detailed discussion of the implications of the respective analyses for enterprise policy. In a concluding chapter the overall implications for enterprise policy of the analyses presented in the different chapters are drawn by the Editors. This approach ensures that the book is integrated around a coherent central theme in comprehensive framework. The book responds to a growing concern among scholars, professionals, and policy makers over the recent decades about firm ability to survive and compete in a context of increasing globalization and international competition. The approach adopted is both theoretical and empirical with consideration of paradigmatic case studies in Europe, Africa and Asia, providing new evidence on developed, developing and transition economies in a comparative perspective. The cases selected represent different levels of development, different firms strategies and paths, with distinct outcomes. The book is an essential reading for scholars and students concerned with industry development, public policy and globalization, as well as to all those involved professionally in such issues.

Questions of the social implications of biotechnology and biological exchange (the extraction of human tissues such as blood, skin and organs for testing, storage and/or distribution for therapeutic or research purposes) have recently been brought strongly to the analytical fore across the social sciences. This book focuses on the variegated biopolitical milieus of this kind of exchange specifically in South Asia. It ranges widely - theoretically, thematically, and regionally - in examining South Asian variants of and engagements with diverse modes of biological exchange: caste, gender, and blood donation in Pakistan, DNA testing amongst a former Untouchable community in south India and amongst diasporic Indians in Houston, Texas, body (cadaveric) donation in India, the use of fake blood in Bangladeshi cinema, the mobilisation of blood, hearts, and ketones to protest the Indian government's failure to provide redress or care to victims of the 1984 Bhopal industrial disaster, and blood-based political portraits and petitions in south India. In considering this complex of issues, this book extends the parameters of classic accounts of the role of substance transactions in the production of South Asian personhood into investigations of the biopolitics and economies of substance that shape people and communities in diverse parts of the subcontinent, describing findings that illuminate how local responses to the implementation of various kinds of tissue economy both reflect and also transform socio-cultural values in South Asia. This book was published as a special issue of Contemporary South Asia.

First published in 1993. Routledge is an imprint of Taylor & Francis, an informa company.

Classical social choice theory relies heavily on the assumption that all individuals have fixed preference orderings. This highly original book presents a new theory of social preferences that explicitly accounts for important social phenomena such as coordination, compromise, negotiation and altruism. Drawing on cybernetics and network theory, it extends classical social choice theory by constructing a framework that allows for dynamic preferences that are modulated by the situation-dependent social influence that they exert on each other. In this way the book shows how members of a social network may modulate their preferences to account for social context. This important expansion of social choice theory will be of interest to readers in a wide variety of disciplines, including economists and political scientists concerned with choice theory as well as computer scientists and engineers working on network theory.

Contemporary cities in the Iberian Peninsula have gone through a period of dramatic changes during the last decade. A period of upward economic indicators and massive urbanization was followed by a tremendous financial crash in 2007 that sank Spanish and Portuguese societies into a profound crisis. That period of massive urbanization has been explained by several factors: the availability of financial capital that was speculatively invested in real-estate, a rather sympathetic land use regulation, and the real or perceived social mobility by most social groups which included housing acquisition enabled by unusual credit facilities. In this book we aim to show several different aspects of this process both in Portugal and Spanish cities, problematizing the economic and social consequences of such a model of urban and economic growth and also presenting some policy and governance outcomes that took place along the last decade. This book was published as a special issue of Urban Research and Practice.

The book conducts a comparative study on the form of enterprise, focusing on broadly defined cooperative firms in comparison with conventional capitalist firms. It explores the essential advantages and disadvantages of the different types of firms and attempts to answer why capitalist firms are so prevalent in our economy. The book attempts to explain these questions from the viewpoint of "market failure" in the framework of standard microeconomic theory. In this analytical framework, it proposes an alternative system of business organization based upon consumer cooperatives and the market for their memberships, which can coexist consistently with the system of capitalist firms and the stock market within a single market economy. The existing studies of the cooperative sector have been rather ideological. The analytical framework that is presented in this book helps promote scientific exploration of cooperative and other types of firms, which are indispensable and potentially promising constituents of our society.

