In 1977 Brazil initiated the "market reserve policy" to protect and reserve its domestic market for its own computer manufacturing companies. The basic assumptions on which its plans rested were fatally flawed, however, and the experiment failed to a large degree. This work investigates to what extent the policy, so carefully fashioned, fell short of its target and left Brazil with expensive and poorly made products. The author also evaluated the important and influential role of Brazil's bureaucracy and military. Scholars of economic development, industrial organization, economic history, and technology should find this well-documented work valuable.

PRAISE FOR THE LONG GOOD BUY "Oppenheimer offers brilliant insights, sage advice and entertaining anecdotes. Anyone wishing to understand how financial markets behave - and misbehave - should read this book now." Stephen D. King, economist and author of Grave New World: The End of Globalisation, the Return of History "Peter has always been one of the masters of dissecting financial markets performance into an understandable narrative, and in this book, he pulls together much of his great thinking and style from his career, and it should be useful for anyone trying to understand what drives markets, especially equities." Lord Jim O'Neill, Chair, Chatham House "A deeply insightful analysis of market cycles and their drivers that really does add to our practical understanding of what moves markets and long-term investment returns." Keith Skeoch, CEO, Standard Life Aberdeen "This book eloquently blends the author's vast experience with behavioural finance insights to document and understand financial booms and busts. The book should be basic reading for any student of finance." Elias Papaioannou, Professor of Economics, London Business School "This is an excellent book, capturing the insights of a leading market practitioner within the structured analytical framework he has developed over many years. It offers a lively and unique perspective on how markets work and where they are headed." Huw Pill, Senior Lecturer, Harvard Business School "The Long Good Buy is an excellent introduction to understanding the cycles, trends and crises in financial markets over the past 100 years. Its purpose is to help investors assess risk and the probabilities of different outcomes. It is lucidly written in a simple logical way, requires no mathematical expertise and draws on an amazing collection of historical data and research. For me it is the best and most comprehensive introduction to the subject that exists." Lord Brian Griffiths, Chairman - Centre for Enterprise, Markets and Ethics, Oxford

Forcourses in the principles of microeconomics. Anevidence-based approach to economics Throughout Microeconomics, 3rd Edition, authors DaronAcemoglu, David Laibson, and John List use real economic questions anddata to help you learn about the world around you. Taking a freshapproach, they use the themes of optimization, equilibrium, and empiricism tonot only illustrate the power of simple economic ideas, but also to explain andpredict what's happening in today's society. Each chapter begins with anempirical question that is relevant to the life of the reader, and islater answered using data in the Evidence-Based Economics feature. As a resultof the text's practical emphasis, you learn to apply economicprinciples to guide the decisions you make in your own dailylife.

For a long time, economists have assumed that we were cold, self-centred, rational decision makers - so-called Homo economicus; the last few decades have shattered this view. The world we live in and the situations we face are of course rich and complex, revealing puzzling aspects of our behaviour. Optimally Irrational argues that our improved understanding of human behaviour shows that apparent 'biases' are good solutions to practical problems - that many of the 'flaws' identified by behavioural economics are actually adaptive solutions. Page delivers an ambitious overview of the literature in behavioural economics and, through the exposition of these flaws and their meaning, presents a sort of unified theory of behaviouralism, cognitive psychology and evolutionary biology. He gathers theoretical and empirical evidence about the causes of behavioural 'biases' and proposes a big picture of what the discipline means for economics.

For a long time, economists have assumed that we were cold, self-centred, rational decision makers - so-called Homo economicus; the last few decades have shattered this view. The world we live in and the situations we face are of course rich and complex, revealing puzzling aspects of our behaviour. Optimally Irrational argues that our improved understanding of human behaviour shows that apparent 'biases' are good solutions to practical problems - that many of the 'flaws' identified by behavioural economics are actually adaptive solutions. Page delivers an ambitious overview of the literature in behavioural economics and, through the exposition of these flaws and their meaning, presents a sort of unified theory of behaviouralism, cognitive psychology and evolutionary biology. He gathers theoretical and empirical evidence about the causes of behavioural 'biases' and proposes a big picture of what the discipline means for economics.