On the Foundations of Monopolistic Competition and Economic Geography presents important work by B. Curtis Eaton and Richard G. Lipsey on product differentiation, including studies of spatial differentiation and the industrial structures that give rise to this phenomenon. The book opens with an introductory overview essay and explains why the authors reject the neoclassical, competitive vision of the economy. The essays included cover issues such as: the theory of multinational plant location, product differentiation, monopoly, models of value theory, capital with special reference to entry and exit barriers and entry equilibrium, the existence of pure profit and the theory of market pre-emption. This volume will be welcomed by academics and researchers interested in the microeconomic issues of competition, monopoly, firm behaviour and markets.

This book draws together the key contributions to the major areas of microeconomic theory from the last few decades. It is intended to provide both undergraduate and graduate students with an essential guide to the current state of the discipline. The articles have been carefully selected not only for the role they have played in the progress of microeconomics, but also for their usefulness and potential to inspire future research. The main themes covered include consumer theory, the theory of the firm, the theory of markets, pricing theory, and labor compensation theory, with the common threads of transaction costs, strategic decisions, and information imperfections. Unlike similar anthologies, this Reader also draws attention to methodological issues and heterodox approaches to microeconomics. Amongst those whose works appear here are Gary Becker, George Stigler, Harvey Leibenstein, Ronald Coase, Oliver Williamson, George Akerlof, Joseph Stiglitz, Avinash Dixit and Paul Klemperer. This Reader will be an invaluable resource for advanced undergraduate and graduate students in economics, as well as casual readers interested in an "insider's view" of the discipline. It serves not only to collect in a single place the most significant papers in economics that have been published in recent decades but also, with several introduction chapters, to give the literature a coherent structure.

The book studies the trends that led to the worst financial crisis since the Great Depression, as well as the unfolding of the crisis, in order to provide policy recommendations to improve financial stability. The book starts with changes in monetary policy and income distribution from the 1970s. These changes profoundly modified the foundations of economic growth in the US by destroying the commitment banking model and by decreasing the earning power of households whose consumption has been at the core of the growth process.

The main themes of the book are the changes in the financial structure and income distribution, the collapse of the Ponzi process in 2007, and actual and prospective policy responses. The objective is to show that Minskya (TM)s approach can be used to understand the making and unfolding of the crisis and to draw some policy implications to improve financial stability.

Japan's economy is invariably seen as a prime example of a capitalist system, and a consideration of the elements upon which the Japanese economy is founded seems to lead inexorably to the conclusion that Japan is an established member of the group of highly developed capitalist nations. Yet a country's internal mechanisms can differ markedly from the system as perceived externally. Although not yet widely recognized, a new kind of economic system has developed in Japan, a system that differs greatly from traditional capitalism. The author of this book has observed Japanese industry from the inside. He provides detailed explanations of the unique features of the new corporate system and how it differs from the system of orthodox capitalistic corporations.

In this book an eminent international banking expert grapples with issues that surround the trend toward financial globalization and its potential impact on financial fragility. Does globalization entail the risk of greater financial market instability -- perhaps even genuine systemic fragility -- or will it lead to a smoother working of markets? How should governments, central banks, and international institutions respond to manifestations of financial fragility?

Alexandre Lamfalussy analyzes four major crisis experiences in emerging markets: Latin America in 1982-83, Mexico in 1994-95, East Asia in 1997-98, and Russia since 1998. The author finds that the build-up of short-term indebtedness and asset price bubbles were at the heart of the four crises. And in each case the exuberant behavior of lenders and investors from the developed world played a major role, while financial globalization was an aggravating factor. Lamfalussy offers a series of carefully considered policy recommendations for the future that are both pragmatic and wise.

Productivity Change, Public Goods and Transaction Costs presents in one definitive volume a selection of Yoram Barzel's acclaimed articles and papers. It will improve access to his many important contributions and reveals how his research interests have evolved over more than three decades. Focusing upon issues in microeconomics, this volume features pathbreaking articles and papers on production functions and productivity, optimal timing, labour, public choice, industrial organization, demand analysis, and property rights and transaction costs. Key contributions featured in this collection include 'Some Observations on the Index Number Problem', 'An Alternative Approach to the Analysis of Taxation', 'An Economic Analysis of Slavery' and 'Measurement Cost and the Organization of Markets'. As an introduction to this volume, Professor Barzel has prepared an autobiographical sketch in which he discusses his education, the development of his ideas and influences such as Don Patinkin, Douglass North and Aaron Director.