This book can be used as a way of introducing business and management students to economic concepts as well as providing economics students with a clear grasp of how to use the skills they will need in the world of business.
Topics covered include:
*product differentiation
*price discrimination
*hiring and training workers
labor-management relations
*international trade
A host of key features are employed to add colour to the text including case studies, examples and discussion questions. Scenarios presented centre upon a diverse range of subjects and firms including Eurostar, NHL hockey equipment, Chevrolet, Philips and pension plans.

These volumes contain key texts from the period 1860-1939, covering a long list of Anglo-Saxon writers, as well as the most important contributions from the French, German, Italian, Russian and Swedish debates. The older business cycle theories presented here richly elucidate the complex interaction between and real, monetary and structural change factors in economic systems - the close association between historical and analytical methods providing a fertile source of inspiration for current researchers in the field. This first part covers early classics, structural theories, monetary theories of business cycles, and the relation between equilibrium and the business cycle.

Developed from a study commissioned by the European Capital Markets Institute, this book examines the impact of private equity and capital markets on the development of small and medium sized enterprises (SMEs) in the United States and the European Union. It also seeks to understand the nature of institutional policy towards SMEs and the extent to which it can aid development.
This volume offers a strong introduction, glossary and international case-studies to aid the reader's understanding, and has a broad appeal within finance, economics and business.

eBook available with sample pages: 0203166035

The UK fuel tax protests of September 2000 generated considerable debate about fuel prices and taxation and put transport in the media spotlight. Away from the immediate events and debates surrounding the protests, the experience offered the opportunity for longer-term lessons on transport to be gained. The editors of this volume, Glenn Lyons and Kiron Chatterjee, saw the opportunity to get fresh insight into car dependence and conducted a large-scale travel behaviour survey to find out how car users coped when restricted in being able to buy petrol. This book presents their findings and collects together articles written by other researchers on a range of topics including fuel taxation, transport pricing, policy acceptability, travel behaviour and goods distribution.

Price theory has always been and still is at the heart of economic theory. For the past two and a half centuries, economic theorists have been trying in many different ways to understand and explain the determination of relative prices between goods and services. Usually at a very high degree of sophistication, the profession's brightest minds have been slowly building up this crucial stepping-stone of the entire field of economics analysis.

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.

The U.S. economy is generally considered to run on free market or laissez faire principles, implying that U.S. policy makers do not provide government support for industrial or commercial sectors. While mostly true, it is not the case with strategic industries, such as aerospace. Support for the aerospace sector has been viewed as essential, because aerospace technologies have been the material backbone of U.S. security systems. But American historic dominance in commercial aerospace, and particularly the large commercial aircraft sector, arose on the back of defence technology paid for by the US government. Aerospace Strategic Trade analyses the subsidy of the U.S. large commercial aircraft (LCA) industry and redefines the terms of the Airbus/Boeing subsidy debate. This is achieved by tracking the benefits to Boeing, of the Research and Technology contracts granted by the DoD and NASA. The book is characterized by a new level of methodological precision in the database upon which the factual claims rest and the analysis derives from an exhaustive search of U.S. public databases and also data on federal R&D contracts, obtained under the Freedom of Information Act (FOIA) in the USA. The overall analysis brings together these two approaches and provides a balanced and highly informative account of U.S. federal funding of the American large commercial aircraft sector. This book is of interest to academics, industrialists and government officials concerned with the aerospace industry, to managers and executives in the aerospace industry.

Focusing on the service economy, and designed especially for non-economics majors, this practical text establishes a new and enduring blend of topics for an introductory course in consumerism. It presses students to appreciate the world of markets and to clarify their personal priorities for decision-making as it introduces the fundamentals of markets, consumer choice, financial assessment, risk avoidance and other topics. The book features numerous illustrative examples, useful perspectives and practical guidelines on intelligent consumerism.

This is the sixth volume in the series discussing advances in applied microeconomics. It covers issues such as efficiency in auctions when bidders have private information about competitors, lift-lining, the general double auction mechanism, and lottery qualification auctions.

This book is unique among modern contributions to behavioral economics in presenting a grand synthesis between the kind of behavioral economics popularized by Richard Thaler, earlier approaches such as those of the 1978 Nobel Laureate Herbert Simon, evolutionary psychology, and evolutionary economics from Veblen and Marshall through to neo-Schumpeterian thinking. The synthesis employs a complex adaptive systems approach to how people think, the lifestyles they build, and how new production technologies and products are gradually adopted and produce changes. Using a huge range of examples, it takes behavioral economics from its recent focus on 'nudging' consumers, to the behavior of firms and other organizations, the challenges of achieving structural change and transitioning to environmentally sustainable lifestyles, and instability of the financial system. This book will be of great interest to academics and graduate students who seek a broader view of what behavioral economics is and what it might become.

This work gives the student a wider view of microeconomics than is often the case, linking principles to settings and showing how theory compliments policy and vice-versa. Cohen sees a satisfactory balance between private interest, public concern and social norms as the challenge to present society; where microeconomics policy-making and design create harmony between the market economy, state intervention and institutional governance. By linking theory to policies and application, this work should enable students to acquire proficiency and recognize balance in policy analysis and preparation. It contains comprehensve coverage of a broad range of policy areas including: competition and technology policy; information and governance policy; industrial and environmental policy; social and income policy; and public sector failure and reform. In each chapter, theory is complimented with an assessment of the empirical literature on the economic effects of policy measures, illustrative policy examples that highlight the different problems and complimentary analytical methods, background boxes, discussion questions and suggestions for futher reading.

This Handbook takes an econometric approach to the foundations of economic performance analysis. The focus is on the measurement of efficiency, productivity, growth and performance. These concepts are commonly measured residually and difficult to quantify in practice. In real-life applications, efficiency and productivity estimates are often quite sensitive to the models used in the performance assessment and the methodological approaches adopted by the analysis. The Palgrave Handbook of Performance Analysis discusses the two basic techniques of performance measurement - deterministic benchmarking and stochastic benchmarking - in detail, and addresses the statistical techniques that connect them. All chapters include applications and explore topics ranging from the output/input ratio to productivity indexes and national statistics.

Periods of euphoria followed by sudden crashes are a familiar phenomenon in economics. Such events have become known as bubbles. A bubble may be defined loosely as a sharp rise in price of an asset or a range of assets in a continuous process, with the initial rise generating expectations of further rises and attracting new buyers. The rise is then followed by a reversal of expectations and a sharp decline in price, often resulting in severe financial crisis - in short, the bubble bursts.

This is the first intermediate microeconomics textbook to offer both a theoretical and real-world grounding in the subject. Relying on simple algebraic equations, and developed over years of classroom testing, it covers factually oriented models in addition to the neoclassical paradigm, and goes beyond theoretical analysis to consider practical realities.

Stochastic games have an element of chance: the state of the next round is determined probabilistically depending upon players' actions and the current state. Successful players need to balance the need for short-term payoffs while ensuring future opportunities remain high. The various techniques needed to analyze these often highly non-trivial games are a showcase of attractive mathematics, including methods from probability, differential equations, algebra, and combinatorics. This book presents a course on the theory of stochastic games going from the basics through to topics of modern research, focusing on conceptual clarity over complete generality. Each of its chapters introduces a new mathematical tool - including contracting mappings, semi-algebraic sets, infinite orbits, and Ramsey's theorem, among others - before discussing the game-theoretic results they can be used to obtain. The author assumes no more than a basic undergraduate curriculum and illustrates the theory with numerous examples and exercises, with solutions available online.

Stochastic games have an element of chance: the state of the next round is determined probabilistically depending upon players' actions and the current state. Successful players need to balance the need for short-term payoffs while ensuring future opportunities remain high. The various techniques needed to analyze these often highly non-trivial games are a showcase of attractive mathematics, including methods from probability, differential equations, algebra, and combinatorics. This book presents a course on the theory of stochastic games going from the basics through to topics of modern research, focusing on conceptual clarity over complete generality. Each of its chapters introduces a new mathematical tool - including contracting mappings, semi-algebraic sets, infinite orbits, and Ramsey's theorem, among others - before discussing the game-theoretic results they can be used to obtain. The author assumes no more than a basic undergraduate curriculum and illustrates the theory with numerous examples and exercises, with solutions available online.

Real Business Cycle theory combines the remains of monetarism with the new classical macroeconomics, and has become one of the dominant approaches within contemporary macroeconomics today. This volume presents:
* the authoritative anthology in RBC. The work contains the major articles introducing and extending the theory as well as critical literature
* an extensive introduction which contains an expository summary and critical evaluation of RBC theory
* comprehensive coverage and balance between seminal papers and extensions; proponents and critics; and theory and empirics.
Macroeconomics is a compulsory element in most economics courses, and this book will be an essential guide to one of its major theories.

Brazil features regularly in global comparisons of large developing economies. Yet since the 1980s, the country has been caught in a low-level equilibrium, marked by lackluster growth and destructive inequality. One cause is the country's enduring commitment to a set of ideas and institutions labelled developmentalism. This book argues that developmentalism has endured, despite hyperactive reform, because institutional complementarities across economic and political spheres sustain and drive key actors and strategies that are individually advantageous, but collectively suboptimal. Although there has been incremental evolution in some institutions, complementarities across institutions sustain a pattern of 'decadent developmentalism' that swamps systemic change. Breaking new ground, Taylor shows how macroeconomic and microeconomic institutions are tightly interwoven with patterns of executive-legislative relations, bureaucratic autonomy, and oversight. His analysis of institutional complementarities across these five dimensions is relevant not only to Brazil but also to the broader study of comparative political economy.

This collection of thirteen essays on social ethics and normative economics honouring Serge-Christophe Kolm's seminal contributions to this field addresses the following questions: How should the public sector price its production and services? What are the normative foundations of criteria for comparing distributions of riches and advantages? How should intergenerational social immobility and inequality in circumstances be measured? What is a fair way to form partnerships? How vulnerable to manipulation is the Lindahl rule for allocating public goods? What are the properties of Kolm's ELIE tax proposal? Would the addition of EU-level income taxes enhance equity? How should we compare different scenarios for future societies with different population sizes? How can domain conditions in social choice theory be justified using Kolm's epistemic counterfactuals? How can Kolm's distributive liberal contract be implemented? What are the implications of norms of reciprocity for the organization of society? The answers to these questions give major insight into the state-of-the-art of social ethics and normative economics and are thus an indispensable source for researchers in both of these fields.

Dozens of judicial opinions have held that shareholders own corporations, that directors are agents of shareholders, and even that directors are trustees of shareholders' property. Yet, until now, it has never been proven. These doctrines rest on unsubstantiated assumptions. In this book the author performs a rigorous, systematic analysis of common law, contract law, property law, agency law, partnership law, trust law, and corporate statutory law using judicial rulings that prove shareholders do not own corporations, that there is no separation of ownership and control, directors are not agents of shareholders, and shareholders are not investors in corporations. Furthermore, the author proves the theory of the firm, which is founded on the separation of ownership and control and directors as agents of shareholders, promotes an agenda that wilfully ignores fundamental property law and agency law. However, since shareholders do not own the corporation, and directors are not agents of shareholders, the theory of the firm collapses. The book corrects decades of confusion and misguided research in corporate law and the economic theory of the firm and will allow readers to understand how property law, agency law, and economics contradict each other when applied to corporate law. It will appeal to researchers and upper-level and graduate students in economics, finance, accounting, law, and sociology, as well as attorneys and accountants.